Federal Realty had a very strong year and the momentum has carried over into January of 2012 with the signing of some key leases and a continuation of low bad debt type cost. Reported FFO per share for the year was $4 which includes some very significant acquisition expenses tied to the Montrose Crossing and Plaza El Segundo. It still grew 3.1% in 2011 and set an all-time record for Federal as did revenues at $553 million and EBITDA of $354 million. That’s an all-time record better than the heydays of 2006 and 2007 and every other year in our 50-year long history before and since.

If you look at our earnings growth without those acquisitions costs, which are closed in late December by the way so there is no offsetting benefit in 2011 for the properties operations, you would see FFO per share growth of 4.4% and again that’s over an all-time high last year.

In the fourth quarter, the reported number of $0.97 includes $0.04 of those Montrose Crossing acquisition expenses and therefore appears to be flat with the $1.10 reported in last year’s fourth quarter. But remember that we had just settled our dispute with Vornado on the Pentagon Row land last year and that settlement benefitted fourth quarter 2010 by $0.03 or $0.04 too. I go through all of this only to show that the improved operating trends that we saw in the middle of 2011 carried through to the end of the year and in fact in 2012.

Same center of growth for the full year was solid, just under 2% both including and excluding profit under redevelopment, it was even better for the fourth quarter, 2.7% excluding redevelopment 3.5% when including those profits. Those results were of course the result of our strong leasing results earlier in the year and last in the executed deals in the fourth quarter and they bode well for a strong 2012 too. I will talk about those deals for a minute.

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