Remarks by Stephen P. Durr

And finally, the statistic more important to us that all the others, updated as of yesterday when I signed a lease for The Summit at La Frontera, we have 227 tenant clients. 227 tenant clients; why is that the most important statistic to us?

Let's talk for a moment about value. Donald Trump would have us believe that the value of real estate is created through The Art of the Deal...remember his first book?

Location, location, location! We've all heard that, but is that the key to value creation? Frontera Crossing's location — in the midst of this huge amenity base and at the confluence of three major highways — is unmatched. But is that the key to value?

Is it the "bricks and sticks?" I would argue that with the quality which with this building was constructed (which was as a company headquarters), combined with our investment, that no property with which we compete has better "brick and sticks." But is that the key to value?

We all know what I'm talking about, right? We all know why we are most proud of that last statistic, right? It's because the value comes not from the deal, not from the location, and not from the physical improvements.