Maguire Properties's second-quarter loss widened on write-downs as the developer's revenue was flat.

Commercial REITs like Maguire have been slammed by rising foreclosures and delinquencies. Maguire has been struggling since its purchase of a portfolio of office buildings in Southern California's Orange County in early 2007, just before the crash of the subprime-mortgage industry. It has been selling off properties, and is planning to hand over control of seven buildings with $1.06bn in debt to creditors.

In the latest quarter, Maguire recorded $384.7m in write-downs related to the properties.

Wall Street Journal