DALLAS, March 21, 2000 (PRIMEZONE) -- American Realty Trust, Inc. (NYSE:ARB) and National Realty, L.P. (Amex:NLP) announced Tuesday that ART shareholders and NLP limited partners approved the tax-free reorganization and combination of the ownership into American Realty Investors, Inc., a newly formed corporation.
American Realty Investors will trade on the New York Stock Exchange upon the close of the combination, expected to occur within the next few weeks.
With the closing, ART shareholders will receive .91 shares of American Realty Investors common stock in exchange for each share of ART common stock. NLP unitholders will receive one share of American Realty Investors common stock for each unit of NLP held. ART and NLP will continue their business operations as wholly owned subsidiaries of American Realty Investors, Inc.
American Realty Trust is a real estate investment company that operates nationwide. National Realty, L.P. is a real estate limited partnership that also operates nationwide. Basic Capital Management, Inc., based in Dallas, advises both entities. American Realty Investors, Inc. also will be advised by Basic Capital Management, with no change in the management of the combined entities or their properties. Company news relating to the combination can be accessed under the Investor Data section of the American Realty and National Realty Internet sites located at www.bcm-inc.com.