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CNL REALTY INVESTORS, INC. REPORTS 1992 RESULTS

 ORLANDO, Fla., Feb. 22 /PRNewswire/ -- CNL Realty Investors, Inc. (AMEX: NNN), an equity real estate trust, today reported net earnings of $1,561,682 or 95 cents per share for the year ended Dec. 31, 1992 compared with net earnings of $1,254,577 or 85 cents per share in 1991. Year-end results were affected by nonrecurring American Stock Exchange listing fees, which amounted to approximately $15,000 or one cent per share, and nonrecurring income of $55,926 or three cents per share related to the "Strategic Proposal" approved by shareholders in June 1992. The prior year's results included special fees and expenses of $152,622 or 10 cents per share related to the board of directors' exploration of strategic alternatives for the company. The resultant "Strategic Proposal", developed in 1991 and approved by shareholders in June 1992, broadened the company's investment policy and management.
 Net earnings for the fourth quarter ended Dec. 31, 1992 were $372,942 or 21 cents per share compared with $240,517 or 16 cents per share for the prior year's fourth quarter. The fiscal 1991 results included special fees and expenses of $63,482 or four cents per share related to the company's strategic alternatives exploration.
 Funds from continuing operations for 1992 were $1,869,473 or $1.14 per share compared to $1,682,478 or $1.14 per share for 1991. These amounts were calculated by removing the impact of depreciation expense, gain on sale of properties, non-cash lease accounting adjustments, and nonrecurring income and expenses.
 Rental revenue increased $685,690 primarily as a result of the acquisition of 14 additional properties in July 1992 and a $68,284 increase in percentage rent. Operating expenses, excluding depreciation and nonrecurring expenses, increased $464,376 largely due to interest expense of $301,761 incurred as a result of the debt assumed by the company in the July 1992 property acquisition.
 James M. Seneff Jr., chief executive officer of the company, noted that 1992's results were in line with expectations. He added, "The market has responded favorably to the actions taken to re-position the company and as we continue to implement our business plan, we believe we will be able to capitalize on significant opportunities in 1993."
 CNL Realty Investors, Inc. is an equity real estate investment trust which currently owns 41 properties in 14 states.
 CNL REALTY INVESTORS, INC.
 Summarized Results of Operations
 For the Quarter Ended For the Year Ended
 12/31/92 12/31/91 12/31/92 12/31/91
 Income:
 Rental and
 earned income $759,237 $416,719 $2,527,565 $1,841,875
 Interest income 4,059 13,125 19,928 43,446
 Other income 204 --- 56,768 2,400
 Total 763,500 429,844 2,604,261 1,887,721
 Expenses:
 General and
 administrative 125,712 120,038 382,858 357,865
 Interest 149,972 --- 301,761 ---
 Depreciation 114,874 69,289 369,392 282,504
 Total 390,558 189,327 1,054,011 640,369
 Net earnings before
 gain on sale of
 land and building 372,942 240,517 1,550,250 1,247,352
 Gain on sale of land
 and building --- --- 11,432 7,225
 Net earnings $372,942 $240,517 $1,561,682 $1,254,577
 Earnings per share $0.21 $0.16 $0.95 $0.85
 Weighted average
 number of shares
 outstanding 1,790,699 1,480,000 1,635,350 1,480,000
 -0- 2/22/93
 /CONTACT: Robert A. Bourne, president of CNL Realty Investors, 407-422-1574/
 (NNN)


CO: CNL Realty Investors, Inc. ST: Florida IN: SU: ERN

JB-AW -- FL003 -- 8956 02/22/93 12:13 EST
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Date:Feb 22, 1993
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