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HEALTH AND REHABILITATION PROPERTIES TRUST ANNOUNCES FIRST QUARTER CASH FLOW OF 34 CENTS/SHARE

 NEWTON, Mass., April 22 /PRNewswire/ -- Health and Rehabilitation Properties Trust (NYSE: HRP) today announced cash flow of 34 cents per share for the quarter ended March 31, 1993, compared to cash flow of 33 cents per share for the quarter ended March 31, 1992.
 Gross revenues for the quarter ended March 31, 1993 were $12,650,000 compared to $11,539,000 for the same quarter of 1992. The company had an extraordinary charge of $3,392,000 in the 1993 quarter related to the loss on early extinguishment of debt including termination costs of related hedging instruments and write-off of deferred finance fees. Income before the extraordinary item in the 1993 quarter was $8,409,000 or 27 cents per share. Net income and net income per share for the 1993 quarter were $5,017,000 and 16 cents per share compared to net income and net income per share for the same quarter in 1992 of $6,495,000 and 24 cents per share, respectively. The company issued 10,350,000 shares of stock during the 1993 quarter of which a portion of the proceeds were used to repay debt. The weighted average number of common shares of beneficial interest outstanding during the 1993 and 1992 quarters were 31,731,000 and 26,756,000, respectively.
 HRP determines its dividends primarily based on the company's cash flow available from operations which is defined as the company's income before extraordinary items plus depreciation and amortization of prepaid interest and finance costs. Cash flow available from operations for the quarter ended March 31, 1993 was $10,737,000 or 34 cents per share vs. $8,739,000 or 33 cents per share for the quarter ended March 31, 1992. The company previously declared a dividend of 32 cents per share with respect to the quarter ended March 31, 1993.
 The company announced last Friday and earlier this week that it won a bid with the Resolution Trust Corporation for a $78 million portfolio of 25 performing nursing home loans and also that it had entered into an Option Agreement with SAFECO Corporation to acquire nine nursing homes for approximately $19 million. These transactions are expected to close during the late second quarter and are not reflected in the above results.
 HRP is a real estate investment trust headquartered in Newton, Mass., which invests in health care related real estate. After the transactions previously announced, HRP will have approximately $459 million invested in 95 health care facilities which are located in 24 states.
 HEALTH AND REHABILITATION PROPERTIES TRUST
 (A Real Estate Investment Trust)
 Summarized Statement of Income and Cash Available from Operations
 (amounts in thousands, except per share data)
 Quarter Ended
 March 31,
 1993 1992
 Revenues $12,650 $11,539
 Expenses (4,241) (5,044)
 Income before extraordinary
 item 8,409 6,495
 Extraordinary item-early
 extinguishment of debt and
 termination costs of related
 interest rate hedging
 arrangements (3,392) ---
 Net income $5,017 $6,495
 Cash flow available from
 operations 10,737 8,739
 Average shares outstanding 31,731 26,756
 Per share amounts:
 Income before extraordinary
 item 27 cents 24 cents
 Net income 16 cents 24 cents
 Cash flow available from
 operations 34 cents 33 cents
 -0- 4/22/93
 /CONTACT: Mark J. Finkelstein, president, or David J. Hegarty, treasurer, of HRPT, 617-332-3990/
 (HRP)


CO: Health and Rehabilitation Properties Trust ST: Massachusetts IN: HEA SU: ERN

DJ -- NE021 -- 9671 04/22/93 16:07 EDT
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Publication:PR Newswire
Date:Apr 22, 1993
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