OAK BROOK, Ill., June 4 /PRNewswire-FirstCall/ -- Banyan Strategic Realty
Trust (Nasdaq: BSRTS) announced today that it has received payments of
principal and interest totaling $1,992,144.49, from affiliates of Denholtz
Management Corporation, in connection with two promissory notes given to
Banyan as part of the $185.25 million purchase price for the bulk of Banyan's
portfolio, sold to Denholtz on May 17, 2001. Denholtz had previously made
principal payments in the amount of approximately $1 million.
The balance on the two promissory notes, each in the original principal
amount of $1.5 million, has been reduced to zero. One note has been
completely discharged. Under certain circumstances relating to the settlement
between Denholtz and Banyan announced on May 15, 2002, an additional sum of up
to $93,000 may become due on the second note. Banyan is holding that note
pending confirmation of complete discharge, expected to occur on or about June
21, 2002.
L.G. Schafran, Interim President, CEO and Chairman of Banyan, commenting
on the payment, said: "We are pleased to announce receipt of these funds,
which furthers our Plan of Termination and Liquidation. We expect to combine
these proceeds with the net proceeds we expect to receive upon the closing of
the sale of our Northlake property, currently scheduled for July 17, 2002, and
anticipate making another liquidating distribution to shareholders in the
third calendar quarter."
Banyan Strategic Realty Trust is an equity Real Estate Investment Trust
(REIT) that adopted a Plan of Termination and Liquidation on January 5, 2001.
On May 17, 2001, the Trust sold approximately 85% of its portfolio in a single
transaction. Other properties were sold on April 1, 2002 and May 1, 2002.
Banyan now owns a leasehold interest in one (1) real estate property located
in Atlanta, Georgia, representing approximately 9% of its original portfolio.
This property is subject to a contract of sale, currently scheduled to close
on July 17, 2002. Since adopting the Plan of Termination and Liquidation,
Banyan has made liquidating distributions totaling $5.25 per share. As of
this date, the Trust has 15,496,806 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 sale of the Trust's
remaining property, the amount of the remaining liquidating distributions, the
outcome of pending litigation and other risks and uncertainties that are
detailed from time to time in the Trust's reports filed with the Securities
and Exchange Commission, including the report on Form 10-K for the year ended
December 31, 2001 which was filed with the Securities and Exchange Commission
on March 21, 2002. Please see also 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 March 31, 2002 which was filed with the
Securities and Exchange Commission on May 6, 2002. 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 .
SOURCE Banyan Strategic Realty Trust
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Related links:
http://www.banyanreit.com
CONTACT:
Robert G. Higgins, First Vice President,
General Counsel, +1-630-218-7255, bhiggins@banyanreit.com , or
Investor Relations, L.G. Schafran, Chairman and Interim
CEO-President, +1-630-218-7250, ir@banyanreit.com , both of
Banyan Strategic Realty Trust
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