We have seen limited transaction activity as we approach the end of 2011, which was not unusual, as we enter 2012, we expect transaction volumes to increase and have guided to approximately $400 million in acquisitions in 2012. As you know development pipelines are rebuilding from negligible levels and we carefully track new housing. Our construction pipeline now consists of five projects under construction, aggregating $423 million and we will likely add at least two project starts during 2012.
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