Realty Income Corporation Realty Income is an equity REIT company whose shares trade on the New York Stock Exchange under the symbol "O". The company was formed in 1969 to acquire and own freestanding, single tenant, retail property leased to regional and national retail chains. By purchasing the retail store locations of regional and national chain store operators and then leasing the property back to them, Realty Income provides retailers with the financial resources for expansion. The leases are long term, triple-net agreements wherein the retailer leases the property for 10-15 years and pays for all of the operating and maintenance expenses.

Currently, Realty Income owns and actively manages a portfolio of 770 commercial properties located in 42 states. The portfolio is diversified by retail industry and geographic location and the company's acquisition and investment activities are concentrated in highly specific target markets. Realty Income focuses on middle-market retailers providing goods and services which satisfy basic human needs and are used by consumers every day. Today the company is the nation's largest publicly traded owner of freestanding, single-tenant, retail properties diversified by industry, tenant and geographic location and operated under net lease agreements.

The company's strategy is to continue to grow through an active acquisitions program and through the strategic management of its portfolio of properties. Supporting the pace of acquisitions are in-house retail and real estate research which enable Realty Income to undertake analysis on individual industries, retail chains and property opportunities in a timely and efficient manner. The company has five senior acquisition officers covering the country in specific geographic regions in order to provide a rapid response to investment opportunities. This proactive strategy positions Realty Income to continue to support its goal for long-term growth -- a goal which has successfully sustained the company throughout its 28-year history.

Under the leadership of its new chief executive officer, Thomas A. Lewis, Realty Income continues to record positive financial results and record acquisitions for the first half of 1997. The company is committed to the active growth of its real estate portfolio thereby providing attractive total returns to shareholders. During 1997, three new industries -- book stores, office supplies and pet supplies -- and seven new retail chains -- Quick Trip Convenience Stores, Barnes & Noble, Aaron Rents, Linens 'N Things, Office Max, Staples and Petco -- were added to Realty Income's portfolio of properties.

With strong results in the first half of 1997, Realty Income continues to diversify its real estate portfolio and revenue base. A highly focused strategy and ready access to capital as a publicly traded company has lead to consistent performance for the company in recent years, and diversification, combined with growing acquisition opportunities, should translate into strong financial performance and solid long-term returns to investors.

REALTY INCOME CORPORATION 220 West Crest Street Escondido, CA 92025 Phone: 760-741-2111 Fax: 760-741-2235 E-mail: teremiller@aol.com Contact Person: Tere Miller, director, corporate communications and investor relations

Simon DeBartolo Group, Inc. Simon DeBartolo Group is a self-administered real estate investment trust publicly traded over the New York Stock Exchange under the symbol "SPG". The company represents the merger of two of the shopping center industry's most recognized and respected names in what is considered the largest transaction in the history of retail real estate. Considered the largest public real estate operating company in North America, the Simon DeBartolo Group has a total market capitalization of nearly $10 billion.

Simon DeBartolo Group now owns 7 percent of all regional malls in the United States and is the largest landlord of most national department stores and specialty retailers. The company currently owns or has an interest in 186 properties which consist of existing regional malls, community shopping centers and specialty and mixed-use properties containing an aggregate of 114 million sq. ft. of gross leasable area (GLA) in 33 states. The company, together with its affiliated management company, currently manages approximately 130 million sq. ft. of GLA in retail and mixed-use properties.

Simon DeBartolo Group owns and manages The Forum Shops at Caesars in Las Vegas, and its affiliated management company manages Mall of America in Bloomington, Minn.

During 1996, Simon DeBartolo expanded its portfolio by more than 3 million sq. ft. with the opening of three new projects: Cottonwood Mall in Albuquerque, N.M.; Ontario Mills in Ontario, Calif.; and Indian River Mall in Vero Beach, Fla.

New construction is still in full swing, with The Source under way in Westbury, Long Island, featuring Fortunoff as its anchor. The Source will open in September 1997 as will a major expansion of The Forum Shops at Caesars. Indian River Commons, a community center adjacent to Indian River Mall, opened its doors for the first time in March of this year.

In a period of consolidation within the REIT industry, Simon DeBartolo, under the direction of CEO David Simon, will continue to grow its business through pursuit of new development opportunities, redevelopment of existing assets and additional strategic acquisition activity, with the goal of maintaining its position as a dominant force in the shopping center industry.

