South West Property Trust reports quarterly results.

DALLAS--(BUSINESS WIRE)--July 18, 1995--South West Property Trust Inc. (NYSE:SWP), a self-administered, fully-integrated equity real estate investment trust that has acquired, developed and managed apartments since 1973, today reported funds from operations ("FFO") for the second quarter of 1995 of

Funds available for distribution ("FAD") for the second quarter of 1995 was $6,291,000, or $0.32 per fully diluted share, up 10 percent from $4,924,000, or $0.29 per fully diluted share for the same period in the previous year.

Total revenues were $17,525,000 for the second quarter of 1995, compared with total revenues of $13,668,000 for the second quarter of 1994. Net income for the second quarter of 1995 was $3,363,000, or $0.18 per share, compared with net income of $2,128,000, or $0.14 per share for the second quarter of 1994.

Funds from operations for the first six months of 1995 was $12,931,000, or $0.70 per fully diluted share, up 19 percent from $10,304,000, or $0.59 per fully diluted share for the same period in 1994. Funds available for distribution ("FAD") for the first six months of 1995 was $12,286,000, or $0.66 per fully diluted share, up 18 percent from $9,732,000, or $0.56 per fully diluted share for same period in the previous year.

Total revenues were $34,453,000 for the first six months of 1995, compared with total revenues of $26,292,000 in the first six months of 1994. Net income for the first six months of 1995 was $6,358,000, or $0.37 per share, compared with net income of $4,365,000, or $0.29 per share for the first six months of 1994.

John Schneider, chief executive officer, said that the increase in FFO in the first six months of 1995 was the result of an increase of more than 13 percent in net operating income from units owned at the beginning of 1994, and an annualized return in excess of 10 percent on apartments acquired during 1994.

South West Property Trust's portfolio includes 39 apartment properties containing 12,293 apartment units, and 6 apartment properties with 2,296 units under development. The company operates in the southwest and southeast regions of the United States and is headquartered in Dallas, Texas, with regional offices in San Antonio, Texas; Phoenix, Ariz.; and Charlotte, N.C. -0-

                     SOUTH WEST PROPERTY TRUST INC.
                         Operating Highlights
                 (in thousands except per share amounts)

                            For the Three Months   For the Six Months
                                Ended June 30,        Ended June 30,
                              -----------------     -----------------
                                1995      1994        1995      1994
                              -------   -------     -------   -------
Operating Data:
Revenues                      $17,525   $13,668     $34,453   $26,292

Expenses:
  Property operating expenses   8,105     6,644      15,697    12,738
  General and administrative      620       526       1,168       966
  Depreciation and
   amortization                 2,824     2,715       5,649     5,106
  Debenture and mortgage
   interest                     2,613     1,636       5,575     3,092
                              -------   -------     -------   -------
Income before minority
 interest                       3,363     2,147       6,364     4,390
Minority interest in net
 income of consolidated
 partnerships                               (19)         (6)      (25)
                              -------   -------     -------   -------
Net income                    $ 3,363   $ 2,128     $ 6,358   $ 4,365
                              =======   =======     =======   =======
Per share:
  Net income                  $   .18   $   .14     $   .37   $   .29
                              =======   =======     =======   =======
  Cash dividends declared
   for period                 $   .25   $   .23     $   .50   $   .45
                              =======   =======     =======   =======
Weighted average number of
 shares outstanding            18,446    15,438      17,383    15,271
                              =======   =======     =======   =======

Other Data:
Calculation of fully-diluted
 funds from operations (a):
  Income before
   extraordinary item         $ 3,363   $ 2,128     $ 6,356   $ 4,365
  Depreciation and
   amortization, net of
   minority interests           3,080     2,715       6,120     5,106
  Debenture interest expense      215       433         458       904
  Adjustment for partnership
   and joint ventures              (1)      (27)         (5)      (71)
                              -------   -------     -------   -------
Fully-diluted funds from
 operations                     6,657     5,249      12,931    10,304
Additions to capital
 expenditure reserve             (366)     (325)       (645)     (572)
                              -------   -------     -------   -------
Funds available for
 distribution                 $ 6,291   $ 4,924     $12,286   $ 9,732
                              =======   =======     =======   =======
Per fully-diluted share:
  Funds from operations       $   .34   $   .30     $   .70   $   .59
                              =======   =======     =======   =======
  Funds available for
   distribution               $   .32   $   .29     $   .66   $   .56
                              =======   =======     =======   =======
Number of apartment
 units owned, end of
 period                        12,293    10,668      12,293    10,668
                              =======   =======     =======   =======
Weighted average fully-
 diluted shares outstanding    19,506    17,602      18,523    17,571
                              =======   =======     =======   =======

---------------------------------
(a)  Funds from operations is calculated as net income (computed in
     accordance with generally accepted accounting principles), excluding
     gains or losses from debt restructuring and sales of property, plus
     non-cash charges (primarily depreciation and amortization), and after
     adjustments for unconsolidated partnerships and joint ventures.
     Adjustments for unconsolidated partnerships and joint ventures are
     calculated to reflect funds from operations on the same basis.
     Fully-diluted funds from operations assumes conversion of the
     debentures and therefore includes an adjustment to add back debenture
     interest.

CONTACT: South West Property Trust Inc., Dallas

Diana M. Laing, 214/369-1995.