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Banyan Strategic Realty Trust's Quarterly Distribution Down 75%

CHICAGO-The office and industrial REIT with holdings locally as well as the Southeast blames the fourth quarter distribution of $.03 per share on $1.4 million to improve properties in Tampa, FL and Lexington, KY.

By Mark Ruda | Updated on January 25, 2001

CHICAGO-Banyan Strategic Realty Trust’s quarterly cash distribution for the fourth quarter of 2000 is $.03 per share, down 75% from distributions in each of the previous eleven quarters. The office and industrial REIT says the decrease was caused by spending $1.4 million for tenant improvements at properties in Tampa, FL and Lexington, KY.

Banyan also is selling its real estate portfolio to Denholtz Management Corporation, which has until March 30 to complete due diligence. “The buyer’s due diligence is well underway and we continue to anticipate a late-April closing and a significant liquidating distribution soon thereafter,” said Interim President and CEO L.G. Schafran. Shareholders are expected to receive final distributions of about $6.20 per share by the end of 2001 as a result of the sale. “Our ability to make the liquidating distribution depends, however, upon the closing of the Denholtz transaction,” Schafran added.

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