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FIRST UNION REAL ESTATE ANNOUNCES FIRST QUARTER RESULTS

 CLEVELAND, April 19 /PRNewswire/ --First Union Real Estate Investments (NYSE: FUR) announced today its financial results for the first quarter ended March 31.
 Funds from operations and capital gains for the first quarter of 1993 were $7.1 million, or $.039 per share, compared to $6.8 million, or $0.38 per share, for the same period of 1992. Net income of $4.4 million, or $0.24 per share, for the first quarter of 1993 was approximately the same as the 1992 comparable period.
 Donald S. Schofield, chairman, president and chief executive officer stated, "We are pleased with our improved cash flow and with the increased leasing activity during the first quarter. Four new anchor tenant long-term leases were executed containing over 300,000 square feet at our Two Rivers Mall in Clarksville, Tennessee, and our Mountaineer Mall in Morgantown, West Virginia. All four of these stores will open during 1993 with the full impact being felt on earnings in 1994."
 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 March 31,
 1993 1992
 Revenues $18,216 $18,176
 Income from operations 2,847 3,024
 Capital gains 1,510 1,328
 Net income 4,357 4,352
 Per Share
 Income from operations 0.16 0.17
 Capital gains 0.08 0.07
 Net income 0.24 0.24
 Funds from operations
 and capital gains (A) 7,065 6,842
 Funds from operations and
 capital gains, per share (A) 0.39 0.38
 Dividends declared, per share 0.18 0.18
 Adjusted shares of beneficial
 interest 18,090 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- 4/19/93
 /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 SU: ERN

KL -- CL006 -- 7249 04/19/93 09:58 EDT
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Publication:PR Newswire
Date:Apr 19, 1993
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