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): October 6, 1999
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 3 pages.
Exhibit index is located on page 2.
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ITEM 5. OTHER INFORMATION
On October 6, 1999, the Trust issued a Press Release, a copy of which
is attached hereto as Exhibit (99.7) and is incorporated herein by
reference.
On October 20, 1999, the Trust issued a Press Release, a copy of
which is attached hereto as Exhibit (99.8) 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 (99.7) Press Release dated October 6, 1999
Exhibit (99.8) Press Release dated October 20, 1999
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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: October 25, 1999 BANYAN STRATEGIC REALTY TRUST
(Registrant)
By: JOEL L. TEGLIA
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Joel L. Teglia
Vice President,
Chief Financial and
Accounting Officer
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EXHIBIT (99.7)
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AT THE TRUST: AT THE FINANCIAL RELATIONS BOARD:
Karen Dickelman Tony Ebersole Georgeanne Palffy
Investor General Information Analyst Inquiries
Relations 312 640-6728 312 640-6768
312 683-3671
www.banyanreit.com
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FOR IMMEDIATE RELEASE
WEDNESDAY, OCTOBER 6, 1999
BANYAN STRATEGIC REALTY TRUST
DECLARES THIRD QUARTER 1999 CASH DISTRIBUTION
CHICAGO, October 6, 1999 - Banyan Strategic Realty Trust (Nasdaq:BSRTS)
today declared a quarterly cash distribution of $0.12 per share for the
third quarter ended September 30, 1999. The distribution is payable
November 22, 1999 to shareholders of record as of October 22, 1999.
Banyan Strategic Realty Trust is an equity real estate investment trust
(REIT) with a portfolio that includes primarily flex/industrial and
suburban office buildings, as well as retail and residential properties.
The Trust's current portfolio includes 32 properties totaling 3.7 million
net rentable square feet and 864 apartment units. The Trust currently has
13,509,893 shares of beneficial interest outstanding.
See Banyan's website at http://banyanreit.com for additional company
information.
Further information regarding Banyan can also be found free of charge via
fax by dialing 1/800-PRO-INFO and enter BSRTS.
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EXHIBIT (99.8)
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AT THE TRUST: AT THE FINANCIAL RELATIONS BOARD:
Karen Dickelman Tony Ebersole Georganne Palffy
Investor Relations General Information Analyst Information
312 683-3671 312 640-6727 312 640-6768
www.banyanreit.com
email: [email protected]
FOR IMMEDIATE RELEASE
WEDNESDAY, OCTOBER 20, 1999
BANYAN STRATEGIC REALTY TRUST ANNOUNCES
SALE OF OFFICE/WAREHOUSE PROPERTY IN JEFFERSON COUNTY, KENTUCKY
AND APARTMENT PORTFOLIO IN OKLAHOMA CITY, OKLAHOMA
CHICAGO, October 20, 1999 - Banyan Strategic Realty Trust (BSRTS: Nasdaq)
today announced that it has entered into agreements to sell the Quantum
Business Center in Jefferson County, Kentucky and the Oklahoma Apartment
Portfolio in Oklahoma City and Lawton, Oklahoma.
The Quantum Business Centre, a multi-tenant office/warehouse property
located in Jefferson County (suburban Louisville), Kentucky, is under
contract to a private investor for a sales price of $6.1 million. The
Trust purchased the property in September, 1995 for $5.0 million, or
approximately $28 per square foot, excluding capital expenditures. The
contracted sales price is approximately $33 per square foot. The
transaction is expected to yield an internal rate of return on the Trust's
leveraged equity in the investment of approximately 15 percent. The net
cash proceeds to the Trust from the sale of Quantum Business Centre are
expected to be approximately $3 million.
The Trust has entered into a contract to sell its Oklahoma Apartment
Portfolio to an institutional investor for approximately $24.1 million.
The portfolio, purchased by the Trust in May, 1997 for $21 million,
consists of four separate apartment complexes totaling 864 units. Each of
the properties is financed via a combination of fixed rate, tax-exempt and
taxable bonds, which will be assumed by the purchaser. This transaction is
contingent upon the bondholder's approval of the purchaser's assumption of
these bonds. The Trust's acquisition price equated to $24,200 per unit and
the current contracted sales price is $27,800 per unit. The internal rate
of return on the Trust's equity in the investment is expected to be in
excess 40 percent from this transaction. The net cash proceeds to the
Trust from the sale of the Oklahoma Apartment Portfolio are expected to be
approximately $7 million.
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BANYAN STRATEGIC REALTY TRUST
ADD ONE
Leonard G. Levine, President and CEO, commented, "The pending sales of
Quantum Business Centre and the Oklahoma Apartment Portfolio come at a
strong point in the investment cycles of both properties. We believe that
we have maximized the upside potential of the income stream on the Quantum
investment. The Oklahoma Apartment Portfolio sale moves us out of the
multi-family sector and allows us to focus on our core asset base, that
being suburban office and flex/industrial properties. The Board of
Trustees expects to evaluate various alternatives for the use of the $10
million in proceeds once the transactions are closed."
Additionally, any taxable gains generated by the above transactions are
expected to be offset by the Trust's $19 million net operating loss carry
forward. Both sales are scheduled to close within the next sixty days.
For further information on Banyan Strategic Realty Trust via facsimile at
no cost, simply dial 1-800-PRO-INFO and enter the company code BSRTS.
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