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AMERICA FIRST REIT ANNOUNCES DIVIDEND

 OMAHA, Neb., July 29 /PRNewswire/ -- The board of directors of America First REIT Inc. (AMEX: AFR) today declared a dividend of $.375 per share for the third quarter of 1993. The dividend, which represents the first dividend declared by the newly-formed REIT, will be paid on Oct. 31, 1993, to holders of record as of Sept. 30, 1993.
 The REIT has a portfolio of seven multifamily properties which were transferred into the REIT from an America First limited partnership which was formed in 1985. REIT management is currently in the process of bidding on several multifamily properties. The REIT anticipates securing two lines of credit in August and expects long-term permanent financing for new properties to be in place during the fourth quarter of 1993.
 America First REIT trades on the American Stock Exchange under the symbol AFR. Based on a recent price of $19.75, the dividend yield on the shares would be approximately 7.59 percent on an annualized basis.
 -0- 7/29/93
 /CONTACT: Maurice Cox Jr. of America First, 402-444-1630/
 (AFR)


CO: America First REIT Inc. ST: Nebraska IN: SU: DIV

BB -- DV004 -- 7519 07/29/93 12:22 EDT
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Publication:PR Newswire
Date:Jul 29, 1993
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