Mills Corp Faces Dangerous Financial Future
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Developers Mills Corp. saw its shares plummet 29 percent as they announced earnings will be down, their New Jersey Xanadu project will cost 2 billion instead of the estimated 1.3 billion, and they are restating earnings down 210 million. This triple play is forcing the company to sell assets and look for a potential buyer.
Mills shares fell $6.68, or 29 percent, to $15.91. Shares of the Chevy Chase-based company, which owns Arundel Mills and other very large malls, have dropped 62 percent this year, compared with an 11 percent increase in the Bloomberg Real Estate Investment Trust Index.
Mills, the subject of a Securities and Exchange Commission accounting investigation, said in a filing yesterday that cost overruns at its Xanadu entertainment development at the New Jersey Meadowlands Sports Complex would push the price to $2 billion from its earlier $1.3 billion estimate.
Mills also said it has no financing for the 4.8 million-square-foot retail-and-entertainment complex in which it has invested about $380 million. via the baltimoresun.com.
Am I the only one that finds it odd that the ONLY place that looks to be seriously warming is ...
It seems there are numbers posted about how much it could cost the US in home sales from people holding ...
The only people holding off will be those that are financially secure and can manage to hold off. How ...
What an awesome way to generate traffic for a story. Were they trying to time that for Sweeps Week? ...
That's awful. I wonder if using that tactic , if a building can be sold or used as collateral. ...
Good point about people possibly holding off now. The 4.5 percent interest rate could be a self-fulfilling prophecy. 
wow this is a wonderful creation...............i would like to be there once even in my life time........... 
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I will say that had I never been to that site and seen Dean's many deals that he documented and ...
Great Real Estate
post ... very interesting. 
Pingback by New Investor In The Mills Corp Asks To Stop Sales Attempts » The Real Estate Bloggers on 26 October 2006:
[...] Keep an eye out for Mills Corp. in the short term. With the backing of Gazit Globe, they may be a position to revitalize their assets and manage themselves out of the hole they got into with their ill fated New Jersey Xanadu project. [...]