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BINGHAM FARMS, MI-Bingham Farms, MI-based Malan Realty Investors Inc. has declared a cash dividend of 25 cents per share for the quarter ending Dec. 31, payable Jan. 22 to shareholders of record on Dec. 31.

The amount is almost half the dividend paid in December 2000, when the company paid out 42 1/2 cents per share.Lawsuits and a board shakeup have forced the REIT to cut costs.

The company also announced the sale of three properties, located in Great Bend, KS and Stevens Point, WI, as well as an outlot in North Aurora, IL. Proceeds from the sales will be used to pay down debt and general corporate purposes.

The company owns, acquires, redevelops and manages properties that are leased primarily to national and regional retail companies. The company owns a portfolio of 58 properties in nine states comprising 5.5 million sf.

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