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CF INCOME PARTNERS L.P. REPORTS 1992 FIRST QUARTER RESULTS

 CF INCOME PARTNERS L.P. REPORTS 1992 FIRST QUARTER RESULTS
 LOS ANGELES, May 18 /PRNewswire/ -- CF Income Partners L.P. (NYSE: CFI), a Los Angeles-based master limited partnership, today reported a consolidated net loss of $2,130,000, or $.16 per unit, for the three months ended March 31, 1992, compared to a consolidated net loss of $2,863,000, or $.22 per unit, for the three months ended March 31, 1991.
 The decline in the net loss in the first quarter of 1992 was primarily attributable to reduced losses from real estate held for resale, reduced general and administrative expenses and reduced interest expense on a revolving credit facility.
 Operating results from the partnership's investment portfolio for the first quarter of 1992 were a loss of $130,000, compared to a loss of $90,000 for the same period in 1991. Loss from real estate held for investment increased $40,000 primarily as a result of an increase in interest expense on property debt and a decrease in operating income, offset by a reduction in depreciation expenses. The decrease in operating income resulted from reduced percentage rental income. The reduction in depreciation expense is a result of the write down in the carrying value of the portfolio and the sale of a commercial building in the fourth quarter of 1991.
 The activity of the partnership's resale portfolio for the first quarter of 1992 resulted in a loss of $655,000 before financing costs and general and administrative expenses incurred in administering the resale portfolio as compared to a loss of $980,000 for the first quarter of 1991. The improvement of $325,000 in the resale portfolio for the first quarter of 1992 primarily resulted from reduced operating expenses and the absence of sales activity which resulted in a loss during the first quarter of 1991.
 Interest expense on the partnership's revolving credit facility, which was primarily used for the acquisition of the resale portfolio, was $377,000 in the first quarter of 1992 compared to $549,000 in 1991. The $172,000 decrease in interest expense for the 1992 period was principally because of repayments of the facility during 1991 and a reduced prime rate.
 General and administrative expenses associated with the real estate portfolios and partnership administration decreased $205,000 to $461,000 for the first quarter of 1992 compared to $666,000 for the same 1991 period.
 The partnership also reported that its ratio of aggregate principal indebtedness to the fair market value of its properties was 93 percent. Under the Amended and Restated Agreement of Limited Partnership, the partnership is not permitted to incur additional principal indebtedness (including draws under its revolving credit facility) if that ratio exceeds 80 percent. The general partner will seek unitholder approval to modify the debt limitations in the partnership agreement.
 CF Income Partners L.P. is a publicly traded master limited partnership which has invested in income-producing multifamily residential, commercial and industrial properties.
 CF INCOME PARTNERS L.P. AND OPERATING PARTNERSHIPS
 Consolidated Statements of Operations
 (In thousands, except per unit data)
 (Unaudited)
 For the three months ended
 March 31,
 1992 1991
 Real estate held for
 investment:
 Rental revenue $6,216 $6,408
 Tenant reimbursements 827 886
 Operating expenses (2,353) (2,371)
 Total 4,690 4,923
 Depreciation (911) (1,290)
 Ground rent (81) (133)
 Interest expense on
 property debt (3,828) (3,590)
 Loss from real estate
 held for investment (130) (90)
 Real estate held for resale:
 Sales --- 1,410
 Cost of sales --- (1,564)
 Loss from operations (625) ---
 Loss from real estate
 held for sale (625) (154)
 Loss from investments in
 real estate partnerships (30) (826)
 Loss from real estate
 held for resale (655) (980)
 Other income (expense):
 Interest income 14 99
 General and administrative
 expenses (461) (666)
 Interest expense on
 Prime Line (377) (549)
 Interest expense on
 Start-Up Loan (521) (516)
 Amortization of
 organization costs --- (161)
 Other income
 (expense) (1,345) (1,793)
 Net loss ($2,130) ($2,863)
 Weighted average number of
 units outstanding 13,199 13,208
 Net loss per unit ($0.16) ($0.22)
 Cash distribution
 paid per unit --- $0.04
 -0- 5/18/92
 /CONTACT: Barbara J. Pape, 310-444-3900, ext. 2235, or Leeann Morein, 310-444-3900, ext. 2236, both of CF Income Partners/
 (CFI) CO: CF Income Partners L.P. ST: California IN: FIN SU: ERN


JL-EH -- LA013 -- 1317 05/18/92 12:08 EDT
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Publication:PR Newswire
Date:May 18, 1992
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