EXHIBIT (a)(11)
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BERKSHIRE INCOME REALTY, INC. EXTENDS EXPIRATION DATE
FOR EXCHANGE OFFERS
BOSTON, MASSACHUSETTS -- February 14, 2003 -- Berkshire Income Realty,
Inc. today announced that the expiration date for its exchange offers for
interests in six mortgage funds has been extended until 5:00 p.m., New York City
time, on March 17, 2003. The exchange offers relate to interests in Krupp
Government Income Trust (GIT), Krupp Government Income Trust II (GIT II), Krupp
Insured Mortgage Limited Partnership (KIM), Krupp Insured Plus Limited
Partnership (KIP), Krupp Insured Plus II Limited Partnership (KIP II) and Krupp
Insured Plus III Limited Partnership (KIP III) and were originally to have
expired on February 20, 2003. Except as described above, the terms and
conditions of the exchange offers as set forth in the prospectus relating to
Berkshire Income Realty's 9% Series A Cumulative Redeemable Preferred Stock
(Preferred Shares) remain in effect.
As of the close of business on February 13, 2003, Berkshire Income
Realty, Inc. had received tenders of approximately 1,601,792 interests in GIT,
1,950,997 interests in GIT II, 1,119,367 interests in KIM, 751,189 interests in
KIP, 1,181,438 interests in KIP II and 944,638 interests in KIP III. As of such
date, sufficient interests had been tendered so that more than 1,000,000
Preferred Shares would be issued in exchange for mortgage fund interests,
thereby satisfying, as of such date, the minimum tender condition referred to in
the prospectus relating to the Preferred Shares.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the preferred stock, nor will there be any sale
of the preferred stock in any state where the offer, solicitation or sale would
be unlawful prior to the registration or qualification under the securities laws
of any such state.
This press release contains "forward-looking statements," within the
meaning of the Private Securities Litigation Reform Act of 1995, about Berkshire
Income Realty, Inc. and the funds, including statements containing words such as
"expects," "believes" or "will," which indicate that those statements are
forward-looking. Except for historical information, the matters discussed in
this press release and forward-looking statements that are subject to certain
risks and uncertainties could cause actual results, performance or achievements
to differ materially. These factors include, among other things, the exercise of
withdrawal rights by tendering interestholders; federal, state or local
regulations; the inability to meet financial obligations on additional loans;
pre-payments of mortgages; operating results at properties underlying mortgages;
uninsured losses and potential conflicts of interest between the company and its
affiliates and advisors. Additional risks are discussed in Berkshire Income
Realty, Inc.'s registration statement on Form S-11 relating to the transactions
and in the funds' filings with the Securities and Exchange Commission.
Berkshire Income Realty, Inc. has filed a registration statement on
Form S-11 with the SEC in connection with the transaction. Current and future
holders of interests in the funds are urged to read the following documents
filed by Berkshire Income Realty, Inc. in connection with the transaction
described above: the prospectus relating to the exchange offers, the
registration statement on Form S-11 and the Schedule TOs containing or
incorporating by reference such documents and other information. Such documents
contain important information about the transaction and related matters.
Investors should read the documents filed with the SEC carefully before making
any decision in connection with the transaction.
In addition to the prospectus relating to the exchange offers,
registration statement and Schedule TOs filed by Berkshire Income Realty, Inc.,
the funds file annual, quarterly and special reports, proxy statements and other
information with the SEC. You may read and copy any reports, statements or other
information filed by the funds at the SEC Public Reference Room at 450 Fifth
Street, N.W., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for
further information on the public reference room. The funds' filings with the
SEC are also available to the public from commercial document-retrieval services
and at the web site maintained by the SEC at http://www.sec.gov. Free copies of
the exchange offer materials and these other documents may also be obtained from
Berkshire Income Realty, Inc. by directing a request by mail to Berkshire Income
Realty, Inc., One Beacon Street, Suite 1500, Boston, Massachusetts 02108,
Attention: Investor Communications, Telephone: 1-866-33-KRUPP or 1-866-305-7877.
CONTACT INFORMATION:
Berkshire Income Realty, Inc.
One Beacon Street, Suite 1500
Boston, Massachusetts 02108
Attention: Phil Darby
Telephone: 1-617-574-8374
E-mail: phil.darby@berkshire-group.com
Facsimile: 1-617-423-8919