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MPG Office Trust's CEO Discusses Q1 2011 Results - Earnings Call Transcript

Stock quotes in this article: MPG

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 mpgoffice.com.

And now I’d like to turn the call over to David Weinstein, President and CEO. David?

David Weinstein

Good morning. I am joined here by our CFO by Shant Koumriqian. I have some prepared remarks that discuss the company’s ongoing progress thus far in 2011. At the conclusion of my remarks, Shant and I will be available to answer any questions you may have regarding the company and its operating results.

Since our earnings call in March, we’ve continued to make progress with respect to our objectives of exiting non-core assets and improving our overall corporate liquidity position. We disposed of approximately 6.4-acre vacant land parcel located adjacent to 500 Orange Tower in Orange County that resulted in net proceeds to MPG of approximately $4.7 million.

We entered into an agreement with CWCapital as special servicer with respect to 500 Orange Tower. The agreement insulates us against potential claims, establishes a definitive outside date by which we’ll exit the asset and provides for cooperation in any sale of the asset. The outstanding principal amount of the loan on this asset is $110 million.

We transferred 701 North Brand in Glendale, California to the lender. We received modest cash proceeds in connection with the transfer and will continue to manage the asset on behalf of the lender for up to 18 months. We were relieved of $33.8 million of debt as a result of the transfer. We were relieved of $200 million of debt resulting from the sale of 550 South Hope by CWCapital, a special servicer. We have worked cooperatively with CWCapital on the disposition of this asset since our default in August 2009.

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