RECENT DEVELOPMENTS
Formed development joint venture with JPMorgan Fleming Asset Management (12/23/04)
Increased European development funding to $865 million (1/14/05)
Opened German communities (January and April 2005)
Closed Greystone acquisition (5/10/05)
Closed The Fountains acquisition (7/1/05)
Announced SRZ to receive $80 million in buyout fees (8/31/05)
Announced 2-for-1 stock split (9/8/05)
Formed partnership with MetLife to develop 10 communities (9/28/05)
Announced agreement with HSH Nordbank to develop Fox Hill (11/7/05)