As we execute our capital recycling plan, this term loan will provide the flexibility to buy assets or pay down debt. Loan execution is anticipated in November with funding in January.

In August, we locked rate on a $193 million of mortgage debt to refinance the maturities in our GRI partnership. The refinanced debt matures in 2022 and carries an interest rate of 4.5%. With this refinancing and the term loan, we have handled essentially all of our 2012 maturities.

Looking ahead for the year, we have tightened guidance range of recurring FFO to $2.34 to $2.40 and total FFO per share to $2.45 to $2.51. For the fourth quarter, we expect recurring FFO to be in a range of $0.58 to $0.64 per share.

Brian?

Brian Smith

Thank you, Bruce, and good morning. We continue to experience robust leasing activity which points to future improvement in fundamentals. Total leasing for the operating portfolio was 2.1 million square feet.

In context, you could look back over the past six years and not see a quarter with close to 2 million square feet of leasing. The 590,000 square feet of new leasing was the most ever registered and only the second time we've leased over 500,000 square feet with last quarter being the first time.

Move-outs have been improving since mid-2009 and are still above historic norms, an encouraging sign that move-outs are trending toward pre-recession levels as small shut move-outs were meaningfully lower than recent quarters. Additionally, we released every one of the five largest anchor move-outs we experienced. The strong leasing resulted in positive absorption of 140,000 square feet. It means two consecutive quarters of positive absorption.

The 1.5 million square feet of renewal leasing was more than we've even in a quarter. As a result of this leasing progress and a favorable impact on occupancy from dispositions, we're now 93% leased on a same property basis. We had occupancy gains in all size ranges. Spaces less than 5,000 square feet registered a 50 basis point increase or total of a 100 basis points over the past two quarters, and we're 85% leased in that section.

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