SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported)
July 24, 2002
AmREIT, Inc.
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(Exact name of registrant as specified in its charter)
Maryland 000-28378 76-0410050
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(State of Incorporation)(Commission File Number)(IRS Employer Identification No)
8 Greenway Plaza, Suite 824, Houston, Texas 77046
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(Address of principal executive offices) (Zip Code)
(713) 850-1400
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(Registrant's telephone number, including area code)
[N/A]
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(Former name or former address, if changed since last report)
ITEM 5. Other Events.
On July 24, 2002, the Registrant issued the press release attached
hereto as Exhibit 99.1 and incorporated herein in its entirety by this
reference.
ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
99.1 Press Release July 24, 2002.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
AmREIT, Inc.
By: /s/ H. Kerr Taylor
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H. Kerr Taylor
President
Dated: July 24, 2002
Exhibit 99.1
For Immediate Release
AmREIT, Inc. Lists Its Class A Common Stock
on the American Stock Exchange
HOUSTON, TX (July 24, 2002)--AmREIT, Inc. (AMEX: AMY), a Texas-based real estate
investment trust ("REIT"), announced that its class A common stock began trading
on the American Stock Exchange on July 23, 2002. Operating two synergistic lines
of business, AmREIT has a real estate portfolio of single- and multi-tenant
properties, and its investment sponsorship subsidiary creates new investment
entities that buy and develop real estate with proceeds raised from third-party
investors.
Through its two complementary lines of business, AmREIT anticipates its funds
from operations (FFO) will grow by 22% over the prior year and an additional 20%
in 2003. Currently, AmREIT estimates a 2002 annual FFO at $0.53 per share.
CFO and Executive VP Chad C. Braun said, "We have been building our company and
investing in the internal infrastructure and knowledge capital to support this
step and to position us to grow FFO at approximately 20% per year. In so doing,
we should be able to grow our revenue and real estate activities without
significant additional costs, which will allow us to grow FFO at a greater pace
than other publicly listed REITs. This we plan to do while keeping our debt to
total asset ratio conservatively below 55%."
AmREIT President and CEO H. Kerr Taylor said, "We are excited to partner with
the American Stock Exchange and AGS Specialist Partners to grow our business.
Our core focus has been and will remain on maximizing long-term shareholder
value through utmost integrity and quality in every aspect of business. The
combination of our `main & main' property locations with the solid growth
potential of our investment sponsorship business creates a great platform for
our future."
AmREIT's first line of business, its real estate portfolio, consists of
single-tenant, free-standing credit tenant leased (CTL) projects and
multi-tenant frontage commercial projects (FC). Our CTL projects, located coast
to coast, are leased to corporate tenants and are the direct obligations of
these companies. Our multi-tenant projects are on prime locations throughout
Texas. Supporting the real estate portfolio is an operating company subsidiary
of AmREIT that provides a complete range of services including development,
construction management, property management, brokerage and leasing.
AmREIT's customer list includes blue chip companies such as Goodyear Tire,
Washington Mutual, IHOP, McDonalds, Hermann Hospital, Radio Shack, Sprint,
Coldwell Banker, Jack in the Box, Guaranty Federal, Bennigan's, Chili's, Texas
Children's Hospital and Discount Tire.
The second line of business, AmREIT's investment sponsorship business, creates
new investment entities that buy and develop commercial real estate with
proceeds raised from third-party investors. This business is built upon a
16-year track record of delivering quality real estate investment opportunities
to the NASD financial planning and broker/dealer firms. AmREIT has extensive
experience and long-term relationships in the commercial real estate market--the
basis of its ability to sponsor solid real estate investment opportunities while
creating fee income and carried interests for AmREIT and its shareholders.
In addition to historical information, this press release contains
forward-looking statements under the federal securities law. These statements
are based on current expectations, estimates and projections about the industry
and markets in which AmREIT operates, management's beliefs and assumptions made
by management. Forward-looking statements are not guarantees of future
performance and involve certain risks and uncertainties, which are difficult to
predict.
For further information contact Chad Braun, AmREIT, Inc., 8 Greenway Plaza,
Suite 824, Houston, TX 77046, 713-850-1400, cbraun@amreitinc.com.
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