AmREIT (AMYRZ) 8-K AmREIT REPORTS THIRD QUARTER RESULTS

Exhibit 99.3

Supplemental Financial Information
September 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
	Funds From Operations	7
	Dividends – All Classes of Common Shares	7
	Rental Income	8
	Real Estate Revenue Allocation	8
	Discontinued Operations	9
	Interest Expense	9
Summary Balance Sheet Information
	Common Share Data	10
	Capitalization	10
Debt Information
	Outstanding Balances and Terms	11 - 12
	Fixed vs. Variable Rate Debt	12
Property & Tenant Information
	Property Table	13 - 14
	Tenant Diversification	15
	Leasing Activity Report	15
	Lease Expiration Schedule	16

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 September 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 merchant development and operating business, a wholesale securities business and a retail partnership business.  These synergistic businesses support our portfolio of Irreplaceable Corners, and allow the company access to multiple avenues of low-cost capital.  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 in each sponsored fund.  Our business structure allows the Company to expand both internally and externally, distinguishing AmREIT as a value creator and a source of dependable, increasing 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:

	September 30, 2005			December 31, 2004
ASSETS
Real estate investments at cost
Land	$	108,673		$	68,138
Building		120,831			88,211
Tenant improvements		6,519			4,243
		236,023			160,592
Less accumulated depreciation and amortization		(4,711	)		(3,561	)
		231,312			157,031
Real estate held for sale, net		18,085			6,326
Net investment in direct financing leases held for investment		19,214			19,219
Intangible lease cost, net		17,797			10,628
Investment in retail partnerships and other affiliates		2,548			1,979
Net real estate investments		288,956			195,183
Cash and cash equivalents		6,326			2,960
Tenant receivables		2,133			1,338
Accounts receivable		840			37
Accounts receivable – related party		9,608			910
Deferred costs		1,346			1,040
Other assets		2,562			1,683
TOTAL ASSETS	$	311,771		$	203,151
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Notes payable	$	115,962		$	105,964
Accounts payable and other liabilities		5,595			4,830
Below market leases, net		3,049			2,504
Security deposits		630			368
TOTAL LIABILITIES		125,236			113,666
Minority Interest		1,108			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, 6,469,698 and 3,462,767 shares issued, respectively		65			35
Class B Common shares, $.01 par value, 3,000,000 shares authorized, 2,158,229 and 2,246,283 shares issued, respectively		22			22
Class C Common shares, $.01 par value, 4,400,000 shares authorized, 4,088,927 and 4,079,174 shares issued, respectively		41			41
Class D Common shares, $.01 par value, 17,000,000 shares authorized, 10,954,827 and 2,090,765 shares issued, respectively		110			21
Capital in excess of par value		204,962			104,114
Accumulated distributions in excess of earnings		(18,034	)		(15,038	)
Deferred compensation		(1,521	)		(770	)
Cost of treasury shares, 29,722 and 9,116 Class A shares, respectively		(218	)		(55	)
TOTAL SHAREHOLDERS’ EQUITY		185,427			88,370
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	311,771		$	203,151

2

Consolidated Statements of Operations:

	Three months ended September 30, 2005			Three months ended September 30, 2004
Revenue:
Rental income from operating leases	$	5,188		$	2,612
Earned income from direct financing leases		507			508
Real estate fee income		58			8
Real estate fee income – related party		1,654			407
Construction revenues		388			—
Construction revenues – related party		886			—
Securities commission income – related party		3,909			1,780
Asset management fee income – related party		130			96
Interest and other income		358			19
Total revenues		13,078			5,430
Expenses:
General and administrative		2,060			1,578
Property expense		1,141			436
Construction costs		1,197			—
Legal and professional		356			311
Securities commissions		2,988			1,388
Depreciation and amortization		1,606			669
Deferred merger costs		—			—
Total expenses		9,348			4,382
Operating income		3,730			1,048
Other income (expense):
Income from retail partnerships and affiliates		75			53
Federal income tax expense for TRS		(313	)		(122	)
Interest expense		(1,779	)		(1,006	)
Minority interest in income of consolidated joint ventures		(51	)		(40	)
Income (loss) before discontinued operations		1,662			(67	)
Income from discontinued operations		372			279
Gain on sales of real estate acquired for resale		—			908
Income from discontinued operations		372			1,187
Net income		2,034			1,120
Distributions paid to class B,C, and D shareholders		(2,669	)		(1,168	)
Net loss available to class A shareholders	$	(635	)	$	(48	)
Net (loss) income per class A common share – basic and diluted
Loss before discontinued operations	$	(0.16	)	$	(0.37	)
Income from discontinued operations	$	(0.06	)		0.36
Net loss	$	(0.10	)	$	(0.01	)
Weighted average class A common shares used to compute net (loss) income per share, basic and diluted		6,431			3,382

