Before I begin, I'd like to remind everyone that the management of Digital Realty may make forward-looking statements on this call that are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially from expectations.You can identify forward-looking statements by the use of forward-looking terminology such as believes, expects, may, will, should, pro forma or similar words or phrases. You can also identify forward-looking statements by discussions of strategy, plans, intentions, future events or trends or discussions that do not relate solely to historical matters, including such statements that relate to rents we received in future periods, and lease terms, development and redevelopment plan, supply and demand for data center space, targeted returns and cap rates, acquisitions activities, Capital Markets activities, the expanded revolving credit facility, and the company's future financial and other results, including the company's 2011 guidance on underlying assumptions. For a further discussion of the risks and uncertainties related to our business, view the company's annual report on Form 10-K for the year ended December 31, 2010, and subsequent filings with the SEC including the company's quarterly reports on Form 10-Q. The company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. Additionally, this call will contain non-GAAP financial information including funds from operations or FFO, adjusted funds from operations or AFFO, core funds from operations, earnings before interest, taxes, depreciation and amortization or EBITDA, adjusted EBITDA, same-store net operating income or NOI and same-store cash NOI. Digital Realty is providing this information as a supplement to information prepared in accordance with Generally Accepted Accounting Principles. Explanations of such non-GAAP items and reconciliations to net income are contained in the companies supplemental operating and financial data package for the third quarter of 2011 furnished to the SEC, and this information is available on the company's website at www.digitalrealty.com.
Now I'd like to introduce Michael Foust, CEO; and Bill Stein, CFO and Chief Investment Officer. Following management's brief remarks, we will open the call to your questions. Questions will be limited to one per caller. If you have additional questions, please feel free to return to the queue. I will now turn the call over to Mike.Michael F. Foust Thank you, Pamela. Welcome to the call, everyone. My comments today will focus on providing additional color around our leasing results and our recent acquisitions activity. I will also briefly discuss details of our Build-to-Suit program and its progress thus far. My concluding remarks will include a review of the current supply-demand dynamics in Santa Clara, New Jersey, as well as an overview of our construction activity. Following my remarks I'll turn the call over to Bill who will review our strong financial performance and revised 2011 guidance, we'll discuss our financial strategy, and the key role it plays in funding our growth. The market for DLR's data center solutions continues to be very strong with good demand from providers of cloud services, colocation, network peering, financial services. As reported, our lease results for the third quarter were in line with expectations and new leases will generate approximately $22 million of annualized GAAP revenue. While not as strong as our exceptional second quarter results, we continue to see steady demand from customers for our suite of data center solutions. We're expanding listing customers and multiple markets including SoftLayer and IBM in Singapore, Net2EZ in L.A., as well as the recently announced new Build-to-Suit for Equinix in Seattle. We also signed new customers, such as the Build-to-Suit for NetApp in Hillsborough, Oregon, a suburb of Portland. We have a good funnel of prospects under negotiation and expect to meet our projections for new leasing and 2011. We believe that our strategy of offering the market a variety of flexible solutions that are truly customer-driven will continue to deliver strong results for our shareholders. Read the rest of this transcript for free on seekingalpha.com