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Malan Posts Big Losses, Awaiting 8 Sales

BINGHAM FARMS, MI-The shopping center REIT is following the liquidation plan it adoped in August, and is no longer reporting funds from operation and cash on hand because of lack of relevance to investors.

By Robert Carr | Updated on November 15, 2002

BINGHAM FARMS, MI-Malan Realty Investors Inc. says it suffered large losses in the third quarter compared to the same three months in 2001, as well as the first nine months of 2002 compared to the same time last year. However, the liquidating retail REIT reportsd it has signed contracts to sell eight properties for $12.5 million.

The sale, which includes the Orchard-14 shopping center in Farmington Hills, will close by February.

For the third quarter, though, the company’s net loss was $1.3 million. In third quarter 2001, the company had posted a $2.1 million net gain. Worse, Malan is reporting a net loss of $7.2 million for 2002 so far,compared with a net loss of $1.1 million for the period of January-September 2001.

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