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TRAMMEL CROW REAL ESTATE INVESTORS DECLARES FOURTH QUARTER DIVIDEND

 TRAMMEL CROW REAL ESTATE INVESTORS DECLARES FOURTH QUARTER DIVIDEND
 DALLAS, Feb. 4 /PRNewswire/ -- Trammel Crow Real Estate Investors (NYSE: TCR) has declared a cash distribution to shareholders of $.08 per share, payable Feb. 25, 1992 to shareholders of record of Feb. 14, 1992. It is currently estimated that the entire distribution will constitute a tax-free return of capital.
 The trust also announced the distributable cash for the quarter ended Dec. 31, 1990 was $1,517,585 or $.167 per share, down $223,034 or $.025 per share from distributable cash for the previous quarter. The decrease was due primarily to capital costs and property tax adjustments. Distributable cash for the comparable quarter ended Dec. 31, 1990 was $1,312,080 or $.145 per share. Distributable cash of all of 1991 was $6,776,577 or $.747 per share, compared to $6,884,838 or $.759 per share for all of 1990. After adjusting for the effect of properties sold in 1990, distributable cash increased by approximately $373,000.
 It is the trust's policy to review the appropriate level of cash distributions to shareholders for future quarters based upon actual operating results and ongoing efforts to maximize shareholder value.
 Trammel Crow Real Estate Investors is an equity real estate investment trust which owns and operates 17 commercial real estate projects, consisting of 16 industrial properties located primarily in the Southwest and one retail mall located in Colorado. The trust's investment objective is to maximize the total return to its shareholders through the leasing, management and eventual disposition of its properties.
 -0- 2/4/92
 /CONTACT: Judy Bensley of Trammel Crow Real Estate Investors, 214-979-5451/
 (TCR) CO: Trammel Crow Real Estate Investors ST: Texas IN: FIN SU: DIV


JT -- NY101 -- 6931 02/04/92 17:56 EST
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Publication:PR Newswire
Date:Feb 4, 1992
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