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COLUMBIA REAL ESTATE INVESTMENTS STATEMENT ON INCREASE IN MARKET VALUE

COLUMBIA REAL ESTATE INVESTMENTS STATEMENT ON INCREASE IN MARKET VALUE
 COLUMBIA, Md., Aug. 21 /PRNewswire/ -- As a follow-up to its recently announced second quarter earnings report, Columbia Real Estate Investments, Inc. (AMEX: CIV), today announced that the drop in interest rates which occurred during the second quarter drove up the value of the mortgages and mortgage-backed securities held by the company. Since those investments make up approximately 85 percent of the company's total investments, the market value of Columbia Real Estate Investments rose 10 cents per share from the first quarter to $9.50 per share at June 30, 1992. This increase in market value occurred notwithstanding the net loss that the company earlier reported for the second quarter.
 Management also noted that, although it could not presently see any diminution in the level of prepayment activity for the balance of the year, it did not believe that any further significant write-off of its investments in CMO residuals would be necessary, even if prepayments continued at their current levels.
 Columbia Real Estate Investments is a real estate investment trust which invests in residential mortgages and other mortgage derivative products. It has also issued collateralized mortgage obligation bonds through a special purpose subsidiary.
 -0- 8/21/92
 /CONTACT: Tom Ireton of Columbia Real Estate Investments, 410-964-8875/
 (CIV) CO: Columbia Real Estate Investments, Inc. ST: Maryland IN: FIN SU:


GK-TS -- NY041 -- 2152 08/21/92 12:55 EDT
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Publication:PR Newswire
Date:Aug 21, 1992
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