First, I’d like to review some of our results and activities for the quarter and generally what we’re seeing in our markets, and then Barry will review our financial results. As we reported this morning generally, it has been pretty much steady as she goes, which we consider in these extraordinary times to be a very good thing.
FFO for the fourth quarter of 2011 was $0.68 per diluted share, and for the year ending December 31, 2011, it was $2.80 per share.
We did have an active quarter including leasing activity of about 774,000 square feet that included almost a quarter of a million square feet of new leases and the balance renewals. Our tenant retention was about 73% of outgoing space for the quarter. We ended the quarter at 88.3% leased up slightly from last quarter’s 88.2%.
For the full-year, we signed 572 transactions, totaling over 4.2 million square feet and of that, 1.2 million square feet were in new leases. The 3 million square feet of renewal transactions produced a full-year tenant retention rate of 68% of outgoing space. Further testament to the fact that tenants would rather remain in place with strong landlords.Rents roll down in the quarter by 7.2% compared to last quarter’s 3.4% roll down. And for the year, we had a rent roll down of 6.2%, obviously this fluctuates quarter-to-quarter, but the trend is still a challenging market.Lease rollover for 2012, are approximately 10% of base rent or slightly in excess of $62 million. I assure you we’re working very hard to accomplish renewals and new leases, the deal with the lease expirations in 2012 and beyond.Our leasing costs for the quarter were approximately $3.30 per square foot per year down slightly from last quarter’s number of $3.40. For the year 2011, our leasing costs averaged $3.80 per square foot per year, pretty much market conditions prevailing throughout our marketplace.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV