lexandria’s ability to navigate these cycles and to effectively manage risk sub- stantially enhanced our operating and financial results in 2004. Alexandria has an enviable track record of consistency, predictability, and solidity in our operational and financial performance. We have clearly, significantly, and  positively distinguished ourselves from the rest of our publicly-traded REIT peers. Our results reflect the strength of our franchise, the depth of our client tenant relationships across all of our life science sectors.We are the Landlord of Choice to the Life Science Industry$^{®}$, a coveted position that we intend to maintain. Our brand is powerful, relevant, important and impactful to our life science constituency. All of us at Alexandria are gratified with our accomplishments during 2004 and for the almost eight years that we have been a publicly-traded company.  a We are The Labspace ® Company providing World Class Space for World Class Science$^{®}$, and our Unique Road Map for Growth SM encompasses, among other compo- nents: (i) positive same property growth every quarter as a publicly-traded company, (ii) solid rental rate increases for lease rollovers every quarter as a publicly-traded company, (iii) redevelopment of space into more valuable Labspace$^{®}$, (iv) ground-up development of Labspace$^{®}$, (v) conversion of gross leases to valuable quadruple net leases and, as appropri- ate, (vi) generation of external growth through selected acquisitions.  Our focus is clear, our expertise and experience in both the real estate and life  science industries are unparalleled, and our unique and highly focused strategy carefully crafted and executed. During 2004, and continuously every quarter since our IPO, Alexandria has reported consistent, stable and solid growth in FFO per share (diluted). This growth has been driven by the successful day-to-day execution of our differentiat- ed strategy, unique multi-faceted business model, and highly efficient strategic operating platform focused on the key life science cluster markets. During 2004, we continued to maintain a well-balanced client tenant base representing a broad and diverse cross section of the life science industry. The average remaining lease duration of our top 20 client  tenants is approximately eight years.The strength and diversity of our client tenants, cou- pled with their remaining lease durations, provide Alexandria with long-term quality  cash flow. Our Labspace ® is well located in our key life science cluster markets and well P 3