MPG Office Trust, Inc. (NYSE: MPG), a Southern California-focused real estate investment trust, today reported results for the quarter ended December 31, 2012.
Significant Fourth Quarter Events
- We had $192.5 million of cash as of December 31, 2012, of which $151.7 million was unrestricted and $40.8 million was restricted.
- During the fourth quarter of 2012, we completed new leases and renewals for approximately 74,000 square feet.
- On October 1, 2012, a trustee sale was held with respect to Two California Plaza. As a result of the foreclosure, we were relieved of the obligation to repay the $470.0 million mortgage loan secured by the property as well as accrued contractual and default interest on the mortgage loan. In addition, we received a general release of claims under the loan documents pursuant to a previous in-place agreement with the special servicer.
- On December 14, 2012, a trustee sale was held with respect to 3800 Chapman. As a result of the foreclosure, we were relieved of the obligation to repay the $44.4 million mortgage loan secured by the property as well as accrued contractual and default interest on the mortgage loan. In addition, we received a general release of claims under the loan documents pursuant to a previous in-place agreement with the special servicer. MPG Office, L.P., our Operating Partnership, had previously received a release from the special servicer from all claims under the guaranty of partial payment.
- On December 21, 2012, we sold our remaining 20% joint venture interest to our joint venture partner, an affiliate of Beacon Capital Partners, LLC. The joint venture owned One California Plaza, located in downtown Los Angeles, and Cerritos Corporate Center, located in Cerritos, California. Net proceeds from the transaction totaled approximately $41 million and will be used for general corporate purposes.
- In January 2013, we executed a five-year lease extension with Gibson Dunn & Crutcher LLP, a prestigious international law firm ranked in the top 20 by American Lawyer. The firm occupies approximately 268,000 square feet at Wells Fargo Tower in downtown Los Angeles and the lease now expires in November 2022.
- On January 29, 2013, we received a notice from Thomas MPG Holding, LLC requesting the redemption of 35,000 noncontrolling common units of our Operating Partnership. On January 30, 2013, we issued 35,000 shares of common stock in exchange for these units. After the redemption, the Company owns approximately 99.8% of our Operating Partnership.
Fourth Quarter 2012 Financial ResultsNet income available to common stockholders for the quarter ended December 31, 2012 was $205.2 million, or $3.52 per diluted share, compared to net loss available to common stockholders of $(31.5) million, or $(0.62) per share, for the quarter ended December 31, 2011.
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