Net Lease forum.

NLf: Can you give us a quick history of thecompany?

Robertson: The company started in 1979. Chris Coleis our CEO. If you go back to the late '70s and early '80s, most ofour history is centered in local real estate deals--we did landdeals, land entitlement, some value-add. In the mid- to late-'90swe bought mostly multi-tenant retail deals here in Phoenix that werepositioned. If they were 80% occupied, we'd lease them up to 90%,95% and then sell them on a stabilized basis. So it really was asmall firm--Chris, his brother, Scott, and a handful of otherpeople. By about 2002, Chris had established such a great trackrecord and so many relationships in the capital markets that it wasa natural progression to raise money on a national level and takethe firm in an institutional direction. He increased his focus onthe fundraising side of the business in order to build a sound realestate firm with an ability to raise equity in the capital markets.That approach would take our firm from being a local to a nationalplayer, and that's what he's done. I came on around 2003, and mostof the guys that he hired to take us to a national platform arestill here today. But that's how we flew under the radar screen forso long. If you weren't doing deals in the Phoenix area, youprobably had never heard of us before 2002.