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MGI PROPERTIES REPORTS THIRD QUARTER RESULTS, DECLARES DIVIDEND

 BOSTON, Sept. 15 /PRNewswire/ --
 Results of Operations
 MGI Properties, (NYSE: MGI), an equity real estate investment trust, today reported 1993 third quarter and nine-month results. Funds from operations for the quarter ended Aug. 31, 1993 were $3,648,000, or 32 cents per share on the greater number of shares outstanding, compared to $2,923,000, or 31 cents per share, earned in the comparable 1992 quarter. Net income was $1,926,000, or 17 cents per share on the greater number of shares outstanding, vs. $1,436,000, or 15 cents per share, reported in the 1992 third quarter.
 Funds from operations for the nine months ended Aug. 31, 1993 were $10,740,000, or $1.04 per share on the greater number of shares outstanding, compared to $8,593,000, or 91 cents per share, earned in the comparable 1992 period. The 1993 year-to-date results include income of $1,030,000, or 10 cents per share, received in connection with a lease assignment and amendment in the first quarter. Net income was $5,553,000, or 54 cents per share on the greater number of shares outstanding, in the current nine-month period, vs. $7,762,000, or 83 cents per share, reported a year ago. The 1992 year-to-date results included the recognition of a $3,700,000 gain, equal to 39 cents per share.
 W. Pearce Coues, chairman of the board of trustees, stated that an additional two properties, located in metropolitan Boston, were acquired from institutional sellers during the quarter at a combined cost of $6,670,000. An additional New England based asset is expected to close late in September at a cost of approximately $7,200,000. Upon the September closing, New England acquisitions over the past 12 months will total approximately $32,000,000. Coues noted that the growth in funds from operations of 2 cents per share from the 30 cents earned in the prior 1993 quarter largely reflect the benefit of yields of at least 11 percent on the new investments.
 Dividend Declared
 The Trustees declared a quarterly dividend of 21 cents per share, payable Oct. 8, 1993 to shareholders of record Sept. 29, 1993. The 21 cent dividend represents a 5 percent dividend increase reflecting improved earnings and outlook.
 MGI PROPERTIES
 Selected Financial Information
 For the Nine Months Ended Aug. 31,
 1993 Per Share 1992 Per Share
 Total income-(a) $26,717,000 --- $23,021,000 ---
 Operating results:
 Funds from
 operations-(b) $10,740,000 $1.04 $8,593,000 91 cents
 Income before net
 gains $5,553,000 54 cents $4,062,000 44 cents
 Net gains --- --- 3,700,000 39 cents
 Net income $5,553,000 54 cents $7,762,000 83 cents
 Average shares
 outstanding 10,288,611 --- 9,399,632 ---
 For the Three Months Ended Aug. 31,
 1993 Per Share 1992 Per Share
 Total income-(a) $9,339,000 --- $7,698,000 ---
 Operating results:
 Funds from
 operations-(b) $3,648,000 32 cents $2,923,000 31 cents
 Income before net
 gains $1,926,000 17 cents $1,436,000 15 cents
 Net gains --- --- --- ---
 Net income $1,926,000 17 cents $1,436,000 15 cents
 Average shares
 outstanding 11,433,091 --- 9,399,992 ---
 NOTE: (a) Total income excludes net gains (losses).
 (b) MGI defines funds from operations as net income (computed in accordance with generally accepted accounting principles), excluding gains (or losses) from debt restructuring, sales of property and similar non-cash items, plus depreciation and amortization, and after adjustments for equity method partnership income (or losses).
 -0- 9/15/93
 /CONTACT: Phillip C. Vitali, executive vice president and treasurer of MGI Properties, 617-330-5335/
 (MGI)


CO: MGI Properties ST: Massachusetts IN: FIN SU: ERN

DJ-CM -- NE007 -- 2271 09/15/93 13:09 EDT
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Publication:PR Newswire
Date:Sep 15, 1993
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