Over the past 8 years JL has, together with affiliates, successfully undertaken new project development. JL-affiliates typically own the real estate assets, which JL develops. During that period, JL developments have involved over $700 million in construction activity. JL has developed 8 office buildings, totaling over 1, 000, 000 sq. ft. of Class A office space. In addition, JL has developed over 1200 military housing units. We approach development opportunities with a unique blend of entrepreneurial risk and conservativism. We are aggressive in identifying and creating development opportunities; we do not begin construction, however, until much of the development risk is resolved. In almost all instances, we work with a team of design and construct firms, lead by our principal general contractor, Davis Constructors and Engineers. Each member of our team an Alaskan Leader in their respective disciplines. And, our projects are typically fully leased before construction begins, in several instances to governmental entities in response to public procurements.