INCREASED revenues 17.2% to $187 million, funds from operations per share 9.2% to $2.73 per share, and, in February 2001, the annualized dividend 6.7% to $1.92 per share.

ENHANCED the overall quality of the company’s real estate portfolio, investing $203 million in new office development located in rapidly growing submarkets of coastal San Diego, Long Beach Airport, West Los Angeles and northwestern Los Angeles County, while divesting $114 million in mature, non-strategic real estate assets.

COMPLETED and stabilized nine new office properties totaling 1.0 million square feet of rentable space that was 99% occupied at year-end 2000.

SIGNED new and renewing leases on 2.0 million square feet of space at average rental rates 24% above year-earlier levels.

INCREASED net operating income from the company’s existing portfolio 7.1% to $114 million while boosting its average occupancy to 97%.

INITIATED construction or committed to do so on 965,000 square feet of new office space in Southern California, 56% of which was preleased or committed at year-end 2000.

STRENGTHENED the company’s balance sheet and increased its financial flexibility by expanding unsecured credit lines to $500 million.