GEAR UP Report Card
G
Great People
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Expanding our Intern Program, Boot Camp Program and Parachute Program
E
Equity Opportunities
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Purchased 71,400 shares of PKY common stock in open market during 2006 at an average price of $39.41; 687,806 shares in 2007 at average price of $42.36
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Sold 600,000 shares of PKY common stock at a gross offering price of $50.25 in December 2006
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Significant progress has been made marketing Fund II
A
Asset Recycling
Sales or Joint Ventures – original goal of $600 million
Combine and joint venture 70% to 75% interest in Chicago assets
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Sold our 30% interest in Viad Corporate Center in Phoenix in June 2006 for $31.7 million
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Fee Simple Sale of Central Station in St. Petersburg in August 2006 for $15 million
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Fee Simple Sale of assets in Houston, Atlanta and Charlotte in December 2006 for $48.2 million
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Fee Simple Sale of Knoxville assets in June 2007 for $59 million
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Sale or JV of Virginia assets
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Sale or JV of Columbia assets
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Sale or JV of Jackson assets (late 2008 upon completion of The Pinnacle)
Fee Simple Acquisitions – goal of $400 million
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Purchased 75% interest in Toyota Center from partner for $1.4 million in March 2006
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Purchased One Illinois Center for $198 million in July 2006
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Started construction of The Pinnacle at Jackson Place in June 2007
Acquisitions for the Ohio PERS – goal of $470 million ($30 million purchased in 2005)
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Completed investment for Ohio PERS in February 2008
R
Retain Customers – goal of 70% to 75% customer retention
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Customer retention of 73% in 2006; 72% in 2007 and 58% in 1Q 2008
U
Uncompromising Focus on Operations
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Increased occupancy from 88.9% at 1-1-2006 to 90.3% at 4-1-2008
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Embedded rent growth increased from negative $.74 psf at 1-1-2006 to positive $1.30 psf at 4-1-2008
Same-store cash NOI increase of 1.5% during first quarter 2008
P
Performance – goal of Cumulative Adjusted FAD of $7.18 per share
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Dividends paid during first quarter 2008 of $9.8 million were covered by FAD of $10.2 million