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WP Realty's Rapid Growth Prompts Promotions and Additions

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WP Realty announced today several promotions among senior management:

Bryan S. Weingarten has been named Chief Executive Officer. Weingarten, a co- founder of WP Realty, was formerly the Companyís President. In his new role, he will devote his time toward managing the Companyís strategic direction and continued rapid growth.

Randall C. Stein has been named President. Stein, a co-founder of WP Realty, was formerly the Companyís Executive Vice President. In his new role, Stein will direct the Companyís Capital Transactions Group and oversee all daily operations.

Jerry Rosenberg, Esquire, Senior Vice President and General Counsel, who oversees the Companyís Legal Department, will assume the added responsibility of overseeing all of the Companyís development activities, including directing the Companyís Development Department. Mr. Rosenberg, who joined the Company in 1998, has more than 20 years of experience in the real estate industry.

Thomas R. Pisano has been promoted to Senior Vice President of Property Management and Construction. Mr. Pisano was previously Vice President of Property Management. In his expanded role, Mr. Pisano will assume the added responsibility of overseeing the Companyís construction activities, including directing the Companyís Construction Department. Mr. Pisano, who has been with the Company since 1996, has more than 25 years of experience in the real estate industry.