Our growth was accretive. Funds from operations per common share rose 4% prior to lease termination income despite a 27% increase in the weighted average number of diluted shares. We enhanced returns for shareholders. We increased our common share dividends in 2003. Our shareholders achieved a 40% total return in 2003. Our U.S. Investment is creating value. With the acquisition of IRT Property Company, Equity One transformed itself into one of the largest shopping centre landlords in the southern United States and the dominant player in Florida. We reduced our leverage. Capital market activities reduced our ratio of total debt to market capitalization to 66% from 81%, and increased our publicly-traded float of common shares by 243%. We grew our cash flow. Portfolio growth generated a 25% increase in net operating income and a 38% rise in funds from operations, prior to one-time lease termination income. We expanded our portfolio. Acquisition of income-producing properties and development activities added 2.2 million square feet of gross leasable area for a total cost of $346 million. Acquisition and development highlights Operating and financial highlights Carrefour du Versant Carrefour du Versant is a new development in Gatineau, Quebec to be completed in 2004. The shopping centre will be 79,000 sq. ft. and is anchored by IGA Extra. Brooklin Towne Centre Brooklin Towne Centre is a new development in Whitby, Ontario. On completion the shopping centre will total over 100,000 sq. ft. and is anchored by Price Chopper and Shoppers Drug Mart. Tuscany Market Tuscany Market is a newly developed shopping centre acquired in 2003. The centre totals 86,000 sq. ft. and is anchored by Sobeys and Super Drug Mart. Gloucester City Centre Gloucester City Centre was acquired in 2003. The centre totals 337,000 sq. ft. and is anchored by a new Loblaws, Zellers and Pharma Plus. 2003 Meeting our long-term objectives