BINGHAM FARMS, Mich., Aug. 14 /PRNewswire/ -- The board of directors of
Malan Realty Investors, Inc. (NYSE: MAL), a self-administered real estate
investment trust (REIT), today announced that it has promoted Michael K.
Kaline to president. Previously, he served as vice president.
Kaline, 38, replaces Anthony S. Gramer, the former president and chief
executive officer who left the company on July 24, 2000. Since joining Malan
in 1984, Kaline has been responsible for the company's asset management,
including leasing, acquisitions, development and redevelopment activities, and
property management. He also serves as an associate real estate broker of the
company. He holds a B.S. in finance and marketing from Miami University,
Oxford, Ohio.
"Michael Kaline is well regarded by the REIT community, the nation's
leading retailers, investors and shareholders for his extensive knowledge of
the industry and numerous accomplishments. His involvement in all aspects of
Malan's operations made him worthy of this promotion," said Paul Gray,
chairman of Malan's board of directors. "Michael's hands-on management and
wide-ranging experience will be valuable in our efforts to strengthen the
portfolio and enhance shareholder value."
"I look forward to the challenge of working with the board and our
employees to improve the portfolio and increase value for our shareholders,"
said Kaline. "We are currently undertaking several initiatives that we
believe will help us reach these goals."
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 64 properties located in 9 states
that contains an aggregate of approximately 5.9 million square feet of GLA.
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:
Michael K. Kaline, President of Malan Realty,
248-644-7110; or Fred Nachman of Marjan Communications Inc.,
312-867-1771
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