BINGHAM FARMS, Mich., Dec. 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 December 31, 1999. The dividend is payable January 20,
2000, to shareholders of record December 31, 1999. Malan has paid quarterly
cash dividends for 22 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 $13.56, the yield on
the indicated annualized rate is 12.5 percent. The company currently has
5.2 million common shares outstanding.
The company also announced it has signed a lease and letter of intent with
Harbor Freight Tools and Save-A-Lot for 24,000 square feet of retail space in
its Topeka, Kansas, shopping center. Harbor Freight Tools, a rapidly growing
retailer of machinery and tools, is leasing 10,000 square feet, and
Save-A-Lot, a major grocery store chain, is leasing 14,000 square feet.
Occupancy is expected by April 2000.
The company said it continues to pursue other opportunities to redevelop
and re-tenant its properties and increase occupancy, Gramer said. Malan
currently is in negotiations for buyouts of existing leases, new leases to
fill available space and expansion of existing shopping centers.
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 65 properties located in 10 states
that contains an aggregate of approximately 6.1 million square feet of GLA.
The company currently has 5.2 million common shares outstanding.
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.
CONTACT: Michael K. Kaline, Vice President of Malan Realty Investors,
Inc., 248-644-7110, or Fred Nachman or Daphne Murray, both of
Corporate.Technology Communications, Inc., 312-832-9300, ext. 202 or 222.
SOURCE Malan Realty Investors, Inc.
 back to top
CONTACT:
Michael K. Kaline, Vice President of Malan
Realty Investors, Inc., 248-644-7110, or Fred Nachman or Daphne
Murray, both of Corporate.Technology Communications, Inc.,
312-832-9300, ext. 202 or 222
|
