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HEALTH EQUITY ANNOUNCES RESULTS FOR THE YEAR AND THE QUARTER ENDED DEC. 31, 1992

 WINSTON SALEM, N.C., Jan. 25 /PRNewswire/ -- Health Equity Properties (NYSE: EQP) announced operating results today for the year and fourth quarter ended Dec. 31, 1992. Funds from operations equalled $3,689,477 ($0.25 per share) for the quarter ended Dec. 31, 1992, and $13,320,534 ($1.01 per share) for the year ended Dec. 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 Dec. 18, 1992, the Company's board of directors declared a dividend payment of $0.245, a $0.005 per share increase over the third quarter of 1992. The dividend is payable on Jan. 29, 1993 to shareholders of record as of Dec. 31, 1992. The $0.005 increase is the Company's ninth consecutive quarterly increase. During 1992, the Company's total dividends paid equalled $0.93 per common share. For federal income tax purposes, 27 percent of the 1992 dividends paid, or $.025 of the total $0.93 per share, is considered non-taxable return of capital.
 For the fourth quarter ended Dec. 31, 1992, the Company reported net income of $2,083,759 ($0.14 per share), compared to net income of $795,215 ($0.07) per share for the same period of 1991. For the year ended Dec. 31, 1992, the Company has net income of $6,534,301 ($0.49 per share), compared with a net loss of $129,839 for 1991.
 The dramatic increase in net income for 1992 results from changes in several items. The largest change was a $4.2 million decrease in interest expense which is a result of the decrease in debt over the last twelve months. Debt was reduced from $51.3 million in Dec. 31, 1991 to $26.1 million in Dec. 31, 1992 through the conversion of the Company's senior debentures and retirement of debt 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, the company experienced one-time, noncash, extraordinary losses during the year of $329,475 due to the write-off of unamortized loan costs. Other changes that contributed to the increase in net income include an increase in additional rent of $450,629 (50 percent), an increase in interest income of $362,361 (87 percent), reductions in amortization expense of $647,195 (24 percent) and reductions in administrative and other expenses of $436,467 (20 percent).
 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)
 Quarter Ended Quarter Ended Year Ended Year Ended
 12/31/92 12/31/91 12/31/92 12/31/91
 Rent $4,691,868 $4,454,349 $18,261,898 $17,769,207
 Interest and
 other income $ 212,817 $ 62,603 $ 778,256 $ 415,895
 Net income before
 extraordinary
 item $2,083,759 $ 795,215 $ 6,863,776 $ 374,106
 Net income (loss)$2,083,759 $ 795,215 $ 6,534,301($ 129,839)
 Income before
 extraordinary
 item per share $ 0.14 $ 0.07 $ 0.52 $ 0.05
 Net income (loss)
 per share $ 0.14 $ 0.07 $ 0.49($ 0.2)
 Funds from
 operations $3,689,477 $2,494,399 $13,320,534 $ 7,893,313
 Net cash provided
 from operations $3,828,963 $2,937,275 $12,628,456 $ 7,384,930
 Cash dividends
 declared per
 share $ 0.245 $ 0.225 $ 0.95 $ 0.87
 Average shares
 outstanding 14,502,194 10,450,151 13,249,579 7,264,265
 SELECTED BALANCE SHEET DATA:
 Dec. 31, 1992 Dec. 31, 1991
 (Unaudited)
 Nursing home properties, gross $124,510,394 $122,380,130
 Cash and cash equivalents $ 6,271,821 $ 2,293,818
 Total assets $117,261,023 $117,657,029
 Mortgage debt $ 24,698,794 $ 47,173,115
 Senior Debentures $ 1,355,000 $ 4,140,000
 Shareholders' equity $ 86,142,717 $ 62,406,766
 -0- 1/25/93
 /CONTACT: William G. Benton or Jody Ragan of Health Equity Properties, 919-723-7580/
 (EQP)


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

MM-CM-SB -- CH003 -- 8443 01/25/93 11:36 EST
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Date:Jan 25, 1993
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