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CLEVETRUST REALTY INVESTORS ANNOUNCES INCREASE IN DIVIDEND AND CHANGE IN STRATEGIC BUSINESS PLAN

 WESTLAKE, Ohio, Oct. 28 /PRNewswire/ -- John C. Kikol, president of CleveTrust Realty Investors (NASDAQ: CTRIS), a real estate investment trust, announced today that at the Quarterly Board Meeting held on Oct. 26, 1993, the Trustees declared an increased quarterly distribution of $.04 per share payable on Jan. 28, 1994, to Shareholders of Record as of Jan. 14, 1994. The increased dividend was based on the Trust's improving Funds from Operations.
 The Trust has filed preliminary documentation with the Securities & Exchange Commission (S.E.C.) to issue subscription rights to its shareholders. Although the timing for the offering has not been finalized, it is anticipated that it will be effective during the first half of Fiscal 1994, which began on Oct. 1, 1993.
 Kikol also indicated that the Board of Trustees has decided to make a change in its strategic business plan and will invest the proceeds from the offering in suburban office buildings in the Midwest and Southwest regions. Additionally, the Board plans to market for sale the Trust's shopping centers and apartment complex. The sales proceeds will be invested in suburban office properties in selected suburban submarkets within the Midwest and Southwest.
 This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State. After effectiveness of the registration statement, copies of the prospectus may be obtained from the secretary of the Trust at CleveTrust Realty Investors, 2001 Crocker Rd., Suite 400, Westlake, OH 44145.
 -0- 10/28/93
 /CONTACT: John C. Kikol, president, CleveTrust Realty Investors, 216-899-0909/
 (CTRIS)


CO: CleveTrust Realty ST: Ohio IN: FIN SU: DIV

KL-BU -- CL026 -- 8201 10/28/93 17:44 EDT
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Publication:PR Newswire
Date:Oct 28, 1993
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