Raymour & Flanigan Furniture and Ross Dress for Less Replace Bradlees At Kramont's Whitehall Square, Whitehall, PA; Revitalized Center Now Virtually 100% Leased

Business Wire, March 30, 2001

Business Editors

PLYMOUTH MEETING, Pa.--(BUSINESS WIRE)--March 30, 2001

Kramont Realty Trust (NYSE:KRT), a real estate investment trust, today reported that Raymour & Flanigan Furniture and Ross Dress For Less will occupy the 83,700 square foot former Bradlees store at Whitehall Square, Whitehall, PA.

Raymour & Flanigan, one of the Northeast's fastest growing retailers of brand name furniture and accessories, will open a 54,717 square foot store in mid-April, 2001, joining Ross Dress For Less, a major off-price retailer offering first quality name-brand and designer apparel, accessories and footwear for the entire family, which opened its 28,983 square foot store on October 7, 2000.

Whitehall Square is a 298,000 square foot community shopping center anchored by The Sports Authority, Kid's `R' Us and Phar-Mor Drugs.

Louis P. Meshon, Sr., president and chief executive officer of Kramont, said: "These two outstanding retailers are welcome additions to our growing roster of tenants who provide the products and services most in demand by consumers. The Bradlees store lease was guaranteed and rent was being paid by Stop and Shop, which sub-leased the store to our new tenants and paid for renovations to the space. While this did not directly generate additional revenues for Kramont, occupancy of the space has revitalized the center, expanding its market reach and attracting three more high quality, well known national companies. Dollar Tree Stores, the nation's leading discount variety store offering merchandise at $1; Lucille Roberts, a leading women's health club chain; and Cellular One, a major wireless communications provider have leased an aggregate of nearly 25,000 square feet, increasing annual rental income by about $200,000. As a result, Whitehall Square is now nearly 100 percent leased."

Kramont Realty Trust is a self-administered, self-managed equity real estate investment trust specializing in neighborhood and community shopping center acquisition, leasing, development and management. The company owns and operates 89 properties encompassing approximately 12 million square feet of leasable space in 16 states.

Detailed information regarding Kramont Realty Trust and its properties can be found on its World Wide Web site at http://www.kramont.com.

Certain matters within this press release are discussed using forward-looking language as specified in the Private Securities Litigation Reform Act of 1995, and, as such, may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those projected in the forward-looking statement.