FIRST UNION <FUR> LEAVES DIVIDEND UNCHANGED First Union Real Estate Investments said its board left the quarterly dividend unchanged at 37-1/2 cts per share, payable April 30, record March 31. The trust, which has raised its quarterly dividend frequently in the past two years and in the first quarter in both years, said the Tax Reform Act of 1986 has limited its flexibility on dividends, and trustees will now consider the appropriateness of any dividend increases only during the later quarters of the year.