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CLEVETRUST REALTY INVESTORS' FUNDS FROM OPERATIONS INCREASE 46 PERCENT FOR NINE MONTHS ENDING JUNE 30, 1992

 CLEVETRUST REALTY INVESTORS' FUNDS FROM OPERATIONS
 INCREASE 46 PERCENT FOR NINE MONTHS ENDING JUNE 30, 1992
 WESTLAKE, Ohio, July 31 /PRNewswire/ -- John C. Kikol, president of CleveTrust Realty Investors (NASDAQ: CTRIS), a real estate investment trust headquartered here, announced today that for the quarter ended June 30, 1992 that the trust had funds from operations of $295,000 compared to $288,000 for the same quarter last year. The trust reported funds from operations of $907,000 for the nine month period ending June 30, 1992 compared to $621,000 for the same period last year. Funds from operations are obtained by adding depreciation expense to the trust's income (loss) before any gains on sales of real estate and extraordinary items.
 BANK LOANS/RIGHTS OFFERING
 During the past several months the trust's management has been negotiating with its principal bank lenders to modify and extend the trust's bank loans. Although there can be no assurances that the negotiations will be successful, there has been good progress in the negotiations, and it is anticipated that the loans will be restructured on terms favorable to the trust. As a result, the trust has temporarily delayed the proposed rights offering.
 SHAREHOLDERS' DISTRIBUTION
 At the quarterly trustees meeting on July 21, 1992, the trustees declared a quarterly distribution of $.03 per share payable on Oct. 23, 1992 to shareholders of record as of Oct. 9, 1992. This is the third consecutive quarter in which the trust has resumed distributions to its shareholders.
 CLEVETRUST REALTY INVESTORS
 Three Months Ended June 30
 Per Per
 1992 Share 1991 Share
 Operating Revenues $ 2,394,000 -- $ 2,468,000 --
 Less: Real Estate
 Operating Expenses (1,167,000) -- (1,164,000) --
 Less: Interest Expense (754,000) -- (875,000) --
 Less: General and
 Administrative Expenses (178,000) -- (141,000) --
 Less: Depreciation Expense (541,000) -- (569,000) --
 NET INCOME (LOSS) $ (246,000) $(.13) $ (281,000) $(.14)
 Weighted Average Number
 of Shares of Beneficial
 Interest 1,956,772 1,956,772
 Nine Months Ended June 30
 Per Per
 1992 Share 1991 Share
 Operating Revenues $ 7,360,000 -- $ 7,333,000 --
 Less: Real Estate
 Operating Expenses (3,496,000) -- (3,475,000) --
 Less: Interest Expense (2,373,000) -- (2,683,000) --
 Less: General and
 Administrative Expenses (584,000) -- (554,000) --
 Less: Depreciation Expense (1,659,000) -- (1,739,000) --
 OPERATING INCOME (LOSS) $ (752,000) $(.38) $(1,118,000) $(.57)
 Gains on Sales of Real
 Estate -- -- 129,000 .07
 INCOME (LOSS) BEFORE
 EXTRAORDINARY ITEM (752,000) (.38) (989,000) (.50)
 Extraordinary Item - Gain
 on Early Extinguishment
 of Debt -- -- 393,000 .20
 NET INCOME (LOSS) $ (752,000) $(.38) $ (596,000) $(.30)
 Weighted Average Number
 of Shares of Beneficial
 Interest 1,956,772 1,962,164
 -0- 7/31/92
 /CONTACT: John C. Kikol, president of CleveTrust Realty Investors, 216-899-0909/
 (CTRIS) CO: CleveTrust Realty Investors ST: Ohio IN: SU: ERN


BM -- CL006 -- 5492 07/31/92 10:11 EDT
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Date:Jul 31, 1992
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