AmREIT (AMYRZ) 8-K AmREIT Reports Fourth Quarter and Year End Results and Announces Guidance for 2007

Exhibit 99.2

Supplemental Financial Information

December 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 - 7
Summary of Operating Results
Funds From Operations	8
Dividends – All Classes of Common Shares	8
Rental Income	9
Real Estate Revenue Allocation	9
Discontinued Operations	10
Interest Expense	10
Summary Balance Sheet Information
Common Share Data	11
Capitalization	11
Net Asset Valuation	11
Debt Information
Outstanding Balances and Terms	12 - 13
Fixed vs. Variable Rate Debt	13
Property & Tenant Information
Property Table	14 - 15
Tenant Diversification	16
Leasing Activity Report	16
Lease Expiration Schedule	17

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 twelve months ended December 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 a growing real estate company focused on the development, acquisition, construction, disposition, brokerage, leasing and management of shopping centers in major metropolitan markets throughout the Southwest and Southeast.  The company deploys its broad range of real estate development and operating expertise to grow two distinct businesses within AmRIET.  The first is a 1.0 million square foot portfolio of “Irreplaceable Corners TM” – Premier retail properties in high traffic, densely populated areas.  The second is an advisory and sponsorship business that had a total of $280 million in assets under management as of December 31, 2006.  Founded in 1985, AmREIT is a fully integrated equity real estate investment trust that has been public since 2002.

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 (in thousands):

	December 31 2006			December 31, 2005
	(unaudited)
ASSETS
Real estate investments at cost:
Land	$	122,043		$	112,784
Buildings		140,487			127,094
Tenant improvements		9,296			7,366
		271,826			247,244
Less accumulated depreciation and amortization		(10,628	)		(5,943	)
		261,198			241,301
Real estate held for sale, net		2,708			3,569
Net investment in direct financing leases held for investment		19,204			19,212
Intangible lease cost, net		16,016			17,761
Investment in merchant development funds and other affiliates		2,651			2,311
Net real estate investments		301,777			284,154
Cash and cash equivalents		3,415			5,915
Tenant receivables		4,330			3,132
Accounts receivable, net		1,772			1,807
Accounts receivable - related party		1,665			4,158
Notes receivable - related party		10,104			11,232
Deferred costs		2,045			1,487
Other assets		3,311			3,086
TOTAL ASSETS	$	328,419		$	314,971
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Notes payable	$	144,453		$	114,687
Accounts payable and other liabilities		9,151			8,232
Below market leases, net		3,960			2,940
Security deposits		668			651
TOTAL LIABILITIES		158,232			126,510
Minority interest		1,137			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, 6,549,950 and 6,479,278 shares issued, respectively		65			65
Class B Common shares, $.01 par value, 3,000,000 shares authorized, 1,080,180 and 2,148,649 shares issued, respectively		11			22
Class C Common shares, $.01 par value, 4,400,000 shares authorized, 4,145,531 and 4,119,923 shares issued, respectively		41			41
Class D Common shares, $.01 par value, 17,000,000 shares authorized, 11,039,803 and 11,035,482 shares issued, respectively		110			110
Capital in excess of par value		194,696			204,331
Accumulated distributions in excess of earnings		(23,749	)		(16,736	)
Cost of treasury shares, 292,238 and 77,741 Class A shares, respectively		(2,124	)		(548	)
TOTAL SHAREHOLDERS’ EQUITY		169,050			187,285
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	328,419		$	314,971

2

Consolidated Statements of Operations:

