Stonehaven Realty Trust Announces Operating Results for the Quarter Ended June 30, 2002.

Business Editors

MINNEAPOLIS--(BUSINESS WIRE)--Aug. 13, 2002

Stonehaven Realty Trust (AMEX:RPP) and Stonehaven Technologies, Inc. (Formerly RESoft, Inc.), its wholly owned subsidiary, today announced operating results for the quarter ended June 30, 2002.

Real Estate revenues for the three months ended June 30, 2002 were approximately $347K compared to approximately $348K for the same period last year. Total revenue for the quarter decreased by $829K compared to the same period last year, $813K of which was due to decreased technology revenue. The decrease in technology related revenue was a direct result of the Company's sale of its SmartCabinet Software Code to Stellent, Inc on July 10, 2001.

During the six months ended June 30, 2002, the Company sold 40,000 Stellent Shares at an average price of $31.34 per share. As of June 30, 2002 the Company owns 40,000 common shares of Stellent.

As of June 30, 2002, the Company had total assets of approximately $13.0 million, consisting of approximately $10.4 million of Net Investment in Real Estate, approximately $2.2 million of Cash and Cash Equivalents, and approximately $400,000 of Other Assets.

On July 2, 2002 the Company announced that it had engaged Friedman, Billings, Ramsey & Co. ("FBR"), and AMG Capital, LLC ("AMG) to serve as a financial advisor to the Company and assist with evaluating capital raising and other strategic options.

Outlook for 2002

"We are continuing our efforts with FBR and AMG to leverage our asset base and expand our business operations," said Duane Lund, Chief Executive Officer. "We continue to explore various alternatives, however at this time we cannot provide any assurance that any of the alternatives will be adopted, or if adopted, will be successful. In addition, we may determine not to adopt any additional business initiatives, in which case we will focus on maximizing the value of our existing assets."

2001 Annual Meeting of Shareholders

The Company also announced that it's previously scheduled September 12, 2002 Annual Meeting of Shareholders will be rescheduled to a date later this calendar year. The Company has not set a new date for the Annual Meeting date or the Shareholder Record date.

Sarbanes-Oxley Act of 2002

The Company announced that it has filed the appropriate CEO/CFO certification as required under Section 906 of the Sarbanes-Oxley Act of 2002.

About Stonehaven Realty Trust

Stonehaven Realty Trust is a real estate company separated into two business segments: a commercial real estate segment, which acquires, owns and operates commercial real estate and a technology segment, which through July 10, 2001, provided information technology consulting and document management solutions. As of June 30, 2002, all assets related to our technology segment have been written off. Please visit our website for additional company information: www.stonehavenco.com.

Financials Follow

Certain matters discussed within this press release may be deemed to be forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Stonehaven Realty Trust believes the expectations reflected in such forward looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from Stonehaven's expectations include changes in local or national economic or real estate conditions, expanding a new line of business, customer demand for online services and products, uncertainty of emerging online services, ability to meet competition, loss of existing key personnel ability to hire and retain future personnel and other risks detailed from time to time in the company's SEC reports and filings, including its annual report on Form 10-K, quarterly reports on Form 10-Q and periodic reports on Form 8-K. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

                        Stonehaven Realty Trust
                 Condensed Consolidated Balance Sheet

                                               As of June 30, 2002
Assets:
Investments in real estate, net                   $     10,429,844
Cash, cash equivalents and restricted cash               2,184,047
Marketable securities, net                                 180,000
Other assets                                               185,380
                                                     --------------
Total Assets                                      $     12,979,271
                                                     --------------

Liabilities and Shareholders Equity:
Liabilities:
     Mortgage loans and notes payable             $      6,481,167
     Other liabilities                                   1,032,142
                                                     --------------
Total Liabilities                                        7,513,309
                                                     --------------
Minority interest                                                -
                                                     --------------
Total Shareholders' Equity                               5,465,962
                                                     --------------
Total Liabilities and Shareholders' Equity        $     12,979,271
                                                     ==============


                        Stonehaven Realty Trust
            Condensed Consolidated Statements of Operations

                                               Three months ended
                                                    June 30,
                                                2002           2001
                                                ----           ----
Revenues:
  Rental revenue and tenant
   Recoveries                              $   346,543    $   347,855
  Professional services and sales
   of hardware and software                       --          813,434
  Interest and other                            10,082         24,293
                                           -----------    -----------
Total Revenues:                            $   356,625    $ 1,185,582
                                           -----------    -----------

Expenses:
  Operating expenses                           262,070        619,251
  Depreciation and amortization                 64,471        759,524
  General and administrative                   175,192        560,502
  Product development                             --           63,315
                                           -----------    -----------
Total expenses:                            $   501,733    $ 2,002,592
                                           -----------    -----------
Loss from operations before loss
 allocated to minority interest               (145,108)      (817,010)
Loss allocated to minority interest             17,786         43,756
                                           -----------    -----------
Net loss from operations                      (127,322)      (773,254)
                                           -----------    -----------
Preferred share dividends                     (315,063)      (315,063)
                                           -----------    -----------
Net loss available to Common
 Shareholders                              $  (442,385)   $(1,088,317)
                                           ===========    ===========
Net loss available to Common
 Shareholders per Common Share:
   Basic and Diluted                       $     (0.10)   $     (0.24)
                                           -----------    -----------
Weighted Average Number of Common
 Shares outstanding                          4,517,524      4,517,524
                                           -----------    -----------