Exhibit 99.1
KRANZCO, CV REIT COMPLETE MERGER,
REORGANIZATION TRANSACTIONS
PLYMOUTH MEETING, PA, JUNE 16, 2000 - CV Reit and Kranzco Realty Trust
today announced the completion of the merger and reorganization approved by
shareholders at special meetings held on June 6, 2000. As a result, the
businesses of the two community shopping center real estate investment trusts
have been combined into a new entity, Kramont Realty Trust, an umbrella
partnership REIT.
Kranzco and CV Reit common shareholders will receive one common share of
Kramont in exchange for each of their common shares of Kranzco and CVV Reit.
Each Kranzco preferred share will convert into one preferred share of
Kramont, with the same rights. The common shares of Kramont will begin
trading on the New York Stock Exchange on Monday, June 19, 2000 under the
Kranzco symbol: KRT. Kramont Realty Trust is a self-administered, self-
equity UPREIT specializing in neighborhood and community shopping center
acquisition, leasing, development and management. Kramont owns and operates
90 properties encompassing approximately 12 million square feet of leasable
space in 16 states. Detailed information regarding Kramont Realty Trust 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
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
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