Operator: Good afternoon. Welcome to the First Quarter 2011 Apartment Investment & Management Company Earnings Conference Call. All participants will be in a listen-only mode. After today's presentation, there will be an opportunity for you to ask questions. Please note that today's event is being recorded.
I would now like to turn the conference call over to Lisa Cohn, Executive Vice President and General Counsel. Please proceed.
Lisa R. Cohn - EVP, General Counsel and Secretary: Thank you, Jamie. Good morning and good afternoon. During this conference call, the forward-looking statements we make are based on management's judgment, including projections related to 2011 results. These statements are subject to certain risks and uncertainties, a description of which can be found in our SEC filings. Actual results may differ materially from what may be discussed today.
Also, we will discuss certain non-GAAP financial measures, such as funds from operations. These are defined and are reconciled to the most comparable GAAP measures in the supplemental information that is part of the full earnings release published on AIMCO's website.
The participants on today's call will be Terry Considine, our Chairman and CEO, who will provide opening remarks; and Ernie Freedman, our CFO, who will review first quarter results, our balance sheet and guidance. Also in the room today are John Bezzant, EVP of Transactions; Miles Cortez, Chief Administrative Officer; Keith Kimmel who runs Property Operations, and Dan Matula who runs Redevelopment and Construction Services. We are available to answer questions at the conclusion of our prepared remarks.
I will now turn the call to Terry Considine. Terry?
Terry Considine - Chairman and CEO: Thank you, Lisa, and thanks to all of you on this call for your interest in AIMCO. We're off to a good start in 2011. In a few minutes, Ernie will review the detail, but before he reports on the quarter, I'd like to touch on four longer term issues.
First, customer demand is good and we expect it to remains so. We enjoy high occupancies and rising rents. Our rent increases during the first quarter were lower than some of our peers, but so too were our vacancy loss and term costs. We regularly review the trade-up between higher rents and vacancy loss and term costs, and will continue to look for the right balance.
Second, we're focused on our operating cost structure. We do not expect to see costs drop year-over-year to the extent they did this quarter, but we do expect to control any increase by regular review of what work is done where and by whom and with what tools.
Third, we're equally focused on our offsite costs including G&A where we see steady improvement as we continue to simplify the AIMCO business.
Fourth, we like our balance sheet for its long duration, limited recourse to AIMCO credit and fixed rates. We see opportunities to improve it, and expect to do so even if we incur current costs, for example in prepayment penalties or in accepting higher fixed rates that are above our current floating rates.
We had a solid first quarter and these excellent results were produced by my hardworking, professional and collaborative teammates, and I want to be sure that all credit and my thanks is paid to them. Now for the first quarter, Ernie?