So we certainly escape with the split personality. On the one hand we continue to see leasing activity in our markets clearly stronger on the industrial side than the office side. But on the other hand today’s anxiety may translate into curtail 2012 business plans for our customers. And that’s what keeps us up at night. How this all plays out, we will take the next several months to see.
Liberty’s plan in this environment is to be very active, very alert, and very adroit to respond to both the challenges and the opportunities that will arise. As I said, if we can advance our strategy in this environment we’ll sell more suburban office and acquire more industrial product. We anticipate more development built-to-suit activity given the large pipeline we currently have. The largest we’ve seen in three years. And we will be very, very selective with inventory development in the few discrete markets. Rob will explain on this in just a moment.
Let me close by commenting on our continued strong execution on the balance sheet front with our recent Moody’s upgrade and our $500 million line of credit. Our balance sheet and our platform are poised and we will apply classic Liberty patience, discipline and hard work to take advantage of these unsettled times.
And with that, let me turn it over to George.George Alburger Thank you, Bill. FFO for the third quarter of 2011 was $0.65 per share. The operating results for the quarter include $1.1 million in lease termination fees, which is in line with our guidance that lease termination fees would be in the $0.04 to $0.06 per share range for the year. FFO for the quarter also includes a $1 million gain on sale of land. During the quarter, we sold seven operating properties and the land I mentioned above for $75 million. Five of the properties that were sold were office properties and they accounted for $61 million of the sale proceeds.