First Union Real Estate Investments Announces First Quarter Dividends.

Business Editors

NEW YORK--(BUSINESS WIRE)--Feb. 9, 2000

First Union Real Estate Investments (NYSE:FUR) announced that the Board of Trustees declared quarterly dividends of $0.525 per share for its Series A Cumulative Preferred Shares and $0.155 per share for its Common Shares.

Both dividends are payable April 28, 2000 to shareholders of record at the close of business on March 31, 2000.

The Preferred Share dividend is the regular quarterly dividend. The Common Share dividend is the continuation of the Board's planning for the Company to distribute dividends in order to meet the real estate investment trust qualification requirements provided in the Internal Revenue Code.

Certain statements contained in this news release that are forward-looking are based on current expectations that are subject to a number of uncertainties and risks, and actual results may differ materially. The uncertainties and risks include, but are not limited to, changes in market activity, changes in local real estate conditions and markets, actions by competitors, interest rate movements and general economic conditions. Further information about these matters can be found in the information included in the Annual Report filed by the Company with the SEC on Form 10K/A.

First Union Real Estate Equity and Mortgage Investments is a NYSE-listed stapled-stock real estate investment trust (REIT) headquartered in New York, New York.