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FIRST UNION ANNOUNCES SECOND QUARTER RESULTS

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


Investments (NYSE: FUR) announced today its financial results for the second quarter and first six months of 1992.
 Funds from operations and capital gains for the second quarter of 1992 were $7.2 million, or $0.40 per share, compared to $6.9 million, or $0.38 per share, for the same period of 1991. For the first six months of 1992, funds from operations and capital gains amounted to $14.1 million, or $0.78 per share, as compared to $13.9 million, or $0.77 per share, for the first six months of 1991.
 Donald S. Schofield, chairman and chief executive officer stated, "We are very pleased that our second quarter cash flow and net income both showed an improvement over the first quarter results."
 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 34 properties in 17 states consisting of shopping malls, office buildings and apartment complexes.
 FIRST UNION REAL ESTATE INVESTMENTS
 (IN THOUSANDS, EXCEPT PER SHARE DATA)
 Three Months
 Ended June 30,
 1992 1991
 Revenues $18,474 $18,537
 Income from operations 3,273 3,434
 Capital gains 1,371 1,206
 Net income $ 4,644 $ 4,640
 Per Share
 Income from operations $ 0.18 $ 0.19
 Capital gains 0.08 0.07
 Net income $ 0.26 $ 0.26
 Funds from operations
 and capital gains (A) $ 7,224 $ 6,941
 Funds from operations and
 capital gains, per share (A) $ 0.40 $ 0.38
 Dividends declared, per share $ 0.18 $ 0.25
 Adjusted shares of beneficial
 interest 18,086 18,100
 Six Months
 Ended June 30,
 1992 1991
 Revenues $36,650 $37,495
 Income from operations 6,297 6,979
 Capital gains 2,699 2,374
 Net income $ 8,996 $ 9,353
 Per Share
 Income from operations $ 0.35 $ 0.39
 Capital gains 0.15 0.13
 Net income $ 0.50 $ 0.52
 Funds from operations
 and capital gains (A) $14,066 $13,901
 Funds from operations and
 capital gains, per share (A) $ 0.78 $ 0.77
 Dividends declared, per share $ 0.36 $ 0.50
 Adjusted shares of beneficial
 interest 18,086 18,108
 (A) -- The amount of funds from operations and capital gains is calculated as net income plus noncash charges for depreciation and amortization.
 -0- 7/17/92
 /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


BM -- CL013 -- 0239 07/17/92 12:03 EDT
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Date:Jul 17, 1992
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