SIMON DEBARTOLO GROUP, INC. National City Center P.O. Box 7033 Indianapolis, IN 46207 Phone: 317-636-1600 Media Relations Contact Person: Billie J. Scott Investor Relations Contact Person: Shelly J. Doran

Podolsky Northstar Realty Partners, LLC Podolsky Northstar Realty Partners, LLC (formerly Podolsky and Associates) is represented by seven principals. Randy D. Podolsky, managing partner, along with Mark B. Goode, Steven J. Goode, Lynn E. Kunde, Richard G. Levy, John G. Musgjerd and Steven H. Podolsky, have joined together to create a strong presence in the national and global commercial real estate marketplace.

Podolsky Northstar Realty Partners provides commercial real estate services including industrial property brokerage; office property brokerage; investment property brokerage; asset, property and facilities management; exclusive tenant representation; national/international acquisition and disposition; receiverships and REO workouts; and development and design/build construction.

Largely focused on investment property transactions and general brokerage services, the firm is involved in $300-$500 million per year in commercial real estate transactions. In addition, the firm currently manages approximately 9.5 million sq. ft. of commercial real estate. Podolsky Northstar recently acquired the entire commercial management portfolio of Benj. E. Sherman & Sons and entered the Chicago CBD property management arenas.

Podolsky Northstar's core strength lies in its ability to broker, lease and manage office, industrial and investment properties, receivership and REO properties and properties owned by its principals. The firm has developed more than 6 million sq. ft. of industrial and office properties, including the 1.2 million sq. ft., Class-A Westbrook Corporate Center office campus in West-chester, Ill. The complex recently was sold to Beacon Properties Corp. through an UPREIT transaction.

Significant to Podolsky Northstar's success is it extensive REIT and UPREIT experience. The firm's principals and investment key members have completed dozens of REIT transactions, including seven UPREIT deals. The company's transactions include 207 buildings, more than 17 million sq. ft. and almost $700 million of value. The company currently is selling $24 million in properties for Equity Office and First Industrial. Parties involved in Podolsky Northstar's REIT/UPREIT transactions have included First Industrial, CarrAmerica, Beacon Properties Corp., Ashley Capital and Security Capital.

PODOLSKY NORTHSTAR REALTY PARTNERS LLC One Westbrook Corporate Center/Suite 400 Westchester, IL 60154 Phone: 708-531-8200 Contact Person: Randy D. Podolsky, managing partner

First Union Real Estate Investments Founded in 1961, First Union Real Estate Investments (NYSE:FUR), is a real estate investment trust (REIT) that has a unique "staple stock" structure with its management company. It specializes in owning real estate which, when combined with the management-related operating business, maximizes intrinsic asset value and total return to shareholders.

The Trust features a unique "stapled stock" structure which enables it to purchase and manage real estate asset classes, that have additional profit opportunities from related operating businesses.

During 1996, the Trust with two joint venture partners purchased a $312 million portfolio of nine southwestern U.S. retail malls. In 1997, the Trust acquired Imperial Parking Limited ("Impark") from ONEX Corp., a Canadian investment company. Impark is one of the largest parking management companies in North America. The acquisition price was $75 million, based on the current rate of exchange.

FIRST UNION REAL ESTATE INVESTMENTS 55 Public Square Cleveland, OH 44113 Phone: 216-781-4030

Arden Realty, Inc. Since 1979, principals of Arden Realty have been leading the commercial real estate investment curve in Southern California with precision timing.

The ability to anticipate the market paid off last fall with a spectacular reception by Wall Street when Arden Realty (NYSE:ARI) was listed on the New York Stock Exchange. The company completed a successful initial public offering in October with a portfolio of 24 high-quality suburban office properties encompassing over four million sq. ft. and about $500 million in balance sheet capitalization. Since that time, chairman and CEO Richard Ziman and president and COO Victor Coleman, backed by an experienced management team, have continued to apply their entrepreneurial vision to California's strong emerging economy with an aggressive acquisition campaign that has added more than 29 properties in 19 more submarkets. Currently, Arden is among the largest of Southern California's office landlords with 53 properties, 81 buildings and more than 8.4 million sq. ft. in its portfolio. In July, Arden completed a successful secondary offering that raised net proceeds of approximately $341 million -- a clear signal that the comp any continues to retain the confidence of a national investor base.

Industry observers also have noted that Arden is making strides on the property management side -- a key factor in positioning the company for long-term growth. Since January, the property operations and leasing division, lead by executive vice president Andrew Sobel, has leased more than 700,000 sq. ft., including more than 400,000 sq. ft. to new tenants and over 300,000 in renewals. The company's diverse tenant roster includes a wide range of Southern California's leading growth sectors: finance and investment services, technology, media and entertainment, hospitality, communications, aerospace and a variety of professional services. Six of Arden's tenants were recently listed among the fastest-growing companies in Los Angeles.

The size and location of the company's portfolio has enabled Arden to implement an effective consolidated management approach in which asset and property managers oversee several properties within a designated submarket. In addition, Andrew Sobel's seasoned management team brings valuable experience to the task at hand: an average of 10 years industry experience for each asset manager and approximately 12 years top leasing experiences for regional leasing managers Robert Peddicord and Molly Hobin.

ARDEN REALTY INC. 9100 Wilshire Boulevard East Tower, Suite 700 Beverly Hills, CA 90212 Phone: 310-271-8600 Fax: 310-274-6218

CALI Realty Corporation The past year has been a time of explosive growth for Cali Realty Corp. (NYSE:CLI). These 12 months saw Cali achieve its goals of increasing its dominating presence in New Jersey and solidifying its position as the premier super-regional REIT of the Northeast. This trend culminated with the August 1997 announcement of the largest private-to-public transaction in REIT history -- a merger with The Mack Co. and Patriot American Office Group, which upon completion will create Mack-Cali, one of the largest REITs in the country with a market capitalization of $3.3 billion.

In engineering some of the largest real estate transactions to date, Cali has been a leader in the consolidation of the real estate industry. Cali's strategy of purchasing superior management teams along with high-quality assets has enabled the company to grow quickly but strategically, entering new markets without compromising Cali's "hands-on" familiarity with its markets.

This strategy was never more evident than in Cali's two biggest deals to date.

In January 1997 Cali acquired the Robert Martin Group, the dominant real estate company in Westchester County, New York and Fairfield County, Connecticut. This $440 million transaction added more than 4 million sq. ft. to Cali's property portfolio, positioned Cali to benefit from growth opportunities presented by a market of more than 250 million contiguous square feet of office space throughout New Jersey, Pennsylvania, Connecticut and New York, and immediately strengthened Cali's status as a super-regional REIT of the Northeast. In August 1997 Cali entered into its largest transaction in company history. The proposed merger with The Mack Co. and Patriot American Office Group will nearly double the square footage of Cali's property portfolio, create a real estate giant in New Jersey and the Northeast and add significant holdings in the Southwest, and positions the new Mack-Cali as one of the largest REITs in the country.

Under the direction of chief executive officer, Thomas A. Rizk, who has led the company since its 1994 initial public offering, Cali has become one of the fastest-growing REITs in the country. With the completion of the merger, the company will have increased its properties more than 14 times, from 13 to 185 buildings, and its square footage more than eight times, from 2.3 million to over 21 million sq. ft.

Cali, upon completion of the Mack-Cali merger, will operate in 10 states with a dominant presence in the Northeast market and significant holdings in the Southwest.

Mack-Cali will be the single largest owner of office space in New Jersey, with more than 11 million sq. ft., or 8 percent of all total office space. Mack-Cali's office and office/flex properties in the Northeast, including properties in New Jersey, New York, Pennsylvania and Connecticut, will number 159 buildings totaling more than 17 million sq. ft. Mack-Cali will have a strong presence in Texas, with 17 office properties totaling almost 2.5 million sq. ft. and will own more than 600,000 sq. ft. of office space in Arizona. Mack-Cali's holdings outside the Northeast will include properties in six states -- Texas, Arizona, Florida, California, Nebraska, and Iowa -- and comprise more than 4 million sq. ft., or 19 percent of the company's total portfolio.

Cali has been one of the country's top-performing REITs, generating a total return of more than 155 percent since the company went public just three years ago.

Cali Realty, to be renamed Mack-Cali Realty upon completion of the merger, plans to aggressively leverage its increased size and scope, and its track record and extensive network of relationships, to identify and capitalize on exciting opportunities for growth in core markets across the United States.

