Operator: Welcome to Forest City Enterprises Fourth Quarter and Year End 2012 Earnings Conference Call.
The Company would like to remind you that today's remarks include forward-looking comments that are covered under Federal Safe Harbor provisions. Actual results could differ materially from those expressed or implied in such forward-looking statements due to various risks, uncertainties and other factors. Please refer to the risk factors outlined in Forest City's annual report on Form 10-K filed with the SEC for a discussion of factors that could cause results to differ.
This call is being recorded and a replay will be available beginning at 2.00 p.m. Eastern Time today. Both the telephone replay and the webcast will be available until April 28, 2013, 11.59 p.m. Eastern Time.
The Company would like to remind listeners that it will be using non-GAAP terminology, such as operating FFO, FFO comparable property net operating income and pro rata share in its discussions today. Please refer to the Forest City's supplemental package which is posted on the Company's website at www.forestcity.net for an explanation of these terms, and why the Company uses them, as well as reconciliations to their comparable financial measures, in accordance with Generally Accepted Accounting Principles.
At this time, all participants are in a listen-only mode. Participants on the call will have the opportunity to ask questions following the Company's prepared comments.
I would now like to turn the call over to Forest City's President and CEO, David LaRue. Please go ahead, Mr. LaRue.
David J. LaRue - President and CEO: Thank you, Stephanie. Good morning, everyone. Thank you for joining us today. With me today is Bob O'Brien, our Chief Financial Officer. Our results for the fourth quarter and full year 2012 went out yesterday after the close of the market. I hope you had a chance to review them. In a few minutes, I'll ask Bob for his comments on our results. After that, I'll give an update on our pipeline and offer some thoughts then we'll get to your questions.
As you saw in our press release we are pleased with the results for 2012. FFO, operating FFO and overall comp NOIs were all up over prior year as were revenues and net earnings. Our portfolio continued to show strength particularly in multifamily where we had strong comp – strong growth and comp NOI throughout the year. 2012 is also year of significant progress in executing on our strategic plan. As many of you are aware, the key drivers of the plan are building a strong sustaining capital structure, focusing on our core markets and products and achieving operational excellence throughout our business.
Let me touch on a few of these highlights for the year that tied to these drivers. We successfully opened four new properties in our core markets, the largest being Barclays Center in Brooklyn. We started seven new projects. Six as a multifamily, these include apartment projects in Denver, Dallas, Washington D.C. as well as B2 Brooklyn, the first multifamily component of Atlantic Yards. We disposed of 12 non-core assets generating cash of approximately $129 million. We completed the sales substantially all of our land development business after having announced our plan to exit the majority of that business at the beginning of the year.