Mall owner’s loss narrows

Thursday, Feb. 13, 2003 | 9:35 a.m.

NEW YORK -- Trizec Properties Inc., the second-largest U.S. office building owner and owner of the Desert Passage mall at the Aladdin in Las Vegas, today said its fourth-quarter loss narrowed as it took fewer charges to reduce the value of properties.

Trizec's loss was $16.5 million, or 11 cents a share, compared with a loss of $202.6 million, or $1.36, a year earlier. Revenue fell to $240.9 million from $244.3 million, said spokesman Rick Matthews.

Shares of Trizec, whose chairman is Canadian financier Peter Munk, fell 39 percent last year as tenants such as Enron Corp. vacated space in its buildings, and it wrote down money losing investments in retail properties such as Desert Passage and buildings that house telecommunications switching equipment. Munk is betting a focus on office buildings will help turn the company around.

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