Maguire Results Slip In Just Under the Wire

Talk about short-term results.

Maguire Properties Inc., which went public in late June, reported second-quarter results Tuesday -- all four days’ worth.

The Los Angeles real estate investment trust run by developer Rob Maguire raised $790 million in a June 26 initial public stock offering, four days before the close of its second quarter. And in a move rarely seen on Wall Street, the company reported results from those 96 hours.

“It is unusual that a company goes public that late in the quarter,” said Los Angeles money manager Craig Silvers of Bricks & Mortar Capital, who added that he would ignore the red ink on the bottom line and concentrate on earnings before interest, taxes, depreciation and amortization, or EBITDA.

Maguire didn’t try to provide pro forma results because under federal reporting regulations, it “could not provide a meaningful and practical reconciliation of these results to a better financial measure,” spokeswoman Peggy Moretti said.

For the record, Maguire lost $46.2 million, or $1.25 a share, over the four days, a rate that -- projected for a full year -- would result in a loss of more than $4.2 billion.

The results were skewed by the costs of the offering and by a complex series of transactions tied to it. Proceeds were used in part to repay debt and to expand its stake in several large downtown office properties.

Silvers calculated that the EBITDA fell to 46.5% of total revenue, compared with 49.5% in the year-earlier period.

“These numbers should not come as a surprise to anybody because of the slow economy and the glut of office space throughout Southern California,” said Silvers, who does not own Maguire shares.

The company’s stock gained 6 cents, to $20.01, in New York Stock Exchange trading.