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EXHIBIT 11
COMPUTATION OF NET INCOME (LOSS) PER SHARE OF BENEFICIAL INTEREST
CLEVETRUST REALTY INVESTORS
PRIMARY NET INCOME (LOSS) PER SHARE (1)
Year Ended September 30,
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1995 1994 1993
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(in thousands, except shares and per share data)
Operating income (loss) $ 596 $(115) $(732)
Gains on sales of real estate 2,499 445 563
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INCOME (LOSS) BEFORE EXTRAORDINARY ITEMS 3,095 330 (169)
Extraordinary items 790 253 286
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NET INCOME (LOSS) $3,885 $583 $117
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Weighted average number of Shares of Beneficial
Interest outstanding 5,459,377 4,958,996 3,291,810
Primary net income (loss) per Share:
Operating income (loss) $0.11 $(0.02) $(0.22)
Gains on sales of real estate 0.46 0.09 0.17
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INCOME (LOSS) BEFORE EXTRAORDINARY ITEMS 0.57 0.07 (0.05)
Extraordinary items 0.14 0.05 0.09
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NET INCOME (LOSS) PER SHARE $ 0.71 $ 0.12 $0.04
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<FN>
(1) Per share data is computed using the weighted average number of shares of
Beneficial Interest outstanding. For 1995, 1994 and 1993 the exercise of the
outstanding stock options would have a dilutive effect of less than 3%.