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CLEVETRUST REALTY INVESTORS REPORT THAT FUNDS FROM OPERATIONS INCREASE 73 PERCENT FOR FIRST QUARTER OF FISCAL 1992

 CLEVETRUST REALTY INVESTORS REPORT THAT FUNDS FROM OPERATIONS
 INCREASE 73 PERCENT FOR FIRST QUARTER OF FISCAL 1992
 WESTLAKE, Ohio, Feb. 13 /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 Dec. 31, 1991, the Trust had funds from operations of $278,000, which represents an increase of 73 percent when compared to the same quarter last year. Funds from operations are obtained by adding depreciation expense to the trust's income (loss) before gains on sales of real estate.
 The trust recently announced plans to raise equity capital during fiscal 1992. The proceeds will be used to reduce outstanding bank indebtedness. Additionally, the trust successfully renegotiated its principal bank line agreement during the first quarter of fiscal 1992, which should result in interest expense savings of approximately $250,000 per year, based on the existing prime rate. The trustees have indicated that provided the trust is successful in its efforts to raise capital, and provided the trust's funds from operations continue to improve during fiscal 1992, the trust will consider restoring a dividend distribution to its shareholders.
 Three Months Ended December 31
 Per Per
 1991 Share 1990 Share
 Operating Revenues $2,511,000 $2,440,000
 Less: Real Estate
 Operating Expenses (1,147,000) (1,131,000)
 Less: Interest Expense (857,000) (909,000)
 Less: General and
 Administrative Expenses (229,000) (240,000)
 Less: Depreciation Expense (561,000) (585,000)
 OPERATING INCOME (LOSS) (283,000) $(.14) (425,000) $(.22)
 Gains on Sales of Real Estate --- --- 129,000 .07
 NET INCOME (LOSS) $(283,000) $(.14) $(296,000) $(.15)
 Weighted Average Number of
 Shares of Beneficial
 Interest 1,956,772 1,972,772
 -0- 2/13/92
 /CONTACT: John C. Kikol, president of CleveTrust Realty Investors, 216-899-0909/
 (CTRIS) CO: CleveTrust Realty Investors ST: Ohio IN: FIN SU: ERN


LC -- CL026 -- 9950 02/13/92 16:53 EST
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Publication:PR Newswire
Date:Feb 13, 1992
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