EQK Realty Investors I announces 1996 year end results.

ATLANTA--(BUSINESS WIRE)--April 4, 1997--EQK Realty Investors I (NYSE symbol EKR) today reported its operating results for the year ended Dec. 31, 1996, reporting a net loss of $1,488,000, or $0.16 per share, and funds from operations of $937,000, or $0.10 per share.

For 1995, the net loss was $6,346,000, or $0.68 per share, and funds from operations was $3,027,000, or $0.33 per share. The decreased net loss in 1996 was primarily attributable to the December 1995 sale of Castleton Park, an office park in Indianapolis. The net proceeds from this sale were used to pay down outstanding debt, which reduced interest expense in 1996 by $4,406,000, or $0.48 per share.

For the three months ended Dec. 31, 1996, the trust's net loss was $559,000 or $0.06 per share, and funds from operations was $117,000, or $0.01 per share. For the comparable period in 1995, the net loss was $526,000, or $0.06 per share, and funds from operations was $677,000, or $0.07 per share.

On Dec. 15, 1996, the company's debt facilities were extended for 18 months through June 15, 1998, on terms substantially unchanged from those previously in effect.

The trust has one remaining real estate investment, Harrisburg East Mall, a regional shopping center located in Harrisburg, Pa. In addition to the sale of Castleton Park, the trust also previously sold Peachtree Dunwoody Pavilion, an office park located in Atlanta, in three separate transactions during the period 1992-1993.

The company's operating statements follow: -0-

                         EQK REALTY INVESTORS I
                        STATEMENTS OF OPERATIONS
               (in thousands, except per share amounts)

                           (Unaudited)
                           Three Months           Year Ended
                         Ended Dec. 31,             Dec. 31,
                        1996        1995       1996        1995
Revenues from
 rental operations     $1,472     $3,692    $ 6,174    $ 15,761
Operating expenses,
 net of tenant
 reimbursements           229      1,284        887       5,403
Depreciation and
 amortization             610      1,083      2,391       4,848
Other income               --         --       (268)       (400)
Write-down of investment
 in real estate            --         --         --       3,200
Income from
 rental operations        633      1,325      3,164       2,710
Interest expense          972      1,833      3,896       8,302
Other expenses, net of
 interest income          220        247        756         983
Loss before gain on
 sale of real estate     (559)      (755)    (1,488)     (6,575)
Gain on sale of real
 estate                     0        229          0         229
Net loss                 (559)      (526)    (1,488)     (6,346)

Non-cash and
 non-recurring items:
   Depreciation and
    amortization          610      1,083      2,391       4,848
   Write down of
    investment in real
    estate                 --         --         --       3,200
   Imputed and deferred
    interest               66        349        302       1,954
   Gain on sale of real
    estate                 --       (229)        --        (229)

Funds from Operations   $ 117      $ 677      $ 937     $ 3,027

Per Share Data:
  Loss before gain on
   sale of real estate ($0.06)    ($0.08)    ($0.16)     ($0.71)
  Net loss             ($0.06)    ($0.06)    ($0.16)     ($0.68)
  Funds from Operations $0.01      $0.07      $0.10       $0.33

Per share calculations are based on 9,264,344 weighted average shares outstanding during each period presented.

CONTACT: EQK Realty Investors I

William G. Brown Jr., 404/303-6100