In addition to that one of the other points of note is the New Jersey portfolio, which has been reduced from about 18% to 19% 3.5 years ago, down towards by about a third to about 12%. So with those two variables, we’re in a position where we now have this landscape for the company.
So let me break from the presentation for a moment, because it’s my great honor to introduce the Mayor of the City of Philadelphia. Michael Nutter is in his second term as Mayor, has been a great advocate for business growth in the city. Going back to his days of the Member of City Council, he has been a great friend to the business community, has focused very much on economic development, improving Philadelphia’s competitive platform, and he has done a marvelous job, navigating the city through some very challenging economic times.
And while the city is still in the mist of a budget review this year, he is trying to balance that with the budget of the Commonwealth of Pennsylvania. There is a lot of balls in the air, but he really has become a national advocate for both sustainability and economic development and that advocacy and that expertise has been recently recognized where he was just elected as the Chairperson President of the U.S. Conference of Mayors.
So in addition to his very pivotal role here in the City of Philadelphia, he will also have a very important seat in the national dialog on how this country can address major urban issues.So with that, I would like to welcome the Mayor. Thank him for coming. He will make a few comments. Mr. Mayor, it’s mostly investors and analysts here, no reporters, but in our world, analysts are like investigative journalists, so it’s part of us, that’s great.