MI DEVELOPMENTS

MI Developments Inc. earned $18.7 million ( U. S.) on its real estate operations in the third quarter, but its holdings in money-losing Magna Entertainment dragged it into a net loss of $ 3.7 million. MI Developments, of Aurora, Ont., set up to run the property assets of the Magna International auto- parts maker, said yesterday its July- September revenue from real estate was $ 38.2 million, up from $ 31.4 million a year earlier. The company, which reports in American dollars, said the $ 18.7 million profit from property operations compared with a year- ago profit of $ 11.5 million.

However, including its interest in U. S. horse-track operator Magna Entertainment Corp., the $ 3.7 million net loss was worth 8 cents per share, compared with a year- earlier loss of $ 15.9 million, 33 cents per share.

Shares closed yesterday in Toronto at $ 39.12, up 27 cents.

At Sept. 30, the real estate business had 26.3 million square feet of space providing annualized lease payments of $ 145.7 million. The Magna Entertainment relationship resulted in the announcement in July that MI Developments would provide a $100 million 13- month bridge loan to MEC while the sibling company recapitalized by selling assets.

Since then, MEC has sold MarylandVirginia Racing Circuit for $ 10 million, Flamboro Downs for $ 73.6 million, and Florida real estate for $ 51 million. It said yesterday it is selling The Meadows in Pittsburgh for $225 million.