BINGHAM FARMS, Mich., Sept. 18 /PRNewswire-FirstCall/ -- Malan Realty
Investors, Inc. (NYSE: MAL), a self-administered real estate investment trust
(REIT), today announced that it has closed on the sales of two shopping
centers located in the Detroit area.
The properties, The Shops at Fairlane Meadows in Dearborn and Orchard-14
Shopping Center in Farmington Hills, totaling 277,000 square feet of gross
leasable area, sold for $19.0 million and $5.8 million, after expenses,
respectively. The Shops at Fairlane Meadows included the assumption of a
$12.0 million mortgage loan by the purchaser. Malan anticipates using the
funds to pay down additional debt, for working capital purposes and to fund
any dividends to shareholders for the year ending December 31, 2003 required
for maintaining its REIT status.
Malan currently anticipates paying a required dividend based upon 2003
taxable income. The company currently has another eight properties and one
vacant land parcel under contract for sale and one property under letter of
intent. It is possible that no dividend will be required if certain of these
sales do not close by year-end or other unforeseen events occur.
Malan Realty Investors, Inc. owns and manages properties that are leased
primarily to national and regional retail companies. In August 2002, the
company's shareholders approved a plan of complete liquidation. The company
owns a portfolio of 34 properties located in eight states that contains an
aggregate of approximately 2.9 million square feet of gross leasable area.
Safe Harbor Statement: This news release may contain forward-looking
statements. Although the company believes that the statements and projections
are based on reasonable assumptions, actual results may differ from those
projected. Key factors that could cause actual results to differ materially
include uncertainties regarding the length of time required to sell the
company's properties and execute its plan of liquidation and expenses incurred
during the liquidation period, changing market conditions affecting the sales
price of the company's properties, the disproportionate effect of changes in
proceeds from property sales on liquidating distributions due to the company's
capital structure, the cost of litigation in which the company is involved,
bankruptcies and other financial difficulties of tenants, the cost of
addressing environmental concerns, unforeseen contingent liabilities, and
other risks associated with the commercial real estate business, as detailed
in the company's filings from time to time with the Securities and Exchange
Commission. Many of these factors are beyond the control of the company.
Malan does not undertake to update these forward-looking statements.
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:
John Roberson, Media Relations for Malan
Realty Investors, Inc., +1-248-644-7110, or Fred Nachman of
Marjan Communications Inc., +1-312-867-1771
|
