Banyan Reports Assets in Liquidation

Banyan Strategic Realty Trust, Oak Brook, Ill., has announced that its net assets in liquidation decreased from about $12.4 million at Dec. 31, 2001, to about $3.4 million at Sept. 30, 2002.The decline was due primarily to about $7.7 million in distributions to shareholders over the nine months and an operating loss of approximately $1.7 million, the company said. As previously announced, Banyan has submitted a written request to the Securities and Exchange Commission for "no-action" relief in connection with the trust's intention to transfer all its remaining assets and liabilities into a liquidating trust and to cease operations on Dec. 31, 2002. Banyan, an equity real estate investment trust, adopted a Plan of Termination and Liquidation on Jan. 5, 2001. On May 17, 2001, it sold approximately 85% of its portfolio in a single transaction. The remaining properties were sold on April 1, May 1, and Oct. 16 of 2002.