DLC Realty Trust, Inc. ("DLC") today filed a registration statement on Form S-11 with the Securities and Exchange Commission ("SEC") regarding a proposed initial public offering of its common stock. DLC is a vertically integrated, self-administered and self-managed real estate investment trust ("REIT") formed to continue and expand the 19-year old business of DLC Management Corporation and its related entities (the "DLC Companies") by consolidating the DLC Companies and the 86 grocery-anchored and value-focused open air shopping centers held by the DLC Companies and their investors.

DLC intends to list its common stock on the New York Stock Exchange under the symbol "DLC." BofA Merrill Lynch and Barclays Capital are acting as the joint book-running managers for the proposed offering.

The offering will be made only by means of a prospectus. Copies of the preliminary prospectus for the offering, when available, may be obtained by contacting: BofA Merrill Lynch, Attention: Preliminary Prospectus Department, 4 World Financial Center, New York, NY 10080, email: prospectus.requests@ml.com or Barclays Capital Inc. c/o Broadridge Integrated Distribution Services, 1155 Long Island Avenue, Edgewood, NY 11717, email: Barclaysprospectus@broadridge.com.

A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state of jurisdiction.

About DLC Realty Trust, Inc.

DLC Realty Trust, Inc. is a vertically integrated, self-administered and self-managed REIT that has been formed to continue and expand the historical business of the DLC Companies. Upon completion of the proposed offering, DLC will own 86 grocery-anchored and value focused open air shopping centers located primarily in the Southeast, Northeast, Midwest and Mid-Atlantic United States and comprising in the aggregate approximately 13.4 million square feet of gross leasable area.

Forward-Looking Statements

Certain statements in this announcement are "forward-looking statements." Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. You can identify forward-looking statements by the use of forward-looking terminology such as "believes," "expects," "may," "will," "should," "seeks," "approximately," "intends," "plans," "pro forma," "estimates," "contemplates," "aims," "continues," "would" or "anticipates" or the negative of these words and phrases or similar words or phrases. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: the effect of the credit crisis on general economic, business and financial conditions, and changes in DLC's industry and changes in the real estate markets in particular; use of proceeds of the proposed offering; general volatility of the capital and credit markets and the market price of DLC's common stock; changes in DLC's business strategy; defaults on, early terminations of or non-renewal of leases by tenants; bankruptcy or insolvency of a major tenant or a significant number of smaller tenants; increased interest rates and operating costs; declining real estate valuations and impairment charges; availability, terms and deployment of capital; DLC's failure to obtain necessary outside financing; DLC's expected leverage; decreased rental rates or increased vacancy rates; DLC's failure to generate sufficient cash flows to service its outstanding indebtedness; difficulties in identifying properties to acquire and completing acquisitions; risks of real estate acquisitions, dispositions and redevelopment, including the cost of construction delays and cost overruns; DLC's failure to successfully operate acquired properties and operations; DLC's projected operating results; DLC's ability to manage its growth effectively; DLC's failure to successfully redevelop properties; estimates relating to DLC's ability to make distributions to its stockholders in the future; impact of changes in governmental regulations, tax law and rates and similar matters; DLC's failure to qualify or maintain its qualification as a REIT; future terrorist attacks in the U.S.; environmental uncertainties and risks related to natural disasters; lack or insufficient amounts of insurance; financial market fluctuations; availability of and our ability to attract and retain qualified personnel; conflicts of interest with DLC's senior management team; DLC's understanding of its competition; changes in real estate and zoning laws and increases in real property tax rates; and DLC's ability to comply with the laws, rules and regulations applicable to companies and, in particular, public companies. You should not place undue reliance on any forward-looking statements, which are based only on information currently available to DLC. DLC undertakes no obligation to publicly release any revisions to such forward-looking statements to reflect events or circumstances after the date of this announcement, except as required by applicable law.

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