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PROPERTY TRUST OF AMERICA ANNOUNCES FINANCIAL RESULTS FOR THE SECOND QUARTER OF 1993 AND SALE OF SIX NON-MULTIFAMILY PROPERTIES

 SANTA FE, N.M., July 26 /PRNewswire/ -- Property Trust of America (NYSE: PTR) reported that for the second quarter ended June 30, 1993, Funds from Operations ("FFO") were $8,350,000, or $0.24 per share, vs. $3,373,000, or $0.18 per share for the same quarter of 1992, representing a per share increase in FFO of 33.3 percent. Total revenues for the second quarter of 1993 were $17,260,000 as compared to $7,034,000 for the same quarter of 1992. The improved per share second quarter results were accomplished even though PTR had weighted average shares outstanding of 35,263,000 as compared to 18,588,000 in the second quarter 1992.
 Multifamily properties that were fully operational during the first six months of 1993 and 1992 realized per unit rental increases of 6.2 percent reflecting the strength of PTR's southwestern target market. PTR Chairman C. Ronald Blankenship stated that more importantly, newly acquired properties were performing ahead of 1993 budgeted numbers and that PTR's opportunities for new multifamily investments continue to be very attractive.
 As PTR continues to implement its strategy of focusing on multifamily properties, additional sales of non-multifamily assets will selectively occur. During the second quarter 1993, PTR completed the sale of six non-multifamily assets reflecting a total sales price in excess of their book value. The properties were Walnut Pond industrial building in Dallas, Barley Square and Plaza de Flores shopping centers in El Paso, Texas, Coal Mine and Sunrise Village shopping centers in Denver, and Southgate shopping center in Colorado Springs, Colo. Through June 30, 1993, PTR has reduced the non-multifamily portion of its portfolio to 7.6 percent from 69.1 percent in March 1991.
 PTR's objective is to become the preeminent real estate operating company in the southwestern United States focusing on the acquisition, development, operation and long-term ownership of multifamily properties.
 PROPERTY TRUST OF AMERICA
 Unaudited Financial Results
 (in thousands, except per share data)
 Periods ended Three months Six months Three months Six months
 June 30 1993 1992
 Total Revenues $ 17,260 $ 31,735 $ 7,034 $ 12,112
 Funds From
 Operations $ 8,350 $ 15,066 $ 3,373 $ 5,698
 Net Earnings $ 5,649 $ 10,137 $ 2,192 $ 3,563
 Wtd. Avg. Shares
 Outstanding 35,263 33,039 18,588 15,891
 Per Share Data:
 Funds From
 Operations $ 0.24 $ 0.46 $ 0.18 $ 0.36
 Net Earnings $ 0.16 $ 0.31 $ 0.12 $ 0.23
 Dividends Paid $ 0.205 $ 0.41 $ 0.175 $ 0.35
 -0-
 /CONTACT: John Q. Collins of Security Capital Group, 800-982-9293/
 (PTR)


CO: Property Trust of America ST: New Mexico IN: SU: ERN

SH -- NY027 -- 5616 07/26/93 10:38 EDT
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Publication:PR Newswire
Date:Jul 26, 1993
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