MPG Office Trust's CEO Discusses Q2 2011 Results - Earnings Call Transcript
During the second quarter, two Glendale properties, 700 North Central and 801 North Brand went into the fall. These assets have replaced into special servicing during the first quarter. Subsequent to quarter end, the company requested that the nearby Glendale Center will be placed in the special servicing.
As I discussed on our last conference call, we requested that three downtown Los Angeles assets, Wells Fargo Tower, U.S. Bank Tower and Gas Company Tower be transferred into special servicing in order to initiate discussions regarding these loans with special servicers. Wells Fargo Tower is transferred into special servicing but the special servicer CWCapital have decided that discuss with respect to the asset are premature at this time and has sent the asset back to the master servicer.
U.S. Bank Tower was transferred to special servicing and remains in special servicing. The master servicer of the mortgage loan for Gas Company Tower, Wells Fargo has decided not to transfer the asset to special servicing at this time. It is important to note again that these three assets are not in default. This was a proactive step to commence discussions in an early stage with special servicers.
We have had discussions with the administrative agent for the KPMG Tower loan, which matures in October in 2012. The lending syndicate will not commit to extend the maturity date of the loan at this time. A refinancing of the loan along with the significant pay down will likely be required at maturity.Switching now to leasing, during the second quarter we completed new leases and renewals for approximately 412,000 square feet including our pro rata share of our joint venture properties. A few lease transactions to note. We renewed three major tenants, (inaudible) JPMorgan Chase and Morgan, Lewis & Bockius at One California Plaza, a joint venture property representing the only 30% of the total renewal square feet of the building. Read the rest of this transcript for free on seekingalpha.com
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV