This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
TheStreet Open House

MPG Office Trust's CEO Discusses Q4 2011 Results - Earnings Call Transcript

Stocks in this article: MPG

On December 2, 2011, the company completed an $11.25 million mezzanine financing secured by our Plaza Las Fuentes office property in Pasadena, California.

On February 2nd, trustee sales foreclosures of two of our Glendale assets, 700 North Central and 801 North Brand, were completed. As a result, the company was relieved of the $27.5 million mortgage loan secured by 700 North Central and the $75.5 million mortgage loan secured by 801 North Brand. MPG received full releases on these assets pursuant to previously negotiated agreements with the special servicer.

As of January 17, 2012, Glendale Center was in default. We are having discussions with LNR, the special servicer for Glendale Center. We have nothing to report at this time with respect to such discussions.

Following a notice of imminent default from us in December 2011, the 3800 Chapman loan was transferred into special servicing. We are having discussions with CWCapital, the special servicer for 3800 Chapman. We have nothing to report at this time with respect to such discussions.

On behalf of CWCapital, Eastdil Secured continues to market Stadium Towers and 500 Orange Tower in Orange County. It is unclear at this time whether CWCapital will decide to sell these assets. In the event that CWCapital chooses not to sell these assets, they require pursuant to previously negotiated agreements to acquire the properties either by foreclosures or deeds-in-lieu of foreclosure by June 2012 on Stadium Towers and by September 2012 on 500 Orange Tower. MPG would receive a general release of any potential liability.

We continue to have discussions with CWCapital, the special servicer for Two California Plaza. We have nothing to report at this time with respect to such discussions.

As to our leasing efforts, we completed new leases and renewals for approximately 278,000 square feet, including our pro rata share of our joint venture properties. A few highlights include the renewal of Bingham McCutchen for approximately 80,000 square feet at KPMG Tower; and Richards Watson for approximately 45,000 square feet, also at KPMG Tower. At 777 Tower, Arnold & Porter renewed approximately 50,000 square feet and Wilmer Cutler renewed approximately 25,000 square feet at Two California Plaza.

Read the rest of this transcript for free on seekingalpha.com

3 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,805.41 +127.51 0.76%
S&P 500 1,964.58 +13.76 0.71%
NASDAQ 4,483.7150 +30.9230 0.69%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs