NRT Acquires 100th Company; Reaches Impressive Milestone in Less Than Two Years

Business Wire, August 25, 1999

PARSIPPANY, N.J.--(BUSINESS WIRE)--Aug. 25, 1999--

NRT Incorporated, the nation's leading residential real estate brokeragE company, today announced the acquisition of its 100th company, Papagno Real Estate.

Papagno, which has 35 sales associates and two offices in South Easton and Taunton, MA, generated gross commission income of $3 million last year. The firm will be merged with NRT's Boston-based Coldwell Banker Hunneman metro operating company.

Incorporated in August of 1997, NRT started out with a core of 370 offices previously owned by the Coldwell Banker Corporation. One month later, NRT acquired its first regional brokerage operation, Cornish & Carey, an 18-office Northern California company. Over the past 23 months, it has continued to acquire companies at a pace of almost one a week with the firms purchased ranging in size from one office to 70 offices.

Commenting on the passing of such a major milestone, NRT President and CEO Bob Becker said, "Large or small, every quality real estate firm that has joined our family has made a unique contribution to our evolving culture and our unwavering commitment to excellence. As our 100th company, Papagno stands as a shining symbol of the contributions that all of those companies before it have made to our continuing success."

Collectively, the 100 firms have added over 340 offices, 8,300 sales associates and $1.3 billion in Gross Commission Income to NRT.

NRT Incorporated has over 700 offices and 32,000 sales associates in 21 metropolitan markets nationwide and posted pro forma 1998 sales volume in excess of $84 billion. NRT is a joint venture between Cendant Corporation (NYSE: CD) and Apollo Management L.P. NRT companies do business under the ERA(R), COLDWELL BANKER(R) and CENTURY 21(R) brand names.