EXHIBIT 99.20
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AT THE TRUST AT THE FINANCIAL RELATIONS BOARD
Karen Dickelman Leslie Hunziker Georganne Palffy
Investor Relations General Inquiries Analyst Inquiries
312 683-3671 312 640-6760 312 640-6768
FOR IMMEDIATE RELEASE
THURSDAY AUGUST 17, 2000
BANYAN STRATEGIC REALTY TRUST REPORTS
$0.18 FFO PER SHARE FOR SECOND QUARTER
BANYAN STRATEGIC REALTY TRUST SECOND QUARTER SUMMARY *
. Second Quarter FFO of $2.8 million, or $0.18 per share vs. $2.8
million or $0.205 per share for the second quarter last year
. Revenues of $9.4 million vs. $10.5 million for the second quarter
last year
. EBITDA of $5.4 million vs. $6.0 million for the second quarter last
year
. Average occupancy of portfolio 88% at June 30, 2000 and 1999
. Quarterly cash distribution of $0.12 per share declared
* Per share data presented on diluted basis
CHICAGO, AUGUST 17, 2000 -- BANYAN STRATEGIC REALTY TRUST (NASDAQ: BSRTS),
a real estate investment trust, today announced second quarter 2000 diluted
funds from operations (FFO) of $2.8 million or $0.18 per share.
CONSOLIDATED FINANCIAL RESULTS
------------------------------
For the second quarter 2000 Banyan reported net income available to common
shareholders of $1.0 million, or $0.07, on revenues of $9.4 million and FFO
of $2.8 million or $0.18 per share. This compared to net income of $1.2
million, or $0.09 per share, on revenues of $10.5 million and FFO of $2.8
million or $0.20 per share during the second quarter the previous year.
EBITDA (earnings before interest, tax, depreciation and amortization) was
$5.4 million for the quarter ended June 30, 2000.
PORTFOLIO PERFORMANCE
---------------------
Total revenue for the second quarter 2000 was $9.4 million, which
represents a decrease of approximately 10 percent from the $10.5 million in
revenue reported during the same period last year. This decrease is due to
a reduction in the number of properties owned by Banyan during the second
quarter 2000.
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However, on a same-store basis when comparing the operational results of
the same properties owned by Banyan during the second quarter 2000 with the
same period last year, total revenues increased approximately $0.2 million
as a result of an increase in rental rates.
The average occupancy at Banyan's 27 properties was 88 percent at June 30,
2000.
During the final six months of 2000, leases for approximately ten percent
(10%) of the Trust's leasable square footage will expire. Although vacancy
may increase temporarily, we believe that at most properties this lease
"roll-over" is routine and the underlying space will either be released at
market rental rates to either the existing or a new tenant (generally
within a three to six month period). The most significant lease expiration
has already occurred at 6901 Riverport Drive where a tenant occupying
approximately 145,000 square feet vacated on July 31, 2000 dropping the
Trust's portfolio occupancy to 84% from 88%. We are in the process of
marketing this space but have not located a new tenant and are unable to
predict how long it will take to do so. Our total revenues may be
adversely affected if the space remains vacant for an extended period of
time.
BALANCE SHEET
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As of June 30, 2000 total debt and equity market capitalization was
approximately $207 million. EBITDA coverage ratio for the three-month
period ended June 30, 2000 was 2.40 to 1. The Trust had approximately $119
million of total debt outstanding as of June 30, 2000.
QUARTERLY CASH DISTRIBUTION/FUNDS AVAILABLE FOR DISTRIBUTION
------------------------------------------------------------
On July 14, 2000 Banyan declared a quarterly cash distribution of $0.12 per
share for the second quarter ended June 30, 2000. The distribution is
payable August 21, 2000 to shareholders of record as of July 21, 2000.
Funds Available for Distribution (FAD) totaled $2.4 million for the three
months ended June 30, 2000, or $0.16 per share. This compared to FAD of
$2.3 million or $0.17 per share for the same period last year.
Banyan Strategic Realty Trust is an equity Real Estate Investment Trust
(REIT) that owns primarily office and flex/industrial properties. The
properties are located in certain major metropolitan areas of the Midwest
and Southeastern United States, including Atlanta, Georgia and Chicago,
Illinois, and smaller markets such as Huntsville, Alabama; Louisville,
Kentucky; Memphis, Tennessee; and Orlando, Florida. The Trust's current
portfolio consists of 27 properties totaling 3.5 million rentable square
feet. As of this date the Trust has 14,202,414 shares of beneficial
interest outstanding.
