RECENT DEVELOPMENTS
Expanded development pipeline
Formed Sunrise REIT: SZR-UN.TO (12/23/04)
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)