The reevaluation took place in December. Malan officials said the decrease was primarily attributable to the current trends in the retail real estate market.
Since the company also had an operating income of $1.3 million for the fourth quarter, the company is now reporting a net asset decrease of $5.2 million, to $26.4 million, in the fourth quarter of 2002.
A complete liquidation plan was approved by the shareholders of the company in August 2002, allowing the company to adopt the liquidation basis of accounting for all periods after September. The company no longer reports net income or funds from operations.
The company also said recently it has four properties under contract and 12 properties under letters of intent for a total value of $50.45 million.
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