We encourage all of our listeners to review the more detailed discussion related to risk associated with forward-looking statements contained in the company’s filings with the SEC. In addition, during this call, we’ll refer to non-GAAP financial measures such as funds from operations, core FFO, AFFO, and EBITDA. The definitions and reconciliations of our non-GAAP measures are contained in the quarterly supplemental information available on the company’s website.I’ll review our financial results after Don Miller, our CEO, discusses some of the quarter’s activities, including progress towards our strategic operating objectives. In addition, we are also joined today by Ray Owens, our EVP of Capital Markets; Laura Moon, our Chief Accounting Officer; Bo Reddic, our EVP of Real Estate Operations, and Eddie Guilbert, our VP of Finance Strategic planning. All of whom can provide additional perspective during the question-and-answer portion of the call. I’ll now turn the call over to Don Miller. Donald A. Miller Good morning everyone and thanks for joining us as we review our third quarter 2011 results. We are pleased to report functional operations of $0.40 per share this quarter. Bobby will discuss our financial results in a moment. However, I would like to update you on our leasing and capital transaction results for the quarter, as well as touch upon the stock repurchase program that we announced in conjunction with our earnings release last night. First, with regard to leasing, we are encouraged by the volume of leasing activity during the quarter as we signed just over 900,000 square feet of office leases including 342,000 square feet of leases with new tenants. This volume brings our year-to-date 2011 total leasing to 3 million square feet, almost 14% of our portfolio which is only 100,000 square feet less than our highest every annual leasing volume. The company’s same store office portfolio was 87.8% leased at September 30, 2011 as compared to 88.8% leased a year ago. This 1% decline in same store occupancy is largely due to the net 250,000 square foot Zurich lease expiration at Windy Point 2, in Suburban, Chicago in August.
The total portfolio including our recent value-added acquisitions which are detailed on page 32 of our supplemental information was 86.4% leased at September 30, 2011 and our weighted average remaining leased term is 6.6 years.While we executed a number of leases during the quarter particularly in New Jersey, Chicago and Detroit, in the interest of time I will limit myself to highlighting just a couple of the more significant recent transactions. Notably, we have seen a lot of activity at AM center in downtown Chicago. In Entegris, signed a 15-year headquarters lease for approximately 150,000 quarter feet to begin in mid-2014. Additionally, the PR firm Edelman agreed to extend their existing 140, 000 square foot lease until 2024 and to expand their premises an additional 37,000 square feet beginning in 2012. We are seeing a good deal of interest and are optimistic the addition in the fourth quarter. Turning to our Northern New Jersey assets, we continue to make significant progress and back down space that will become available in early 2012 as a result of the Sanofi-aventis lease expiration at our Bridgewater assets. During the third quarter, Harding Loevner signed a new seven-year 30,000 square foot lease at 400 Bridgewater and recently Synchronous Technologies opted for an approximately 80,000 square feet for 11 plus years at 200 Bridgewater. These leases when combined with three previously announced deals, means that Piedmont has re-leased almost half of the approximately 450,000 square feet of expiring Santa Fe space in the Bridgewater properties six months prior to their expiration. Read the rest of this transcript for free on seekingalpha.com