GEAR UP Report Card |
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G |
Great People |
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Expanding the Intern Program, Boot Camp Program and Parachute Program |
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E |
Equity Opportunities |
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Purchased 71,000 shares of PKY common stock in 2006 at an average price of $39.41 and 688,000 shares in 2007 at an 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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Started marketing process for the second Fund |
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A |
Asset Recycling |
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Sales or Joint Ventures – original goal of $600 million |
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Combine and joint venture 70% to 75% interest in Chicago assets (One and Two Illinois Center) |
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Sold 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 4th quarter 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) |
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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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Purchase One Illinois Center for $198 million in July 2006 |
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Started construction of The Pinnacle at Jackson Place in June 2007 |
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Acquisitions for the Ohio PERS Fund – goal of $470 million |
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Acquisition of $193 million of assets in 2006 & $47 million in 2007; Purchased $136.6 million through 2-1-08 with roughly $100 million under contract to purchase 1Q08 |
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R |
Retain Customers – goal of 70% to 75% customer retention |
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Customer retention of 73% in 2006 and 72% in 2007 |
U |
Uncompromising Focus on Operations |
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Increased occupancy from 88.9% at 1-1-06 to 92% at 1-1-08 |
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Embedded Growth increased from negative $.74 psf at 1-1-06 to positive $1.21 psf at 1-1-08 |
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Same Store cash NOI increased $6.7 million, 6.9% during year ended 12-31-07 |
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P |
Performance – goal of Cumulative Adjusted FAD of $7.18 per share |
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Dividends paid during 2007 of $40.2 million were covered by FAD of $42.4 million |