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VINLAND PROPERTY TRUST REPORTS FIRST QUARTER RESULTS

 VINLAND PROPERTY TRUST REPORTS FIRST QUARTER RESULTS
 DALLAS, April 15 /PRNewswire/ -- Vinland Property Trust


(NASDAQ: VIPTS) reported a gain of $984,000, or 16 cents per share, on revenues of $858,000 for the first quarter ended Feb. 29, 1992. This compares with a net loss of $675,000, or 11 cents per share on revenues of $865,000 for the first quarter of 1991.
 Net rental income increased to $781,000 for the first quarter of 1992, compared to $661,000 for the corresponding period of 1991. This increase is the result of $66,000 in additional rental income in 1991 from the acquisition through foreclosure of Briarwest Shopping Center in February 1991. Improved occupancy rates at the French Villa and Southern Elms apartment complexes also contributed to the increase.
 Vinland's liquidity significantly improved in December 1991 due to the receipt of a net $4.5 million in cash from the collection of a mortgage note receivable.
 "The trust acquired an office building in March 1992 and is actively evaluating potential real estate investments," said a spokesperson for the company. "We are considering the acquisition of additional properties in fiscal 1992."
 Vinland Property Trust is a combination mortgage and equity real estate investment trust which operates primarily in Texas and Oklahoma.
 VINLAND PROPERTY TRUST
 Financial Highlights
 (in thousands, except share and per share data)
 For the three months ended Feb. 29, 1992 Feb. 28, 1992
 Net income $ 858 $ 865
 (Loss) before income tax (159) (370)
 Income tax provision (770) (305)
 Net (loss) $ (929) (675)
 (Loss) per share .16 $ (.11)
 Shares of beneficial interest
 outstanding 5,965,788 5,965,788
 -0- 4/15/92
 /CONTACT: Kevin Le Blanc, investor relations of National Realty Advisors, 214-692-4800/
 (VIPTS) CO: Vinland Property Trust ST: Texas IN: FIN SU: ERN


AH -- NY041 -- 8627 04/15/92 11:05 EDT
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Date:Apr 15, 1992
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