DALLAS, Jan. 13, 2000 (PRIMEZONE) -- American Realty Trust, Inc. (NYSE:ARB) and National Realty, L.P. (AMEX:NLP) announced Thursday that special meetings are set for Tuesday, March 21, 2000, for shareholders/unitholders to vote to approve the tax-free reorganization and combination of the ownership of the two real estate entities. ART's shareholder meeting commences at 10 a.m. Central Time and the NLP unitholder meeting begins at 10:30 a.m. at their headquarters, 10670 North Central Expressway, Suite 600, Dallas, Texas 75231.
Shareholders/unitholders of record as of January 26, 2000, are eligible to vote for the reorganization and combination into American Realty Investors, Inc., a newly formed corporation.
American Realty Investors is expected to trade on the New York Stock Exchange upon the close of the combination immediately following shareholder and unitholder approval. With the combination, ART shareholders will receive .91 shares of common stock of American Realty Investors in exchange for each share of common stock of ART. NLP unitholders will receive one share of American Realty Investors common stock for each unit of NLP. Following the combination, ART and NLP will each continue their business operations as wholly owned subsidiaries of American Realty Investors, Inc.
Karl L. Blaha, president of Basic Capital Management, Inc., stated, "The combination of these two entities into one will result in a publicly traded corporation with approximately $960 million in assets. We anticipate the new company will be able to raise capital and have access to transactions not available to either ART or NLP alone. ARI will be an excellent vehicle for future growth and increased value for shareholders."
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. Both entities are advised by Basic Capital Management, Inc., located in Dallas, Texas. The new company, 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.
The American Realty Investors, Inc. S-4 Registration Statement filed with the Securities and Exchange Commission and 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 .
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Contact: Phyllis J. Wolper
Director, Investor Relations
214-692-4902 (800) 400-6407
E-mail: investor.relations@bcminc.com