The company is a real estate company that owns, manages, leases, acquires and develops real estate located in: the greater Los Angeles area of California; Orange County, California; San Diego, California; and Denver, Colorado.
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ratings and Key Statistics provided by Zacks.
SEC Filings and Insider Transactions provided by Edgar Online.
Powered and implemented by Interactive Data Managed Solutions. Terms & Conditions
RSS Headlines
Fool UK
Recs
It's booking "income" from defaulting on mortgages where the value of the property had gone down to less than the mortgage principal. The properties not already in default are operating at a loss.It's ridiculously deep in debt, with net equity around negative 800M, and shitty interest rates on its debt. A total of 1B of its interest-only mortgages are maturing next year, so it will be on the hook to pay that lump sum, which it can't afford, and probably can't find a sucker to lend them the money either. Those properties will probably be foreclosed. That's around half of its total portfolio.They're 65 million behind on payments of preferred stock dividends, so the common stock wouldn't be getting any even if there were profits.The current valuation seems crazy. But the ticker is being spammed. A few days ago, the M in MPG converted his operating partnership units to common shares in MPG and "At Mr. Maguire's request, the Company issued the common stock to a party not related to Mr. Maguire.". I think this is an obfuscated way of selling his stake while the price is inflated by spam pumping.