Liquidating REIT Makes 2nd Distribution

OAK BROOK, IL-The wind-down of Banyan Strategic Realty Trust continues with a second distribution of $0.20 per share next month. All but three of the office and industrial REIT’s properties were sold in May to New Jersey-based Denholtz Management Corp. for $185.25 million.

After the closing of that portfolio sale, Banyan distributed $4.75 per share in June. Banyan stock most recently traded at $1.08, which is about the size of the remaining distributions.

“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,” says Interim President L.G. Schafran. “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’s remaining properties are in Atlanta; Huntsville, AL and Louisville, KY.