Avalonbay Communities (AVB) Q1 2012 Earnings Call April 26, 2012 1:00 pm ET Executives John Christie - Senior Director of Investor Relations & Research Timothy J. Naughton - President, Director, Chief Executive Officer, Member of Investment Committee, and Member of Finance Committee Leo S. Horey - Executive Vice President of Property Operations Thomas J. Sargeant - Chief Financial Officer and Executive Vice President Sean J. Breslin - Executive Vice President of Investments & Asset Management Mark Hunter - Chief Executive Officer of Residential Bryce Blair - Chairman, Member of Investment Committee, and Member of Finance Committee Analysts Jana Galan - BofA Merrill Lynch, Research Division Swaroop Yalla - Morgan Stanley, Research Division Robert Stevenson - Macquarie Research Eric Wolfe - Citigroup Inc, Research Division Conor Fennerty - Goldman Sachs Group Inc., Research Division Ross T. Nussbaum - UBS Investment Bank, Research Division Richard C. Anderson - BMO Capital Markets U.S. Michael J. Salinsky - RBC Capital Markets, LLC, Research Division Philip J. Martin - Morningstar Inc., Research Division Paula J. Poskon - Robert W. Baird & Co. Incorporated, Research Division Karin A. Ford - KeyBanc Capital Markets Inc., Research Division Alexander David Goldfarb - Sandler O'Neill + Partners, L.P., Research Division David Bragg - Zelman & Associates, Research Division PresentationOperator
Good afternoon, ladies and gentlemen, and welcome to AvalonBay Communities First Quarter 2012 Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to introduce your host for today's conference call, Mr. John Christie, Senior Director of Investor Relations. Mr. Christie, you may begin your conference. John Christie Thank you, Sarah, and welcome to AvalonBay Communities First Quarter 2012 Earnings Conference Call. Before we begin, please note that forward-looking statements may be made during this discussion, and there are a variety of risks and uncertainties associated with forward-looking statements, and actual results may differ materially. There is a discussion of these risks and uncertainties in yesterday afternoon's press release, as well as in the company's Form 10-K and Form 10-Q filed with the SEC.