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Mike (1) and I are more than satisfied with Vornado’ finan- cial performance in 2003. In a soft office market (our Company is about 60% office), we benefited greatly from the fact that our office investments are concentrated almost entirely in New York and Washington, DC, the two strongest office markets in the country (and this did not 

happen by chance) (2) . We also benefited from the fact that our office rents are still below market (see page 5 of the financial section of this Annual Report for full leasing details) and, as a stool gains strength from its multiple legs, we also benefited from 2003’s strong financial per- formance of our retail business and Mart business. 

