MPG Office Trust CEO Discusses Q4 2010 Results - Earnings Call Transcript
As you would expect, we continue to monitor our cash reserves very closely and are careful in how we deploy capital.
As highlighted in yesterday’s press release, in 2010 the company disposed of a number of non-core assets outside of Downtown Los Angeles. While those dispositions did not generate proceeds for the company, they resulted in the elimination of approximately $648 million of debt and the elimination of $20 million in repayment guarantees. And subsequent to quarter end, we were successful in disposing of a land parcel in Orange County, which resulted in net proceeds of just under $5 million to the company.
The company’s in the process of marketing the Westin Pasadena Hotel for sale. It is too early to provide color on this sale aside from the fact that we received strong interest from a creditable group of buyers.
In addition to the Westin Hotel, Plaza Las Fuentes also includes a 200,000 square foot mixed-use office project. We have recently entered the market to refinance the office project upon the sale of the Westin Hotel. The current loan on Plaza Las Fuentes project has a maturity date of September 2011.Remaining 2011 debt maturities include loans on 1 California Plaza and our Brea complex. We continue to work with our 80% joint venture partner, Charter Hall, to refinance 1 California Plaza. We are in discussions with the current lender in regards to a short-term extension of the loan. Just as a reminder, it was previously extended from December 1, 2010 to March 1, 2011.The $109 million loan on our Brea complex matures in May 2011. We have a one year extension option on that loan. We believe we will meet the required conditions for extension and we expect to submit an extension notice in the very near term. Our only 2012 debt maturity is at KPMG Tower, the debt matures in October 2012. We are very focused on this debt maturity but have nothing to report at this time.Read the rest of this transcript for free on seekingalpha.com
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