The company intends to use any net proceeds from property salesand refinancing activities primarily for the retirement of debtmaturing during the next two-and-a-half years.
"While we expect to sell properties in relatively smallportfolio groupings, Malan will consider larger transactions,including the sale of all properties or the entire company ifopportunities are presented that we believe are in the interest ofthe shareholders," says CEO Jeffrey Lewis.
The plan also calls for a cessation of new investment in realestate, other than reinvestment and redevelopment of propertiesalready owned by the company, until the property sales andrefinancing activities are completed. Further, Malan may havelimited ability to repurchase its common stock during thisperiod.
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