AMC Delancey Group Concludes Banner Year in 2004; National Real Estate Investment Company Continues Aggressive Expansion.

PHILADELPHIA -- AMC Delancey Group, Inc., a Philadelphia-based national real estate investment company, concluded a year of notable accomplishments in 2004. The private real estate investment firm, which was founded by Kenneth P. Balin almost 13 years ago, successfully engineered several significant transactions in this past year by remaining focused on its strategic business plan.

In 2004, AMC Delancey continued to expand its national market coverage by taking a long-term perspective to real estate investing and delivering exceptional risk adjusted returns to a select group of private investors and operating partners. Kenneth P. Balin, President and CEO of AMC Delancey Group, stated, "In 2004, AMC Delancey concluded one of our strongest years. This remarkable feat was made possible based largely on the outstanding team we have assembled, consisting of over 20 extremely talented professionals. Our ability to strategically align our interests with a highly select group of operating partners committing upwards of several hundred million dollars in new investments differentiates our organization in the industry. At AMC Delancey, we remain focused on applying our patient capital to targeted areas where we can create excellent upside potential. In 2005, we plan to continue to identify strategic operating partners in the office, retail, industrial, hotel and multi-family markets across the United States and consistently source value-added opportunities."

Highlights recorded by AMC Delancey include:

A[paragraph]   AMC Delancey announced a multi-million dollar expansion at its
    Gettysburg Village Factory Stores in Gettysburg, Pa. that will add
    dozens of new stores, as well as a state-of-the-art, nine-screen
    movie theater and TGI Fridays restaurant. This multi-faceted
    200,000-square-foot Phase II expansion is expected to commence in
    the second quarter of 2005, and the movie theater is anticipated
    to open in the late winter of 2005.

A[paragraph]   AMC Delancey and Paramount Hotel Group of Fairfield, NJ, formed a
    strategic joint venture and acquired the Southpoint Hotel, a 167
    guest room full service hotel located in Jacksonville, FL,
    transformed it into the new Radisson Hotel, Jacksonville - Butler
    and reopened it in early December of 2004. The hotel is located
    within a major suburban office market south of downtown
    Jacksonville and is just 11 miles from ALLTEL Stadium, home of the
    Jacksonville Jaguars and Super Bowl XXXIX, which this year will be
    host to the Philadelphia Eagles.

A[paragraph]   AMC Delancey, along with its joint venture partner Metro
    Commercial Real Estate, closed on the acquisition of Rosemore
    Shopping Center, an 87,000-square-foot neighborhood shopping
    center located in Hatboro, Pa., for a total of $5.85 million. AMC
    Delancey plans to reposition the shopping center through a
    substantial capital improvement program.

A[paragraph]   AMC Delancey and Ross Development & Investment of Bethesda, Md.,
    formed a strategic joint venture acquiring West Deer Park
    Apartments, a 198-unit multi-family apartment community located in
    Gaithersburg, Md. The partnership with Ross was AMC Delancey's
    first joint venture in the Washington, D.C. area. AMC Delancey and
    Ross plan to spend more than $2.7 million renovating the property,
    re-positioning it in the Gaithersburg market and holding the
    investment for the long term.

A[paragraph]   AMC Delancey acquired a 32,100-square-foot industrial building
    located at 10830 Train Court in Houston, Texas.

A[paragraph]   AMC Delancey closed on the sale of Princeton Meadows Shopping
    Center located in Plainsboro, N.J. for $10 million to Princeton
    Meadows Holdings, LLC, after a seven-year hold during which AMC
    Delancey repositioned and stabilized the property.

A[paragraph]   Taking advantage of strong market demand for rental conversions in
    Philadelphia, AMC Delancey sold The Awnings apartment complex
    located at 50 - 56 North Front Street in Philadelphia, Pa. for
    $3.7 million. AMC Delancey bought the 28,000-square-foot
    multi-family complex in 1995 and was able to bring the complex to
    full occupancy through a targeted leasing program.

A[paragraph]   AMC Delancey sold two additional apartment buildings in
    Philadelphia, Pa.: Sedgley Commons in the Brewerytown section of
    Philadelphia and Pineview Apartments at 13th and Pine Streets,
    home to the infamous Dirty Frank's Bar. The properties represent a
    total of 42 apartments and 4 commercial units.

A[paragraph]   Taking advantage of competitive market conditions, AMC Delancey
    refinanced two of its portfolio apartment buildings: the Towne
    House Apartments & Suites at 660 Boas Street in Harrisburg and the
    Mulberry Court Apartments at 225 Arch Street in Philadelphia. The
    refinancing totaled $11.8 million.

A[paragraph]   AMC Delancey refinanced one of its more important assets in 2004:
    the 105,000-square-foot Cast Iron Building located at 718 Arch
    Street in Philadelphia, Pa., totaling $5.5 million. AMC Delancey
    bought the building, which serves as the company's corporate
    headquarters, in 1996.

A testament to AMC Delancey Group's dedication to its employees and attention to detail, the company was named a finalist as one of the Best Places to Work in the Greater Philadelphia region by the Philadelphia Business Journal, and received a commercial Beautification Award for outstanding landscaping and appearance for Cedar Run Corporate Center located at 901 East 8th Avenue in King of Prussia, Pa.

Founded by Kenneth P. Balin in 1992, AMC Delancey Group, Inc. is a long-term investor in real estate that invests directly and with a select group of local real estate operating partners throughout the United States. Headquartered in Philadelphia, Pennsylvania, the Company targets value-added investment opportunities in the multi-family, office, industrial, hotel and retail sectors. AMC Delancey is planning approximately $500 million in new investments over the next several years and continues to seek long-term relationships with strategic real estate operating partners in new markets. For more information on AMC Delancey Group, visit www.amcdelancey.com.