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PROPERTY TRUST OF AMERICA PRICES 7,050,000 SHARE OFFERING AT $10.375 PER SHARE

 PROPERTY TRUST OF AMERICA PRICES 7,050,000 SHARE OFFERING AT
 $10.375 PER SHARE
 EL PASO, Texas, April 15 /PRNewswire/ -- Property Trust of America (NYSE: PTR) announced today that its offering of 7,050,000 shares of beneficial interest was priced at $10.375 per share.
 Southwest Realty Investors Incorporated, an affiliate of the advisor to the trust, and certain other indirect institutional investors in PTR's Advisor, initially committed to buy 1,300,000 shares. This commitment was increased by 750,000 shares to 2,050,000 shares, with no commission being paid to the underwriting group on these shares.
 The remaining 5,000,000 shares are being sold by an underwriting group led by Merrill Lynch & Co., Goldman, Sachs & Co. and A.G. Edwards & Sons, Inc. The gross spread on the underwritten shares, or the difference between the price to be paid to the issuer and the price at which the shares are sold, is 5.49 percent. Delivery of the certificates is scheduled for Thursday, April 23, 1992.
 The net proceeds of the combined offering will be approximately $70 million, and will be used for investment in additional multifamily property investments in the southwestern United States.
 J.H. Polk III, managing director of the trust's advisor, Southwest Realty Advisors Incorporated, noted that PTR's opportunities for multifamily investments continue to be extremely favorable because of its strong balance sheet and the very favorable multifamily buying market in the Southwest. PTR currently has contingent contracts or letters of intent, subject to final due diligence, for 2,409 multifamily units with an aggregate investment cost of $60.8 million.
 In addition, the Advisor's acquisition team is engaged in due diligence, negotiating proposals and further evaluating the purchase of 3,614 multifamily units with a purchase price slightly in excess of $100,000,000.
 PTR is an equity real estate investment trust which principally invests in and operates multifamily properties in the southwestern United States. In February 1990, Southwest Realty Investors Incorporated became PTR's principal shareholder, and in March 1991, PTR retained Southwest Realty Advisors Incorporated as its advisor. The Advisor's management team has focused PTR's efforts on investing in multifamily properties in the Southwest with the goal of maximizing funds from operations and quarterly distributions to shareholders.
 -0- 4/15/92
 /CONTACT: James H. Polk III, or Jeffrey A. Cozad of Southwest Realty Advisors, 505-982-9292/
 (PTR) CO: Property Trust of America ST: Texas IN: FIN SU: OFR


KD -- NY074 -- 8712 04/15/92 12:46 EDT
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Publication:PR Newswire
Date:Apr 15, 1992
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