The REIT wrote down $19.3 million primarily related to the company's Las Vegas and Nashville properties.
Konover is bringing in J. Michael Maloney, former president of Highland Capital Group Inc., as interim president and CEO. The REIT is also closing ImageTwin, a joint venture targeted at the apparel, manufacturing and retail industries.
Konover said funds from operations for the fourth quarter totaled $2 million, or six cents per share on 34.8 million diluted weighted-average shares outstanding, compared to $5 million, or one cent per share based upon 34.5 million diluted weighted-average shares outstanding for the fourth quarter of 1999.
Maloney formerly headed Highland Capital Group Inc., an investment and consulting company he founded in 1998. He has 30 years of industry and financial experience. Konover currently owns, operates or has under development 145 shopping centers in 22 states totaling 17.1 million sf.
In a prepared statement, Daniel J. Kelly, Konover's executive vice president, says the ImageTwin venture had positive feedback from consumers and end users but the depressed state of the technology market and problems in raising capital led to the decision to drop the subsidiary.
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David Wilkening
David Wilkening began his long journalism career as a police reporter for Chicago-area newspapers. He became a writer-editor for major newspapers in Chicago, Washington, Detroit and Florida. He has been a business editor, political editor and travel editor for newspapers and magazines. He tried for a while to be a political operative but did better as an adjunct college professor teaching English and journalism. He is the author of several books, both ghost-written and under his own name. He is also a widely published freelance writer who currently lives in Orlando.
