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AMERICA FIRST REIT ANNOUNCES THIRD QUARTER EARNINGS

 OMAHA, Neb., Dec. 2 /PRNewswire/ -- America First REIT Inc. (AMEX: AFR), which started operations on June 1, 1993, reported third quarter net income of $434,547. The REIT's funds from operations for the quarter were 46 cents per share. On Nov. 1, 1993, the company paid its first quarterly dividend of $.375 per share which represents approximately 82 percent of funds from operations. Dividend coverage is 122 percent.
 Management of the REIT is pleased that the rental income from the seven properties currently in its portfolio increased by 6.6 percent for the first nine months of 1993 compared to the like period in 1992. The REIT has received a commitment from a commercial bank for a $20 million line of credit which will be used to acquire additional apartment complexes for the REIT. The company is currently working with Alex Brown & Sons Inc. to secure tax-exempt permanent financing of $30 million.
 Shares of the America First REIT trade on the American Stock Exchange -- symbol AFR. Book value of the company's stock was approximately $24.38 per share at Sept. 30, 1993.
 -0- 12/2/93
 /CONTACT: Maurice Cox Jr. of America First, 402-444-1630/
 (AFR)


CO: America First REIT Inc. ST: Nebraska IN: FIN SU: ERN

BB -- DV001 -- 9752 12/02/93 11:15 EST
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Publication:PR Newswire
Date:Dec 2, 1993
Words:215
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