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FIRST UNION ANNOUNCES SECOND QUARTER RESULTS

 CLEVELAND, July 16 /PRNewswire/ -- First Union Real Estate Investments (NYSE: FUR) announced today its financial results for the second quarter and first six months of 1993.
 Funds from operations and capital gains for the second quarter of 1993 were $8.9 million, or $0.49 per share, compared to $7.2 million, or $0.40 per share, for the same period of 1992. Net income of $6.1 million, or $0.34 per share, for the second quarter of 1993, compared to $4.6 million, or $0.26 per share for the comparable 1992 period.
 Funds from operations and capital gains for the first six months of 1993 were $15.9 million, or $0.88 per share, compared to $14.1 million, or $0.78 per share, for the first half of 1992. Net income was $10.5 million, or $0.58 per share, for the six months ended June 30, 1993, compared to $9 million, or $0.50 per share, for the same period in 1992.
 Donald S. Schofield, chairman, president, and chief executive officer stated, "We are pleased to report that our funds from operations and capital gains and net income were both up over comparable periods of a year earlier. We are also pleased about the grand opening during this quarter of two anchor tenants at Two Rivers Mall in Clarksville, Tennessee. U.S. Factory Outlet (USFO) and Wholesale Depot, who together occupy nearly 120,000 square feet of retail space at this mall, opened on June 4th to enthusiastic crowds. Currently, USFO is completing construction of a second new store containing 59,000 square feet at First Union's Mountaineer Mall in Morgantown, West Virginia. This store, coupled with the new 126,000 square foot Wal-Mart store also under construction at Mountaineer Mall, is expected to generate additional specialty shop leasing and result in increased operating earnings."
 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 17 states consisting of shopping malls, office buildings, apartment complexes and parking facilities.
 FIRST UNION REAL ESTATE INVESTMENTS
 (IN THOUSANDS, EXCEPT PER SHARE DATA)
 Three Months
 Ended June 30,
 1993 1992
 Revenues $18,455 $18,474
 Income from operations 2,879 3,273
 Capital gains 3,257 1,371
 Net income $6,136 $4,644
 Per Share
 Income from operations $0.16 $0.18
 Capital gains 0.18 0.08
 Net income $0.34 $0.26
 Funds from operations
 and capital gains (A) $8,855 $7,224
 Funds from operations and
 capital gains, per share (A) $0.49 $0.40
 Dividends declared, per share $0.18 $0.18
 Adjusted shares of beneficial
 interest 18,094 18,086
 Six Months
 Ended June 30,
 1993 1992
 Revenues $36,671 $36,650
 Income from operations 5,726 6,297
 Capital gains 4,767 2,699
 Net income $10,493 $8,996
 Per Share
 Income from operations 0.32 0.35
 Capital gains 0.26 0.15
 Net income 0.58 0.50
 Funds from operations
 and capital gains (A) $15,920 $14,066
 Funds from operations and
 capital gains, per share (A) $0.88 $0.78
 Dividends declared per share $0.36 $0.36
 Adjusted shares of beneficial
 interest 18,092 18,086
 (A) -- The amount of funds from operations and capital gains is calculated as net income plus noncash charges for depreciation and amortization.
 -0- 7/16/93
 /CONTACT: Thomas T. Kmiecik, treasurer of First Union Real Estate Investments, 216-781-4030/
 (FUR)


CO: First Union Real Estate Investments ST: Ohio IN: FIN CST SU: ERN

BM -- CL017 -- 2569 07/16/93 15:16 EDT
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Date:Jul 16, 1993
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