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NATIONAL INCOME REALTY TRUST REPORTS YEAR END RESULTS

 NATIONAL INCOME REALTY TRUST REPORTS YEAR END RESULTS
 DALLAS, April 9 /PRNewswire/ -- National Income Realty Trust


(NASDAQ: NIRTS) today announced operating results for the year ended Dec. 31, 1991. The trust recorded a net loss of $3.1 million, or 90 cents per share, on revenues of $28.1 million for 1991, compared with a net loss of $3.1 million, or 86 cents per share, on revenues of $29.5 million for 1990.
 The trust was involved in significant investing activities during 1991 including the purchase of 10 properties during 1991 for approximately $23 million. National Income Realty Trust also invested $3.9 million on capital improvements to its existing properties. During 1991 the trust received $5.3 million in net cash from the sale of four properties and acquired 14 mortgage notes receivable in 1991 totaling $2.8 million. The trust received principal payments on notes receivable totaling $1.5 million.
 National Income Realty Trust is a combination mortgage and equity real estate investment trust which operates nationwide.
 NATIONAL INCOME REALTY TRUST
 Financial Highlights
 (in thousands, except share and per share data)
 Periods ended
 Dec. 31 1991 1990
 Revenues $ 28,137 $ 29,487
 (Loss) before gain on sale of
 real estate and extraordinary gain (5,753) (9,750)
 Gain on sale of real estate 462 5,934
 Extraordinary gain 2,170 686
 Net (loss) $ (3,121) $ (3,130)
 Income (loss) per share of
 beneficial interest:
 (Loss) before gain on sale of
 real estate and extraordinary
 gain $ (1.65) $ (2.69)
 Gain on sale of real estate 0.13 1.64
 Extraordinary gain 0.62 0.19
 Net (loss) $ (0.90) $ (0.86)
 Weighted avg. no. of shares
 of beneficial interest outstndg. 3,482,568 3,621,713
 -0- 4/9/92
 /CONTACT: Kevin LeBlanc, investor relations of National Realty, 214-692-4800/
 (NIRTS) CO: National Income Realty Trust ST: Texas IN: FIN SU: ERN


AH -- NY042 -- 6709 04/09/92 10:58 EDT
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Date:Apr 9, 1992
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