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BINGHAM FARMS, MI-The board of directors of Malan Realty Investors Inc. has declared its quarterly cash dividend for the quarter ending June 30. The dividend of $0.25 cents per share will be paid July 20 to shareholders of record on June 30, 2001.

For the quarter ended March 31, the company paid a dividend of $0.425 per share.

On April 20, the board declared a dividend of $0.425 to be paid to shareholders of record on March 30. The board also announced that it intends to declare dividends equal to approximately two-thirds of cash available for distribution (CAD). The company defines CAD generally as defined funds from operations (FFO) plus non-cash expenses not added back to net income in calculating FFO, less recurring capital expenditures andpayments of mortgage principal amortization.

The self-administered real estate investment trust owns, acquires, redevelops and manages properties that are leased primarily to national and regional retail companies. The company owns a portfolio of 63 properties located in nine states that contains an aggregate of approximately 5.9 million sf of gross leasable area.

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