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CLEVETRUST REPORTS INCREASED FUNDS FROM OPERATIONS

 WESTLAKE, Ohio, April 28 /PRNewswire/ -- John C. Kikol, president of CleveTrust Realty Investors (NASDAQ: CTRIS), a real estate investment trust, announced today that for the quarter ended March 31, 1993, the Trust has Funds from Operations of $372,000 compared to $333,000 for the same quarter last year. For the six months ending March 31, 1993, the Trust had Funds from Operations of $674,000 compared to $611,000 for the same period 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 and Extraordinary Item.
 Additionally, at the Quarterly Meeting of the Board of Trustees held on April 27, 1993, the Trustees declared a quarterly distribution of $.03 per share payable on July 23, 1993 to Shareholders of Record as of July 9, 1993. This is the sixth consecutive quarter in which the Trust has declared a distribution to its Shareholders since it resumed distribution in 1992.
 As a result of the equity infusion from the successful Rights Offering completed during the first quarter of fiscal 1993, the Trust's debt-to-equity ratio has been dramatically improved. The Trust's short- term bank debt, which has been an issue during the past several years, has been extended five years as a result of recent loan paydowns. The Trust is considering various investment opportunities, which would require the Trust to raise additional equity to fund such investments or further reduce bank debt during 1993.
 Three Months Ended March 31
 Per
 1993 Share
 Operating Revenues $2,418,000
 Less: Real Estate Operating Expenses (1,212,000)
 Less: Interest Expense (656,000)
 Less: General and Administrative Expenses (177,000)
 Less: Depreciation Expense (537,000)
 INCOME (LOSS) BEFORE EXTRAORDINARY ITEM (164,000) $(.04)
 Extraordinary Item - Gain on Early
 Extinguishment of Debt 286,000 .07
 NET INCOME (LOSS) $ 122,000 $ .03
 Weighted Average Number of Shares of
 Beneficial Interest 3,715,937
 Three Months Ended March 31
 Per
 1992 Share
 Operating Revenues $2,455,000
 Less: Real Estate Operating Expenses (1,182,000)
 Less: Interest Expense (762,000)
 Less: General and Administrative Expenses (177,000)
 Less: Depreciation Expense (557,000)
 INCOME (LOSS) BEFORE EXTRAORDINARY ITEM (223,000) $(.12)
 Extraordinary Item - Gain on Early
 Extinguishment of Debt --- ---
 NET INCOME (LOSS) $(223,000) $(.12)
 Weighted Average Number of Shares of
 Beneficial Interest 1,956,772
 Six Months Ended March 31
 Per
 1993 Share
 Operating Revenues $4,889,000
 Less: Real Estate Operating Expenses (2,395,000)
 Less: Interest Expense (1,400,000)
 Less: General and Administrative Expenses (420,000)
 Less: Depreciation Expense (1,074,000)
 OPERATING INCOME (LOSS) (400,000) $(.14)
 Gains on Sales of Real Estate 337,000 .12
 INCOME (LOSS) BEFORE EXTRAORDINARY ITEM (63,000) $(.02)
 Extraordinary Item - Gain on Early
 Extinguishment of Debt 286,000 .10
 NET INCOME (LOSS) $ 223,000 $ .08
 Weighted Average Number of Shares of
 Beneficial Interest 2,865,352
 Six Months Ended March 31
 Per
 1992 Share
 Operating Revenues $4,966,000
 Less: Real Estate Operating Expenses (2,329,000)
 Less: Interest Expense (1,619,000)
 Less: General and Administrative Expenses (406,000)
 Less: Depreciation Expense (1,118,000)
 OPERATING INCOME (LOSS) (506,000) $(.26)
 Gains on Sales of Real Estate --- ---
 INCOME (LOSS) BEFORE EXTRAORDINARY ITEM (506,000) $(.26)
 Extraordinary Item - Gain on Early
 Extinguishment of Debt --- ---
 NET INCOME (LOSS) $(506,000) $(.26)
 Weighted Average Number of Shares of
 Beneficial Interest 1,956,772
 -0- 4/28/93
 /CONTACT: John C. Kikol, president, CleveTrust Realty Investors, 216-899-0909/
 (CTRIS)


CO: CleveTrust Realty Investors ST: Ohio IN: SU: ERN

LC -- CL027 -- 2256 04/28/93 16:29 EDT
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Publication:PR Newswire
Date:Apr 28, 1993
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