ANGELES PARTICIPATING MORTGAGE TRUST REPORTS THIRD QUARTER FISCAL 1991 RESULTS
ANGELES PARTICIPATING MORTGAGE TRUST
REPORTS THIRD QUARTER FISCAL 1991 RESULTS
LOS ANGELES, Nov. 14 /PRNewswire/ -- Angeles Participating Mortgage Trust (AMEX: APT) today reported net income of $1,203,000, or $.47 per Class A share, in the fiscal year 1991 third quarter ended Sept. 30. Revenue was $1,357,000. In the 1990 third quarter, net income was $1,212,000, or $.47 per Class A share, on revenue of $1,378,000.
For the nine months ended Sept. 30, 1991, net income was $3,788,000, or $1.47 per Class A share, and revenue of $4,285,000, compared with net income of $3,359,000, or $1.30 per Class A share, and revenue of $3,849,000, in the 1990 like period.
Cash distributions were $.50 per Class A share in the third quarter, and $1.50 for the nine months. The Trust has a stated distribution policy of paying a minimum of $2.00 per share per year, with the rate guaranteed through October 1993.
Angeles Participating Mortgage Trust is a real estate investment trust which invests primarily in participating mortgage loans on factory-direct shopping malls owned by affiliates. 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.
/CONTACT: Steve Leach of Angeles, 800-421-4374, ext. 598, or 310-284-3598/
(APT ANG) CO: Angeles Participating Mortgage Trust; Angeles Corporation ST: California IN: SU: ERN CH-EH -- LA017 -- 4507 11/14/91 15:18 EST