Trizec Reports '03 Profits

Trizec Properties, Chicago, has reported net income of $198.5 million ($1.32 per share) for 2003, compared with a net loss of $188.8 million ($1.26 per share) for 2002.For the fourth quarter, Trizec reported net income of $71.0 million ($0.47 per share), compared with a net loss of $16.5 million ($0.11 per share) a year earlier. Net income for the fourth quarter was boosted by tax benefits and gains on the sale of real estate, the real estate investment trust said. Among the performance highlights touted by Trizec was the sale of its second-mortgage interest in the Sears Tower to a subsidiary of MetLife for $9.0 million.