The Town and Country Trust Announces Nonrecurring Severance Charge

Apr 04, 2001, 01:00 ET from The Town and Country Trust

    BALTIMORE, April 4 /PRNewswire/ -- The Town and Country Trust (NYSE:   TCT)
 a self-administered and self-managed multifamily real estate investment trust,
 today announced that it will take a nonrecurring severance charge against
 first quarter 2001 earnings of approximately $3.3 million or $.18 per share.
 The charge is related to the departure of two senior executives, Chief
 Operating Officer Michael Rosen and Senior Vice President Jennifer Munch, and
 the resignation of another non-executive officer.  All changes are effective
 immediately.  Harvey Schulweis, President and Chief Executive Officer of the
 Trust has assumed Mr. Rosen's responsibilities on an interim basis.  The
 company has commenced a search for a chief financial officer.
 
     Management's Comments
     We highly value the significant contribution that all of our employees
 have made to help shape The Town and Country Trust into the successful company
 it has become.  We are especially appreciative of the contributions of Mr.
 Rosen and Mrs. Munch and the fact that they have made their services available
 to the Trust during the transitional period.
     The Town and Country Trust is a real estate investment trust that owns and
 manages 15,237 units in 42 multifamily properties in the mid-Atlantic and
 Southeast states.  The Town and Country Trust pays an annualized dividend of
 $1.72 per share.
     Additional information regarding The Town and Country Trust can be found
 on the Trust's Web site at www.tctrust.com .
 
 

SOURCE The Town and Country Trust
    BALTIMORE, April 4 /PRNewswire/ -- The Town and Country Trust (NYSE:   TCT)
 a self-administered and self-managed multifamily real estate investment trust,
 today announced that it will take a nonrecurring severance charge against
 first quarter 2001 earnings of approximately $3.3 million or $.18 per share.
 The charge is related to the departure of two senior executives, Chief
 Operating Officer Michael Rosen and Senior Vice President Jennifer Munch, and
 the resignation of another non-executive officer.  All changes are effective
 immediately.  Harvey Schulweis, President and Chief Executive Officer of the
 Trust has assumed Mr. Rosen's responsibilities on an interim basis.  The
 company has commenced a search for a chief financial officer.
 
     Management's Comments
     We highly value the significant contribution that all of our employees
 have made to help shape The Town and Country Trust into the successful company
 it has become.  We are especially appreciative of the contributions of Mr.
 Rosen and Mrs. Munch and the fact that they have made their services available
 to the Trust during the transitional period.
     The Town and Country Trust is a real estate investment trust that owns and
 manages 15,237 units in 42 multifamily properties in the mid-Atlantic and
 Southeast states.  The Town and Country Trust pays an annualized dividend of
 $1.72 per share.
     Additional information regarding The Town and Country Trust can be found
 on the Trust's Web site at www.tctrust.com .
 
 SOURCE  The Town and Country Trust