The Company remains committed to creating long-term value through a targeted development program, focused on core in-fill submarkets, appropriately sized for the balance sheet. BRE continues to review potential development opportunities and expects to target a stabilized development program going forward within a range of 10% to 15% of its real estate portfolio base.As of December 31, 2012, the Company’s active and wholly-owned development pipeline has a total estimated cost of $770 million, of which approximately $395 million remains to be funded through the first quarter of 2015. The active and wholly-owned pipeline consists of the Company’s Aviara, Solstice, Wilshire La Brea, Redwood City and Mission Bay projects. The Company intends to fund the existing capital commitments related to its current development projects primarily with proceeds from strategic asset sales of certain older, slower growth communities in its existing portfolio, as well as from funds available under its $750 million unsecured revolving credit facility which had no outstanding balance as of the date of this release. The Company also expects to continue to identify properties within its portfolio that no longer meet its investment criteria. Management believes the disposition of these slower-growth assets over time will contribute to a portfolio with greater concentrations in targeted markets and infill submarkets that can produce a sustainable, sector-leading growth rate. The Company expects to be prudent in the execution of its disposition plans, balancing strategic portfolio goals with capital needs, tax implications, and balance sheet metrics. 2013 Earnings Guidance Earnings per share (EPS) for the full year 2013 are estimated to be within a range of $1.00 to $1.10. Management estimates Core FFO per share for 2013 to range from $2.35 to $2.45. At the midpoint, Core FFO is $0.01 ahead of 2012 Core FFO, reflecting: (1) an expected increase in NOI from same-store operations; and (2) increased NOI from communities in lease-up in 2012; (3) offset by the loss of NOI from communities sold in 2012 and expected community sales in 2013.