Shelbourne REITs Completing Liquidation

The liquidating trusts of three affiliated real estate investment trusts -- Shelbourne Properties I, II, and III -- have announced the transfer of all the REITs' remaining assets to the respective trusts.April 23 was the last day of trading of the three REITs' common stock on the American Stock Exchange. Arthur N. Queler, the trustee of the three liquidating trusts, reported that each stockholder of each of the three REITs automatically became the holder of one unit of beneficial interest in the related liquidating trust for each share of the company's common stock held as of April 30. In addition, the holder of class B units in each REIT's operating partnership received 15% of the aggregate units in the related liquidating trust in lieu of the holder's entitlement to 15% of all distributions made by the REIT.