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NEWS PHILIPS INTERNATIONAL REALTY CORP.
RELEASE 417 Fifth Avenue, New York, NY 10016
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For Immediate Release
December 5, 2000
PHILIPS INTERNATIONAL ANNOUNCES
CLOSINGS ON CERTAIN ASSET DISPOSITIONS
BOARD DECLARES $13.00 PER SHARE INITIAL
LIQUIDATING DISTRIBUTION
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New York, N.Y. - December 5, 2000 - Philips International Realty Corp.
(NYSE-PHR), a real estate investment trust, announced today that the Company has
completed the distribution of its interest in four shopping center properties in
Hialeah, Florida and the sale of its interest in one redevelopment site for a
total value of approximately $124 million to certain limited partners (the "Unit
Holders") in the Operating Partnership including Philip Pilevsky, the Company's
Chairman and CEO, in redemption of their entire interest in the Operating
Partnership. The sale of an additional redevelopment site to the Unit Holders
for approximately $7 million is expected to close by year end. Also, the Company
completed the transfer of its interest in eight properties to Kimco Income REIT
for approximately $137 million.
Pursuant to the plan of liquidation, the Company's Board of Directors today
declared the initial liquidating distribution of $13.00 per share which will be
payable on December 22, 2000. The record date is December 15, 2000. However,
shareholders must continue to own their shares up to and including December 22,
2000 in order to be entitled to the liquidating distribution of $13.00 per
share. Effective December 13, 2000, the Company's shares will be traded on the
New York Stock Exchange with due bills which will entitle the owner of the stock
to receipt of the distribution. The Company's stock will be traded ex-dividend
after the payment date of December 22, 2000.
On October 10, 2000, the stockholders approved the plan of liquidation, which is
estimated to generate approximately $18.25 in the aggregate in cash for each
share of common stock in two or more liquidating distributions. The Company's
seven remaining assets are currently being offered for sale.
Note: Certain statements in this release regarding anticipated operating results
and time are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Although the Company believes the
statements and projections are based upon reasonable assumptions, actual results
may differ from those projected. Key factors that could cause actual results to
differ materially include economic downturns, successful and timely completion
of acquisitions, renovations and development programs, leasing activities and
other risks associated with the commercial real estate business, and as detailed
in the Company's filings from time to time with the Securities and Exchange
Commission.
Contact: Carl Kraus
Chief Financial Officer
Philips International Realty Corp.
(212) 951-3868
