Prior to beginning I’d like to remind everyone that certain information discussed during our call may constitute forward-looking statements within the meaning of the federal securities law. Although we believe the estimates reflected in these statements are based on reasonable assumptions, we cannot give assurance that the anticipated results will be achieved. For further information on factors that could impact our anticipated results, please reference our press release as well as our most recent annual and quarterly reports filed with the SEC.
2011 wrapped up on several strong notes for us. The fourth quarter represented a solid continuation in the execution of our 2011 business plan. George and Howard will discuss fourth quarter results so my opening comments will address 2011 full year activity and a look ahead to 2012 with a focus being on the three key business areas of operations, balance sheet, and investments.
Looking at operations first, during 2011 we leased a record 4.5 million square feet. This surpassed 2010’s 4.2 million square feet and exceeded our original business plan projection of 3.9 million square feet. This success clearly evidences continued recovery in the levels of both leasing activity and in many of our markets the pace of absorption.
During the year we saw gradually firming of fundamentals and ongoing flight to quality and wide variation of the recovery pace among our various submarkets. Our Philadelphia CBD portfolio which comprises 23% of revenues, our Pennsylvania crescent markets which comprised 17% of revenues and Austin Texas which is 5% of revenue all are over 95% leased and performed very well during the year.Several other markets, notably Northern Virginia which is 17% of rents and Southern New Jersey which is 5% of rents continue to recover from large move outs and downsizings but Brandywine traffic levels through our portfolios generally improved during the course of the year.
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