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FIRST UNION ANNOUNCES FIRST QUARTER RESULTS

 FIRST UNION ANNOUNCES FIRST QUARTER RESULTS
 CLEVELAND, April 17 /PRNewswire/ -- First Union Real Estate


Investments (NYSE: FUR) announced today its financial results for the first quarter of 1992.
 Funds from operations and capital gains for the first quarter of 1992 were $6.8 million, or $0.37 per share, compared to $7 million or $0.38 per share for the same period of 1991. Net income for the first three months of 1992 was $4.4 million, or $.0.24 per share, versus $4.7 million, or $0.26 per share, for the same three months in 1991. Both periods included capital gains from a prior year installment sale, $1.3 million, or $0.07 per share in 1992 and $1.2 million, or $0.06 per share, in 1991.
 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)
 Three Months
 Ended March 31,
 1992 1991
 Revenues $18,176 $18,958
 Income from operations 3,024 3,545
 Capital gains 1,328 1,168
 Net income 4,352 4,713
 Per Share
 Income from operations 0.17 0.20
 Capital gains 0.07 0.06
 Net income 0.24 0.26

 Funds from operations
 and capital gains (A) 6,842 6,960
 Funds from operations and
 capital gains, per share (A) 0.37 0.38
 Dividends declared per share 0.18 0.25
 Adjusted shares of beneficial
 interest 18,086 18,117
 (A) -- The amount of funds from operations and capital gains is calculated as net income plus noncash charges for depreciation and amortization.
 -0- 4/17/92
 /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


KK -- CL002 -- 9633 04/17/92 09:22 EDT
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Publication:PR Newswire
Date:Apr 17, 1992
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Previous Article:ARKANSAS BEST HOLDINGS CORP. EXTENDS EXPIRATION DATE OF OFFER TO PURCHASE 14 PERCENT SENIOR SUBORDINATED NOTES
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