DALLAS, Feb. 22, 2000 (PRIMEZONE) -- National Realty, L.P. (AMEX:NLP) announced today the payment of a first quarter distribution of 12.5 cents per unit. The distribution will be payable March 31, 2000, to unitholders of record on March 15, 2000.
The distribution represents the 26th consecutive quarterly payment to National Realty unitholders.
As previously announced, National Realty, L.P. has proposed a reorganization and combination with American Realty Trust, Inc. (NYSE:ARB) into a holding company to be named American Realty Investors, Inc. The combination is subject to the approval of the limited partners of NLP, as well as ART shareholders, at special meetings set for March 21, 2000.
Upon approval of the proposed business combination, there will be a tax-free exchange of stock and partnership units. National Realty, L.P. unitholders will receive one share of American Realty Investors, Inc. common stock for each partnership unit held. ART holders will receive 0.91 shares of the new company's common stock for each ART share held. Holders of ART preferred stock will receive one preferred share of the new company for each share held. American Realty Investors is expected to trade on the New York Stock Exchange.
National Realty, L.P. is a Dallas-based real estate investment partnership that operates across the United States. For more information, go to www.nationalrealty-lp.com .