Fellow Stockholders
For the full-year 2019, our net income was approximately $6.5 million, or $0.06 per share, and our Company’s profitability, as measured by Funds from Operations (FFO1), totaled approximately $97.5 million, or $0.91 per share. As of December 31, 2019, about 95% of our approximately $970 million debt stack was at fixed rates and our nearest debt maturity was $205 million due on November 30, 2021. As of December 31, 2019, our debt service coverage ratio was about 4.0 times and our total liquidity between our revolving line of credit and cash exceeded $609 million.
During 2019, we leased a total of approximately 1.4 million square feet of office space in our portfolio of 32 operating and 3 redevelopment properties, of which approximately 534,000 square feet was with new tenants. Over the last three years, we averaged about 1.5 million square feet of leasing per year, or about 15% of our approximately 9.9 million square foot property portfolio. Lease expirations in 2020 are expected to be approximately 760,000 square feet, or approximately 7.7% of our total office space, and lease expirations in 2021 are expected to be approximately 799,000 square feet, or approximately 8.0% of our total office space. We believe that the expected lease expirations in 2020 and 2021 are meaningfully lower than the past few years.
Over the past two years, much of our leasing activity has been focused on renewing or backfilling existing tenant lease rollover space. In 2020, we will seek to achieve meaningful net new absorption, with the objective of increasing economic occupancy, average rental rates, and the average length of lease-term for years to come. The longer term value-add proposition that was such an integral part of the strategy of recasting our property portfolio over the last ten years is, we believe, finally at an inflection point. We look forward to the coming year with great anticipation and optimism.
Thank you for your continued support.
George J. Carter
Chairman & Chief Executive Officer
1FFO is a non-GAAP financial measure currently used in the real estate industry that we believe provides useful information to investors. Please refer to page A-1 of this Annual Report for a definition of FFO and a reconciliation of net income to FFO.