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PROPERTY TRUST OF AMERICA ANNOUNCES RIGHTS OFFERING

 PROPERTY TRUST OF AMERICA ANNOUNCES RIGHTS OFFERING
 EL PASO, Texas, Sept. 22 /PRNewswire/ -- Property Trust of America


(NYSE: PTR) announced today that it has requested the Securities and Exchange Commission to declare effective PTR's registration statement relating to a rights offering of 4,124,699 shares of beneficial interest at a price of $11.875 per share. The proceeds of the offering will be used primarily to reduce borrowings under PTR's lines of credit, which currently have approximately $40.8 million outstanding as a result of certain multifamily property acquisitions. The balance of the proceeds, together with future borrowings under the lines of credit, will be invested in additional multifamily properties in the Southwest.
 PTR's shareholders of record on Sept. 24, 1992, will receive a dividend of one right for each PTR share they own. Five rights will be required to purchase one PTR share in the rights offering. Rights and prospectuses will be mailed on Sept. 28, 1992. The rights offering will expire on Oct. 22, 1992.
 Security Capital Realty Investors Incorporated, PTR's largest shareholder and an affiliate of PTR's Advisor, has indicated its intent to exercise in full its rights to acquire 869,847 PTR shares in the offering. Subject to availability, Security Capital Realty Investors intends to acquire up to an additional $20 million of shares through the offering's oversubscription privilege or by exercising rights which it may acquire from third parties.
 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 is Southwest Multifamily Advisors Incorporated, which is an affiliate of PTR'S largest shareholder (21.1 percent), Security Capital Realty Investors Incorporated. The Advisors' management team is focusing PTR's efforts on acquiring, developing and operating multifamily housing.
 -0- 9/22/92
 /CONTACT: James H. Polk III or Jeffrey A. Cozad of Southwest Multifamily Advisors Incorporated, 800-982-9293/
 (PTR) CO: Property Trust of America ST: Texas IN: SU: OFR


AH -- NY086 -- 2331 09/22/92 15:51 EDT
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Publication:PR Newswire
Date:Sep 22, 1992
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