BINGHAM FARMS, Mich., Sept. 14 /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 September 30, 2000. The dividend is payable
October 20, 2000, to shareholders of record September 29, 2000. Malan has
paid quarterly cash dividends for 25 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 $12.94, the yield on the
indicated annualized rate is 13.14 percent. The company currently has 5.2
million common shares outstanding.
The company also announced it has signed a letter of intent with Famous
Footwear to lease 12,000 square feet of new space at Pine Ridge Plaza in
Lawrence, Kansas. Madison, Wisconsin-based Famous Footwear, a division of
Brown Shoe Company, Inc. (NYSE: BWS), is the largest chain of brand-name
family shoe stores in the United States. Famous Footwear has more than 870
stores in 49 states.
Famous Footwear joins Old Navy in the second phase of redevelopment of
Pine Ridge Plaza. Both stores are expected to open in April 2001. The
company said it is in negotiations for leasing the remaining 20,000 square
feet of new retail space at the shopping center. After this second phase of
redevelopment is completed, Pine Ridge Plaza will have more than 260,000
square feet of gross leasable area (GLA).
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
Investors, Inc., 248-644-7110; or Fred Nachman of Marjan
Communications, 312-867-1771, for Malan Realty Investors, Inc.
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