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Malan Announces Third Quarter Liquidation Asset Increase

BINGHAM FARMS, MI-Malan announces $29 million net assets in liquidation in for third quarter 2003, an increase from the second quarter.

By Dan Heaton | Updated on November 18, 2003

BINGHAM FARMS, MI-Malan Realty Investors Inc. has announced that net assets in liquidation for the third quarter ended Sept. 30, 2003, increased by $366,000 to $29 million from the second quarter ended June 30, 2003.

The increase is due largely to Malan’s sale of nine properties during the quarter and four additional properties subsequent to Sept. 30, 2003, at contract prices totaling $71.4 million. The company currently has seven operating properties and one vacant land parcel under contract for $29.3 million and 17 properties under letters of intent for $51.8 million. Certain letters of intent and options to purchase announced previously were terminated or expired without proceeding to contract.

For the third quarter of 2003, operating income, including income from properties and interest expense on corporate and property specific debt, was about $2.5 million. The estimated fair value on the remaining properties held for sale increased $1.4 million, based on executed contracts for sale. The realized loss from the sale of assets was about $720,000, and the reserve for estimated liquidation costs increased about $276,000, primarily due to increases in actual legal fees over what was previously projected. A distribution of $2.6 million to shareholders was made Sept. 30, 2003.

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