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HEALTH EQUITY ANNOUNCES CONTINUED INCREASES IN INCOME AND FUNDS FROM OPERATIONS FOR THE FIRST SIX MONTHS OF 1993

 WINSTON-SALEM, N.C, July 14 /PRNewswire/ --Health Equity Properties (NYSE: EQP) announced operating results today for the second quarter and six months ended June 30, 1993. Funds from operations equalled $3,867,527 ($0.27 per share) for the quarter ended June 30, 1993, and $7,444,128 ($0.51 per share) for the six months ended June 30, 1993. The company defines funds from operations as net income (computed in accordance with generally accepted accounting principles), less gains or plus losses from debt restructuring and sales of property, plus depreciation and amortization expense.
 On June 15, 1993, the company's board of directors declared a dividend of $0.245 per share. The dividend is payable on July 31, 1993 to shareholders of record as of June 30, 1993. The dividend is the 27th consecutive quarterly distribution since the company's inception in 1986.
 The company reported net income of $2,255,193 ($0.16 per share) for the quarter ended June 30, 1993, up from $1,236,354 ($0.09 per share) for the same period of 1992, bringing net income for the six months ended June 30, 1993 to $4,231,922 ($0.29 per share), compared to $2,505,758 ($0.21 per share) for the same period of 1992.
 The increase in net income for the second quarter of 1993 as compared to the same period of 1992 reflects the continuing effect of the company's dramatic paydown of debt during 1992. Debt was reduced by $25.2 million during 1992 through the conversion of the company's senior debentures and retirement of debt with the proceeds of the company's $29.3 million stock offering in April 1992. As a result of the paydowns, interest expense decreased from $2.5 million for the first six months of 1992 to $1.3 million for the first six months of 1993.
 Other factors contributing to the increase in net income during the first six months were an increase in additional rent of approximately $250,000, as well as a base rent increase of approximately $150,000. The increase in base rent reflects revenue from the company's Kansas facility acquired in late 1992 and Florida facility acquired in June 1993. In addition, the company further reduced high constant debt in the second quarter of 1993 by approximately $1.5 million with a portion of the proceeds from refinancing two of its facilities. The company's secured debt to equity ratio is currently less than .4 to 1.
 Based in Winston-Salem, N.C., Health Equity Properties is an equity real estate investment trust which owns 77 long-term health care facilities in seven states. The company is managed by a nine member board of directors, five of whom are independent from the company.
 HEALTH EQUITY PROPERTIES
 SELECTED OPERATING DATA:
 (Unaudited)
 Three Months Three Months Six Months Six Months
 Ended Ended Ended Ended
 6/30/93 6/30/92 6/30/93 6/30/92
 Rent $4,841,801 $4,494,779 $9,359,615 $8,963,000
 Interest and other
 income $111,399 $217,749 $228,340 $341,130
 Income before
 extraordinary item $2,255,193 $1,444,880 $4,231,922 $2,714,284
 Net income $2,255,193 $1,236,354 $4,231,922 $2,505,758
 Income before
 extraordinary item
 per share $0.16 $0.11 $0.29 $0.23
 Net income per share $0.16 $0.09 $0.29 $0.21
 Funds from
 operations $3,867,527 $3,088,657 $7,444,128 $5,961,833
 Net cash provided
 from operations $4,056,592 $3,062,544 $7,481,497 $5,419,264
 Cash dividends
 declared $3,572,856 $3,387,927 $7,126,577 $5,905,252
 Cash dividends
 declared per share $0.245 $0.235 $0.49 $0.465
 Average shares
 outstanding 14,533,044 13,380,977 14,519,091 11,996,891
 SELECTED BALANCE SHEET DATA:
 June 30, 1993 Dec. 31, 1992
 (unaudited)
 Nursing home properties, gross $129,711,366 $124,510,394
 Cash and cash equivalents $7,525,461 $6,271,821
 Total assets $120,617,774 $117,261,023
 Mortgage debt $30,492,822 $24,698,794
 Senior debentures $1,355,000 $1,355,000
 Shareholders' equity $83,941,319 $86,142,717
 -0- 7/14/93
 /CONTACT: William G. Benton or Jody Ragan of Health Equity Properties, 919-723-7580/
 (EQP)


CO: Health Equity Properties ST: North Carolina IN: HEA SU: ERN

MM-SB -- CH003 -- 1305 07/14/93 10:35 EDT
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Date:Jul 14, 1993
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