MPG Office Trust Inc., the largest office landlord in downtown Los Angeles, turned a profit in the third quarter as it continued to shrink its property portfolio.
The Los Angeles real estate investment trust, which also owns buildings in Glendale and Cerritos, continued to sell heavily indebted properties while hanging on to most of its trophy buildings in L.A.'s financial district.
MPG reported third-quarter net income of $88 million, or $1.57 a share, up from $25.6 million, or 51 cents, in the same period last year. Revenue was $67.7 million, down 7%.
The company sold its interest in an Anaheim office building at a $1-million profit and unloaded $235 million worth of debt through trustee sales of properties in Glendale and Orange.