CONCENTRATIONS

6 Months Ended

Jun. 30, 2014

Concentrations

Concentrations

11. CONCENTRATIONS

          As of June 30, 2014, our Uptown Park property accounted for 13.4% of our consolidated total assets. No other individual property comprised 10% or more of our consolidated assets. Consistent with our strategy of investing in geographic areas that we know well, 22 of our properties are located in the Houston metropolitan area. These Houston properties represent 59.6% and 55.3% of our rental income for the six months ended June 30, 2014 and 2013, respectively. Houston is Texas’ largest city and the fourth largest city in the United States.

          Following are the base rents generated by our top ten tenants for the three and six months ended June 30, 2014 and 2013 (in thousands):

	Three months ended June 30,					Six months ended June 30,
	2014			2013		2014			2013
Kroger	$	531	(1)	$	398	$	1,062	(2)	$	927	(3)
Landry’s(4)		313			312		626			626
CVS/pharmacy		306			305		611			611
H-E-B		277			277		555			555
Safeway(5)		224			113		453			241
Publix		195			195		390			390
Walgreens		158			75		315			149
Bank of America		128			128		257			258
Hard Rock Café		124			124		248			248
Barnes & Noble		122			122		244			259
	$	2,378		$	2,049	$	4,761		$	4,264

(1)	Includes $133 related to our Kroger tenant at our Fountain Oaks property, which was acquired on June 26, 2013.
(2)	Includes $265 related to our Kroger tenant at our Fountain Oaks property, which was acquired on June 26, 2013.
(3)	Includes $131 related to our Kroger tenant at our MacArthur Park property, which was contributed to the MacArthur Park Joint Venture on March 26, 2013.
(4)	Includes tenants owned by Landry’s, including Landry’s Seafood House, McCormick & Schmicks, Mortons and The Grotto.
(5)	Safeway, a regional supermarket, is the anchor tenant at our Preston Royal West and Woodlake Square properties, which were acquired in December 2012 and September 2013, respectively.