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MORTGAGE AND REALTY TRUST REPORTS FIRST QUARTER RESULTS

 ELKINS PARK, Pa., Jan. 20 /PRNewswire/ -- Mortgage and Realty Trust (NYSE: MRT) announced today its unaudited operating results for the first quarter ended Dec. 31, 1992.
 The notes accompanying the following financial information are an integral part of this presentation.
 Quarter ended Dec. 31 1992 1991
 Earnings (loss) before provision
 for losses & reorganization expenses $(2,409,000) $(55,000)
 Less:
 Provision for losses on real
 estate loans and investments 3,000,000 5,000,000
 Reorganization expenses 88,000 140,000
 Net loss (5,497,000) (5,195,000)
 Net loss per share $(.50) $(.47)
 Summary Financial Data
 Quarters ended Dec. 31, 1992 Sept. 30, 1992 Dec. 31, 1991
 Net loss $(5,497,000) $(12,637,000) $(5,195,000)
 Net loss per share
 -- primary $(.50) $(1.14) $(.47)
 Total assets $399,786,000 $427,268,000 $497,176,000
 Cash and cash
 equivalents(A) 4,024,000 12,453,000 26,434,000
 Invested assets:
 Mortgage loans:
 Earning $216,053,000 $236,887,000 $302,951,000
 Non-earning(B) 38,591,000 50,560,000 55,499,000
 Investment in real
 estate equities 62,862,000 57,142,000 58,727,000
 Properties acquired
 through foreclosure
 and held for sale:
 Earning 56,717,000 54,049,000 33,291,000
 Non-earning 27,474,000 25,756,000 22,087,000
 Total invested
 assets(C) 401,697,000 424,394,000 472,555,000
 Non-earning assets as
 a percentage of
 invested assets 16.45 17.98 16.42
 Allowance for losses $15,673,000 $19,353,000 $15,879,000
 Allowance as a
 percentage of
 invested assets 3.90 4.56 3.36
 Total unfunded
 commitments $7,591,000 $7,932,000 $11,664,000
 Long-term participating
 loans 43,698,000 43,698,000 43,415,000
 Debt:
 Creditor obligations 290,000,000 312,000,000 350,000,000
 Loan on equity
 investment 16,422,000 15,515,000 13,042,000
 Total 306,422,000 327,515,000 363,042,000
 Shareholders' equity 90,095,000 95,592,000 127,869,000
 Book value per share $8.13 $8.63 $11.55
 Ratio of debt-to-equity(D) 3.36:1 3.30:1 2.63:1
 (A) On Dec. 31, 1992, the trust had $2.2 million invested in high grade short-term commercial paper. On Sept. 30, 1992, the trust had $8.7 million invested in high grade short-term commercial paper. On Dec. 31, 1991, the trust had $24.9 million invested in high grade short- term commercial paper and time deposits.
 (B) Non-earning mortgage loans include $38.1, $50.0 and $48.7 million of in-substance foreclosures, the carrying value of which were reduced to the fair value of the collateral on Dec. 31, 1992, Sept. 30, 1992, and Dec. 31, 1991, respectively.
 (C) Before allowance for losses.
 (D) Debt includes interest payable and is reduced by cash and cash equivalents.
 Note to the Financial Information --
 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 $3.0 million in the December 1992 quarter. The allowance for losses at Dec. 31, 1992, was $15.7 million after charge-offs of $6.7 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 persists. 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 $66.1 million at Dec. 31, 1992, compared to $76.3 million at Sept. 30, 1992, and $77.6 million at Dec. 31, 1991.
 /delval/
 -0- 1/20/93
 /CONTACT: Daniel F. Hennessey, treasurer of Mortgage and Realty Trust, 215-881-1525/
 (MRT)


CO: Mortgage and Realty Trust ST: Pennsylvania IN: FIN SU: ERN

MK-LJ -- PH020 -- 6984 01/20/93 14:40 EST
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Date:Jan 20, 1993
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