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PROPERTY TRUST OF AMERICA ANNOUNCES STRONG FINANCIAL RESULTS FOR THE THIRD QUARTER OF 1993 AND DECLARATION OF DIVIDEND

 SANTA FE, N.M., Oct. 20 /PRNewswire/ -- Property Trust of America (NYSE: PTR) reported that for the third quarter ended Sept. 30, 1993, funds from operations ("FFO") were $9,513,000, or $0.27 per share, vs. $4,107,000 or $0.20 per share for the same quarter of 1992, representing a per share increase in FFO of 35 percent. Total revenues for the third quarter of 1993 were $20,420,000 as compared to $8,667,000 for the same quarter of 1992. The improved per share third quarter results were accomplished even though PTR had weighted average shares outstanding of 35,742,000 as compared to 20,527,000 in the third quarter 1992.
 PTR also announced today that its board of trustees declared a regular dividend of 20.5 cents per share, payable on Nov. 12, 1993 to shareholders of record on Nov. 1, 1993. On an annualized basis, this represents a dividend of 82 cents per share, which is a 17 percent increase over the 1992 dividend level.
 Multifamily properties that were fully operational during the first nine months of 1993 and 1992 realized per unit rental increases of 6.3 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.
 PTR's objective is to be 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)
 1993 1992
 Periods Three Nine Three Nine
 Ended Months Months Months Months
 Sept. 30, Sept. 30, Sept. 30, Sept. 30,
 Total Revenues $20,042 $52,155 $ 8,667 $20,779
 Funds From
 Operations $ 9,513 $24,579 $ 4,107 $ 9,805
 Net Earnings $ 6,454 $16,591 $ 2,584 $ 6,147
 Weighted Aver-
 age Shares
 Outstanding 35,742 33,950 20,527 17,448
 Per Share Data:
 Funds From
 Operations $0.27 $0.72 $0.20 $0.56
 Net Earnings $0.18 $0.49 $0.13 $0.35
 Dividends Paid $0.205 $0.615 $0.175 $0.525
 -0- 10/20/93
 /CONTACT: John Q. Collins, 800-982-9293, or Jeffrey A. Cozad, 212-838-9292, both of Security Capital Group/
 (PTR)


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

TS -- NY029 -- 4454 10/20/93 10:02 EDT
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Publication:PR Newswire
Date:Oct 20, 1993
Words:417
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