The board of trustees, meanwhile, declared a liquidatingdistribution of $1.85 per share to be provided on Sept. 28th toshareholders of record at the close of business on Sept. 14th. MGIis also estimating that the liquidating trust will be able to makefuture cash distributions of 65 cents per share upon the sale ofits three remaining properties.

Founded in 1971, MGI voted to dissolve after the REIT industryfell out of favor in 1998. Global economic fears and concerns thatthe industry was overextending itself through aggressiveacquisitions sent REIT stocks plummeting, with MGI ultimatelydeciding that its underlying assets were worth more than its stock.The liquidation decision caught analysts off guard given thecompany's impressive track record in buying commercial andindustrial properties, primarily in New England.

Based in Boston, MGI scooped up most of its local holdingsduring the depressed market of the early 1990s. In selling itsportfolio, MGI has traded 66 properties totaling 5.4 million sf, aswell as 959 apartment units. The aggregate sales price for thepackage, minus $9.6 million for selling expenses and closingadjustments, is $519.6 million.

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