Interest Charges Hurt Maguire’s Q4

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Shares in downtown’s largest landlord, Maguire Properties Inc., dropped nearly 6 percent early Wednesday after the company reported a wider fourth-quarter loss late Tuesday.


Maguire reported a loss of $44.5 million (-95 cents per share), compared to a loss of $8.77 million (-19 cents) in the same period a year earlier.


Revenue for the Los Angeles-based real estate investment trust climbed 28 percent to $155 million, mainly due to the company’s purchase of 23 Southern California office buildings last year for $3 billion.


However, the company has been hampered by the debt associated with the large purchase, logging a $41 million interest charge, leading some large investors in the company to ask founder and Chief Executive Robert Maguire to step down. Late last year, a special committee of the company’s board agreed to consider a possible sale.


Shares in Maguire slid 5.8 percent to $24.49 in early trading Wednesday on the New York Stock Exchange.

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