Shelbourne Properties III, Inc. Declares $13.21 Per Share Dividend

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.,

[phone]

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