Search
 

Malan Suffers, But Promises It Will Now Make Comeback

BINGHAM FARMS, MI-Company officials say a proxy fight and theater failure to blame for a fourth-quarter drop in funds from operations by more than half compared to the fourth quarter of 1999.

By Robert Carr | Updated on February 13, 2001

BINGHAM FARMS, MI- Malan Realty Investors Inc. President Michael Kaline says the company wants to look ahead to a future, rather than looking at a recent rocky past. According to the company’s fourth quarter report, funds from operations dropped from $10.4 million (or $1.98 per basic share) in 1999 to $4.8 million (or $.92 cents per basic share) in 2000. The company also brought in $1.3 million in the fourth quarter 2000, compared to $2.8 million in fourth quarter 1999.

“We’re putting a bad year behind us,” Kaline said. “We’re moving forward and looking at creating a strategy of improving and strengthening the company’s financial position.”This includes the redeployment of capital, Kaline said, such as selling properties and stock buybacks.

The company bought 11,300 shares of its common stock during 2000 at an average price of $10.21 per share. The board authorized the purchase of up to 250,000 shares of common stock in August. Malan has 5.2 million in common shares outstanding, Kaline said.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.