added a fourth T as a growth factor, because I am working in an in-fill environment now for some of my projects, and that is transit. Transit is becoming more and more the infrastructure of choice and need in in-fill developments in urban areas. So, I maintain that the keys to growth and development are tar, tap, toilets, and if you are working in an urban environment, transit.

To familiarize you with RF&P, until 1991 it was the oldest continuously operating chartered railroad company in the United States, actually working between Richmond and Washington, D.C. In 1991, the railroad company was sold to the Virginia Supplemental Retirement System, the public employees' pension system. The pension system is a resource of about $15 billion of investment with approximately 8 percent of the $15 billion in real estate assets. RF&P represents almost $700 million, or about half of that real estate investment.

When RF&P was sold in 1991, the rail lines and operating lines were spunoff, and the real estate assets remained. Those real estate assets are in all different phases of development; we have some rather large holdings that, at this point, are good for nothing other than land banking.

We have some land resources here in the Washington Metropolitan Area that you may have seen flying into Washington National Airport. Adjacent to National Airport is Crystal City, which is one of our holdings. We hold the land lease under that ground and the Charles E. Smith Company provided the built environment.

We have other developments under way in this corridor that are in various development stages. We are going to look today at a 342 acre in-fill development between Washington National Airport and Old Town Alexandria, a former railroad yard, as an example of infrastructure implications.

One of the things that I would like to point out, and this has to do with my fourth T, transit, is that several of our assets are impacted positively by the fact that they currently are served by the Metro system or have access to commuter rail. Commuter rail is a relatively recent phenomenon (within the last 5 years) here in the metropolitan area and has developed as an alternative to some fairly heavy congestion in radial corridors.

If we look at a depiction of the Washington, D.C. region, this building is not too far from the location that we are discussing. The area includes the City of Alexandria, the Capital