EXHIBIT (a)(19)
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BERKSHIRE INCOME REALTY AMENDS ONE OF ITS EXCHANGE OFFERS
AND EXTENDS EXPIRATION DATE
BOSTON, MASSACHUSETTS - - April 3, 2003 - - Berkshire Income
Realty, Inc. today announced that it has amended the terms of its exchange offer
for interests in Krupp Insured Mortgage Limited Partnership (KIM) and is now
seeking up to 5,000,000 interests in KIM. This change is being made because
Berkshire Income Realty has received tenders of interests that are in excess of
the number of interests it had been seeking in this exchange offer. In
connection with this change, the Company also announced that the expiration date
for this exchange offer has been extended to 5:00 p.m., New York City time, on
April 17, 2003. The Company does not expect to further extend the expiration
date. Except as described above, the terms and conditions of this exchange offer
as set forth in the prospectus relating to Berkshire Income Realty's 9% Series A
Cumulative Redeemable Preferred Stock remain in effect. The terms and conditions
of the Company's exchange offers for interests in Krupp Government Income Trust,
Krupp Government Income Trust II, Krupp Insured Plus Limited Partnership, Krupp
Insured Plus II Limited Partnership and Krupp Insured Plus III Limited
Partnership are not affected by the above described changes.
As of the close of business on April 2, 2003, Berkshire Income
Realty had received tenders of approximately 4,011,560 interests in KIM. As of
such date, sufficient interests had been tendered so that more than 1,000,000
shares of Berkshire Income Realty's 9% Series A Preferred Stock 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
exchange offers.
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 mortgage 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 mortgage 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 mortgage 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 mortgage 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 Berkshire Income Realty, Inc. or the
mortgage 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 filings by Berkshire Income
Realty, Inc. and the mortgage funds 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