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HEALTH EQUITY PROPERTIES ANNOUNCES RESULTS OF 1993 ANNUAL MEETING OF SHAREHOLDERS

 WINSTON-SALEM, N.C., April 29 /PRNewswire/ -- Health Equity Properties (NYSE: EQP) announced the results of the 1993 annual meeting of shareholders held today in Winston-Salem, N.C. G.L. Clark, Jr., Perry C. Craven and Thomas K. Hearn, Jr., were re-elected to serve as directors of the company until the 1996 annual meeting of shareholders.
 Shareholders voted to approve an increase in the company's authorized common stock to 100,000,000 shares and approved a proposal authorizing the board of directors to repurchase shares of the company's common stock with an aggregate maximum purchase price of $6.5 million for a period of one year.
 William G. Benton, chairman and chief executive officer, summarized the results of 1992 and the company's plans for 1993. Citing the market's apparent concerns over the long term prospects of the company's Indiana properties, which are currently leased to Beverly Enterprises through July 1996, Benton stated: "We are encouraged and pleased to report that the gross revenues of Beverly Enterprises on our properties in the state of Indiana increased 35 percent for the first quarter of 1993 over the same period of 1992. And, Beverly achieved these outstanding results despite the fact that the current litigation in Indiana to require the State to provide fair reimbursement to nursing home operators has not yet been decided. We would expect a favorable decision which would further increase revenues and make our properties even more attractive to potential new lessees."
 At the board of directors meeting immediately preceding the shareholder meeting, Deborah O. Robinson was newly elected as chief accounting officer. Benton was re-elected as chairman, chief executive officer and president.
 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.
 -0- 4/29/93
 /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: PER

MM -- CH011 -- 2767 04/29/93 14:51 EDT
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Publication:PR Newswire
Date:Apr 29, 1993
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