Operator: Welcome to the CommonWealth REIT Fourth Quarter and Year-End Results Conference Call. This call is being recorded.
At this time, for opening remarks and introductions, I would like to turn the call over to the Vice President of Investor Relations, Mr. Tim Bonang. Please go ahead, sir.
Timothy A. Bonang - VP, IR: Thank you, and good morning, everyone. Joining me on today's call are Adam Portnoy, President and Managing Trustee and John Popeo, Treasurer and Chief Financial Officer.
Before we begin today's call, I would like to read our Safe Harbor statement. Today's conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements are based on CommonWealth REIT's present beliefs and expectations as of today, February 25, 2013.
Forward-looking statements are not guaranteed to occur. Actual results may differ materially from those projected or implied in any forward-looking statements. Information concerning factors that could cause differences is contained in our Form 10-K, which we filed with the Securities and Exchange Commission or SEC earlier today and in our Q4 supplemental operating and financial data package found on our website at www.cwhreit.com.
Forward-looking statements are not guaranteed to occur. The Company undertakes no obligation to revise or publicly release the results of any revision to the forward-looking statements made in today's conference call as a result of new information, future events or otherwise. Investors are cautioned not to place undue reliance upon any forward-looking statements.
In addition, this call may contain non-GAAP numbers, including funds from operations or FFO, normalized FFO, and cash available for distribution or CAD, earnings before interest, taxes, depreciation and amortization or EBITDA and property net operating income or NOI. A definition of each of these non-GAAP measures and a reconciliation of each of them to net income and reconciliation of normalized FFO to FFO are available on our Q4 supplemental operating and financial data package found in the Investor Relations section of the Company's website.
I also note that the transcription, recording and retransmission of today's conference call are strictly prohibited with the prior written consent of Commonwealth REIT. Finally, we will not be conducting a question-and-answer session during this call and after the presentation by management.
Now I would like to turn the call over to Adam Portnoy.
Adam D. Portnoy - Managing Trustee and President: For the fourth quarter of 2012 we are reporting fully diluted normalized FFO of $0.82 per share compared to $0.76 per share during the same period last year.
During the quarter, on a consolidated basis, we signed 181 individual leases for 3 million square feet, with 74% of the square feet representing renewals and 26% representing new leases. During the year ended December 31, 2012, on a consolidated basis, we signed 554 individual leases for 7.4 million square feet, with 65% of the square feet representing renewals and 35% representing new leases. The average term for the leases entered into or renewed during the quarter was seven years and the weighted average GAAP rental rates were 5% above prior rents for the same space.