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HALLWOOD REALTY PARTNERS, L.P. ANNOUNCES FIRST QUARTER 1993 FINANCIAL INFORMATION

 DALLAS, April 30 /PRNewswire/ -- Hallwood Realty Partners, L.P. (AMEX: HRY) (the "partnership") announced today its financial results for the quarter ended March 31, 1993. The partnership's loss before an extraordinary gain on extinguishment of debt was $3,279,000 ($.37 per unit) for 1993's first quarter, as compared to $5,920,000 ($.68 per unit) for the same period in 1992. Cash flow from operations, before changes in working capital, was $1,228,000 for the first quarter of 1993, as compared $336,000 for the same period in 1992.
 The improvement in these results in the first quarter is primarily due to the reduction of the number of properties that the partnership owned in the periods. However, these financial results were affected negatively by increased litigation costs, which represent legal fees associated with lawsuits filed by certain unitholders. The costs incurred by the partnership with respect to such lawsuits are substantial and are not likely to be reduced in the near future. Litigation costs increased from $45,000 in the first quarter of 1992 to $596,000 in the 1993 quarter.
 The number of properties in the partnership's real estate portfolio has decreased significantly since the beginning of 1992 due to the disposal of Gwinnett Station, the remainder of Greentree Executive Campus, Norcross 85, 2 North LaSalle, American National Bank and East- West Towers (such disposed properties being hereinafter referred to as the "disposed properties"). Generally, these properties were disposed because they were not cash flow positive and were a financial burden on the partnership.
 The partnership had a net loss of $3,279,000 ($.37 per unit) for the first quarter of 1993, as compared to $4,899,000 ($.56 per unit) for first quarter of 1992.
 Revenues from property operations for the first three months of 1993 decreased $6,598,000, or 36.6 percent, as compared to the comparable period of 1992, due to the disposition of the disposed properties.
 Expenses decreased $9,286,000, or 38.6 percent, in the first quarter of 1993, as compared to the same period in 1992, primarily as the result of decreases in property operating expense of $4,264,000, interest expense of $3,289,000, and depreciation and amortization expense of $2,739,000. These expenses decreased primarily due to the disposition of the disposed properties. These expense reductions were offset by the increases in litigation costs described above.
 The following table sets forth comparative selective unaudited financial information for the partnership for the three months ended March 31, 1993 and 1992:
 HALLWOOD REALTY PARTNERS, L.P.
 Statements of Operations:
 (in thousands expect per unit amounts)
 Period ended Three Months
 March 31 1993 1992
 Total revenue $ 11,490 $ 18,135
 Loss before extraordinary item ( 3,279) ( 5,920)
 Net loss ( 3,279) ( 4,899)
 Per Unit Information:
 Loss before extraordinary item ( .37) ( .68)
 Net loss ( .37) ( .56)
 Average units outstanding 8,662 8,662
 The partnership, a publicly traded Delaware limited partnership, is engaged in diversified real estate activities, including the acquisition, ownership, operation and management of commercial office buildings and industrial real estate and other real estate related assets.
 -0- 04/30/93
 /CONTACT: Diane Coffman of Hallwood Realty Partners, L.P., 214-528-5588/
 (HRY)


CO: Hallwood Realty Partners, L.P. ST: Texas IN: SU: ERN

AH -- NY098 -- 3466 04/30/93 18:04 EDT
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Date:Apr 30, 1993
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