SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported) June 18, 2003
Shelbourne Properties III, Inc.
-------------------------------
(Exact Name of Registrant as Specified in Its Charter)
Delaware
--------
(State or Other Jurisdiction of Incorporation)
0-16343 04-3502381
--------------------------- -----------------------------------
(Commission File Number) (I.R.S. Employer Identification No.)
7 Bulfinch Place, Suite 500, Boston, Massachusetts 02114
--------------------------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
(617) 570-4600
--------------
(Registrant's Telephone Number, Including Area Code)
-------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
Item 2. Acquisition or Disposition of Assets
On June 18, 2003, Tri-Columbus Associates, a partnership in which
Shelbourne Properties III, L.P. (the "Operating Partnership") indirectly holds a
79.34% interest, sold its property located in Grove City, Ohio for a gross
purchase price of $4,090,000. The property was sold to 3960 Brookham Drive
(Simmons) Associates, LLC, a an unaffiliated real estate investment trust. After
satisfying the loan encumbering the property and other closing costs, net
proceeds to Tri-Columbus Associates were approximately $375,000, of which
approximately $297,500 are attributable to the Operating Partnership's interest.
As a result of this sale, the remaining assets of the Operating
Partnership are a shopping center located in Las Vegas, Nevada, and a 79.34%
interest in an industrial buildings in the Columbus, Ohio area.
Item 5. Other Events and Required FD Disclosure
On June 20, 2003, the Board of directors of the Registrant declared a
dividend of $1.90 per share payable on July 9, 2003 to holders of record on June
30, 2003. The dividend is being made from cash reserves.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
99.1 Press Release dated June 18, 2003.
99.2 Press Release dated June 20, 2003
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized this 20th day of June, 2003.
Shelbourne Properties III, Inc.
By: /s/ Peter Braverman
--------------------
Peter Braverman
Executive Vice President
EXHIBIT INDEX
No. Exhibit Page
--- ----
99.1 Press Release dated June 18, 2003 4
99.2 Press Release dated June 20, 2003 5