The Group's principal activity is that of a self-administered and self-managed real estate investment trust as defined under the Internal Revenue Code of 1986. It acquires, owns, manages and redevelops apartment properties. It operates through two segments: Real Estate and investment management. The Real Estate owns and operates properties that generate rental and other property-related income through the leasing of apartment units to a diverse base of residents. The investment management includes portfolio strategy, capital allocation, joint ventures, tax credit syndication, acquisitions, positions and other transaction activities. It operates a geographically diversified portfolio of apartment communities through 17 regional operating centers. As of 30-Jun-2008, the Group owned or managed a real estate portfolio of 1,114 apartment properties containing 188,672 apartment units located in 46 states, the District of Columbia and Puerto Rico.
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