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ROYALE INVESTMENTS REPORT RESULTS FOR SECOND QUARTER

 MINNEAPOLIS, July 15 /PRNewswire/ -- Royale Investments, Inc., (NASDAQ:RLIN) today reported net income of $29,671 or 4 cents per share for the second quarter ended June 30, compared with $43,267 or 6 cents per share in the same period last year.
 Second-quarter revenues grew to $254,297, chiefly rental income from two Cub Foods Stores purchased by Royale in June 1992 as its initial property investment. Revenues in the second quarter last year were $69,096, largely interest earned on proceeds from the company's initial public offering while the purchases were being negotiated. Cash flow for the period was $89,968, compared with $46,565 last year.
 For the six months ended June 30, net income was $22,243 or 3 cents per share, compared with $89,099 or 12.5 cents per share in the first half of 1992. Revenues climbed to $504,217 from $123,867 in 1992. This year's results included depreciation of $120,594, up from $3,298 last year.
 Vernon R. Beck, chief executive officer, said this year's first-half net income was reduced by costs associated with preparation for the planned acquisition of as many as five additional supermarket properties during 1993. The company completed a secondary offering of 710,000 shares of common stock at the close of the second quarter, receiving $6,368,700 in proceeds intended primarily for the purchase of additional stores.
 Royale Investments is a Minneapolis-based real estate investment trust organized to acquire food-related income-producing properties, primarily supermarkets.
 ROYALE INVESTMENTS, INC.
 3 months ended 6 months ended
 6/30/93 6/30/92 6/30/93 6/30/93
 Revenues $254,297 $69,096 $504,217 $123,867
 Net income $29,671 $43,267 $22,243 $89,099
 Net income per share $.04 $.06 $.03 $.125
 Common shares
 outstanding 710,000 710,000 710,000 710,000
 -0- 7/15/93
 /CONTACT: Tom Langenfeld of Swenson Falker Eilertsen 612-371-0000, for Royale Investments; or Vernon R. Beck of Royale Investments 612-920-4078/
 (RLIN)


CO: Royale Investments, Inc. ST: Minnesota IN: FIN SU: ERN

DB -- MN028 -- 2237 07/15/93 17:28 EDT
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Publication:PR Newswire
Date:Jul 15, 1993
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