In December, executive management provided substantial commentary at its investor conference addressing both past performance as well as detailing the essence for 2011 -- 2012, sorry. Therefore, for today's call we will be utilizing an abbreviated format from that a quarter's past and initial commentary will come from -- only from Chief Executive Officer, Marc Holliday, then we will turn the call over immediately to Q&A. As a reminder, the Q&A Section, please limit your question to 2 per person. Thank you.I will now turn the call over to Mark. Please go ahead. Marc Holliday Good morning, and welcome, everyone. We were very pleased with our quarterly results announced last night, to cap-off, very, very good year for the company. While those who had significant concerns at the New York Wall Street [ph] market, while those may have been surprised by these results. We certainly were not as the company's performance was well in line with the guidance we gave last month at our investor conference. Because of the, I guess, 3-hour presentation that was done in December and webcast and was available online, we're going to limit today's remarks coming only 7 or 8 weeks after that extensive dive, if you will, into the New York market in our portfolio and focus mostly on Q&A for the quarter. But I did want to just give you a few thoughts before we turn it over to Q&A. First thing I think you'll note in the release is that we are seeing improved earnings velocity coming from 2 different avenues, improvement in same-store and contributions from recently acquired value added properties. Earnings and cash flow velocity will accelerate in 2012 as we lease up the acquired vacancy and the New York market continues to improve. Such improvements being fairly measurable in '10 and '11 but still nowhere close to peak performance years of 2006 and 2007. Recall in December, we highlighted about a dozen properties that are projected to contribute nearly $90 million of incremental EBITDA for the most part occurring over the next 3 years. Also we ended 2011 with peak leasing volume for the quarter of 662,000 square feet. While that is a very sizable number in and of itself, I would just want you to note that, that total would have been almost 900,000 square feet if we included in this total the condo unit that was sold instead of leased to Y&R 3 Columbus Circle. While that market activity in citywide maybe slowing somewhat as reported by several of the New York brokers, our portfolio activity remains quite high with over 115,000 square feet of space leased in our portfolio this month alone, first 30 days, first 31 days and another 1.2 million square feet on top of that, which is being actively negotiated.
An example of this recent performance occurring after year-end would be the lease signed last evening by Steve Durels and his leasing team at Jazz at Lincoln Center, is now also an occupant at 3 Columbus, leasing about 30,000 square feet, and bringing the total office left to lease at 3 Columbus to about 170,000 square feet. That building -- the building activity is accelerating on the heels of the Y&R announcement and I feel safe to say that we'll have less than 100,000 square feet to lease by year’s end that property, well ahead of schedule. So we welcome Jazz as well as all the other tenants that were signed up as part of that 115,000 square feet at 3 Columbus.Read the rest of this transcript for free on seekingalpha.com