BINGHAM FARMS, Mich., Jan. 30 /PRNewswire-FirstCall/ -- Malan Realty
Investors, Inc. (NYSE: MAL), a self-administered real estate investment trust
(REIT), today announced the income tax treatment of the company's 2003 cash
distributions.
In August 2002, the company's shareholders approved a plan of complete
liquidation. Any distributions made subsequent to that date are considered
liquidating distributions and are treated by Malan's shareholders as a return
of capital to the extent of a shareholder's basis in Malan Realty Investors,
Inc. stock. Distributions in excess of the shareholder's basis are treated as
a capital gain. Shareholders should consult their tax advisor for proper
treatment in their 2003 income tax returns.
The 2003 distributions for Malan Realty Investors, Inc. (CUSIP #561063108,
traded under ticker symbol MAL) were as follows:
Declaration Dates Record Dates Payable Dates Distributions
per share
09/09/03 09/19/03 09/30/03 .51
12/19/03 12/31/03 1/26/04 .30
Total .81
Malan Realty Investors, Inc. owns and manages properties that are leased
primarily to national and regional retail companies. The company owns a
portfolio of 27 properties located in eight states that contains an aggregate
of approximately 2.2 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 the plan of liquidation, expenses incurred
during the liquidation period, the company's ability to retire or refinance
its indebtedness as it comes due, its success in selling assets, the changing
market conditions affecting the sale prices of its properties, the
disproportionate effect of changes in proceeds from property sales on
liquidating distributions due to the company's capital structure, economic
downturns, leasing activities, bankruptcies and other financial difficulties
of tenants, the cost of addressing environmental concerns, unforeseen
contingent liabilities, other risks associated with the commercial real-estate
business, and other concerns as detailed in the company's filings from time to
time with the Securities and Exchange Commission.
News releases for Malan Realty Investors are available on the company's
Web site at http://www.malanreit.com or in the Company News section on the PR
Newswire Web site at http://www.prnewswire.com .
SOURCE Malan Realty Investors, Inc.
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Related links:
http://www.malanreit.com
CONTACT:
John Roberson, Media Relations of Malan
Realty Investors, Inc., +1-248-644-7110, or Fred Nachman of
Marjan Communications Inc., +1-312-867-1771
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