During 2011 we paid off $219 million of secured mortgages so at year end our unencumbered pool now represents 84% of our total assets compared to 77% of our asset base at year end 2010. The bank financing the particulars of which are detailed on page six of the supplemental package was announced at the end of December. It funded last week and the combination of our line of credit renewal and three individual term loans accomplished the following objectives. First, it fully retired the balance on our revolving credit facility. As such, we do not have any outstanding balance on our new four year $600 million revolving line of credit and more importantly, our current business plan does not anticipate any draws on this facility during 2012.
Brandywine Discusses Q4 2011 & Year End 2011 - Earnings Call Transcript
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