BINGHAM FARMS, Mich., March 16 /PRNewswire/ -- Malan Realty Investors,
Inc. (NYSE: MAL), a self-administered real estate investment trust (REIT),
today announced it has declared its quarterly cash dividend of $0.425 per
share for the quarter ending March 31, 1999.  The dividend is payable
April 16, 1999, to shareholders of record March 31, 1999.  Malan has paid
quarterly cash dividends for 19 consecutive quarters since its initial public
offering in June 1994.
    The dividend of $0.425 per share equates to an annual dividend of
$1.70 per share.  Based on yesterday's closing price of $14.125, the yield on
the indicated annualized rate is 12.04 percent.  The company currently has
5.2 million common shares outstanding.
    The company also announced it has signed a letter of agreement to sell a
94,282 square-foot property in Colma, Calif., for approximately
$7.7 million.  Kmart is the property's tenant.  Net proceeds of the sale will
be used for general corporate purposes, including working capital and payment
of debt.  The sale is expected to be completed by the end of this month.
    "Because this is our only property on the West Coast and the cap rate is
attractive, we decided to divest it at this time," said President and Chief
Executive Officer Anthony S. Gramer.  "Malan will be able to deploy the
capital to improve our core portfolio and strengthen our financial position."
    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 67 properties located in 10 states
that contains an aggregate of approximately 6.2 million square feet of gross
leasable area.
    News releases for Malan Realty Investors are available through Company
News On-Call by fax at 800-758-5804, ext. 114165, or
http://www.prnewswire.com.

Link to this page: