Operator: Greetings, and welcome to the Piedmont Office Realty Trust Third Quarter 2010 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded.
At this time, I will turn the conference over to the Company. You may now begin.
Robert E. Bowers - CFO: Good morning. This is Bobby Bowers, the Chief Financial Officer for Piedmont Office Realty Trust. Welcome to our third quarter 2010 conference call. In addition to our earnings release, we have also filed last night our September 30, 2010 Form 10-Q and a Form 8-K, including our unaudited quarterly supplemental information. This information is also available for your review on our website at www.piedmontreit.com, under the Investor Relations section.
On today's call, the Company's prepared remarks and answers to your questions will contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements addressed or address matters which are subject to risks and uncertainties that may cause actual results to differ from those discussed today. Examples of forward-looking statements include those related to Piedmont Office Realty Trust's revenues and operating income, financial guidance, as well as leasing and acquisition activity.
In addition, during this call, we will refer to non-GAAP financial measures, such as funds from operations, Core FFO, AFFO, and EBITDA. We encourage all of our listeners to review the more detailed discussion related to risks associated with forward-looking statements contained in the Company's filings with the SEC, and the definitions and reconciliations of our non-GAAP measures contained in the supplemental financial information available on the Company's website.
You should not place any undue reliance on any of these forward-looking statements, and those statements speak only as of the date they are made.
I'll now turn the call over to Don Miller, the Chief Executive Officer of Piedmont Office Realty Trust.
Donald A. Miller - CEO: Thanks, Bobby and good morning to everyone. We will review our third quarter results with you and then take questions after our prepared remarks.
Ray Owens, our EVP of Capital Markets and Laura Moon, our Chief Accounting Officer are here with us, and Bo Reddic, our EVP of Real Estate Operations is calling in from the road. They are all here to provide additional perspective during the Q&A portion of the call.
Last evening, we reported funds from operations per share of $0.45 for the third quarter of 2010, slightly better than our expectations and representing solid operating performance of our portfolio and careful attention to detail by our dedicated team of employees. These results included a stable occupancy rate of just under 90%, and positive same-store NOI, both on a cash and accrual basis for the quarter. Bobby will go into details on the operating performance in a few moments.
During the quarter, as previously announced we signed over 600,000 square feet of leasing activity, and this amount includes 587,000 of office leasing in our consolidated portfolio, with renewals on 389,000 square feet, and new office leases for the remaining 198,000 square feet. Our retention rate this quarter at 74% on expiring leases is consistent with our 2010 average of 76%. We have experienced an average capital cost of $3.50 per square foot per year of lease term, including tenant improvements in leasing commissions, which is consistent with contractual capital cost during the last few years.