CALI REALTY CORP. 11 Commerce Drive Cranford, NJ 07016 Phone: 908-272-8000 Fax: 908-272-6755 Web Site: www.calirealty.com

TriNet Corporate Realty Trust Founded more than 10 years ago, TriNet is currently the largest public REIT specializing in the acquisition and management of office and industrial properties triple-net leased to major corporations throughout the United States. The company's portfolio consists primarily of properties that are important to the ongoing operations of the tenants, such as corporate headquarters and strategic distribution facilities. As of June 30, 1997, TriNet owned 97 properties located in 25 states and 100 percent leased to 68 companies. Most of TriNet's rental revenue comes from high-quality tenants, such as AlliedSignal, AT&T, Federal Express, IBM, Lever Brothers, Lucent, Microsoft, NIKE and TRW.

TriNet has a $200 million unsecured revolving credit facility which allows it to rapidly fund acquisitions. In addition, TriNet's investment grade corporate ratings and strong balance sheet position the company to rapidly access low cost debt and equity capital from a variety of sources.

Investment Strategy With more than a decade of experience, TriNet has developed a successful investment strategy that provides creative real estate solutions for corporations nationwide. TriNet has three primary acquisition strategies:

Purchase/Leasebacks In a typical purchase/leaseback transaction, TriNet acquires a corporation's property and leases it back subject to a long-term (5-20 years), triple-net lease. The transaction enables the seller to redeploy capital invested in real estate while continuing to occupy the property, at its election, on a long-term basis.

Properties Subject to Existing Net Leases These transactions involve acquiring a property already subject to an existing lease. TriNet typically acquires properties subject to long-term net leases; however, the company has the flexibility to consider properties with shorter lease terms than many institutional property buyers are willing to accept. In addition, TriNet's national presence gives it the ability to purchase a multi-state portfolio which regionally focused buyers would not consider. TriNet also can structure stock-for-property exchanges or tax-deferred down-REIT transactions, and has the ability to purchase portfolios of up to $500 million.

Build-To-Suits TriNet actively works with corporations, developers, and contractors through the various stages of the build-to-suit process. Whether it involves structuring the lease and/or providing the capital resources in a timely manner, TriNet has the technical expertise, real estate experience, and financial flexibility to provide corporations and builders with certainty of fundings. Moreover, the company's substantial financial resources and national presence allow it to work on multi-property and multi-location development programs.

TRINET CORPORATE REALTY TRUST 4 Embarcadero Center, Suite 3150 San Francisco, CA 94111 NYSE Symbol: TRI Phone: 415-391-4300 Fax: 415-391-6259 Website: http://www.tricorp.com Contact Person: Elizabeth Drucker, assistant vice president, investor relations

Deloitte & Touche LLP Deloitte & Touche LLP is a leading professional services firm with a national network of more than 20,000 professionals in more than 100 U.S. cities. Offering a full range of accounting, auditing, tax and management consulting services, Deloitte & Touche's global network includes more than 63,000 people in 125 countries, providing the resources needed to meet any client challenge.

Deloitte & Touche Real Estate Services is comprised of 400 partners and managers dedicated to serving real estate capital providers, underwriters, investors, developers, owners, commercial and residential brokers, management and leasing companies, corporate real estate and government agencies. Over the last decade, the practice has seen consistent growth with the service lines dedicated to corporate real estate and capital markets growing by more than 30 percent per year over the past two years. This trend is expected to continue as public interest and scrutiny continues to be directed toward real estate capital markets and as corporate real estate assets become more significant to shareholder value.

The practice is global in scope and includes all types of property, debt and equity positions, securities and complex property analysis and valuation interests. This diversity provides Deloitte & Touche with a uniquely balanced perspective on today's marketplace and valuable resources for serving the industry.

Deloitte & Touche has been the accountant of record for a number of ground-breaking REIT transactions. In this dramatically changing market, those considering forming a REIT will require an experienced firm to serve as its auditors, tax advisors and consultants -- a firm that can field a service team with expertise, outstanding technical skills and sound business judgement. In the last 10 years, Deloitte & Touche has been involved in leading REIT transactions that have been models for others.

DELOITTE & TOUCHE LLP Richard G. Carlson 180 North Stetson Avenue Chicago, IL 60601 Hotline: 888-367-1412 General Fax: 312-946-2600 E-mail: rcarlson@dttus.com

Wheat First Butcher Singer Developed in 1934 as a one-man investment firm named for its founder, James C. Wheat Sr., Wheat First Butcher Singer currently operates 125 offices nationwide with client assets of more than $30 billion. The firm, which is owned by its 2,900 employees, provides financial advice, securities brokerage, investment banking and asset-management services to individual and institutional investors worldwide. Wheat First has memberships in NASDAQ and the New York, American, Chicago, Philadelphia and Boston stock exchanges.

