Kramont Realty Trust Announces Closing On Sale Of 2.3 Million Common Shares To Cohen & Steers
 

PLYMOUTH MEETING, PA, May 16, 2002 -- Kramont Realty Trust (NYSE:KRT) a neighborhood and community shopping center real estate investment trust, today announced that it has closed on the sale of 2.3 million of its common shares to clients of Cohen & Steers Capital Management, Inc. for net proceeds of approximately $31.3 million. Kramont Realty Trust is a self-administered, self-managed equity real estate investment trust specializing in neighborhood and community shopping center acquisitions, leasing, development and management. The company owns, operates, manages and has under development 88 properties encompassing approximately 11.6 million square feet of gross leasable space in 16 states. Detailed information regarding Kramont and its properties can be found on its World Wide Web site at http://www.kramont.com.

This press release contains certain forward-looking statements within the meaning of the Securities Act of 1933, as amended. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. Risks and other factors that might cause such a difference include, but are not limited to, the effect of economic and market conditions; risks that the Company's acquisition and development projects will fail to perform as expected; cost overruns and delays on expansion and development projects; financing risks, such as the inability to obtain debt or equity financings on favorable terms; the level and volatility of interest rates; loss or bankruptcy of one or more of the Company's major retail tenants; failure of the Company's properties to generate additional income to offset increases in operating expenses and loss of interest income and failure to consummate a strategic transaction, as well as other risks listed from time to time in the Company's reports filed with the Securities and Exchange Commission or otherwise publicly disseminated by the Company.
 

CONTACT:
Louis P. Meshon, Sr.
(610) 825-7100
lmeshonsr@kramont.com

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Kramont Realty Trust's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.

SOURCE: Kramont Realty Trust Press Release