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HALLWOOD REALTY PARTNERS, L.P. ANNOUNCES SECOND QUARTER 1992 FINANCIAL INFORMATION

 HALLWOOD REALTY PARTNERS, L.P. ANNOUNCES SECOND QUARTER 1992
 FINANCIAL INFORMATION
 DALLAS, Aug. 14 /PRNewswire/ -- Hallwood Realty Partners, L.P. (AMEX: HRY) (the partnership) announced today its financial results for the quarter and six months ended June 30, 1992. The partnership had a net loss of $8,326,000 ($.95 per unit) and $13,225,000 ($1.51 per unit), respectively, for the three and six months ended June 30, 1992, as compared to net losses of $13,699,000 ($1.57 per unit) and $19,309,000 ($2.21 per unit) for the same periods in 1991. Included in the partnership's net losses are net non-cash expenses (including depreciation and amortization, gain and losses on property dispositions, and lease concessions) of $7,329,000 and $12,847,000, respectively, for three and six months ended June 30, 1992 and $13,875,000 and $20,540,000, respectively, for the same periods in 1991.
 Revenues from property operations for the second quarter of 1992 decreased $1,912,000, or 10.3 percent, as compared to the same period of 1991 primarily due to a decrease in the number of properties that the partnership owned during each of the periods.
 During the second quarter of 1992, the partnership recorded a net loss totalling $1,220,000 from the dispositions of 2 North LaSalle, Greentree Executive Campus and Norcross 85. On June 1, 1992, 2 North LaSalle was given back to then lender by consented foreclosure. Efforts to sell the property prior to June 1, 1992, when a $13,000,000 principal payment became due, were adversely affected by a depressed Chicago real estate market. Also, on June 1, the remaining portion of Greentree Executive Campus was disposed of by a deed-in-lieu of foreclosure with the property's lender. The partnership had suspended mortgage payments to Greentree's lender in Dec. 1991. The partnership sold Norcross 85 for $3,087,000, comprised of $2,707,000 in cash (before closing expenses of $171,000) and a $380,000 note.
 Expenses (less net losses from dispositions of properties) decreased $1,494,000, or 5.9 percent, in the second quarter of 1992, as compared to the comparable period of 1991 as the result of a decrease in property operating expenses of $276,000, interest expense of $822,000 and depreciation and amortization expense of $672,000. These expenses decreased primarily from a reduction in the number of properties that the partnership owned during each of the periods. These decreases were offset by an increase in general and administrative expenses ("G&A") of $324,000 primarily due to a variance in the amount of nonrecurring G&A, which equalled $829,000 and $350,000, respectively, for the second quarters of 1992 and 1991.
 These nonrecurring costs during the 1992 quarter relate to legal fees associated with lawsuits filed by certain unitholders. The costs incurred by the partnership with respect to such suits are substantial and are not likely to be reduced in the near future.
 The following table sets forth comparative selective unaudited financial information for the partnership for the three and six months ended June 30, 1992 and 1991:
 HALLWOOD REALTY PARTNERS, L.P.
 Statements of Operations:
 (in thousands except per unit amounts)
 Periods Ended Three Months Ended Six Months Ended
 June 30 1992 1991 1992 1991
 Total revenue $ 16,793 $ 18,894 $ 34,928 $ 39,036
 Net loss (8,326) (13,699) (13,225) (19,309)
 Net loss per unit (.95) (1.57) (1.51) (2.21)
 Average units
 outstanding 8,662 8,662 8,662 8,662
 The partnership is engaged in the acquisition, ownership and operation of commercial office buildings and industrial real estate and other real estate related assets.
 -0- 8/14/92
 /CONTACT: Diane Coffman of Hallwood Realty Partners, L.P., 1-800-899-6589/
 (HRY) CO: Hallwood Realty Partners, L.P. ST: Texas IN: SU: ERN


LD -- NY091 -- 0280 08/14/92 18:56 EDT
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Date:Aug 14, 1992
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