<PAGE>   1
                                                                 Exhibit 24


                                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, 1996, 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 15th day of
January, 1997.

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



<PAGE>   2


                                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, 1996, 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 15th day of
January, 1997.

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



<PAGE>   3





                                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, 1996, 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 15th day of
January, 1997.

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