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CLEVETRUST REPORTS INCREASED FUNDS FROM OPERATIONS

 WESTLAKE, Ohio, Feb. 12 /PRNewswire/ -- John C. Kikol, president of CleveTrust Reality Investors (NASDAQ: CTRIS), a real estate investment trust, announced today that for the quarter ended Dec. 31, 1992, the trust had funds from operations of $301,000 compared to $278,000 for the same quarter last year. Funds from operations are obtained by adding depreciation expense to the trust's net income (loss) before gains on sales of real estate.
 During the first quarter of fiscal 1993, the trust completed a rights offering which resulted in net proceeds of $4,214,000 which has been used to reduce bank and mortgage indebtedness. Additionally, the trust sold four single-story office warehouse buildings in Dallas, Texas for $950,000, resulting in a gain of $337,000. The sales proceeds were used to reduce the trust's outstanding bank debt.
 Three Months Ended December 31
 Per
 1992 Share
 Operating Revenues $2,471,000
 Less: Real Estate Operating Expenses (1,183,000)
 Less: Interest Expense (744,000)
 Less: General and Administrative Expenses (243,000)
 Less: Depreciation Expense (537,000)
 OPERATING INCOME (LOSS) (236,000) $(.12)
 Gains on Sales of Real Estate 337,000 .17
 NET INCOME (LOSS) $101,000 $ .05
 Weighted Average Number of Shares of
 Beneficial Interest 2,033,257
 Three Months Ended December 31
 Per
 1991 Share
 Operating Revenues $2,511,000
 Less: Real Estate Operating Expenses (1,147,000)
 Less: Interest Expense (857,000)
 Less: General and Administrative Expenses (229,000)
 Less: Depreciation Expense (561,000)
 OPERATING INCOME (LOSS) (283,000) $(.14)
 Gains on Sales of Real Estate -0- --
 NET INCOME (LOSS) $(283,000) $ (.14)
 Weighted Average Number of Shares of
 Beneficial Interest 1,956,772
 -0- 2/12/93
 /CONTACT: John C. Kikol, president, CleveTrust Realty Investors, 216-899-0909/
 (CTRIS)


CO: CleveTrust Realty ST: Ohio IN: SU:

LC -- CL015 -- 6271 02/12/93 16:11 EST
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Publication:PR Newswire
Date:Feb 12, 1993
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