MPG Office Trust's CEO Discusses Q4 2011 Results - Earnings Call Transcript
Our supplemental package, along with information required under SEC Regulation G, maybe accessed in the Investor Relations section of the MPG Office Trust website at www.mpgofficetrust.
And now, I would like to turn the call over to David Weinstein, our President and Chief Executive Officer.
Good morning, and thank you for joining our fourth quarter call. Shant Koumriqian, our Chief Financial Officer, is here with me, along with Fred Chin, our Acting Chief Operating Officer; Jon Abrams, our General Counsel; Chris Norton, our Head of Transactions; and Peggy Moretti, our Head of Investor Relations.The company continued to make progress during and subsequent to the fourth quarter of 2011. On November 1, 2011, we announced that the company entered into an agreement with Charter Hall Office REIT and Beacon Capital relating to the transfer by Charter Hall of its interest in a joint venture with the company to an affiliate of Beacon Capital, as well as the terms of a new joint venture between MPG and an affiliate of Beacon Capital.As a reminder, as part of the transfer, affiliates of Beacon Capital will purchase Wells Fargo Center, located in Denver; San Diego Tech Center, located in San Diego; and development rights and the land parcel adjacent to San Diego Tech Center.The new joint venture between the company and Beacon will continue to own interests in each of One California Plaza, located in downtown Los Angeles; Cerritos Corporate Center, located in Cerritos, California; and Stadium Gateway, located in Anaheim, California. We are in the process of obtaining lender consents required to complete this transaction. We expect the transaction to close this month.Stadium Gateway is currently being marketed for sale and we will comment on that transaction once we have determined a definitive course of action.The company expects to receive approximately $45 million in total net proceeds from these transactions, which will improve our liquidity position. Any proceeds will be used for general corporate purposes.
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