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RF&P CORPORATION REPORTS NET EARNINGS

 RICHMOND, Va., Aug. 11 /PRNewswire/ -- RF&P Corporation reported today that net earnings for the second quarter of 1993 were $4,544,000, compared to $4,436,000 a year earlier.
 In the second quarter of 1993, total revenues were $10,533,000, compared to $10,145,000 during 1992's second quarter. A key component in revenue growth was a gain in rental income, which rose to $8,969,000 from $5,712,000. Total expenses were $3,219,000, up from last year's $3,057,000.
 For the first six months of 1993, net earnings were $6,150,000, up from $5,954,000 in 1992.
 Year-to-date total revenues rose to $16,305,000 from $14,494,000. Rental income advanced to $13,028,000, compared with $7,523,000. Expenses for the reporting period were $6,552,000 compared to $5,549,000 a year earlier. This was due principally to increased depreciation and interest related to recent real estate acquisitions.
 RF&P is a real estate company, and operational cash flow is a key measure of performance in this industry because it includes certain revenue sources that are not reflected in net earnings. In the first half of 1993, operational cash flow, which includes distributions from Crystal City partnerships, amounted to $12,618,000 compared to $11,022,000 a year ago. After-tax cash flow from real estate operations was $10,805,000, up from $8,989,000 in the same period a year ago.
 RF&P is one of the largest real estate companies in the Mid-Atlantic region with more than $650 million in assets. The corporation is owned by System Holdings, Inc., a wholly-owned subsidiary of the Virginia Retirement System.
 -0- 8/11/93
 /CONTACT: Edward R. Crews, Director-Corporate Communications, RF&P Corporation, 804-225-1627/


CO: RF&P Corporation ST: Virginia IN: SU: ERN

MM -- CH005 -- 1739 08/11/93 13:59 EDT
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Publication:PR Newswire
Date:Aug 11, 1993
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