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THREE REAL ESTATE INVESTMENT TRUSTS ANNOUNCE PLANS TO REDEEM RIGHTS

 THREE REAL ESTATE INVESTMENT TRUSTS ANNOUNCE PLANS TO REDEEM RIGHTS
 DALLAS, Jan. 16 /PRNewswire/ -- Continental Mortgage and Equity Trust (NASDAQ: CMETS), National Income Realty Trust (NASDAQ: NIRTS) and Income Opportunity Realty Trust (AMEX: IOT) today announced the redemption of their share purchase rights. Continental Mortgage and Equity Trust and National Income Realty Trust shareholders of record on Jan. 15, 1992, will receive 3 cents per share in redemption of these rights. Income Opportunity Realty Trust shareholders of record on Jan. 15, 1992, will receive 4 cents per share for each right.
 The purchase rights were initially distributed to shareholders of record on March 24, 1989. The board of trustees of each trust determined the rights plan was no longer necessary to protect the trusts from coercive tender offers, especially in light of the concern of some shareholders that the rights plan might discourage bona fide interest in the shares.
 Continental Mortgage and Equity Trust, National Income Realty Trust and Income Opportunity Realty Trust are combination mortgage and equity real estate investment trusts which operate nationwide.
 -0- 1/16/92
 /CONTACT: Jean Krone Bono, investor relations, 214-692-4800, for the Trusts/
 (CMETS IOT NIRTS) CO: Continental Mortgage and Equity Trust; National Income Realty
 Trust; Income Opportunity Realty Trust ST: Texas IN: FIN SU:


SH -- NY087 -- 0666 01/16/92 15:55 EST
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Publication:PR Newswire
Date:Jan 16, 1992
Words:220
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