“Our strategic initiatives implemented in 2012 continued to provide us with many growth opportunities this past year. We successfully enhanced the quality of our portfolio through the purchase of several key assets and top-tier developments for our national clients. We were very pleased to improve the occupancy of our overall portfolio and we look forward to continuing this momentum in 2014,” said Dan Harrington, Chief Executive Officer and President.
In-Service Property Results and Leasing Activity
As of December 31, 2013, Becknell owned and controlled 100 in-service properties, totaling 9.4 million square feet. The portfolio was 98.4 percent occupied on a square foot basis, a 177 basis point increase from December 31, 2012.
During 2013, the Company signed new leases totaling 135,400 square feet with a weighted average lease term of 6.2 years. The Company’s tenant retention rate was 95.0 percent for the year ending December 31, 2013, renewing nearly 700,000 square feet of leases with leasing spreads of 6.7 percent on average rents and (0.1) percent on cash rents.