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OUR BUSINESS AND OUR RECENT HISTORY
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&lt;p&gt;&lt;font style="font-size: x-small"&gt;&lt;b&gt;Our Business
&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;

&lt;p&gt;&lt;font style="font-size: x-small"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;We
are a full service, vertically integrated and self-administered REIT that owns,
operates, acquires and selectively develops and redevelops primarily
neighborhood and community shopping centers located in high-traffic, densely
populated, affluent areas with high barriers to entry. We seek to own
properties in major cities in the United States that contain submarkets with
characteristics comparable to our existing markets. Our shopping centers are
often anchored by strong national and local retailers, including supermarket
chains, drug stores and other necessity-based retailers. Our remaining tenants
consist primarily of specialty retailers and national and local restaurants.
Over our 29-year history, we have acquired, owned and operated retail
properties across 19 states. We have elected to be taxed as a REIT for federal
income tax purposes. &lt;/font&gt;&lt;/p&gt;

&lt;p&gt;&lt;font style="font-size: x-small"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Our
current investment focus is
predominantly concentrated in the affluent, high-growth submarkets of Houston,
Dallas, San Antonio, Austin and Atlanta (collectively, our Core Markets), which
represent five of the top population and job growth markets in the United
States. We believe these metropolitan areas are compelling real estate markets
given their favorable demographics, robust job growth and large and diverse
economies. The primary economic drivers in these markets are transport and utilities
(including energy), government (including defense), education and healthcare,
professional and business services, and leisure and hospitality. We intend to
continue to acquire additional properties within our Core Markets. Our targeted
properties will include premier retail frontage locations in high-traffic,
highly populated, affluent areas with high barriers to entry. &lt;/font&gt;&lt;/p&gt;

&lt;p&gt;&lt;font style="font-size: x-small"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;As
of June 30, 2013, our portfolio consisted of 32 wholly-owned properties with
approximately 1.4 million square feet of GLA. In addition to our portfolio, we
have an advisory services business that provides a full suite of real estate
services to the properties within our wholly-owned portfolio as well as to
eight real estate funds in which we have varying ownership interests and that
we manage on behalf of institutional and individual high-net-worth investors,
which we collectively refer to as our Advised Funds. The investment strategy of
the Advised Funds is focused upon the development and re-development of retail
and mixed-use properties situated on premium-quality locations. As of June 30,
2013, our Advised Funds held all or a portion of ownership in 18 properties. &lt;/font&gt;&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

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