EQK Realty Investors I announces second quarter results.

ATLANTA--(BUSINESS WIRE)--Aug. 15, 1996--EQK Realty Investors I (NYSE symbol EKR) today reported its operating results for the three months ended June 30, 1996, reporting a net loss of $475,000, or $0.05 per share, and funds from operations of $103,000, or $0.01 per share.

For the second quarter of 1995, the net loss was $890,000, or $0.10 per share, and funds from operations was $843,000, or $0.09 per share. The change in the comparative period results was primarily attributable to the December 1995 sale of Castleton Park, an office park in Indianapolis.

For the six months ended June 30, 1996, the trust's net loss was $668,000 or $0.07 per share, and funds from operations of $421,000, or $0.05 per share. For the comparable period in 1995, the net loss was $2,018,000, or $0.22 per share, and funds from operations was $1,455,000, or $0.16 per share. Also, the change in the comparative period results was primarily attributable to the December 1995 sale of Castleton Park.

The trust has one remaining real estate investment, Harrisburg East Mall, a regional shopping center located in Harrisburg, Pa.

The company's operating statements follow: -0-

                        EQK Realty Investors I
                       Statements of operations
               (in thousands, except per share amounts)

                          (unaudited)             (unaudited)
                         Three Months              Six Months
                         Ended June 30,           Ended June 30,

                      1996         1995         1996         1995

Revenues from rental
  operations         $ 1,412     $ 4,113      $ 3,126      $ 8,079
Operating expenses,
  net of tenant
  reimbursements         217       1,411          531        2,862
Depreciation and
  amortization           572       1,215        1,196        2,444
Income from rental
  operations             623       1,487        1,399        2,773
Interest expense         972       2,152        1,953        4,296
Other income             (72)         --         (264)
Other expenses, net of
  interest income        198         225          378          495
Net loss                (475)       (890)        (668)      (2,018)

Non-cash and
  non-recurring items
   Depreciation and
     amortization        572      1,215         1,196       2,444
   Imputed and
     deferred interest    78         --           157       1,029
   Other income          (72)       518          (264)         --

Funds from Operations   $103       $843          $421      $1,455

Per Share Data:
  Net loss            ($0.05)    ($0.10)       ($0.07)     ($0.22)
  Funds from operations$0.01      $0.09         $0.05       $0.16

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