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April 19, 2004 at 12:00 AM EDT

First Union Real Estate Equity and Mortgage Investments Increases Consideration Payable in Connection With the Proposed Merger With Atlantic Realty Trust

First Union Real Estate Equity and Mortgage Investments Increases Consideration Payable in Connection With the Proposed Merger With Atlantic Realty TrustBOSTON, Apr 19, 2004 /PRNewswire-FirstCall via COMTEX/ -- First Union Real Estate Equity and Mortgage Investments (FUR) has notified Atlantic Realty Trust (ATLRS) that it has increased the consideration payable in connection with its proposed merger of Atlantic Realty with and into First Union to $19.25 in cash or 0.8 preferred shares of beneficial interest of First Union, in each case per common share of Atlantic Realty, subject to certain conditions.

For additional information with respect to the proposed merger, reference is made to the Amendment to the Schedule 13D filed today by First Union with the Securities and Exchange Commission.

Certain statements contained in this press release that are forward- looking are based on current expectations that are subject to a number of uncertainties and risks, and actual results may differ materially. Further information about these matters and the risks generally with respect to First Union can be found in First Union's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission.

First Union Real Estate Equity and Mortgage Investments is a NYSE-listed real estate investment trust (REIT) headquartered in Boston, Massachusetts.

SOURCE First Union Real Estate Equity and Mortgage Investments

Carolyn Tiffany, Chief Operating Officer, +1-617-570-4614 (FUR ATLRS)