With respect to our liability or liquidity rather, at the end of the third quarter 2010, we had cash on hand of $180 million excluding properties and default; $120 million of this was restricted for specific purposes including swap collateral, prepaid rents, leasing commissions and tenant improvement reserves as well as property tax and insurance reserves and $60 million of this cash was unrestricted and has been available for general corporate purposes. This is $10.8 million less than the unrestricted cash balance at the end of the second quarter of 2010. These funds were used to pay for leasing cost including the release renewal of Southern California Gas Company, a gas company tower in downtown Los Angeles and Disney Corporation in Glendale.Addressing debt maturities remains a continuing focus. Subsequent to the end of the third quarter, we extended the loan on Plaza Las Fuentes till September 29, 2011. In order to complete a one-year extension of this loan, we will require to make a $9 million paydown using a combination of $6.5 million of restricted cash that we funded on October 29, 2010 and $2.5 million of restricted cash, which was held by the lender in reserves. There are no additional maturities in 2010.
MPG Office Trust CEO Discusses Q3 2010 Results – Earnings Call Transcript
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.