But perhaps more importantly, 2011 was the year that allowed us to significantly move forward on our long-term strategy. We were able to decrease our portfolio in suburban in high-finish flex product while increasing our industrial and metro office product. We either have or are in the midst of exiting the suburban office markets in Greenville, South Carolina, Greensboro of North Carolina, Richmond, Milwaukee and Lehigh Valley.
By the end of this year 2012, and upon completion of our development pipeline, we’ll increase Liberty’s industrial square feet since 2008 from 49% to 62% of our portfolio. So 2011 was a very solid and productive year for us. We performed well in the core, we exceeded our investment activity and re-advanced our strategy.
Where we see the world now, particularly, since our guidance call in December? There were solid job numbers last Friday, which is encouraging. However, we still have a long way to go to get to a landlord’s market particularly on the office side. So we see a very competitive landscape for office in most markets.
The industrial side is stronger in terms of demand. We see our 2012 business plans remaining as we plan them. This would include a dip in our occupancy during the first half of 2012 due to planned expirations while occupancy would rise in the second half of the year. And as a result, we reaffirm our 2012 guidance of $2.45 to $2.50 a share.And with that, let me turn over to George and Mike and Rob to provide some further details.George J. Alburger, Jr.Thank you, Bill. FFO for the fourth quarter was $0.63 per share. The operating results for the quarter include $700,000 in lease termination fees. For the year, lease termination fees totaled $3.6 million which is a little less than the low end of our guidance, which was at lease termination fees would be in the $0.04 to $0.06 per share range for the year.Read the rest of this transcript for free on seekingalpha.com
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