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

 HALLWOOD REALTY PARTNERS, L.P. ANNOUNCES
 THIRD QUARTER 1992 FINANCIAL INFORMATION
 DALLAS, Nov. 6 /PRNewswire/ -- Hallwood Realty Partners, L.P. (AMEX: HRY) (the "Partnership") announced today its financial results for the quarter and nine months ended Sept. 30, 1992. The partnership had net losses of $4,837,000 ($.55 per unit) and $18,062,000 ($2.06 per unit), respectively, for the three and nine months ended Sept. 30, 1992, as compared to net losses of $6,228,000 ($.71 per unit) and $25,537,000 ($2.92 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 $5,945,000 and $18,792,000, respectively, for the three and nine months ended Sept. 30, 1992 and $6,633,000 and $27,173,000 respectively, for the same periods in 1991.
 The number of properties in the partnership's real estate portfolio has decreased significantly since the beginning of 1991 due to the disposal of One Woodfield in October 1991, portions of Greentree Executive Campus in December 1991 and June 1992, Gwinnett Station in March 1992, and 2 North LaSalle and Norcross 85 in June 1992 (such disposed properties being hereinafter referred to as the "Disposed Properties" and the partnership's remaining properties being hereinafter referred to as the "Comparable Properties"). These properties were disposed of because they were not cash flow positive and were a financial burden on the partnership and efforts by the general partner to salvage their performance were unsuccessful.
 The third quarter net loss is $1,391,000, or 22.3 percent, less than last year's third quarter net loss and shows the full impact of the Disposed Properties. The third quarter decline in the net loss is the result of a reduction in net loss of $1,546,000 from the Disposed Properties and a net reduction of $438,000 in the Comparable Properties' net loss, partially offset by an increase in General and Administrative Expenses ("G&A") of $593,000.
 Revenues from property operations for the third quarter of 1992 decreased $4,255,000, or 22.2 percent, as compared to the same period of 1991, primarily due to the disposition of the Disposed Properties.
 Expenses decreased $5,740,000, or 22.4 percent, in the third quarter of 1992, as compared to the third quarter of 1991, primarily as the result of decreases in property operating expense of $2,918,000, interest expense of $2,032,000, and depreciation and amortization expense of $1,351,000. These expenses decreased primarily due to the disposition of the Disposed Properties. As previously mentioned, these decreases were offset by an increase in G&A of $593,000 primarily due to an increase in the amount of 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.
 The following table sets forth comparative selective unaudited financial information for the Partnership for the three and nine months ended Sept. 30, 1992 and 1991:
 STATEMENTS OF OPERATIONS:
 (in thousands except per unit amounts)
 Three Months Ended Nine Months Ended
 September 30, September 30,
 1992 1991 1992 1991
 Total revenue $ 14,890 $ 19,145 $ 49,597 $ 57,567
 Net loss (4,837) (6,228) (18,062) (25,537)
 Net loss per unit (.55) (.71) (2.06) (2.92)
 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- 11/6/92
 /CONTACT: Diane Coffman, investor relations of Hallwood Realty Partners, L.P., 1-800-899-6589/
 (HRY) CO: Hallwood Realty Partners, L.P. ST: Texas IN: SU: ERN


KD -- NY064 -- 8358 11/06/92 17:56 EST
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Date:Nov 6, 1992
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