AmREIT (AMYRZ) 8-K AmREIT REPORTS FIRST QUARTER EARNINGS AND FFO

Exhibit 99.3

Supplemental Financial Information

March 31, 2006

(Unaudited)

Table of Contents

	Page #
Corporate Profile	1
Consolidated Balance Sheets	2
Consolidated Statements of Operations	3
Consolidated Statements of Operations - Segments	4 - 5
Summary of Operating Results
Funds From Operations	6
Dividends – All Classes of Common Shares	6
Rental Income	7
Real Estate Revenue Allocation	7
Discontinued Operations	8
Interest Expense	8
Summary Balance Sheet Information
Common Share Data	9
Capitalization	9
Debt Information
Outstanding Balances and Terms	10 - 11
Fixed vs. Variable Rate Debt	11
Property & Tenant Information
Property Table	12 - 13
Tenant Diversification	14
Leasing Activity Report	14
Lease Expiration Schedule	15

This Supplemental Financial Information package contains historical information of the Company and is intended to supplement the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2006.  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 an established real estate company that, at its core, is a value creator which has delivered results to our investors for 21 years. Our mission is to build a real estate business that can realize consistent growth year over year regardless of market cycles. We have developed three distinct businesses that provide earnings power from multiple sources: a real estate development and operating business, an asset advisory business and our premium portfolio of Irreplaceable Corners™.

As a real estate development and operating company, we provide value through offering an array of services to our tenants and properties, to our asset advisory group’s portfolios and to third parties. As of March 31, 2006, the Company has over 1.0 million square feet of retail centers in various stages of development or in the pipeline for both our advisory group and for third parties.

Our asset advisory group broadens the Company’s avenues to capital and raises private equity for a series of merchant development funds.  Through these funds, we combine the skills of our asset advisory team with those of our real estate development team to actively manage a blend of value-added acquisition, redevelopment and development projects, which generate both transactional fees and recurring management fees.

AmREIT’s institutional-grade portfolio of Irreplaceable Corners, our most recognized business, provides a foundation to our FFO growth through a steady stream of rental income. We focus on the acquisition and development of premier retail properties in high-traffic, densely populated high-income areas to hold for long-term value. These properties are primarily high-end grocery anchored and lifestyle shopping centers leased to well-known national and regional tenants.

As of March 31, 2006, our total assets have a book value of $327 million and our asset advisory group manages an additional $140 million in total assets. 

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:

	March 31, 2006			December 31, 2005
ASSETS
Real estate investments at cost:
Land	$	122,759		$	112,784
Buildings		140,475			127,094
Tenant improvements		8,648			7,366
		271,882			247,244
Less accumulated depreciation and amortization		(7,150	)		(5,943	)
		264,732			241,301
Real estate held for sale, net		—			3,569
Net investment in direct financing leases held for investment		19,210			19,212
Intangible lease cost, net		18,849			17,761
Investment in merchant development funds and other affiliates		2,308			2,311
Net real estate investments		305,099			284,154
Cash and cash equivalents		2,220			5,915
Tenant receivables		2,890			3,132
Accounts receivable, net		1,748			1,807
Accounts receivable - related party		3,346			4,158
Notes receivable - related party		8,157			11,232
Deferred costs		1,541			1,487
Other assets		3,368			3,086
TOTAL ASSETS	$	328,369		$	314,971
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Notes payable	$	133,271		$	114,687
Accounts payable and other liabilities		4,315			8,232
Below market leases, net		4,435			2,940
Security deposits		707			651
TOTAL LIABILITIES		142,728			126,510
Minority interest		1,188			1,176
Shareholders’ equity:
Preferred shares, $.01 par value, 10,000,000 shares authorized, none issued		—			—
Class A Common shares, $.01 par value, 50,000,000 shares authorized, 6,514,013 and 6,479,278 shares issued, respectively		65			65
Class B Common shares, $.01 par value, 3,000,000 shares authorized, 2,113,914 and 2,148,649 shares issued, respectively		21			22
Class C Common shares, $.01 par value, 4,400,000 shares authorized, 4,145,294 and 4,119,923 shares issued, respectively		41			41
Class D Common shares, $.01 par value, 17,000,000 shares authorized, 11,063,390 and 11,035,482 shares issued, respectively		111			110
Capital in excess of par value		206,291			205,859
Accumulated distributions in excess of earnings		(19,338	)		(16,736	)
Deferred compensation		(1,927	)		(1,528	)
Cost of treasury shares, 113,672 and 77,741 Class A shares, respectively		(811	)		(548	)
TOTAL SHAREHOLDERS’ EQUITY		184,453			187,285
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	328,369		$	314,971

2

Consolidated Statements of Operations:

	Three Months Ended March 31, 2006			Three Months Ended March 31, 2005
Revenues:
Rental income from operating leases	$	5,834		$	3,962
Earned income from direct financing leases		507			507
Real estate fee income		751			236
Real estate fee income - related party		767			758
Construction revenues		621			—
Construction revenues - related party		1,173			—
Securities commission income - related party		1,391			—
Asset management fee income - related party		158			117
Interest and other income		386			48
Total revenues		11,588			5,628
Expenses:
General and administrative		2,133			1,158
Property expense		1,022			695
Construction costs		1,675			—
Legal and professional		842			584
Securities commissions		1,017			—
Depreciation and amortization		2,192			1,055
Total expenses		8,881			3,492
Operating income		2,707			2,136
Other income (expense):
Income from merchant development funds and other affiliates		98			31
Federal income tax expense for taxable REIT subsidiary		81			(20	)
Interest expense		(1,743	)		(1,495	)
Minority interest in income of consolidated joint ventures		(39	)		(1	)
Income before discontinued operations		1,104			651
(Loss) income from discontinued operations		(16	)		707
Gain on sales of real estate acquired for resale		5			—
(Loss) income from discontinued operations		(11	)		707
Net income		1,093			1,358
Distributions paid to class B, C and D shareholders		(2,906	)		(1,632	)
Net loss available to class A shareholders	$	(1,813	)	$	(274	)
Net (loss) income per class A common share - basic and diluted
Loss before discontinued operations	$	(0.28	)	$	(0.28	)
Income from discontinued operations		(0.00	)		0.20
Net loss	$	(0.28	)	$	(0.08	)
Weighted average class A common shares used to compute net (loss) income per share, basic and diluted		6,425			3,471

3

Segmented Statements of Operations:

							Asset Advisory Group
For the three months ended March 31, 2006	Portfolio			Real Estate Development & Operations Company			Securities Operations			Merchant Development Funds		Eliminations		Total
Rental income	$	6,341		$	—		$	—		$	—	$	—	$	6,341
Securities commission income		—			—			1,391			—		—		1,391
Real estate fee income		—			1,518			—			—		—		1,518
Construction fee income		—			1,794			—			—		—		1,794
Other income		361			25			—			158		—		544
Total revenue		6,702			3,337			1,391			158		—		11,588
Securities commission expense		—			—			1,017			—		—		1,017
Professional fees		246			586			10			—		—		842
Depreciation and amortization		2,192			—			—			—		—		2,192
Property expense		1,003			19			—			—		—		1,022
Construction expense		—			1,675			—			—		—		1,675
General and administrative expense		387			1,000			729			17		—		2,133
Total expenses		3,828			3,280			1,756			17		—		8,881
Interest expense		(1,579	)		(161	)		(3	)		—		—		(1,743	)
Other income/ (expense)		100			28			(10	)		22		—		140
Income from discontinued operations		(10	)		(1	)		—			—		—		(11	)
Net income (loss)	$	1,385		$	(77	)	$	(378	)	$	163	$	—	$	1,093

4

							Asset Advisory Group
For the three months ended March 31, 2005	Portfolio			Real Estate Development & Operations Company			Securities Operations			Merchant Development Funds			Eliminations			Total
Rental income	$	4,469		$	—		$	—		$	—		$	—		$	4,469
Securities commission income		—			—			2,123			—			(2,123	)		—
Real estate fee income		—			994			—			—			—			994
Other income		2			46			—			117			—			165
Total revenue		4,471			1,040			2,123			117			(2,123	)		5,628
Securities commission expense		—			—			1,633			—			(1,633	)		—
Professional fees		323			245			16			—			—			584
Depreciation and amortization		1,055			—			—			—			—			1,055
Property expense		695			—			—			—			—			695
General and administrative expense		400			624			597			27			(490	)		1,158
Total expenses		2,473			869			2,246			27			(2,123	)		3,492
Interest expense		(1,420	)		(38	)		(26	)		(11	)		—			(1,495	)
Other income/ (expense)		(48	)		60			(4	)		2			—			10
Income from discontinued operations		694			13			—			—			—			707
Net income (loss)	$	1,224		$	206		$	(153	)	$	81		$	—		$	1,358