	Quarter ended December31,						Year Ended December 31,
	2006			2005			2006			2005
Revenues:
Rental income from operating leases	$	7,413		$	6,959		$	28,158		$	20,484
Earned income from direct financing leases		508			508			2,030			2,030
Real estate fee income		556			133			1,334			485
Real estate fee income - related party		4,409			1,219			6,983			4,588
Construction revenues		1,380			1,636			3,025			2,302
Construction revenues - related party		3,749			1,361			10,435			2,434
Securities commission income - related party		2,382			644			6,554			1,163
Asset management fee income - related party		267			128			823			495
Total revenues		20,664			12,588			59,342			33,981
Expenses:
General and administrative		3,251			2,529			9,489			6,209
Property expense		1,648			2,089			6,851			4,860
Construction costs		4,782			2,784			12,290			4,283
Legal and professional		642			373			1,559			1,593
Real estate commissions		502			68			1,042			266
Securities commissions		2,038			563			5,732			1,012
Depreciation and amortization		2,120			2,061			8,741			6,046
Total expenses		14,983			10,467			45,704			24,269
Operating income		5,681			2,121			13,638			9,712
Other income (expense):
Interest and other income		555			191			1,425			705
Income from merchant development funds and other affiliates		448			(27	)		967			161
Federal income tax (expense) benefit for taxable REIT subsidiary		(1,223	)		99			(870	)		(379	)
Interest expense		(2,150	)		(1,690	)		(8,083	)		(6,412	)
Minority interest in income of consolidated joint ventures		(40	)		(152	)		(150	)		(240	)
Income before discontinued operations		3,271			542			6,927			(3,547	)
Income from discontinued operations		20			2,107			254			3,356
Gain on sales of real estate acquired for resale		370			2,351			382			3,223
Income from discontinued operations		390			4,458			636			6,579
Net income		3,661			5,000			7,563			10,126
Distributions paid to class B, C and D shareholders		(2,713	)		(2,897	)		(11,442	)		(9,245	)
Net loss available to class A shareholders	$	948		$	2,103		$	(3,879	)	$	881
Net (loss) income per class A common share - basic and diluted
Loss before discontinued operations	$	0.09		$	(0.36	)	$	(0.72	)	$	(1.09	)
Income from discontinued operations		0.06			0.69			0.10			1.26
Net loss	$	0.15		$	0.33		$	(0.62	)	$	0.17
Weighted average class A common shares used to compute net (loss) income per share, basic and diluted		6,238			6,446			6,300			5,205

3

Segmented Statements of Operations:

							Asset Advisory Business
For the year ended December 31, 2006	Portfolio			Real Estate Development & Operations			Securities Operations			Merchant Development Funds		Eliminations		Total
Rental income	$	30,139		$	49		$	—		$	—	$	—	$	30,188
Securities commission income		—			—			6,554			—		—		6,554
Real estate fee income		—			8,317			—			—		—		8,317
Construction revenues		—			13,460			—			—		—		13,460
Other income		—			—			—			823		—		823
Total revenue		30,139			21,826			6,554			823		—		59,342
Securities commissions		—			—			5,732			—		—		5,732
Depreciation and amortization		8,734			7			—			—		—		8,741
Property expense		6,828			—			23			—		—		6,851
Construction costs		—			12,290			—			—		—		12,290
Legal and professional		1,248			1,284			69			—		—		2,601
General and administrative		1,819			5,219			2,284			167		—		9,489
Total expenses		18,629			18,800			8,108			167		—		45,704
Interest expense		(7,519	)		(330	)		(234	)		—		—		(8,083	)
Other income/ (expense)		1,033			(415	)		602			152		—		1,372
Income from discontinued operations		281			355			—			—		—		636
Net income (loss)	$	5,305		$	2,636		$	(1,186	)	$	808	$	—	$	7,563

4

							Asset Advisory Business
For the year ended December 31, 2005	Portfolio			Real Estate Development & Operations			Securities Operations			Merchant Development Funds		Eliminations			Total
Rental income	$	22,514		$	—		$	—		$	—	$	—		$	22,514
Securities commission income		—			—			10,350			—		(9,187	)		1,163
Real estate fee income		—			5,073			—			—		—			5,073
Construction revenues		—			4,736			—			—		—			4,736
Other income		—			—			—			495		—			495
Total revenue		22,514			9,809			10,350			495		(9,187	)		33,981
Securities commissions		—			—			8,076			—		(7,064	)		1,012
Depreciation and amortization		6,046			—			—			—		—			6,046
Property expense		4,803			57			—			—		—			4,860
Construction costs		—			4,283			—			—		—			4,283
Legal and professional		1,214			532			112			1					1,859
General and administrative		1,657			3,597			2,818			260		(2,123	)		6,209
Total expenses		13,720			8,469			11,006			261		(9,187	)		24,269
Interest expense		(5,816	)		(572	)		(24	)		—		—			(6,412	)
Other income/ (expense)		269			(19	)		(59	)		56		—			247
Income from discontinued operations		4,584			1,995			—			—		—			6,579
Net income (loss)	$	7,831		$	2,744		$	(739	)	$	290	$	—		$	10,126

5

							Asset Advisory Business
For the three months ended December 31, 2006	Portfolio			Real Estate Development & Operations			Securities Operations			Merchant Development Funds			Eliminations		Total
Rental income	$	7,888		$	33		$	—		$	—		$	—	$	7,921
Securities commission income		—			—			2,382			—			—		2,382
Real estate fee income		—			4,965			—			—			—		4,965
Construction revenues		—			5,129			—			—			—		5,129
Other income		—			—			—			267			—		267
Total revenue		7,888			10,127			2,382			267			—		20,664
General and administrative		996			1,570			650			35			—		3,251
Property expense		1,740			(95	)		3			—			—		1,648
Construction costs		—			4,782			—			—			—		4,782
Legal and professional		535			94			13			—			—		642
Real estate commissions		—			502			—			—			—		502
Securities commissions		—			—			2,038			—			—		2,038
Depreciation and amortization		2,115			5			—			—			—		2,120
Total expenses		5,386			6,858			2,704			35			—		14,983
Interest expense		(1,977	)		25			(198	)		—			—		(2,150	)
Other income/ (expense)		(23	)		(525	)		476			(189	)		—		(261	)
Income (loss) from discontinued operations		(8	)		399			—			—			—		391
Net income (loss)	$	494		$	3,168		$	(44	)	$	43		$	—	$	3,661

6

							Asset Advisory Business
For the three months ended December 31, 2005	Portfolio			Real Estate Development & Operations			Securities Operations			Merchant Development Funds			Eliminations		Total
Rental income	$	7,468		$	—		$	—		$	—		$	—	$	7,468
Securities commission income		—			—			645			—			—		645
Real estate fee income		—			1,352			—			—			—		1,352
Construction revenues		—			2,997			—			—			—		2,997
Other income		—			—			—			128			—		128
Total revenue		7,468			4,349			645			128			—		12,590
General and administrative		663			1,141			634			92			—		2,530
Property expense		2,083			5			—			—			—		2,088
Construction costs		—			2,784			—			—			—		2,784
Legal and professional		305			41			27			1			—		374
Real estate commissions		—			69			—			—			—		69
Securities commissions		—			—			563			—			—		563
Depreciation and amortization		2,062			—			—			—			—		2,062
Total expenses		5,113			4,040			1,224			93			—		10,470
Interest expense		(1,286	)		(477	)		43			(29	)		—		(1,749	)
Other income/ (expense)		105			2			(18	)		20			—		109
Income (loss) from discontinued operations		2,989			1,470			—			—			—		4,459
Net income (loss)	$	4,163		$	1,304		$	(554	)	$	26		$	—	$	4,939

