TCT Town & Country Trust

The Town and Country Trust Sells Charlotte Apartment Community BALTIMORE, Aug. 5 /PRNewswire-FirstCall/ -- The Town and Country Trust (NYSE:TCT), a real estate investment trust (REIT), today announced that it has sold The Fairington Apartments in Charlotte, North Carolina for $18.5 million. The 250 unit community was built in 1982 and was originally acquired by the Company in September, 1998. The sale of The Fairington completes the Company's strategic exit from the Charlotte, North Carolina market. Proceeds from the sale are expected to be used for new acquisitions, improvements to existing properties, and general corporate purposes. The Town and Country Trust is a multifamily real estate investment trust that owns and operates 13,065 apartment homes in 38 communities in the Mid-Atlantic and Florida. With the exception of historical information, the matters herein contain forward-looking statements that are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Management cautions that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied. Examples of such factors that could result in such differences include but are not limited to: interest rate fluctuations; competition for tenants; changes in the Company's capacity to acquire additional apartment properties and any changes in the Company's financial condition or operating results due to an acquisition of additional apartment properties; local economic and business conditions, including without limitation, conditions which may affect public securities markets generally, the real estate investment trust industry, or the markets in which the Company's apartment properties are located, and other factors referred to in the Company's periodic and other reports filed with the Securities and Exchange Commission. DATASOURCE: The Town and Country Trust CONTACT: Thomas L. Brodie, Executive Vice President of The Town and Country Trust, +1-212-407-2161; or Investor Inquiries - Joseph Calabrese of Financial Relations Board, +1-212-445-8434, for The Town and Country Trust Web site: http://www.tctrust.com/

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