At the company since 1984, Kaline was in charge of the company's assetmanagement, including leasing, acquisitions, development and redevelopmentactivities, and property management.He also serves as an associate real estate broker of thecompany.

Malan has been shaky since a proxy fight earlier this year ousted its board.The battle and a change of control agreement cost the company $3.4 million.Paul Gray, chairman of the new board, says Kaline will help strengthen thecompany."Michael is well regarded by the REIT community, the nation'sleading retailers, investors and shareholders for his knowledge ofthe industry and numerous accomplishments," says Gray, alsoco-founder and executive vice president of Kensington Investment Group Inc.in Orinda, CA.

Malan owns, acquires, redevelops andmanages properties that are leased primarily to national and regional retailcompanies. The company owns a portfolio of 64 properties located in ninestates with an aggregate of approximately 5.9 million sfof GLA.