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HEALTH EQUITY ANNOUNCES RESULTS FOR THE QUARTER ENDED MARCH 31, 1994

 WINSTON-SALEM, N.C., April 18 /PRNewswire/ -- Health Equity Properties (NYSE: EQP) announced operating results today for first quarter ended March 31, 1994. Funds from operations equalled $3,797,453 ($0.26 per share) for the quarter ended March 31, 1994. 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 17, 1994, the Company's board of directors declared a dividend of $0.245 per share. The dividend is payable on April 29, 1994 to shareholders of record as of March 31, 1994. The dividend is the 30th consecutive quarterly distribution since the Company's inception in 1986.
 For the quarter ended March 31, 1994, the Company reported net income of $4,697,112 ($0.32 per share), compared to net income of $1,976,729 ($0.14 per share) for the same period of 1993. The increase in net income for the first quarter of 1994 as compared to the same period of 1993 reflects increases in base and additional rent, as well as a gain of $2,590,418 from the long-expected closing of the sale of one of the Company's Illinois facilities. As previously announced, the Company sold the Illinois facility to an affiliate of the lessee. Approximately $4.5 million of the $9.7 million net proceeds was used to repay debt with annual interest rates of $11.25% and 12.0%. The remaining proceeds will be used for general corporate purposes, including further equity or debt investments in real property.
 Based in Winston-Salem, N.C., Health Equity Properties is a real estate investment trust which owns 76 long-term health care facilities in seven 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
 Three Months Three Months
 Ended Ended
 March 31, March 31,
 1994 1993
 Income:
 Base rent $ 4,410,118 $ 4,263,528
 Additional rent 354,587 254,286
 Interest and other 135,778 116,941
 Gain on sale 2,590,418 --
 $ 7,490,901 $ 4,634,755
 Net income $ 4,697,112 $ 1,976,729
 Net income per share $ 0.32 $ 0.14
 Average shares outstanding 14,581,964 14,504,982
 Funds from operations $ 3,797,453 $ 3,576,601
 Funds from operations per share $0.260 $0.247
 Dividends declared $ 3,573,071 $ 3,553,721
 Dividends declared per share $0.245 $0.245
 CONDENSED CONSOLIDATED SELECTED BALANCE SHEETS
 March 31, December 31,
 1994 1993
 (unaudited)
 Nursing home properties $122,671,078 $131,439,791
 Accumulated depreciation (29,233,855) (30,235,507)
 93,637,223 101,204,284
 Cash and cash equivalents 11,137,427 6,272,153
 All other 9,730,348 10,220,048
 Total assets $114,504,998 $117,696,485
 Debt:
 Notes and mortgages $ 26,231,165 $ 30,190,306
 Convertible debentures 1,340,000 1,355,000
 27,571,165 31,545,306
 Dividends payable 3,573,071 3,572,404
 Other 984,999 1,341,267
 Liabilities 32,129,235 36,458,977
 Shareholders' equity 82,375,763 81,237,508
 Total liabilities and
 shareholders' equity $114,504,998 $117,696,485
 -0- 4/18/94
 /CONTACT: William G. Benton or Jody Ragan of Health Equity Properties, 910-723-7580/
 (EQP)


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

MM -- CH017 -- 8836 04/18/94 13:31 EDT
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Publication:PR Newswire
Date:Apr 18, 1994
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