Operator: Thank you for holding, and welcome to the Taubman Centers' Second Quarter 2013 Earnings Conference. The call will begin with prepared remarks and then we will open the lines to questions. On the call today will be Robert Taubman, Taubman Centers' Chairman, President and Chief Executive Officer; Lisa Payne, Vice Chairman and Chief Financial Officer, and Barbara Baker, Vice President, Corporate Affairs and Investor Relations.
Now, I will turn the call over to Barbara for opening remarks.
Barbara Baker - Vice President, Corporate Affairs & Investor Relations: Thank you, Lacy, and welcome everyone to our second quarter conference call. Yesterday, we released our second quarter results and our supplemental information package. Both are available on our website www.taubman.com
As you know, during this conference call, we'll be making forward-looking statements within the meaning of the Federal Securities laws. These statements reflect our current views with respect to future events and financial performance, although actual results may differ materially. Please see our SEC filings, including our latest 10-K and subsequent reports for a discussion of various risks and uncertainties underlying our forward-looking statements.
During this call, we'll also discuss non-GAAP financial measures as defined by SEC Regulation G. Reconciliations of these non-GAAP financial measures to the comparable GAAP financial measures are included in our earnings release and in our supplemental information. In addition, a replay of the call is provided through a link on the Investor Relations section of our website. When we get to questions, we ask that you limit them to two and then if you have more, queue up again. That way everyone will have the opportunity to ask a question.
Now, let me turn the call over to Bobby.
Robert S. Taubman - Chairman, President and CEO: Thanks, Barbara, and thanks everyone for joining us this morning. This quarter, our results were in line with our expectations. Funds from operations increased 2.7%. NOI excluding lease cancellation income up 3.9%. Rents, leased space and occupancy all up. Average rent per square foot in our centers rose 4.8% and year-to-date average rent is up 4.6%. Trailing 12-month releasing spreads remain strong at nearly 22%.
Ending occupancy in all centers was 90.7% on June 30, up 60 basis points from last year. This is the highest second quarter ending occupancy we've ever had. Temporary tenants comprised another 3.5%, bringing combined occupancy to 94.2%. Leased space was up 30 basis points in all centers and ended the quarter at 92.6%. All our key operating statistics were up in the quarter except for sales per square foot, which were essentially flat.
I remind you, we are one of the only companies that provide quarterly sales; most only provide trailing 12 months. Our trailing 12-month tenant sales are now nearly $700 a square foot, representing a 3.9% increase from the 12 months ended June 30, 2012. Year-to-date sales per square foot are up 2.8%.
Among the strongest categories in the quarter were shoes and women’s specialty, which includes many of the luxury concepts. Also strong was fast food, which is indicative of foot traffic. Women’s apparel, unisex apparel and home furnishings although positive, were not as strong in this quarter as earlier in the year. Only five of our 23 categories were down. Junior apparel was soft and electronics was very weak. In fact, excluding electronics, overall sales would have been up over 2%. While 2% is less than we've been seeing or that we expected for this quarter, we were up against very tough comps. I'll remind you that between 2010 and 2012, our second quarters were up 12%, 14% and over 8% respectively. Geographically, performance was mixed and there weren't any noticeable trends. Further, no individual centers were down significantly more than others.