text: of $46 million during the first half of 2014 and are confident 
  in our strategy to enhance the long-term quality of our 
  portfolio and shareholder value. 
  
  We continued to invest capital in our properties, 
  spending $22 million in 2013. Annual capital 
  investment is a reality for real estate owners. We 
  believe that higher total investment returns are 
  often available by acquiring newer assets because 
  the annual capital requirements are significantly 
  less than acquiring an older building with deferred 
  maintenance issues. This is especially true in 
  the recent acquisition market with very low 
  capitalization rates (cap rates) and high valuations 
  attributable to most real estate assets. Generally, 
  we have not seen a large enough cap rate spread 
  recognizing the different quality of assets, or 
  the condition of assets with significant deferred 
  maintenance, in recent years. In the past there 
  was a larger valuation spread attributable to these 
  factors. At the end of December 2013, 35% of the 
  value of our real estate assets were considered 
  new, defined as built since the year 2000. In fact, 
  17% were built in the last five years. 