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MERRY LAND REPORTS EARNINGS

 MERRY LAND REPORTS EARNINGS
 AUGUSTA, Ga., Oct. 12 /PRNewswire/ -- Merry Land & Investment


Company, Inc. (NYSE: MRY) (Merry Land) Chairman of the Board Peter S. Knox III reported net income for the third quarter was $1,802,000, equivalent to $.16 per share.
 For the nine months ended Sept. 30, net income was $9,142,000, or $.91 per share, continuing at the highest level in the company's history. For the first nine months of last year, net income was $6,793,000, or $.73 per share, so the current year is up by 35 percent in absolute terms and by 25 percent on a per-share basis.
 Funds from operations for the quarter were $2,781,000, or $.25 per share, none of which came from the discontinued mortgage backed securities which the company formerly held. For the nine-month period, funds were $9,467,000, or $.95 per share, including $.25 from discontinued mortgage backed securities.
 The company's board of directors declared a $.17 per share dividend payable Dec. 31 to shareholders of record on Dec. 15.
 The company continues to investigate numerous attractive apartment opportunities. Its principal bank -- First Union National Bank of Georgia -- has agreed to increase its unsecured line of credit from $15.5 million to $40 million. The availability of these funds makes it possible for Merry Land to continue to make cash offers for apartment properties as good opportunities arise.
 Merry Land is a real estate investment trust which invests in southeastern apartment communities. The company is headquartered in Augusta, Ga. Its stock is traded on the New York Stock Exchange under the symbol MRY.
 MERRY LAND & INVESTMENT COMPANY, INC.
 3 mos. ended 9/30/92 9/30/91
 Revenues $6,737,376 $8,653,138
 Net income 1,801,895 2,660,893
 Per share $.16 $.28
 Funds from operations 2,780,568 2,412,802
 Per share $.25 $.26
 Avg. common shares outstanding 11,094,186 9,342,251
 9 mos. ended 9/30/92 9/30/91
 Revenues $24,399,553 $25,686,170
 Net income 9,142,453 6,792,515
 Per share $.91 $.73
 Funds from operations 9,466,719 6,418,462
 Per share $.95 $.70
 Avg. common shares outstanding 10,007,340 9,295,948
 -0- 10/12/92
 /CONTACT: Tennent Houston, president of Merry Land, 706-722-6756/
 (MRY) CO: Merry Land & Investment Company, Inc. ST: Georgia IN: SU: ERN


BN-CF -- AT010 -- 8972 10/12/92 16:52 EDT
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Publication:PR Newswire
Date:Oct 12, 1992
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