Simon Holdings, Inc.

LINDEN, NJ, JULY 12, 2002-- Michael Simon, President of Simon Holdings, Inc., has historically maintained a low profile, preferring to let the performance of the investment firm's portfolio speak for itself. Having reached near 100% occupancy at all of the firm's office, industrial and multi-family properties, Simon Holdings has announced it is now targeting new acquisitions in the New Jersey and Pennsylvania marketplace.

In making this announcement, Michael Simon commented that current market conditions represent a scenario for cautious acquisitions. "Market fundamentals are at a point where investing in multi-tenant commercial and residential properties has become highly attractive for investors. We believe that opportunities exist to couple today's favorable financing with 'old-fashioned' value-added management. Our firm has recently raised a significant amount of new capital that will enable us to close quickly on future deals that meet our investment criteria."

The firm focuses on acquisitions in the $2 million to $15 million range and has the in-house resources to acquire, develop and manage its own properties. Simon Holdings' current portfolio includes such residential properties as Keyport Village in Keyport, New Jersey and Atlantic Village in Atlantic Highlands, New Jersey; West End Apartments in Bethlehem, Pennsylvania; and office/industrial parks in Union, Essex and Mercer Counties in New Jersey.

Founded by Michael Simon in 1993, Simon Holdings, Inc. is a privately-held real estate investment, development and management company. The firm's investors include a very prestigious group of private, high net worth individuals, companies and institutions. Simon Holdings has a successful track record of targeting value-added office, industrial, multi-family and specialty real estate investments in New Jersey and Pennsylvania.