AWARD-WINNING INVESTMENTS

The Company’s investment objective is to create a diversified portfolio of community retail shopping centers primarily anchored or shadow anchored by grocery and big-box tenants and located in communities that generally have trade area populations greater than 10,000 and are the center of economic and/or government activity for the surrounding area, and generally are located outside a major metropolitan area. The Company refers to these as “county-seat” communities and identifies this strategy as the County Seat Program (“CSP”).

The Company seeks to identify and acquire well located and value priced properties in CSP markets with a goal of increasing the profitability and market value of each acquired retail shopping center through renovation, re-tenanting, and repositioning. This is generally accomplished through the following:

• contemporary architectural renovation (including new signage)
• tenant allowances for both vacant spaces and current tenants that will benefit from capital improvements
• maintaining the properties at high standards to provide an appealing retailing environment to obtain competitive rents and operating expense reimbursements from tenants and increase tenant retention
• focus on attracting new tenants that improve the mix and quality of tenants operating in the property, with an emphasis on tenants that provide essential and value-priced products and are operationally and financially sound.

The Company acts as a holding company for wholly owned subsidiaries that purchase, encumber, develop, lease, operate, sell and/or otherwise dispose of CSP retail shopping centers and ancillary improvements and properties, all in accordance with the Company’s Operating Agreement. From time to time, the Company may co-invest with joint venture partners and other entities controlled or managed by third parties for the purpose of investing and holding an equity position in certain CSP retail shopping centers.