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THE CHICAGO DOCK AND CANAL TRUST ANNOUNCES DIVIDEND

 CHICAGO, Dec. 8 /PRNewswire/ -- The Board of Trustees of The Chicago Dock and Canal Trust (NASDAQ: DOCKS) declared a quarterly dividend of $.01 per share payable on March 1, 1994 to shareholders of record as of Feb. 15, 1994. This dividend compares to a dividend declared in December 1992 of $.08 per share.
 "The dividend reduction, which was announced in April 1993, is part of an overall asset management program that has been implemented over the past three years," said Charles R. Gardner, president of the Trust. "By conserving cash within the Trust, we will be positioned to pursue development projects when the market for such projects returns.
 "Unlike many development-oriented entities," he added, "the Trust is not heavily leveraged, has no recourse debt and is in no danger of insolvency."
 Cityfront Center, an established mixed-use development located on prime, downtown Chicago lakefront land, is the Trust's primary real estate investment. Within the development, the Trust owns the land under the 1,200 room Sheraton Chicago Hotel and Towers and approximately 15 acres of land to be developed. It also owns the Midrise portion of Cityfront Place (a 904-unit residential complex) and one-third of the partnership which owns the Highrise portion. Cityfront Place has achieved occupancy levels in excess of 95 percent since opening.
 "Cityfront Place has been well-received, establishing Cityfront Center as a popular residential neighborhood and setting the tone for the development of the balance of its residential component," Gardner said.
 The Chicago Dock and Canal Trust is a real estate investment trust engaged primarily in the business of acquiring and holding real estate and interests in real estate for investment. In addition to its interests in Cityfront Center, the Trust owns Lincoln Garden (a 73,000- sq.ft. office complex in Tampa, Fla.); Waterplace Park (a 107,000-sq.ft office complex in Indianapolis, Ind.); and One Michigan Avenue (a 144,000-sq.ft office building in Lansing, Mich.).
 Formed in 1962, the Trust is successor to The Chicago Dock and Canal Company which was founded in 1857 by Chicago's first mayor, William Ogden. The Chicago Dock and Canal Trust is traded on NASDAQ under the trading symbol DOCKS.
 -0- 12/8/93
 /CONTACT: Marcy Monyek or Briggen Wrinkle of Marcy Monyek and Assoc., 312-263-2135; or David R. Tinkham of The Chicago Dock & Canal Trust, 312-467-1870/


CO: The Chicago Dock and Canal Trust ST: Illinois IN: FIN SU: DIV

WB -- NY112 -- 1978 12/08/93 18:14 EST
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Publication:PR Newswire
Date:Dec 8, 1993
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