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Reconciliations from GAAP financial measures to non-GAAP financial measures are provided in our supplemental report available at firstindustrial.com under the Investor Relations tab. Since this call may be accessed via replay for a period of time, it is important to note that today’s call includes time-sensitive information that may be accurate only as of today’s date, July 26, 2012.Our call will begin with remarks by Bruce Duncan, our President and CEO and our CFO Scott Musil, after which we will open it up for your questions. Also on the call today are Jojo Yap, our Chief Investment Officer; Chris Schneider, Senior Vice President of Operations; and Bob Walter, Senior Vice President of Capital Markets and Asset Management. So let me turn the call over to Bruce. Bruce Duncan Thanks Art and thank you to everyone for joining us today. As you saw in our press release, we had a productive quarter on many fronts. I’ll begin my comments by talking about an important new lease and then discuss the new developments we have launched in the third quarter. We know that many of you have had your eye on our 692,000 square foot First Inland Logistic Center development in the Inland Empire. Rest assured, our management and regional agent teams have too. We’re delighted to announce that we recently signed a 15-year lease agreement with the facility with a leading specialty retailers. First Inland Logistics Center would serve as one of their critical distribution facilities on the West Coast; due to its proximity and access to the ports of LA and Long Beach. The lease also includes the excess truckyard which was the unique feature of our property that’s been our tenant need. The lease is expected to be reflected in our occupancy statistics in the fourth quarter. When we last spoke to you, we discussed how we believe additional developments could provide us with better investment opportunities and acquisitions and contribute to our goal of upgrading our portfolio. First Inland Logistics Center is a great example of the type of property in which we want to invest.
To that end, in late June, we closed on the acquisition of three development ready land sites in our target markets and have launched those developments. Two of the sites are in Southern California and were acquired as a package. The first site is located in a constrained infill location in LA County, adjacent to the 710 Freeway, approximately 25 minutes directly north of the Ports of LA and Long Beach.There we are building First Bandini Logistics Center, a 489,000 square foot distribution center. We believe it will be a perfect home for a company located in the South Bay or Vernon Commerce sub-market that we want to upgrade to a state of the art [clock stop] facility with abundant trailer parking that is scarce in the submarket. Total investment is estimated at $54 million with an estimated yield based on first year’s stabilized NOI over our GAAP basis of 6.5%. The facility is expected to be completed in the third quarter of 2013. The second site is located in Chino, California; an infill submarket in the Inland Empire West. The site will be the home of First Chino Logistic Center; a 300,000 square foot distribution center. The building will offer expert functionality with double stag trailer lots that are difficult to find in the market. Users attracted to the Chino submarket want to take advantage of lower rental rate relative to nearby Los Angeles locations and lower transpiration costs compared to Eastern Inland Empire options. Total investment is expected to be approximately $20 million. The estimated yield based on the first year stabilized NOI over our GAAP investment basis is 7.1%. We are targeting completion in the second quarter of 2013. We also acquired a site in Central Pennsylvania, in New York that will be the home of our first logistic center at I-83. We are developing a 708,000 square foot distribution facility to meet market demand; with the supply of buildings greater than 500,000 square feet is limited. Read the rest of this transcript for free on seekingalpha.com