Wilshire Real Estate Investment Trust Announces Second Quarter Results

Business Wire, August 6, 1998

              WILSHIRE REAL ESTATE INVESTMENT TRUST INC.
            CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
                            (in thousands)

                                                       June 30, 1998
                                                        (Unaudited)
Assets
 Cash and cash equivalents                               $    56,188
 Securities available for sale, at fair value                249,454
 Loans, net                                                   36,319
 Discounted loans, net                                        15,437
 Investment in real estate, net                               76,419
 Due from affiliate, net                                       3,038
 Accrued interest receivable                                   2,890
 Other assets                                                  2,163
                                                               -----
                                                         $   441,908

Liabilities and Stockholders' Equity
Liabilities:
 Short-term borrowings                                   $   230,637
 Other borrowings                                             45,222
 Accounts payable and accrued liabilities                      2,802
 Dividends payable                                             3,105
                                                               -----
                                                             281,766

Stockholders' Equity:
 Common Stock, $.0001 par value; 200,000,000
  shares authorized; 11,500,000 shares issued
  and outstanding                                                  1
 Additional paid-in capital                                  166,980
 Distributions in excess of earnings                             (63)
 Accumulated other comprehensive income                       (6,776)
                                                               -----
                                                             160,142
                                                               -----
                                                         $   441,908

              WILSHIRE REAL ESTATE INVESTMENT TRUST INC.
                 CONSOLIDATED STATEMENT OF OPERATIONS
                (in thousands, except per share data)

                                                       Three Months
                                                           Ended
                                                       June 30, 1998

Net interest income:
 Loans                                                   $     1,324
 Securities                                                    3,149
 Other investments                                               617
   Total interest income                                       5,090
 Short-term interest expense                                   1,501
                                                               -----
   Net interest income                                         3,589

Income from real estate investments:
 Operating income:
     Rental income                                               949
     Other                                                       119
                                                               -----
                                                               1,068

 Operating expense:
     Rental operation                                            182
     Depreciation & amortization                                 175
     Interest                                                    348
                                                               -----
                                                                 705

     Real estate investments, net                                363

Operating expenses:
 Management fees paid to affiliate                               602
 Servicing fees paid to affiliate                                 48
 Loan expenses paid to affiliate                                  85
 Other                                                           175
                                                               -----
                                                                 910

NET INCOME                                               $     3,042

EARNINGS PER SHARE                                       $      0.27

CALCULATION OF FUNDS FROM OPERATIONS (FFO):
 Net income                                              $     3,042
 Depreciation on operating assets                                175

FUNDS FROM OPERATIONS                                    $     3,217

FUNDS FROM OPERATIONS PER SHARE                          $      0.29

WEIGHTED AVERAGE SHARES OUTSTANDING                       11,253,452


SOURCE: Wilshire Real Estate Investment Trust Inc.