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Factors that could cause actual results to differ materially include, without limitation, the ability to renew or re-lease space under favorable terms, regulatory changes, changes in the economy, the successful and timely completion of dispositions, acquisitions and development projects, changes in interest rates, and other risks associated with the commercial real estate business, as detailed in our filings with the SEC.I would now like to turn the call over to Roger, for his formal remarks. Roger A. Waesche, Jr. Thank you, Stephanie, and good morning everyone. I'm happy to report that we continue to successfully execute our strategic initiatives, and as yesterday's press release indicate; we have now exceeded our 2012 goal in terms of selling assets in our strategic reallocation plan. And we invested part of the proceeds into a highly strategic new property. Before we get into the specifics about the second quarter, I want to take a moment to frame up where we are with our broader strategic initiatives. In 2011, management and the board decided to upgrade the overall quality of COPT's portfolio, focusing on the company's historical core competency with strategic tenants, and the government, and defense, IT industries, and strengthening our balance sheet. We have made significant progress on these initiatives. Since that time and through the close of business yesterday, we have sold 58 buildings that contain 3.2 million square feet and adjacent land for $394 million. Equally important we reduce the number of leases. We have to manage by approximately 30% and removed from our portfolio smaller, older buildings that require disproportionately more capital. We've completely exhibit Montgomery County in Maryland and Fort Ritchie. We have reduced our percentage of annualized revenues derived from assets located in suburban Maryland and Greater Baltimore from a combined 19% at March 31, 2011 to 11% today, because of our strategic initiative is a reallocation plan, and not simply a disposition plan. We have recycled the proceeds into properties that we believable will strengthen as long term competitive position in our market and within strategic tenant niche. Specifically, although we’ve prudently scaled back our development program, we continue to recycle proceeds in the strategic projects with visible demand, and where we believe we will see long term demand once the federal budget issues are resolved.
These key locations are our park serving pool E in Annapolis Junction, Maryland. Our Patriot Ridge project that supports Fortville Bar Northern Virginia and our Redstone Gateway project which will support the 15 agencies in command located at Western Arsenal in Huntsville, Alabama.Responding to this ongoing marketing driven demand, we started construction on two new buildings in the second quarter NBP 420 and the Flux building at Redstone Gateway. We also recycled sale proceeds into one highly strategic acquisition. In July, we acquired McLaren Center a Class A office building that continues approximately 200,000 square feet, and is located in the Herndon submarket of Northern Virginia. We paid $49.5 million or about $245 a square foot. The building is well located in a strategic market in close proximity to government demand drivers, and is 100% leased. The property deep into our alignment with knowledge based Per Vance at a priorities from U.S. government and strengthens our relationship within existing strategic tenant. As we execute our portfolio objectives we are also strengthening our balance sheet by reducing total debt, increasing liquidity solidifying coverage and extending our debt maturity. Executing the strategic reallocation plan is at the heart of these portfolio and balance sheet improvement. We will continue to pursue the sale of non-strategic buildings and lands in Colorado Springs, and one off buildings in Greater Suburban Baltimore. We will remain disciplined as to how we reinvest sale proceeds into new properties, and selective developments. Read the rest of this transcript for free on seekingalpha.com