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HEALTH EQUITY ANNOUNCES 1992 FIRST QUARTER RESULTS

 HEALTH EQUITY ANNOUNCES 1992 FIRST QUARTER RESULTS
 WINSTON-SALEM, N.C., April 10 /PRNewswire/ -- Health Equity


Properties (NYSE: EQP) announced operating results today for the first quarter ended March 31, 1992. For the first quarter the Company reported net income of $1,269,404 ($0.12 per share), compared to a net loss of $331,180 ($0.08 per share) for the same period of 1991. Improved net income is largely due to the decrease in interest expense, a result of the Company's reduction in debt made possible with proceeds from the Company's equity offerings during 1991, the conversion of a portion of the Company's convertible debentures to equity and reduction in both administrative and other expenses and amortization expense. Rent and other income was $4,591,602 for the quarter ended March 31, 1992, an increase over $4,581,896 for the same period of 1991.
 Funds from operations equalled $2,873,176 or $0.271 per share for the quarter ended March 31, 1992. Funds from operations as defined by the National Association of Real Estate Investment Trusts is net income (computed in accordance with generally accepted accounting principles) less gains or plus losses from debt restructuring and sales of property, plus depreciation and amortization expense.
 On March 16, 1992, the Company's board of directors declared a dividend of $0.23, an increase of $0.005 per share over the fourth quarter of 1991, which is payable on April 30, 1992 to shareholders of record March 27, 1992. The $0.005 increase is the Company's sixth consecutive quarterly increase.
 Based in Winston-Salem, N.C., Health Equity Properties is an equity real estate investment trust which owns 75 long-term healthcare facilities in five states. The Company is managed by a nine member board of directors, five of whom are independent from the Company.
 SELECTED OPERATING DATA:
 (Unaudited)
 Quarter Ended Quarter Ended
 March 31, 1992 March 31, 1991
 Rent $4,466,221 $4,505,417
 Interest and other income $ 123,381 $ 76,479
 Net income (loss) $1,269,404 $ (331,180)
 Net income (loss) per share $ 0.12 $ (0.08)
 Funds from operations $2,873,176 $1,489,134
 Cash dividends declared $2,517,325 $1,020,293
 Cash dividends declared
 per share $ 0.23 $ 0.21
 Average shares outstanding 10,612,806 4,198,241
 SELECTED BALANCE SHEET DATA:
 Quarter Ended Year Ended
 March 31, 1992 Dec. 31, 1991
 (unaudited)
 Nursing home
 properties, net $122,507,958 $122,380,130
 Cash and cash equivalents $ 2,023,729 $ 2,293,818
 Total assets $115,967,917 $117,657,029
 Mortgage debt $ 46,977,288 $ 47,173,115
 Senior debentures $ 1,945,000 $ 4,140,000
 Shareholders' equity $ 63,213,669 $ 62,406,766
 -0- 4/10/92
 /CONTACT: William G. Benton or Deborah S. Kecseti, Health Equity Properties, 919-723-7580/
 (EQP) CO: Health Equity Properties ST: North Carolina IN: HEA SU: ERN


JZ -- CH003 -- 7191 04/10/92 11:28 EDT
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Publication:PR Newswire
Date:Apr 10, 1992
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