CHICAGO, Aug. 13 /PRNewswire/ -- Banyan Strategic Realty Trust
(Nasdaq: BSRTS) announced today that shareholders approved a proposal to
authorize the Trust to issue preferred shares.
As previously announced, on July 23, 1998 the Trust's shareholders
approved the eight other proposals presented on the ballot, including a key
proposal to remove a requirement that the Trust be terminated in March, 2001.
Leonard G. Levine, President of the Trust, stated, "We are very pleased
that our shareholders have concurred with all nine of the proposals. The
ability to issue preferred shares adds to the financing alternatives available
to help the Trust grow."
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 13,316,059 shares of beneficial interest outstanding.
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:
Karen Dickelman, Director Investor Relations
of Banyan, 312-683-3671; Tony Ebersole, General Inquiries,
312-640-6728, Laura Kuhlmann, Media Inquiries, 312 640-6727, or
Claire Koeneman, Analyst Inquiries, 312-640-6784, all of The
Financial Relations Board
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