First Union Real Estate Equity and Mortgage Investments Increases Consideration Payable in Connection With the Proposed Merger W

First Union Real Estate Equity and Mortgage Investments Increases
Consideration Payable in Connection With the Proposed Merger With Atlantic
Realty Trust 


BOSTON, April 19  /PRNewswire-FirstCall/ -- First Union Real Estate Equity and
Mortgage Investments  has notified Atlantic Realty Trust  that it has increased
the consideration payable in connection with its proposed merger of Atlantic
Realty with and into First Union to $19.25 in cash or 0.8 preferred shares of
beneficial interest of First Union, in each case per common share of Atlantic
Realty, subject to certain conditions.

For additional information with respect to the proposed merger, reference is
made to the Amendment to the Schedule 13D filed today by First Union with the
Securities and Exchange Commission.

Certain statements contained in this press 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.  Further information about
these matters and the risks generally with respect to First Union can be found
in First Union's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q
filed with the Securities and Exchange Commission.

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

DATASOURCE: First Union Real Estate Equity and Mortgage Investments



CONTACT:  Carolyn Tiffany, Chief Operating Officer, [phone]

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