Redhawk Towne Center, California leased by Linens ’n Things at the West Farm Shopping Center in  Farmington, Conn., and opening up an area around the Cinemark  theater at our Mesa Riverview center in Arizona to improve  visibility, parking and traffic flow. At our Metro Crossing center  in Council Bluffs, Iowa, we’ve just added new big-box space for  T.J. Maxx, and we’re constructing another box for Ulta and adding  a new small-shop building. In Hollywood, Fla., at our Oakwood  Plaza center, we’re demolishing a former Barnes & Noble store  and replacing it with new space for Sports Authority, while  expanding an existing BJ’s Wholesale Club store. Most recently, in Pompano, Fla., we negotiated a lease termination  of an announced Kmart closing, and are currently pursuing a  redevelopment of that space for a supermarket and a sporting- goods retailer. In San Diego, we took an empty space still under  lease to a supermarket tenant and re-let the space to a fitness  club alongside a sporting goods co-tenant at a much higher  spread. The U.S. isn’t the only place where the retail real estate market  is on the rise. In Mexico, GDP grew 3.9 percent in 2011 (higher  growth than Brazil for the first time in eight years) and both  the currency and retail sales strengthened. Same-store sales  in Mexico rose 8 percent in the fourth quarter of 2011, and 5  percent for the full year. Against this backdrop, we are seeing increased leasing demand  from national and international tenants. Of the 55 shopping  centers we own in Mexico, 43 are now fully operational, and  our overall occupancy rate has climbed to 84 percent. During  2011, we signed more than 700,000 square feet of new leases,  with gross annual base rent of about $10 million, and our target  is an additional 800,000 square feet in 2012, which will push  our occupancy rate close to 90 percent. It is worth noting that  virtually all of our leases in Mexico contain full annual-cost-of- living escalators, and our anchor tenants paid percentage rents of  more than $2 million in 2011. In Canada, our occupancy rate remains high, at 97 percent, and  retailer expansion continues to fuel strong demand for space. A  notable example is Target, which has committed to open 60 new  stores in Canada beginning in early 2013. Canada is an attractive  market for retailers: the nation’s economy is strong, with low  interest rates, moderate unemployment levels, and GDP forecast  to grow by 2 percent in 2012. To capitalize on the growing  demand, we continue to make strategic additions to our portfolio.  In December, we bought a high-quality, grocery-anchored center  in the greater Vancouver market, and we expect to close on  another attractive grocery-anchored center in Edmonton shortly. Kimco is focusing all of its energies on being the premier owner  and operator of high-quality shopping centers in North America,  and, as such, we’re intent on exiting non-retail investments that do  not fit with our core competency. The value of such assets stood  at $1.2 billion in early 2009, but after reducing our non-retail  portfolio by $286 million, or 36 percent, in 2011, our non-retail  assets are now down to $495 million, or less than 4.5 percent of  our total gross assets. Our largest remaining non-retail investment, the InTown Suites  portfolio of extended-stay facilities, is attracting strong interest  from investors, as it continues to perform very well, with  substantial growth in revenue per available room. Several parties  are conducting due diligence, and we’re confident of selling the  portfolio in the near term. A healthy balance sheet and ample liquidity are crucial to our  efforts to build a stronger, more valuable portfolio of high-quality  shopping centers. During 2011, we continued to improve our  debt metrics, lowering our consolidated net-debt-to-recurring- EBITDA ratio to 6.2 times, on our way to 6.0 times by the end of  2012. Each of the three major credit rating agencies continues to  maintain its investment-grade rating on our unsecured bonds and  preferred stock securities. Our immediate liquidity currently stands at more than $1.4 billion,  thanks to the $1.75 billion unsecured U.S. revolving credit facility  we announced in October. The new facility, with one of the  lowest borrowing spreads in our industry, replaced our previous  $1.5 billion U.S. and $250 million Canadian dollar-denominated  revolving credit facilities, which were scheduled to mature in  2012. Our existing consolidated debt maturities are well- staggered, with only $353 million of maturing debt coming due  in 2012, mostly in the latter half of the year, and our access to  capital remains strong. Growing Our International Business Exiting Non-Retail Assets Strengthening Our Balance Sheet 14