5

AmREIT
Summary of Operating Results

	Three Months Ended March 31,
	2006			2005
Funds From Operations:
Income – before discontinued operations	$	1,104		$	651
(Loss) Income – from discontinued operations		(11	)		707
Plus depreciation of real estate assets – from operations		1,989			913
Plus depreciation of real estate assets – from discontinued operations		185			55
Adjustments for nonconsolidated affiliates		30			15
Less gain on sale of real estate assets acquired for investment		—			(250	)
Less class B, C & D distributions		(2,906	)		(1,632	)
Total Funds From Operations available to class A shareholders	$	391		$	459
Weighted Average Class A Shares Outstanding		6,425			3,471
Funds from Operations per Class A Share	$	0.06		$	0.13
Dividends:
Class A Common share dividends per share	$	0.12		$	0.12
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		$	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 fixed 6.5% annual dividend, 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 the shares were outstanding (107.7% of invested capital).

6

	Three Months Ended March 31,
Rental and Earned Income:	2006		2005
Base minimum rent	$	4,732	$	3,018
Earned Income from direct financing leases		507		507
Straight line rent		40		64
Over/Under market rent		1		67
Percentage rent		136		83
Tenant reimbursements		924		730
Total Rental and Earned Income	$	6,341	$	4,469

	Three Months Ended March 31,
Real Estate Operating Revenue:	2006			2005
Development and construction management fees
Merchant development funds and affiliates	$	164		$	171
Unrelated third parties		—			14
Leasing and brokerage commissions
Merchant development funds and affiliates		501			565
Unrelated third parties		751			222
Property management fees
Merchant development funds and affiliates		102			22
Unrelated third parties		—			—
Total Real Estate Operating Revenue	$	1,518		$	994
Percent attributable to merchant development funds and affiliates		51	%		76	%
Percent attributable to unrelated third parties		49	%		24	%

7

	Three Months Ended March 31,
Discontinued operations:	2006			2005
Rental revenue and earned income from DFL	$	9		$	475
Gain on sale of real estate held for investment		—			250
Interest and other income		—			140
Gain on sale of real estate held for resale		5			—
Total revenues		14			865
Property expense		(5	)		(50	)
General and administrative		—			(3	)
Federal income tax expense		2			(14	)
Legal and professional		(18	)		—
Depreciation and amortization		—			(55	)
Minority interest		3			(13	)
Interest expense		(7	)		(23	)
Debt prepayment penalty		—
Impairment charge		—			—
Total expenses		(25	)		(158	)
Income (loss) from discontinued operations	$	(11	)	$	707
Basic and diluted income (loss) from discontinued operations per class A common share	$	(0.00	)	$	0.20

	Three Months Ended March 31,
Interest Expense:	2006			2005
Interest paid – floating rate	$	120		$	425
Interest paid – fixed rate		1,622			1,073
Loan cost amortization		58			52
Out-of-market debt amortization		(57	)		(55	)
Total Interest Expense	$	1,743		$	1,495

8

AmREIT
Summary Balance Sheet Information

	March 31, 2006			December 31, 2005
Class A Common Share Data:
Closing market price	$	7.60		$	6.90
Dividend yield		6.54	%		7.24	%
90-day average trading volume		14,411			25,095
Total Capitalization:
Debt	$	133,271		$	114,687
Class A common shares at market		48,652			44,171
Class B common shares as converted		16,330			14,826
Class C common shares as converted		45,598			45,319
Class D common shares as converted		119,153			118,852
Total Capitalization	$	363,004		$	337,855
Debt to Total Capitalization		36.7	%		33.9	%

9

AmREIT
Debt Information

Description	Amount Outstanding 03-31-2006		Amount Outstanding 12-31-2005		Interest Rate			Annual Debt Service		Maturity Date
Credit Facility (1)	$	19,689	$	—		6.43	%	$	1,265		11/4/2007
2007 Maturities	$	19,689	$	—
MacArthur Park	$	13,410	$	13,410		6.17	%	$	827		12/1/2008
2008 Maturities	$	13,410	$	13,410
Merger Notes (2)	$	—	$	760		5.47	%	$	43		7/23/2010
2010 Maturities	$	—	$	760
Sugarland IHOP	$	1,186	$	1,196		8.25	%	$	138		3/1/2011
Sugar Land Plaza		2,305		2,313		7.60	%		203		11/1/2011
2011 Maturities	$	3,491	$	3,509
Albuquerque IHOP	$	686	$	692		7.82	%	$	75		4/24/2012
Baton Rouge IHOP		1,134		1,143		7.82	%		124		4/24/2012
Beaverton IHOP		804		811		7.82	%		88		4/16/2012
Charlottesville IHOP		572		576		7.82	%		62		4/24/2012
El Paso #1934 IHOP		690		695		7.82	%		75		4/16/2012
Rochester IHOP		862		870		7.82	%		94		4/16/2012
Shawnee IHOP		681		686		7.82	%		74		4/18/2012
5115 Buffalo Spdwy.		2,753		2,761		7.58	%		241		5/11/2012
Salem IHOP		564		567		7.82	%		61		5/17/2012
Springfield IHOP		937		944		7.82	%		102		6/21/2012
Roanoke IHOP		649		654		7.89	%		71		7/26/2012
Centerville IHOP		1,136		1,145		7.89	%		124		7/26/2012
Memphis #4462 IHOP		1,228		1,237		7.89	%		134		7/19/2012
Alexandria IHOP		655		660		7.89	%		71		7/19/2012
El Paso #1938 IHOP		820		826		7.89	%		89		8/23/2012
La Verne IHOP		683		688		7.89	%		74		8/23/2012
Memphis #4482 IHOP		712		717		7.89	%		77		8/23/2012
Parker IHOP		767		772		7.89	%		83		8/23/2012
2012 Maturities	$	16,335	$	16,444
Cinco Ranch	$	8,398	$	8,430		5.60	%	$	601		7/10/2013
Plaza in the Park		17,748		17,817		5.60	%		1,270		7/10/2013
2013 Maturities	$	26,146	$	26,247

10

Description	Amount Outstanding 03-31-2006		Amount Outstanding 12-31-2005		Interest Rate			Annual Debt Service		Maturity Date
Uptown Park	$	49,000	$	49,000		5.37	%	$	2,631		06/1/2015
2015 Maturities	$	49,000	$	49,000
Bakery Square	$	4,151	$	4,211		8.00	%	$	571		02/10/2017
2017 Maturities	$	4,151	$	4,211
Total Maturities (3)	$	132,223	$	113,581

(1) 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 ($19.7 million as of March 31, 2006) remains constant through maturity.

(2) The Merger Notes were paid off during the quarter ended March 31, 2006.

(3) Total maturities above are $1.0 million and $1.1 million less than total debt as reported in our consolidated financial statements as of March 31, 2006 and December 31, 2005, respectively, due to the premium recorded on above-market debt assumed in conjunction with certain of our property acquisitions.

Fixed vs. Variable Rate Debt:

	March 31, 2006		% of Total			December 31, 2005		% of Total
Variable rate	$	19,689		14.8	%	$	—		0.0	%
Fixed rate		113,582		85.2	%		114,687		100.0	%
	$	133,271		100.0	%	$	114,687		100.0	%

11

AmREIT
Property & Tenant Information

Multi-Tenant Shopping Centers	Major Tenants		City		State		Date Acquired		GLA		Annualized Base Rent as of March 31, 2006		% Leased
Uptown Park - Phase I and II		Ann Taylor, McCormick & Schmick’s		Houston		TX		06/1/2005		169,110	$	4,185,018		87	%
Southbank - Riverwalk		Hard Rock Café		San Antonio		TX		09/30/2005		46,673		1,434,915		96	%
MacArthur Park and Pad Sites		Kroger		Irving		TX		12/04 &12/05		237,381		3,799,305		96	%
Plaza in the Park		Kroger		Houston		TX		07/1/2004		139,971		2,529,012		96	%
Cinco Ranch		Kroger		Houston		TX		07/1/2004		97,302		1,246,376		100	%
Bakery Square		Walgreens & Bank of America		Houston		TX		07/21/2004		34,614		849,460		100	%
Uptown Plaza		CVS/pharmacy		Houston		TX		12/10/2003		28,000		1,236,646		100	%
Woodlands Plaza		FedEx/Kinkos & Rug Gallery		The Woodlands		TX		06/3/1998		20,018		373,317		100	%
Sugarland Plaza		Mattress Giant		Sugarland		TX		07/1/1998		16,750		349,545		100	%
Terrace Shops		Starbucks		Houston		TX		12/15/2003		16,395		469,947		100	%
584 N. Germantown Pkwy. (Baptist Memorial Medical Plaza)		Auto Zone & Baptist Memorial		Memphis		TN		07/23/2002		15,000		222,643		100	%
Courtyard on Post Oak		Verizon Wireless		Houston		TX		06/15/2004		13,597		477,361		100	%
Uptown Plaza - Dallas		Grotto, Century Bank, Pei Wei		Dallas		TX		03/30/2006		38,872		399,550		86	%
Multi-Tenant Shopping Centers Total										873,683		17,573,095		97	%

