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PROPERTY TRUST OF AMERICA FILES RIGHTS OFFERING OF 4,422,717 SHARES

 SANTA FE, N.M., July 30 /PRNewswire/ -- Property Trust of America (NYSE: PTR) announced today that its board of trustees has approved making a rights offering to its shareholders of 4,422,717 shares of beneficial interest, subject to the effectiveness of a registration statement to be filed with the Securities and Exchange Commission. The rights will be distributed as a dividend, at no cost, to each holder of PTR shares as of the close of business on Aug. 19, 1993 (or any later date on which the registration statement becomes effective). Eight rights will entitle the holder thereof to purchase one PTR share. The rights offering will be made only by means of a prospectus filed with, and declared effective by, the Securities and Exchange Commission. The subscription price will be set forth in the prospectus. The rights are expected to be issued on Aug. 23, 1993 and will expire approximately 25 days after issuance.
 This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 -0- 7/30/93
 /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: OFR

MP -- NY012 -- 7631 07/30/93 09:31 EDT
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Publication:PR Newswire
Date:Jul 30, 1993
Words:250
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