Operator: Good day and welcome everyone to the Alexandria Real Estate Equities Incorporated Fourth Quarter 2010 Year End Results Conference Call. Today's call is being recorded.
At this time, for opening remarks and introductions, I would like to turn the call over to Ms. (Rhonda Chiger). Please go ahead, ma’am.
Rhonda Chiger: Thank you. Good afternoon. This conference call includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, without limitation, statements regarding our 2011 earnings per share diluted attributable to Alexandria Real Estate Equities common stockholders, 2011 FFO per share diluted attributable to Alexandria Real Estate Equities common stockholders, the business plans of certain tenants, and the expected impact of the retirement or conversion of our unsecured convertible notes.
Our actual results may differ materially from those projected in such forward-looking statements. Factors that might cause such a difference include, without limitation, our failure to obtain capital, debt, construction financing, and/or equity, or refinance debt maturities, increased interest rates and operating costs, adverse economic or real estate developments in our markets, our failure to successfully compete and lease our existing space held for redevelopment and new properties acquired for that purpose and any properties undergoing development. Our failure to successfully operate or lease acquired properties, decreased rental rates or increased vacancy rates or failure to renew or replace expiring leases, defaults on or non-renewal of leases by tenants, general and local economic conditions, and other risks and uncertainties detailed in our filings with the Securities and Exchange Commission.
All forward-looking statements are made as of the date of this call, and we assume no obligation to update this information. For more discussion relating to risks and uncertainties that could cause actual results to differ materially from those anticipated in our forward-looking statements, and risks to our business in general, please refer to our SEC filings.
Now, I would like to turn the call over to Joel Marcus. Please go ahead.
Joel S. Marcus - Chairman, CEO and Founder: Thanks, Rhonda, and thanks everybody for joining our fourth quarter and year end 2010 earnings call. We're going to try to use maybe somewhat shortened management presentation so we have little more time for Q&A.
As you know Alexandria has been built and has grown predominantly with a laser focus on the best intellectual and entrepreneurial adjacency cluster locations for the broad and diverse life science industry. A great adjacency location is absolutely key together with obviously a first in class facility, first in class sponsorship, commitment to wisely invest capital, attention to first five sustainable business operations, and clearly a focus on what the client tenant really needs all critical components for success that has and will continue to be our formula for success.