CHICAGO, Jan. 19 /PRNewswire/ -- Banyan Strategic Realty Trust
(Nasdaq: BSRTS) today declared a quarterly cash distribution of
$.03 cents per share for the fourth quarter ended December 31, 2000. The
distribution is payable February 28, 2001 to shareholders of record as of
January 29, 2001.
The $.03 per share distribution reflects a $.09 decrease from the
$.12 distribution in each of the prior eleven quarters. The Trust had
distributed $.10 per share in each quarter from September, 1990, to December,
1997. The decrease, according to the Trust, is directly attributable to a
$1.4 million cash outlay during the quarter for tenant improvements
necessitated primarily by the execution of major leases at the Trust's
Colonial Penn Building in Tampa, Florida and the Lexington Business Center in
Kentucky. Upon commencement of the lease terms, the occupancy at the Colonial
Penn Building will increase from 72 percent to 100 percent and the occupancy
of the Lexington Business Center will increase from 69 percent to 84 percent.
The $1.4 million tenant improvement expense in the fourth quarter equaled the
Trust's tenant improvement costs for the prior three quarters combined.
Banyan adopted a Plan of Liquidation on January 8, 2001 and announced, on
the same date, that it had entered into a definitive agreement to sell all of
its real estate assets to Denholtz Management Corporation at a price of
$226 million. The contract is subject to the completion of due diligence
scheduled for March 30, 2001. Because the announced distribution follows the
formal adoption of a Plan of Liquidation, the distribution will be treated as
a return of capital to shareholders.
Commenting on the fourth quarter distribution and the Denholtz
transaction, the Trust's Interim President and CEO L.G. Schafran stated, "The
buyer's due diligence is well underway and we continue to anticipate a
late-April closing and a significant liquidating distribution soon thereafter.
Our ability to make the liquidating distribution depends, however, upon the
closing of the Denholtz transaction. In the meantime, although less than in
prior quarters, we are making this fourth quarter distribution in recognition
of our prior commitment to distribute to the shareholders as much as is
prudent at the end of each quarter. We will continue to review our
distributions on a quarterly basis."
Banyan Strategic Realty Trust is an equity Real Estate Investment Trust
(REIT) that owns primarily office and flex/industrial properties. The
properties are located in certain major metropolitan areas of the Midwest and
Southeastern United States, including Atlanta, Georgia and Chicago, Illinois,
and smaller markets such as Huntsville, Alabama; Louisville, Kentucky;
Memphis, Tennessee; and Orlando, Florida. The Trust's current portfolio
consists of 27 properties totaling 3.5 million rentable square feet. As of
this date the Trust has 14,282,640 shares of beneficial interest outstanding.
Except for the historical information contained herein, certain matters
discussed in this release are forward-looking statements, the achievement of
which involve risks and uncertainties such as the closing of the Denholtz
transaction and other risks and uncertainties that are detailed from time to
time in our reports filed with the Securities and Exchange Commission,
including the report on Form 10-K for the year ended December 31, 1999 and in
the "Management's Discussion and Analysis of Financial Condition and Results
of Operations" section which was included in our Form 10-Q for the quarter
ended September 30, 2000 which was filed with the Securities and Exchange
Commission on November 14, 2000. Without limitation the foregoing, words such
as "anticipates", "expects", "intends", "plans", and similar expressions are
intended to identify forward-looking statements.
See Banyan's Website at http://www.banyanreit.com .
For further information regarding Banyan free of charge via fax, dial
1-800-PRO-INFO and enter BSRTS .
SOURCE Banyan Strategic Realty Trust
 back to top
Related links:
http://www.banyanreit.com
CONTACT:
Robert G. Higgins, Vice President, General
Counsel, 312-683-5539, or bhiggins@banyanreit.com, or Investor
Relations, L.G. Schafran, Chairman and Interim CEO-President,
312-683-5525, or ir@banyanreit.com, both of Banyan Strategic
Realty Trust
|
