CHICAGO, May 30 /PRNewswire/ -- Banyan Strategic Realty Trust
(Nasdaq: BSRTS) today announced that its Board of Trustees has authorized
distribution of the sum of $4.75 per share on June 28, 2001 to shareholders of
record as of June 13, 2001. Banyan indicated that this is the initial
liquidating distribution pursuant to its Plan of Termination and Liquidation,
adopted on January 5, 2001.
The distribution is funded from the proceeds of the sale of 85 percent of
Banyan's portfolio on May 17, 2001 to affiliates of Denholtz Management Corp.
In that transaction, the Trust realized $84.3 million in net proceeds after
the payment of first mortgage debt and transaction costs.
Because of the Trust's adoption of the Plan of Termination and
Liquidation, the distribution will be characterized as a return of capital to
shareholders to the extent of their respective bases in their shares.
Banyan also indicated that, currently, it continues to expect to
distribute a total of approximately $6.00 per share (inclusive of the initial
distribution of $4.75) to shareholders before the end of 2002. Distributions
will be made, as warranted, upon the disposition of the remaining assets, and
the discharge of remaining liabilities.
In other news, Banyan announced that it has cancelled its first quarter
earnings conference call, previously scheduled for May 15, 2001. Banyan noted
that in light of its Plan of Termination and Liquidation and the sale of 85%
of its portfolio, it will no longer be reporting earnings on a quarterly basis
by conference call.
Banyan Strategic Realty Trust is an equity Real Estate Investment Trust
(REIT) that, prior to the sale referenced above, owned 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 now owns three (3) real estate properties located in Atlanta,
Georgia; Huntsville, Alabama; and Louisville, Kentucky. 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 that are detailed from time to time in
Banyan's 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 and the "Management's
Discussion and Analysis of Financial Condition and Results of Operations"
section included in Banyan's Form 10-Q for the quarter ended March 31, 2001,
which was filed with the Securities and Exchange Commission on May 15, 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, or bhiggins@banyanreit.com , L.G.
Schafran, Chairman and Interim and CEO-President, 312-683-5525,
or ir@banyanreit.com , both of Banyan Strategic Realty Trust
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