CHICAGO, May 14 /PRNewswire/ -- Banyan Strategic Realty Trust
(Nasdaq: BSRTS) announced today that it has postponed its first quarter
conference call, originally scheduled for May 15, 2001, and will reschedule
the call at such time as the closing of its 27-property sale to Denholtz
Management Company is resumed. The closing commenced on May 9, 2001 but was
adjourned pending rating agency approval of the defeasance of Banyan's
securitized debt. Banyan noted that the conference call was originally
established on a date subsequent to the anticipated Denholtz closing date of
May 11, 2001, so that the results of the transaction could be discussed. Due
to the adjournment of the closing, Banyan has determined to postpone the
conference call until a meaningful discussion of the results is appropriate.
As previously announced, the closing was adjourned on May 11, 2001 by
Denholtz, who has indicated that additional time is necessary in order to
obtain rating agency approval. Although a specific timetable has not yet been
established, the closing is expected to resume and be completed by May 21,
2001.
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. Banyan's current portfolio consists
of properties totaling 3.5 million rentable square feet. As of this date
Banyan has 15,488,137 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, 2000, filed
with the Securities and Exchange Commission on March 9, 2001. 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
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Related links:
http://www.banyanreit.com
CONTACT:
Robert G. Higgins, Vice President, General
Counsel, 312-683-5539, bhiggins@banyanreit.com , or Investor
Relations, L.G. Schafran -- Chairman and Interim CEO-President,
312-683-5525, ir@banyanreit.com , both of Banyan Strategic Realty
Trust
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