Seeing Through the Mills Mess

Mills Corp.(MLS Quote) was once regarded as one of the best mall developers in the country and one of strongest value-creators in the REIT universe.

Now, the company is better known as a financial mess. But for long-term investors with iron stomachs, analysts say the stock could be a nice value play.

Mills, which is developing the giant Xanadu project in New Jersey's Meadowlands, earlier this month spooked investors when it pulled the plug on 10 development projects, laid off 19 executives to cut costs, and said it would restate its earnings going back five years. ...