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During the presentation, management may reference non-GAAP financial measures that we believe help investors better understand our results. Examples include funds from operations, EBITDA and same store net operating income. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures can be found on our earnings release and supplemental dated August 2, 2012.Participating on today’s call will be Mark Zalatoris, Inland’s President and Chief Executive Officer, Chief Financial Officer Brett Brown, and Scott Carr, President of Property Management. Now I will turn the call over to Mark. Mark Zalatoris Good afternoon Dawn, good afternoon everyone and thank you for joining us today. In my remarks, I will focus on highlights for the period, and provide an update on our growth initiatives. Scott will follow on portfolio operations and then Bret will cover financing activities and the income statement. We believe the operating platform we have in place today is stronger than before the great recession, and is the best position in our 18 year history. This portfolio has been revitalized through our aggressive leasing and repositioning activities, the acquisition of new high quality assets, and a disposition of targeted non-core assets. Predominant presence in core mid-west markets enables us to maximize the productivity of our property management team and to capture significant cost savings from vendors. In fact, we capitalize on a town within our market stem [inaudible] strength to our in-house team of leasing and asset management professionals. As a result, the steps we’ve taken today we’re managing a more resilient portfolio, equally resilient to geographic markets. This portfolio meets the needs of consumers for necessarily and value oriented retail. It’s well positioned to handle the still challenging economic environment and evolving retailer landscape. The positive impact of our [inaudible] is evident that the healthy performance we reported for the three and six month periods ended June 30. These results included adjusted FFO per-share of $0.22 for the quarter and $0.42 for the six-month period.
We also reported a substantial increase in consolidated same-store financial occupancy over the prior year quarter. This increase contributed to gains and consolidated same-store NOI of 4.2% for the quarter and 4.7% year-to-date.In addition, average base rents on total portfolio new and renewal leases increased 5.2% and 8.2% respectively. Of note is that we achieved a sixth consecutive quarter of gains in both consolidated, same-store NOI, and rent spreads for new leases signed within the total portfolio. I’d like to take a few minutes to discuss our approach to growth, which we believe sets us apart from a number of our peers. Over the past 24 months, we’ve acquired more than $600 million in assets for our consolidated portfolio and for our joint ventures. As a result, we’ve grown our total portfolio for approximately 12 million square feet, 2004, to nearly 15 million square feet today. For our consolidated portfolio and the joint venture with PGGM, we’re balancing acquisitions in our primary markets of Chicago, Minneapolis/Saint Paul, where competition is currently driving from press cap rates with purchases of Class A assets in a strong secondary markets like greater Cincinnati and suburban Cleveland. In these secondary markets, with demographics similar to our core markets, we’re acquiring the same high quality rent roles, and we are achieving a higher return on investment. By acquiring premier assets in both our primary and select secondary markets, we expect to achieve a blended levered deal of over 9%. Our joint ventures play a pivotal role in our growth strategy providing a capital efficient way to increase assets under management. These ventures also leverage our asset management expertise in extensive mid-west market knowledge, to generate a valuable acquisition in management fee income stream. For the first half of 2012 total fee income from the joint ventures, with NYSTRS and PGGM are approximately $1.4 million. In addition, these experienced and well regarded institutional investors provide an important source of equity.
It’s also important to note that we retain a ownership interest of at least 50% in the properties owned through our joint ventures with our institutional partners.As you are aware, we have two asset based joint ventures with institutional partners, one with New York State Teachers Retirement System, or NYSTRS, and another with Dutch Pension Fund Advisor, PGGM. Read the rest of this transcript for free on seekingalpha.com