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MGI PROPERTIES REPORTS SECOND QUARTER RESULTS, DECLARES DIVIDEND

 BOSTON, June 16 /PRNewswire/ -- MGI Properties ("MGI") (NYSE: MGI), an equity real estate investment trust, today reported 1993 second quarter and six-month results. Funds from operations for the quarter ended May 31, 1993 were $3,035,000, or 30 cents per share on the greater number of shares outstanding, compared to $2,866,000, or 30 cents per share, earned in the comparable 1992 quarter. Net income was $1,244,000, or 12 cents per share on the greater number of shares outstanding, vs. $1,347,000, or 14 cents per share, reported in the 1992 second quarter. MGI issued and sold 2,000,000 common shares in May 1993.
 Funds from operations for the six months ended May 31, 1993 were $7,092,000, or 73 cents per share on the greater number of shares outstanding, compared to $5,670,000, or 60 cents per share, earned in the comparable 1992 period. The 1993 year-to-date results include income of $1,030,000, or 11 cents per share, received in connection with a lease assignment and amendment in the first quarter. Net income was $3,627,000, or 37 cents per share on the greater number of shares outstanding, in the current six month period, vs. $6,326,000, or 67 cents per share, reported a year ago. The 1992 year-to-date results included the recognition of a $3,700,000 gain, equal to 39 cents per share.
 W. Pearce Coues, chairman of the Board of Trustees, stated that MGI has completed the previously announced $8.6 million acquisition of a 107,500-square-foot, 96 percent leased office building in the financial district in Boston, and the $7.0 million purchase of a 294,000 square- foot distribution facility in Wilmington, Mass. Coues noted that the industrial facility's occupancy at closing was 86 percent compared to 73 percent at the time MGI committed to purchase it. Coues also stated that several additional investments are under review.


Dividend Declared
 The Trustees declared a quarterly dividend of 20 cents per share, payable July 9, 1993 to shareholders of record June 30, 1993.
 MGI PROPERTIES
 Selected Financial Information
 For the Six Months Ended May 31,
 1993 Per Share 1992 Per Share
 Total income-(a) $17,378,000 --- $15,323,000 ---
 Operating results:
 Funds from
 operations-(b) 7,092,000 73 cents 5,671,000 60 cents
 Income before net
 gains 3,627,000 37 cents 2,626,000 28 cents
 Net gains --- --- 3,700,000 39 cents
 Net income $3,627,000 37 cents 6,326,000 67 cents
 Average shares
 outstanding 9,710,083 --- 9,399,451 ---
 For the Three Months Ended May 31,
 1993 Per Share 1992 Per Share
 Total income-(a) $8,285,000 --- $7,634,000 ---
 Operating results:
 Funds from
 operations-(b) 3,035,000 30 cents 2,866,000 30 cents
 Income before net
 gains 1,244,000 12 cents 1,347,000 14 cents
 Net gains --- --- --- ---
 Net income $1,244,000 12 cents $1,347,000 14 cents
 Average shares
 outstanding 9,994,141 --- 9,399,992 ---
 ----
 NOTE: (a) Total income excludes net gains (losses).
 (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- 6/16/93
 /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 -- NE007 -- 2598 06/16/93 12:07 EDT
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Publication:PR Newswire
Date:Jun 16, 1993
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