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CV REIT REPORTS FIRST QUARTER RESULTS; COMPLETES SALE OF WESTWARD SHOPPING CENTER

 CV REIT REPORTS FIRST QUARTER RESULTS;
 COMPLETES SALE OF WESTWARD SHOPPING CENTER
 WEST PALM BEACH, Fla., May 13 /PRNewswire/ -- CV Reit, Inc. (NYSE: CVI), a real estate investment trust, today reported results for the first quarter ended March 31, 1992.
 Net income for the quarter amounted to $1,050,000 or 15 cents per share on revenues of $4,529,000 compared to net income of $1,420,000 or 20 cents per share on revenues of $5,080,000 for the same quarter the prior year.
 Alvin Wilensky, president and chief executive officer, noted: "The decrease in earnings was principally attributable to an increase in personnel and other costs associated with operating and maintaining non- earning assets, and legal fees related to litigation."
 The company also reported the completion of the sale of its Westward Shopping Center, West Palm Beach, as of May 11, 1992, for a net sales price of $18.3 million in cash. "All the net cash proceeds were used to repay substantially all of the company's bank term loans," Wilensky said. "The company realized an approximate $8 million gain from the sale before provision for income taxes which will be reported during the second quarter. But, as previously announced, the company does not intend to distribute that gain to shareholders," he added.
 CV Reit also reported that it is discussing with Cenvill Development Corp., and certain of its subsidiaries, the possible purchase of the Century Village adult condominium community at Pembroke Pines, Fla., which is currently collateral for loans in the amount of approximately $48 million due to the company. "If a purchase is concluded, the company intends to distribute, to its shareholders, the common stock of the purchasing subsidiary," Wilensky explained. "Should the company be successful in purchasing the project, in the interim period prior to a distribution, the company's earnings will be adversely affected," he concluded.
 CV REIT, INC.
 Statement of Operations
 (Unaudited)
 Periods ended Three Months
 March 31 1992 1991
 Revenues $4,529,000 $5,080,000
 Net income 1,050,000 1,420,000
 Net income per common share $ .15 $ .20
 Average shares outstanding 7,218,633 7,218,633
 -0- 5/13/92
 /CONTACT: Alvin Wilensky of CV Reit, Inc., 407-640-3155/
 (CVI) CO: CV Reit Inc. ST: Florida IN: REA SU: ERN


AH-DB -- NY041 -- 9663 05/13/92 12:10 EDT
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Date:May 13, 1992
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