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CV REIT REPORTS FOURTH QUARTER/YEAR END GAINS; DECLARES QUARTERLY CASH DIVIDEND

 WEST PALM BEACH, Fla., March 11 /PRNewswire/ -- CV Reit, Inc. (NYSE: CVI), a real estate investment trust, today reported gains in revenues and earnings for the fourth quarter and year ended Dec. 31, 1992.
 Fourth quarter net income rose to $1,808,000, or 25 cents per share, on revenues of $4,793,000, from net income of $940,000, or 13 cents per share, on revenues of $4,686,000 for the final three months of 1991. The 1992 fourth quarter included a gain of $943,000 from the sale of GNMA certificates.
 For 1992, net income increased to $9,947,000, or $1.38 per share, on revenues of $24,135,000, from net income of $3,380,000, or 47 cents per share, on revenues of $19,530,000 for the prior year.
 "The increase in earnings for the year was primarily the result of the $8 million pretax gain on the sale of the Westward Shopping Center, West Palm Beach, Fla., during the seconq?uarter," Alvin Wilensky, president and chief executive officer, said. The company also benefited from a $1.4 million gain on the sale of GNMA certificates and a $1 million decrease in the provision for losses. Partially offsetting these gains were a $1.4 million decrease in net interest income and a $1.2 million increase in income tax expense.
 The board of directors has declared a quarterly cash dividend of 25 cents per share payable April 7, 1993, to shareholders of record on March 25, 1993.
 CV REIT, INC.
 Statement of Operations
 Periods ended Three Months Year
 Dec. 31 1992 1991 1992 1991
 Revenues $4,793,000 $4,686,000 $24,135,000 $19,530,000
 Income before income
 taxes and extraord.
 gain 2,581,000 1,379,000 12,634,000 4,619,000
 Income tax expense 848,000 439,000 2,906,000 1,738,000
 Income before
 extraordinary gain 1,733,000 940,000 9,728,000 2,881,000
 Extraordinary gain --
 repurchase of senior
 subordinated notes 75,000 -- 219,000 499,000
 Net income $1,808,000 $ 940,000 $ 9,947,000 $ 3,380,000
 Per common share:
 Before extraordinary
 gain $.24 $.13 $1.35 $.40
 Extraordinary gain .01 -- .03 .07
 Net income $.25 $.13 $1.38 $.47
 Average shares
 outstanding 7,218,633 7,218,633 7,218,633 7,218,633
 -0- 3/11/93
 /CONTACT: Alvin Wilensky, president and CEO of CV Reit, 407-640-3155/
 (CVI)


CO: CV Reit, Inc. ST: Florida IN: FIN SU: ERN DIV

GK-LR -- NY067 -- 5193 03/11/93 15:11 EST
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Date:Mar 11, 1993
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