The Company signed new and renewal leases representing 797,000 square feet during 2011 primarily with tenants that required less than 3,000 square feet in multi-cultural neighborhoods, which drives premium rents. Leasing activity increased from the prior year as represented by:
- An increase of 2% in average occupancy for same stores to 86% in 2011 versus 84% in 2010;
- An increase of 1% in total lease value of new and renewal leases signed: $32.3 million in 2011 versus $31.9 million in 2010;
- An increase of 5% in the number of new and renewal leases signed: 312 in 2011 versus 298 in 2010; and
- An increase of 11% in the square footage of new and renewal leases signed: 797,000 for 2011 versus 716,000 in 2010.