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February 7, 2012 12:00 pm ET
Constance B. Moore – President & Chief Executive Officer
John A. Schissel – Executive Vice President, Chief Financial Officer
Scott A. Reinert – Executive Vice President, Operations
Stephen C. Dominiak – Executive Vice President, Chief Investment Officer
Jeffrey Donnelly – Wells Fargo Securities, LLC
David Bragg – Zelman & Associates, LLC
Michael Salinsky – RBC Capital Markets
Swaroop Yalla – Morgan Stanley
Robert Stevenson – Macquarie Research Equities
Ross Nussbaum – UBS
Eric Wolfe – Citigroup Inc.
Jana Galan – Bank of America/Merrill Lynch
Good morning. My name is Leah and I will be your conference operator today. At this time, I would like to welcome everyone to the BRE Properties Fourth Quarter 2011 Earnings Conference Call. (Operator Instructions) I would now like to turn the call over to Ms. Constance Moore, President and Chief Executive Officer. Please go ahead.
Constance B. Moore
Thank you, Leah, and good morning everyone. Thank you for joining BRE's year-end 2011 earnings call. Before we begin our conversation, I'd like to remind listeners that our comments and answers to your questions may include both historical and future references. We do not make statements we do not believe are accurate and fairly represent BRE's performance and prospects, given everything we know today. But when we use words like expectation, projections or outlook, we are using forward-looking statements, which, by their very nature, are subject to risk and uncertainty.