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THREE REITS ANNOUNCE INCREASE OF SHARE REPURCHASE PLANS

 DALLAS, Dec. 15 /PRNewswire/ -- National Income Realty Trust (NASDAQ: NIRTS), Continental Mortgage and Equity Trust (NASDAQ: CMETS) and Transcontinental Realty Investors, Inc. (NYSE: TCI) today announced an expansion of their share repurchase programs begun in 1989.
 Under the repurchase program, to date, National Income has repurchased 485,265 shares over the last three years and now has authority to repurchase an additional 291,000 shares; Continental Mortgage has repurchased 471,634 shares and now has authority to repurchase an additional 255,000 shares. Transcontinental has repurchased 178,885 shares and now has been authorized to repurchase an additional 279,000 shares.
 "In view of the continuing increase in the operating income and liquidity of these companies, the boards believe that the repurchase of their own shares represents the best available use of company funds," said a spokesperson for the trusts. "Share repurchases will be made from time to time in negotiated and open market transactions as long as the gross disparity between share prices and the underlying asset value remains."
 National Income Realty Trust, Continental Mortgage and Equity Trust and Transcontinental Realty Investors, Inc. are equity real estate investment trusts which operate nationwide.
 -0- 12/15/92
 /CONTACT: Jean Krone Bono, CFA, director of investor relations of National Income Realty Trust, 214-692-4800/
 (NIRTS CMETS TCI)


CO: National Income Realty Trust; Continental Mortgage and Equity
 Trust; Transcontinental Realty Investors, Inc. ST: Texas IN: SU:


PS -- NY017 -- 7093 12/15/92 10:07 EST
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Publication:PR Newswire
Date:Dec 15, 1992
Words:242
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