BINGHAM FARMS, Mich., May 22 /PRNewswire/ --?Malan Realty Investors, Inc.
(NYSE: MAL), a self-administered real estate investment trust (REIT), today
announced that Paul Gray has been elected chairman of the board of directors.
Gray, 34, is executive vice president and co-founder of Kensington Investment
Group, Inc. of Orinda, California. Kensington is a registered investment
advisor specializing in real estate securities and is Malan's largest
shareholder.
The board also announced it is retaining Malan's executive management.
They are Anthony S. Gramer, president and chief executive officer; Michael K.
Kaline, vice president; and Elliott J. Broderick, chief accounting officer.
In addition, the board has appointed Joel Beam as a special advisor to the
board of directors. Beam, a vice president at Kensington, will assist in
reviewing strategic directions for the company.
"In line with our commitment to enhance shareholder value, the board looks
forward to working with management to meet the challenges in the real estate
market," said Gray.
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.
Safe Harbor Statement: Certain statements in this release regarding
anticipated operating results are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Although the
company believes the statements and projections are based upon reasonable
assumptions, actual results may differ from those projected. Key factors that
could cause actual results to differ materially include economic downturns,
successful and timely completion of acquisitions, renovations and development
programs, leasing activities 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.
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
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Related links:
http://www.malanreit.com
CONTACT:
Michael K. Kaline, Vice President of Malan
Realty Investors, 248-644-7110, or Fred Nachman of Marjan
Communications Inc., 312-867-1771
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