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ICM PROPERTY INVESTORS ANNOUNCES SECOND QUARTER RESULTS

 ICM PROPERTY INVESTORS ANNOUNCES SECOND QUARTER RESULTS
 LAFAYETTE, Calif., July 22 /PRNewswire/ -- ICM Property Investors Incorporated (NYSE: ICM) announced today that it had incurred a net loss of $2,580,000 ($.43 per share) for financial reporting purposes, in the second quarter ended June 30, 1992, which includes a provision for possible loss of $3,200,000 provided for in anticipation of a proposed sale of University Tower, an office building in Irvine, Calif., for $15,350,000 all cash.
 Also reflected in the second quarter is a net gain of $1,018,000 (representing a $3,818,000 extraordinary gain from the extinguishment of debt, offset by a $2,800,000 write-off of the real estate investment) resulting from the transfer to the first mortgage of the company's investment in Columbia Business Center, a mixed-use development in Columbia, Md. This compares with a net loss of $660,000 ($.11 per share) in the same quarter of last year. For the first six months, the net losses were $3,632,000 ($.61 per share) in 1992 and $1,172,000 ($.20 per share) in 1991.
 The company announced today that it is exploring various options for the future direction of the company, including the possibility of liquidation. The company will also take the necessary steps to become self-administered.
 At the annual meeting of stockholders held on May 20, 1992, the following directors were elected to the board: Peter B. Bedford, Claude M. Ballard, Anthony Downs, Anthony M. Frank, Constance B. Moore and Martin I. Zankel.
 ICM Property Investors is a real estate investment trust with investments in suburban office buildings and industrial properties.
 ICM PROPERTY INVESTORS INCORPORATED
 Second Quarter Ended June 30 1992 1991
 Loss before extraordinary item $(6,398,000) $(660,000)
 Extraordinary item - gain on
 the extinguishment of debt 3,818,000 --
 Net loss (2,580,000) (660,000)
 Losses per common share:
 Loss before extraordinary item $(1.07) $(.11)
 Extraordinary item - gain on
 the extinguishment of debt .64 --
 Net loss (.43) (.11)
 Six Months Ended June 30 1992 1991
 Loss before extraordinary item $(7,450,000) $(1,172,000)
 Extraordinary item - gain on
 the extinguishment of debt 3,818,000 --
 Net loss (3,632,000) (1,172,000)
 Losses per common share:
 Loss before extraordinary item $(1.25) $(.20)
 Extraordinary item - gain on
 the extinguishment of debt .64 --
 Net loss (.61) (.20)
 -0- 7/22/92
 /CONTACT: Howard Shapiro, executive vice president of ICM Property Investors, 510-283-8910/
 (ICM) CO: ICM Property Investors Incorporated ST: California IN: SU: ERN


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Publication:PR Newswire
Date:Jul 22, 1992
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