Following tax law changes that
modernized restrictions on REITs, the
company ends its advisory relationship
with Merrill Lynch, becomes
self-administered and changes its name
to HRE Properties. Many assets are sold
back to tenants, and the number of
properties owned by the company is
reduced to 26.

Urstadt is named non-executive
Chairman of the Board of Directors, and
the company moves its headquarters
from Merrill Lynch’s downtown offices to
530 Fifth Avenue in Manhattan