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MERRY LAND REPORTS SECOND QUARTER RECORD EARNINGS

 AUGUSTA, Ga., July 12 /PRNewswire/ -- Peter S. Knox III, chairman of Merry Land & Investment Company, Inc. (NYSE: MRY), reported that for the six months ended June 30, funds from operations increased 97 percent to $9,873,000, up from $5,005,000 in the same period last year.
 On a per share basis, funds increased 41 percent to $.62, up from $.44 in the first half of 1992. Net income was $12,428,000, up from $7,341,000. (Funds from operations excludes capital gains and also funds earned in 1992 on discontinued mortgage backed securities operations.)
 Knox also reported that the company had completed the sale of 4,600,000 shares of $25 convertible preferred shares. The gross proceeds of the offering were $115 million, and brought the company's shareholders equity to over $295 million. The company has used about $36 million to repay debt incurred to acquire apartment properties and intends to use the remaining proceeds to acquire additional apartment properties.
 The company's board of directors declared dividends of $.22 per common share and $.4375 per Series A preferred share payable on Sept. 30 to shareholders of record on Sept. 15.
 Merry Land is a real estate investment trust headquartered in Augusta, which specializes in the acquisition and operation of apartment communities in the South Atlantic region of the United States.
 MERRY LAND & INVESTMENT CO. INC.
 3 mos. ended 6/30/93 6/30/92
 Revenues $12,104,000 $ 7,098,000
 Net income 3,782,000 2,394,000
 Per share $.19 $.26
 Funds from operations $ 5,408,000 $ 3,073,000(a)
 Per share $.31 $.25(a)
 Avg. common shares outstanding 17,255,561 9,503,000
 6 mos. ended 6/30/93 6/30/92
 Revenues $27,888,828 $17,662,177
 Net income 12,428,096 7,340,558
 Per share $.78 $.78
 Funds from operations $ 9,873,167 $ 5,005,000(a)
 Per share $.62 $.44(a)
 Avg. common shares outstanding 15,903,008 9,465,471
 (a) Excludes funds from discontinued mor operations.
 -0- 7/12/93
 /CONTACT: Tennent Houston, president of Merry Land, 706-722-6756/
 (MRY)


CO: Merry Land & Investment Company, Inc. ST: Georgia IN: SU: ERN DIV

BR-BN -- AT011 -- 0565 07/12/93 16:30 EDT
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Publication:PR Newswire
Date:Jul 12, 1993
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