This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

MPG Office Trust's CEO Discusses Q1 2011 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

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.

2 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.99 0.00%
FB $102.01 0.00%
GOOG $682.40 0.00%
TSLA $151.04 0.00%
YHOO $27.04 0.00%


Chart of I:DJI
DOW 15,973.84 +313.66 2.00%
S&P 500 1,864.78 +35.70 1.95%
NASDAQ 4,337.5120 +70.6750 1.66%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs