-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OnjKQ3vTJIYkbxEdRWC98JIfjPSA4oAJsVTpZSzQt+hwgsFR94VHxUKEdmL/Sge3 V6wuClA0yq9un/sSWGaSnQ== 0000892626-98-000401.txt : 19980901 0000892626-98-000401.hdr.sgml : 19980901 ACCESSION NUMBER: 0000892626-98-000401 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19980814 ITEM INFORMATION: ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980831 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: BANYAN STRATEGIC REALTY TRUST CENTRAL INDEX KEY: 0000790817 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 363375345 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-15465 FILM NUMBER: 98701564 BUSINESS ADDRESS: STREET 1: 150 S WACKER DR STE 2900 STREET 2: SUITE 2900 CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3125539800 FORMER COMPANY: FORMER CONFORMED NAME: BANYAN STRATEGIC LAND TRUST DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: VMS STRATEGIC LAND TRUST DATE OF NAME CHANGE: 19910325 8-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) August 14, 1998 BANYAN STRATEGIC REALTY TRUST (Exact name of Registrant as specified in its charter) Massachusetts 0-15465 36-3375345 (State of or other (Commission File (I.R.S. Employer jurisdiction of Number) Identification incorporation) Number) 150 South Wacker Drive, Suite 2900, Chicago, IL 60606 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (312) 553-9800 This document consists of 3 pages. ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS. On August 14, 1998, the Trust acquired from an unaffiliated third party a 100% fee simple interest in two office/industrial park properties located in the suburbs of Atlanta, Georgia, for a purchase price of approximately $18.1 million. The properties were purchased utilizing proceeds from the Trust's secured line of credit in the amount of approximately $10.6 million, proceeds from an unsecured credit facility in the amount of approximately $7.4 million, and the remainder was paid from the operating cash reserves. TECHNOLOGY PARK Technology Park, located in Norcross, Georgia, consists of three office buildings containing approximately 145,700 square feet. The property was 100% occupied with twelve tenants at the time of the acquisition. The major tenants at the property are: General Electric Plastics; Foster Wheeler; Andritz, Kone Wood, Inc.; Gulliver Ritchie Associates, Inc. and Frame Technology Corp. JOHNS CREEK OFFICE AND INDUSTRIAL PARK Johns Creek property consists of two flex/industrial buildings located in Duluth and Suwanee, Georgia. The property contains approximately 119,300 square feet and was 100% occupied with two tenants at the time of the acquisition. The two tenants are Scientific & Business Microcomputer and Williams Die & Mold. The day-to-day operations of the properties are managed by a local management company, which will receive a management fee each month equal to 3.4% of gross collections for the office properties and 3% of gross collections for the flex/industrial properties, for these management services. The term of the management agreement is for one year, cancelable upon 30 days written notice. If not terminated, the agreement will automatically renew for additional periods of one year each. ITEM 5. OTHER INFORMATION On August 19, 1998, the Trust issued a Press Release, a copy of which is attached hereto as Exhibit (99.17) and is incorporated herein by reference. On August 28, 1998, the Trust issued a Press Release, a copy of which is attached hereto as Exhibit (99.18) and is incorporated herein by reference. ITEM 7. STATEMENTS AND EXHIBITS. The Trust is currently unable to provide the financial statements and pro forma financial information as part of this report as required under Item 7 Financial Statements, Pro Forma Financial Information and Exhibits (a)(b) of Form 8-K as of the date hereof. As of the date of this filing, the Trust's independent accountants had not completed the audits of the 1997 and 1998 operating results of the properties on which the Trust bases its pro forma operating estimates. The Trust currently anticipates completion of the audit and filing of all required financial statements and pro forma financial information for the properties within sixty days of the date of this report. (c) Exhibits EXHIBIT NUMBER DESCRIPTION Exhibit (99.17) Press Release dated August 19, 1998 Exhibit (99.18) Press Release dated August 28, 1998 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: August 31, 1998 BANYAN STRATEGIC REALTY TRUST (Registrant) By: /s/ Joel L. Teglia Vice President, Chief Financial and Accounting Officer EX-99.17 2 EXHIBIT 99.17 - ------------- AT THE COMPANY AT THE FINANCIAL RELATIONS BOARD Karen Dickelman Tony Ebersole Laura Kuhlmann Claire Koeneman Director/Investor General Media Inquiries Analyst Inquiries Relations Inquiries 312 640-6727 312 640-6784 312 683-3671 312 640-6728 FOR IMMEDIATE RELEASE WEDNESDAY AUGUST 19, 1998 BANYAN STRATEGIC REALTY TRUST ANNOUNCES $18.1 MILLION PURCHASE OF TWO OFFICE/INDUSTRIAL PROPERTIES IN METROPOLITAN ATLANTA, GEORGIA; INCREASES HOLDINGS IN ATLANTA AREA TO APPROXIMATELY 900,000 NET RENTABLE SQUARE FEET Purchase Increases Total Portfolio Assets by 9% CHICAGO, AUGUST 19, 1998 - Banyan Strategic Realty Trust (Nasdaq:BSRTS) today announced the acquisition of two office/industrial park properties located in the northeastern suburbs of Atlanta, Georgia for a purchase price of approximately $18.1 million, including closing costs and other related expenses. These acquisitions increase the Trust's total portfolio assets by 9% for an additional 265,000 net rentable square feet. This transaction also increases the Trust's presence in the Atlanta