BIRMINGHAM, Mich., March 17 /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 March 31, 1998.  The dividend is payable April 20, 1998, to
shareholders of record March 31, 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 $17.69, the yield on the
indicated annualized rate is 9.61 percent.  The company currently has
3.8 million common shares outstanding.
    The company also announced that Kohl's Corporation (NYSE: KSS) will be
constructing a new department store at Pine Ridge Plaza in Lawrence, Kansas,
and it has completed the acquisition of Westland Shopping Center in suburban
Detroit.
    "We are very pleased that Kohl's will be opening its first store in our
portfolio," said Anthony S. Gramer, president and chief executive officer of
Malan Realty Investors.  "When the redevelopment project is completed this
fall, Pine Ridge Plaza will become a premier shopping destination for Lawrence
area residents."
    Site preparation has already begun, and Kohl's is expected to open an
80,000-square-foot store in October.  Kohl's operates 182 department stores
and the company reports it will be opening 30-35 new stores in 1998.
    Pine Ridge Plaza, which is located at 31st Street and Iowa Street (Highway
59), will eventually reach 255,000 square feet of GLA, up from 91,000 square
feet.  Kmart is currently expanding and renovating its store into the "Big K
format," which will increase GLA to 117,000 square feet from 82,000 square
feet.  As part of the redevelopment, the Twin Cinema on the site was razed,
and the 42,000-square-foot, 12-plex Southwind Theater was constructed two
blocks from the shopping center.  Malan also said it is in discussions with
other national retailers regarding space at Pine Ridge Plaza.
    The acquisition of Westland Shopping Center, announced in January 1998,
has been completed for $2.0 million in cash and the assumption of a ten-year,
$5.9 million mortgage, which carries an interest rate of 8.0 percent, the
company reported.  The 85,000-square-foot shopping center, which opened in
summer 1996, is located adjacent to Westland Center regional mall.  It is
anchored by Dick's Sporting Goods, a leading discount sporting goods and
sportswear retailer, and Med Max, a home health care superstore.
    Malan Realty Investors, Inc. owns and operates a portfolio of 54 shopping
centers, freestanding stores and entertainment facilities, primarily in the
Midwest.  The properties represent approximately 5.7 million square feet of
gross leaseable area.
    News releases for Malan Realty Investors are available though Company News
On-Call by fax at 800-758-5804, ext. 114165, or http://www.prnewswire.com.

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