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MORTGAGE AND REALTY TRUST REPORTS FIRST QUARTER RESULTS

 MORTGAGE AND REALTY TRUST REPORTS FIRST QUARTER RESULTS
 ELKINS PARK, Pa., Jan. 22 /PRNewswire/ -- Mortgage and Realty Trust


(NYSE: MRT) announced today its unaudited operating results for the first quarter ended Dec. 31, 1991.
 MORTGAGE AND REALTY TRUST
 Quarter ended Dec. 31 1991 1990
 Earnings (loss) before provision for losses
 and reorganization expenses ($55,000) $2,777,000
 Less: provision for losses on real
 estate loans and investment 5,000,000 3,000,000
 Reorganization expenses 140,000 2,223,000
 Net (loss) (5,195,000) (2,446,000)
 Net (loss) per share ($.47) ($.22)
 Summary Financial Data
 Quarters ended Dec. 31 Sept. 30 Dec. 31
 1991 1991 1990
 Net (loss) ($5,195,000) ($15,515,000) ($2,446,000)
 Net (loss) per share-primary ($.47) ($1.40) ($.22)
 Total assets $497,176,000 $514,754,000 $602,055,000
 Cash and cash equivalents(A) 26,434,000 14,728,000 53,925,000
 Invested assets:
 Mortgage loans:
 Earning $302,951,000 $344,632,000 $379,723,000
 Non-earning (B) 55,499,000 47,460,000 69,913,000
 Investment in real
 estate equities 58,727,000 49,709,000 57,441,000
 Properties acquired through
 foreclosure and held for sale:
 Earning 33,291,000 33,885,000 17,802,000
 Non-earning 22,087,000 29,914,000 22,522,000
 Total invested assets (C) 472,555,000 505,600,000 547,401,000
 Non-earning assets as a
 percentage of invested assets 16.42 15.30 16.89
 Allowance for losses $15,879,000 $14,707,000 $11,117,000
 Allowance as a percentage of
 invested assets 3.36 2.91 2.03
 Total unfunded commitments $11,664,000 $15,253,000 $40,466,000
 Long-term participating
 loans 43,415,000 60,882,000 59,017,000
 Debt:
 Creditor obligations 350,000,000(E) 374,000,000 403,468,000
 Loan on equity investment 13,042,000 --- ---
 Total 363,042,000 374,000,000 403,468,000
 Shareholders' equity 127,869,000 133,064,000 166,271,000
 Book value per share $11.55 $12.01 $15.01
 Ratio of debt-to-equity (D) 2.63:1 2.70:1 2.26:1
 (A) On Dec. 31, 1991, the trust had $24.9 million invested in highest grade short-term commercial paper and time deposits. On Sept. 30, 1991, the trust had $12.9 million invested in highest grade short-term commercial paper, certificates of deposit and bankers acceptances. On Dec. 31, 1990, the trust had $50.3 million invested in short-term treasury bills.
 (B) Non-earning mortgage loans include $48.7, $47.5 and $37.8 million of in-substance foreclosures, the carrying value of which were reduced to the fair value of the collateral on Dec. 31, 1991, Sept. 30, 1991, and Dec. 31, 1990, respectively.
 (C) Before allowance for losses.
 (D) Debt includes interest payable and is reduced by cash and cash equivalents.
 (E) On Jan. 3, 1992, the trust made an additional $21 million principal prepayment to creditors, reducing Creditor Obligations outstanding to $329 million.
 Provision for Losses on Real Estate Loans and Investments and Non- Performing Assets:
 The trust's regular quarterly analysis of the portfolio resulted in a provision for losses of $5 million in the December 1991 quarter. The allowance for losses at Dec. 31, 1991, was $15.9 million after charge- offs of $3.8 million. Deterioration in real estate values caused by generally lower rental rates, oversupply of space and the lack of liquidity in the real estate industry continued. These factors continued to have a significant negative effect on valuations of income- producing real estate.
 Non-performing assets (non-earning loans, non-earning in-substance foreclosures and non-earning properties acquired through foreclosure and held for sale) totalled $77.6 million at Dec. 31, 1991, compared to $77.4 million at Sept. 30, 1991, and $92.4 million at Dec. 31, 1990.
 /delval/
 -0- 1/22/92
 /CONTACT: C.W. Strong Jr., president of Mortgage and Realty Trust, 818-953-7700/
 (MRT) CO: Mortgage and Realty Trust ST: Pennsylvania IN: FIN SU: ERN


MP-MK -- PH033 -- 2431 01/22/92 15:30 EST
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Date:Jan 22, 1992
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