TrizecHahn Profit for 1st Quarter Up 8.4%
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TrizecHahn Corp. said first-quarter earnings rose 8.4%, led by revenue from its Hollywood & Highland retail project.
Net income was $45.6million, or 30 cents a share, the Toronto-based company said. Revenue rose 11% to $237.1million.
Results include a full quarter’s contribution from the $615-million Hollywood & Highland retail and theater project. The firm already has taken a $239.4-million charge to write down the project, which was completed in November and will be sold.
The company will become, effective today, a real estate investment trust based in New York called Trizec Properties Inc. It will be the second-largest REIT focusing on office buildings, behind Chicago’s Equity Office Properties Trust.
TrizecHahn shares rose 45 cents to $16.33 on the NYSE.
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