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THE CHICAGO DOCK AND CANAL TRUST ANNOUNCES THIRD QUARTER EARNINGS FOR FISCAL YEAR 1992

 THE CHICAGO DOCK AND CANAL TRUST ANNOUNCES
 THIRD QUARTER EARNINGS FOR FISCAL YEAR 1992
 CHICAGO, March 16 /PRNewswire/ -- The Chicago Dock and Canal Trust (NASDAQ: DOCKS), a publicly held real estate investment trust, today reported net income before gain from exchange of real estate for its third quarter ended Jan. 31, 1992 of $120,000 or $.02 per share compared to net income of $1,189,000, or $.21 per share, for the same period in the prior fiscal year. Net income after gain from exchange of real estate for the third quarter ended Jan. 31, 1992 was $43,969,000 or $7.60 per share, including a gain from exchange of real estate of $43,849,000 or $7.58 per share. The gain resulted from the disposition of the Trust's interest in The Equitable Building in Chicago. There was no gain from exchange of real estate for the same period in the prior fiscal year.
 For the nine months ended Jan. 31, 1992 operations resulted in net income before gain from exchange of real estate of $2,518,000, or $.44 per share compared to net income for the same period in the prior fiscal year of $3,745,000, or $.65 per share. Net income after gain from exchange of real estate for the nine months ended Jan. 31, 1992 was $46,367,000, or $8.02 per share, including a gain from exchange of real estate of $43,849,000, or $7.58 per share. There was no gain from exchange of real estate for the same period in the prior fiscal year.
 During the third quarter, the Trust declared a dividend of $.08 per share. This dividend compares to $.07 per share for the same period in the prior fiscal year.
 The Chicago Dock and Canal Trust is a real estate investment trust, engaged primarily in the business of owning real estate and interests in real estate for investment. The trust, formed in 1962, is successor to The Chicago Dock and Canal Co., founded in 1857 by Chicago's first mayor, William Ogden. The trust's assets include a substantial portion of the land at Cityfront Center, a major mixed-use development in Chicago. The trust also owns the Midrise at Cityfront Place (a 424-unit residential complex in Cityfront Center), Lincoln Garden (a 73,000- square foot office complex in Tampa, Fla.), Waterplace Park (a 107,000- square foot office complex in Indianapolis) and One Michigan Avenue (a 114,000 square foot office building in Lansing, Mich.).
 Third quarter earnings follow.
 THE CHICAGO DOCK AND CANAL TRUST
 Third Quarter Fiscal 1992 Earnings
 Third quarter ended Jan. 31 1992 1991
 Net Income before gain from
 exchange of real estate $120,000 $1,189,000
 Gain from exchange of real
 estate $43,849,000 --
 Net Income after gain from
 exchange of real estate $43,969,000 $1,189,000
 Net income per share before gain
 from exchange of real estate $.02 $.21
 Per share gain from exchange of
 real estate $7.58 --
 Net income per share after gain
 from exchange of real estate $7.60 $.21
 Nine months ended Jan. 31 1992 1991
 Net Income before gain from
 exchange of real estate $2,518,000 $3,745,000
 Gain from exchange of real
 estate $43,849,000 --
 Net Income after gain from
 exchange of real estate $46,367,000 $3,745,000
 Net income per share before gain
 from exchange of real estate $.44 $.65
 Per share gain from exchange of
 real estate $7.58 --
 Net income per share after gain
 from exchange of real estate $8.02 $.65
 THE CHICAGO DOCK AND CANAL TRUST
 Third Quarter Fiscal 1992 Earnings
 As of As of
 Ended 1/31/92 Ended 1/31/91
 Shareholders' Equity $89,394,000 $44,549,000
 -0- 3/16/92
 /CONTACT: David R. Tinkham of Chicago Dock and Canal Trust, 312-467-1870, Mike Aabram or Marti Dee of Edelman, 312-280-7000, Chicago Dock and Canal Trust/ CO: Chicago Dock and Canal Trust ST: Illinois IN: SU:


SM-PS -- NY093 -- 8557 03/16/92 19:51 EST
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Publication:PR Newswire
Date:Mar 16, 1992
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