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TRAMMELL CROW REAL ESTATE INVESTORS REPORTS SECOND QUARTER 1992 RESULTS

TRAMMELL CROW REAL ESTATE INVESTORS REPORTS SECOND QUARTER 1992 RESULTS
 DALLAS, July 30 /PRNewswire/ -- Trammell Crow Real Estate Investors (NYSE: TCR) announced today its financial results for the second quarter and first six months of 1992 and declared a cash distribution to shareholders of $.04 per share payable Aug. 21, 1992 to shareholders of record on Aug. 10, 1992.
 For the second quarter of 1992, the trust reported funds from operations of $538,000. Funds from operations is defined by the trust as income (loss) before gains on sales of investments and extraordinary items, plus amortization of original issue discount on zero coupon notes and depreciation. Second quarter 1991 funds from operations were $2,033,000. For the first six months of 1992, the trust reported funds from operations of $2,103,000. This compares with funds from operations of $4,269,000 for the first six months of 1991. Funds from operations declined primarily due to the increase in accrued interest on the new 8.8 percent notes payable, and also because of a decrease in amortization of the original issue discount, which was due to zero coupon note repurchases. Under the trust's calculation of funds from operations, this amortization is added back to net income.
 Under generally accepted accounting principles, the trust reported a net loss before extraordinary items of $2,088,000 for the first six months of 1992, virtually unchanged from a net loss of $2,157,000 for the first six months of 1991.
 As of June 30, 1992, the trust's properties were 91 percent leased.
 The trust also announced the sale of one of the 13 buildings in the Woodland Industrial Park in Charlotte for $1,320,000. Net proceeds from this sale will be used to repurchase the trust's zero coupon notes or reduce other indebtedness.
 Trammell Crow Real Estate Investors is an equity real estate investment trust which owns and operates 16 industrial properties and one retail mall. The trust's common stock is traded on the New York Stock Exchange.
 -0- 7/30/92
 /CONTACT: Trammell Crow Real Estate Investors, Investor Relations, 214/979-5451/
 (TCR) CO: Trammell Crow Real Estate Investors ST: Texas IN: SU: ERN


LD -- NY125 -- 5394 07/30/92 19:28 EDT
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Publication:PR Newswire
Date:Jul 30, 1992
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