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MGI PROPERTIES REPORTS FIRST QUARTER RESULTS, DECLARES DIVIDEND

 BOSTON, March 18 /PRNewswire/ -- MGI Properties, ("MGI") (NYSE:MGI), an equity real estate investment trust, announced today 1993 first quarter results. Funds from operations for the quarter ended Feb. 28, 1993 was $4,057,000, or 43 cents per share, compared to $2,804,000, or 30 cents per share, in the comparable 1992 quarter. Net income was $2,383,000, or 25 cents per share, versus $4,979,000, or 53 cents per share, reported in the 1992 first quarter. As previously announced, the 1993 first quarter results include income of $1,030,000, or 11 cents per share, that MGI received in connection with a lease assignment and amendment at its Yorkshire Plaza, Aurora, Ill. shopping center. The 1992 first quarter results include the recognition of a $3,700,000 gain, equal to 39 cents per share, in connection with an investment related to an apartment complex located in San Bruno, Calif.


Dividend Declared
 The trustees declared a quarterly dividend of 20 cents per share, payable April 9, 1993 to shareholders of record March 31, 1993.
 MGI PROPERTIES
 Selected Financial Information
 For the Three Months Ended
 Feb. 28, Feb. 29,
 1993 1992
 Total income-(a) $9,093,000 $7,689,000
 Operating results:
 Funds from
 operations-(b) $4,057,000 $2,804,000
 Income before net
 gains $2,383,000 $1,279,000
 Net gains ---- 3,700,000
 Net income $2,383,000 $4,979,000
 For the Three Months Ended
 Feb. 28, Feb. 29,
 1993 1992
 Per Share Per Share
 Operating results:
 Funds from
 operations-(b) 43 cents 30 cents
 Income before net
 gains 25 cents 14 cents
 Net gains ---- 39 cents
 Net income 25 cents 53 cents
 Average shares
 outstanding 9,419,713 9,398,904
 ----
 Note: (a) Total income excludes net gains (losses) which was $3,700,000 or 39 cents per share, in the 1992 first quarter.
 (b) MGI defines funds from operations as net income (computed in accordance with generally accepted accounting principles), 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- 3/18/93
 /CONTACT: Phillip C. Vitali, executive vice president and treasurer of MGI Properties, 617-330-5335/
 (MGI)


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

DJ -- NE006 -- 7495 03/18/93 12:11 EST
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Publication:PR Newswire
Date:Mar 18, 1993
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