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CF INCOME PARTNERS L.P. REPORTS 1993 FIRST QUARTER RESULTS

 LOS ANGELES, May 12 /PRNewswire/ -- CF Income Partners L.P. (NYSE: CFI), a Los Angeles-based master limited partnership, today reported a consolidated net loss of $1,778,000, or $.13 per unit, for the three months ended March 31, 1993, compared to a consolidated net loss of $2,130,000, or $.16 per unit, for the three months ended March 31, 1992. The decline in the net loss in the first quarter of 1993 was primarily attributable to reduced losses from the resale portfolio, offset in part by increased losses from the investment portfolio.
 Income from the investment portfolio before depreciation and interest expense for the first quarter of 1993 remained relatively stable at $4,694,000 as compared to $4,609,000 for 1992. However, because of increased depreciation expense, loss from real estate held for investment after depreciation and interest expense increased to $343,000 in 1993 from $130,000 in 1992.
 The activity of the partnership's resale portfolio for the first quarter of 1993 resulted in a loss of $92,000 as compared to a loss of $655,000 in the first quarter of 1992, in each case before financing costs and general and administrative expenses incurred in administering the resale portfolio. Koll LaVerne, a multiphased industrial project, accounted for $625,000 of losses from property operations incurred in 1992. The Koll LaVerne partnership was liquidated in October 1992.
 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,
 1993 1992
 Real estate held for investment:
 Rental revenue $6,458 $6,216
 Tenant reimbursements 806 827
 Operating expenses (2,487) (2,353)
 Ground rent (83) (81)
 Income before depreciation and
 interest expense 4,694 4,609
 Depreciation (1,175) (911)
 Interest expense (3,862) (3,828)
 Loss from real estate held for
 investment (343) (130)
 Real estate held for sale:
 Loss from property operations (98) (625)
 Income (loss) from investments in
 real estate partnerships 6 (30)
 Loss from real estate held for sale (92) (655)
 Other income (expense):
 General and administrative expenses (496) (461)
 Interest expense on Prime Line (346) (377)
 Interest expense on Start-Up Loan (516) (521)
 Interest income 15 14
 Other income (expense) (1,343) (1,345)
 Net loss ($1,778) ($2,130)
 Weighted average number of units
 outstanding 13,199 13,199
 Net loss per unit ($0.13) ($0.16)
 -0- 5/12/93
 /CONTACT: Barbara J. Pape, 213-930-6246, or Leeann Morein, 213-930-7050, both of CF Income Partners/
 (CFI)


CO: CF Income Partners L.P. ST: California IN: FIN SU: ERN

MS-JB -- LA005 -- 7504 05/12/93 11:01 EDT
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Publication:PR Newswire
Date:May 12, 1993
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