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MERRY LAND REPORTS EARNINGS, ANNOUNCES DIVIDEND

 AUGUSTA, Ga., April 18 /PRNewswire/ -- Merry Land & Investment Company, Inc. (NYSE: MRY) reported record operating earnings and funds from operations for the first quarter 1994:
 MERRY LAND & INVESTMENT CO. INC.
 Pct.
 First quarter 1994 1993 chg.
 Revenues $23,767,000 $10,022,000 +137
 Expenses 16,073,000 7,139,000 +115
 Income before realized gains 7,694,000 2,883,000 +167
 Net realized gains 189,000 5,763,000 ---
 Net income 7,883,000 8,646,000 ---
 Preferred dividends 2,012,000 --- ---
 Net income applicable to common 5,870,000 8,646,000 ---
 Net income per common share:
 Fully diluted $.27 $.59 ---
 Funds from operations $11,772,000 $ 4,465,000 +164
 Preferred dividends 2,012,000 --- ---
 Funds applicable to common 9,760,000 4,465,000 +119
 Funds per common share:
 Fully diluted $.41 $.31 + 32
 The company also announced its regular dividends of $.30 per common share and $.4375 per convertible preferred share, both payable on June 30 to stockholders of record on June 15.
 -0- 4/18/94
 /CONTACT: Tennent Houston, Merry Land & Investment, 706-722-6756/
 (MRY)


CO: Merry Land & Investment Company, Inc. ST: Georgia IN: SU: ERN DIV

BR-BN -- AT008 -- 8739 04/18/94 10:58 EDT
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Publication:PR Newswire
Date:Apr 18, 1994
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