Paragon posts a net loss, blames failed bids.Paragon Real Estate Equity and Investment Trust announced operating results for the three and six months ended June June: see month. 30, 2005.
Net loss attributable to common shareholders for the quarter ended June 30, 2005 was $228,000, or $0.01 per share, compared to a net loss of $213,000, or $0.01 per share, for the same quarter of 2004. For the six months ended June 30, 2005, the net loss attributable to common shareholders was $674,000, or $0.02 per share, compared to a net loss of $347,000, or $0.01 per share, for the first six months of 2004.
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James. C. Mastandrea, chief executive offleer and president of Paragon, said, "During the second quarter, we also performed due diligence on two apartment portfolios, comprised of 20 properties and approximately 5,000 apartment units. We submitted bids on both portfolios, which were competitive because we were included in the final round of bidding, but in the end both sellers chose other bidders."
As previously reported concerning the increased general and administrative expenses for the first quarter, Paragon hired several highly experienced professionals as independent consultants and used other service firms to assist with due diligence on a large potential acquisition. The seller was an institution that was divesting its portfolio of affordable housing investments for non-economic reasons but decided to retain the portfolio.
Commenting further on Paragon's strategy of buying value-added val·ue-add·ed
Of or relating to the estimated value that is added to a product or material at each stage of its manufacture or distribution: multi-family apartment properties, Mr. Mastandrea noted, "The acquisition market has been fiercely competitive. Some even categorize cat·e·go·rize
tr.v. cat·e·go·rized, cat·e·go·riz·ing, cat·e·go·riz·es
To put into a category or categories; classify.
cat it as 'overheated.' Since December December: see month. 2003, we have done significant amounts of review and due diligence on eight portfolios of apartment assets, including more than 60 apartment complexes valued at $500 million and an affordable housing portfolio of over $1 billion invested in approximately 350 apartment communities. More recently, we have been raising our bid offers anticipating that we will be able to increase the value of the apartment properties over the medium-to-long term."
"Yet, other buyers have bid so high that if we paid those prices, our shareholders would not receive the returns they deserve. Therefore, while we continue to review new offerings of C-class C-class can refer to: