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FIRST UNION MYSTIFIED BY MOODY'S ANNOUNCEMENT

 CLEVELAND, Nov. 24 ~PRNewswire~ -- First Union Real Estate Investments (NYSE: FUR) learned today that Moody's Investors Service has placed on review for possible downgrade its ratings on $85 million of First Union's debt. Moody's indicated that this action was being "prompted by concerns regarding the outlook for U.S. commercial real estate in general, as well as concerns specific to First Union's portfolio." First Union informed Moody's that its office building occupancies have improved during 1992 and eight of its mall properties show higher occupancy rates that at the beginning of the year. In addition, the entire apartment portfolio has improved to an overall 94 percent occupancy rate thus far in 1992.
 The Trust further indicated that it anticipates 1992 net income per share to be the same as in 1991.
 First Union stated that it is mystified by Moody's action and does not feel such a decision is supported by the facts.
 -0- 11~24~92
 ~CONTACT: Thomas T. Kmiecik of First Union Real Estate, 216-781-4030~
 (FUR)


CO: First Union Real Estate ST: Ohio IN: SU:

LC -- CL030 -- 1299 11~24~92 17:49 EST
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Publication:PR Newswire
Date:Nov 24, 1992
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