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NATIONAL INCOME REALTY TRUST REPORTS THIRD QUARTER RESULTS

 NATIONAL INCOME REALTY TRUST REPORTS THIRD QUARTER RESULTS
 DALLAS, Nov. 13 /PRNewswire/ -- National Income Realty Trust (NASDAQ: NIRTS) reported a net loss of $3.3 million, or $1.02 per share, on revenues of $7.7 million for the quarter ended Sept. 30, 1992. This compares with a net loss of $1.2 million, or 35 cents per share, on revenues of $7.2 million for the third quarter of 1991.
 For the nine months ended Sept. 30, 1992, National Income recorded a net loss of $6.9 million, or $2.08 per share, compared with a net loss of $1.0 million, or 30 cents per share, in the first nine months of 1991. Revenues increased to $22.3 million from $21.8 million over the same period in 1991.
 National Income recognized a gain on sale of real estate of $167,000 and an extraordinary gain of $2.2 million in the nine-month period ending Sept. 30, 1991. No such gain was recorded during the same period in 1992.
 The trust recorded a provision for losses of $2.4 million for the three and nine months ended Sept. 30, 1992, of which $1.8 million was a reserve against three wraparound mortgage notes secured by three shopping centers and one additional note. The remaining provision for loss of $600,000 was to reserve against a junior mortgage loan secured by an apartment complex. No such provision was recorded in the corresponding periods in 1991.
 Net rental income (rental income less operating expenses) increased to $2.3 million and $6.7 million for the three and nine months ended Sept. 30, 1992, respectively, from $1.9 million and $6.6 million for the three and nine months ended Sept. 30, 1991. The increases are the result of properties acquired subsequent to the second quarter of 1991 and increased rental and occupancy rates at the trust's properties.
 National Income Realty Trust is a combination mortgage and equity real estate investment trust which operates nationwide.
 NATIONAL INCOME REALTY TRUST
 Financial Highlights
 (in thousands, except share and per share data)
 Periods ended Sept. 30 Three months Nine months
 1992 1991 1992 1991
 Total revenue $ 7,698 $ 7,196 $ 22,285 $ 21,800
 Net (loss)
 before gain on
 sale of real
 estate and
 extraordinary gain (3,343) (1,203) (6,910) (3,386)
 Gain on sale of
 real estate - - - 167
 Extraordinary gain - - - 2,170
 Net (loss) $ (3,343) $ (1,203) $ (6,910) $ (1,049)
 Net (loss) per
 share $ (1.02) $ (0.35) $ (2.08) $ (0.30)
 Weighted average
 shares of beneficial
 interest 3,270,925 3,480,020 3,324,243 3,506,780
 -0- 11/13/92
 /CONTACT: Jean Krone Bono, director of investor relations of National Income Realty Trust, 214-692-4800/
 (NIRTS) CO: National Income Realty Trust ST: Texas IN: SU: ERN


TM -- NY086 -- 0968 11/13/92 19:32 EST
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Publication:PR Newswire
Date:Nov 13, 1992
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