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Malan Announces 2Q 2000 Results

BINGHAM FARMS, MI - Proxy battle, change of control agreement cost the company $3.4 million

By Robert Carr | Updated on August 02, 2000

Malan Realty Investors Inc., a REIT, has announced a deficit in total funds from operations in the second quarter of 2000. The company previously announced it would incur nonrecurring expenses in the quarter associated with a recent proxy contest and the resulting change in control.

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.

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