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ANGELES PARTICIPATING MORTGAGE TRUST REPORTS FIRST QUARTER FISCAL 1992 RESULTS

 ANGELES PARTICIPATING MORTGAGE TRUST
 REPORTS FIRST QUARTER FISCAL 1992 RESULTS
 LOS ANGELES, May 15 /PRNewswire/ -- Angeles Participating Mortgage Trust (AMEX: APT) today reported net income of $1,126,000, or $.44 per Class A share, in the fiscal year 1992 first quarter ended March 31. Revenue was $1,262,000. In the 1991 first quarter, net income was $1,317,000, or $.51 per Class A share, on revenue of $1,474,000.
 Net income declined because the Trust converted two construction loans to long-term participating mortgages on factory-direct shopping malls owned by affiliated Factory Merchants Malls. Although the pay rates on the new and old loans were substantially unchanged, the participation feature of the new loans accounted for the reduced revenue recognition by the Trust.
 Net cash from operations for the 1992 first quarter was $.49 per Class A share. Net cash differs from net income because one of the factory outlet malls has not yet reached a stabilized occupancy and unearned participation interest collected on its mortgage loan is not reported as income.
 Cash distributions were $.50 per Class A share. The Trust has a stated distribution policy of paying a minimum of $2.00 per share per year, with that rate guaranteed through October 1993.
 The Trust's advisor is Angeles Funding Corporation, a member of the Mortgage Bankers Association of America, and a wholly owned subsidiary of Angeles Corporation.
 Angeles Corporation (AMEX: ANG) is a real estate investment management company with approximately $1.5 billion of assets under management.
 -0- 5/15/92
 /CONTACT: Steve Leach, 800-421-4374, ext. 598 or 310-284-3598; or Walter S. Losk, 800-421-4374, ext. 585 or 213-284-3583, both of Angeles Participating Mortgage Trust/
 (ANG APT) CO: Angeles Participating Mortgage Trust ST: California IN: FIN SU: ERN


BM -- LA021 -- 0782 05/15/92 13:18 EDT
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Publication:PR Newswire
Date:May 15, 1992
Words:301
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