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BURGER KING INVESTORS MASTER L.P. ANNOUNCES EARNINGS

 MINNEAPOLIS, Feb. 22 /PRNewswire/ -- Burger King Investors Master L.P. (NYSE: BKP) announced that funds from operations (taxable operating income plus depreciation and amortization) for the fourth quarter of 1992 amounted to 36 cents per unit. This compares with funds generated from operations of 39 cents per unit for the same period a year ago. Funds generated from operations for fiscal year 1992 amounted to $1.52 per unit, down from $1.59 achieved in 1991.
 Net income allocable to unitholders for the fourth quarter was $677,786 or 15 cents per unit (after a nine cents per unit asset write down), on revenues of $2,088,909. During the same quarter in 1991, net income allocable to unitholders of $1,229,960, or 26 cents per unit, was earned on revenues of $2,169,470.
 Net income allocable to unitholders for 1992 was $2,436,001, or 53 cents per unit (after a 46 cents per unit asset write down), on revenues of $8,488,597. In 1991, net income allocable to unitholders of $3,952,192, or 85 cents per unit (after 20 cents per unit asset write down), was earned on revenues of $8,749,650.
 The partnership holds the real estate interests in 125 restaurant properties located throughout the United States. These properties are leased primarily to franchisees of Burger King Corporation for the purpose of operating Burger King restaurants. The partnership's primary source of revenue is the rental income earned on the real estate.
 The partnership recently announced that it would pay a cash distribution of 37 cents per unit on March 16, 1993, to unitholders of record on March 9, 1993.
 BURGER KING INVESTORS MASTER L.P.
 (In thousands except per unit amounts)
 Three Months Ended Year Ended
 12/31/92 12/31/91 12/31/92 12/31/91
 Revenues $2,089 $2,170 $8,489 $8,750
 Operating expenses 1,397(a) 915 6,003(b) 4,717(b)
 Net income $692 $1,255 $2,486 $4,033
 Net income allocable to
 unitholders $678 $1,230 $2,436 $3,952
 Net income per unit (c) $.15 $.26 $.53 $.85
 Funds from operations
 per unit (tax basis) (c)(d) $.36 $.39 $1.52 $1.59
 (a) Includes provision for write down of property of $413.
 (b) Includes provision for write down of property of $2,186 and $943 for the years ended Dec. 31, 1992 and 1991, respectively.
 (c) Based on 4,635,000 units outstanding.
 (d) Taxable operating income plus depreciation and amortization.
 -0- 2/22/93
 /CONTACT: Kayla Peterson of Burger King Investors Master L.P., 612-330-2307/
 (BKP)


CO: Burger King Investors Master L.P. ST: Minnesota IN: SU: ERN

KH -- MN013 -- 0071 02/22/93 14:25 EST
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Publication:PR Newswire
Date:Feb 22, 1993
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