Mills: Impact of restatement expected to be $347 million to $352 million

By Lisa Kerner

Charlotte, N.C., Jan. 9 - The Mills Corp. and The Mills LP put the total anticipated impact of their accounting restatement to Mills LP at between $429 million and $434 million, and between $347 million and $352 million for the Mills company.

Both are to the Sept. 30, 2005 balance sheet.

These categories and their financial impact include cost capitalization at $227 million, fixed asset accounting at $15 million; revenue recognition at $41 million, LTIP (long-term incentive program) at $8 million and retail investments at $28 million, according to an 8-K filing with the Securities and Exchange Commission.

Reclassification of the company's series F preferred stock to mezzanine equity is expected to further reduce the company's previously reported stockholders' equity to approximately $1.0 billion from to $1.3 billion.

In addition, the reclassification of Mills LP's Series F preferred units to mezzanine equity will reduce Mills LP's previously reported partners' capital to $1,074.6 million from $1,390.9 million.

Mills is an Arlington, Va.-based developer, owner and manager of retail destinations.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.