7

AmREIT
Summary of Operating Results

	Three Months Ended December 31,						Year Ended December 31,
Funds From Operations:	2006			2005			2006			2005
Income – before discontinued operations	$	3,271		$	542		$	6,927		$	3,547
Income – from discontinued operations		390			4,458			636			6,579
Plus depreciation of real estate assets – from operations		2,141			2,210			8,766			5,952
Plus depreciation of real estate assets – from discontinued operations		—			177			16			111
Adjustments for nonconsolidated affiliates		21			35			132			100
Less gain on sale of real estate assets acquired for investment		1			(2,805	)		(285	)		(3,400	)
Less class B, C & D distributions		(2,713	)		(2,897	)		(11,442	)		(9,245	)
Total Funds From Operations available to class A shareholders	$	3,111		$	1,720		$	4,750		$	3,644
Weighted Average Class A Shares Outstanding		6,238			6,446			6,300			5,205
Funds from Operations per Class A Share	$	0.50		$	0.27		$	0.75		$	0.70
Dividends:
Class A Common share dividends per share	$	0.12		$	0.12		$	0.50		$	0.50
Class B Common share dividends per share (1)	$	0.19		$	0.19		$	0.74		$	0.74
Class C Common share dividends per share (2)	$	0.17		$	0.17		$	0.70		$	0.70
Class D Common share dividends per share (3)	$	0.16		$	0.16		$	0.65		$	0.65

(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 became 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).  After three years and beginning in August 2006, subject to the issuance date of the respective shares, we have the right to force conversion of the shares into class A shares at the 10% conversion premium on a one-for-one basis or to redeem the shares at a cash redemption price of $11.00 per share at the holder’s option.
(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 became callable by the Company beginning in July 2005, based on the same conversion formula, prorated for the time the shares were outstanding (107.7% of invested capital).

8

	Three Months Ended December 31,				Twelve Months Ended December 31,
	2006		2005		2006		2005
Rental and Earned Income:
Base minimum rent	$	5,032	$	4,698	$	19,712	$	14,825
Earned income from direct financing leases		508		508		2,030		2,030
Straight line rent		432		73		782		319
Over/Under market rent		32		31		82		218
Percentage rent		469		70		760		154
Tenant reimbursements		1,448		2,087		6,105		4,968
Lease termination fees		—		—		717		—
Total Rental and Earned Income	$	7,921	$	7,467	$	30,188	$	22,514

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2006			2005			2006			2005
Real Estate Operating Revenue:
Development and construction management fees
Merchant development funds and affiliates	$	603		$	183		$	970		$	1,243
Unrelated third parties		140			40			170			70
Leasing and brokerage commissions
Merchant development funds and affiliates		3,676			919			5,608			3,145
Unrelated third parties		416			93			1,164			415
Property management fees
Merchant development funds and affiliates		130			117			405			200
Total Real Estate Operating Revenue	$	4,965		$	1,352		$	8,317		$	5,073
Percent attributable to merchant development funds and affiliates		89	%		90	%		84	%		90	%
Percent attributable to unrelated third parties		11	%		10	%		16	%		10	%

9

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2006			2005			2006			2005
Discontinued operations:
Rental revenue and earned income from DFL	$	—		$	256		$	52		$	1,804
Gain on sale of real estate held for investment		(1	)		2,805			285			3,400
Interest and other income		—			—			—			146
Gain on sale of real estate held for resale		370			2,351			382			3,223
Total revenues		369			5,412			719			8,573
Property expense		(3	)		(205	)		(104	)		(382	)
General and administrative		(3	)		(262	)		(17	)		(271	)
Federal income tax expense		(15	)		(166	)		7			(340	)
Legal and professional		17			6			(39	)		(2	)
Depreciation and amortization		1			5			(15	)		(111	)
Minority interest		24			(195	)		92			(597	)
Interest expense		—			(28	)		(7	)		(182	)
Debt prepayment penalty		—			(109	)		—			(109	)
Total expenses		21			(954	)		(83	)		(1,994	)
Income from discontinued operations		390			4,458		$	636		$	6,579
Basic and diluted income from discontinued  operations per class A common share	$	0.06		$	0.69		$	0.10		$	1.26

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2006			2005			2006			2005
Interest Expense:
Interest paid – floating rate	$	125		$	—		$	467		$	579
Interest paid – fixed rate		2,016			1,699			7,595			5,839
Loan cost amortization		67			50			253			221
Out-of-market debt amortization		(58	)		(59	)		(232	)		(227	)
Total Interest Expense	$	2,150		$	1,690		$	8,083		$	6,412

10

AmREIT
Summary Balance Sheet Information

	December 31, 2006			December 31, 2005
Class A Common Share Data:
Closing market price	$	8.33		$	6.90
Dividend yield		6.00	%		7.24	%
90-day average trading volume		16,474			25,095
Total Capitalization:
Debt	$	144,453		$	114,687
Class A common shares at market		52,127			44,171
Class B common shares as converted		8,998			14,826
Class C common shares as converted		45,601			45,319
Class D common shares as converted		118,899			118,852
Total Capitalization	$	370,078		$	337,855
Debt to Total Capitalization		39.0	%		33.9	%

Portfolio Net Asset Value Calculation:

Annual Property NOI			$	22,323,000
Average Property Cap Rate	6.30	%
Property Gross Value				354,339,000
Property Held for Sale				1,905,000
Notes Receivable				10,078,000
Cash, Receivables, Other				15,391,000
Total Asset Value							381,713,000
Notes Payable				(140,213,000	)
Security Deposits				(9,829,000	)
Total Liabilities							(150,042,000	)
Minority Interest (1)							(2,814,000	)
Total Net Asset Value (NAV)							228,857,000
NAV – Non Traded Shares (2)							170,638,000
NAV – class A common shares (2)							58,219,000
NAV – Per Class A common (2)						$	9.30

(1) Includes the portion of the net asset value that is owned by third parties or management, such as management’s ownership interest in AAA CTL.

(2) NAV and NAV per share represent only the portfolio value and other liquid assets.  We have not valued the asset advisory business or any of our general partner back end interests in the above analysis.

11

AmREIT
Debt Information

Description	Amount Outstanding 12-31-2006		Amount Outstanding 12-31-2005		Interest Rate			Annual Debt Service		Maturity Date
Credit Facility (1)	$	11,929	$	—		6.93	%	$	826		11/4/2007
2007 Maturities	$	11,929	$	—
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	$	1,155	$	1,196		8.25	%	$	138		3/1/2011
Sugar Land Plaza		2,286		2,313		7.60	%		203		11/1/2011
2011 Maturities	$	3,441	$	3,509
Albuquerque IHOP	$	670	$	692		7.82	%	$	75		4/24/2012
Baton Rouge IHOP		1,107		1,143		7.82	%		124		4/24/2012
Beaverton IHOP		785		811		7.82	%		88		4/16/2012
Charlottesville IHOP		558		576		7.82	%		62		4/24/2012
El Paso #1934 IHOP		673		695		7.82	%		75		4/16/2012
Rochester IHOP		842		870		7.82	%		94		4/16/2012
Shawnee IHOP		665		686		7.82	%		74		4/18/2012
5115 Buffalo Spdwy.		2,731		2,761		7.58	%		241		5/11/2012
Salem IHOP		551		567		7.82	%		61		5/17/2012
Springfield IHOP		915		944		7.82	%		102		6/21/2012
Roanoke IHOP		635		654		7.89	%		71		7/26/2012
Centerville IHOP		1,110		1,145		7.89	%		124		7/26/2012
Memphis #4462 IHOP		1,199		1,237		7.89	%		134		7/19/2012
Alexandria IHOP		640		660		7.89	%		71		7/19/2012
El Paso #1938 IHOP		802		826		7.89	%		89		8/23/2012
La Verne IHOP		668		688		7.89	%		74		8/23/2012
Memphis #4482 IHOP		696		717		7.89	%		77		8/23/2012
Parker IHOP		749		772		7.89	%		83		8/23/2012
2012 Maturities	$	15,996	$	16,444
Cinco Ranch	$	8,298	$	8,430		5.60	%	$	601		7/10/2013
Plaza in the Park		17,538		17,817		5.60	%		1,270		7/10/2013
2013 Maturities	$	25,836	$	26,247

