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1Q FFO Tumbles at Malan Realty Investors

BINGHAM FARMS, MI-The company sees FFO down by nearly 25% in the first quarter. It also has hired finance company to explore its debt options and continues its stock buy-back program.

By Robert Carr | Updated on May 11, 2001

BINGHAM FARMS, MI-Real estate investment trust Malan Realty Investors, Inc. has announced funds from operations in the first quarter was down $0.12 per share, about $600,000 compared to first quarter 2000. The first quarter showed FFO at $2 million, or $0.38 per basic share.

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.”

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