MPG Office Trust Inc., the largest office landlord in downtown Los Angeles, unloaded enough assets in the fourth quarter to show a profit.
The Los Angeles real estate investment trust, which also owns an office building in Pasadena, repeated its recent pattern of cutting loose its stakes in heavily indebted properties including One California Plaza and Two California Plaza downtown.
MPG reported fourth-quarter net income of $205.2 million, or $3.52 a share, compared with a loss of $9.9 million, or 20 cents, a year earlier. Revenue was $53.9 million, down 6%.
A foreclosure sale of Two California Plaza relieved MPG of its obligation to repay a $470-million mortgage loan. MPG sold its 20% interest in companion office building One California Plaza and netted $41 million. The foreclosure sale of 3800 Chapman in Orange County relieved MPG of repaying a $44.4-million loan.