EQK Realty Investors I announces first quarter results.

ATLANTA--(BUSINESS WIRE)--May 21, 1997--EQK Realty Investors I (NYSE symbol EKR) today reported its operating results for the three months ended March 31, 1997, reporting a net loss of $478,000 or 5 cents per share, and Funds from Operations of $149,000, or 2 cents per share.

For the first quarter of 1996, the net loss was $193,000, or 2 cents per share, and Funds from Operations was $318,000, or 3 cents per share. The change in the comparative period results was primarily attributable to non-recurring revenues recognized in the first quarter of 1996.

The Trust has one remaining real estate investment, Harrisburg East Mall, a regional shopping center located in Harrisburg, Pa. The Trust previously sold Castleton Park, an office park in Indianapolis in December 1995 and 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
                                          ended March 31
                                         1997        1996

Revenues from rental operations        $1,413      $1,714
Operating expenses, net
 of tenant reimbursements                 158         314
Other income                                -         192
Depreciation and amortization             627         624
                                       -------      -------
Income from rental operations             628         968
Interest expense                        1,010         981
Other expenses, net of interest income     96         180
                                        -------     -------
Net loss                                 (478)       (193)

Non-cash and non-recurring items:
Depreciation/amortization                 627         624
Imputed and deferred interest               -          79
Other income                                -        (192)
                                        -------     -------

Funds from operations                    $149        $318

Per share data:
Net loss                               $(0.05)     $(0.02)
Funds from operations                    0.02        0.03

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

CONTACT: EQK Realty Investors I, Georgia

William G. Brown Jr., 404/303-6100