American Campus Communities is the nation's largest developer, owner and manager of high-quality student housing communities. We led the industry to a new plateau in 2004 when we became the first publicly traded student housing REIT (NYSE: ACC). Since 1996, we've developed more than $4.2 billion in properties for our own account and our university clients, and we have acquired in excess of $4.6 billion in student housing assets. Also, we've become a national leader in third-party development and management of on-campus student housing, having been awarded the development of more than 70 on-campus projects (in addition to our 23 projects developed off campus). Our commitment to our college and university partners is evidenced in our strong ongoing relationships. More than half of our on-campus developed communities (39 of 70) came from additional projects awarded to us after we had successfully completed a previous community.