We grow from same store increases in the assets we already own (internal growth) and from acquisitions (external growth). In real estate, 3% same store is good; 4% same store is great, and we have achieved good to great numbers year in and year out. Please see same store statistics which we publish quarterly by segment in our financials and each year in the first chart of this letter.

Our external growth has never been programmed, formulaic or linear, i.e .—we do not budget acquisition activity. Each year, we mine our deal flow for opportunities; as such, our acquisition volume is lumpy. Here is a 10-year schedule of acquisitions:

In 2005, Mike,(1) and Michelle Felman, EVP—Acquisitions, together with our operating division heads, invested a record amount in a record number of deals.

And the pace is continuing into 2006. Please see the Appendix for deal-by-deal detail. The $6 billion of seeds we have sown in the last 18 months will bear their financial fruit for years to come.