RECENT DEVELOPMENTS

	MIDLAND, TX The Midland, Texas Family Dollar store underwent a significant building remodel, along with a 2,000 sq. ft. building expansion. The property is located at a lighted intersection on Big Spring Rd., which serves as Midland's major North/South thoroughfare.
	BATON ROUGE, LA The Baton Rouge, Louisiana Family Dollar store underwent a significant building remodel, along with a 2,200 sq. ft. building expansion. Negotiations are currently underway to develop an additional building for a national tenant on the land adjacent to the Family Dollar building.
	MOBILE, AL The Mobile, Alabama O'reilly's Automotive was added to the portfolio in 2004. The building is situated on a pad site in front of Lowe's Home Improvement Center and is located in Mobile's premier retail area.
	FREEPORT, TX The Freeport, Texas, Dollar General property was added to the portfolio in 2004. The property is located in the heart of Freeport, on Highway 288. Negotiations are currently underway to develop an additional building for a national tenant on the land adjacent to the Dollar General building.
	BUDA, TX The Buda, TX, AutoZone is a build to suit project completed in April, 2007. The building is located on Main Street, and surrounded by several major residential developments. Negotiations are currently underway to develop an additional building for a national tenant on the land adjacent to the AutoZone building.
	PEARLAND, TX The Pearland, TX., AutoZone development is schedule to be completed in the Spring of 2007. The building is located on a pad site in front of the Silverlake Shopping Center, located on FM 518, in the heart of Pearland, TX.
	WOODLAND PARK, CO The Woodland Park, CO., AutoZone was a build to suit project completed in 2006. The property is located on a pad site in front of a major Safeway anchored shopping center. Negotiations are currently underway to develop an additional building for a national tenant on the land adjacent to the AutoZone building.
	BAYTOWN, TX The Baytown, TX, AutoZone is a build to suit project completed in November, 2007. The building is located on Garth Road, which serves as Baytown’s major North/South thoroughfare, and surrounded by several major retail developments.