Archstone is a recognized leader in apartment investment and operations. Our portfolio is concentrated in many of the most desirable neighborhoods in the nation, with apartment communities in the Washington, D.C., Los Angeles, San Diego, San Francisco, New York, Seattle and Boston metropolitan areas, to name a few. We continually upgrade the quality of our portfolio through the selective sale of assets, using proceeds to fund investments in assets with even better growth prospects. Backed by industry-leading customer service guarantees, Archstone strives to provide great apartments and great service to our customers. As of June 30th, 2008, our company owned or had an ownership position in 418 communities, representing approximately 70,000 units, including units under construction.