BINGHAM FARMS, Mich., Dec. 18 /PRNewswire-FirstCall/ -- The board of
directors of Malan Realty Investors, Inc. (NYSE: MAL), a self-administered
real estate investment trust (REIT), today announced it has declared a
liquidating cash dividend for the year ending December 31, 2003. The
distribution will be made in order to maintain the company's status as a REIT
under federal tax laws.
The dividend of 30 cents per share will be paid January 26, 2004 to
shareholders of record on December 31, 2003. The dividend is based on the
company's 2003 projected taxable income. The company said it expects to have
a definitive taxable income figure during the first quarter of 2004. Malan
currently has approximately 5.1 million common shares outstanding.
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 27 properties located in eight states that contains an
aggregate of approximately 2.2 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 the plan of liquidation, expenses incurred
during the liquidation period, the company's ability to retire or refinance
its indebtedness as it comes due, its success in selling assets, the changing
market conditions affecting the sale prices of its properties, the
disproportionate effect of changes in proceeds from property sales on
liquidating distributions due to the company's capital structure, economic
downturns, leasing activities, the outcome of the company's appeal of the
court's decision affirming the Gramer litigation, bankruptcies and other
financial difficulties of tenants, the cost of addressing environmental
concerns, unforeseen contingent liabilities, other risks associated with the
commercial real-estate business, and other concerns as detailed in the
company's filings from time to time with the Securities and Exchange
Commission.
News releases for Malan Realty Investors are available on the company's
Web site at http://www.malanreit.com or in the Company News section on the PR
Newswire Web site at http://www.prnewswire.com .
SOURCE Malan Realty Investors, Inc.
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Related links:
http://www.malanreit.com
CONTACT:
John Roberson, Media Relations of Malan
Realty Investors, +1-248-644-7110, or Fred Nachman, Marjan
Communications Inc., +1-312-867-1771
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