Mainly because of less interest expense, Meruelo Maddux Properties Inc. on Monday reported a narrower fourth-quarter loss of $2.64 million (-3 cents per share) compared with a loss of $6.43 million for the same period a year earlier. Revenues for the quarter ended Dec. 31 dropped 6.4 percent to $6.9 million, mainly due to lower interest income, the Los Angeles-based developer said. Costs fell 31 percent because of lower interest expenses since it paid off a loan, the company said. Shares in Meruelo Maddux were up 1.3 percent to $2.38 in early trading Monday on the Nasdaq.
HCP Inc. said Monday that it will be offering 12.5 million shares of common stock to the public for $32.78 a share. The company anticipates proceeds of $410 million from the offering. When combined with proceeds from another offering March 26, the Long Beach-based real estate investment trust will have total net proceeds of about $560 million. HCP said it plans to use the money to pay bank debt. HCP joined the S & P; 500 index after the market closed March 28. Shares in HCP were up 2.9 percent to $33.78 in early trading Monday on the Nasdaq.
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