Looking at the entire company, our core portfolio occupancy was 86.5% up 110 basis points since 2010 year end. We also ended the year 89.5% leased up 180 basis points from the beginning of the year and we are maintaining a very healthy 300 basis points of lease to occupied spread. Our tenant retention rate for the year came in at 65% versus our original plan of 56%. We also had net absorption during the year of over 277,000 square feet. A real step in the right direction and compared to negative absorption of over 600,000 square feet during 2010 so our portfolio is definitely on the right track.In 2011 we experienced rental rate declines on both a GAAP and cash basis far from acceptable but both significant improvements from 2010 levels. Additionally, our leasing capital cost per square foot trended higher during the year and elevated capital spending remains a key focus for the company and George will address this in more detail during his comments.
Brandywine Discusses Q4 2011 & Year End 2011 - Earnings Call Transcript
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