2004 was another year of solid financial and operating performance for Brookfield. It was a year in which our revenue grew, our funds from operations grew — in fact our funds from operations per share excluding gains and accounting changes grew by 12%, the seventh uninterrupted year of double digit growth — our vacancy declined and our common share price increased meaningfully.   We take great pride in our accomplishments during 2004 given the challenging market and economic conditions that prevailed in most of our markets for the fourth consecutive year. Achieving record results under these circumstances was the product of our diligent investment strategy, the execution of our proven business model that maximizes performance throughout business cycles, and the efforts of our pro-active and motivated management team.   We closed the year with an encouraging amount of positive momentum and improving market conditions in virtually all of our primary markets.   Our U.S. and Canadian operations worked hard during the year to accomplish the major goals that we established, not only achieving strong results but positioning us well to capitalize on the improving economy and market conditions moving forward.