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THE CHICAGO DOCK AND CANAL TRUST (NASDAQ/DOCKS) ANNOUNCES THIRD QUARTER EARNINGS FOR FISCAL YEAR 1993

 CHICAGO, March 17 /PRNewswire/ -- The Chicago Dock and Canal Trust, a publicly held real estate investment trust, today reported a net loss for its third quarter ended Jan. 31, 1993, of $464,000 or $.08 per share. This compares to a loss of $.10 per share reported in the prior quarter. The trust reported net income before gain from exchange of real estate of $120,000 or $.02 per share for the same period in the prior fiscal year. Net income after gain from exchange of real estate for the third quarter ended Jan. 31, 1992, was $43,969,000 or $7.60 per share, including a gain from exchange of real estate of $43,849,000 or $7.58 per share. The gain resulted from the disposition of the trust's interest in The Equitable Building in Chicago.
 For the nine months ended Jan. 31, 1993, operations resulted in a net loss of $2,049,000 or $.35 per share. The trust reported net income before gain from exchange of real estate for the same period in the prior fiscal year of $2,518,000 or $.44 per share. Net income after gain from exchange of real estate for the nine months ended Jan. 31, 1992, was $46,367,000, or $8.02 per share, including a gain from exchange of real estate of $43,849,000, or $7.58 per share.
 During the third quarter, the trust declared a dividend of $.08 per share payable March 1, 1993. This dividend compares to $.08 per share for the same period in the prior fiscal year.
 The Chicago Dock and Canal Trust is a real estate investment trust engaged primarily in the business of acquiring and holding real estate and interests in real estate for investment. The trust, formed in 1962, is successor to The Chicago Dock and Canal Company, founded in 1857 by Chicago's first mayor, William Ogden. The trust owns or controls assets which include a 424-unit apartment complex, a one-third interest in a 480-unit apartment building and approximately 20 acres of land all in Cityfront Center, a mixed-use project currently under development in Chicago. The trust also owns Lincoln Garden (a 73,000-square-foot office complex in Tampa, Fla.), Waterplace Park (a 107,000-square-foot office complex in Indianapolis, Ind.), and One Michigan Avenue (a 144,000-square-foot office building in Lansing, Mich.).
 THE CHICAGO DOCK AND CANAL TRUST
 THIRD QUARTER FISCAL 1993 EARNINGS
 THIRD QUARTER THIRD QUARTER
 ENDED JAN. 31, 1993 ENDED JAN. 31, 1992
 Net income (loss) before
 gain from exchange of
 real estate $ (464,000) $ 120,000
 Gain from exchange of
 real estate -- $43,849,000
 Net income (loss) after
 gain from exchange of
 real estate $ (464,000) $43,969,000
 Net income (loss) per
 share before gain from
 exchange of real estate $ (.08) $ .02
 Per share gain from
 exchange of real estate -- $ 7.58
 Net income (loss) per
 share after gain from
 exchange of real estate $ (.08) $ 7.60
 FOR NINE MONTHS FOR NINE MONTHS
 ENDED JAN. 31, 1993 ENDED JAN. 31, 1992
 Net income (loss) before
 gain from exchange of
 real estate $ (2,049,000) $ 2,518,000
 Gain from exchange of
 real estate -- $43,849,000
 Net income (loss) after
 gain from exchange of
 real estate $ (2,049,000) $46,367,000
 Net income (loss) per
 share before gain from
 exchange of real estate $ (.35) $ .44
 Per share gain from
 exchange of real estate -- $ 7.58
 Net income (loss) per
 share after gain from
 exchange of real estate $ (.35) $ 8.02
 AS OF AS OF
 JAN. 31, 1993 JAN. 31, 1992
 Shareholders' Equity $84,336,000 $89,394,000
 -0- 3/17/93
 /CONTACT: David R. Tinkham of The Chicago Dock & Canal Trust, 312-467-1870, or Amy Collins of Marcy Monyek & Associates, 312-263-2135, for the Chicago Dock & Canal Trust/
 (DOCKS)


CO: Chicago Dock and Canal Trust ST: Illinois IN: FIN SU: ERN

PS -- NY062 -- 7062 03/17/93 12:55 EST
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Publication:PR Newswire
Date:Mar 17, 1993
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