Business Development: As FPI Management, Inc. approaches the last quarter of 2011, we anticipate that this will be one of FPI Management’s most active years. By the end of 2011, just under 10,000 units will have been added to the inventory. This consists of 75 communities located throughout California, Washington and Nevada. The May 2011 issue of Multifamily Executive magazine ranked FPI Management as the 11th largest management company in the nation. During 2011, FPI Management has engaged in multiple new construction market rate lease ups, including; 360 Residences, a “AAA” urban asset, located in downtown San Jose, CA and Levare, located in Santa Clara, CA in the luxury lifestyle, mixed use community, of Santana Row. FPI Management will begin the lease up of the third community in Santana Row, in 2012. Notably, FPI Management began management of Bella Vista at Hilltop, a 1,000 unit market rate asset located in Richmond, CA. Affinity communities, a new senior, market rate housing line, located in Washington, is currently being launched by FPI Management. This housing line will ultimately provide over 1,000 units of market rate senior housing. The FPI Management affordable communities have added significant momentum to the growth of FPI Management, representing two-thirds of the inventory added in 2011. These include new construction lease ups and acquisition rehab properties, in California, Washington and Nevada. As market demand strengthens, FPI Management is currently underwriting many new construction opportunities, particularly in the San Francisco/Bay Area, Northern California, and Washington. Technology: FPI Management continues to embrace the daily technological advancements being developed in our industry. From cloud computing at the corporate level, to ops technology, social networking, revenue management systems, and resident customer service portals, at the site level, FPI Management is touching all the newest, most innovative technological opportunities. Community: This year FPI Management is rolling out “LivGreen”, which is an initiative to promote green living on FPI managed sites. FPI Management residents will have an opportunity to visit our website and learn about green living techniques and the benefits to the residents and the community. FPI Management continues to encourage support of our troops around the world. At the corporate level, FPI Management has adopted the 3rd Battalion, 4th Marines. Our team provides moral support and supplies to the Battalion. In recognition of FPI Management support, the American flag was flown over Headquarters at FOB Delaram, Afghanistan. FPI Management is currently promoting a company, and property wide initiative, to support the Susan G. Komen Cure for Cancer. In the month of October, FPI Management communities will challenge each other to encourage the greatest level of participation from site staffs and residents. FPI Management is committed to giving back to the community, residents, employees, and clients that we serve.