SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 16, 1998
BANYAN STRATEGIC REALTY TRUST
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(Exact name of Registrant as specified in its charter)
Massachusetts 0-15465 36-3375345
(State of or other (Commission File (I.R.S. Employer
jurisdiction of Number) Identification
incorporation) Number)
150 South Wacker Drive, Suite 2900, Chicago, IL 60606
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (312) 553-9800
This document consists of 4 pages.
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ITEM 5. OTHER INFORMATION
On March 16, 1998, the Trust issued a Press Release, a copy of which
is attached hereto as Exhibit (99.9) and is incorporated herein by
reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial Statements. Not applicable.
(b) Pro Forma Financial Information. Not applicable.
(c) Exhibits
EXHIBIT NUMBER DESCRIPTION
Exhibit (99.9) Press Release dated March 16, 1998
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Date: March 20, 1998 BANYAN STRATEGIC REALTY TRUST
(Registrant)
By: /s/ JOEL L. TEGLIA
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Joel L. Teglia
Vice President,
Chief Financial and
Accounting Officer
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EXHIBIT (99.9)
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AT THE COMPANY: AT THE FINANCIAL RELATIONS BOARD:
Karen Dickelman Dennis Waite Laura Kuhlmann Susan Steidle
Director of General InquiriesMedia Inquiries Analyst Inquiries
Investor 312 640-6674 312 640-6727 312-640-6774
Relations
312 683-3671
FOR IMMEDIATE RELEASE
BANYAN STRATEGIC REALTY TRUST BOOSTS DISTRIBUTION TO 12 CENTS PER SHARE AS
IT DECLARES FIRST-QUARTER 1998 CASH DISTRIBUTION
CHICAGO, MARCH 16, 1998--BANYAN STRATEGIC REALTY TRUST (Nasdaq:
BSRTS) today declared a quarterly cash distribution of $0.12 per share for
the first quarter ended March 31, 1998. The distribution is payable May
22, 1998, to shareholders of record as of April 22, 1998.
The board of trustees approved increasing the quarterly distribution
to $0.12 per share, or $0.48 per share annually, from $0.10 per share
quarterly, or $0.40 per share annually. The board's decision to increase
the distribution was based on increases in the Trust's Funds from
Operations (FFO) during 1997 compared to 1996 and expected increases for
1998. As previously reported, the Trust had FFO for 1997 of $0.52 per
share and anticipates a growth in FFO to a level of $0.70 to $0.73 per
share for 1998.
Banyan Strategic Realty Trust is a diversified equity Real Estate
Investment Trust (REIT) with a portfolio that includes primarily light
industrial/warehouse and suburban office buildings, as well as retail and
residential properties. The properties are located in major metropolitan
areas and mid-to-small second tier markets primarily in the Midwest and
Southeast United States. Currently, the Trust has 13,268,316 shares of
beneficial interest outstanding.
Some of the statements contained in the foregoing are forward-looking
statements. Words such as "believes," "intends," "anticipates," "expects,"
and similar expressions are intended to identify forward-looking statements
which are subject to a number of risks and uncertainties, including, among
other things, general real estate investment risks, lack of operating
history associated with recent acquisitions, potential inability to repay
or finance indebtedness at maturity, increases in interest rates,
competition for property acquisitions, adverse consequences of failure to
qualify as a REIT, and possible environmental liabilities. Actual results
could differ materially from those projected in these forward-looking
statements. Reference is made to the annual report on Form 10-K filed by
the Trust, specifically under the heading "Management's Discussion and
Analysis of Financial Condition and Results of Operations - Factors
Affecting the Trust's Business Plan" for a more complete discussion of
these risk factors. The Trust undertakes no obligation to publicly release
the result of any revisions to these forward-looking statements that may be
made to reflect any future events or circumstances.
See Banyan's Website at http://www.banyanreit.com for complete
company information.
For further information regarding Banyan free of charge via fax,
dial 1-800-PRO-INFO and enter "BSRTS."
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