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ANGELES PARTICIPATING MORTGAGE TRUST ANTICIPATES REDUCED DIVIDEND

 LOS ANGELES, March 1 /PRNewswire/ -- Angeles Participating Mortgage Trust (AMEX: APT) announced today that a portion of its February dividend payable March 12, 1993, will be paid out of earned income and a portion out of capital, and that the amount of future dividends is uncertain and is expected to be reduced as a result of the inability of Angeles Corp. (AMEX: ANG), the parent company of APT's advisor, to fulfill its guaranty obligations to the Trust, coupled with a decline in APT's operating income for the reasons discussed below. Angeles guaranteed APT's dividend payments until October 1993.
 One of APT's investments -- a $14.9 million participating mortgage on a factory outlet mall in Osage Beach, Mo. -- was recently repaid and the proceeds, until reinvested in loans, are earning money market rates of 2.65 percent, rather than mortgage rates. Income from APT's participating mortgage on the factory outlet mall in Fort Chiswell, Va., will decline because the debt service payments on this APT investment have been made in part by Angeles under Angeles' principal and interest guarantee. Angeles has informed the Trust that Angeles is also not presently able to fulfill its guaranty obligations.
 Angeles has said that its inability to fulfill any of its guaranty obligations to APT is the result of its own liquidity problems. Angeles attributed these problems to its inability to complete sales or refinancings of real estate assets and the failure of real estate partnerships formerly affiliated with Angeles to service fully, if at all, their debt obligations to Angeles. Angeles has also informed APT that it intends to initiate discussions with all of its other major debt holders with a view toward restructuring its obligations.
 -0- 3/1/93
 /CONTACT: Walter S. Losk, 800-421-4374, ext. 585, or 310-284-3585, or Steve Leach, 310-284-3598, both of Angeles/
 (APT ANG)


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

JL-KJ -- LA026 -- 1692 03/01/93 19:44 EST
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Publication:PR Newswire
Date:Mar 1, 1993
Words:326
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