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 companys 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 companys 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 companys balance sheet and increased its financial flexibility
by expanding unsecured credit lines to $500 million.
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