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BINGHAM FARMS, MI-Malan Realty Investors, Inc. has declared it will pay out a 51 cent cash dividend for the fiscal year that ended Dec. 31, 2002.

Malan, a self-administered real estate investment trust, will make the distribution in order to maintain the company’s status as a real estate investment trust (REIT) under federal tax laws.

The dividend of 51 cents per share was declared Sept. 9, and will be paid Sept. 30, 2003 to shareholders of record on Sept. 19, 2003.

The dividend is based on the company’s 2002 taxable income of $2.6 million.

Malan shares closed up 22 cents Sept. 9 at $4.79. The company’s stock trades as MAL on the New York Stock Exchange.

Malan currently has approximately 5.1 million common shares outstanding.

In August 2002, the company’s shareholders approved a plan of complete liquidation. The company owns a portfolio of 36 properties located in eight states that contains an aggregate of approximately 3.2 million sf of gross leasable area.

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