Total revenues, consisting primarily of rent and recoveries from tenants, were $10.6 million in the first quarter of 2001, down from $11 million in the first quarter of 2000.
"The theater vacancy at Bricktown Square continues to impact our performance in 2001," said Jeffrey Lewis, chief executive officer of Malan Realty Investors. "We are currently pursuing several options for the property."
The company is reporting significant progress in implementing its new strategic plan. Malan's strategic plan calls for selling mature and non-strategic assets, restructuring debt to provide maximum operational flexibility and redeploying capital in order to enhance shareholder value and liquidity.
Malan has retained Chicago-based Cohen Financial, a national real estate finance company, to investigate opportunities to improve the company's debt structure. An improved debt structure will allow greater flexibility in selling assets and facilitate additional investment opportunities.
The board of directors has authorized the purchase of up to 500,000 shares of the company's common stock. Since January 1 the company has bought 37,000 shares at an average price of $8.52 per share. Additional share purchases will be based on market conditions, the projected rate of return on the stock compared with other investment opportunities and the availability of funds.
Malan Realty Investors, Inc. owns, acquires, redevelops and manages properties that are leased primarily to national and regional retail companies. The company owns a portfolio of 63 properties located in nine states that contains an aggregate of approximately 5.9 million sf of gross leasable area.
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