<PAGE>

                                POWER OF ATTORNEY

         The undersigned Chairman of the Board of Trustees of The Town and
Country Trust (the "Trust"), a Maryland real estate investment trust, which
anticipates filing with the Securities and Exchange Commission, Washington,
D.C., under the provisions of the Securities Exchange Act of 1934, as
amended, an Annual Report on Form 10-K for the Trust's fiscal year ended
December 31, 1999, hereby constitutes and appoints HARVEY SCHULWEIS and JAMES
H. BERICK, and each of them, with full power of substitution and
resubstitution, as attorneys or attorney to sign for the undersigned and in
my name, place and stead, as Trustee of said Trust, said Annual Report and
any and all amendments and exhibits thereto, and any and all applications and
documents to be filed with the Securities and Exchange Commission pertaining
to such Annual Report, with full power and authority to do and perform any
and all acts and things whatsoever requisite, necessary or advisable to be
done in the premises, as fully and for all intents and purposes as the
undersigned could do if personally present, hereby approving the acts of said
attorney, and any such substitute.

         IN WITNESS WHEREOF, I have hereunto set my hand this 2nd day of
February, 2000.

                                          /s/ Alfred Lerner
                                          ------------------------------------
                                          Alfred Lerner

<PAGE>

                                POWER OF ATTORNEY

         The undersigned Trustee of The Town and Country Trust (the "Trust"),
a Maryland real estate investment trust, which anticipates filing with the
Securities and Exchange Commission, Washington, D.C., under the provisions of
the Securities Exchange Act of 1934, as amended, an Annual Report on Form
10-K for the Trust's fiscal year ended December 31, 1999, hereby constitutes
and appoints ALFRED LERNER, HARVEY SCHULWEIS and JAMES H. BERICK, and each of
them, with full power of substitution and resubstitution, as attorneys or
attorney to sign for the undersigned and in my name, place and stead, as
Trustee of said Trust, said Annual Report and any and all amendments and
exhibits thereto, and any and all applications and documents to be filed with
the Securities and Exchange Commission pertaining to such Annual Report, with
full power and authority to do and perform any and all acts and things
whatsoever requisite, necessary or advisable to be done in the premises, as
fully and for all intents and purposes as the undersigned could do if
personally present, hereby approving the acts of said attorney, and any such
substitute.

         IN WITNESS WHEREOF, I have hereunto set my hand this 2ND day of
February, 2000.

                                          /s/ H. Grant Hathaway
                                          ------------------------------------
                                          H. Grant Hathaway





<PAGE>

                                POWER OF ATTORNEY

         The undersigned Trustee of The Town and Country Trust (the "Trust"),
a Maryland real estate investment trust, which anticipates filing with the
Securities and Exchange Commission, Washington, D.C., under the provisions of
the Securities Exchange Act of 1934, as amended, an Annual Report on Form
10-K for the Trust's fiscal year ended December 31, 1999, hereby constitutes
and appoints ALFRED LERNER and HARVEY SCHULWEIS, and each of them, with full
power of substitution and resubstitution, as attorneys or attorney to sign
for the undersigned and in my name, place and stead, as Trustee of said
Trust, said Annual Report and any and all amendments and exhibits thereto,
and any and all applications and documents to be filed with the Securities
and Exchange Commission pertaining to such Annual Report, with full power and
authority to do and perform any and all acts and things whatsoever requisite,
necessary or advisable to be done in the premises, as fully and for all
intents and purposes as the undersigned could do if personally present,
hereby approving the acts of said attorney, and any such substitute.

         IN WITNESS WHEREOF, I have hereunto set my hand this 2ND day of
February, 2000.

                                          /s/ James H. Berick
                                          ------------------------------------
                                          James H. Berick

<PAGE>

                                POWER OF ATTORNEY

         The undersigned Trustee of The Town and Country Trust (the "Trust"),
a Maryland real estate investment trust, which anticipates filing with the
Securities and Exchange Commission, Washington, D.C., under the provisions of
the Securities Exchange Act of 1934, as amended, an Annual Report on Form
10-K for the Trust's fiscal year ended December 31, 1999, hereby constitutes
and appoints ALFRED LERNER, HARVEY SCHULWEIS and JAMES H. BERICK, and each of
them, with full power of substitution and resubstitution, as attorneys or
attorney to sign for the undersigned and in my name, place and stead, as
Trustee of said Trust, said Annual Report and any and all amendments and
exhibits thereto, and any and all applications and documents to be filed with
the Securities and Exchange Commission pertaining to such Annual Report, with
full power and authority to do and perform any and all acts and things
whatsoever requisite, necessary or advisable to be done in the premises, as
fully and for all intents and purposes as the undersigned could do if
personally present, hereby approving the acts of said attorney, and any such
substitute.

         IN WITNESS WHEREOF, I have hereunto set my hand this 24th day of
February, 2000.

                                          /s/ Milton A. Wolf
                                          ------------------------------------
                                          Milton A. Wolf