KRANZCO PRESS RELEASE
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FOR IMMEDIATE RELEASE                            CONTACT: NORMAN M. KRANZDORF
                                                 (610) 941-9292
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FROM:    L.B.STAUFFER, Sr. VP
         Bill Gordon, Sr. VP
         Porter, LeVay & Rose, Inc.
         (212) 564-4700

                                                         FOR IMMEDIATE RELEASE

                       KRANZCO ANNOUNCES POSTPONEMENT OF
                    EXCHANGE OFFER AND NAI RECAPITALIZATION


         CONSHOHOCKEN, PA, Sept. 10 - Kranzco Realty Trust (NYSE:KRT),
announced today that it is extending the expiration date of its previously
announced offer to exchange $8,000,000 of convertible subordinated notes for
80 percent of the issued and outstanding stock of New America Network, Inc.
(NAI) until December 31, 1998. The company stated that "in light of the recent
material disruptions to the securities markets, it would be impracticable at
this time to consummate the Exchange Offer and the related transactions, which
included Kranzco distributing 70.2 percent of NAI's outstanding common stock
to its shareholders, and NAI launching a rights offering and a concurrent
offering of common stock to NAI's network of independently owned, licenced
real estate brokers."

         Kranzco announced that the record date for Kranzco's planned
distribution of NAI common stock to Kranzco's shareholders, which had been set
as September 4, 1998, has been canceled. Kranzco will announce a new record
date for the distribution at a later date.






         Kranzco Realty Trust is a publicly-owned, self-administered,
self-managed real estate investment trust whose objective is to increase
shareholder value through enhancing leasing revenues, expanding and renovating
existing properties, and acquiring attractive properties with the potential
for growth and greater profitability. Kranzco owns and operates 58
neighborhood and community shopping centers with more than 7.6 million square
feet of gross leasable area in 16 states.

         NAI operates a network of independently owned, licensed real estate
brokers throughout the United States and, more recently, abroad. NAI, directly
and through its Broker Members, provides commercial real estate brokerage
services to local, regional, national and international businesses.

         Detailed information regarding Kranzco and its properties can be
found on its World Wide Web site at http://www.krt.com.

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1998


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