Download PDF: 10K Only  |  Entire Annual


Our lease process software system was also upgraded to include real-time pipeline reports, providing a daily picture of the leasing environment throughout our portfolio. Armed with this business intelligence, we are able to make more accurate forecasts and better leasing decisions.
       This year we also continued to make great strides in our elevator program, realizing an average savings of 9.3 percent by further consolidating our national operator contracts.
       In conjunction with our operational initiatives, we made further advances in strengthening our balance sheet. Taking advantage of additional flexibility from our dispositions, we replaced our existing credit facility with a $750 million revolving line of credit at a reduced interest rate. As a result, we ended 2005 with our lowest leverage ratio ever at 42 percent.
Comparative Total Returns

(1) Debt to total market capitalization, including debt related to unconsolidated joint ventures and discontinued operations
(2) Based on closing share price and number of shares of common stock outstanding as of December 31

       In addition to the portfolio, operating and balance sheet accomplishments during the year, we also achieved the upper end of our 2005 FFO guidance. This occurred despite selling $445 million in assets, significantly more than we anticipated at the start of the year.
       Looking back on 2005, Trizec achieved beyond expectations from both a financial and operational aspect. However, I am equally proud of our efforts to achieve beyond matters of business to matters of the heart.
       Through financial and personal contributions, Trizec made great strides in 2005 in advancing our position as a dedicated corporate citizen. In response to the devastation wrought by the tsunami in Southeast Asia and Hurricane Katrina in the U.S., Trizec reacted quickly and compassionately. Our disaster relief campaigns included corporate and employee donations, as well as collection drives in our lobbies. These efforts raised a total of nearly $400,000 for the UNICEF Tsunami Relief Effort and the Red Cross Hurricane Relief Fund.

       These reactive efforts were coupled with proactive programs rolled out by our National Corporate Citizenship committee. In addition to ongoing charitable support at the local level, this year we selected our first-ever national charity partner, Project Sunshine. Chosen by our employees, this non-profit organization creates social, educational and recreational programs for medically challenged children and their families.
       In concert with financial support, Trizec is keenly focused on fostering a culture of volunteerism within our organization. In the first four months of our “Partners in the Community” program, nearly every employee participated in one of more than 35 volunteer events held in our offices and at local hospitals. Together, we are escalating the energy and generosity of our company as we elevate civic good works.
       As I look at the initiatives enacted and milestones met, they are truly a tribute to the commitment of our people and our core business principle: to be distinctively better at solutions and services.
       In the 525,600 minutes that made up this year, Trizec worked harder and smarter to be distinctively better and to take business beyond. And that is translating into tangible benefits for all of us—improvements for communities, rewards for brokers, confidence for customers, fulfillment for employees, opportunities for partners and stronger value for stockholders.
Signature
Timothy H. Callahan
President & Chief Executive Officer