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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. David Weinstein 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.
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