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MPG Releases Q1 Numbers, Aims to Reduce Debt

LOS ANGELES-The office REITs numbers show net income available to common stockholders for the quarter ended March 31, 2012 was $5.2 million as the firm ‘continues to make progress in relieving debt obligations.’

By Natalie Dolce | Updated on May 03, 2012

(RealShare Distressed Assets will take place May 3-4 at the the Adolphus Hotel in Dallas, TX. Click here for more information.)

LOS ANGELES-MPG Office Trust Inc. reports $212.8 million of cash as of March 31, 2012—excluding restricted cash related to mortgages in default—of which $166.7 million was unrestricted and $46.1 million was restricted. The numbers, released on the company’s first quarter 2012 earnings call, reveals that the owner and operator of class A office properties has been aiming to reduce its debt over the past quarter, and David Weinstein, president and CEO of MPG, said on the earnings call that the company ‘continues to make progress’ on that front.

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