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PROPERTY TRUST OF AMERICA ANNOUNCES INCREASED DIVIDEND FOR 1992; POTENTIAL NEW MULTIFAMILY ACQUISITIONS; AND DIVIDEND REINVESTMENT PLAN

   PROPERTY TRUST OF AMERICA ANNOUNCES INCREASED DIVIDEND FOR 1992; POTENTIAL NEW MULTIFAMILY ACQUISITIONS; AND DIVIDEND REINVESTMENT PLAN
    EL PASO, Texas, Dec. 4 /PRNewswire/ -- Property Trust of America (NYSE: PTR) announced today that at a meeting of its board of trustees on Dec. 3, 1991, the trust's operating plan and budget for 1992 were reviewed and a new annualized dividend level for 1992 of $0.70 per share was adopted ($0.175 per share, per quarter).  The $0.06 per share (9.4 percent) increase represents enhanced operating expectations for the trust's existing properties and for the funds from operations to be generated by newly acquired multifamily properties.
    The trust's advisor, Southwest Realty Advisors Incorporated, presented several projects currently under letters of intent to the board of trustees and the following multifamily investment opportunities were approved subject to final due diligence: 374 units in Tucson, Arizona; 310 units in San Antonio, Texas; 543 units in El Paso, Texas; 276 units in Scottsdale, Arizona; and 350 units in Santa Fe, New Mexico.
    James H. Polk III, managing director of Southwest Realty Advisors Incorporated, stated: "The opportunities for investment in multifamily properties in southwestern markets continue to be very favorable.  At a time when capital is scarce, the trust's strong balance sheet positions the trust favorably for new multifamily investment opportunities."
    In response to shareholder interest, the trust also announced that its board of trustees adopted a dividend reinvestment plan under which shareholders will be permitted to reinvest their dividends and to invest optional payments of up to $25,000 per quarter for the purchase of newly issued shares.  Shares will be offered through a prospectus to be delivered to shareholders prior to the March dividend payment.  Shares will be offered under the plan at a 2 percent discount from the prevailing market price.
    Property Trust of America is an equity real estate investment trust which is principally engaged in acquiring, developing and owning multifamily properties in the southwestern United States.
    -0-         12/4/91
    /CONTACT:  James H. Polk III or Jeffrey A. Cozad of Southwest Realty Advisors, 505-982-9292/
    (PTR) CO:  Property Trust of America ST:  Texas IN:  FIN SU:  DIV SM -- NY019 -- 9060 12/04/91 09:35 EST
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Publication:PR Newswire
Date:Dec 4, 1991
Words:367
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