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                                                                      EXHIBIT 11

                  MALAN REALTY INVESTORS, INC. AND SUBSIDIARY
                       COMPUTATION OF EARNINGS PER SHARE
          (in thousands, except share and earnings per share amounts)


<TABLE>
<CAPTION>
                                    YEAR ENDED DECEMBER  31, 1996     YEAR ENDED DECEMBER  31, 1995    YEAR ENDED DECEMBER  31, 1994

                                                       FULLY                              FULLY                              FULLY
                                        PRIMARY       DILUTED              PRIMARY       DILUTED              PRIMARY       DILUTED
                                       ---------     ---------            ---------     ---------            ---------     ---------
<S>                                    <C>          <C>                   <C>           <C>                  <C>           <C>
INCOME                                            
                                                  
  NET INCOME                                $599           599               $1,750        $1,750               $1,523        $1,523
                                                  
  INTEREST ON CONVERTIBLE                         
  DEBT                                                   8,470                              8,586                              4,531
                                       ---------     ---------            ---------     ---------            ---------     ---------
TOTAL                                       $599        $9,069               $1,750       $10,336               $1,523        $6,054
                                       =========     =========            =========     =========            =========     =========
                                                  
NUMBER OF SHARES                                  
                                                  
  WEIGHTED AVERAGE                                
  SHARES OUTSTANDING                   3,464,323     3,464,323            3,546,883     3,546,883            2,114,251     2,114,251
                                                  
  OTHER COMMON STOCK EQUIVALENTS           6,327        10,460            
                                                  
  SHARES ISSUED UPON CONVERSION                   
  OF CONVERTIBLE DEBT                                5,193,235                          5,303,008                          2,799,113
                                       ---------     ---------            ---------     ---------            ---------     ---------
TOTAL                                  3,470,650     8,668,018            3,546,883     8,849,891            2,114,251     4,913,364
                                       =========     =========            =========     =========            =========     =========
                                                  
NET INCOME PER SHARE                       $0.17         $1.05                $0.49         $1.17                $0.72         $1.23
                                           =====         =====                =====         =====                =====         =====
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