EXHIBIT 99






                                CONTACT:    Brenda Abuaf
                                            Director of Shareholder Services
                                            Aegis Realty, Inc.
                                            (800) 831-4826

                                PRESS:      Elisabeth Philippe
                                            Morgen-Walke Associates
                                            (212) 850-5705


                AEGIS REALTY, INC. ADOPTS SHAREHOLDER RIGHTS PLAN

NEW YORK, NY - January 29, 1999 - Aegis Realty, Inc. (AMEX:AER) today announced
that its Board of Directors has unanimously adopted a Shareholder Rights Plan.

The Company reported that it adopted the Plan in order to better protect
shareholders and assure that they receive the full value of their investment in
the event of any proposed takeover of the Company. The Company noted that the
adoption of the Plan was not in response to any specific attempt to acquire
control of the Company and that the Company has no knowledge of any such
interest on the part of any person or entity.

Stuart J. Boesky, a Director, President and Chief Operating Officer of the
Company, commented: "It is the responsibility of our Board of Directors at all
times to preserve and enhance shareholder value. It is not the intention of the
Plan to prevent the acquisition or takeover of the Company at some time in the
future should the Board of Directors determine that such a transaction is in the
best interest of the Company and its shareholders. Rather, the Plan is intended
to help insulate the Company from abusive takeover tactics which are designed to
gain control of the Company without paying a full and fair price to all of the
shareholders."

The Shareholder Rights Plan, which is similar to plans adopted by many other
U.S. companies, strengthens the ability of the Board to assure that the
Company's shareholders receive fair and equal treatment, and to protect the
interests of the Company's shareholders, in the event of an unsolicited offer to
acquire control of the Company. Importantly, it is intended to encourage any
potential acquirer to negotiate the manner and terms of any proposed acquisition
with the Board of Directors.

Terms of the Plan provide for a distribution to common shareholders of record at
the close of business on February 16, 1999 of one Right for each outstanding
share of common stock of the Company. Subject to limited exceptions, the Rights
will be exercisable if a person or group acquires 15% or more of the Company's
common stock or announces a tender offer for 15% or more of the common stock.
Depending on the circumstances, the effect of the exercise of the Rights will be
to permit each holder of a Right to either purchase stock in the Company or
stock of the buyer, at a substantial discount, and, in so doing,




materially dilute the level of ownership of the buyer in the Company. The
Company will be entitled to redeem the Rights at $.01 per Right at any time
before a person has acquired 15% or more of the outstanding common stock. The
Plan will expire on February 16, 2009.

A letter explaining in greater detail the terms of the Plan will be forwarded to
shareholders following the February 16, 1999 record date.

Aegis Realty, a geographically diversified real estate investment trust, has
property holdings in 15 states. The Company's current portfolio includes direct
or indirect interests in 28 neighborhood shopping centers, two garden apartment
complexes and one participating Federal Housing Administration (FHA) co-insured
mortgage loan. Aegis Realty is currently seeking retail acquisitions throughout
the continental United States.

Certain items in this press release may constitute forward-looking statements
within the meaning of the Private Litigation Reform Act of 1995 and as such may
involve known and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements of Aegis Realty to be materially
different from any future results, performance or achievements expressed or
implied by such forward-looking statements. Such forward-looking statements
speak only as of the date of this press release. Aegis Realty expressly
disclaims any obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to reflect any
change in Aegis Realty's expectations with regard thereto or change in events,
conditions or circumstances on which any such statement is based.


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