Maguire Reports Four Days Of Results

LOS ANGELES-In a rare financial filing covering only four days, newly formed Maguire Properties Inc. real estate investment trust has recorded its first ever quarterly earnings report for the second quarter ended June 30.

Maguire, which officially went public on June 27, reported a loss of $46.2 million that included $44.3 million loss on extinguishment of debt related to its refinancing of $790 million of indebtedness in connection with the initial public offering and $14.1 million of compensation expense incurred in connection with the initial public offering.

The loss works out to $1.25 per diluted share, but Maguire says it does not believe the results are comparable to future expected operating results of the company since the loss includes the various charges related to its initial public stock offering. The company projects net income of 27 to 29 cents per share for the fourth quarter, 28 to 33 cents in the fourth quarter, and $1.23 to $1.41 per share for the full year.

The Maguire public offering raised approximately $722 million in net proceeds. As of June 30, the company’s portfolio consisted of eight office properties totaling roughly 6.1 million sf, a 350-room hotel of 266,000 sf, total on- and off-site parking of approximately 3.1 million sf with spaces for more than 10,500 vehicles and an undeveloped two-acre land parcel that is available for future office development.