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COLUMBIA REAL ESTATE INVESTMENTS DECLARES DIVIDEND

 COLUMBIA REAL ESTATE INVESTMENTS DECLARES DIVIDEND
 COLUMBIA, Md., May 7 /PRNewswire/ -- The board of directors of


Columbia Real Estate Investments, Inc. (AMEX: CIV) today announced the declaration of a dividend of $0.19 per share, payable on June 30, 1992 to shareholders of record at the close of business on June 15, 1992. This dividend represents the results of the company's projected operations for the three month period ending on May 31, 1992.
 The company also announced net earnings for the quarter ended March 31, 1992 of $853,968, or $0.19 per share based upon 4,608,753 weighted average number of shares outstanding. This compares to the corresponding period in 1991 of $1,141,125, or $0.23 per share based upon 4,934,704 shares outstanding.
 David Gallitano, chairman of the board, noted that the dividend, which represented a $0.04 per share decrease from the prior quarter's dividend, reflected the decrease in earnings resulting from the inordinately large increase in mortgage prepayments. This prepayment surge was caused by the large amount of refinancing activity that was experienced in the mortgage industry during the quarter. Douglas, the company's president, remarked, "We believe that this very unusual level of prepayments should moderate over the coming quarters. That, coupled with an expected early retirement of some high rate CMO debt, may enable earnings for Columbia Real Estate Investments to improve to more historic levels during the balance of the year."
 Columbia Real Estate Investments, Inc. is a real estate investment trust which invests in residential mortgages and other mortgage derivative products. It also has issued collateralized mortgage obligations (CMOs) through a special purpose subsidiary.
 -0- 5/7/92
 /CONTACT: Tom Ireton of Columbia Real Estate Investments, 410-964-8875/
 (CIV) CO: Columbia Real Estate Investments, Inc. ST: Maryland IN: FIN SU: ERN


TQ-OS -- NY044 -- 7540 05/07/92 10:45 EDT
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Publication:PR Newswire
Date:May 7, 1992
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