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MPG Office Trust's CEO Discusses Q2 2012 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 www.mpgoffice.com.

And now, I would like to turn the call over to David Weinstein, President and CEO.

David Weinstein

Good morning and thank you for joining our second quarter 2012 call. Fred Chin, our acting Chief Operating Officer is here with me along with Chris Norton, our Head of Transactions, Jeanne Lazar, Chief Accounting Officer and Peggy Moretti, our head of investor relations.

This quarter the company made significant progress towards exiting non-core assets addressing the KPMG tower debt maturity, eliminating contingent liabilities and improving our cash position. In April, we disposed the Brea Corporate Place and Brea Financial Commons pursuant to a deed-in-lieu of foreclosure agreement with the lender. As a result, the company was relieved of a $109 million of debt and received a general release of claims under the loan documents.

Also in April, Glendale Center was cooperatively placed into receivership. The agreement with the special servicer provides for a cooperative foreclosure and a general release of claims under the loan documents at the conclusion of the foreclosure process. The special servicer has commenced foreclosure proceedings on this asset and we expect these proceedings to be finalized in the third quarter of 2012 but there can be no assurance that the foreclosure proceedings will be completed in this timeframe.

In May, Two California Plaza was cooperatively placed into receivership. We entered into an agreement with the special servicer through which the company will temporarily remain the title holder of the asset until Two California Plaza is transferred to another party or there is a completed foreclosure, with a definitive outside exit date of December 31, 2012.

Pursuant to the agreement, we will receive a general release of claims under the loan documents at the time of our exit. In connection with this agreement, we paid approximately $1 million to the special servicer related to certain historical operational liabilities .

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