Evergreen REIT Taken Under American Spectrum's Wing

Evergreen Realty REIT has terminated its prior advisory agreement with Evergreen Realty Advisors and has entered into a new advisory agreement with limited liability company American Spectrum Realty Advisors, a subsidiary of the Houston-based real estate investment and management company American Spectrum Realty Inc. According to American Spectrum, Luke McCarthy and Forbes Burdette have each consensually resigned their positions as members of the board of directors of Evergreen, but will continue to consult with, advise and assist the new board of directors in all REIT matters. William J. Carden and Jonathan T. Brohard of American Spectrum Realty were appointed by the outgoing board of directors to fill vacancies on the Evergreen board. Mr. Carden and Mr. Brohard appointed Morris Cohen to fill the remaining vacancy on the REIT's board and to serve as an independent director to Evergreen. The new board of directors has voted to submit to Evergreen's shareholders for approval a proposal to change the name of Evergreen Realty REIT to American Spectrum REIT I. Pending receipt of such shareholder approval, the board of directors intends to conduct all future REIT business using this new proposed name.