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ANGELES PARTICIPATING MORTGAGE TRUST ANNOUNCES DECLARATION OF DIVIDEND; DELINQUENCIES ON LOANS

 LOS ANGELES, March 31 /PRNewswire/ -- Angeles Participating Mortgage Trust (AMEX: APT) announced today the declaration of a dividend of $.167 per share payable on April 22, 1993, to holders of record on April 12, 1993. In announcing the dividend, APT noted that "the cash that will be used to make this dividend payment represents a portion of the funds received by APT from the repayment of the $14.9 million participating mortgage on a factory mall in Osage Beach, Mo." These proceeds have been invested in money market accounts controlled by APT. APT also announced that it will continue to evaluate its dividend payment plans.
 On behalf of APT's independent trustees, Ron Consiglio noted that "while we believe that two of the three factory merchant malls that have borrowed a total of $19.5 million from APT are solid performing properties, APT received no payments in March from these two factory merchant mall borrowers. APT also did not receive any payments in March from its other factory merchant mall borrower on its outstanding $10 million loan from APT. Factory Merchants Malls, a wholly owned subsidiary of Angeles Corp., has informed us that they intend to present the trust with formal proposals with respect to each of these three properties within the near future. These proposals are expected to include additional funding requests that may be necessary to protect the value of certain of APT's current investments. We are consulting with independent counsel and I want to assure the Trust's shareholders that we intend to vigorously protect APT's interests with respect to these three loans and we will take whatever legal actions are necessary to assure this objective."
 -0- 3/31/93
 /CONTACT: Ron Consiglio for Angeles Participating Mortgage Trust, 310-247-0975/
 (APT)


CO: Angeles Participating Mortgage Trust ST: California IN: FIN SU: DIV

KJ-JL -- LA010 -- 1375 03/31/93 09:15 EST
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Publication:PR Newswire
Date:Mar 31, 1993
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