I guess you sure want a clean slate before you take over.
I hope you live up to your great reputation. All I have seen in the past are hotshots that take over companies with great expectations and shareholders are let down. For what you probably are getting paid you should deliver. First thing you need to do here is start cutting EXPENSES to the bone. We need to tighten the belt up here. Shareholders don't want anymore FUCK UPS! The stock should start to lift now.
Ops ffo went into the toilet. That should be the greatest concern. Compare and contrast to the rest of the office sector's reports on an ops basis. Forget the extraordinary, set aside and evaluate item by item. Ops indicates that TRZ's situation is deteriorating very rapidly compared to the peer group.
What are you talking about FFO went in the toilet. They earned basically what they said they would earn in past guidance.
FFO for 2002 2.05 and add back .04 for recent management severance=-takes you to $2.09. $2.10 was the guidance.
Their in place rents avg 7% below market rents. Gives them some flexibility. Also it is a great market for selling CBD buildings so it shouldn't be any problem to sell non strategic buildings cash in and pay off some debt.
Callahan threw in the kitchen sink on his writeoffs. Why not? He wants to make his numbers look better so you can feel confident that his numbers are very conservative.