Malan says the estimated fair value on the remaining properties the REIT holds for sale increased approximately $1.7 million, based on a signed contract. Net operating income from the properties was approximately $1.7 million during the quarter.
Malan closed on the sales of four properties during the quarter and one additional property after the quarter ended June 30, at contract prices totaling $17.3 million. The company currently has one operating property of its remaining 19 properties under contract. In total, Malan's properties, located in seven states, have 1.2 million sf of gross leasable space.
"As announced, Malan plans to become a liquidating trust later this month," says Jeffrey Lewis, president and chief executive officer of Malan. "Regardless of the impending change in status of the company, we expect to receive a fair price for each property in order to make the largest possible distributions to our shareholders in the future."
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