EQK Realty Investors I announces third quarter results.

ATLANTA--(BUSINESS WIRE)--Nov. 15, 1996--EQK Realty Investors I (NYSE symbol EKR) today reported its operating results for the three months ended Sept. 30, 1996, reporting a net loss of $261,000, or $0.03 per share, and funds from operations of $403,000, or $0.04 per share.

For the third quarter of 1995, the net loss was $3,802,000, or $0.41 per share, and funds from operations was $895,000, or $0.10 per share. The net loss in the third quarter of 1995 included a write-down of investment of $3,200,000 ($0.35 per share) in anticipation of the December 1995 sale of Castleton Park, an office park in Indianapolis, Indiana. The change in the comparative period operating results is attributable to the write-down and the subsequent sale of Castleton Park.

For the nine months ended Sept. 30, 1996, the trust's net loss was $929,000 or $0.10 per share, and funds from operations was $824,000, or $0.09 per share. For the comparable period in 1995, the net loss was $5,820,000, or $0.63 per share, and funds from operations was $2,350,000, or $0.25 per share. The year-to-date net loss in 1995 also reflects the impact of the write-down of real estate investment. The change in the comparative period operating results is attributable to the write-down and the subsequent sale of Castleton Park.

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)           (Unaudited)
                           Three Months          Nine Months
                         Ended Sept. 30,        Ended Sept. 30,
                        1996         1995      1996        1995
Revenues from
 rental operations     $1,576     $3,990    $ 4,705    $ 12,069
Operating expenses,
 net of tenant
 reimbursements           123      1,257        654       4,119
Write-down of investment
 in real estate            --      3,200         --       3,200
Depreciation and
 amortization             585      1,321      1,781       3,765
Income (loss) from
 rental operations        868     (1,788)     2,270         985
Interest expense          971      2,173      2,924       6,469
Other income               --       (400)      (264)       (400)
Other expenses, net of
 interest income          158        241        539         736
Net loss                 (261)    (3,802)      (929)     (5,820)

Non-cash and
 non-recurring items:
   Depreciation and
    amortization          585      1,321      1,781       3,765
   Imputed and deferred
    interest               79        576        236       1,605
   Write down of
    investment in real
    estate                 --      3,200         --       3,200
   Other income            --       (400)      (264)       (400)

Funds from Operations   $ 403      $ 895      $ 824     $ 2,350

Per Share Data:
  Net loss             ($0.03)    ($0.41)    ($0.10)     ($0.63)
  Funds from Operations $0.04      $0.10      $0.09       $0.25

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