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ANGELES PARTICIPATING MORTGAGE TRUST REPORTS THIRD QUARTER FISCAL 1992 RESULTS

 LOS ANGELES, Nov. 16 ~PRNewswire~ -- Angeles Participating Mortgage Trust (AMEX: APT) today reported net income of $1,072,000, or $.42 per class A share, in the fiscal year 1992 third quarter ended Sept. 30. Revenue was $1,324,000. In the 1991 third quarter, net income was $1,203,000, or $.47 per class A share, on revenue of $1,357,000.
 For the nine months ended Sept. 30, 1992, net income was $3,213,000, or $1.25 per class A share, on revenue of $3,783,000, compared with net income of $3,788,000, or $1.47 per class A share, and revenue of $4,285,000, in the 1991 like period.
 Net income declined because the trust converted two construction loans to long-term participating mortgages on factory-direct shopping malls owned by affiliated Factory Merchant Malls. Although the debt service collected on the new and old loans was substantially unchanged, the accounting treatment of the participation feature of the new loans reduced revenue recognition by the trust.
 Net cash from operations for the 1992 nine months was $1.42 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 therefore the advance against future participation interest collected on its mortgage loan is not treated as income at this time.
 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 that rate guaranteed through October 1993.
 The trust's advisor is Angeles Funding Corp., a member of the Mortgage Bankers Association of America, and a wholly owned subsidiary of Angeles Corp. (AMEX: ANG)
 -0- 11~16~92
 ~CONTACT: Steve Leach of Angeles, 800-421-4374, ext. 598, or 310-284-3598~
 (APT ANG)


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

KJ -- LA023 -- 1355 11~16~92 14:03 EST
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Publication:PR Newswire
Date:Nov 16, 1992
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