Tracy Ward

Thank you, Melissa. Good morning, everyone. Welcome to our first quarter 2012 conference call. The supplemental document is available on our website at under Investor Relations. This morning, we'll hear from Hamid Moghadam, co-CEO and Chairman, who will provide an update relative to the company's priorities and will share the company's view of the operating environment. He will then turn it over to Bill Sullivan, CFO, to cover results and guidance. Additionally, we are joined by members of our executive team, including Walt Rakowich, Gary Anderson, Mike Curless, Nancy Hemenway, Guy Jaquier, Ed Nekritz, Tom Olinger and Gene Reilly.

Before we begin the prepared remarks, I'd like to quickly state that this conference call will contain forward-looking statements under Federal Securities laws. These statements are based on current expectations, estimates and projections about the market and the industry in which Prologis operates, as well as management's beliefs and assumptions. Forward-looking statements are not guarantees of performance, and actual operating results may be affected by a variety of factors. For a list of those factors, please refer to forward-looking statement notice in our 10-K or on SEC filings.

I'd also like to state that the first quarter results press release and our supplemental do contain financial measures, such as FFO and EBITDA that are non-GAAP measures. And in accordance with Reg G, we've provided a reconciliation to those measures. [Operator Instructions]

Hamid, will you please begin?

Hamid R. Moghadam

Thanks, Tracy, and good morning, everyone. Welcome to our first quarter 2012 earnings call. This morning, I'll provide an update on our key priorities and share our views of the operating environment. Our results exceeded our expectations. It's shaping up to be a very good year for us with strong momentum across all of our business lines and solid execution on our 4 key priorities. We've made excellent progress on strengthening our financial position as well as aligning our portfolio with our investment strategy. We are now 3 calendar quarters into our 10-quarter post-merger strategic plan, and we generated $1.4 billion from our net disposition contribution and deployment activities. This amount is about $650 million or 45% ahead of our 10-quarter plan to date. As a result of this realignment activity, we've been able to increase our share of assets in global markets from 79% to 84% and reduced our assets in other or exit markets from 8% to 6%. These trends will continue as we execute the balance of our 10-quarter plan.

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