AmREIT operates as a real estate investment trust (REIT). It provides various services to tenants and properties, and asset advisory group’s portfolios. AmREIT constructs, develops, acquires, disposes, leases, and manages properties. The company also raises private equity for a series of merchant development partnership funds. In addition, its portfolio consists primarily of premier retail properties located on intersections in high-traffic and highly populated affluent areas. As of December 31, 2005, the company owned real estate portfolio of 49 properties located in 15 states. As of the above date, it also had 1.3 million square feet of retail centers in various stages of development. AmREIT has elected to be taxed as a REIT under the Internal Revenue Code and would not be subject to Federal income tax to the extent it distributes at least 90% of its taxable income to shareholders. The company was founded as American Asset Advisers Trust, Inc. in 1993 and changed its name to AmREIT, Inc. in 1998. Further, it changed its name to AmREIT in 2002. AmREIT is based in Houston, Texas.