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ICM PROPERTY INVESTORS INCORPORATED ANNOUNCES RESULTS FOR 1992 AND OTHER DEVELOPMENTS

 LAFAYETTE, Calif., Feb. 16 /PRNewswire/ -- ICM Property Investors Incorporated (NYSE: ICM) announced today a net loss in 1992 of $18,125,000 ($3.03 per share). Reflected in this figure are write-downs of the company's investments in Point West Place (Framingham, Mass.), the Texas Bank North Building (San Antonio, Texas) and University Tower (Irvine, Calif.) totalling $16,121,000. In redirecting its business strategy, the company has decided to hold Point West Place and the Texas Bank North building for sale and the write-downs taken are intended to bring their book values in line with estimated current values. Results for 1992 also include a net gain of $1,018,000 resulting from the write- off of the company's investment in Columbia Business Center (Columbia, Md.). For 1991, the company reported a net loss of $5,454,000, or $.91 per share, which included a $2,113,000 write-down of the company's investment in the IBM Building in Jackson, Miss.
 For the fourth quarter of 1992, ICM Property Investors reported a net loss of $14,013,000 ($2.34 per share), $12,921,000 of which represents the write-downs of Point West Place and the Texas Bank North Building. This compares with a net loss in the fourth quarter of 1991 of $3,391,000, or $.56 per share, $2,113,000 of which comprised the write-down of the IBM Building.
 ICM PROPERTY INVESTORS
 (unaudited)
 Periods ended Fourth Quarter Ended
 Dec. 31 1992 1991
 Net loss $(14,013,000) $(3,391,000)
 Periods ended Dec. 31 Year ended
 Net loss per common share $ (2.34) (.56)
 Loss bef. extraord. item $(21,943,000) $(5,454,000)
 Extraord. item - gain on
 the extinguishment of
 debt 3,818,000 --
 Net loss $(18,125,000) $(5,454,000)
 Per Common Share:
 Loss bef. extraord. item $(3.67) (.91)
 Extraord. item - gain on
 the extinguishment of debt .64 --
 Net loss $(3.03) (.91)
 During the last six months, the board of directors reviewed the possibility of liquidating the trust. The board of directors has decided to continue operations with an emphasis on increasing yields by controlling expenses and maintaining high occupancy levels. The company intends to implement a long-term growth strategy via new capital infusions and property acquisitions. The REIT will concentrate its activities in the western United States, specializing in suburban office, service industrial and industrial properties.
 The Trust is in the process of obtaining an extension on its existing line of credit to April 30, 1993. In the interim, the company is in discussions with another financial institution to replace the existing line of credit on a longer term basis.
 The purchase and sale agreement on University Tower expired on Dec. 31, 1992, as the purchaser was unable to obtain satisfactory permanent financing. The company is prepared to enter into a lease with the same party for approximately 20 percent of the building. The lease includes a short-term purchase option at approximately the same price as the original agreement.
 ICM Property Investors also announced the relocation of its corporate office. The new address is:
 3658 Mt. Diablo Boulevard, Suite 210
 Lafayette, Calif. 94549
 The telephone and facsimile numbers remain the same.
 ICM Property Investors is a real estate investment trust with investments in suburban office buildings and industrial properties.
 -0- 02/16/93
 /CONTACT: Peter B. Bedford, chairman of the board and chief executive officer of ICM Properties Investors, 510-283-8910/
 (ICM)


CO: ICM Property Investors Incorporated ST: California IN: FIN SU: ERN

TM-AH -- NY132 -- 7017 02/16/93 17:58 EST
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Date:Feb 16, 1993
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