time to celebrate our successes locally, regionally and nationally with our annual Achieving Camden Excellence Awards, national community and leasing recognition programs and our management conferences that provide networking and educational opportunities for our professionals. One measurement of employee satisfaction is tenure. The tenure of our onsite positions, from Groundskeepers to Leasing Consultants, is more than three years; for Community Managers, it is about six years; and our District Managers’ average tenure is over 10 years. Another way we measure employee satisfaction is through third-party, bi-annual Employee Opinion Surveys and Internal Customer Service Surveys. Our employees have an opportunity to evaluate our culture, management style and business practices, and rate the service level of our corporate support services. The most recent Employee Opinion Survey reported an extraordinarily high employee satisfaction ratio of 92%, and our corporate support services achieved an overall internal cus- tomer service satisfaction rating of 3.4 on a 4.0 scale. We believe all of these factors contribute to our impressive employee retention rate, which hit an all-time high of 63% in 2004 – one of the highest published employee retention rates in the multifamily industry. 2004 RESULTS Our performance in 2004 was consistent with our expectations as slow economic recovery and sluggish job growth put pressure on our markets resulting in the con- tinuation of concessionary pricing. As predicted, our 2004 funds from operations (FFO) in- creased from $3.14 per share in 2003 to $3.24. Same-property NOI, after declining 4.7% and 5.0% in 2002 and 2003 respectively, was relatively flat compared to 2003, declining by 0.7%. We are committed to our shareholders and believe that effective financial management is the key to sound financial performance. During 2004, we issued $350.0 million of senior unsecured notes with a weighted average interest rate of 4.5%, and retired nearly $290.0 million of notes and $35.5 million of preferred units with interest rates ranging from 6.9% to 8.3%. We modified our line of credit shortly after year-end, increasing the size of our credit facility to $600.0 million and lowering the stated interest rate by 10 basis points. We are committed to our shareholders and believe that effective financial management is the key to sound financial performance.