Twelve more properties are under signed letters of intent for $50 million, including the eight Kmart stores, said Malan officials. The 12 facilities comprise about 1.3 million sf of gross leasable area.Another property is under option for $900,000.
The properties are selling for less than expected due to the hard economy and unexpected remediation and other costs, said Jeffrey Lewis, president and CEO of the company."Although the actual proceeds from property sales to date and expected proceeds from future sales are within 2 percent of our original estimates, the decline in value has a significantly greater impact on a per-share basis, given the highly leveraged position of the company," Lewis said.
The company is revising its range of estimated cash distributions in liquidation to $4.75 per share to $6.50 per share, compared with the previous range of $4.75 per share to $8.50 per share.The company, which owns 47 properties in nine states, is currently in the stages of a liquidation plan.
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