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MORTGAGE AND REALTY TRUST ANNOUNCES RESULTS

 ELKINS PARK, Pa., July 21 /PRNewswire/ -- Mortgage and Realty Trust (NYSE: MRT) announced today its unaudited results for the third quarter ended June 30, 1993.
 MORTGAGE AND REALTY TRUST
 Periods ended Quarter Nine months
 June 30 1993 1992 1993 1992
 Earnings (loss) before
 provision for losses
 and reorganization
 expense ($2,667,000)($1,354,000) ($7,399,000) ($2,235,000)
 Less: provision
 for losses on real
 estate loans and
 investments 14,000,000 11,000,000 22,000,000 22,000,000
 Reorganization
 expenses 811,000 232,000 1,243,000 600,000
 Net loss (17,478,000)(12,586,000) (30,642,000) (24,835,000)
 Net loss per share ($1.58) ($1.13) ($2.77) ($2.24)
 As previously announced on July 1, 1993, the Trust did not have sufficient funds to meet its $20 million required principal payment due June 30, 1993. The Trust did, however, pay all of the interest and fees due June 30, 1993, on its outstanding debt.
 In addition, based on these financial results, MRT stated that as of June 30, 1993, it was in violation of certain financial covenants in its indenture relating to the ratio of outstanding securities to the Trust's capital base and the ratio of earning assets to outstanding securities. Failure to satisfy these covenants constitutes a default under MRT's debt indenture.
 Negotiations between the Trust and its creditors continue in an effort to reach a consensual restructuring of the Trust's debt obligations. The company and its creditors have agreed upon a standstill period that runs through the end of July, and the Trust is requesting an additional standstill period to achieve such a restructuring.
 /delval/
 -0- 7/21/93
 /CONTACT: Daniel F. Hennessey, treasurer of Mortgage and Realty Trust, 215-881-1525/
 (MRT)


CO: Mortgage and Realty Trust ST: Pennsylvania IN: FIN SU: ERN

CC-MK -- PH031 -- 4041 07/21/93 14:23 EDT
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Publication:PR Newswire
Date:Jul 21, 1993
Words:314
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