HRE PROPERTIES <HRE> 1ST QTR ENDS JAN 31 NET Shr 38 cts vs 47 cts Net 2,253,664 vs 2,806,820 Revs 5,173,318 vs 5,873,904 NOTE: 1987 qtr includes 126,117 dlrs, or two cts per share, from gains on sale of property, vs gain 29,812, or less than one cent per share, for prior qtr.