In addition to our fourth quarter and year-end 2011 supplemental disclosure package, we also filed our 10-K yesterday. Both documents provide you with a significant amount of valuable information with respect to the Trust’s 2011 operating and financial performance and both are currently available on our website.

Certain matters discussed in this call may be deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include any annualized or projected information, as well as statements referring to expected or anticipated events or results.

Although, Federal Realty believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, Federal Realty’s future operations and it’s actual performance may differ materially from the information contained in our forward-looking statements and we can give no assurance that these expectations will be attained.

Risks inherent in these assumptions include, but are not limited to, future economic conditions, including interest rates, real estate conditions, and the risks and costs of construction.

The earnings release and supplemental reporting package that we issued yesterday, our Annual Report filed on Form 10-K, and our other financial disclosure documents provide a more in depth discussion of Risk Factors that may affect our financial condition and results of operation.

Before I turn the call over to Don Wood, I would like to announce that on May 16th and 17th 2012 we will be sponsoring an Analyst and Investor Day in San Jose. If you like additional information please contact me directly.

And now, Don will begin our discussion of our fourth quarter and year end 2011 results. Don?

Don Wood

Thanks Kristina. Good morning everybody. About midway through 2011 I began to feel decisively more upbeat about our business and I tried to convey that optimism in my second quarter comments call remarks and then again in the third quarter remarks. Now, February 2012 the books are closed for the year and I think the improving sentiment is reflected for all to see in our 2011 results.

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