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PROPERTY TRUST OF AMERICA ANNOUNCES THIRD QUARTER FINANCIAL RESULTS AND COMPLETION OF RIGHTS OFFERING

 PROPERTY TRUST OF AMERICA ANNOUNCES THIRD QUARTER FINANCIAL RESULTS
 AND COMPLETION OF RIGHTS OFFERING
 SANTA FE, N.M., Oct. 26 /PRNewswire/ -- Property Trust of America (NYSE: PTR) reported financial results today for the third quarter ended Sept. 30, 1992. Funds from operations ("FFO") for the period were $4,107,000, or $0.20 per share, on real estate revenues of $8,181,000, as compared to $1,543,000, or $0.19 per share, on real estate revenues of $3,741,000 for the same quarter of 1991.
 C. Ronald Blankenship, chairman of PTR, noted that the improved per share third quarter results were accomplished even though PTR had average shares outstanding of 20,527,000, as compared to 7,986,000 in 1991. The continued excellent buy market for multifamily properties in the Southwest, high levels of occupancy, strong rental rate growth and the Advisor's focused management approach should translate into positive growth in FFO per share in the coming year. During the third quarter, FFO from PTR's multifamily portfolio contributed $3.4 million as compared to $560,000 in 1991.
 Blankenship also stated that the 1992 third quarter was a period of significant progress for PTR with the acquisition of six new multifamily properties in Denver, San Antonio and Tucson, and the commencement of development of a property in El Paso, totaling 2,117 units with a total investment value of $74.2 million. Multifamily properties that were fully operational during the first nine months of 1992 and 1991 realized per unit rental increases of 7.8 percent. As of Oct. 19, 1992 stabilized multifamily properties were 96 percent occupied.
 PTR also announced the successful completion of an oversubscribed rights offering to its shareholders on Oct. 22, 1992, raising a total of $61.2 million in new equity capital with the sale of 5,155,874 shares at a price of $11.875 per share. The offering added major new institutional investors to PTR's ownership base. An affiliate of PTR's Advisor raised the new equity capital at no underwriting cost to PTR. In a related announcement, on Oct. 23, 1992, PTR sold 1,035,000 shares from its shelf registration at a net price of $12.25 per share, or a total of $12.7 million.
 Blankenship also stated that since March 1, 1991, PTR has increased its equity capital base by more than $200 million and has successfully invested in multifamily properties in its southwestern target market. Of equal importance, PTR is well positioned for future opportunities since its ratio of debt to total capitalization has dropped from 54 percent to 12 percent as of this date. PTR's strategy has attracted relatively low cost capital during a period of capital scarcity and has benefited from improving multifamily occupancies and rents.
 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 (25 percent), Security Capital Realty Investors Incorporated. The Advisor's management team is focusing PTR's efforts on acquiring, developing and operating multifamily housing in the Southwest.
 PROPERTY TRUST OF AMERICA
 Financial Results
 (Unaudited, in thousands, except per share data)
 Periods ended Three months Nine months Three months Nine months
 Sept. 30 1992 1991
 Total revenues $ 8,667 $ 20,779 $ 4,106 $ 11,046
 Funds from
 operations 4,107 9,805 1,543 3,743
 Net earnings 2,584 6,147 789 1,135
 Weighted average
 shares outstanding
 (in thousands) 20,527 17,448 7,986 6,159
 Per Share Data:
 Funds from
 operations $ 0.20 $ 0.56 $ 0.19 $ 0.61
 Net earnings $ 0.13 $ 0.35 $ 0.10 $ 0.18
 -0- 10/26/92
 /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: ERN


TS -- NY030 -- 4624 10/26/92 09:45 EST
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Publication:PR Newswire
Date:Oct 26, 1992
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