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ANGELES PARTICIPATING MORTGAGE TRUST ANNOUNCES FISCAL 1992 RESULTS; STATUS OF LOANS

 LOS ANGELES, May 5 /PRNewswire/ -- Angeles Participating Mortgage Trust (AMEX: APT) announced today a net operating loss of $546,000 or $.21 per Class A share (on a fully diluted basis) for fiscal 1992, after giving effect to the establishment of a $5 million reserve for loan losses.
 During the year ended Dec. 31, 1991, the Trust had net income of $4,806,000 or $1.87 per share (fully diluted). The Trust also reported that the book value per fully diluted share of Class A Common Stock was $14.60 as of Dec. 31, 1992, as compared to $16.82 as of Dec. 31, 1991.
 As previously announced, the Trust has formed a committee, consisting solely of trustees who are not affiliated with Angeles Corporation, with the authority to make all decisions with respect to the Trust's dealings with Angeles or any of its affiliates, including Factory Merchants Mall. (The Trust announced that Les Lederer had resigned from the board of trustees prior to the formation of the Independent Committee.) Commenting on the earnings announcement and speaking on behalf of the Independent Trustees, Ronald J. Consiglio noted that "the Barstow, Calif. and Branson, Mo. factory outlets are successful retail outlets, and the Independent Trustees believe that the Trust's loans to these facilities, totaling $19,500,000, are adequately secured. During 1992, the Fort Chiswell, Va., factory outlet mall, which has currently borrowed $10 million from the Trust, continued to underperform, and Factory Merchants Mall was unable to significantly increase the occupancy of the Fort Chiswell mall, which currently stands at a 57 percent occupancy level.
 Consiglio also reported that the Trust received no payments in April from any of the three factory merchant mall borrowers. As previously announced, the Trust did not receive any payments in March from any of these borrowers. Consiglio noted that, as previously announced, a portion of the dividend paid in March and all of the dividend paid in April represented a return of a portion of the proceeds that the Trust received from the repayment of the $14.9 million participating mortgage on a factory mall in Osage Beach, Mo. Consiglio also restated the Trust's prior announcement that future dividends are uncertain and are expected to be reduced due to the defaults on the Trust's loans and Angeles' failure to perform under its guaranty obligations. Consiglio also noted that Angeles' ability to meet its guaranty obligations may be adversely impacted by Angeles' May 3, 1993, filing for bankruptcy protection under Chapter 11 of the Bankruptcy Code.
 Consiglio noted that Angeles Corporation has presented the Independent Trustees with a proposal to restructure the loans relating to these three properties. The proposal contemplates that the Trust would ultimately become the owner of the three outlet malls upon terms to be determined. Acceptance of any restructuring proposal is expected to involve the use of the Trust's cash resources to finance expansion of certain of the retail outlets. Consiglio stated that "while the Independent Trustees are willing to consider this restructuring proposal and have engaged independent valuation consultants to facilitate our review, we continue to evaluate the benefits and risks associated with foreclosure of the Trust's security interests and will, of course, take Angeles' recent bankruptcy filing fully into account. We continue to consult with independent counsel, and the Trust has delivered demands for the delinquent payments and demanded an accounting of the property- related expenses. We will vigorously protect the Trust's interests with respect to these three loans and take whatever further legal actions are necessary to assure this objective."
 As a result of the uncertainties described above, the Trust expects that the independent auditors' report for the year ended Dec. 31, 1992, will contain an emphasis paragraph. The audit examination is still in process.
 Consiglio also noted that Joseph Cattivera had tendered his resignation from the board effective April 8, 1993.
 -0- 5/5/93
 /CONTACT: Ron Consiglio of Angeles Participating Mortgage Trust, 310-247-0975/
 (APT)


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

EH-RA -- LA018 -- 4862 05/05/93 12:21 EDT
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Date:May 5, 1993
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