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MGI PROPERTIES REPORTS 1993 RESULTS

 BOSTON, Jan. 6 /PRNewswire/ -- MGI Properties ("MGI")(NYSE: MGI), an equity real estate investment trust, today reported 1993 audited results. For the year ended Nov. 30, 1993, the Trust reported net income of $7,957,000, or 75 cents per share on the greater number of shares outstanding, compared to $7,248,000, or 77 cents per share in 1992. Funds from operations for 1993 were $14,989,000, or $1.42 per share, compared to $11,690,000, or $1.24 per share, in fiscal 1992. The 1993 annual results include income of $1,030,000, or 10 cents per share received in connection with a lease assignment and amendment in the first quarter. Reported 1992 net income reflected net gains of $1,644,000 or 17 cents per share.
 For the three months ended Nov. 30, 1993, the Trust reported net income of $2,404,000, or 21 cents per share, compared to a net loss of ($514,000), or (5 cents) per share in the fourth quarter of 1992. The 1992 fourth quarter results included a non-cash charge of $2,056,000 reflecting the accounting for a mortgage loan secured by a Metairie, La. apartment complex as real estate owned. Funds from operations in the fourth quarter of 1993 were $4,249,000, or 37 cents per share, on the greater number of shares outstanding, vs. $3,097,000, or 33 cents per share reported a year ago.
 W. Pearce Coues, chairman of the board, stated that MGI completed the previously announced purchase of two industrial research and development buildings for $6,330,000. The buildings, located in metropolitan Boston, Mass., total 156,000 square feet and are 100% leased. With this acquisition, MGI has acquired fourteen properties in the last twelve months at a cost of approximately $54,022,000. Of this cost, approximately $46,968,000 pertained to ten properties located in Massachusetts.
 MGI PROPERTIES
 Selected Financial Information
 For the Year Ended Nov. 30,
 1993 Per Share 1992 Per Share
 Total income:(a) $36,898,000 --- $30,589,000 ---
 Operating results:
 Funds from
 operations(b) $14,989,000 $1.42 $11,690,000 $1.24
 Income before net
 gains $7,957,000 75 cents $5,604,000 60 cents
 Net gains --- --- 1,644,000 17 cents
 Net income $7,957,000 75 cents $7,248,000 77 cents
 Average shares
 outstanding 10,574,104 --- 9,402,476 ---
 For the Three Months Ended Nov. 30,
 1993 Per Share 1992 Per Share
 Total income:(a) $10,181,000 --- $7,568,000 ---
 Operating results:
 Funds from
 operations(b) $4,249,000 37 cents $3,097,000 33 cents
 Income before net
 gains (losses) $2,404,000 21 cents $1,542,000 17 cents
 Net gains (losses) --- --- (2,056,000) (22 cents)
 Net income (loss) $2,404,000 21 cents $(514,000) (5 cents)
 Average shares
 outstanding 11,433,721 --- 9,411,069 ---
 ----
 Note: (a) Total income excludes net gains (losses).
 (b) MGI defines funds from operations as net income (computed in accordance with generally accepted accounting principals), excluding gains (or losses) from debt restructuring, sales of property and similar non-cash items, plus depreciation and amortization, and after adjustments for equity method partnership income (or losses).
 -0- 1/6/94
 /CONTACT: Phillip C. Vitali, executive vice president and treasurer of MGI Properties, 617-330-5335/
 (MGI)


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

CM-DJ -- NE016 -- 9732 01/06/94 11:44 EST
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Publication:PR Newswire
Date:Jan 6, 1994
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