Aegis Realty Updates Status of Previously Announced Acquisition Transaction

Apr 20, 2001, 01:00 ET from Aegis Realty Inc.

    NEW YORK, April 20 /PRNewswire Interactive News Release/ -- Aegis Realty
 Inc., ("Aegis"), (Amex:   AER), today provided the following update on the
 status of the acquisition transaction it previously announced on
 December 21, 2000 with P.O'B. Montgomery & Company and its investment partners
 ("POB").
     Aegis originally expected to close the acquisition transaction in late
 Spring 2001, subject to stockholder approval.  Certain stockholders have
 raised concerns about the transaction.  Aegis is currently considering those
 concerns and is engaged in discussions with POB, which may or may not result
 in material changes to the transaction as previously announced.
     The POB transaction is subject to the approval of Aegis' stockholders and
 customary conditions.  No assurances can be given that the transaction will
 close nor is there any assurance that the transaction will be restructured, or
 if restructured, that it will address the previously expressed concerns of
 certain stockholders.
     Aegis Realty, a geographically diversified real estate investment trust,
 has property holdings in 15 states. The Company's current portfolio includes
 direct or indirect interests in 28 neighborhood shopping centers, two garden
 apartment complexes and one participating Federal Housing Administration (FHA)
 co-insured mortgage loan.
 
     Certain items in this press release may constitute forward-looking
 statements within the meaning of the Private Litigation Reform Act of 1995 and
 as such may involve known and unknown risks, trends, uncertainties and other
 factors which may cause the actual results, performance or achievements
 expressed or implied by such forward-looking statements.  Among those risks,
 trends and uncertainties are the general economic climate; the supply of and
 demand for shopping center properties; interest rate levels; the availability
 of financing; and other risks associated with the development and acquisition
 of properties; the failure of Aegis stockholders to approve the consolidation
 and the risk that the businesses will not be integrated successfully.
 Additional factors that could cause Aegis' results to differ materially from
 those described in the forward-looking statements can be found in the 2000
 Annual Report on Form 10-K and the proxy statement which will be delivered to
 stockholders as part of the approval process.  The Company expressly disclaims
 any obligation or undertaking to release publicly any updates or revisions to
 any forward-looking statements contained herein to reflect any changes in the
 Company's expectations with regard thereto or change in events, conditions or
 circumstances on which any such statement is based.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X11098442
 
 

SOURCE Aegis Realty Inc.
    NEW YORK, April 20 /PRNewswire Interactive News Release/ -- Aegis Realty
 Inc., ("Aegis"), (Amex:   AER), today provided the following update on the
 status of the acquisition transaction it previously announced on
 December 21, 2000 with P.O'B. Montgomery & Company and its investment partners
 ("POB").
     Aegis originally expected to close the acquisition transaction in late
 Spring 2001, subject to stockholder approval.  Certain stockholders have
 raised concerns about the transaction.  Aegis is currently considering those
 concerns and is engaged in discussions with POB, which may or may not result
 in material changes to the transaction as previously announced.
     The POB transaction is subject to the approval of Aegis' stockholders and
 customary conditions.  No assurances can be given that the transaction will
 close nor is there any assurance that the transaction will be restructured, or
 if restructured, that it will address the previously expressed concerns of
 certain stockholders.
     Aegis Realty, a geographically diversified real estate investment trust,
 has property holdings in 15 states. The Company's current portfolio includes
 direct or indirect interests in 28 neighborhood shopping centers, two garden
 apartment complexes and one participating Federal Housing Administration (FHA)
 co-insured mortgage loan.
 
     Certain items in this press release may constitute forward-looking
 statements within the meaning of the Private Litigation Reform Act of 1995 and
 as such may involve known and unknown risks, trends, uncertainties and other
 factors which may cause the actual results, performance or achievements
 expressed or implied by such forward-looking statements.  Among those risks,
 trends and uncertainties are the general economic climate; the supply of and
 demand for shopping center properties; interest rate levels; the availability
 of financing; and other risks associated with the development and acquisition
 of properties; the failure of Aegis stockholders to approve the consolidation
 and the risk that the businesses will not be integrated successfully.
 Additional factors that could cause Aegis' results to differ materially from
 those described in the forward-looking statements can be found in the 2000
 Annual Report on Form 10-K and the proxy statement which will be delivered to
 stockholders as part of the approval process.  The Company expressly disclaims
 any obligation or undertaking to release publicly any updates or revisions to
 any forward-looking statements contained herein to reflect any changes in the
 Company's expectations with regard thereto or change in events, conditions or
 circumstances on which any such statement is based.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X11098442
 
 SOURCE  Aegis Realty Inc.