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MERRY LAND SELLS SECURITIES

 MERRY LAND SELLS SECURITIES
 AUGUSTA, Ga., April 1 /PRNewswire/ -- Peter S. Knox III, chairman


of the board of Merry Land & Investment Company, Inc. (NASDAQ: MERY), announced today that the company had sold its remaining portfolio of approximately $107 million of mortgage-backed securities.
 The company will recognize a capital gain on the sale of about $2 million, which will be included in its first quarter earnings.
 Approximately $100 million of the proceeds from the sale will be used to repay all debt related to the mortgage-backed securities. The balance of approximately $9 million will be used to finance additional apartment acquisitions in the southeastern United States.
 The company's decision to liquidate its mortgage-backed securities portfolio was made in the belief that better investment opportunities are presently available in apartment investments. The company expects to continue for the foreseeable future to focus on southeastern apartment properties and away from mortgage-backed securities and other financial assets.
 -0- 4/1/92
 /CONTACT: Tennent Houston, president of Merry Land, 404-722-6756/
 (MERY) CO: Merry Land & Investment Company, Inc. ST: Georgia IN: SU:


BN-BR -- AT003 -- 3727 04/01/92 08:31 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Apr 1, 1992
Words:185
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