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COPLEY PROPERTIES, INC. ANNOUNCES THIRD QUARTER RESULTS

 BOSTON, Nov. 12 /PRNewswire/ -- Copley Properties, Inc. (AMEX: COP), a real estate investment trust (REIT), reported its third quarter results of operations. The company generated cash from operations of $1,115,440 or 31 cents per share. Cash from operations was $905,130 for the prior quarter and $1,702,489 for the third quarter of 1992. The 1993 third quarter cash flow improved by 23 percent compared to last quarter, and by 36 percent from the 1992 third quarter after exclusion of non-comparable activity in the respective periods. Copley paid a dividend of 20 cents per share for the third quarter of 1993 on Nov. 11, 1993.
 Net income for the third quarter of 1993 was $511,545 or 14 cents per share. The company incurred a net loss of $701,510 in the prior quarter and had net income of $331,636 in the third quarter of 1992. After exclusion of a significant valuation allowance and sales gains in the respective prior periods, the portfolio's operating performance also compared favorably, increasing by $313,055 from the prior quarter, and $1,329,331 from the year earlier quarter.
 Steven E. Wheeler, president of Copley Properties, stated "The company continues to increase occupancy at its properties which is resulting in improved cash flow from operations. Occupancy at the properties is now at 94 percent, up from 89 percent at the beginning of the year. With the existing properties performing well, the company is in a position to take advantage of the significant buying opporunities available in the market."
 Copley Properties, Inc. is an equity real estate investment trust emphasizing the ownership of industrial and distribution parks. Currently, it is the only publicly traded, infinite life REIT invested predominately in industrial real estate. Properties have historically been acquired with the involvement of a partner/manger whose local market knowledge, expertise, and experience are utilized to help identify acquisition opportunities, and to maximize property cash flow and long term appreciation. The company owns, directly or through joint ventures, 15 properties totaling over three million square feet of space. Industrial properties, including research & development, account for 98 percent of the total space.
 COPLEY PROPERTIES, INC.
 Quarter ended Quarter ended Quarter ended
 9/30/93 6/30/93 9/30/92
 Cash from oper. $1,115,440 $905,130 $1,702,489
 Cash received from
 refinancing proceeds 431,000
 Cash flow from
 property sold
 Dec. 1992 449,000
 Total $1,115,440 $905,130 $822,489
 Net income/(loss) $511,545 $(701,510) $331,636
 Write-down of
 undeveloped land (900,000)
 Gain from
 sale of properties 1,149,422
 Total $511,545 $198,490 $(817,786)
 -0- 11/12/93
 /CONTACT: Mary L. Lentz of Copley Properties, 617-578-1295/
 (COP)


CO: Copley Properties, Inc. ST: Massachusetts IN: SU:

CM-JL -- NE017 -- 3920 11/12/93 17:30 EST
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Publication:PR Newswire
Date:Nov 12, 1993
Words:472
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