ARC is currently the largest private owner and operator of manufactured home communities, managing approximately 57,200 homesites in 274 properties. Our communities are professionally managed and we are committed to creating true "neighborhoods" where common areas are always beautifully maintained, where popular amenities are offered and where each resident respects the privacy and well-being of others. American Residential Communities, or ARC, was organized to acquire, renovate, reposition and operate primarily all-age manufactured home communities. We also conduct certain complimentary business activities focused on maintaining and improving occupancy in our communities. These activities include leasing with the option to purchase, renting and selling manufactured homes, financing sales of manufactured homes and acting as agent in the sale of homeowners' insurance and other related insurance products, all exclusively to residents and prospective residents in our communities. As of December 1, 2007, we owned and operated 274 manufactured home communities in 23 states containing approximately 57,200 homesites, exclusive of communities held for sale as discontinued operations. These properties are located in 58 markets across the United States. Our five largest markets are Dallas/Fort Worth, Texas, with 12.4% of our total homesites; Atlanta, Georgia, with 8.6% of our total homesites; Salt Lake City, Utah, with 6.6% of our total homesites; the Front Range of Colorado, with 5.7% of our total homesites; and Kansas City-Lawrence-Topeka, Kansas/Missouri, with 4.2% of our total homesites.