<PAGE>
MID-AMERICA REALTY INVESTMENTS, INC.
11506 NICHOLAS STREET, SUITE 100
OMAHA, NEBRASKA 68154
July 21, 1998
Dear Fellow Stockholder:
We have recently mailed to you proxy materials relating to the Mid-America
Realty Investment, Inc. Special Meeting of Stockholders to be held on August 5,
1998. The Special Meeting is scheduled for the purpose of voting on the merger
of Mid-America into Bradley Real Estate, a New York Stock Exchange real estate
investment trust ("symbol: BTR"). The Board of Directors believes the Merger and
the Merger Agreement are in the best interest of Mid-America and its
stockholders and recommends that you vote to approve the Merger and the Merger
Agreement. As described more fully in the proxy materials, the Board believes
the transaction has the following advantages:
. STRATEGIC FIT: During the past year, the Mid-America Board of
-------------
Directors considered various strategic alternatives, including
potential business combinations with other third parties, and
determined that the merger with Bradley was the most beneficial
strategic alternative for Mid-America and its stockholders.
. OPPORTUNITY FOR GROWTH: The Merger provides you with the opportunity
----------------------
to be an equity owner in Bradley, an owner and operator of 63 shopping
centers in 12 states. Since January 1, 1997, Bradley has acquired 36
shopping centers aggregating over 4.5 million square feet. From July
1, 1996 to July 17, 1998, Bradley's common stock price has also risen
55% from $14.50 to $22.50 per share.
. CONVERSION PREMIUM: The conversion price of the Bradley 8.4% Series A
------------------
Convertible Preferred Stock is $24.49 compared to a $22.50 price of
Bradley Common Stock on July 17, 1998, representing a conversion
premium of 8.8%.
. INCOME: Following the merger, you will receive the same cash amount
------
in dividends on the Series A Preferred Stock as you currently receive
on your Mid-America Common Stock and, in fact, you will receive a
slightly higher pre-tax dollar value on the Series A Preferred Stock.
According to our latest records, we have not 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 share of Mid-America
Common Stock, so regardless of the number of shares you own, it is important
that they are represented at the Special 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.
<PAGE>
- --------------------------------------------------------------------------------
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: 1-800-669-6550
- --------------------------------------------------------------------------------
If you have already mailed your vote, please disregard this letter and
accept our thanks. If not, we thank you for your prompt attention to this
matter.
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 21, 1998
Dear Fellow Stockholder:
We have recently mailed to you proxy materials relating to the Mid-America
Realty Investment, Inc. Special Meeting of Stockholders to be held on August 5,
1998. The Special Meeting is scheduled for the purpose of voting on the merger
of Mid-America into Bradley Real Estate, a New York Stock Exchange real estate
investment trust ("symbol: BTR"). The Board of Directors believes the Merger
and the Merger Agreement are in the best interest of Mid-America and its
stockholders and recommends that you vote to approve the Merger and the Merger
Agreement. As described more fully in the proxy materials, the Board believes
the transaction has the following advantages:
. STRATEGIC FIT: During the past year, the Mid-America Board of Directors
-------------
considered various strategic alternatives, including potential
business combinations with other third parties, and determined that
the merger with Bradley was the most beneficial strategic alternative
for Mid-America and its stockholders.
. OPPORTUNITY FOR GROWTH: The Merger provides you with the opportunity to
----------------------
be an equity owner in Bradley, an owner and operator of 63 shopping
centers in 12 states. Since January 1, 1997, Bradley has acquired 36
shopping centers aggregating over 4.5 million square feet. From July
1, 1996 to July 17, 1998, Bradley's common stock price has also risen
55% from $14.50 to $22.50 per share.
. CONVERSION PREMIUM: The conversion price of the Bradley 8.4% Series A
------------------
Convertible Preferred Stock is $24.49 compared to a $22.50 price of
Bradley Common Stock on July 17, 1998, representing a conversion
premium of 8.8%.
. INCOME: Following the merger, you will receive the same cash amount in
------
dividends on the Series A Preferred Stock as you currently receive on
your Mid-America Common Stock and, in fact, you will receive a
slightly higher pre-tax dollar value on the Series A Preferred Stock.
According to our latest records, we have not 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 share
of Mid-America Common Stock, so regardless of the number of shares you own, it
is important that they are represented at the Special 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.
<PAGE>
- --------------------------------------------------------------------------------
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: 1-800-669-6550
- --------------------------------------------------------------------------------
If you have already mailed your vote, please disregard this letter and
accept our thanks. If not, we thank you for your prompt attention to this
matter.
Very truly yours,
Jerome L. Heinrichs
Chairman of the Board and
Chief Executive Officer
