<PAGE>
                                                                      EXHIBIT 24



                                POWER OF ATTORNEY

         The undersigned, a Director of Malan Realty Investors, Inc., a Michigan
corporation (the "Company"), does hereby constitute and appoint each of Jeffrey
Lewis and Elliott J. Broderick, with full power of substitution, as his true and
lawful attorney and agent to execute in his name and on his behalf, as a
Director of the Company, the Company's Annual Report on Form 10-K, and any and
all amendments thereto to be filed with the Securities and Exchange Commission
(the "Commission") pursuant to the Securities Exchange Act of 1934, as amended,
and any and all instruments that such attorneys and agents, or either of the
rules, regulations, and requirements of the Commission. The undersigned hereby
ratifies and confirms as his own act and deed everything that such attorneys and
agents, and each of them, does or causes to be done. Each such attorney or agent
shall have, and may exercise, all of the powers hereby conferred.

         IN WITNESS HEREOF, the undersigned has hereunto subscribed his
signature this 14th day of March, 2003.


                                           By:     /s/ Paul Gray
                                              ----------------------------------

<PAGE>



                                POWER OF ATTORNEY

         The undersigned, a Director of Malan Realty Investors, Inc., a Michigan
corporation (the "Company"), does hereby constitute and appoint each of Jeffrey
Lewis and Elliott J. Broderick, with full power of substitution, as his true and
lawful attorney and agent to execute in his name and on his behalf, as a
Director of the Company, the Company's Annual Report on Form 10-K, and any and
all amendments thereto to be filed with the Securities and Exchange Commission
(the "Commission") pursuant to the Securities Exchange Act of 1934, as amended,
and any and all instruments that such attorneys and agents, or either of the
rules, regulations, and requirements of the Commission. The undersigned hereby
ratifies and confirms as his own act and deed everything that such attorneys and
agents, and each of them, does or causes to be done. Each such attorney or agent
shall have, and may exercise, all of the powers hereby conferred.

         IN WITNESS HEREOF, the undersigned has hereunto subscribed his
signature this 14th day of March, 2003.


                                        By:    /s/ Jill Holup
                                           ------------------------------------


<PAGE>



                                POWER OF ATTORNEY

         The undersigned, a Director of Malan Realty Investors, Inc., a
Michigan corporation (the "Company"), does hereby constitute and appoint each of
Jeffrey Lewis and Elliott J. Broderick, with full power of substitution, as his
true and lawful attorney and agent to execute in his name and on his behalf, as
a Director of the Company, the Company's Annual Report on Form 10-K, and any and
all amendments thereto to be filed with the Securities and Exchange Commission
(the "Commission") pursuant to the Securities Exchange Act of 1934, as amended,
and any and all instruments that such attorneys and agents, or either of the
rules, regulations, and requirements of the Commission. The undersigned hereby
ratifies and confirms as his own act and deed everything that such attorneys and
agents, and each of them, does or causes to be done. Each such attorney or agent
shall have, and may exercise, all of the powers hereby conferred.

         IN WITNESS HEREOF, the undersigned has hereunto subscribed his
signature this 14th day of March, 2003.


                                        By:      /s/ John P. Kramer
                                           ------------------------------------



<PAGE>


                                POWER OF ATTORNEY

         The undersigned, a Director of Malan Realty Investors, Inc., a Michigan
corporation (the "Company"), does hereby constitute and appoint each of Jeffrey
Lewis and Elliott J. Broderick, with full power of substitution, as his true and
lawful attorney and agent to execute in his name and on his behalf, as a
Director of the Company, the Company's Annual Report on Form 10-K, and any and
all amendments thereto to be filed with the Securities and Exchange Commission
(the "Commission") pursuant to the Securities Exchange Act of 1934, as amended,
and any and all instruments that such attorneys and agents, or either of the
rules, regulations, and requirements of the Commission. The undersigned hereby
ratifies and confirms as his own act and deed everything that such attorneys and
agents, and each of them, does or causes to be done. Each such attorney or agent
shall have, and may exercise, all of the powers hereby conferred.

         IN WITNESS HEREOF, the undersigned has hereunto subscribed his
signature this 14th day of March, 2003.



                                      By:      /s/ Edward J. Russell III
                                         --------------------------------------