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Except for the historical information contained herein, certain matters
discussed in this release are forward-looking statements, the achievement
of which involve risks and uncertainties that are detailed from time to
time in our reports filed with the Securities and Exchange Commission,
including the report on Form 10-K for the year ended December 31, 1999.
The "Management's Discussion and Analysis of Financial Condition and
Results of Operations" section was included in our Form 10-Q for the
quarter ended June 30, 2000 which was filed with the Securities and
Exchange Commission on August 14, 2000. Without limitation the foregoing
words such as "anticipates", "expects", "intends", "plans", and similar
expressions are intended to identify forward-looking statements.
See Banyan's Website at http://www.banyanreit.com.
For further information regarding Banyan free of charge via fax,
dial 1-800-PRO-INFO and enter "BSRTS".
FINANCIAL TABLES TO FOLLOW
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BANYAN STRATEGIC REALTY TRUST
ADD 3
SELECTED FINANCIAL DATA
(Dollars in thousands, except per share data)
Three Months Ended Year Ended
6/30/00 6/30/99 12/31/99
----------- ----------- -----------
Total Revenue. . . . . . . . . . . $ 9,460 10,483 41,716
Operating Expenses . . . . . . . . (8,118) (9,115) (36,597)
----------- ----------- -----------
Operating Income . . . . . . . . . 1,342 1,368 5,119
Minority Interest in
Consolidated Partnerships. . . . (147) (141) (538)
Net Gains on Disposition of
Real Estate. . . . . . . . . . . -- -- 4,089
Extraordinary Item, Net of
Minority Interest. . . . . . . . -- -- (183)
----------- ----------- -----------
Net Income . . . . . . . . . . . . $ 1,195 1,227 8,487
Less Income Attributable to
Preferred Shares . . . . . . . . $ (153) -- --
----------- ----------- -----------
Net Income Available to
Common Shares. . . . . . . . . . $ 1,042 1,227 8,487
=========== =========== ===========
Basic and Diluted Earnings
Available to Common Shares
Per Weighted-Average Common Share:
Income Before Net Gains and
Extraordinary Item . . . . . . $ 0.07 0.09 0.34
=========== =========== ===========
Net Income . . . . . . . . . . . . $ 0.07 0.09 0.63
=========== =========== ===========
Weighted Average Basic Shares. . . 14,181,101 13,449,337 13,468,514
Weighted Average Diluted Shares. . 14,191,737 13,455,717 13,475,072
FUNDS FROM OPERATIONS
Net Income Attributable to
Common Shares. . . . . . . . . . $ 1,042 1,227 8,487
ADD:
Depreciation and Amortization
Expense. . . . . . . . . . . . . 1,702 1,650 6,629
LESS:
Minority Interest Share of
Depreciation and Amortization
Expense. . . . . . . . . . . . . (90) (92) (309)
Net Gain on Disposition of
Real Estate. . . . . . . . . . . -- -- (4,089)
Extraordinary Item, Net of
Minority Interest. . . . . . . . -- -- 183
----------- ----------- -----------
Funds From Operation - Basic . . . $ 2,654 2,785 10,901
----------- ----------- -----------
ADD:
Preferred Dividend . . . . . . . . 153 -- --
----------- ----------- -----------
Funds From Operation - Diluted . . $ 2,807 2,785 10,901
=========== =========== ===========
Weighted Average Basic Shares. . . 14,181,101 13,449,337 13,468,514
Weighted Average Diluted Shares. . 15,387,318 13,455,717 13,475,072
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BANYAN STRATEGIC REALTY TRUST
ADD 4
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands)
June 30, December 31,
2000 1999
----------- ------------
Investment in Real Estate, at cost:. . . $ 201,817 199,264
Less: Accumulated Depreciation. . . . (18,352) (15,420)
----------- -----------
