BINGHAM FARMS, Mich., Aug. 24 /PRNewswire/ -- The board of directors of
Malan Realty Investors, Inc. (NYSE: MAL), a self-administered real estate
investment trust (REIT), today announced that it will resume its common stock
repurchase program.
The board authorized the purchase of up to 250,000 shares of common stock.
The purchases will be made in the open market, with the timing dependent upon
market conditions and pending corporate events. The repurchase program, which
was originally approved in 1995, authorized the purchase of up to 755,000
shares of the company's common stock. To date, Malan has purchased 468,000
shares of common stock. The company has 5.2 million common shares
outstanding.
"We believe the company's common shares represent a compelling use of
capital," said Paul Gray, chairman of the board of directors. "Reinstating
the buyback program is part of the board's commitment to enhancing shareholder
value."
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.
 back to top
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, for Malan Realty
|