market to approximately 900,000 net rentable square feet. The acquisition price equates to a capitalization rate of 11% on net operating income for the full year 1999. The Trust's total acquisitions so far this year approximate $60 million or 833,000 net rentable square feet. Currently, the Trust's property portfolio includes 32 properties totaling 3.7 million net rentable square feet and 864 apartment units having acquisition values of approximately $209 million. The properties, known as TECHNOLOGY PARK and JOHNS CREEK AND INDUSTRIAL PARK are located in Norcross, Duluth and Suwanee, Georgia, all northeast suburbs of Atlanta and part of an area known as Peachtree Corners - a favored location for high technology companies. - MORE - In total, the properties contain five separate buildings and represent both the office and office/distribution sectors. Current occupancy at each property is 100%. A further breakdown of individual property data is as follows: TECHNOLOGY PARK - --------------- Approximately $12.4 million of the $18.1 acquisition price ($84.82 per square foot) is attributable to Technology Park. The property includes three office buildings: . 205 Scientific Drive Norcross, Georgia 21,380 net rentable square feet . 302 Research Drive Norcross, Georgia 58,157 net rentable square feet . 303 Research Drive Norcross, Georgia 66,132 net rentable square feet JOHNS CREEK OFFICE AND INDUSTRIAL PARK - -------------------------------------- Approximately $5.7 million of the $18.1 acquisition price ($47.93 per square foot) is attributable to Johns Creek Office and Industrial Park. The property includes two office/distribution facilities: . 11455 Lakefield Drive Duluth, Georgia 59,343 net rentable square feet . 3851 Lakefield Drive Suwanee, Georgia 60,000 net rentable square feet This transaction was funded via proceeds borrowed pursuant to the Trust's secured line of credit and unsecured credit facility. "The addition of these new properties brings us more than half-way to our targeted $100 million acquisition goal for the year," stated Leonard G. Levine, President of the Trust. Banyan Strategic Realty Trust is an equity Real Estate Investment (REIT) with a portfolio that includes primarily flex/industrial and suburban office buildings, as well as retail and residential properties. The properties are located in major metropolitan areas and mid-to-small second tier markets primarily in the Midwest and Southeast United States. The Trust currently has 13,316,059 shares of beneficial interest outstanding. - MORE - Some of the statements contained in the foregoing are forward-looking statements. Words such as "believes," "intends," "anticipates," "expects," and similar expressions are intended to identify forward-looking statements which are subject to a number of risks and uncertainties, including, among other things, general real estate investment risks, lack of operating history associated with recent acquisitions, potential inability to repay or finance indebtedness at maturity, increases in interest rates, competition for property acquisitions, adverse consequences of failure to qualify as a REIT, and possible environmental liabilities. Actual results could differ materially from those projected in these forward-looking statements. Reference is made to the annual report on Form 10-K filed by the Trust, specifically under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations - Factors Affecting the Trust's Business Plan" for a more complete discussion of these risk factors. The Trust undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect any future events or circumstances. See Banyan's Website at http://www.banyanreit.com for complete company information. FOR FURTHER INFORMATION REGARDING BANYAN FREE OF CHARGE VIA FAX, DIAL 1-800-PRO-INFO AND ENTER "BSRTS." EX-99.18 3 EXHIBIT 99.18 - ------------- AT THE COMPANY AT THE FINANCIAL RELATIONS BOARD Karen Dickelman Tony Ebersole Laura Kuhlmann Georganne Palffy Director/Investor General Info. Media Inquiries Analyst Inquiries Relations 312 640-6728 312 640-6727 312 640-6768 312 683-3671 FOR IMMEDIATE RELEASE FRIDAY AUGUST 28, 1998 BANYAN STRATEGIC REALTY TRUST'S BOARD OF TRUSTEES RE-ELECTS LEONARD G. LEVINE AS PRESIDENT AND CHIEF EXECUTIVE OFFICER AND APPOINTS HIM TO BOARD SEAT; THE TRUST'S OTHER OFFICERS RE-ELECTED CHICAGO, AUGUST 28, 1998 - The Board of Trustees of Banyan Strategic Realty Trust (Nasdaq:BSRTS) announced today that they have re-elected Leonard G. Levine as President and Chief Executive Officer of the Trust, and have appointed Mr. Levine to a seat on the Board in recognition of his achievements and leadership in directing the Trust. Among other issues, the Trustees also unanimously approved the re-election of the following officers: Neil D. Hansen - First Vice President Robert G. Higgins - Vice President, Secretary and General Counsel Joel L. Teglia - Vice President and Chief Financial Officer Jay E. Schmidt - Vice President - Investment Christopher J. Swieca - Assistant Secretary Banyan Strategic Realty Trust is an equity Real Estate Investment Trust (REIT) with a portfolio that includes primarily flex /industrial and suburban office buildings, as well as retail and residential properties. The properties are located in major metropolitan areas and mid-to-small second tier markets primarily in the Midwest and Southeast United States. The Trust currently has 13,348,076 shares of beneficial interest outstanding. See Banyan's website at http://banyanreit.com for complete company information. For further information regarding Banyan free of charge via fax, dial 1-800-PRO-INFO and enter "BSRTS". -----END PRIVACY-ENHANCED MESSAGE-----