Berkshire Income Realty Terminates Agreement to Acquire Maryland Property.BOSTON -- (AMEX AMEX See: American Stock Exchange :BIR BIR British Institute of Radiology BIR Bureau of Internal Revenue BIR Bureau of International Recycling BIR Baculovirus IAP Repeat BIR Biomedical Imaging Resource BIR Bureau of Intelligence and Research (US State Department) .PR.A)(AMEX:BIR_PA)(AMEX:BIRPRA)(AMEX:BIR-A) (AMEX:BIR.A)(AMEX:BIR/PRA) (the "Company") announced today that it has terminated an agreement to purchase 100% of the general and limited partner interests of Pelham Noun 1. Pelham - a bit with a bar mouthpiece that is designed to combine a curb and snaffle bit - piece of metal held in horse's mouth by reins and used to control the horse while riding; "the horse was not accustomed to a bit" Wood Limited Liability Limited Partnership, the fee simple owner of Pelham Wood Apartments, a multifamily apartment community located in Baltimore, Maryland, from an unaffiliated third party. The agreement to purchase the multifamily apartment community provided for a Buyers Right of Termination, pursuant to which the Company, in its sole discretion, had the option to terminate the agreement. The Company has determined that it is not in the best interests of the Company and its stockholders to consummate the purchase of the partnership's general and limited partner interests and, accordingly, terminated the agreement. The Company is a REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). whose objective is to acquire, operate, and rehabilitate multifamily apartment communities. The Company owns interests in twenty-two such multifamily apartment communities, of which eight are located in the Baltimore/Washington, D.C. metropolitan area, four are located in Virginia, three are located in Houston, Texas, two are located in Dallas, Texas, one is located in Austin, Texas, two are located in the Chicago, Illinois area and two are located in the Ft. Lauderdale, Florida area. This press release contains "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, about the Company. These statements involve a number of risks and uncertainties that could materially affect future results. Among these risk factors are the ones listed in the Company's periodic reports filed with the Securities and Exchange Commission, including without limitation the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended December 31, 2004. Contact Information: Berkshire Income Realty, Inc. One Beacon Street One Beacon Street is a modern skyscraper in the Government Center neighborhood of Boston, Massachusetts. Built in 1971 and refurbished in 1991, it is Boston's 14th-tallest building, standing 507 feet (154 m) tall, and housing 37 floors. , Suite 1500 Boston, Massachusetts 02108 |
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