183,465 183,844
----------- -----------
Cash and Cash Equivalents. . . . . . . . 4,534 13,097
Restricted Cash. . . . . . . . . . . . . 2,672 2,668
Other Assets . . . . . . . . . . . . . . 7,338 7,038
----------- -----------
Total Assets . . . . . . . . . . . . . . $ 198,009 206,647
=========== ===========
Loans and Bonds Payable. . . . . . . . . $ 118,714 132,681
Other Liabilities. . . . . . . . . . . . 6,552 6,415
Minority Interest. . . . . . . . . . . . 2,375 2,256
Shareholders' Equity . . . . . . . . . . 70,368 65,295
----------- -----------
Total Liabilities and
Shareholders' Equity . . . . . . . . . $ 198,009 206,647
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<TABLE>
BANYAN STRATEGIC REALTY TRUST
ADD 5
PORTFOLIO SUMMARY
<CAPTION>
Scheduled Lease
Expirations
----------------------------------
Occu- 7/1-
Square pancy 12/31 After
Location Footage % 2000 2001 2002 2002
-------- ------- ----- ----- ---- ---- -----
<S> <C> <C> <C> <C> <C> <C> <C>
FLEX/INDUSTRIAL
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Milwaukee Industrial
Properties Milwaukee, Wisconsin 235,800 92% 9% 16% 32% 35%
Elmhurst Metro Court Elmhurst, Illinois 140,800 66% 3% 37% 12% 14%
Willowbrook Industrial Court Willowbrook, Illinois 84,300 97% 17% 22% 31% 27%
Lexington Business Center Lexington, Kentucky 308,800 69% 0% 9% 5% 55%
Newtown Business Center Lexington, Kentucky 87,100 99% 4% 37% 16% 42%
6901 Riverport Drive Louisville, Kentucky 322,100 100% 45% 0% 0% 55%
Avalon Ridge Business Park Norcross, Georgia 57,400 100% 0% 0% 0% 100%
Tower Lane Business Park Bensenville, Illinois 95,900 84% 15% 21% 30% 18%
Metric Plaza Winter Park, Florida 32,000 100% 0% 0% 69% 31%
Park Center Orlando, Florida 47,400 90% 9% 25% 31% 25%
University Corporate Center Winter Park, Florida 127,800 77% 7% 33% 23% 14%
Johns Creek Office and
Industrial Park Duluth and Suwanee,
Georgia 119,300 100% 0% 0% 50% 50%
---------- ---- ---- ---- ---- ----
Sub-Total 1,658,700 87% 13% 15% 18% 41%
---------- ---- ---- ---- ---- ----
OFFICE
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Colonial Penn Building Tampa, Florida 79,200 72% 0% 0% 0% 72%
Commerce Center Sarasota, Florida 81,100 100% 0% 11% 5% 84%
Woodcrest Office Park Tallahassee, florida 264,900 93% 12% 17% 20% 44%
Midwest Office Center Oakbrook Terrace,
Illinois 77,000 97% 18% 19% 32% 28%
Phoenix Business Park Atlanta, Georgia 110,600 100% 0% 4% 18% 78%
Butterfield Office Plaza Oak Brook, Illinois 200,800 91% 10% 21% 39% 21%
Southlake Corporate Center Morrow, Georgia 56,200 89% 3% 32% 38% 16%
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PORTFOLIO SUMMARY - CONTINUED
Scheduled Lease
Expirations
----------------------------------
Occu- 7/1-
Square pancy 12/31 After
Location Footage % 2000 2001 2002 2002
-------- ------- ----- ----- ---- ---- -----
University Square
Business Center Huntsville, Alabama 184,700 91% 17% 25% 24% 25%
Technology Center Huntsville Alabama 48,500 65% 0% 0% 0% 65%
Airways Plaza Office Center Memphis, Tennessee 87,800 17% 0% 4% 3% 10%
Peachtree Pointe Office Park Norcross, Georgia 71,700 84% 24% 13% 9% 38%
Avalon Center Office Park Norcross, Georgia 53,300 87% 0% 0% 0% 87%
Sand Lake Tech Center Orlando, Florida 84,100 100% 0% 0% 3% 97%
Technology Park Norcross, Georgia 145,700 100% 13% 28% 4% 55%
---------- ---- ---- ---- ---- ----
Sub-Total 1,545,600 88% 9% 15% 17% 47%
---------- ---- ---- ---- ---- ----
RETAIL
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Northlake Tower Shopping
Center Atlanta, Georgia 321,600 97% 1% 2% 7% 87%
---------- ---- ---- ---- ---- ----
Total 3,525,900 88% 10% 14% 17% 47%
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