Mills Looking at 'Strategic Alternatives'

The Mills Corporation, an Arlington, Va., retail real estate investment trust, is looking at a possible sale of the company as it contemplates some strategic alternatives.The REIT also is working on a restatement of its financial statements for the period 2000 through 2004 and reports that it does not expect to make a March 16 deadline for the filing of its annual report for the year ended December 31, 2005. The company expects to complete its restatement by April 1, 2006 and Mills is seeking an extension on that deadline from the lenders on its revolving credit facility. The REIT has also named Mark S. Ordan, who is on the board of Federal Realty Investment Trust, chief operating officer of Mills. The REIT also is looking at additional sources of finance to fund a development and expansion program. Mills has hired Goldman, Sachs & Co., and J.P. Morgan Securities to provide financial advice relating to its exploration of strategic alternatives.