Maguire Posts Wider Loss

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Maguire Properties Inc. reported a greater loss for its second-quarter Monday as the real-estate downturn in Southern California and an impairment charge for the pending sale of a property hurt Downtown’s biggest landlord.


Maguire posted a net loss of $106 million (-$2.32 per share), compared with a net loss of $19.7 million (-52 cents) the same period a year earlier.


The latest results included an impairment charge of $51.9 million for the pending sale of its Main Plaza properties in Irvine and $17.5 million in costs from its review of strategic alternatives.


Revenue for the Los Angeles real estate investment trust rose 1.5 percent to $144 million.

Maguire put itself up for sale earlier this year but has not been able to find a buyer. The company’s board during the quarter ousted Chief Executive and founder Robert Maguire III, who twice failed to buy the company.


Shares in Maguire closed down 8 percent to $10.22.

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