Back together with the unknown impacts of initiatives such as healthcare reform and Dodd Frank, continue to weigh heavily on businesses. At Mack-Cali, we continue to work with our tenants and the brokerage community to maintain healthy occupancy rates in our portfolio. We had significant leasing activity in the quarter with a total of approximately 1.1 million square feet in a 162 lease transactions. We ended the quarter at 88.1% occupancy, down slightly from last quarter’s 88.2% and our earnings were $0.69 per diluted share.Clearly, the stress in the global economy and the challenges in the office markets, particularly the office markets outside of New York City continues to negatively impact on the economics of lease transactions. Rents rolled down this quarter by 9.1%, compared to last quarter of 6.2%. For 2011, remaining leased rollovers are approximately 2.9% of base rent or just under $18 million. For 2012, we face rollovers of 10.9% of base rent or approximately $66.5 million. Among our accomplishments in the second quarter, was the successful leasing activity at our 125 Broadstreet in Downtown, Manhattan. That leasing, totaling almost 140,000 square feet included over 81,000 square feet lease to Continental Casualty Company, C&A one of the country’s largest commercial insurers and almost 60,000 square feet to General Reinsurance Corporation, known as Gen Re, a subsidiary of Berkshire Hathaway. Clearly, we had a lot of activity within our portfolio in transactions ranging from the traditional small requirement to several transactions totaling between 60,000 and 70,000 square feet and so we were very active during the quarter. Also during the quarter, we completed the delivery and development of 55 Corporate Drive a 204,000 square foot built-to-suit facility for Sanofi Aventis, building as we’ve talked about on previous calls was pre-leased for 15 years and provide expansion space at Sanofi’s corporate headquarters in Bridgewater New Jersey.
On another note, we continue to be recognized for expertise in property management and superior energy performance. Just several weeks ago we announced that our 125 Broadstreet property became the first lead silver certified building in Downtown Manhattan and clearly this important designation enhancements the institutional quality of the asset and we are working with a number of our assets to gain lead EB or Existing Building designations.Also during the quarter, we achieved a number of Energy Star designations in our portfolio, throughout our portfolio a designation that indicates that we are at the top of the game with respect to energy efficacy and efficiencies. As well, several of our properties were recognized by BOMA, Building Owners and Managers Association, the local chapters recognized our assets throughout our portfolio for the manner in which they are managed and the level of service that we provide to our clients, our customers. And with that now, I’ll turn the call over to Barry Lefkowitz who will review our financial results for the quarter. Barry Lefkowitz Thanks, Mitchell. For the second quarter of 2011, net income available to common shareholders amounted to $17.3 million or $0.20 a share as compared to $18.7 million or $0.24 a share for the same quarter last year. FFO for the quarter amounted to $69.1 million or $0.69 a share versus $66.1 million or $0.71 a share in 2010. Other income in the quarter included approximately $1,86,000 in lease termination fees, as compared to $611,000 in the same quarter last year. Same-store net operating income, which excludes lease termination fees decreased by 3.8% on a GAAP basis and 4.4% on a cash basis for the second quarter. Our same-store portfolio for the quarter was 30.8 million square feet, our unencumbered portfolio at quarter end, totaled 237 properties aggregating 24.5 million square feet of space, which represents around 79% of our portfolio. Read the rest of this transcript for free on seekingalpha.com