Maguire Properties Inc. reported a 116 percent higher fourth-quarter loss, largely due to an impairment charge on a building held for sale.

After Monday’s market close, the Los Angeles real estate investment trust reported a net loss of $96.3 million (-$2.02 per share), compared with a net loss of $44.5 million (95 cents) a year ago. The quarter was hurt by an $50 million non-cash impairment charge in connection with the REIT’s decision to classify its property at 3161 Michelson in Irvine as held for sale.

The loss in funds from operations was $42.2 million (-88 cents) per share, compared with FFO of $6.7 million (14 cents) a year ago. Funds from operations, which adds items such as amortization and depreciation back to net income, is a closely watched metric for REITS because it provides a more accurate picture of cash performance.

Excluding the charge, Maguire posted FFO of $1.7 million (4 cent), which was in line with the average of analysts surveyed by Reuters Estimates.

Maguire Properties founder Robert F. Maguire III last month increased his stake in the company and its operating partnership to more than 19 percent. He said he intends to become more active in the company from which he was ousted as chief executive last year.

At the end of 2008, Maguire properties either owned or had an interest in 36 office and retail properties, a 350-room hotel and parking totaling about 14 million square feet.

Prior to the announcement, Maguire shares closed down 40 cents, or 27 percent, to $1.10 on the New York Stock Exchange.