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HALLWOOD REALTY PARTNERS, L.P. ANNOUNCES 1991 FINANCIAL AND DISTRIBUTION INFORMATION

 HALLWOOD REALTY PARTNERS, L.P. ANNOUNCES 1991 FINANCIAL
 AND DISTRIBUTION INFORMATION
 DALLAS, March 20 /PRNewswire/ --- Hallwood Realty Partners, L.P. (AMEX: HRY) announced today its financial results for the year ended Dec. 31, 1991. The partnership had a net loss of $44,571,000 ($5.09 per unit) for 1991, as compared to a net loss of $61,630,000 ($7.04 per unit) for 1990. The financial data for 1990 represent the combined amounts attributable to the eight limited partnerships originally sponsored by Equitec Financial Group, Inc. that were acquired by the partnership on Nov. 1, 1990. Included in the partnership's net losses are net non-cash expenses (including depreciation and amortization, property valuation reserves, gain and loss on property dispositions, and lease concession) of $46,954,000 and $38,196,000, respectively, for 1991 and 1990.
 Revenue from property operations for 1991 decreased $204,000, or 0.3 percent, as compared to 1990 as a result of a $1,093,000, or 1.4 percent, decrease in rental income, which was partially offset by a $889,000 decrease in the amounts set aside as bad debt reserves. The net decrease in rental income resulted primarily from the exclusion in 1991 of revenues from properties disposed of prior to the exchange, which excluded revenues totaled $3,252,000 in the 1990 period. The decrease was partially offset by an increase of $2,159,000 of revenues for the properties in the partnership's portfolio after the exchange. (active properties). Interest and other income for 1991 decreased $2,954,000 primarily due to a decrease in average cash balances between the periods.
 Total expenses (excluding depreciation and amortization, impairment of value expense in 1991 and expenses of the exchange in 1990) decreased $4,286,000, or 5.3 percent, as compared to 1990, primarily as a result of a $3,598,000 decrease in property operating expenses ($1,307,000 for the active properties and $2,291,000 for the disposed properties.) The decrease in the active properties' operating expenses was principally as the result of lower management fees and property administrative costs as the result of the efficiencies implemented to reduce costs by Hallwood Realty Corporation (HRC), the general partner of the partnership. These cost reductions were partially offset by increased real estate taxes and utility costs due to higher rates, and by increased marketing and leasing costs related to the partnership's efforts to increase occupancy.
 As of Dec. 31, 1991, the partnership had cash of $5,274,000 as compared to $18,186,000 as of Dec. 31, 1990. Therefore, the partnership's cash position has decreased $12,912,000 during 1991. This decrease resulted from $6,466,000 of cash provided by operating activities and $523,000 of cash proceeds for the sale of a portion of Greentree Executive Campus, offset by $4,847,000 of property improvements, $2,136,000 of mortgage principal payments, $12,031,000 of distributions and $887,000 of deferred loan costs associated with the efforts to refinance the partnership's properties.
 In March 1992, HRC reviewed the partnership's ability to fund distributions and determined to suspend cash distributions. HRC will continue to review the partnership's ability to make distributions on a quarter by quarter basis in the future.
 HALLWOOD REALTY PARTNERS, L.P.
 Statement of Operations:
 (in thousands except per unit amounts)
 1991 1990
 Total revenue $ 79,401 $ 82,559
 Net loss ( 44,571) ( 61,630)
 Net loss per unit (5.09) (7.04)
 Average units outstanding 8,662 8,662
 The partnership is engaged in the acquisition, ownership, operation and management of commercial office buildings, industrial and retail real estate and other real estate related assets.
 -0- 3/20/92
 /CONTACT: Dianne Cuffman of Hallwood Realty Partners, L.P., 1-800-899-6589/
 (HRY) CO: Hallwood Realty Partners, L.P. ST: Texas IN: SU: ERN


AH -- NY076 -- 0292 03/20/92 18:17 EST
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Publication:PR Newswire
Date:Mar 20, 1992
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