The real estate investment trust also said its net assets have increased by$1.5 million to $27.9 million as of March 31. The company no longer reportsnet income or funds from operations because it is following a plan towardliquidation.
A complete liquidation plan was approved by the shareholders of the companyin August 2002, allowing the company to adopt the liquidation basis ofaccounting for all periods after September.
The company said the increase in net assets for the quarter was primarilyattributed to operating income of approximately $1.7 million for the firstquarter, offset by an increase in reserves for estimated liquidation costsof approximately $200,000.
Eleven Malan properties are under contract to sell for a total of $45.6million, said company officials. The facilities, about 1.28 million sf, are located in IL, IN, KS, MI, MO andWI. Twenty-six more properties are under letters of intent, saidMalan, for $98.3 million.
The REIT also said it has sold properties in Forestville, MD andSpringfield, MO, for $2.9 million and $425,000, respectively.
The Forestville property is an 84,000-sf former Kmart building. TheSpringfield property is an 8,000-sf strip center adjacent to the Kmart storeowned by the Malan.
Kmart is buying the building in Springfield for $2.56 million, and the saleis expected to close within the next 30 days, said Malan officials.
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