REIT REPORT.

APARTMENT INVESTMENT AND MANAGEMENT COMPANY (AIMCO) (NYSE: AIV), Denver, Colorado, has announced that it will issue AIMCO Common Stock as consideration in the previously announced merger between AIMCO and INSIGNIA PROPERTIES TRUST (IPT). IPT controls 121 real estate limited partnerships totaling 339 properties containing approximately 70,000 apartment units. AIMCO, with 36 regional operating centers, holds a geographically diversified portfolio of apartment communities, operating approximately 2,150 properties, including approximately 380,000 apartment units.

SUMMIT PROPERTIES INC. (NYSE: SMT), Charlotte, North Carolina, will hold its annual meeting for shareholders of record on Tuesday, May 11, 1999 at 1:00 p.m. at Two First Union Center, 301 South Tryon Street, 12th Floor, Charlotte, North Carolina. All shareholders are invited to attend. The company currently owns or holds an ownership interest in 69 communities comprised of 18,064 apartment homes with an additional 2, 133 apartment homes under construction in nine new communities.

WALDEN RESIDENTIAL PROPERTIES, INC. (NYSE: WDN), Dallas, Texas, has announced a dividend of $0.4825 per share of common stock, a dividend of $0.5725 per share of the company's 9.16 percent Series B cumulative redeemable preferred stock, and a dividend of $0.575 per share on the company's senior preferred stock. Walden owns and manages 155 properties with 42,432 apartment units serving middle-income residents.

PENNSYLVANIA REAL ESTATE INVESTMENT TRUST (NYSE: PEI), Philadelphia, has announced a quarterly cash dividend of $0.47 per share payable. This dividend payment will be PEI's 88th consecutive distribution since its initial dividend paid in August of 1962. Throughout its history, the company has never omitted or reduced a shareholder dividend. The Trust, founded in 1960 and one of the first equity REITs in the U.S., invests in apartment communities with 7,243 units in the eastern United States.