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HEARTLAND PARTNERS REPORTS 1991 FOURTH QUARTER OPERATING RESULTS

 HEARTLAND PARTNERS REPORTS 1991 FOURTH QUARTER OPERATING RESULTS
 CHICAGO, Feb. 26 /PRNewswire/ -- Heartland Partners, L.P. (AMEX: HTL), a publicly traded limited partnership involved in the ownership, development, leasing and sale of real estate properties, today reported a loss of $361,000 for the fourth quarter ended Dec. 31, 1991, or $.16 per Class A unit, compared to a $650,000 profit, or $.30 per Class A unit, in the similar 1990 quarter.
 Revenues for the fourth quarter of 1991 totaling $1,956,000 were 12 percent less than the $2,231,000 reported for the fourth quarter of 1990. Operations for the 1991 12 months then ended resulted in a loss of $769,000, or $.35 per Class A unit.
 Revenues for the 1991 year totalled $6,282,000. Since the partnership began operations on June 28, 1990, comparable figures for the year 1990 are not available.
 Heartland Partners, L.P. owns substantially all of the real estate and related assets and liabilities previously owned by Chicago Milwaukee Corp. and its wholly owned subsidiary, Milwaukee Land Co.
 HEARTLAND PARTNERS, L.P.
 Financial Results
 (Amount in thousands, except unit information)
 Quarter ended Year June 28-
 Dec. 31 ended Dec. 31
 1991 1990 12/31/91 1990(A)
 Income Statement
 Total revenues $1,956 $2,231 $6,282 $4,145
 Total costs and expenses 2,317 1,581 7,051 3,459
 Net income (loss) (361) 650 (769) 686
 Net income (loss) per
 Class A unit(B) $(.16) $.30 $(.35) $.32
 Balance Sheet
 Dec. 31, 1991 1990
 Properties, net $21,865 $19,720
 Deferred capital contribution 10,371 12,657
 Cash and all other assets 5,243 6,553
 Total assets 37,479 38,930
 Total liabilities(C) 8,596 10,146
 Partners' equity $28,883 $28,784
 (A) -- 1990 results are for the period June 28, the date the partnership began operations, through Dec. 31, 1990.
 (B) -- Net income (loss) per Class A unit is computed by dividing net income (loss), after deducting the general partner's return and the return of the Class B interest, by 2,142,438 Class A units outstanding.
 (C) -- Total liabilities include an allowance for claims totaling $4.3 million at Dec. 31, 1991, and $6.6 million at Dec. 31, 1990. As and when a payment attributable to the satisfaction, discharge or other resolution of these liabilities occurs, Chicago Milwaukee Corp. will pay such amounts to Heartland as capital contributions in respect of Chicago Milwaukee's Class B interest until the aggregate amount of such payments and any other contributions previously made in respect thereof total $18.1 million. Chicago Milwaukee Corp. pays interest to Heartland on the unpaid portion of the capital contribution at the average one-year U.S. Treasury bill rate as in effect from time to time, payable monthly.
 -0- 2/26/92
 /CONTACT: Leon Fiorentino of Heartland Partners, 312-294-0440, or Michael Millar of Dragonette, 312-565-4300, for Heartland Partners/
 (HTL) CO: Heartland Partners, L.P. ST: Illinois IN: SU: ERN


CK -- NY060 -- 2860 02/26/92 14:01 EST
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Publication:PR Newswire
Date:Feb 26, 1992
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