Reconciliations from GAAP financial measures to non-GAAP financial measures are provided in our supplemental report, which is available at firstindustrial.com, under the investor relations tab. Since this call may be accessed via replay for a period of time, it is important to note that today’s call includes time sensitive information that may be accurate only as of today’s date, February 23, 2012.
Our call will begin with remarks by Bruce Duncan, our President and CEO, to be followed by Scott Musil, our Chief Financial Officer who will discuss our financial results in detail, our capital position, and 2012 guidance after which we will open it up for your questions.
Also here today are Jojo Yap, our Chief Investment Officer; Chris Schneider, Senior Vice President of Operations; and Bob Walter, Senior Vice President of Capital Markets and Asset Management. Now, let me turn the call over to Bruce.
Bruce DuncanThanks, Art, and thank you to everyone for joining us today. I would like to take a few moments to reflect on what the First Industrial team achieved in the fourth quarter and throughout 2011. Because of these accomplishments we’re now positioned for growth both within our existing portfolio and through new investments. First and foremost, let me talk about the portfolio where our focus has been on driving occupancy and cash flow. In the fourth quarter occupancy improved to 87.9% up a 130 basis points for the quarter and 290 basis points for the full year. Occupancy gains were broad based consistent with what has been seen in the national industrial market which enjoyed its sixth consecutive quarter of positive absorption. Given the cloud of economic uncertainty that hung over a great deal of the quarter we are pleased that key tenants made decisions and move ahead with plans for the future. The recent economic news, including the latest jobs report, reflect and support those decisions. As we stand today we’re seeing significant tenant activity across our markets. Though we will feel better when more of the activity translates into signed leases.