Single Tenant (Ground Leases)	City		State		Date Acquired		GLA		Annualized Base Rent as of March 31, 2006			% Leased
CVS Corporation		Houston		TX		01/10/2003		13,824	$	327,167			100	%
Darden Restaurants		Peachtree City		GA		12/18/1998		6,867		79,366			100	%
Carlson Restaurants		Hanover		MD		09/16/2003		6,802		141,674			100	%
Citibank		San Antonio		TX		12/17/2004		4,439		155,000			100	%
Comerica Bank		Houston		TX		04/30/2004		4,277		Note (6	)		100	%
Washington Mutual		Houston		TX		12/11/1996		3,685		98,160			100	%
Washington Mutual		The Woodlands		TX		9/23/1996		3,685		61,060			100	%
Single Tenant (Ground Leases) Total								43,579		862,427			100	%

12

Single Tenant (Fee Simple)	City		State		Date Acquired		GLA		Annualized Base Rent as of March 31, 2006			% Leased
Energy Wellness		Sugarland		TX		07/23/2002		15,000	$	187,857			33	%
Golden Corral		Houston		TX		07/23/2002		12,000		182,994			100	%
Golden Corral		Humble		TX		07/23/2002		12,000		181,688			100	%
Carlson Restaurants		Houston		TX		07/23/2005		8,500		200,000			100	%
#1483 IHOP Corporation		Sugarland		TX		09/22/1999		4,020		189,000			100	%
#1737 IHOP Corporation (5)		Centerville		UT		07/25/2002		4,020		162,360			100	%
#4462 IHOP Corporation (5)		Memphis		TN		08/23/2002		4,020		178,560			100	%
#5318 IHOP Corporation		Topeka		KS		09/30/1999		4,020		158,208			100	%
AFC, Inc.		Atlanta		GA		07/23/2002		2,583		119,279			100	%
Advance Auto (1)(2)(3)(4)		Various		Various		Various		21,000		Note (1	)		Note (1	)
Single Tenant (Fee Simple) Total								87,163		1,559,946			93	%

Single Tenant (Leasehold)		City	State	Date Acquired	GLA		Annualized Base Rent as of March 31, 2006	% Leased
IHOP Corporation (5)		Various	Various	Various	60,300	$	1,561,080	100	%
	Company Total GLA % Leased				1,064,725	$	21,556,548	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 merchant development funds, and 1.4% of which is owned by unaffiliated third parties.
(6)	This property is 100% leased; however, rent does not commence until after March 31, 2006.

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Top Tenants by revenue concentration for the three months ended March 31, 2006:

Tenant	Rental Income		% of Total Operating Revenue
Kroger	$	570		4.92	%
IHOP		562		4.85	%
CVS/pharmacy		247		2.13	%
Golden Corral Corporation		167		1.44	%
Hard Rock Café International		153		1.32	%
Landry’s		128		1.10	%
Linens ’N Things #632		116		1.00	%
Total	$	1,943		16.77	%

Leasing Activity for the quarter ended March 31, 2006:

					Rent per sq. ft.
	# of leases		Total sq. ft.		New Rent		Old Rent		% Change
New leases		3		9,950		24.76		N/A		N/A
Activity on Existing Leases:
Lease renewals		6		7,736		25.32		19.92		27.10	%
Non-renewals		0		—		N/A		N/A		N/A
Expired/Cancelled leases		5		22,779		N/A		19.84		N/A

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Lease Expirations by Year:

Expiration Year	Number of Leases Expiring		Square Footage		Percent of Total
2006		8		17,191		1.34	%
2007		17		34,769		2.72	%
2008		24		73,078		5.71	%
2009		32		79,467		6.21	%
2010		35		344,552		26.93	%
2011		43		190,793		14.91	%
2012		9		49,276		3.85	%
2013		6		25,373		1.98	%
2014		8		28,504		2.23	%
2015		1		3,000		0.23	%
2016		3		16,900		1.32	%
2019		2		38,020		2.97	%
2020		4		75,991		5.94	%
2021		3		92,723		7.25	%
2022		1		4,020		0.31	%
2023		1		63,373		4.95	%
2024		4		66,864		5.23	%
2025		6		32,100		2.51	%
2026		4		16,080		1.26	%
2027		3		12,060		0.94	%
2056		1		15,120		1.18	%
Totals		215		1,279,254		100.00	%

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