<PAGE>
MID-AMERICA REALTY INVESTMENTS, INC.
11506 NICHOLAS STREET, SUITE 100
OMAHA, NEBRASKA 68154
July 14, 1998
Dear Fellow Stockholder:
We have previously mailed to you proxy materials dated July 1, 1998 relating to
the Mid-America Realty Investments, Inc. Special Meeting of Stockholders to be
held on August 5, 1998.
According to our latest records, we have not yet received your voting
instructions. The Merger with Bradley Real Estate, Inc. described in the Proxy
Statement requires the affirmative vote of two-thirds of the outstanding shares
of Mid-America Common Stock, so regardless of the number of shares you own, it
is important that they are represented at the Meeting. If you haven't yet sent
in your voting instructions, please take a moment to sign, date and mail the
enclosed form promptly in the postage-paid return envelope provided for your
convenience.
FOR THE REASONS SET FORTH IN THE PROXY STATEMENT, YOUR BOARD OF DIRECTORS
BELIEVES THE MERGER AND THE MERGER AGREEMENT ARE IN THE BEST INTERESTS OF THE
COMPANY AND ITS STOCKHOLDERS AND RECOMMENDS THAT YOU VOTE TO APPROVE THE MERGER
AND THE MERGER AGREEMENT.
- --------------------------------------------------------------------------------
YOUR VOTE IS IMPORTANT
----------------------
PLEASE KEEP IN MIND THAT
NOT VOTING WILL HAVE THE SAME EFFECT AS A VOTE AGAINST
THE MERGER
PLEASE RETURN THE ENCLOSED PROXY CARD TODAY
-------------------------------------------
IF YOU HAVE ANY QUESTIONS OR REQUIRE ASSISTANCE IN VOTING YOUR SHARES, PLEASE
CONTACT D.F. KING & CO., WHICH IS ASSISTING US IN THIS MATTER. ALSO, IF YOU
REQUIRE AN ADDITIONAL COPY OF THE PROXY STATEMENT, PLEASE CALL D. F. KING &
CO. AT THE FOLLOWING NUMBER.
TOLL-FREE: 1-800-669-5550
- --------------------------------------------------------------------------------
If you have already mailed your vote, please disregard this letter and accept
our thanks.
Very truly yours,
Jerome L. Heinrichs
Chairman of the Board and
Chief Executive Officer
<PAGE>
MID-AMERICA REALTY INVESTMENTS, INC.
11506 NICHOLAS STREET, SUITE 100
OMAHA, NEBRASKA 68154
July 14, 1998
Dear Fellow Stockholder:
We have previously mailed to you proxy materials dated July 1, 1998 relating to
the Mid-America Realty Investments, Inc. Special Meeting of Stockholders to be
held on August 5, 1998.
According to our latest records, we have not yet received your proxy. The
Merger with Bradley Real Estate, Inc. described in the Proxy Statement requires
the affirmative vote of two-thirds of the outstanding shares of Mid-America
Common Stock, so regardless of the number of shares you own, it is important
that they are represented at the Meeting. If you haven't yet sent in your
proxy, please take a moment to sign, date and mail the enclosed form promptly in
the postage-paid return envelope provided for your convenience.
FOR THE REASONS SET FORTH IN THE PROXY STATEMENT, YOUR BOARD OF DIRECTORS
BELIEVES THE MERGER AND THE MERGER AGREEMENT ARE IN THE BEST INTERESTS OF THE
COMPANY AND ITS STOCKHOLDERS AND RECOMMENDS THAT YOU VOTE TO APPROVE THE MERGER
AND THE MERGER AGREEMENT.
- --------------------------------------------------------------------------------
YOUR VOTE IS IMPORTANT
----------------------
PLEASE KEEP IN MIND THAT
NOT VOTING WILL HAVE THE SAME EFFECT AS A VOTE AGAINST
THE MERGER
PLEASE RETURN THE ENCLOSED PROXY CARD TODAY
-------------------------------------------
IF YOU HAVE ANY QUESTIONS OR REQUIRE ASSISTANCE IN VOTING YOUR SHARES, PLEASE
CONTACT D.F. KING & CO., WHICH IS ASSISTING US IN THIS MATTER. ALSO, IF YOU
REQUIRE AN ADDITIONAL COPY OF THE PROXY STATEMENT, PLEASE CALL D. F. KING & CO.
AT THE FOLLOWING NUMBER.
- --------------------------------------------------------------------------------
TOLL-FREE: 1-800-669-5550
If you have already mailed your vote, please disregard this letter and accept
our thanks.
Very truly yours,
Jerome L. Heinrichs
Chairman of the Board and
Chief Executive Officer
