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MGI PROPERTIES REPORTS 1992 RESULTS

 BOSTON, Jan. 6 /PRNewswire/ -- MGI Properties (MGI)(NYSE: MGI), an equity real estate investment trust, today reported 1992 audited results. For the year ended Nov. 30, 1992, the trust reported net income of $7,248,000, or 77 cents per share, compared to $6,178,000 or 66 cents per share in 1991. Funds from operations for 1992 were $11,690,000 or $1.24 per share, compared to $12,171,000 or $1.30 per share, in fiscal 1991. Reported 1992 net income reflects net gains of $1,644,000 or 17 cents per share.
 For the three months ended Nov. 30, 1992, the trust reported a net loss of $514,000 or 5 cents per share, compared to a net income of $1,603,000 or 17 cents per share in the fourth quarter of 1991. The 1992 fourth quarter results include a non-cash charge of $2,056,000 reflecting in-substance foreclosure accounting for a mortgage loan secured by a Metairie, La., apartment complex. Effective Nov. 30, 1992, the trust commenced to carry this investment as a wholly owned property at a value of $11 million or approximately $21,300 per unit. Funds from operations were $3,097,000 or 33 cents per share in the fourth quarter of 1992, vs. the $3,121,000 or 33 cents per share reported a year ago.
 The trust also released today a letter to shareholders dated Jan. 6, 1993.
 MGI PROPERTIES
 Selected Financial Information
 For the Year Ended Nov. 30,
 1992 Per Share 1991 Per Share
 Total income-(a) $30,589,000 --- $33,171,000
 Operating results:
 Funds from
 operations-(b) 11,690,000 $1.24 12,171,000 $1.30
 Income before net
 gains (losses) 5,604,000 60 cents 6,178,000 66 cents
 Net gains (losses) 1,644,000 17 cents --- ---
 Net income $7,248,000 77 cents 6,178,000 66 cents
 Average shares
 outstanding 9,402,476 --- 9,396,992 ---
 For the Three Months Ended Nov. 30,
 1992 Per Share 1991 Per Share
 Total income-(a) $ 7,568,000 --- $ 8,163,000 ---
 Operating results:
 Funds from
 operations-(b) 3,097,000 33 cents 3,121,000 33 cents
 Income before net
 gains (losses) 1,542,000 17 cents 1,603,000 17 cents
 Net gains (losses) (2,056,000) (22 cents) --- ---
 Net income (loss) ($514,000) (5 cents) 1,603,000 17 cents
 Average shares
 outstanding 9,411,069 --- 9,396,992 ---
 ----
 Note: (a)-Excludes net gains of $1,644,000 for the year ended Nov. 30, 1992 and net losses of 42,056,000 for the quarter ended Nov. 30, 1992.
 (b)-Funds from operations is defined as income before net gains (losses) adjusted for certain non-cash items, primarily real estate depreciation and amortization.
 -0- 1/6/93
 /CONTACT: Phillip C. Vitali, executive vice president and treasurer of MGI Properties, 617-330-5335/
 (MGI)


CO: MGI Properties ST: Massachusetts IN: SU: ERN

TM -- NE011 -- 2385 01/06/93 17:07 EST
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Publication:PR Newswire
Date:Jan 6, 1993
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