For the quarter ending June 30, 2000, Malan incurred a deficit of $1.6 million or 31¢ per basic share. In June 1999, the company earned $2.6 million or 50¢ per basic share for the quarter ended June 30, 1999.
Total revenues (excluding a gain on the sale of property of about $3.2 million), consisting primarily of rent and recoveries from tenants, were $10.1 million in second quarter 2000. That compares to revenues at $10.8 million in the second quarter of 1999.
Included in the FFO for the second quarter of 2000 were nonrecurring expenses totaling approximately $3.4 million. This included about $775,000 in expenses for the proxy contest and $2.6 million incurred for lump-sum payments and accrued future health insurance benefits as part of change of control agreements with the company's three executive officers.
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