We are committed to maintaining our investment grade credit rating. In August 2004, we issued $250 million of unsecured notes due August 2009 at a rate of 4.772%. This was our third issuance in this market.

We do multiple financings each year and 2004 was no exception. In New York, where we have 20 buildings,

seven support property level finance totaling $1.1 billion and 13 are unencumbered by debt. Just for fun, let's look at three New York property level financings we did this year where the debt trail validates our value creation.

In 2004, we issued $492 million of fixed price preferred in four issues at an average coupon of 6.45% and redeemed $308 million of preferred at an average coupon of 8.49%.

In March 2005, we sold $500 million of 3.875% convertible debentures due 2025, convertible into common shares at an initial exchange price of $91.25, a 30% premium. These securities are puttable in 2012, 2015 and 2020 and

redeemable by us at par after 2012. Our thinking here was simple and, we believe, sound. We bought down the coupon of this debt by 140 basis points to 3.875% by issuing a seven-year option to purchase our common stock at an initial price of $91.25, a 30% premium. We hope that the option will be exercised, and quickly.

We always run our business with larger cash balances than most and lower debt ratios than most. In the end, our ability to seize opportunities and make money comes in large measure from our financial might.

Thanks to Wendy, our great Capital Markets Queen.