BINGHAM FARMS, Mich., March 12 /PRNewswire-FirstCall/ -- Malan Realty
Investors, Inc. (NYSE: MAL), a self-administered real estate investment trust
(REIT), said today that four properties in its portfolio are on the list of
stores to be closed by Kmart Corporation (NYSE: KM) that was announced on
March 8, 2002.
"Although we were not surprised that these stores are on the list, we
cannot assess how the closings will affect 2002 operating results until we are
notified whether the leases for each will be accepted or rejected," said
Jeffrey Lewis, chief executive officer of Malan Realty Investors. "Three of
the four properties also have inline stores that may be adversely affected by
the decisions."
The four Kmart stores, totaling 346,430 square feet of gross leasable
area, are located in Topeka, Kansas; Forestville, Maryland; and Madison and
Marshfield, Wisconsin. Base rent for those stores is approximately
$1.0 million annually, which totals about 4 percent of Malan's total
annualized base rents.
Malan Realty Investors, Inc. owns, acquires, redevelops and manages
properties that are leased primarily to national and regional retail
companies. The company owns a portfolio of 58 properties located in nine
states that contains an aggregate of approximately 5.4 million square feet of
gross leasable area.
Safe Harbor Statement: This news release contains 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 litigation costs, development risks such as unanticipated costs,
economic downturns, bankruptcies and other financial difficulties of tenants,
including the ultimate disposition of lease agreements with Kmart Corporation
and the risk that delays in re-tenanting space subject to rejected leases
would lengthen the time needed to implement the company's strategic plan, and
other risks associated with the commercial real estate business, and 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:
http://www.malanreit.com
CONTACT:
Elliott Broderick, Chief Financial Officer of
Malan Realty Investors, Inc., +1-248-644-7110, or Fred Nachman of
Marjan Communications Inc., +1-312-867-1771, for Malan Realty
Investors
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