Office landlord Maguire Properties posts first-quarter loss

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Maguire Properties Inc., the owner of several signature skyscrapers on the downtown Los Angeles skyline that include U.S. Bank Tower, the tallest building in the West, had another tough quarter.

Los Angeles-based Maguire today reported a first-quarter loss of $53.9 million, or $1.13 a share, up from the $48.6 million, or $1.03 a share, it lost in the same period a year ago. Revenue was $133.3 million, down 4%. Revenue has held steady for the last three quarters, though, suggesting that the company is hanging on to its tenants or signing enough new ones to avoid losing more ground. ‘We are all in a very difficult economy,’ said President Nelson Rising.

The real estate investment trust is getting squeezed by shrinking demand for rental space and struggling under a stack of debt it took on to expand during good times. Maguire is the largest office landlord in downtown Los Angeles. It also owns properties in Orange and San Diego counties, as well as Denver.

Read the full story, ‘Maguire Properties’ CEO is still high on downtown.’

-- Roger Vincent