AmeriVest Buys Remaining Sheridan Ops

AmeriVest Properties Inc., Denver, has acquired -- and consolidated on an in-house basis -- the remaining operations of its adviser, Sheridan Realty Advisors LLC, and has terminated its advisory agreement with Sheridan.Sheridan, which has been adviser to AmeriVest since January 2000, is owned by the executive officers of AmeriVest, a real estate investment trust. In January 2002, AmeriVest acquired the administrative, property management, and accounting services business of Sheridan. The latest acquisition, which is effective as of Nov. 1, 2002, is the final step in AmeriVest's consolidation with Sheridan. Fees totaling $865,470 earned by Sheridan through Dec. 31 will be paid before the end of the year. "Although the advisory fees will result in fourth-quarter charges which will reduce our FFO per share for the year, in the future the company will no longer be paying advisory fees in connection with new acquisitions," said William Atkins, chairman and chief executive officer of AmeriVest. "From this point on, Sheridan and its principals will be involved solely as inside management and as supportive stockholders." AmeriVest can be found online at http://www.amvproperties.com.