General

AmREIT is a Texas real estate investment trust ("REIT") that has elected to be taxed as a REIT for federal income tax purposes. AmREIT is a self-managed, self-advised REIT with, along with its predecessor, a 19-year history and a record of investing in quality income producing retail real estate. AmREIT's class A common shares are traded on the American Stock Exchange under the symbol "AMY". AmREIT directly owns over $100 million in assets, up 37% from 2002, and manages an additional $30 million through affiliated retail partnerships. As of December 31, 2003, AmREIT owned 51 properties located in 18 states.

AmREIT's initial predecessor,...