MPG Office Trust Inc., the largest office landlord in downtown Los Angeles, reported a profit in the second quarter as the sale of some large commercial buildings boosted the bottom line.
"Operating conditions are still challenging, but MPG is making headway clearing out some junk in the trunk," said analyst Michael Knott of Green Street Advisors. "MPG has made some nice progress but really needs a strong rebound in downtown L.A. leasing and cash flow."
The Los Angeles real estate investment trust, which also owns several buildings in Orange and San Diego counties, finished the quarter with a profit of $118.4 million, or $2.42 a share. In the same period last year, the company lost $53.5 million, or $1.10 a share. Finances in both quarters were influenced by significant one-time events. L.A. TIMES