OAK BROOK, Ill., Sept. 13 /PRNewswire/ -- Banyan Strategic Realty Trust
(Nasdaq: BSRTS) announced today that its Board of Trustees has authorized a
second liquidating distribution of $.20 per share. The distribution will be
paid on October 24, 2001 to shareholders of record as of September 24, 2001.
The Trust, which sold all but three of its properties to affiliates of
Denholtz Management Corporation on May 17, 2001 in a $185.25 million
transaction, previously distributed $4.75 per share on June 28, 2001. These
distributions are made pursuant to the Trust's Plan of Termination and
Liquidation that was adopted on January 5, 2001.
Taking into account the distribution announced today, the Trust has
distributed $4.95 per share pursuant to the Plan of Termination and
Liquidation. L.G. Schafran, Interim President of the Trust, commented: "In
keeping with our previously announced intentions, we are now distributing $.20
per share to our shareholders. After completing the accounting process from
the sale to Denholtz, and having made appropriate distributions to our joint
venture partners, we conclude that our cash reserves are sufficient to support
this distribution. We continue to expect to distribute a total of
approximately $6.00 per share before the end of 2002. We will continue to
make periodic distributions that are warranted as assets are liquidated and
liabilities are discharged".
Banyan Strategic Realty Trust is an equity Real Estate Investment Trust
(REIT) which, on January 5, 2001, adopted a Plan of Termination and
Liquidation. On May 17, 2001, the Trust sold approximately 85% of its
portfolio in a single transaction and now owns interests in three (3) real
estate properties located in Atlanta, Georgia; Huntsville, Alabama; and
Louisville, Kentucky. 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 properties, the amount of the remaining liquidating distributions
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, 2000 and in the
"Management's Discussion and Analysis of Financial Condition and Results of
Operations" section which was included in the Trust's Form 10-Q for the
quarter ended June 30, 2001, which was filed with the Securities and Exchange
Commission on August 13, 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 .
SOURCE Banyan Strategic Realty Trust
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Related links:
http://www.banyanreit.com
CONTACT:
Robert G. Higgins, Vice President, General
Counsel, +1-630-218-7255, bhiggins@banyanreit.com ; 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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