Maguire Properties, Inc. (MPG), a real estate investment trust, Monday reported a second quarter loss that widened on impairment charges, despite higher revenue. Revenues, however, came in ahead of Street expectation.
The Los Angeles, California based company reported a second quarter net loss available to common stockholders widened to $110.6 million or $2.32 per share from $24.4 million or $0.52 per share in the prior-year quarter.
Net loss for widened to $105.86 million from $19.66 million in the same quarter a year ago. Loss from continuing operations widened to $105.86 million from $39.97 million in the year-ago quarter.
Funds from operations available to common stockholders were a deficit of $56.4 million or $1.18 per share compared to a deficit of $2.4 million or $0.05 per share in the quarter ended June 30, 2007.
Second quarter earnings were negatively impacted by a $51.9 million impairment charge on the pending sale of Main Plaza and $17.5 million of costs associated with review of strategic alternatives and management changes.
Total revenue improved to $143.90 million from $141.76 million in the same quarter last year, exceeding Street expectation of $140.09 million.
For the six-month period, net loss available to common shareholders widened to $159.22 million or $3.37 per share from $37.02 million or $0.79 per share in the prior-year period.
Net loss widened to $149.69 million from $27.49 million in the same period last year. Loss from continuing operations widened to $149.69 million from $45.83 million in the year-earlier period.
Funds from operations available to common stockholders were a deficit of $65.01 million or $1.21 per share compare to FFO of $15.24 million or $0.33 per share in the year-earlier period.
Total revenue was $291.61 million, up from $239.68 million in the year-ago period.
MPG closed Monday's regular trading at $10.22, down $0.87 or 7.84%, on a volume of 1.20 million shares. In after-hours trading, the stock gained $0.13 or 1.27%, to trade at $10.35.
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