During 2005, we redeemed 3.1 million shares of preferred stock from the proceeds of a secondary offer completed in late 2004. This year we acquired three office properties for a total purchase price of approximately $217 million and sold seventeen non-core properties for total consideration of approximately $308 million. We also repurchased and retired 2.5 million shares of common stock at an average price of $18.87 per share in 2005. Our floating rate debt decreased from 19% of total debt at the end of 2004 to 13% at the end of 2005.

Portfolio Performance

Total portfolio occupancy (excluding joint ventures) increased from 87.2% at...