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TRAMMELL CROW REAL ESTATE INVESTORS ANNOUNCES THIRD QUARTER 1991 RESULTS

TRAMMELL CROW REAL ESTATE INVESTORS ANNOUNCES THIRD QUARTER 1991 RESULTS
 DALLAS, Nov. 4 /PRNewswire/ -- Trammell Crow Real Estate Investors (NYSE: TCR) announced its third quarter 1991 distributable cash from operations and declared a cash distribution to shareholders today. Distributable cash from operations for the quarter ended Sept. 30, 1991 was $1,741,000 or $.192 per share, down slightly from distributable cash of $1,789,000 or $.197 per share for the previous quarter ended June 30, 1991. Distributable cash for the first nine months of 1991 was $5,259,000 or $.579 per share, compared to $5,573,000 or $.614 per share for the first nine months of 1990. The decrease from the first nine months of 1990 to 1991 resulted primarily from the sale of two properties from the portfolio at the end of 1990 and the use of the sales proceeds in the first quarter of 1991 to repurchase the trust's zero coupon notes.
 Robert Whitman, president and chief executive officer of the trust, stated that, "The trust continues to experience stable operations and cash flow, and management is optimistic about leasing prospects; however, capital market conditions affecting the real estate industry have continued to deteriorate, and management believes that the trust's property values have declined significantly from the prior year as a result. In light of the depressed real estate markets, capital improvement requirements for the trust's properties, and the trust's ongoing efforts to maximize shareholder value, the trust will review the appropriate level of cash distributions to shareholders for the next quarter."
 The trust declared a cash distribution to shareholders of $.08 per share, payable Nov. 25, 1991 to shareholders of record on Nov. 14, 1991. It is estimated that the entire distribution will constitute a tax-free return of capital.
 Trammell Crow Real Estate Investors is an equity real estate investment trust that has acquired from Trammell Crow Company entities 19 commercial real estate projects, consisting of 18 industrial properties located in California, Florida, Maryland, Minnesota, North Carolina, Texas, Washington and Wisconsin, and one retail mall located in Colorado. The trust's investment objective is to maximize the total return to its shareholders through the leasing, management and eventual disposition of its industrial and retail properties.
 -0- 11/4/91
 /CONTACT: Trammell Crow Real Estate Investors investor relations, 214-979-5451/
 (TCR) CO: Trammell Crow Real Estate Investors ST: Texas IN: FIN SU: ERN KD -- NY093 -- 0976 11/04/91 18:29 EST
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Publication:PR Newswire
Date:Nov 4, 1991
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