Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 5, 2023, the company announced the termination of Corey Dyer as Chief
Revenue Officer of the company without cause, effective June 30, 2023.
In connection with the termination of Mr. Dyer's employment, the company
anticipates that Mr. Dyer will be eligible to receive a cash separation payment
of approximately $1.3 million, as well as various other separation payments and
benefits, in accordance with the non-cause termination provisions of Mr. Dyer's
severance agreement, the form of which was filed as Exhibit 10.55 to the
combined Annual Report on Form 10-K of the company and the operating partnership
for the year ended December 31, 2022. In addition, Mr. Dyer will remain subject
to certain post-termination restrictive covenants.
Item 8.01. Other Events
Asset Disposition
On May 15, 2023, the company closed on the sale of its 100% interest in a
non-core data center property located in Dallas, Texas to a third party. The
company received approximately $150 million of net proceeds from the sale.
Proceeds from the sale are expected to be used to repay outstanding borrowings
under our global revolving credit facilities and for general corporate purposes.
ATM Activity
As of the date of this Current Report on Form 8-K, the company has sold a total
of 7,820,778 shares of its common stock at a weighted average price of $95.96
per share through its ATM program during the second quarter of 2023, for gross
proceeds of approximately $750 million, and net proceeds of approximately $743
million, after deducting the sales agent's fee. In addition, during such period
the company entered into forward equity sale agreements with a financial
institution acting as a forward purchaser under its ATM program with respect to
3,454,148 shares of its common stock at an initial forward sale price of
approximately $97.68 per share. The company did not initially receive any
proceeds from the sale of shares of common stock by the forward purchaser (or
its affiliate).
The company intends to use the net proceeds from such sales of common stock and
the physical settlement of such forward equity sale agreements to repay
outstanding borrowings under its global revolving credit facilities and for
general corporate purposes.
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