This Day On The Street
Continue to site
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

MPG Office Trust's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Also in May, we disposed of the City Tower development site located in Orange, California. We received net proceeds from this transaction of $7 million, which will be used for general corporate purposes.

Also in May, a trustee sale was held with respect to Stadium Towers Plaza. As a result of the foreclosure, the company was relieved of a $100 million of debt and received a general release of claims under the loan documents.

In June, 3800 Chapman was cooperatively placed in receivership. We entered into an agreement with the special servicer pursuant to which the company will temporarily remain the title holder of the asset until 3800 Chapman 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. Also pursuant to the agreement, we received a release of all claims under the guaranty of partial payment related to the loan in return for a payment by the company of $2 million.

In July, we completed the one-year extension of the mortgage loan on KPMG Tower. The new maturity date is October 2013. The extension required a $35 million principal paydown, reducing the outstanding principal balance of $365 million. We also contributed $5 million to a leasing reserve. A full cash sweep goes into effect in September 2012 for the remaining term of the loan to first fund capital reserves and leasing reserves and then amortize the loan.

Also in July, we disposed of Stadium Gateway, a joint venture property of which we owned 20%. We received net proceeds from this transaction of approximately $1 million, including reimbursement of loan reserves which will be used for general corporate purposes.

3 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
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!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs