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CNL REALTY INVESTORS, INC. ANNOUNCES THIRD QUARTER RESULTS OF OPERATIONS

 CNL REALTY INVESTORS, INC. ANNOUNCES THIRD QUARTER
 RESULTS OF OPERATIONS
 ORLANDO, Fla., Nov. 12 /PRNewswire/ -- CNL Realty Investors, Inc. (AMEX: NNN) announced today net earnings of $442,495 or $.25 per share for the quarter ended Sept. 30, 1992 compared with third quarter 1991 net earnings of $293,408 or $.20 per share. Last year's results included special expenses of $89,140 or $.06 per share related to the board's exploration of strategic alternatives for the company while third quarter 1992 results were affected by nonrecurring expenses which amounted to approximately $44,000 or $.02 per share related to the "Strategic Proposal" approved by shareholders in June of this year.
 Third quarter 1992 revenues increased 76 percent from $493,420 to $868,126 largely as a result of the acquisition of 14 properties in July 1992. Interest expense of $151,789 was incurred as a result of debt assumed in that acquisition. The number of shares outstanding increased from 1,480,000 for the third quarter of 1991 to 1,790,699 for the third quarter of 1992.
 For the nine months ended Sept. 30, 1992 the company reported net earnings of $1,188,740 or $.75 per share compared with $1,014,060 or $.69 per share for the first nine months of 1991.
 During the past quarter the company was listed on the American Stock Exchange, pursued potential new sources of capital and began an investor relations program. James M. Seneff Jr., chairman of the board, stated, "We have re-positioned the company to be an active and growing real estate investment trust. We believe equity REITs in general, and our company in particular, are well situated to capitalize on the current market opportunities and to acquire well-located, net-leased properties with strong retailers. Many prominent retailers plan to expand their operations and are looking for freestanding locations. These retailers are finding it very difficult to execute their expansion plans because developers are unable to obtain the necessary capital to construct new stores. We believe that if we can provide this capital to these retailers, we will be in a position to expand our portfolio with quality retail properties."
 CNL Realty Investors, Inc. is an equity real estate investment trust which currently owns 41 properties in 14 states. The company is pursuing freestanding commercial net lease retail properties as well as contemplating an offering of common stock.
 CNL REALTY INVESTORS, INC.
 SUMMARIZED RESULTS OF OPERATIONS
 (Unaudited)
 Quarter Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1992 1991 1992 1991
 Income:
 Rental and
 earned income $809,662 $480,917 $1,768,328 $1,425,156
 Interest income 1,900 11,903 15,869 30,321
 Other income 56,564 600 56,564 2,400
 868,126 493,420 1,840,761 1,457,877
 Expenses:
 General and
 administrative 169,333 137,949 257,146 237,827
 Interest 151,789 --- 151,789 ---
 Depreciation 115,941 69,288 254,518 213,215
 437,063 207,237 663,453 451,042
 Net earnings before
 gain on sale of
 land and building 431,063 286,183 1,177,308 1,006,835
 Gain on sale of land
 and building 11,432 7,225 11,432 7,225
 Net earnings $442,495 $293,408 $1,188,740 $1,014,060
 Earnings per share $ .25 $ .20 $ .75 $ .69
 -0- 11/12/92
 /CONTACT: Robert A. Bourne, president of CNL Realty Investors, Inc., 407-422-1574/
 (NNN) CO: CNL Realty Investors, Inc. ST: Florida IN: SU: ERN


AW-JB -- FL005 -- 0162 11/12/92 12:18 EST
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Date:Nov 12, 1992
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