BINGHAM FARMS, Mich., Dec. 5 /PRNewswire/ -- The board of directors of
Malan Realty Investors, Inc. (NYSE: MAL), a self-administered real estate
investment trust (REIT), today announced it has declared its quarterly cash
dividend for the quarter ending December 31, 2001.
The dividend of 25 cents per share will be paid January 22, 2002 to
shareholders of record on December 31, 2001. Based on the closing price of
$6.88 on December 4, 2001, the yield on the indicated annualized rate is
14.5 percent. The company currently has 5.1 million common shares
outstanding.
Malan also announced that during the fourth quarter it completed the sale
of three properties as part of its strategic plan for selling non-core
properties. The properties are located in Great Bend, Kansas, and Stevens
Point, Wisconsin, as well as an outlot in North Aurora, Illinois. The
company said the proceeds from the sales would be used to pay down debt and
general corporate purposes.
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 58 properties located in nine
states that contains an aggregate of approximately 5.5 million square feet of
gross leasable area.
Safe Harbor Statement: This news release contains 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 litigation costs, development risks such as unanticipated costs,
economic downturns, bankruptcies and other financial difficulties of tenants,
and other risks associated with the commercial real estate business, and 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.
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Related links:
http://www.malanreit.com
CONTACT:
Michael K. Kaline, President of Malan Realty
Investors, Inc., +1-248-644-7110, or Fred Nachman of Marjan
Communications Inc. for Malan Realty Investors, Inc.,
+1-312-867-1771
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