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PROPERTY TRUST OF AMERICA ANNOUNCES INCREASED DIVIDEND FOR 1993

 SANTA FE, N.M., Dec. 2 ~PRNewswire~ -- Property Trust of America (NYSE: PTR) announced today that at a meeting held on Dec. 1, 1992, the board of trustees set a new annualized dividend level for 1993 of 82 cents per share, or 20.5 cents per share, per quarter. The new dividend represents a payout ratio of 84 percent to 87 percent of budgeted 1993 Funds from Operations ("FFO") and was set after a thorough review of PTR's 1993 Operating Plan and Budget and the operating results through November 1992.
 C. Ronald Blankenship, chairman of PTR, stated that the increase of 12 cents per share (17 percent) over the 1992 dividend level of 70 cents per share reflects continued strengthening in PTR's southwestern multifamily target market as evidenced by strong rental rate growth and high levels of occupancy. In addition to a highly focused management approach, the 1993 forecast also reflects continuing favorable multifamily investment opportunities in PTR's southwestern target market.
 Since Jan. 1, 1992, Southwest Multifamily Advisors Incorporated has entered into acquisition and development transactions on behalf of PTR for 5,529 multifamily units which represents a total investment value of approximately $186.1 million and brings the total unit owned or under development by PTR to 7.741. PTR's opportunities for multifamily investment continue to be very favorable with an additional 2,544 units with a total investment value of approximately $67.3 million under contract or letter of intent, subject to final due diligence.
 PTR is an equity real estate investment trust ("REIT") which invests in multifamily properties in its 12-city target market in the southwestern United States. PTR's advisor, Southwest Multifamily Advisors Incorporated, is an affiliate of PTR's largest shareholder, which owns in excess of 20 percent. The advisor's management team is focusing PTR's efforts on acquiring, developing and operating multifamily housing in the Southwest.
 -0- 12~2~92
 ~CONTACT: James H. Polk III or Jeffrey A. Cozad of Southwest Multifamily Advisors Incorporated, 800-982-9293~
 (PTR)


CO: Property Trust of America ST: New Mexico IN: FIN SU: DIV

GK -- NY007 -- 2772 12~02~92 09:25 EST
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Publication:PR Newswire
Date:Nov 30, 1992
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