Our competitive strengths lie in our acquisition strategy, value-add analysis, and proven asset management capabilities. Our experienced management team continues to be an industry innovator. We strive to provide quality homes in high growth markets with low supply, superior property management, and effective revenue growth through concentration of increasing margins. We maintain a strong and flexible balance sheet and financial discipline through market volatility by focusing on the rents. It should be noted that as we continue to expand, our strategy creates a noticeable depression on the NOI of newly acquired properties. Profits are realized typically after the first year of stabilized operation.