Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)  

MPG Office Trust, Inc. (NYSE:MPG)

Q2 2011 Earnings Call

August 2, 2011 11:00 AM ET

Executives

Peggy Moretti – EVP, Investor and Public Relations; and Chief Administrative Officer

David Weinstein – President and CEO

Analysts

Jordan Sadler – KeyBanc Capital Markets

Erin Aslakson – Stifel

Suzanne Kim – Credit Suisse

Jed Regan – Green Street Advisor

Wilkes Graham – Compass Point

Berry Gross – Cedera

Operator

Ladies and gentlemen, thank you for standing-by. Welcome to the MPG Office Trust Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. (Operator Instructions) As a reminder, this call is being recorded today, August 2nd, 2011.

I would now like to turn the conference over to Ms. Peggy Moretti of MPG Office Trust. Please proceed.

Peggy Moretti

Good morning. During the course of today’s call, management will make forward-looking statements regarding, among other things, projected 2011 results of operations, leasing, competitive conditions, financing and cash. The company’s projections are affected by many factors outside of its control. For discussions of such factors, please refer to the company’s most recent annual report on Form 10-K under the caption Risk Factors.

The forward-looking statements on today’s call are based on the company’s current expectations. MPG Office Trust does not intend to update these statements prior to our next quarterly earnings release, and we expressly disclaim any obligation to make any such update.

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, the Company’s President and Chief Executive Officer. David?

David Weinstein

Good morning. And thank you for joining us for our second quarter 2011 call. As Shant Koumriqian, our CFO is here with me, as well as Fred Chin, our Restructuring Advisor and Acting Chief Operating Officer, Jon Abrams, our General Counsel, Chris Norton, our Head of Transaction and of course Peggy Moretti, our Executive Vice President of Investor Relations.

The company continues to make progress on a number of fronts during the second quarter. We disclosed Westin Hotel in Pasadena, the transaction resulted a net proceeds of the company were approximately $15 million. We exited three non-core assets and we released the corresponding mortgage debt, 701 North Brand in Glendale, $34 million, 550 South Hope in Downtown, Los Angeles, $200 million, 2600 Michelson in Irvine, California, 110 million.

We extended the $109 million mortgage loan, secured by our Brea assets in Orange County, the final maturity day of this loan is now May, 2012 and there are no remaining extension options. We repaid a $15 million unsecured term loan and we refinanced one California Plaza, a joint venture property within up to $160 million mortgage loan. 140 million of the mortgage loan was funded at closing and we have the ability to make future draws up to $20 million in the aggregate for certain future leasing and releasing related capital expenditures.

Subsequent to quarter end, we existed City Tower in Orange County, which released us $140 million of mortgage debt. And as you may have seen this morning, yesterday we completed the financing of the adjacent Plaza Las Fuentes office property where the property of largest tenant, East West Bank. The first mortgage is for $33.75 million, in addition, 11.25 million of mezzanine financing is permitted. We have not determined whether we would pursue mezzanine financing and even if we do this side to pursue it, we may be unable to secure such financing.

During the second quarter, two Glendale properties, 700 North Central and 801 North Brand went into the fall. These assets have replaced into special servicing during the first quarter. Subsequent to quarter end, the company requested that the nearby Glendale Center will be placed in the special servicing.

As I discussed on our last conference call, we requested that three downtown Los Angeles assets, Wells Fargo Tower, U.S. Bank Tower and Gas Company Tower be transferred into special servicing in order to initiate discussions regarding these loans with special servicers. Wells Fargo Tower is transferred into special servicing but the special servicer CWCapital have decided that discuss with respect to the asset are premature at this time and has sent the asset back to the master servicer.

U.S. Bank Tower was transferred to special servicing and remains in special servicing. The master servicer of the mortgage loan for Gas Company Tower, Wells Fargo has decided not to transfer the asset to special servicing at this time. It is important to note again that these three assets are not in default. This was a proactive step to commence discussions in an early stage with special servicers.

We have had discussions with the administrative agent for the KPMG Tower loan, which matures in October in 2012. The lending syndicate will not commit to extend the maturity date of the loan at this time. A refinancing of the loan along with the significant pay down will likely be required at maturity.

Switching now to leasing, during the second quarter we completed new leases and renewals for approximately 412,000 square feet including our pro rata share of our joint venture properties. A few lease transactions to note. We renewed three major tenants, (inaudible) JPMorgan Chase and Morgan, Lewis & Bockius at One California Plaza, a joint venture property representing the only 30% of the total renewal square feet of the building.

We leased 44,000 square feet to Zurich insurance which moved to 77 Tower from Glendale. We leased 13,000 square feet at U.S. Bank Tower to Decker. Decker ranks 37th in gross revenues according the American lawyer. Subsequent to quarter ends we leased approximately 25,000 square feet at U.S. Bank Tower to Akin Gump. Akin Gump ranked 32nd gross revenues in 2010 according the American lawyer both of these tenants are new to downtown.

Turning to the cash position as of June 30th, 2011 we had $144.7 million of cash on hand excluding ounces in default about 78 million of this cash was restricted for specific purposes such as reserves for leasing commissions, tenant improvements, property taxes and insurance. 66 million was on restricted and available for corporate for general corporate producers. Obviously, the amount of our available cash has gone up with the financing of Plaza Las Fuentes

Finally, on July 24, we exchanged approximately 1.1 million shares of common stock for approximately 200,000 shares of preferred stock. The exchange ratio was 5.157 shares of common stock for each year preferred stock. This unrelated transaction on July 27, 2011 we exchanged approximately 260,000 shares of common stock through approximately 51,000 shares of preferred stock.

The exchange ratio of this transaction was also 5.157 shares of common stock for each year of differed stock. These were partially negotiated transactions. It is important to note that we are restricted by New York Stock Exchange rules from this and greater than 20% of our existing share base in an individual or series of related transactions with our approvals from a common shareholders. At this time we have no intention of seeking such approval.

This concludes my prepare remarks. We’ll now open the line for any questions.

Question-and-Answer Session

Operator

Thank you. (Operator Instructions) And your first question comes from the line of Jordan Sadler of KeyBanc Capital Markets.

Jordan Sadler – KeyBanc Capital Markets

Thanks, good morning. I jumped on the second lead, I think so I am not sure if I missed this, I apologies, but was there an update on the two California loan status as well?

David Weinstein

No there wasn’t no update. We continue to have discussions with the special service.

Jordan Sadler – KeyBanc Capital Markets

Any sort of EPA, unexpected on those discussions or something different?

David Weinstein

Nothing at this time.

Jordan Sadler – KeyBanc Capital Markets

And then it sounds like you are eluding to maybe some limits on the preferred redemptions as it relates to common stock issuance or not sure is it, are there any another limits on how much of the preferred you could exchange within the preferred stock particularly?

David Weinstein

No. There is no limit in the preferred stock. As I said in my prepared remarks, we are not going to go back and get approval from the common shareholders, so the only limit is the 20% in New York Stock Exchange limit.

Jordan Sadler – KeyBanc Capital Markets

Okay. And would you expect to be more active on that front in the coming weeks and quarters or is that only a function of what the holders are looking to do?

David Weinstein

We can’t really comment on – these are private transactions, but I think it is fair, your comment is fair; lot of it depends on the attention of the preferred shareholders.

Jordan Sadler – KeyBanc Capital Markets

Thanks. And then on the TRF financing, can you provide any incremental color on sort of loan to value or cap rate use?

David Weinstein

No. We can’t. That’s just starting.

Jordan Sadler – KeyBanc Capital Markets

Okay. And do you guys intend to go for the mezz on that transaction. I saw you have the availability or ability to leverage further?

David Weinstein

We certainly going to exploit, but I can’t comment on whether we’re actually going to do it or not. Depends on what we hear by the mezzanine lenders.

Jordan Sadler – KeyBanc Capital Markets

Okay. And then just on leasing, can you maybe speak to the backlog of sign, but not yet commenced leases, and then maybe comment on the expected retention rate on the remaining growth for – I think you have 600,000 so rolling in 2011 and maybe expectations for the 700,000 in ‘12 as well?

David Weinstein

Yeah, I think in terms of our lease rollover for the rest of year, let me answer in this way, we’re currently 84% lease in our core portfolio and 83% lease in Downtown L.A. between now the end of year we would expect occupancy to drop by 200, 300 basis points, the primary driver of that is 225,000 square feet coming back at Gas Company Tower in November of 2008. In 2012 we are out-front lot more tenants, a little too soon that comment as to what our retention ratio will be but in terms of renewal square feet expired in 2012 it is relatively light year given the supplemental package.

Jordan Sadler – KeyBanc Capital Markets

Any larger non-move-outs that would skew the retention one way or another?

David Weinstein

For 2011, we got something, for 2012 nothing significantly at this time.

Peggy Moretti

Just because of the Gas Company moved out, it is moving out some of their space.

David Weinstein

Yes.

Peggy Moretti

Not all.

Jordan Sadler – KeyBanc Capital Markets

Right. Okay.

Unidentified Company Representative

(inaudible)

Jordan Sadler – KeyBanc Capital Markets

Right. And just on the backlog of signed but not yet commenced leases, can you have any color there?

Peggy Moretti

No, not at this time.

Jordan Sadler – KeyBanc Capital Markets

You don’t know what the backlog is or you can’t provide color?

David Weinstein

Well, in terms of executed leases they are rolling on, probably a couple of floors that will be coming on at the latter half year but in terms of backlog or pipeline, no, we are not commenting.

Jordan Sadler – KeyBanc Capital Markets

Okay. Thank you.

Operator

Your next question comes from the line of Erin Aslakson of Stifel.

Erin Aslakson – Stifel

Thanks for taking my question. With regard to the asset financing in the cash available, I mean cash available on hand, I guess what will be your strategy going forward with that – with those dollars?

David Weinstein

The dollars are going to use for general corporate purposes and for leasing and tenant improvement costs. We can’t get into any more detail on what we’re going to use the money flow.

Erin Aslakson – Stifel

Okay. And essentially, the preferred – referring to preferred equity with common equity was that 20% limited or is that in aggregate or is that for any one particular transaction?

David Weinstein

Yeah, that’s an aggregate.

Erin Aslakson – Stifel

Okay. You can now replace more than 20% above the preferred without taking approval from the common?

David Weinstein

Yeah, you can’t add more than 20% of common shares based on the original common share base. It’s not measured by the common – by the preferred stock as measured against the common stock outstanding.

Erin Aslakson – Stifel

Okay. And that’s an aggregate.

David Weinstein

Correct.

Erin Aslakson – Stifel

Measurement. Okay. Okay. Thank you. And then I also logged down a little bit late, was they a Charter Hall update?

David Weinstein

We did not give the Charter Hall update the new only news right now in Charter Hall is that I don’t know people are aware that was about actually to remove Charter Hall, the manager of the Charter Hall lease. Charter Hall actually want that though so they are still the manager of that lease and they have as we said in the past and in the process when they are exciting to stay as manages read they publicly stay as again that they intend to sell their entire U.S. portfolio. So we have no update at this time but I imagine at some of point of future will be here in Charter Hall.

Erin Aslakson – Stifel

Okay. And you know having a plan on increasing or decreasing your percentage ownership in those assets particularly in downtown LA?

David Weinstein

We have no comment at this time and what we intent to do in Charter Hall

Erin Aslakson – Stifel

Okay. Okay. Well thank you very much.

David Weinstein

You’re welcome.

Operator

Your next question comes from the line of Suzanne Kim of Credit Suisse.

Suzanne Kim – Credit Suisse

Hi, good morning. Couple of questions, the usual question, what do you anticipate the cash down at the end of the year? And sort of what do you think are the large capital needs for 2012 going forward?

David Weinstein

Yes in terms of where we expect our cash down at the end of the year, unrestricted cash somewhere between $80 million and 90 million at the midpoint of the range. The other way you get there is $66 million cash today, about $12 million return collateral, primarily smart collateral, $33 million of proceeds from the PLS Financing we announced this morning, and about $90 million in capital expenditures, tenant lease commissions in CapEx and then $7 million in working capital and dispositional cost associated with disposing of some of our non-core assets, and then reflect the range between $80 million and $90 million when primarily related to the amount of leasing that we do and request a tenant reimbursement dollars from tenants which is outside of our control between now and the end of the year.

Suzanne Kim – Credit Suisse

So if we are going forward for 2012, what sort of – what do you sort of anticipate will be the cash needs for leasing up these properties? I mean are we – because I know, I mean if I did a math on KPMG, it’s going to be a significant amount of cash that’s going to required there, I am trying to think of the sources of capital, are there any other properties that you are looking to market, any other land, trying to figure out what the potential sources could be?

David Weinstein

So as Shant answered sort of the uses of cash, but at this time we are not marketing any assets. We have no intension to market assets and we said on past calls we are not looking for JV partners on assets. So I don’t think there are any identifiable other sources of cash, obviously if we decide that we needed more cash, there are other things we can do.

Suzanne Kim – Credit Suisse

And in terms of source of the cash at the end of the year, like I’ve said, we’ll have 80 to $90 million of unrestricted cash, probably another 10 million of swap collateral. In terms of 2012, our major uses of cash will be leasing and the KPMG Tower paid down. In terms of leasing there is 400,000 square feet of space expiring in our Downtown L.A. portfolio excluding two Tower Plaza, there is about 275,000 square feet expiring. So in terms of maintaining occupancy it’s pretty predictable for 2012, significant use of cash will be depend on what amount of leasing we do. So those are two leases of cash next year.

David Weinstein

And you feel confident about rolling the Brea assets, refining those Brea assets next year and not having requiring any sort of pay down of that?

Unidentified Company Representative

We’re not going to comment right now on Brea.

Suzanne Kim – Credit Suisse

Okay. Thank you so much.

David Weinstein

You’re welcome.

Operator

Your next question comes from the line Michael Knott of Green Street Advisor.

Jed Regan – Green Street Advisor

Good morning, guys. Excuse, it’s Jed Regan here with Michael. Question for you as far as Downtown L.A. fundamentals, wondering if you can talk a little bit about your outlook for that leasing market over the next 12 to 24 months and are you seeing or do you anticipate seeing demand growth from tenants that are currently in the Downtown market?

David Weinstein

It’s interesting as we’ve said on past calls. we continue to – not a lot of tenants are leaving the market which is good news and you can see by the number of space we renewed this quarter and new leasing, there is an ample amount of leasing activity. It still remains at our existing tenants, some of them are renewing and reducing their square footage a little bit. We’ve been able to replace that with new tenants so we are really just in a stable position but we do see new tenants coming into the market as I mentioned the two new tenants in U.S. Bank Tower. We have Zurich Insurance.

It is just in our portfolio and there are a number of larger users now looking downtown. I don’t know if they’re all going to come downtown or not but they are looking. So there is a bunch of activity. So we feel pretty good about the rest of this year and next year.

Jed Regan – Green Street Advisor

Is that demand coming from some of the Greater Los Angeles area or even from other parts of the countries?

David Weinstein

Greater Los Angeles area.

Jed Regan – Green Street Advisor

Okay. And can you talk a little bit about the process of getting leases approved now by the special servicer for those buildings that are in servicing from a timing perspective? And then do you believe that impacts your ability to get leases done at all?

David Weinstein

It obviously has created some frustration in the past but it has not impacted our ability to get leases done at all. Unfortunately and fortunately, we have great relationship with special services given the number of assets that we’ve given back. So the approval process is improving with the special services but we have not lost the single lease as a result of it.

Jed Regan – Green Street Advisor

Okay.

David Weinstein

And quite frankly, part of when you think about Gas Company Tower not go into the special servicing and Wells Fargo Tower coming out of special servicing, it makes it easier to get leases approved.

Jed Regan – Green Street Advisor

Okay.

David Weinstein

Not surprisingly that the master services business special services are extremely supportive of us leasing our assets.

Jed Regan – Green Street Advisor

Makes sense. Would you be able to comment on kind of which assets you would classify as core versus non-core at this point at for instance Glendale center, would you be able to kind of put that in a bucket?

David Weinstein

Yeah, I would say our core assets and we discuss this in the past our downtown assets. We were just refinanced Plaza Las Fuentes one day so we are going to keep that asset. But I think it’s really when you think of core for us you have to think of downtown and our joint venture assets which overhaul

Jed Regan – Green Street Advisor

Okay.

David Weinstein

Nothing else this core.

Jed Regan – Green Street Advisor

Okay. And just last question the same-store cash and why has been hovering and your negative 6 to negative 80% range, year-to-date would you say this is a decent run rate for the rest of the year?

David Weinstein

No, and important to that is, it is major leases that we are in the building that inceptions of set again and price rolled out last year we are going to have the gas stepping in these rolling down in the last part of the years. So we are continue to have that type of result and then we chart more that’s run rate.

Jed Regan – Green Street Advisor

I am sorry. I missed it there in there?

David Weinstein

I said I wouldn’t try to forecast the run rate?

Jed Regan – Green Street Advisor

Okay. But it sound like that’s sort of in the range there?

David Weinstein

Yeah, in the range.

Jed Regan – Green Street Advisor

Okay. Okay. Thank you, guys.

David Weinstein

You’re welcome.

Operator

The next question comes from the line of Wilkes Graham with Compass Point.

Wilkes Graham – Compass Point

Hey, good morning, guys. Just of couple of questions. Do you have any of the other defaults of assets, I know you said you’re not commenting on future assets that would be for sale, any of the defaulted assets that you think you would be able sell or are attracting any interest right now?

David Weinstein

We are not actually marketing our defaulted assets for sale.

Wilkes Graham – Compass Point

Okay. And on the KPMG maturity, given that the one that doesn’t want to extend it, but I think the marketers thought that or certainly we have thought that it would require a pay down or refinancing, is that, do you expect to do that, add maturity or is that something that you are putting – trying to do before maturity?

David Weinstein

I think there is higher probability that it has done close to the maturity. The reason is we have a swap against that property if it’s a loan. So really the refinancing at this time that continued to pay the swap cost. It seems like not a prudent use of capital.

Wilkes Graham – Compass Point

Okay. Great, thanks.

Operator

Your next question comes from the line of Jordan Sadler of KeyBanc Capital Markets.

Jordan Sadler – KeyBanc Capital Markets

Hi guys, just wanted to get a sense, I know you’ve got the cash number at year end, but Shant do you have a sense of the cash burn rate pro forma, the gas company move out?

David Weinstein

Well I guess, I’d say between now and the end of the year the operations of the assets are effectively cash neutral, so third quarter and fourth quarter on a combined basis. For us it will be greater in 2012, we have forecasted and put out that at this time, main use of cash or this can be recent cost between now and the end of the year.

Jordan Sadler – KeyBanc Capital Markets

And when you take cash neutral, that’s G&A...

David Weinstein

(inaudible) Chris, some capital expenditures as well.

Jordan Sadler – KeyBanc Capital Markets

Okay. And then the intentions on 801 North Brand and 700 North Central something they are non-core, but safe to assume that those go back to the lender?

David Weinstein

Safe to assume that wrap-it – all those assets from the long-term.

Jordan Sadler – KeyBanc Capital Markets

Okay. All right. Thank you.

David Weinstein

You’re welcome.

Operator

Our next question comes from the line of Erin Aslakson of Stifel.

Erin Aslakson – Stifel

Yes. I guess the rejection by CWCapital of the Wells Fargo Tower and the Gas Company Tower. I think kind of surface just here, how does that change your strategy with regard to these assets of Downtown?

David Weinstein

It doesn’t change the strategy at all actually. We hope to leverage historic conversations with these folks today. I much sure, you still were rejected by the way, my further doubt that we have some conversations and now we just nothing to talk about at this time. So hopefully we’ll conversations with them at our latter point when there are events that give them the ability to have a conversation with us.

Erin Aslakson – Stifel

Yes. Sure. I didn’t mean that a negative. So I guess the discussions were premature. Okay. Thank you.

Operator

Your next question comes from the line Berry Gross of Cedera.

Berry Gross – Cedera

Just a follow-up to a judge question from gentlemen, Green Street prior, could you tell us the overall occupancy rate in Downtown L.A?

David Weinstein

Yeah, the overall occupancy rate in Downtown L.A. as of June 30, is 83% for the wholly owned assets, a little lower if you take any consideration (inaudible) in the mid 70% range.

Berry Gross – Cedera

I am talking about the market as a whole.

David Weinstein

The market as a whole, depending on which brokers certainly look at, somewhere in the 16 to 18% range. There is a group of assets that we track about 18.5 million square feet which we consider Tier 1 assets, they are approximately 17% vacant, substituting there yet.

Berry Gross – Cedera

If you are like right about there.

David Weinstein

We are right up there.

Berry Gross – Cedera

Okay. And second question...

David Weinstein

It’s a little bit circular because we are such a big part of the concept.

Berry Gross – Cedera

Right. Understood. Second question is could you just give a general discussion over the background of those exchanges, the preferred stock exchanges?

David Weinstein

I’m not sure how much we can talk about as those are private transactions but we felt they were good for the company. We thought they were good for the preferred shareholders and we’ve read this a lot. I don’t know if you have a specific question but there is not a lot of general background to discuss.

Berry Gross – Cedera

Okay. Fair enough.

David Weinstein

Thank you.

Operator

Our next question comes from the line of Jordan Sadler of KeyBanc Capital Markets.

Jordan Sadler – KeyBanc Capital Markets

I’m sorry. Last question. Just regarding the LA Downtown market and your assets there, strategically give a focus in terms of the assets, in terms of leasing so new tenant, so they directed specifically to one asset versus another that may or may not be a function of upcoming maturities. So with KPMG Tower be priority or less of a priority given its 2012 debt maturity and differ instance?

David Weinstein

No, well first of all its one of the advantages of having such a core number of asset in downturn market very often tenants coming in and want to look at a number of our building. And we don’t direct them to one building or the other. So we are every focus on leasing of U.S. Bank Tower, because we have the greatest vacancy there and 777 Tower, but we showed tenants all of our buildings and depending on where they want to be that that’s where we sign leases.

Jordan Sadler – KeyBanc Capital Markets

Okay. Thank you.

Operator

Your next question comes from the line of (inaudible).

Unidentified Analyst

Good morning, gentlemen.

David Weinstein

Morning.

Peggy Moretti

Morning.

Unidentified Analyst

Good question here, almost – you almost down heard in the previous response. But I mean realistically if you look at that that I mean if you look at the composition of your portfolio and actual net equity of your portfolio obviously, if you just pointed out the largest amount of equity relative to the death level that there is after its hold its clearly U.S. Bank Tower and 777 Tower. And so can you give a – what is the current occupancy in U.S. Bank Tower I mean what is the most recent leases that you just signed?

David Weinstein

The current occupancy is about 55 or 56% leased.

Unidentified Analyst

Okay. So 55, it’s like the client (inaudible) last year. And now in – what is that on that 777 Tower?

David Weinstein

We are about 84% lease with the absorb lease that we announced during the quarter.

Unidentified Analyst

Okay. Thank you very much.

Operator

(Operator Instructions) Thank you. That concludes our question-and-answer session today. I will now turn the call over to the MPG Office Trust management Inc. for any closing comments they might have. Gentlemen?

Peggy Moretti

Thank you for the participating in this morning’s call. We’ll continue to keep you apprised of our efforts. Thank you.

Operator

Ladies and gentlemen, that concludes our conference call for today. You may all disconnect and thank you for the participating.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: MPG Office Trust's CEO Discusses Q2 2011 Results - Earnings Call Transcript
This Transcript
All Transcripts