On January 14, 2016, the Company sold its Bayhill office property for $215.0 million (before certain credits, prorations, and closing costs). Proceeds received were used to partially paydown our unsecured revolving credit facility.
2013 OPP Plan Payout
On February 23, 2016, our compensation committee determined the final bonus pool under the Company's 2013 OPP Plan, and approved the grant of fully vested common stock and RSUs, which is an aggregate amount of $11.0 million, to the participants in accordance with the 2013 OPP. The RSUs will vest in equal annual installments on December 31, 2016 and December 31, 2017 based on continued employment, and carry tandem dividend equivalent rights. If we experience a change in control or a participant experiences a qualifying termination of employment, in either case, any unvested RSUs that remain outstanding will accelerate and vest in full upon such event. The following table sets forth the number of shares of common stock and the number of RSUs granted to each named executive officer:
Restricted Stock Units
Obtained Board Approval For Share Repurchase Program
Effective January 20, 2016, the Company’s Board of Directors authorized a share repurchase program to buy up to
$100.0 million of the Company’s outstanding common stock. The program may be implemented at the Company’s
discretion at any time for up to one year from the date of approval. Repurchases, if and when made, would be compliant
with the SEC’s Rule 10b-18, and subject to market conditions, applicable legal requirements and other factors. The
repurchase program serves as another capital allocation tool for the Company, a means to return capital to shareholders
from asset dispositions, which will be weighed against other potential investment opportunities.
Significant Leasing Activity
In February 2016 Netflix, the world’s leading Internet television network, executed a right of first refusal to lease the remaining five floors, or another 123,221 square feet, at the Company’s ICON development in Hollywood, California. As a result, the 323,000-square-foot ICON office tower is now 100.0% pre-leased to Netflix with tenant build-out expected to commence in the third quarter of 2016.
The above information was disclosed in a filing to the SEC. To see the filing, click here.
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