On November 12, 2004, we filed a Universal Shelf Registration Declaration with the SEC (the 2004 Shelf Registration). The shelf registration in 2004, which gave us a total capacity of $1.05 billion for public debt and equity issuance, was declared effective on November 29, 2004. Our 2001 record of pending shelves, worth $450.0 million, was summarized as part of the shelf registration in 2004. The 2004 shelf registration provides that securities may be offered from time to time in one or more series and in the form of priority, subordinated or subordinated debt securities, debt guarantees, preferred shares, common shares, share purchase agreements, share units, deposit shares and/or warrants to purchase these securities. As of November 30, 2004, $1.05 billion of capacity remained available as part of the shelf registration in 2004. We conduct our construction activities from the Southwest area to Phoenix and Tucson, Arizona; Las Vegas and Albuquerque, New Mexico. When we introduced and developed our KBnxt business model, we reduced the share of unauthorized and un improved surfaces in our portfolio. However, depending on market conditions, we can, from time to time, increase the proportion of unauthorized and un improved land in some markets. Nevertheless, we have continued to focus on purchasing raw land through options that require little or no upfront payments, or on the basis of sales contracts for which our commitments depend on our satisfaction with the feasibility of home development and sale. During the option period of our acquisition contracts, we conduct technical, environmental, technical and application studies and strive to obtain the necessary regulatory approvals. The use of such options allows us, BR: Keep an eye on homeowners or association fee condominiums, replacement allowances, management fees, etc. As a general rule, the owner keeps control of the association until they are ready to build and sell all the houses. You are also looking for special fees.
France. We operate in France through our listed subsidiary, KBSA, which is one of the main prime contractors of houses (individual homes and condominiums) in France. In France, we build houses mainly for moving buyers who already own a home. Our main market in France is the Ile-de-France region, where in 2004 we built 59% of our detached houses and 30% of our homes. We also have activities in the regions of Grenoble, Lille, Lyon, Marseille, Rouen, Strasbourg and Toulouse, as well as in the Midi-Pyrénées, Aquitaine and Languedoc-Roussillon regions. In 2004, deliveries of housing from our French home increased by 20% compared to the previous year, to 4,709 units, thanks in part to the acquisitions of Groupe Avantis and Foncier.