BRE Properties, Inc. ( BRE) Q4 2011 Earnings Call February 7, 2012 12:00 pm ET Executives 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 Analyst 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 Presentation Operator
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.