Maguire Properties swings to profit

Long-suffering office landlord Maguire Properties on Monday reported a first-quarter profit linked largely to the forgiveness of a $49.1m debt it was unable to pay. The Los Angeles real estate investment trust, which owns some of the region’s best-known skyscrapers including the US Bank Tower in downtown Los Angeles, finished the quarter with $18.6m in net income attributable to common shareholders, a dramatic contrast from the $53.9m loss reported a year earlier. Finances in both quarters were influenced by significant one-time events, however.