"While we do not anticipate any further adjustments to the results of operations for 2001, at this time we cannot determine the exact effect of Kmart's bankruptcy proceedings on the company's future results," Lewis adds.
Meanwhile, Malan says it wrote down $11.4 million in an impairment on its 5.8-million-sf portfolio during the fourth quarter, when it recorded an 8% increase in funds from operations to $1.4 million, or $0.26 per share. The increase came despite a 4.8% drop in revenues to $9.9 million.
For the year, FFO was up 32% to $5.9 million, or $1.14 per share.
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