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Although we believe that the expectations reflected in any forward-looking statements are based on reasonable assumptions, factors and risks that could cause actual results to differ from expectations are detailed in the quarterly press release.I would now like to introduce Dennis Gershenson, President and Chief Executive Officer; and Gregory Andrews, Chief Financial Officer, both of whom will be presenting prepared remarks this morning. Also with us today are Michael Sullivan, Senior Vice President of Asset Management; and Catherine Clark, Senior Vice President of Acquisitions. At this time, I would like to turn the call over to Dennis for his opening remarks. Dennis Gershenson Thank you, Paula. Good morning ladies and gentlemen, we are pleased you could join us. First, piece of very good news, Dawn Hendershot, our Head of Investor Relations, some one familiar to many of you and the usual voice to introduce this call just had a baby girl, mother and daughter are doing well and we anticipate Dawn’s return in time for her to participate in our second quarterly report. And now to business. These last 90 days we have been very busy and a very productive period for the company. Our activities involved all aspects of our business including balance sheet improvement, portfolio management and corporate restructuring. I will ask Greg Andrews to address our balance sheet advances including the dollars we raised through both our recently completed convertible preferred and controlled equity offerings. Other balance sheet positives include the financing of our Jackson Crossing center in Jackson, Michigan, the payoff of all significant short-term obligations and the very limited schedule of loan expiration through the end of 2012. Greg will also update on our new and pending revolving line of credit. Suffice it to say, that in a relatively short period of time, we have not only made substantial progress in positioning our balance sheet so that debt represent were less than 50% of our capital structure. But with our new revolver and the flexibility our debt reduction provides, we are positioned to aggressively move our company forward.
I’d like to focus on the progress we are making in asset management and corporate cost containment. In our 2010 year-end conference call, we set out a number of operating metric goals for 2011, including improvement in our same center operations, driving our overall occupancy, reducing the number of mid-box vacancies including spaces where our tenants were [dark] but still paying rents, and increasing our average base rental rate. I’m pleased to report that we are on track to achieve all of these goals.First, relative to our same property analysis, at year-end we projected that for wholly owned centers are $2,011 would approximate our performance for 2010. In the first quarter of the year, the same center comparison showed that our operations were indeed approximately equal to our results for Q1 2010 and a modest negative of 0.1%. Even with the departure of a number of mid-boxes many of which await their identified replacements. Our leasing efforts and property cost containment allowed us to maintain our net operating income. On same center for off balance sheet joint venture analysis, a very positive story that does not necessarily come across in our numbers. Minimum rents, recoveries and occupancies, they have all been impacted by the departure of mid-box retailers like, Albertsons at Mission Bay, Borders at Hunter’s Square as well as R.J. Mars and Excellence in Exercise in Chester Springs. All these tenants were in our 2010 numbers, but has been removed to make way for Golfsmith and Fresh Market at Mission Bay, buybuy Baby at Hunter's Square, and Marshalls at Chester Springs. The relatively small dip in occupancy, minimum rent and recoveries at these centers compared to the size of the departing anchors is an indication of our small tenant leasing progress as retailers sign agreements in anticipation of the opening of our new anchors in the second half of 2011 and in early 2012.
On the leasing front, understanding our first quarter statistics is not necessarily a simple straight forward process. We issued a press release in March, touting the fact that six new mid-boxes would be signed in Q1. We have indeed executed all six new lease agreements. These achievements must be put in context however, as our supplement shows a small drop in both physical and leased occupancy.Read the rest of this transcript for free on seekingalpha.com