Cornerstone Realty Announces Resignation of Debra A. Jones and Succession of David L. Carneal as Chief Operating Officer.

Business Editors

RICHMOND, Va.--(BUSINESS WIRE)--April 1, 2004

Cornerstone Realty Income Trust, Inc. (NYSE: TCR) announced today that Debra A. Jones, executive vice president and co-chief operating officer, has resigned to spend more time with her family and pursue other interests.

"On behalf of the board of directors, management and all associates of Cornerstone, I want to thank Debbie Jones for her many contributions to Cornerstone over the years. We wish her much success in her future endeavors. Debbie has been an invaluable asset to the company since its founding more than 10 years ago, and we thank her for helping us successfully grow the company to the size and stature that it enjoys today," said Glade M. Knight, chairman and chief executive officer.

Cornerstone also announced that David L. Carneal, executive vice president and co-chief operating officer, will be chief operating officer of the company. Carneal joined Cornerstone in 1996 and in December 2003 he was promoted to executive vice president and co-chief operating officer. Prior to joining Cornerstone, he served in executive management positions with various property management companies, including Trammell Crow Residential. Carneal is a graduate of the University of Virginia.

Cornerstone Realty Income Trust, Inc. (NYSE:TCR) is a fully integrated, self-managed and self-advised real estate company that has operated as a real estate investment trust (REIT) since 1993. The company focuses on the ownership and management of multifamily communities in select markets in Virginia, North Carolina, South Carolina, Georgia and Texas. Currently Cornerstone owns 89 apartment communities with 23,329 units, a third-party property management business, apartment land under development, and ownership interests in two real estate joint ventures. Cornerstone is headquartered in Richmond, Virginia and its common stock trades on the New York Stock Exchange under the symbol "TCR." For more information about Cornerstone, visit the company's web site at www.cornerstonereit.com.