Liquidating REIT Reports Improved Occupancy

CHICAGO-Occupancy is improving in Banyan Strategic Realty Trust’s 27 properties throughout the Midwest and Southeast as the REIT continues moving toward liquidation. Meanwhile, fourth-quarter net income fell from $48 million, or $0.36 a share in 1999 to $679,000, or $0.05 a share in 2000.

Denholtz Management Corp. continues its due diligence involved in a proposed sale of the REIT’s assets for $226 million, says Interim president and chief executive officer L.G. Schafran. Denholtz Management Corp. must pay an additional $1.5 million on March 31 in order for the proposed sale to continue to proceed toward closing.

Meanwhile, former president Leonard G. Levine is scheduled to give a deposition March 21, Schafran says, in a court case involving his August 2000 suspension as well as an attempt to stop the asset sale to Denholtz.