The United States was in the throes of the Depression when J.C. Wheat & Co. opened its doors in Richmond, Va. on New Year's Day 1934. In 1945, as World War II was ending, James C. Wheat Jr. joined his father's firm and, until his death in 1992, helped transform the four-man securities company into one of the country's leading financial-services firms. Jim Wheat fostered growth by expanding brokerage, investment banking and asset-management services and by merging with respected partners. He enlarged the Wheat & Co. corporate family through the 1971 merger with First Securities to form Wheat, First Securities Inc.

Jim Wheat stepped down in 1986, and his successors further expanded the firm in 1988 by merging with Philadelphia-based Butcher & Singer, a securities firm established in 1910. In 1996, the firm's board of directors named Mark M. Gambill president of the broker/dealer and Lewis C. Everett vice chairman.

Under the leadership of its current management team, Wheat First continues to expand the services it provides. The firm acquired the assets of Butcher & Singer, a Philadelphia-based brokerage firm, in 1988 and later adopted the trade name Wheat First Butcher Singer for its broker/dealer subsidiary, Wheat, First Securities Inc. Today the firm operates three primary business units: the Private Client Group and Capital Markets (both within Wheat First Butcher Singer) and Mentor Investment Group.

Revenues in fiscal year 1996-97 were $494 million, with a compounded annual growth in revenue over the last five years of 18 percent.

For more than 60 years, the primary objective at Wheat First has been quality -- quality service aimed at building the net worth of clients, quality people to develop sound ways to achieve its clients' investment objectives, and quality management to inspire excellence and pride in performance.

WHEAT FIRST BUTCHER SINGER Riverfront Plaza 901 East Byrd Street Richmond, VA 23219 Phone: 800-627-8625 Web Site: www.wheatfirst.com

Crescent Real Estate Equities Company Crescent Real Estate Equities Co. (CEI:NYSE) is one of the largest publicly held U.S. real estate investment trusts specializing in office properties. The company owns premier assets currently concentrated in select markets in Texas and Colorado. Crescent also has made strategic investments in San Francisco, San Diego, Phoenix, Albuquerque and Omaha. As of December 31, 1996, the company owned 16.3 million square feet of space in 53 office properties.

Additionally, Crescent has taken advantage of favorable opportunities to invest in several luxury resorts, top-ranked destination health and fitness spas, full-service hotels and upscale single-family residential developments. And just this past summer, the company's activity included: acquisition of 87 behavioral healthcare facilities from Magellan Health Services; acquisition of the Woodlands Corp., in partnership with Morgan Stanley Real Estate Fund II L.P.; and the $148 million direct placement of 4.7 million shares of common stock to an affiliate of the Union Bank of Switzerland.

In its first two and a half years, Crescent purchased $1 billion in real estate assets. Over the same period, the company increased its annual dividend 32 percent while its share price appreciated 111 percent, making it one of the best performing REITs in the country.

The company's share price appreciated by 55 percent in 1996, with a 61 percent total return to shareholders.

Crescent's investment principles follow a focused plan predicated on identifying those cities which are expected to outperform the national averages for office employment growth and, thereby, demand for office space. Within those cities, the company targets those submarkets demonstrating continual attraction for tenants. The final step involves identifying the highest quality properties in that submarket to target for purchase.

When Crescent has established its position, the goal is to own as much of the quality office product in targeted markets as possible. This strategy invariably produces greater investment returns due to Crescent's acquired leverage over a market. When the company is able to dominate an area due to a preponderance of acquisitions, it usually can influence the rental rates. In the Dallas suburbs of Las Colinas and Far North Dallas, the company owns a majority of the office space, and was therefore able to initiate a 25 percent and 30 percent hike in rental rates, respectively, during an 18-month period.

Crescent's investment philosophy emphasizes choice assets with long-term cash flow growth rather than an indiscriminately chosen, countrywide portfolio. Due to the company's extensive relationships in the real estate and financial community, its proactive acquisition approach, and its ability to creatively structure complex financial transactions, Crescent can locate and take advantage of a wide variety of potential acquisitions.

CRESCENT REAL ESTATE EQUITIES CO. 777 Main Street, Suite 2100 Fort Worth, TX 76102-5331 Phone: 817-877-0477 Fax: 817-878-0429