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VINLAND PROPERTY TRUST REPORTS RESULTS

 DALLAS, Feb. 10 /PRNewswire/ -- Vinland Property Trust (NASDAQ: VIPTS) reported net income of 1.4 million, or 23 cents per share, on revenues of $4.7 million for the year ended Nov. 30, 1992. This compares with a net loss of $3.0 million, or 50 cents per share, on revenues of $3.8 million for the year ended Nov. 30, 1991.
 The trust recorded a $2.5 million provision for loss during 1991 when it wrote down the value of an apartment complex. There was no such provision in 1992. The trust reported a gain on sale of real estate of $1.9 million in 1992 and no such gain in 1991.
 Vinland acquired two properties and also improved rental rates and occupancy levels at three apartment complexes in 1992, contributing to a substantial increase in net rental income (rental income less property operations). Net rental income in fiscal 1992 was $1.0 million, compared with $165,000 in fiscal 1991.
 Vinland Property Trust is an equity real estate investment trust with investments primarily in Texas, Oklahoma and Florida.
 FINANCIAL HIGHLIGHTS
 (in thousands, except share and per share data)
 For the years ended November 30,
 1992 1991
 Revenues $ 4,679 $ 3,805
 (Loss) before gain on sale of
 real estate (495) (2,985)
 Gain on sale of real estate 1,875 --
 Net income (loss) $ 1,380 $(2,985)
 Earnings per share
 (Loss) before gain on sale of
 real estate $ (0.08) $ (0.50)
 Gain on sale of real estate 0.31 --
 Net income (loss) $ 0.23 $ (0.50)
 Shares of beneficial interest
 outstanding 5,965,788 5,965,788
 -0- 2/10/93
 /CONTACT: Jean Krone Bono, director, Investor Relations, 214-692-4800/
 (VIPTS)


CO: Vinland Property Trust ST: Texas IN: SU: ERN

KD -- NY084 -- 5286 02/10/93 15:17 EST
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Date:Feb 10, 1993
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