So with that, to start today's presentation, I’ll turn it over Don.

Don Wood

Thanks Andy. I am going to talk on this, because I don't want to stand back there. I would rather be out here and talk to you guys. First of all, I cannot thank enough for making the trip all the way out here from San Francisco or from Newport Beach, but particularly the East Coast people for making this trip.

You know it’s been 10 years ago when Santana opened. It opened on November 7, 2002 and I wouldn't have a job if Santana Row didn't almost burned down three months earlier and I don't know how many of you know that, but this property started out in a real auspicious way with a major fire on one of the buildings that you will see next to this building actually, and you will see it on the tour as we walk through.

Hopefully, you will see the site that went through the fire. But, this property I talked to a group of analysts and investors on November 7, 2002 and I said that Santana Row was a mistake. And that didn't go over well with my boss and it was pretty contentious and frankly it wound up with us making change in the company.

Santana Row was a mistake, and the reason it was a mistake, basically telling people what everybody already knew. It’s the same as the sky is blue and that is not the property itself, but that the company took basically $600 million, $650 million bet, all by itself in a time that, you know, the company’s total market cap was about $1.8 billion.

So a third of the company bet that way. It was a mistake. It doesn’t matter, whether it was going to turn out good, turn out bad, catch on fire, not catch on fire, whatever. And I believe it then and I believe it to this day, is why, when we go into development, particularly mixed use development and due projects, every time since risk has been mitigated in one way or another.

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