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ROCKEFELLER CENTER PROPERTIES, INC. DECLARES 48 CENTS DIVIDEND FOR THIRD QUARTER

 ROCKEFELLER CENTER PROPERTIES, INC. DECLARES 48 CENTS DIVIDEND
 FOR THIRD QUARTER
 NEW YORK, Sept. 18 /PRNewswire/ -- Rockefeller Center Properties, Inc. ("RCPI") (NYSE: RCP) today announced that its board of directors approved a quarterly dividend for the third quarter of 1992 of 48 cents per share. The dividend will be payable on Oct. 26, 1992, to stockholders of record as of Oct. 8, 1992.
 RCPI noted that the board is exploring with its advisors the possibility of refinancing RCPI's short- and long-term debt and expects to reach a decision within the next three months. The board will also be reviewing the company's dividend policy. The board indicated that it intended to set the dividend for the fourth quarter of 1992 at a level that would be sustainable for the near to intermediate term. The board said that, based on information currently available to it, it anticipates a substantial reduction in the quarterly dividend during the fourth quarter. As a real estate investment trust, RCPI is required to pay dividends amounting to 95 percent of its earnings in order to avoid taxation at the corporate level.
 RCPI also noted that, prior to any decision to proceed with a refinancing of its debt, it may from time to time effect market purchases of its current coupon and zero coupon convertible debentures due 2000 if such debentures are available for purchase at prices it considers attractive.
 RCPI, which commenced operations on Sept. 19, 1985, was formed to permit public investment in Rockefeller Center. RCPI's principal asset is a $1.3 billion participating mortgage loan to the owners of Rockefeller Center with an option, exercisable on Dec. 31, 2000, to convert the loan into a 71.5 percent ownership interest in Rockefeller Center.
 The company's common stock is listed on the New York Stock Exchange under the symbol RCP. As of Sept. 17, there are 37,510,000 shares of common stock outstanding.
 -0- 9/18/92
 /CONTACT: Stephanie Leggett Young of RCPI, 212-841-7760/
 (RCP) CO: Rockefeller Center Properties, Inc. ST: New York IN: FIN SU: DIV


GK-CK -- NY032 -- 1071 09/18/92 11:29 EDT
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Publication:PR Newswire
Date:Sep 18, 1992
Words:351
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