3

Consolidated Statements of Operations, cont.:

	Nine months ended September 30, 2005			Nine months ended September 30, 2004
Revenue:
Rental income from operating leases	$	13,621		$	4,952
Earned income from direct financing leases		1,522			1,522
Real estate fee income		352			56
Real estate fee income – related party		3,369			1,308
Construction revenues		666			—
Construction revenues – related party		1,073			—
Securities commission income – related party		9,705			5,333
Asset management fee income – related party		367			245
Interest and other income		514			47
Total revenues		31,189			13,463
Expenses:
General and administrative		5,862			4,145
Property expense		2,771			784
Construction costs		1,499			—
Legal and professional		1,419			960
Securities commissions		7,452			4,149
Depreciation and amortization		3,985			1,030
Deferred merger costs		—			1,682
Total expenses		22,988			12,750
Operating income		8,201			713
Other income (expense):
Income from retail partnerships and other affiliates		188			240
Federal income tax expense for TRS		(357	)		(315	)
Interest expense		(4,768	)		(2,126	)
Minority interest in income of consolidated joint ventures		(222	)		(132	)
Income (loss) before discontinued operations		3,042			(1,620	)
Income from discontinued operations		1,214			715
Gain on sales of real estate acquired for resale		872			1,758
Income from discontinued operations		2,086			2,473
Net income		5,128			853
Distributions paid to class B,C, and D shareholders		(6,348	)		(3,087	)
Net loss available to class A shareholders	$	(1,220	)	$	(2,234	)
Net (loss) income per class A common share – basic and diluted
Loss before discontinued operations	$	(0.69	)	$	(1.48	)
Income from discontinued operations	$	(0.44	)		0.78
Net loss	$	(0.25	)	$	(0.70	)
Weighted average class A common shares used to compute net (loss) income per share, basic and diluted		4,790			3,191

4

Segmented Statements of Operations:

Three Months Ended September 30, 2005	Portfolio			Real Estate Operations			Securities			Retail Partnerships		Total
Rental income	$	5,641		$	54		$	—		$	—	$	5,695
Securities commissions		—			—			3,909			—		3,909
Real Estate fee income		—			1,712			—			—		1,712
Construction fee income		—			1,274			—					1,274
Other income		308			54			—			126		488
Total revenue		5,949			3,094			3,909			126		13,078
Securities commission Expense		—			—			2,988			—		2,988
Professional fees		287			29			8			—		324
Depreciation and amortization		1,606			—			—			—		1,606
Property expense		1,126			15			—			—		1,141
Construction expense		—			1,197			—			—		1,197
Real estate commissions		—			32			—			—		32
General and administrative		273			905			799			83		2,060
Total expenses		3,292			2,178			3,795			83		9,348
Interest expense		(1,746	)		(33	)		—			—		(1,779	)
Other (expense) income		(48	)		(230	)		(26	)		15		(289	)
Income from discontinued operations		359			13			—			—		372
Net income	$	1,222		$	666		$	88		$	58	$	2,034

Three Months Ended September 30, 2004	Portfolio			Real Estate Operations			Securities			Retail Partnerships		Total
Rental income	$	3,120		$	—		$	—		$	—	$	3,120
Securities commissions		—			—			1,780			—		1,780
Real estate fee income		—			415			—			—		415
Other income		19			—			—			96		115
Total revenue		3,139			415			1,780			96		5,430
Securities commission Expense		—			—			1,388			—		1,388
Professional fees		240			10			56			—		306
Depreciation and amortization		669			—			—			—		669
Property expense		436			—			—			—		436
Real estate commissions		—			5			—			—		5
General and administrative		176			613			752			37		1,578
Total Expenses		1,521			628			2,196			37		4,382
Interest expense		(1,006	)		—			—			—		(1,006	)
Other (expense) income		(42	)		(54	)		(19	)		6		(109	)
Income from discontinued operations		350			837			—			—		1,187
Net income (loss)	$	920		$	570		$	(435	)	$	65	$	1,120

5

Segmented Statements of Operations, cont’d –

Nine Months Ended September 30, 2005	Portfolio			Real Estate Operations			Securities			Retail Partnerships		Total
Rental income	$	15,049		$	94		$	—		$	—	$	15,143
Securities commissions		—			—			9,705			—		9,705
Real Estate fee income		—			3,721			—			—		3,721
Construction fee income					1,739								1,739
Other income		313			208			—			360		881
Total revenue		15,362			5,762			9,705			360		31,189
Securities commission Expense		—			—			7,452			—		7,452
Depreciation and amortization		3,985			—			—			—		3,985
Property expense		2,745			26			—			—		2,771
Construction expense		—			1,499			—			—		1,499
Professional fees		914			221			85			1		1,221
Real estate commissions		—			198			—			—		198
General and administrative		988			2,458			2,248			168		5,862
Total expenses		8,632			4,402			9,785			169		22,988
Interest expense		(4,722	)		(46	)		—			—		(4,768	)
Other (expense) income		(143	)		(241	)		(43	)		36		(391	)
Income from discontinued operations		1,783			303			—			—		2,086
Net income (loss)	$	3,648		$	1,376		$	(123	)	$	227	$	5,128

Nine Months Ended September 30, 2004	Portfolio			Real Estate Operations			Securities			Retail Partnerships		Total
Rental income	$	6,474		$	—		$	—		$	—	$	6,474
Securities commissions		—			—			5,333			—		5,333
Real estate fee income		—			1,364			—			—		1,364
Other income		46			1			—			245		292
Total revenue		6,520			1,365			5,333			245		13,463
Deferred merger expense		1,682			—			—			—		1,682
Securities commission Expense		—			—			4,149			—		4,149
Professional fees		602			29			93			—		724
Depreciation and amortization		1,030			—			—			—		1,030
Property expense		782			2			—			—		784
Real estate commissions		—			236			—			—		236
General and administrative		764			1,319			1,996			66		4,145
Total Expenses		4,860			1,586			6,238			66		12,750
Interest expense		(2,126	)		—			—			—		(2,126	)
Other (expense) income		(133	)		(66	)		(26	)		18		207
Income from discontinued operations		884			1,589			—			—		2,473
Net income (loss)	$	285		$	1,302		$	(931	)	$	197	$	853

6

AmREIT
Summary of Operating Results

	Three Months Ended September 30,
	2005			2004
Funds From Operations:
Income (loss) before discontinued operations	$	1,662		$	(67	)
Income from discontinued operations		372			1,187
Depreciation of real estate assets – operations		1,468			656
Depreciation of real estate assets – discontinued operations		—			80
Adjustments for non consolidated affiliates		21			8
Gain on sale of real estate acquired for investment		—			(85	)
Class B, C, and D common share distributions		(2,669	)		(1,168	)
Total Funds from Operations available to Class A Shareholders	$	854		$	611
Weighted average class A shares outstanding		6,431,005			3,381,899
Funds from operations per class A share	$	0.13		$	0.18

	Three Months Ended September 30,
	2005			2004
Dividends:
Class A Dividends per Share	$	0.124		$	0.120
As a Percentage of FFO		91.2	%		67.10	%
Non-Traded Common Shares:
Class B common share dividends per share (1)	$	0.19		$	0.19
Class C common share dividends per share (2)	$	0.18		$	0.18
Class D common share dividends per share (3)	$	0.16		$	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 September 30,				Nine Months Ended September 30,
	2005		2004		2005		2004
Rental and Earned Income:
Base minimum rent	$	3,984	$	2,180	$	10,347	$	4,160
Earned Income from direct financing leases		507		508		1,522		1,522
Straight line rent		93		47		231		84
Over/Under market rent		58		20		187		20
Percentage rent		—		—		84		65
Tenant reimbursements		1,054		365		2,772		623
Total Rental and Earned Income	$	5,696	$	3,120	$	15,143	$	6,474

	Three Months Ended September 30,						Nine Months Ended September 30,
	2005			2004			2005			2004
Real Estate Operating Revenue:
Development and construction management fees
Retail partnerships and affiliates	$	767		$	312		$	1,060		$	960
Unrelated third parties		10			8			30			8
Leasing and brokerage commissions
Retail partnerships and affiliates		854			35			2,226			208
Unrelated third parties		48			—			322			48
Property management fees
Retail partnerships and affiliates		33			60			83			140
Unrelated third parties		—			—			—			—
Total Real Estate Operating Revenue	$	1,712		$	415		$	3,721		$	1,364
Percent attributable to retail partnerships and affiliates		97	%		98	%		91	%		96	%
Percent attributable to unrelated third parties		3	%		2	%		9	%		4	%

8

	Three Months Ended September 30,						Nine Months Ended September 30,
	2005			2004			2005			2004
Discontinued operations:
Rental revenue and earned income from DFL	$	427		$	446		$	1,454		$	1,763
Gain on sale of real estate held for investment		—			85			595			85
Interest and other income		—			—			146			936
Gain on sale of real estate held for resale		—			908			872			1,758
Total revenues		427			1,439			3,067			4,542
Property expense		(24	)		(70	)		(177	)		(247	)
General and administrative		(1	)		(3	)		(8	)		(71	)
Federal income tax expense		(7	)		(31	)		(295	)		(113	)
Legal and professional		—			(1	)		(8	)		(2	)
Depreciation and amortization		—			(80	)		(116	)		(261	)
Minority interest		(2	)		(45	)		(269	)		(166	)
Interest expense		(21	)		(22	)		(108	)		(106	)
Impairment charge		—			—			—			(1,103	)
Total expenses		(55	)		(252	)		(981	)		(2,069	)
Income from discontinued operations	$	372		$	1,187		$	2,086		$	2,473
Basic and diluted income from discontinued operations per class A common share	$	0.06		$	0.36		$	0.44		$	0.78

	Three Months Ended September 30,						Nine Months Ended September 30,
	2005			2004			2005			2004
Interest Expense:
Interest paid – floating rate	$	—		$	270		$	619		$	1,012
Interest paid – fixed rate		1,773			729			4,147			1,018
Loan cost amortization		62			31			171			120
Out-of-market debt amortization		(56	)		(24	)		(169	)		(24	)
Total Interest Expense	$	1,779		$	1,006		$	4,768		$	2,126

9

AmREIT
Summary Balance Sheet Information

	September30, 2005			December 31, 2004
Class A Common Share Data:
Closing market price	$	7.82		$	8.05
Dividend yield		6.34	%		5.96	%
90-Day average trading volume		9,909			2,659
Total Capitalization:
Debt	$	115,962		$	105,964
Class A common shares at market		50,361			27,802
Class B common shares as converted		16,877			18,083
Class C common shares as converted		44,978			44,871
Class D common shares as converted		117,983			22,518
Total Capitalization	$	346,161		$	219,238
Debt to Total Capitalization		33.5	%		48.3	%

10

AmREIT
Debt Information

Description	Amount Outstanding 9-30-2005		Amount Outstanding 12-31-2004		Interest Rate			Annual Debt Service		Maturity Date
Credit Facility*	$	—	$	38,014		5.61	%	$	—		11/4/2005
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	$	937	$	946		8.38	%	$	91		4/1/2009
2009 Maturities	$	937	$	946
Merger Dissenters	$	760	$	760		5.47	%	$	43		7/23/2010
2010 Maturities	$	760	$	760
Sugarland IHOP	$	1,205	$	1,233		8.25	%	$	138		3/1/2011
Sugar Land Plaza		2,319		2,336		7.60	%		203		11/1/2011
2011 Maturities	$	3,524	$	3,569
Albuquerque IHOP	$	697	$	712		7.82	%	$	75		4/24/2012
Baton Rouge IHOP		1,151		1,176		7.82	%		124		4/24/2012
Beaverton IHOP		817		834		7.82	%		88		4/16/2012
Charlottesville IHOP		580		593		7.82	%		62		4/24//2012
El Paso #1934 IHOP		700		715		7.82	%		75		4/16/2012
Rochester IHOP		875		894		7.82	%		94		4/16/2012
Shawnee IHOP		691		706		7.82	%		74		4/18/2012
5115 Buffalo Spdwy.		2,768		2,789		7.58	%		241		5/11/2012
Salem IHOP		573		585		7.82	%		61		5/17/2012
Springfield IHOP		951		971		7.82	%		102		6/21/2012
Roanoke IHOP		659		673		7.89	%		71		7/26/2012
Centerville IHOP		1,153		1,176		7.89	%		124		7/26/2012
Memphis #4462 IHOP		1,246		1,271		7.89	%		134		7/19/2012
Alexandria IHOP		665		679		7.89	%		71		7/19/2012
El Paso #1938 IHOP		832		849		7.89	%		89		8/23/2012
La Verne IHOP		693		707		7.89	%		74		8/23/2012
Memphis #4482 IHOP		723		737		7.89	%		77		8/23/2012
Parker IHOP		778		793		7.89	%		83		8/23/2012
2012 Maturities	$	16,552	$	16,861

11

Description	Amount Outstanding 9-30-2005		Amount Outstanding 12-31-2004		Interest Rate			Annual Debt Service		Maturity Date
Cinco Ranch	$	8,462	$	8,555		5.60	%	$	601		7/10/2013
Plaza in the Park		17,884		18,081		5.60	%		1,270		7/10/2013
2013 Maturities	$	26,346	$	26,635
Uptown Park	$	49,000	$	—		5.37	%	$	2,631		6/1/2015
2015 Maturities	$	49,000	$	—
Bakery Square	$	4,268	$	4,435		8.00	%	$	571		2/10/2017
2017 Maturities	$	4,268	$	4,435
Total Maturities**	$	114,797	$	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 September 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:

	September 30, 2005		% of Total			December 31, 2004		% of Total
Variable rate	$	—		—	%	$	38,014		35.9	%
Fixed rate		115,962		100.0	%		67,950		64.1	%
	$	115,962				$	105,964

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AmREIT
Property & Tenant Information

Multi-Tenant Shopping Centers	Major Tenants		City		State		Date Acquired		GLA		Annualized Base Rent as of September 30, 2005			% Leased
Uptown Park – Phase 1		Ann Taylor, McCormick & Schmick’s		Houston		TX		06/01/05		147,000	$	3,806,013			86	%
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		2,465,648			97	%
Cinco Ranch		Kroger		Houston		TX		07/01/04		97,297		1,245,828			100	%
The Southbank (6)		Planet Hollywood		San Antonio		TX		9/30/05		47,000		1,338,295			87	%
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		1,236,646			100	%
Woodlands Plaza		FedEx/Kinkos & Rug Gallery		The Woodlands		TX		06/03/98		20,018		373,317			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		385,342			100	%
Copperfield Medical (2)		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										800,577		15,711,666			97	%
Single Tenant (Ground Leases)			City		State		Date Acquired		GLA		Annualized Base Rent as of September 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 (2)				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 September 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 (2)			Roseville		MN		07/23/02		15,000		267,584			100	%
Energy Wellness (2)			Sugarland		TX		07/23/02		15,000		187,857			100	%
Transworld Entertainment (2)			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 (2)			Longmont		CO		07/23/02		8,014		135,152			100	%
Hollywood Entertainment Corp. (2)			Lafayette		LA		10/31/97		7,488		150,874			100	%
Hollywood Entertainment Corp. (2)			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. (2)			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 September 30, 2005			% Leased
IHOP Corporation (5)			Various		Various		Various		60,300	$	1,565,674			100	%
	Company Total GLA/ % Leased								1,112,030					95	%

(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.
(6)	Property was acquired during the quarter ended September 30, 2005.

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Top 10 Tenants by revenue concentration for the nine months ended September 30, 2005:

Tenant	Rental Income		% of Total Operating Revenue
Kroger	$	2,136	6.85	%
IHOP		1,687	5.41	%
CVS/pharmacy		726	2.33	%
Linens ‘N Things		487	1.56	%
Golden Corral Corporation		341	1.09	%
Bank of America		339	1.09	%
Landry’s		330	1.06	%
Barnes & Noble		314	1.01	%
Carlson Restaurants Worldwide		256	0.82	%
Texas Children’s Pediatrics Associates, Inc.		242	0.78	%
Total	$	6,858	22.00	%

Leasing Activity for the quarter ended September 30, 2005:

					Rent per sq. ft.
	# of leases		Total sq. ft.		New Rent		Old Rent		% Change
New leases		2		4,870		27.66		N/A		N/A
Expired/ cancelled leases:
Lease renewals		2		3,543		26.89		26.19		2.69	%
Non-renewals		1		1,420		N/A		26.50		N/A
Cancelled leases  (1)		4		19,485		N/A		22.76		N/A

(1) Two tenants in Uptown Park have vacated their space; however, the seller has guaranteed their rent for a year, which represents $24,032 of rent per month.  Rent payments are being made by the seller and are not being recorded as rental income, but rather as a reduction to our purchase price.

15

Lease Expirations by Year:

Expiration Year	Number of Leases Expiring		Square Footage		Percent of Total
2005 (remainder of year)		8		25,632		2.46	%
2006		18		39,985		3.84	%
2007		17		60,805		5.84	%
2008		24		79,144		7.61	%
2009		31		102,793		9.88	%
2010		28		109,857		10.56	%
2011		29		146,765		14.11	%
2012		10		60,220		5.79	%
2013		6		25,373		2.44	%
2014		8		28,504		2.74	%
2015		—		—		—
2016		—		—		—
2017		—		—		—
2018		—		—		—
2019		3		13,838		1.33	%
2020		5		85,413		8.21	%
2021		2		92,926		8.93	%
2022		1		4,020		0.39	%
2023		1		63,373		6.09	%
2024		4		26,284		2.56	%
2025		6		32,100		3.09	%
2026		4		16,080		1.54	%
2027		3		12,060		1.15	%
2056		1		15,120		1.44	%
Totals		209		1,040,292		100.00	%

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