I will also remind you that some of the statements made during this call will include forward-looking statements within the meaning of the Federal Securities law. Although Liberty believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, we can give no assurance that these expectations will be achieved. As forward-looking statements, these statements involve risks, uncertainties, and other factors that could cause actual results to differ materially from the expected results, risks that were detailed in the issued press release, and from time-to-time in the company’s filings with the Securities and Exchange Commission. The company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
Bill, would you like to begin?
William P. Hankowsky
Thank you, Jeanne, and good afternoon, everyone. I’d like to spend just a couple of minutes reviewing our fourth quarter results, looking at our overall performance in 2011 and then giving you a sense of where we see the world six weeks into 2012.The fourth quarter was another solid quarter of results for Liberty. We leased 4.6 million square feet bringing year-end leasing production to 15.8 million square feet. Our renewal rate remained above historic norms, rent declines were less than expected, and we saw a marked increase in occupancy to 91.3%, our best level in three years. The fourth quarter was also a solid quarter in which we completed our 2011 capital and investment activity. We acquired $250 million in assets in 2011 totaling 4.2 million square feet. We also sold $365 million worth of real estate and another 4.2 million square feet. And finally, we started 10 development projects, a total of 3.1 million square feet valued at $289 million. All of these were either at the high-end or exceeded our projections for the year.