AmREIT (AMYRZ) 8-K AmREIT Reports Second Quarter Results

Exhibit 99.3

Supplemental Financial Information
June 30, 2005
(Unaudited)

Table of Contents	Page #
Corporate Profile	1
Consolidated Balance Sheets	2
Consolidated Statements of Operations	3 – 4
Consolidated Statements of Operations - Segments	5 – 6
Summary of Operating Results	7 – 8
Funds From Operations
Dividends – All Classes of Common Shares
Rental Income
Real Estate Revenue Allocation
Interest Expense
Summary Balance Sheet Information	9
Common Share Data
Capitalization
Debt Information	10 – 11
Outstanding Balances and Terms
Fixed vs. Variable Rate Debt
Property & Tenant Information	12 – 14
Property Table
Tenant Diversification
Lease Expiration Schedule

This Supplemental Financial Information package contains historical information of the Company and is intended to supplement the Company’s Annual Report on Form 10-K for the year ended December 31, 2004, and its unaudited quarterly financial statements as of and for the period ended June 30, 2005.  All financial information in this Supplemental Financial Information package is shown in thousands, except for per share data and share information.

Certain information contained in this Supplemental Financial Information package includes certain forward-looking statements reflecting AmREIT’s expectations in the near term that involve a number of risks and uncertainties; however, many factors may materially affect the actual results, including demand for our properties, changes in rental and occupancy rates, changes in property operating costs, interest rate fluctuations, and changes in local and general economic conditions.  Accordingly, there is no assurance that AmREIT’s expectations will be realized.

Corporate Profile:

AmREIT (AMEX: AMY) is a real estate investment trust (“REIT”) primarily focused on the ownership, development and management of Irreplaceable Corners™ - defined as premier retail frontage properties typically located on “Main & Main” intersections in highly populated, high-traffic, affluent areas.  Our portfolio consists of shopping centers anchored by market dominant tenants such as Kroger, Barnes & Noble and Walgreens and are supported by specialty retailers such as GAP, Starbucks, Hallmark and Verizon.  Our business structure is unique within the REIT community and consists of a real estate operating and development business, a securities business and a merchant development retail partnership business.  These synergistic businesses support our portfolio of Irreplaceable Corners, and, along with our deep professional talent pool, allow the company access to multiple avenues of low-cost capital which can then be deployed efficiently and accretively for our shareholders.  Through the retail partnership funds, AmREIT captures recurring development, leasing, property management, and asset management fees for services performed while maintaining an ownership interest and profit participation.  Our business structure allows the Company to expand both internally and externally, distinguishing AmREIT as a value creator, a growth company, and a source of dependable, monthly income. 

Corporate Office:

8 Greenway Plaza, Suite 1000
Houston, Texas  77046
(800) 888-4400
(713) 850-0498 (fax)
www.amreit.com

Stock Exchange:

American Stock Exchange – AMY

1

Consolidated Balance Sheets:

	June 30, 2005			December 31, 2004
ASSETS
Real estate investments at cost
Land	$	100,691		$	68,138
Building		103,349			88,211
Tenant improvements		6,066			4,243
		210,106			160,592
Less accumulated depreciation and amortization		(3,714	)		(3,561	)
		206,392			157,031
Real estate held for sale, net		18,166			6,326
Net investment in direct financing leases		19,216			19,219
Intangible lease cost, net		15,267			10,628
Investment in retail partnerships and other affiliates		2,684			1,979
Net real estate investments		261,725			195,183
Cash and cash equivalents		8,694			2,960
Tenant receivables		1,986			1,338
Accounts receivable		476			37
Accounts receivable – related party		2,753			910
Deferred costs		1,305			1,040
Other assets		2,367			1,683
TOTAL ASSETS	$	279,306		$	203,151
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Notes payable	$	116,296		$	105,964
Accounts payable and other liabilities		3,978			4,830
Below market leases, net		3,059			2,504
Security deposits		567			368
TOTAL LIABILITIES		123,900			113,666
Minority Interest		1,275			1,115
Shareholders’ Equity
Preferred Shares, $.01 par value, 10,000,000  shares authorized, note issued		—			—
Class A Common shares, $.01 par value, 50,000,000 shares authorized, 6,444,096 and 3,462,767 shares issued, respectively		64			35
Class B Common shares, $.01 par value, 3,000,000 shares authorized, 2,183,831 and 2,246,283 shares issued, respectively		22			22
Class C Common shares, $.01 par value, 4,400,000 shares authorized, 4,082,987 and 4,079,174 shares issued, respectively		41			41
Class D Common shares, $.01 par value, 17,000,000 shares authorized, 7,319,544 and 2,090,765 shares issued, respectively		73			21
Capital in excess of par value		172,407			104,114
Accumulated distributions in excess of earnings		(16,602	)		(15,038	)
Deferred compensation		(1,681	)		(770	)
Cost of treasury shares, 26,304 and 9,116 Class A shares, respectively		(193	)		(55	)
TOTAL SHAREHOLDERS’ EQUITY		154,131			88,370
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	279,306		$	203,151

2

Consolidated Statements of Operations:

	Three months ended June 30, 2005			Three months ended June 30, 2004
Revenue:
Rental income from operating leases	$	4,544		$	1,162
Earned income from direct financing leases		508			507
Real estate fee income		1,015			582
Construction revenues		465			—
Securities commission income		3,674			1,648
Asset management fee income		120			74
Interest and other income		108			17
Total revenues		10,434			3,990
Expenses:
General and administrative		2,157			1,366
Property expense		937			171
Construction costs		302			—
Legal and professional		475			321
Securities commissions		2,831			1,337
Depreciation and amortization		1,326			204
Deferred merger costs		—			362
Total expenses		8,028			3,761
Operating income (loss)		2,406			229
Other income (expense):
Income from retail partnerships and affiliates		82			172
Federal income tax (expense) benefit for TRS		(121	)		(86	)
Interest expense		(1,481	)		(522	)
Minority interest in income of consolidated joint ventures		(423	)		(170	)
Income (loss) before discontinued operations		463			(377	)
Income from discontinued operations		402			232
Gain on sales of real estate acquired for resale		872			242
Income from discontinued operations		1,274			474
Net income (loss)		1,737			97
Distributions paid to class B,C, and D shareholders		(2,047	)		(1,106	)
Net loss available to class A shareholders	$	(310	)	$	(1,009	)
Net (loss) income per class A common share – basic and diluted
Loss before discontinued operations	$	(0.36	)	$	(0.46	)
Income from discontinued operations		0.29			0.15
Net loss	$	(0.07	)	$	(0.31	)
Weighted average class A common shares used to compute net (loss) income per share, basic and diluted		4,435			3,235

3

Consolidated Statements of Operations, cont.:

	Six months ended June 30, 2005			Six months ended June 30, 2004
Revenue:
Rental income from operating leases	$	8,517		$	2,379
Earned income from direct financing leases		1,015			1,015
Real estate fee income		2,010			949
Construction revenues		465			—
Securities commission income		5,797			3,553
Asset management fee income		237			149
Interest and other income		156			28
Total revenues		18,197			8,073
Expenses:
General and administrative		3,806			2,567
Property expense		1,630			347
Construction costs		302			—
Legal and professional		1,052			649
Securities commissions		4,464			2,761
Depreciation and amortization		2,362			338
Deferred merger costs		—			1,682
Total expenses		13,616			8,344
Operating income (loss)		4,581			(271	)
Other income (expense):
Income from retail partnerships and affiliates		113			186
Federal income tax (expense) benefit for TRS		(155	)		(13	)
Interest expense		(2,976	)		(1,120	)
Minority interest in income of consolidated joint ventures		(438	)		(214	)
Income (loss) before discontinued operations		1,125			(1,432	)
Income from discontinued operations		1,098			314
Gain on sales of real estate acquired for resale		872			850
Income from discontinued operations		1,970			1,164
Net income (loss)		3,095			(268	)
Distributions paid to class B,C, and D shareholders		(3,679	)		(1,919	)
Net loss available to class A shareholders	$	(584	)	$	(2,187	)
Net (loss) income per class A common share – basic and diluted
Loss before discontinued operations	$	(0.65	)	$	(1.08	)
Income from discontinued operations		0.50			0.38
Net loss	$	(0.15	)	$	(0.71	)
Weighted average class A common shares used to compute net (loss) income per share, basic and diluted		3,956			3,094

4

Segmented Statements of Operations:

Three Months Ended June 30, 2005	Portfolio			Real Estate Operations			Securities			Retail Partnerships		Total
Rental income	$	4,957		$	95		$	—		$	—	$	5,052
Securities commissions		—			—			3,674			—		3,674
Real Estate fee income		—			1,015			—			—		1,015
Construction fee income		—			465			—					465
Other income		4			106			—			118		228
Total revenue		4,961			1,681			3,674			118		10,434
Securities commission Expense		—			—			2,831			—		2,831
Professional fees		299			101			62			1		463
Depreciation and amortization		1,326			—			—			—		1,326
Property expense		866			70			—			—		937
Construction expense		—			302			—			—		302
Real estate commissions		—			12			—			—		12
General and administrative		395			892			825			45		2,157
Total expenses		2,886			1,377			3,719			46		8,028
Interest expense		(1,423	)		(58	)		—			—		(1,481	)
Other income (expense)		(45	)		(423	)		(12	)		18		(462	)
Income From Discontinued Operations		579			695			—			—		1,274
Net Income (loss)	$	1,186		$	518		$	(57	)	$	90	$	1,737

Three Months Ended June 30, 2004	Portfolio			Real Estate Operations			Securities			Retail Partnerships		Total
Rental income	$	1,669		$	—		$	—		$	—	$	1,669
Securities commissions		—			—			1,648			—		1,648
Real estate fee income		—			582			—			—		582
Other income		16			1			—			74		91
Total revenue		1,685			583			1,648			74		3,990
Deferred merger expense		362			—			—			—		362
Securities commission expense		—			—			1,337			—		1,337
Professional fees		221			3			26			—		250
Depreciation and amortization		204			—			—			—		204
Property expense		169			2			—			—		171
Real estate commissions		—			71			—			—		71
General and administrative		323			368			662			13		1,366
Total Expenses		1,279			444			2,025			13		3,761
Interest expense		(522	)		—			—			—		(522	)
Other income/ (expense)		(29	)		(49	)		(3	)		3		(84	)
Income From Discontinued Operations		184			290			—			—		474
Net Income (loss)	$	39		$	380		$	(380	)	$	58	$	97

5

Segmented Statements of Operations, cont’d –

Six Months Ended June 30, 2005	Portfolio			Real Estate Operations			Securities			Retail Partnerships		Total
Rental income	$	9,412		$	120		$	—		$	—	$	9,532
Securities commissions		—			—			5,797			—		5,797
Real Estate fee income		—			2,010			—			—		2,010
Construction fee income					465								465
Other income		5			154			—			234		393
Total revenue		9,417			2,749			5,797			234		18,197
Securities commission expense		—			—			4,464			—		4,464
Depreciation and amortization		2,361			1			—			—		2,362
Property expense		1,559			70			1			—		1,630
Construction expense		—			302			—			—		302
Professional fees		611			196			78			1		886
Real estate commissions		—			166			—			—		166
General and administrative		719			1,555			1,448			84		3,806
Total expenses		5,250			2,290			5,991			85		13,616
Interest expense		(2,919	)		(57	)		—			—		(2,976	)
Other income (expense)		(93	)		(391	)		(16	)		20		(480	)
Income From Discontinued Operations		1,275			695			—			—		1,970
Net Income (loss)	$	2,430		$	706		$	(210	)	$	169	$	3,095

Six Months Ended June 30, 2004	Portfolio			Real Estate Operations			Securities			Retail Partnerships		Total
Rental income	$	3,394		$	—		$	—		$	—	$	3,394
Securities commissions		—			—			3,553			—		3,553
Real estate fee income		—			949			—			—		949
Other income		28			1			—			148		177
Total revenue		3,422			950			3,553			148		8,073
Deferred merger expense		1,682			—			—			—		1,682
Securities commission  expense		—			—			2,761			—		2,761
Professional fees		361			20			37			—		418
Depreciation and amortization		338			—			—			—		338
Property expense		346			1			—			—		347
Real estate commissions		—			231			—			—		231
General and administrative		587			707			1,244			29		2,567
Total Expenses		3,314			959			4,042			29		8,344
Interest expense		(1,079	)		(41	)		—			—		(1,120	)
Other income/ (expense)		(93	)		47			(7	)		12		(41	)
Income From Discontinued Operations		429			735			—			—		1,164
Net Income (loss)	$	(635	)	$	732		$	(496	)	$	131	$	(268	)

6

AmREIT
Summary of Operating Results

	Three Months Ended June 30,
	2005			2004
Funds From Operations:
Income (loss) before discontinued operations	$	463		$	(377	)
Income from discontinued operations		1,274			474
Depreciation of real estate assets – operations		1,180			191
Depreciation of real estate assets – discontinued operations		60			92
Adjustments for non consolidated affiliates		29			8
Gain on sale of real estate acquired for investment		(344	)		—
Class B, C, and D common share distributions		(2,047	)		(1,106	)
Total Funds from Operations available to Class A Shareholders	$	615		$	(718	)
Weighted Average Class A Shares Outstanding		4,434,676			3,235,449
Funds From Operations per Class A Share	$	0.14		$	(0.22	)*

* The above FFO amount does not add back the non-cash deferred merger charge and non-cash asset impairment charge, totaling $0.44 per share, which would have resulted in Adjusted FFO of $0.22 per class A common share.

	Three Months Ended June 30,
	2005			2004
Dividends:
Class A Dividends per Share	$	0.124		$	0.118
As a Percentage of FFO		88.6	%		n/m
Non-Traded Common Shares:
Class B Common Share Dividends per Share (1)	$	0.19		$	0.19
Class C Common Share Dividends per Share (2)	$	0.17		$	0.17
Class D Common Share Dividends per Share (3)	$	0.16		$	—

(1)	The class B common shares receive a cumulative preferred dividend, fixed at 8%, payable quarterly.  The shares are currently convertible on a one for one basis into our class A common shares, and are callable by the Company beginning in July 2005 on a one for one basis, or $10.18 in cash at the holders option.
(2)	The class C common shares receive a preferred dividend, fixed at 7%, payable monthly.  The shares are convertible into our class A common shares based on 110% of invested capital (i.e. $1,000 in class C common shares will convert into $1,100 in class A common shares) after the seventh anniversary of issuance (beginning in 2010).  The class C common shares are callable by the Company beginning in 2006, based on the same conversion formula (110% of invested capital).
(3)	The class D common shares receive a preferred dividend, fixed at 6.5%, payable monthly.  The shares are convertible into our class A common shares based on 107.7% of invested capital (i.e. $1,000 in class C common shares will convert into $1,077 in class A common shares) after the seventh anniversary of issuance (beginning in 2011).  The class D common shares are callable by the Company beginning in 2005, based on the same conversion formula, prorated for the time outstanding (107.7% of invested capital).

7

	Three Months Ended June 30,				Six Months Ended June 30,
	2005		2004		2005		2004
Rental and Earned Income:
Base minimum rent	$	3,380	$	942	$	6,370	$	1,932
Earned Income from direct financing leases		508		507		1,015		1,015
Straight line rent		78		30		148		10
Over/Under market rent		64		—		131		—
Percentage rent		—		—		84		65
Tenant reimbursements		1,022		190		1,784		372
Total Rental and Earned Income	$	5,052	$	1,669	$	9,532	$	3,394

	Three Months Ended June 30,						Six Months Ended June 30,
	2005			2004			2005			2004
Real Estate Operating Revenue:
Development and construction management fees
Retail partnerships and affiliates	$	469		$	343		$	634		$	649
Unrelated third parties		125			—			144			—
Leasing and brokerage commissions
Retail partnerships and affiliates		807			159			1,373			172
Unrelated third parties		52			11			274			48
Property management fees
Retail partnerships and affiliates		27			69			50			80
Unrelated third parties		—			—			—			—
Total Real Estate Operating Revenue	$	1,480		$	582		$	2,475		$	949
Percent attributable to retail partnerships and affiliates		88	%		98	%		83	%		95	%
Percent attributable to unrelated third parties		12	%		2	%		17	%		5	%

	Three Months Ended June 30,					Six Months Ended June 30,
	2005			2004		2005			2004
Interest Expense:
Interest paid – floating rate	$	192		$	43	$	616		$	158
Interest paid – fixed rate		1,289			435		2,363			874
Loan cost amortization		56			44		109			88
Out-of-market debt amortization		(56	)		—		(112	)		—
Total Interest Expense	$	1,481		$	522	$	2,976		$	1,120

8

AmREIT
Summary Balance Sheet Information

	June 30, 2005			December 31, 2004
Class A Common Share Data:
Closing Market Price	$	8.10		$	8.05
Dividend Yield		6.13	%		5.96	%
90-Day Average Trading Volume		17,196			2,659
Total Capitalization:
Debt	$	116,296		$	105,964
Class A Common Shares at Market		51,984			27,802
Class B Common Shares as Converted		17,689			18,083
Class C Common Shares as Converted		44,913			44,871
Class D Common Shares as Converted		78,831			22,518
Total Capitalization	$	309,713		$	219,238
Debt to Total Capitalization		37.6	%		48.3	%

9

AmREIT
Debt Information

Description	Amount Outstanding 6-30-2005		Amount Outstanding 12-31-2004		Interest Rate			Annual Debt Service		Maturity Date
Credit Facility*	$	—	$	38,014		4.40	%	$	1,673		10/4/2005
2005 Maturities	$	—	$	38,014
MacArthur Park	$	13,410	$	13,410		6.17	%	$	827		12/1/2008
2008 Maturities	$	13,410	$	13,410
Hollywood Video,  MS	$	940	$	946		8.38	%	$	91		4/1/2009
2009 Maturities	$	940	$	946
Merger Dissenters	$	760	$	760		5.47	%	$	43		7/23/2010
2010 Maturities	$	760	$	760
Sugarland IHOP	$	1,215	$	1,233		8.25	%	$	138		3/1/2011
Sugar Land Plaza		2,324		2,336		7.60	%		203		11/1/2011
2011 Maturities	$	3,539	$	3,569
Albuquerque IHOP	$	702	$	712		7.89	%	$	75		4/24/2012
Baton Rouge IHOP		1,160		1,176		7.89	%		124		4/24/2012
Beaverton IHOP		823		834		7.89	%		88		4/16/2012
Charlottesville IHOP		584		593		7.89	%		62		4/24//2012
El Paso #1934 IHOP		705		715		7.89	%		75		4/16/2012
Rochester IHOP		882		894		7.89	%		94		4/16/2012
Shawnee IHOP		696		706		7.89	%		74		4/18/2012
5115 Buffalo Spdwy.		2,775		2,789		7.58	%		241		5/11/2012
Salem IHOP		577		585		7.89	%		61		5/17/2012
Springfield IHOP		958		971		7.89	%		102		6/21/2012
Roanoke IHOP		664		673		7.89	%		71		7/26/2012
Centerville IHOP		1,161		1,176		7.89	%		124		7/26/2012
Memphis #4462 IHOP		1,254		1,271		7.89	%		134		7/19/2012
Alexandria IHOP		670		679		7.89	%		71		7/19/2012
El Paso #1938 IHOP		838		849		7.89	%		89		8/23/2012
La Verne IHOP		698		707		7.89	%		74		8/23/2012
Memphis #4482 IHOP		728		737		7.89	%		77		8/23/2012
Parker IHOP		783		793		7.89	%		83		8/23/2012
2012 Maturities	$	16,658	$	16,861

10

Description	Amount Outstanding 6-30-2005		Amount Outstanding 12-31-2004		Interest Rate			Annual Debt Service		Maturity Date
Cinco Ranch	$	8,493	$	8,555		5.60	%	$	601		7/10/2013
Plaza in the Park		17,951		18,081		5.60	%		1,270		7/10/2013
2013 Maturities	$	26,444	$	26,635
Uptown Park	$	49,000	$	—		5.37	%	$	2,631		6/1/2015
										��
2015 Maturities	$	49,000	$	—
Bakery Square	$	4,325	$	4,435		8.00	%	$	571		2/10/2017
2017 Maturities	$	4,325	$	4,435
Total Maturities**	$	115,076	$	104,631

*Our revolving credit facility is a variable-rate debt instrument, and its outstanding balance fluctuates throughout the year based on our liquidity needs.  Annual Debt Service on this debt instrument assumes that the amount outstanding ($0 as of June 30, 2005) remains constant through maturity.

**Total maturities above is $1.2 million less than total debt as reported in our consolidated financial statements due to the premium recorded on above-market debt assumed in conjunction with certain of our 2004 property acquisitions.

Fixed vs. Variable Rate Debt:

	June 30, 2005		% of Total			December 31, 2004		% of Total
Variable rate	$	—		—	%	$	38,014		35.9	%
Fixed rate		116,296		100.0	%		67,950		64.1	%
	$	116,296				$	105,964

11

AmREIT
Property & Tenant Information

Multi-Tenant Shopping Centers	Major Tenants		City		State		Date Acquired		GLA		Annualized Base Rent as of June 30, 2005			% Leased
Uptown Park – Phase 1		Ann Taylor, McCormick & Schmick’s		Houston		TX		06/01/05		147,000	$	4,095,593			95	%
Uptown Park – Phase 2				Houston		TX		06/01/05		22,000		(1	)		(1	)
MacArthur Park		Kroger		Dallas		TX		12/27/04		198,443		2,965,004			100	%
Plaza in the Park		Kroger		Houston		TX		07/01/04		138,663		2,498,854			100	%
Cinco Ranch		Kroger		Houston		TX		07/01/04		97,297		1,245,828			100	%
Bakery Square		Walgreens & Bank of America		Houston		TX		07/21/04		34,614		849,456			100	%
Uptown Plaza		CVS/pharmacy		Houston		TX		12/10/03		26,400		1,182,312			95	%
Woodlands Plaza		FedEx/Kinkos & Rug Gallery		The Woodlands		TX		06/03/98		20,018		377,332			100	%
Sugarland Plaza		Mattress Giant		Sugarland		TX		07/01/98		16,750		349,545			100	%
Terrace Shops		Starbucks		Houston		TX		12/15/03		16,395		464,285			100	%
Copperfield Medical		Texas Children’s Pediatrics		Houston		TX		09/26/95		14,000		219,212			100	%
Courtyard at Post Oak		Verizon Wireless		Houston		TX		06/15/04		13,597		477,360			100	%
San Felipe and Winrock (1)		(1)		Houston		TX		11/17/03		8,400		(1	)		(1	)
Multi-Tenant Shopping Centers Total										753,577		14,724,781			98	%

Single Tenant (Ground Leases)	City		State		Date Acquired		GLA		Annualized Base Rent as of June 30, 2005			% Leased
CVS Corporation		Houston		TX		01/10/03		13,824	$	327,167		100	%
Darden Restaurants		Peachtree City		GA		12/18/98		6,867		79,366		100	%
Carlson Restaurants		Hanover		MD		09/16/03		6,802		141,674		100	%
410-Blanco (1)		San Antonio		TX		12/17/04		5,000		(1	)	(1	)
Bank of America		Houston		TX		11/17/03		4,420		247,975		100	%
Comerica Bank (1)		Houston		TX		04/30/04		4,277		(1	)	(1	)
Washington Mutual		Houston		TX		12/11/96		3,685		98,160		100	%
Washington Mutual		The Woodlands		TX		09/23/96		3,685		61,060		100	%
Yum Brands (2) (3)		Houston		TX		10/14/03		2,818		79,440		100	%
Single Tenant (Ground Leases) Total								51,378		1,034,842		100	%

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Single Tenant (Fee Simple)	City		State		Date Acquired		GLA		Annualized Base Rent as of June 30, 2005			% Leased
Vacant (2)		Baton Rouge		LA		06/09/97		20,575		—			0	%
Baptist Memorial Medical Plaza		Memphis		TN		07/23/02		15,000		222,643			100	%
Comp USA		Roseville		MN		07/23/02		15,000		267,584			100	%
Energy Wellness		Sugarland		TX		07/23/02		15,000		187,857			100	%
Transworld Entertainment		Independence		MO		07/23/02		14,047		162,500			100	%
Golden Corral		Houston		TX		07/23/02		12,000		182,994			100	%
Golden Corral		Humble		TX		07/23/02		12,000		181,688			100	%
Carlson Restaurants		Houston		TX		07/23/02		8,500		200,000			100	%
Pier One Imports Inc.		Longmont		CO		07/23/02		8,014		135,152			100	%
Hollywood Entertainment Corp.		Lafayette		LA		10/31/97		7,488		150,874			100	%
Hollywood Entertainment Corp.		Ridgeland		MS		12/31/97		7,488		155,067			100	%
IHOP Corporation #1483		Sugarland		TX		09/22/99		4,020		188,112			100	%
IHOP Corporation #1737 (5)		Centerville		UT		07/25/02		4,020		160,849			100	%
IHOP Corporation #4462 (5)		Memphis		TN		08/23/02		4,020		176,768			100	%
IHOP Corporation #5318		Topeka		KS		09/30/99		4,020		156,395			100	%
Payless Shoesources Inc.		Austin		TX		07/23/02		4,000		80,000			100	%
AFC, Inc.		Atlanta		GA		07/23/02		2,583		119,279			100	%
Advance Auto (1)(2)(3)(4)		Various		Various		Various		42,000		(1	)		(1	)
Single Tenant (Fee Simple) Total								199,775		2,727,762			88	%

Single Tenant (Leasehold)	City		State		Date Acquired		GLA		Annualized Base Rent as of June 30, 2005		% Leased
IHOP Corporation (5)		Various		Various		Various		60,300	$	1,565,674		100	%
Company Total GLA/% Leased								1,065,030		20,053,059		97	%

(1)	Under Development (GLA represents proposed leaseable square footage).
(2)	Held for Sale
(3)	Held in joint venture of which we are the managing 50% owner
(4)	Advance Auto properties are located in MO and IL.  Each of the properties has a proposed GLA of 7,000 square feet.
(5)	IHOP properties are located in NM, LA, OR, VA, TX, CA, TN, CO, VA, NY, OR, KS, UT and MO.  Each of the properties has a GLA of 4,020 square feet.  These properties are held by a consolidated subsidiary, 79.0% of which is owned by AmREIT, 19.6% of which is owned by AmREIT Income & Growth Corporation, one of our affiliated retail partnerships, and 1.4% of which is owned by unaffiliated third parties.

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Top 10 Tenants by revenue concentration for the six months ended June 30, 2005:

Tenant	Rental Income		% of Total Operating Revenue
Kroger	$	1,263		6.95	%
IHOP		1,124		6.19	%
CVS/pharmacy		477		2.62	%
Golden Corral Corporation		315		1.73	%
Linens ‘N Things		315		1.73	%
Landry’s, Inc.		234		1.29	%
Bank of America		225		1.24	%
Barnes & Noble		194		1.07	%
Carlson Restaurants Worldwide		171		0.94	%
Ninfa’s		158		0.87	%
Total	$	4,476		24.63	%

Lease Expirations by Year:

Expiration Year	Number of Lease Expiring		Square Footage		Percent of Total
2005		10		29,536		2.87	%
2006		20		46,585		4.53	%
2007		17		64,147		6.23	%
2008		25		81,122		7.88	%
2009		30		101,936		9.90	%
2010		17		55,589		5.40	%
2011		30		153,983		14.96	%
2012		9		57,793		5.61	%
2013		4		22,553		2.19	%
2014		7		28,256		2.75	%
2015		—		—		—
2016		1		550		—
2017		—		—		—
2018		—		—		—
2019		2		6,288		0.66	%
2020		4		78,413		7.62	%
2021		2		92,926		9.03	%
2022		1		4,020		0.39	%
2023		1		63,373		6.16	%
2024		4		66,864		6.50	%
2025		6		32,100		3.12	%
2026		4		16,080		1.56	%
2027		3		12,060		1.17	%
2056		1		15,120		1.47	%
Totals		198		1,029,294		100.00	%

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