MPG Office Trust CEO Discusses Q4 2010 Results - Earnings Call Transcript
Our supplemental package along with information required under SEC Regulation G may be accessed in the Investor Relations section of the MPG Office Trust website at www.mpgoffice.com. And now, I’d like to turn the call over to David Weinstein, President and CEO. David?
Good morning. As I’m sure you’re all aware, I was appointed President and CEO of MPG Office Trust at the end of November 2010. I had been an Independent Director on the Board since October 2008. I’ve also served on both the Audit and Finance Committees. Therefore, I’m very familiar with the company’s collection of high-quality assets and the company’s controlling market position here in Downtown Los Angeles.
I’m also aware of the challenges faced by the company and the steps the company has taken to address those challenges. The company remains focused on these challenges and continues to work diligently and creatively to maximize value for our shareholders.The plan this morning is to provide a review of the results we released yesterday, along with an update on a number of company initiatives, and then we’ll turn the call over to questions. Our CFO, Shant, is here as well, and is obviously well versed in answering your questions. The company continues to work to implement a strategy that was approved by the Board of Directors and is supported by all of us here in management. The strategy includes maintaining our dominant market position in Downtown Los Angeles, preserving unrestricted cash, restructuring or exiting non-core assets, and extending debt maturities. Let me start with our cash situation. At December 31, 2010 we had $159.7 million of cash on hand, excluding properties that are in default. About $113 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 approximately $47 million was unrestricted and available for general corporate purposes.
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