From the Patriot Ledger 3/1/01:
Mills Corp. took a $3.2 million hit

  Mills Corp. took a $3.2 million hit on its fourth-quarter earnings when 
its proposed megamall project at the former South Weymouth Naval Air Station 
fell through, company officials said yesterday.  

During a conference call with investors, Chief Financial Officer Kenneth Parent said the Arlington, VA company recorded $3.3 million in abandoned project costs during the quarter ending Dec. 31, almost all of it tied to the air base proposal.

Net income for the quarter was $7.7 million, or 33 cents per share, down from $8.2 million, or 34 cents per share, for the fourth quarter of 1999.

Funds from operations - a standard measure of operating performance for real estate investment trusts - increased to $31.3 million from $28.4 million for the same period in 1999.

Air base redevelopment officials in December backed out of a deal to sell Mills Corp. 155 acres for $23.7 million.

Mills owns 12 entertainment and outlet oriented shopping malls totaling approximately 17 million square feet in 10 states. Executive Senior Vice President James Dausch said the company continues to look for a New England location for a project.

COMPARE (Citizens Opposing the Megamall and Proposed Access Road Extension)
Box 890024 Weymouth, MA 02189
[email protected]

For related info, see http://www.geocities.com/nomegamall/ and http://www.rethinkthebase.com and http://hometown.aol.com/rethinkthebase/