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DETROIT-Malan Realty Investors Inc. has posted second-quarter funds from operations of $1.4 million, or $0.27 per share, a year after showing a $1.6-million, or $0.31- per-share loss. Cash available for distribution was $1.2 million or $0.23 per share.

The profit came despite a slight drop in total revenues — consisting primarily of rent and recoveries from tenants — of $9.9 million compared to $10.1 million in the second quarter of 2000. Results were impacted by non-recurring expenses for a proxy contest and related change-in-control costs.

Malan has recorded a loss of real estate of $3.6 million, related primarilyto the reduction of its carrying value in Bricktown Square in Chicago.

Malan announced that it completed the sales of its properties in Liberal, KS and Green Bay, WI during the second quarter. Net proceeds from the sales of approximately $400,000 and $3.1 million, respectively, were used to pay down debt and for general working capital purposes.

In July, the company completed the sale of its Kmartshopping centers on East Washington Street in Madison, WI and in New Lenox, IL for $1.6 million and $5.0 million, respectively, as part of asingle transaction with Kmart Corporation.

The company owns, acquires, redevelops and manages properties that areleased primarily to national and regional retail companies. The companyowns a portfolio of 60 properties located in nine states that contains anaggregate of approximately 5.6 million sf of gross leasable area.

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