Operator: Good afternoon. My name is Jacky and I will be your conference operator today. At this time, I would like to welcome everyone to the Public Storage First quarter 2011 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. Thank you.
Mr. Teng, you may begin your conference.
Clemente Teng - VP, IR: Good morning and thank you for joining us for our first quarter earnings call. Here with me today are Ron Havner, CEO and John Reyes, CFO. We'll follow the usual format followed by a question-and-answer period. However, to allow for equal participation, we request that you ask only one question when your turn comes up and then return to the queue for any follow-up questions.
Before we start, I want to remind you that all statements other than statements of historical facts, included in this conference call are forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those projected in these statements.
These risks and other factors that could adversely affect our business and future results are described in today's earnings press release as well as in our reports filed with the Securities and Exchange Commission. All forward-looking statement speak only as of today, May 6, 2011, and we assume no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
A reconciliation to GAAP and the non-GAAP financial measures we are providing on this call is included in our earnings press release. You can find our press release, SEC reports, and audio webcast replay of this conference call on our website at www.publicstorage.com.
In Q1, we reviewed our same store pool and adjusted the composition to include properties we've operated for the last three years at a stabilized occupancy level. For U.S. operations, we added net six properties to the same store pool adjusting the comparable total to 1,931 properties.
For Shurgard Europe, with the acquisition of our joint venture partner's interest, we added 60 properties to the same store pool adjusting the comparable total to 151 properties. This leaves a total of 158 properties or 10.5 million square feet that have been recently acquired, redeveloped or developed that are not stabilized
Now I'll turn the call over John Reyes.
John Reyes - SVP and CFO: Thank you, Clem. As outlined in our press release, our first quarter core FFO per share was $1.28 compared to $1.15 last year, an 11% increase. Four items primarily drove this growth. First, our same store net operating income increased by 5.4% or approximately $12 million representing $0.07 per share. Second, we added $0.04 per share from redeeming preferred and fixed rate securities last year. Third, properties acquired in 2010 and the first quarter of 2011 added another $0.03 per share. Fourth, our investment in Shurgard Europe added $0.01 per share. These four items were partially offset by higher G&A costs of $0.02 per share.