This year, Wendy Silverstein, EVP—Capital Markets, and team raised $3.124 billion (a record) in 13 separate transactions in the secured and unsecured debt, preferred equity and common equity markets.

As an example, three New York assets—770 Broadway, 909 Third Avenue and 888 Seventh Avenue—were refinanced in separate 10-year fixed rate secured financings which aggregated $900 million, reflecting the current value of these properties. After repayments, we realized a staggering $500 million of net proceeds.

Financing the Toys "R" Us acquisition involved complex domestic and international financings with multiple lenders and bankers. The financing teams of all three sponsors (Bain Capital, KKR and ourselves) worked well together to complete this $7 billion acquisition, but I must say, Mike and I are especially proud that Wendy contributed more than full measure here.

We ended 2004 with total footings, at market, of $17.9 billion. Today, we’re at $25.8 billion—with substantial dry powder. Here in short form is the right hand side of our balance sheet, at market: