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JCP Investment Management And Joshua Schechter Call For Full Exploration Of Strategic Alternatives At AmREIT

Stocks in this article: AMRE REG

HOUSTON, July 10, 2014 /PRNewswire/ -- JCP Investment Management, LLC (together with its affiliates, "JCP Investment Management") and Joshua Schechter ("we" or "our") together are significant, long-term  shareholders in AmREIT, Inc. ("AmREIT" or the "Company") (NYSE: AMRE) with collective ownership of approximately 1.7% of AmREIT.  JCP Investment Management and Mr. Schechter announced today, that after review and consideration of the unsolicited proposal submitted today to the Board of Directors of AmREIT (the "Board") by Regency Centers Corporation (NYSE: REG) ("Regency") in which Regency offers to acquire all of the outstanding shares of AmREIT for $22.00 per share in cash or stock (the "Regency Proposal"), JCP Investment Management and Mr. Schechter have concluded that the Regency Proposal is deeply inadequate and significantly undervalues the Company.  JCP Investment Management and Mr. Schechter urge the Board to immediately retain a nationally recognized investment bank and commence a process to explore and evaluate all strategic alternatives available, including a sale of the Company with a goal of maximizing shareholder value. 

James Pappas of JCP Investment Management and Mr. Schechter stated, "We recently met with AmREIT representatives on July 2 nd  at their executive offices.  This meeting confirmed our conviction that there is great potential and value in AmREIT's assets.  We believe Regency's offer for $22 does not come close to fairly reflecting AmREIT's true value.  AmREIT owns superior assets in in-fill locations that have significant NOI upside or redevelopment potential.  We believe now, more than ever, AmREIT represents an attractive acquisition target for potential buyers.  The time is right for AmREIT to seek out and capitalize on opportunities to maximize shareholder value, including through a sale of the Company to the highest bidder."

"Overall, our view is that the Regency Proposal does not provide fair and adequate consideration to AmREIT shareholders and we feel confident that a robust and thorough market search will result in superior proposals with the potential to deliver far greater value to shareholders." Mr. Pappas and Mr. Schechter continued. "However, it is essential that any such process for the exploration of strategic alternatives is conducted fairly, aggressively explores all options and places maximizing shareholder value as the paramount objective.  We believe the Board's fiduciary duties to the shareholders mandate that at this time it immediately retains a nationally recognized investment bank and conducts a robust and fair exploration of all alternatives."

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