FOR IMMEDIATE RELEASE
June 26, 2000
MGI PROPERTIES ("MGI")
UPDATES STATUS OF SALE AGREEMENT
BOSTON, MASSACHUSETTS. . . .W. Pearce Coues, Chairman of the Board
of Trustees of MGI Properties (NYSE:MGI), stated that the previously announced
agreement to sell two of its three remaining properties, an office building and
an adjacent property, both located in Tampa, Florida, has been terminated. Mr.
Coues also stated that MGI has entered into an agreement to sell the one other
property owned by MGI, a shopping center located in Temple Terrace, Florida. The
sale agreement is subject to the customary terms and conditions for transactions
of this type, including, among other things, the respective purchaser's
satisfactory completion of due diligence, engineering and environmental
inspections, and approval of titles and surveys. Accordingly, there can be no
assurance that this sale will be successfully completed.
# # #
For further information contact:
Phillip C. Vitali, Executive Vice President and Treasurer (617) 248-2300
This Press Release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. These forward-looking statements are dependent
on a number of factors which could cause actual results to differ materially
from those expressed or implied in the forward-looking statements. Such factors
include, among other things, the risks of future action or inaction by the Board
of Trustees with respect to the Plan of Liquidation (and the actual results
thereof), including the possibility of litigation pertaining thereto; the net
realizable value of and the timing of the sales of the Trust's remaining
properties during the course of the liquidation; the amount and timing of
liquidating distributions; changes in national and local economic and financial
market conditions, as well as those factors set forth in MGI's Form 10-K for the
year ended November 30, 1999, including those set forth under "Forward-Looking
Statements," "Other" and Item 1 - "Adoption and Implementation of Liquidation
Plan," and the Form 10-Q for the quarter ended February 29, 2000.
