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HEARTLAND PARTNERS, L.P. REPORTS 1993 FIRST QUARTER OPERATING RESULTS

 CHICAGO, May 24 /PRNewswire/ -- Heartland Partners, L.P., (AMEX: HTL) a publicly traded limited partnership involved in the ownership, development, leasing and sale of real estate properties, today reported a profit of $827,000 for the first quarter ended March 31, 1993, or $.38 per Class A Unit, compared to $435,000 loss, or $.20 per Class A Unit, in the similar 1992 quarter. Revenues for the first quarter of 1993 totalling $3,085,000 were 139 percent higher than the $1,290,000 reported for the first quarter of 1992.
 Heartland Partners, L.P. owns substantially all of the real estate and related assets and liabilities previously owned by Chicago Milwaukee Corp. and its wholly owned subsidiary, Milwaukee Land Co.
 Following is a summary of financial results for Heartland.
 HEARTLAND PARTNERS, L.P. FINANCIAL RESULTS
 (amounts in thousands, except unit information)
 Qarter ended March 31, 1993 1992
 Total revenues $3,085 1,290
 Total expenses 2,258 1,725
 Net income (loss) 827 (435)
 Net income (loss) per
 Class A Unit (a) .38 (.20)
 March 31, December 31,
 1993 1992
 BALANCE SHEET
 Properties, net $22,659 23,044
 Deferred capital contribution 8,265 8,546
 Cash and all other assets 5,053 4,112
 Total assets 35,977 35,702
 Total liabilities (b) 6,839 7,391
 Partners' equity 29,138 28,311
 NOTES TO EDITORS:
 (a) Net income (loss) per Class A unit is computed by dividing net income (loss), after deducting the General Partner's return and the return of the Class B Interest, by 2,142,438 Class A Units outstanding.
 (b) Total liabilities include an allowance for claims totalling $2.2 million at March 31, 1993 and $2.5 million at December 31, 1992. As and when a payment attributable to the satisfaction, discharge or other resolution of these liabilities occurs, Chicago Milwaukee Corp. will pay such amounts to Heartland as capital contributions in respect of Chicago Milwaukee's Class B Interest until the aggregate amount of such payments and any other contributions previously made in respect thereof total $18.1 million. Chicago Milwaukee Corp. pays interest to Heartland on the unpaid portion of the capital contribution at the average 1-year U.S. Treasury Bill rate as in effect from time to time, payable monthly.
 -0- 5/24/93
 /CONTACT: Laura Havel of Dragonette, Inc., 312-565-4300, or Leon F. Fiorentino of Heartland Partners, L.P., 312-294-0440/
 (HTL)


CO: Heartland Partners, L.P. ST: Illinois IN: SU: ERN

LD -- NY096 -- 1915 05/24/93 18:52 EDT
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Publication:PR Newswire
Date:May 24, 1993
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