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FIRST UNION ANNOUNCES 1991 OPERATING RESULTS

 FIRST UNION ANNOUNCES 1991 OPERATING RESULTS
 CLEVELAND, Jan. 29 /PRNewswire/ -- First Union Real Estate


Investments (NYSE: FUR) announced today its 1991 operating results.
 Funds from operations and capital gains for 1991 were $27.6 million, or $1.52 per share, compared to 1990 amounts of $29 million, or $1.60 per share. Net income for the year ended 1991 was $18.2 million, or $1.01 per share, compared to 1990 net income of $20.6 million, or $1.14 per share. Capital gains, which are included in net income and resulted from prior years' installment sales, were $4.9 million, or $0.27 per share, in 1991 compared to $4.7 million, or $0.26 per share, in 1990.
 Donald S. Schofield, chairman, president and chief executive officer, stated, "While we are not satisfied with our 1991 results, we are pleased that they held up reasonably well considering the depressed state of affairs in the commercial real estate industry and in the overall economy."
 First Union Real Estate Investments is a self-administered equity real estate investment trust specializing in acquiring and holding real estate for current yield and long term appreciation. Its portfolio is made up of 33 properties in 16 states consisting of shopping malls, office buildings and apartment complexes.
 FIRST UNION REAL ESTATE INVESTMENTS
 (IN THOUSANDS, EXCEPT PER SHARE DATA)
 Twelve Months
 Ended December 31,
 1991 1990
 Revenues $74,941 $76,861
 Income from operations 13,330 15,917
 Capital gains 4,906 4,722
 Net income 18,236 20,639
 Per Share
 Income from operations 0.74 0.88
 Capital gains 0.27 0.26
 Net income 1.01 1.14
 Funds from operations
 and capital gains (A) 27,587 29,009
 Funds from operations and
 capital gains, per share (A) 1.52 1.60
 Cash dividends declared per share 0.93 1.08
 Adjusted shares of beneficial
 interest 18,098 18,134
 Three Months
 Ended December, 31,
 1991 1990
 Revenues $18,875 $19,283
 Income from operations 3,457 3,621
 Capital gains 1,286 1,369
 Net income 4,743 4,990
 Per Share
 Income from operations 0.19 0.20
 Capital gains 0.07 0.08
 Net income 0.26 0.28
 Funds from operations
 and capital gains (A) 7,151 7,209
 Funds from operations and
 capital gains, per share (A) 0.40 0.40
 Cash dividends declared per share 0.18 ---
 Adjusted shares of beneficial
 interest 18,086 18,133
 (A) -- The amount of funds from operations and capital gains is calculated as net income plus noncash charges for depreciation and amortization.
 -0- 1/29/92
 /CONTACT: Thomas T. Kmiecik of First Union Real Estate Investments, 216-781-4030/
 (FUR) CO: First Union Real Estate Investments ST: Ohio IN: FIN SU: ERN


LC -- CL006 -- 4642 01/29/92 10:25 EST
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Date:Jan 29, 1992
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