Due to leasing problems with some of its projects, Mission West Properties reported a $95,812 loss for the third quarter ended Aug. 31, compared with a net loss of $110,138 for the same three months last year. Revenues were $535,534, up from $224,983 over the same quarter last year.
In addition, Mission West said it may feel some financial impact from Del Mar voters' rejection in September of a development proposal by a party that bought property from Mission West in downtown Del Mar. The rejection may mean that Mission West will have to purchase a $3.8-million senior note from the buyer's lender.
It is uncertain at this point whether Mission West will have to buy the note, but President Joseph LaBreche said the note is well-secured.
For the year to date, Mission West's net loss totaled $187,739, compared with a net income of $516,146 over the same three quarters last year. Revenue totaled $1.4 million, down from $5.1 million over the same period last year.