As of December 31, 1999, the Company owned (either directly or through interests in joint ventures) a portfolio of 42 properties located in 13 states and containing an aggregate of approximately 3.5 million square feet of gross leasable area.

The properties consist of 14 neighborhood and community shopping centers and 28 free-standing properties. The Company independently owns 21 of the free-standing properties and owns the other seven through joint ventures.

As of December 31, 1999, approximately 98% of gross leasable area in the portfolio was leased, and approximately 95% of the Company's base rental income was attributable to national and regional retailers. Such retailers include Kmart Corporation, Borders, Inc. and Walgreen Co. which, as of December 31, 1999, collectively represented approximately 61% of current base rental income.

The Company was formed in December 1993 to continue and expand the retail property business founded in 1971 by its current Chairman of the Board of Directors and President, Richard Agree. Since 1971, the Company and its predecessors have specialized in building properties to suit for national and regional retailers who have signed long-term net leases prior to commencement of construction.