IFM focuses on projects in top locations in which we generate significant value appreciation and where we can expect a sustainable interest of investors and tenants. The last few years have shown that difficult market periods have had a below-average effect on these locations. At the same time, these locations have benefited disproportionately from rent and price increases during positive market cycles. We are convinced that we will continue IFM's successful development in 2012, provided we continue to let our investments be guided by this knowledge.