CHICAGO, July 23 /PRNewswire/ -- Banyan Strategic Realty Trust
(Nasdaq: BSRTS) announced today that its annual meeting of shareholders was
held on July 23, 1998. Among other things, the Trust's shareholders approved
a key proposal to remove a requirement that the Trust be terminated in March,
2001. Leonard G. Levine, President of the Trust, stated that, "we are pleased
that our shareholders have concurred with this proposal. We feel strongly
that removing any limitation on the life of the Trust will enhance our ability
to attract additional capital and continue our long-term business plan." The
shareholders also re-elected Messrs. Walter E. Auch, Sr., Norman M. Gold, and
Marvin A. Sotoloff as trustees.
In a related matter, a proposal to authorize the Trust to issue preferred
stock did not, however, receive sufficient votes. As a result, the Trust
adjourned the meeting until August 4, 1998 at 10:00 a.m. central time to
permit additional time to solicit approval of this proposal.
Banyan Strategic Realty Trust is a diversified equity real estate
investment trust (REIT) with a portfolio that includes primarily
flex/industrial and suburban office buildings, as well as retail and
residential properties. The Trust's current portfolio includes 30 properties
totaling 3.5 million rentable square feet and 864 apartment units. The
properties are located in major metropolitan areas and mid-to-small second
tier markets primarily in the Midwest and Southeast United States. The Trust
currently has 13,301,825 shares of beneficial interest outstanding.
SOURCE Banyan Strategic Realty Trust
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Related links:
http://www.banyanreit.com
CONTACT:
Karen Dickelman, Director, Investor Relations
of Banyan, 312-683-3671; or Tony Ebersole, General Info.,
312-640-6728, Laura Kuhlmann, Media Inquiries, 312-640-6727, or
Claire Koeneman, Analyst Inquiries, 312-640-6784, all of The
Financial Relations Board
NOTE TO EDITORS: For further information regarding Banyan free of
charge via fax, dial 1-800-PRO-INFO and enter "BSRTS"
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