BINGHAM FARMS, Mich., Sept. 15 /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, 1998. The dividend is payable
October 20, 1998, to shareholders of record September 30, 1998.
The dividend of $0.425 per share equates to an annual dividend of $1.70
per share. Based on yesterday's closing price of $16.625, the yield on the
indicated annualized rate is 10.23 percent. The company currently has
5.1 million common shares outstanding.
Malan also announced that its board of directors has authorized the
purchase of up to $15 million aggregate principal amount of the company's
9 1/2 % Convertible Subordinated Debentures due 2004.
Malan Realty Investors, Inc. owns and operates a portfolio of 66 shopping
centers, freestanding stores and entertainment facilities, primarily in the
Midwest. The properties represent approximately 6.1 million square feet of
gross leasable area.
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.
SOURCE Malan Realty Investors, Inc.
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Company News On-Call: http://www.prnewswire.com or
fax, 800-758-5804, ext. 114165
CONTACT:
Michael K. Kaline, Malan Realty Investors
Vice President, 248-644-7110; or Fred Nachman of
Corporate.Technology Communications, Inc., 312-832-9300, ext.
202, for Malan Realty Investors
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