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MPG Office Trust's CEO Discusses Q2 2011 Results - Earnings Call Transcript

Stocks 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

And now I would like to turn the call over to David Weinstein, the Company’s President and Chief Executive Officer. David?

David Weinstein

Good morning. And thank you for joining us for our second quarter 2011 call. As Shant Koumriqian, our CFO is here with me, as well as Fred Chin, our Restructuring Advisor and Acting Chief Operating Officer, Jon Abrams, our General Counsel, Chris Norton, our Head of Transaction and of course Peggy Moretti, our Executive Vice President of Investor Relations.

The company continues to make progress on a number of fronts during the second quarter. We disclosed Westin Hotel in Pasadena, the transaction resulted a net proceeds of the company were approximately $15 million. We exited three non-core assets and we released the corresponding mortgage debt, 701 North Brand in Glendale, $34 million, 550 South Hope in Downtown, Los Angeles, $200 million, 2600 Michelson in Irvine, California, 110 million.

We extended the $109 million mortgage loan, secured by our Brea assets in Orange County, the final maturity day of this loan is now May, 2012 and there are no remaining extension options. We repaid a $15 million unsecured term loan and we refinanced one California Plaza, a joint venture property within up to $160 million mortgage loan. 140 million of the mortgage loan was funded at closing and we have the ability to make future draws up to $20 million in the aggregate for certain future leasing and releasing related capital expenditures.

Subsequent to quarter end, we existed City Tower in Orange County, which released us $140 million of mortgage debt. And as you may have seen this morning, yesterday we completed the financing of the adjacent Plaza Las Fuentes office property where the property of largest tenant, East West Bank. The first mortgage is for $33.75 million, in addition, 11.25 million of mezzanine financing is permitted. We have not determined whether we would pursue mezzanine financing and even if we do this side to pursue it, we may be unable to secure such financing.

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