MPG Office Trust Reports Redemption of Partnership Units and June 27, 2013 End of Tax Protection Period
July 26 2012 - 8:30AM
Business Wire
MPG Office Trust, Inc. (NYSE: MPG), a
Southern California-focused real estate investment trust,
reported that on July 23, 2012, the Company received notices of
redemption from Robert F. Maguire III and related entities
requesting the redemption of 3,975,707 operating partnership units.
On July 24, 2012, the Company issued 3,975,707 shares of the
Company’s common stock in exchange for these units. At Mr.
Maguire’s request, the Company issued the common stock to a party
not related to Mr. Maguire.
The redemption of these units and subsequent issuance of the
common stock to a party not related to Mr. Maguire causes Robert F.
Maguire III and related entities to fall below the 50% ownership
requirement set forth in his contribution agreement. Therefore, all
tax protection in favor of him and related entities, as well as all
remaining limited partners, will now expire on June 27, 2013.
Therefore, pursuant to the terms of the contribution agreement,
all tax protection relating to the buildings listed below will now
expire on June 27, 2013:
Gas Company TowerUS Bank TowerKPMG TowerWells
Fargo TowerPlaza Las Fuentes
As a result of the redemption, the Company now owns
approximately 97.6% of MPG Office, L.P., its Operating
Partnership.
About MPG Office Trust,
Inc.
MPG Office Trust, Inc. is the largest owner and
operator of Class A office properties in the Los Angeles
Central Business District. MPG Office Trust, Inc. is a
full-service real estate company with substantial in-house
expertise and resources in property management, leasing and
financing. For more information on MPG Office Trust,
visit our website at www.mpgoffice.com.
Business Risks
This press release contains forward-looking statements based on
current expectations, forecasts and assumptions that involve risks
and uncertainties that could cause actual outcomes and results to
differ materially. These risks and uncertainties include, without
limitation: risks associated with our liquidity situation,
including our failure to obtain additional capital or extend or
refinance debt maturities; risks associated with our failure to
reduce our significant level of indebtedness; risks associated with
the timing and consequences of loan defaults and non-core asset
dispositions; risks associated with our loan modification and asset
disposition efforts, including potential tax ramifications; risks
associated with our ability to dispose of properties with potential
value above the debt, if and when we decide to do so, at prices or
terms set by or acceptable to us; general risks affecting the real
estate industry (including, without limitation, the inability to
enter into or renew leases at favorable rates, dependence on
tenants’ financial condition, and competition from other
developers, owners and operators of real estate); risks associated
with the continued disruption of credit markets or a global
economic slowdown; risks associated with the potential loss of key
personnel (most importantly, members of senior management); risks
associated with joint ventures; risks associated with our failure
to maintain our status as a REIT under the Internal Revenue Code of
1986, as amended, and possible adverse changes in tax and
environmental laws; and potential liability for uninsured losses
and environmental contamination.
For a further list and description of such risks and
uncertainties, see our Annual Report on Form 10-K filed
on March 15, 2012 with the Securities and Exchange
Commission. The Company does not update forward-looking statements
and disclaims any intention or obligation to update or revise them,
whether as a result of new information, future events or
otherwise.
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