HXF Shelbourne Properties Iii

Shelbourne Properties III, Inc. Declares $13.21 Per Share Dividend BOSTON, Dec. 16 /PRNewswire-FirstCall/ -- Shelbourne Properties III, Inc. announced today that its Board of Directors has declared a dividend of $13.21 per share. The dividend is payable January 8, 2004 to shareholders of record as of the close of business on December 26, 2003. The dividend is being paid from the proceeds of recent sales of Shelbourne Properties III, Inc.'s properties and cash reserves. The Board of Directors and Shareholders of Shelbourne Properties III, Inc. has previously approved a plan of liquidation. Shelbourne Properties III, Inc.'s sole remaining assets is its interest in 20 motel properties held for the benefit of the holder of the Class A Partnership Units issued by Shelbourne Properties III L.P. as well as cash reserves. DATASOURCE: Shelbourne Properties III, Inc. CONTACT: Beverly Bergman for Shelbourne Properties III, Inc., +1-617-570-4607

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