TWST: Please begin with a brief introduction to Post Properties, including an overview of the structure of the business, your operating segments and a few key highlights from the company's history.
Mr. Stockert: Post Properties (PPS) is a leading apartment real estate investment trust that has actually been in business now for forty years. We started in 1971, and we are celebrating our 40th anniversary this year. We focus pretty exclusively on high-end luxury rental apartment communities principally in infill locations. We operate in rapidly growing cities, primarily in the Sunbelt, but also in the Mid-Atlantic. We have about 20,000 apartment units that we own and manage. We develop most of what we have in the portfolio. And we periodically sell properties as they become older and redeploy that capital back in the development and/or acquisition of new apartment assets.
TWST: Post Properties also has a condominium business, correct?
