DALLAS, Aug. 6, 1999 (PRIMEZONE) -- American Realty Trust, Inc. (NYSE:ARB); NRLP Management Corp., the general partner of National Realty, L.P. (ASE: NLP); Continental Mortgage and Equity Trust (NASDAQ: CMETS); Transcontinental Realty Investors, Inc. (NYSE: TCI) and Income Opportunity Realty Investors, Inc. (ASE: IOT) jointly announced Friday that Randall M. Paulson has resigned as an officer of the real estate company, the general partner of NLP and the three real estate investment trusts.
Paulson served as executive vice president of American Realty Trust since January 1995, as president of the general partner of NLP since January 1998 and as president of the three REITs, Transcontinental, Continental and Income Opportunity, since August 1995. He has served as president of Basic Capital Management, the advisor to the five public entities, since August 1995.
Paulson is expected to remain at his posts until mid October while the companies conduct a search.
American Realty Trust is a real estate investment company and National Realty, L.P. is a master limited partnership. Continental Mortgage and Equity Trust, Transcontinental Realty Investors, Inc. and Income Opportunity Realty Investors, Inc. are real estate investment trusts. Based in Dallas, the five operate nationwide and are advised by Basic Capital Management, Inc.