Maguire Properties Inc. reported Tuesday that its first quarter loss more than tripled from a year ago, and the company continues to weigh its options.
Maguire Properties said its first-quarter loss widened to $43.8 million (-$1.03 per share) from $12.6 million (-27 cents) in the same period a year earlier.
Maguire's revenues jumped 53 percent to $148 million. The real estate investment trust did not explain why its loss deepened while its revenues jumped. It said it will not hold a conference call as it is still reviewing strategic alternatives for the company.
Maguire is downtown L.A.'s biggest landlord. It owns eight downtown buildings including the 72-story US Bank Tower, the tallest building on the West Coast.
The Los Angeles-based company's founder, Robert Maguire III, offered to buy 75 percent of the company last month but his bid was rejected by a special independent committee of the board. Meanwhile, the Wall Street Journal has reported that investment firm Brookfield Properties Corp. sent a letter to the company offering to purchase Maguire's Los Angeles properties for nearly $750 million, but the company was silent on that matter.
Shares in Maguire closed up 8 cents to $17 Tuesday.
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