Shelbourne Properties III, Inc. Announces Last Trading Day to Be April 22, 2004

Shelbourne Properties III, Inc. Announces Last Trading Day to Be
April 22, 2004 


BOSTON, March 31  /PRNewswire-FirstCall/ -- Shelbourne Properties III, Inc. 
today announced that it intends to enter into a liquidating trust agreement (the
"Trust Agreement"), on or about April 23, 2004 for the purpose of winding up
affairs and liquidating its assets and that the last day of trading for the
Company's common stock on the American Stock Exchange will be April 22, 2004. 
Shelbourne previously announced that it would be entering into the Trust
Agreement on or about April 16, 2004 and that the last day of trading would be
April 15, 2003.

You should also read the risk factors that are discussed on periodic reports
filed with the Securities and Exchange Commission, including the risk factors
that are contained in our Form 10-K for the year ended December 31, 2003.  You
should be aware that the risk factors contained in that Form 10-K may not be
exhaustive.  Therefore, we recommend that you read the information in that Form
10-K together with other reports and documents that we file with the SEC from
time to time, including our Forms l0-Q and 8-K, which may supplement, modify,
supersede or update those risk factors.

The Company assumes no obligation to update the forward-looking statements
included in this press release.  Further questions with respect to the foregoing
may be addressed to Carolyn Tiffany at [phone]. 

DATASOURCE: Shelbourne Properties III, Inc.



CONTACT:Carolyn Tiffany, Chief Operating Officer of Shelbourne

Properties III, Inc., [phone]

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