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FIRST UNION REAL ESTATE INVESTMENTS ANNOUNCES THIRD QUARTER RESULTS

 CLEVELAND, Oct. 18 /PRNewswire/ -- First Union Real Estate Investments (NYSE: FUR) announced today its financial results for the third quarter and nine months ended Sept. 30, 1993.
 Funds from operations and capital gains for the quarter were $5.6 million, or $0.31 per share, compared to $7.5 million, or $0.41 per share, for the same period last year. Net income of $2.9 million, or $0.16 per share, for the third quarter compared to $4.8 million, or $0.26 per share, for the like 1992 period. The third quarter 1993 is not comparable to 1992 because of the recognition of a $1.6 million, or $0.08 per share, capital gain in 1992. The capital gain resulted from a prior year installment sale, the last installment of which was recognized in June 1993.
 Funds from operations and capital gains for the nine months ended Sept. 30, 1993 and 1992, were $21.5 million $21.6 million, respectively, or $1.19 per share. Net income was $13.4 million, or $0.74 per share, for the nine months ended Sept. 30, 1993, compared to $13.8 million, or $0.76 per share, for the same period in 1992.
 First Union Real Estate Investments is a self-administered equity real estate investment trust specializing in acquiring and holding real estate for current yield and long term appreciation. Its portfolio is made up of 33 properties in 17 states consisting of shopping malls, office buildings, apartment complexes and parking facilities.
 FIRST UNION REAL ESTATE INVESTMENTS
 (IN THOUSANDS, EXCEPT PER SHARE DATA)
 Three Months
 Ended September 30,
 1993 1992
 Revenues $18,706 $18,891
 Income from operations 2,901 3,207
 Capital gains --- 1,551
 Net income $ 2,901 $ 4,758
 Per Share
 Income from operations $ 0.16 $ 0.18
 Capital gains --- 0.08
 Net income $ 0.16 $ 0.26
 Funds from operations
 and capital gains (A) $ 5,603 $ 7,484
 Funds from operations and
 capital gains, per share (A) $ 0.31 $ 0.41
 Dividends declared, per share $ 0.18 $ 0.18
 Adjusted shares of beneficial
 interest 18,095 18,086
 Nine Months
 Ended September 30,
 1993 1992
 Revenues $55,377 $55,541
 Income from operations 8,627 9,504
 Capital gains 4,767 4,250
 Net income $13,394 $13,754
 Per Share
 Income from operations $ 0.48 $ 0.53
 Capital gains 0.26 0.23
 Net income $ 0.74 $ 0.76
 Funds from operations
 and capital gains (A) $21,523 $21,550
 Funds from operations and
 capital gains, per share (A) $ 1.19 $ 1.19
 Dividends declared, per share $ 0.54 $ 0.54
 Adjusted shares of beneficial
 interest 18,093 18,086
 (A) -- The amount of funds from operations and capital gains is calculated as net income plus noncash charges for depreciation and amortization.
 -0- 10/18/93
 /CONTACT: Thomas T. Kmiecik, treasurer, of First Union Real Estate Investments, 216-781-4030/
 (FUR)


CO: First Union Real Estate Investments ST: Ohio IN: FIN SU: ERN

AR -- CL028 -- 3488 10/18/93 15:08 EDT
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Date:Oct 18, 1993
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