Mike (1) and I are more than satisfied with Vornado's financial performance in 2003. In a soft office market (our Company is about 60% office), we benefited greatly from the fact that our office investments are concentrated almost entirely in New York and Washington, DC, the two strongest office markets in the country (and this did not happen by chance)(2).     We also benefited from the fact that our office rents are still below market (see page 5 of the financial section of this Annual Report for full leasing details) and, as a stool gains strength from its multiple legs, we also benefited from 2003's strong financial performance of our retail business and Mart business. (1) Michael Fascitelli, Vornado's President and my partner in running Vornado. (2) As long-term Vornado watchers know, we chose our markets very carefully, investing only in high demand, tight-supply, densely urban markets that have a history of spiking rents and values. Further, we greatly prefer to invest at a discount to replacement cost and in properties with embedded rents that are well below market rents.