The totals are $690 million of capital that earned $9 million in 2003. As we harvest these values and reinvest proceeds at normalized returns, our FFO will increase. Our FFO would also increase if we refinance the $880 million por- tion of our preferred shares which are approaching their call date and are above market. On the flipside, a  100 basis point increase in LIBOR would reduce FFO by  $.08 per share. (7) ■ Cash balances, which at year-end were $320 million, yielding 1%. ■ Our FFO in 2003 from the Palisades apartment complex represented a 1.5% return on the $95 million of proceeds we will receive when the sale of this asset closes. ■ $25 million of Prime Group Inc. common stock for which we record no income. ■ Hotel Pennsylvania, which has been on a roller coaster, earning EBITDA of $13 million in 1997 when we first acquired 40% of it, peaking at $27 million in 2000, and dropping to $4.6 million last year. (6) Mike and I believe  this asset could be sold for in excess of $250 million. Our to-do list for 2004 includes finalizing a plan for  the Hotel Pennsylvania which may involve a sale,  conversion to apartments or even razing the building  for new construction. Any plan will involve realizing the site’s great retail potential. (6) It’ a sign of the earning power of our business that we could suffer a diminution of $22 million of income from this one asset, and, so to speak, not miss a beat. (7) Reflects the increased interest expense on our variable rate debt based on our current balance sheet, partially offset by the increased income from our variable rate investments.  VORNADO REALTY TRUST 5 Vornado has multiple assets that have substantial value, but are currently earning either no return or very low returns in relation to their value. Some examples of these are: