BINGHAM FARMS, Mich., Jan. 14 /PRNewswire-FirstCall/ --
Malan Realty Investors, Inc. (NYSE: MAL), a self-administered real estate
investment trust (REIT), today announced that the Kmart store owned by the
company in Milwaukee, Wisconsin will be closed, according to a news release by
Kmart Corporation announcing the closing of 326 stores distributed today.
Malan currently has 16 properties leased to Kmart in its portfolio, down
from 27 properties at the end of 2001. Annual revenues from the 117,791
square-foot store located at 2701 S. Chase Avenue total approximately
$400,000. The store's lease expires in 2011. Kmart has not disclosed a date
for the store's closing.
Malan Realty Investors, Inc. owns and manages properties that are leased
primarily to national and regional retail companies. In August 2002, the
company's shareholders approved a plan of complete liquidation. The company
owns a portfolio of 47 properties located in nine states that contains an
aggregate of approximately 4.4 million square feet of gross leasable area.
Safe Harbor Statement: This news release may contain forward-looking
statements. Although the company believes that the statements and projections
are based on reasonable assumptions, actual results may differ from those
projected. Key factors that could cause actual results to differ materially
include uncertainties regarding the length of time required to sell the
company's properties and execute its plan of liquidation and expenses incurred
during the liquidation period, the cost of litigation in which the company is
involved, bankruptcies and other financial difficulties of tenants, including
the ultimate disposition of lease agreements with Kmart Corporation, the cost
of addressing environmental concerns, and other risks associated with the
commercial real estate business, as detailed in the company's filings from
time to time with the Securities and Exchange Commission. Many of these
factors are beyond the control of the company. Malan does not undertake to
update these forward-looking statements.
News releases for Malan Realty Investors are available on the company's
Web site at http://www.malanreit.com or through Company News On-Call by fax at
(800) 758-5804, ext. 114165, or http://www.prnewswire.com .
SOURCE Malan Realty Investors, Inc.
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Related links:
www.malanreit.com
CONTACT:
Elliott J. Broderick of Malan Realty
Investors, Inc., Chief Financial Officer, +1-248-644-7110, or
Fred Nachman of Marjan Communications Inc., +1-312-867-1771
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