BINGHAM FARMS, Mich., March 27 /PRNewswire/ -- Malan Realty Investors,
Inc. (NYSE: MAL), a self-administered real estate investment trust (REIT),
today called the recent proxy filing by Kensington Investment Group, Inc.
"unfortunate" and "detrimental to the interests of all shareholders." The
Malan board of directors reiterated its intent to resist Kensington's efforts
to elect five of its candidates to the board.
"With this unfortunate effort, Kensington appears to be commencing a proxy
contest that will be detrimental to the interests of all shareholders by
disturbing our operations and adding significant costs," said Anthony S.
Gramer, president and chief executive officer of Malan Realty Investors.
"Management's time and the REIT's money could be put to much better use if we
were allowed to continue our course of improving the portfolio and increasing
value for all Malan shareholders."
"Through this action, this minority shareholder is attempting to gain
control of the company by nominating persons with little or no apparent
operational experience in our industry," Gramer continued. "As we have
announced, we spoke with a representative of Kensington several weeks ago and
offered to add a sixth director, selected by them, to the Malan board.
Instead, Kensington -- as everybody knows -- rejected this reasonable offer
and nominated its own slate for the board."
"Our shareholders ought to be concerned with the fact that each of these
dissident nominees were selected by Kensington. The current board has and
will continue to represent the interests of all Malan shareholders and
vigorously fight Kensington's actions," Gramer concluded. "The board is
committed to work with management, which has over fifty years of experience in
all kinds of real estate markets and has delivered solid financial results
during the last three years, to enhance value for all shareholders, not a
select few."
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 65 properties located in 9 states
that contains an aggregate of approximately 6.0 million square feet of GLA.
In January 2000, Malan announced funds from operations for 1999 rose 26
percent from 1998 on a 9 percent increase in total revenues.
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 .
Kensington's preliminary proxy filings are available on the SEC's Internet
site and contain detailed information regarding its participants, their
interests in the company and its proposed slate of five directors: Andrew
Miller, Jeffrey Lewis, John P. Kramer, Jill Holup and Paul Gray.
A definitive proxy statement and form of proxy prepared by the company
containing information regarding the nominees for director supported by
Malan's current board, each participant's interest in the company and
information regarding MacKenzie Partners, Inc., the company's proxy
solicitation firm, will be furnished to shareholders and contemporaneously
filed with the SEC. Shareholders are urged to read the proxy statement
carefully as it contains important information about the company and the
matters to be voted on at the Annual Meeting of Shareholders. The definitive
proxy statement will be available on the SEC's Internet site at
http://www.sec.gov . In addition, the company will provide to any requesting
shareholder, without charge, a copy of Malan's Annual Report on Form 10-K for
the year ended December 31, 1999, as well as additional copies of Malan's
Annual Report to Shareholders, definitive proxy statement and form of proxy as
soon as the same are available. Requests for any such materials should be
directed to MacKenzie Partners, Inc. at their toll free number:
1-800-322-2885.
CONTACT: Michael K. Kaline, Vice President of Malan Realty Investors,
Inc., 248-644-7110, Fred Nachman, Corporate.Technology Communications, Inc.,
312-832-9300 ext. 202.
SOURCE Malan Realty Investors, Inc.
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Related links:
http://www.sec.gov
CONTACT:
Michael K. Kaline, Vice President of Malan
Realty Investors, Inc., 248-644-7110, Fred Nachman,
Corporate.Technology Communications, Inc., 312-832-9300 ext. 202
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