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HEALTH EQUITY ANNOUNCES RESULTS FOR THE QUARTER ENDED MARCH 31, 1993

 WINSTON-SALEM, N.C., April 15 /PRNewswire/ -- Health Equity Properties (NYSE: EQP) announced operating results today for first quarter ended March 31, 1993. Funds from operations equalled $3,576,601 ($0.25 per share) for the quarter ended March 31, 1992. The company defines funds from operations as 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, 1993, the company's board of directors declared a dividend of $0.245 per share. The dividend is payable on April 30, 1993 to shareholders of record as of March 31, 1993. The dividend is the 26th consecutive quarterly distribution since the company's inception in 1986.
 For the quarter ended March 31, 1993, the company reported net income of $1,976,729 ($0.136 per share), compared to net income of $1,269,404 ($0.120 per share) for the same period of 1992. The increase in net income for the first quarter of 1993 as compared to the same period of 1992 results from the continuing effect of the company's dramatic paydown of debt during 1992. Debt was reduced by $25.2 million during 1992 through the conversion of the company's senior debentures and retirement of debt with the proceeds of the company's $29.3 million stock offering in April. The company's secured debt to equity ratio is now 0.3 to 1. As a result of the paydowns, interest expense decreased from $1.3 million for the first quarter of 1992 to $0.6 million for the first quarter of 1993.
 Based in Winston-Salem, N.C., Health Equity Properties is an equity real estate investment trust which owns 76 long-term health care facilities in six states. The company is managed by a nine member board of directors, five of whom are independent from the company.
 HEALTH EQUITY PROPERTIES
 Selected Operating Data:
 (Unaudited)
 Three Months Ended Three Months Ended
 3/31/93 3/31/92
 Rent $4,517,814 $4,468,221
 Interest and other income $116,942 $123,381
 Net income $1,976,729 $1,269,404
 Net income per share $0.136 $0.120
 Funds from operations $3,576,601 $2,873,176
 Net cash provided from
 operations $3,424,905 $2,356,720
 Cash dividends declared $3,553,721 $2,517,325
 Cash dividends declared
 per share $0.245 $0.230
 Average shares outstanding 14,504,982 10,612,806
 Selected Balance Sheet Data:
 (Unaudited)
 March 31, 1993 Dec. 31, 1992
 Nursing home properties,
 gross $124,644,993 $124,510,394
 Cash and cash equvalents $5,839,329 $6,271,821
 Total assets $115,073,368 $117,261,023
 Mortgage debt $24,614,288 $24,698,794
 Senior debentures $1,355,000 $1,355,000
 Shareholders' equity $84,565,725 $86,142,717
 -0- 4/15/93
 /CONTACT: William G. Benton or Jody Ragan of Health Equity Properties, 919-723-7580/
 (EQP)


CO: Health Equity Properties ST: North Carolina IN: HEA SU: ERN

SB-MM -- CH003 -- 6176 04/15/93 11:11 EDT
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Publication:PR Newswire
Date:Apr 15, 1993
Words:510
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