Uptown Park	$	49,000	$	49,000	5.37	%	$	2,631	6/1/2015
2015 Maturities	$	49,000	$	49,000
Southbank - Riverwalk	$	20,000	$	—	5.91	%	$	1,182	6/1/2016
2016 Maturities	$	20,000	$	—
Bakery Square	$	3,967	$	4,211	8.00	%	$	571	2/10/2017
2017 Maturities	$	3,967	$	4,211
Total Maturities (3)	$	143,579	$	113,581

12

(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 and the interest rate as of December 31, 2006 remain constant through maturity.

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

(3) Total maturities above are $874 thousand and $1.1 million less than total debt as reported in our consolidated financial statements as of December 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:

	December 31, 2006		% of Total			December 31, 2005		% of Total
Variable rate	$	11,929		8.3	%	$	—		0.0	%
Fixed rate		132,524		91.7	%		114,687		100.0	%
	$	144,453		100.0	%	$	114,687		100.0	%

13

AmREIT
Property & Tenant Information

Multi-Tenant Shopping Centers	Major Tenants		City		State		Date Acquired		GLA		Annualized Base Rent as of December 31, 2006		% Leased
Uptown Park - Phase I and II		Ann Taylor, McCormick & Schmick’s		Houston		TX		6/1/2005		169,112	$	4,520,617		93	%
Southbank - Riverwalk		Hard Rock Café		San Antonio		TX		9/30/2005		46,673		1,511,552		100	%
MacArthur Park and Pad Sites		Kroger		Irving		TX		12/04 & 12/05		237,381		3,917,651		97	%
Plaza in the Park		Kroger		Houston		TX		7/1/2004		144,062		2,496,892		95	%
Cinco Ranch		Kroger		Houston		TX		7/1/2004		97,297		1,207,722		100	%
Bakery Square		Walgreens & Bank of America		Houston		TX		7/21/2004		34,614		853,738		100	%
Uptown Plaza		CVS/pharmacy		Houston		TX		12/10/2003		28,000		1,236,646		94	%
Woodlands Plaza		FedEx/Kinkos & Rug Gallery		The Woodlands		TX		6/3/1998		20,018		373,317		100	%
Sugarland Plaza		Mattress Giant		Sugarland		TX		7/1/1998		16,750		349,612		100	%
Terrace Shops		Starbucks		Houston		TX		12/15/2003		16,395		436,844		93	%
584 N. Germantown Pkwy. (Baptist Memorial Medical Plaza)		Auto Zone & Baptist Memorial		Memphis		TN		7/23/2002		15,000		194,026		75	%
Courtyard on Post Oak		Verizon Wireless		Houston		TX		6/15/2004		13,597		477,361		100	%
Uptown Plaza - Dallas		Grotto, Century Bank, Pei Wei		Dallas		TX		3/30/2006		38,872		1,622,985		100	%
Multi-Tenant Shopping Centers Total										877,771		19,198,963

Single Tenant (Ground Leases)	City		State		Date Acquired		GLA		Annualized Base Rent as of December 31, 2006		% Leased
CVS Corporation		Houston		TX		1/10/2003		13,824	$	327,167		100	%
Darden Restaurants		Peachtree City		GA		12/18/1998		6,867		79,366		100	%
Carlson Restaurants		Hanover		MD		9/16/2003		6,802		141,674		100	%
Citibank		San Antonio		TX		12/17/2004		4,439		155,000		100	%
Fontana Tract (2)		Dallas		TX		12/11/2006		—		—		—
Washington Mutual		Houston		TX		12/11/1996		3,685		98,160		100	%
Washington Mutual		The Woodlands		TX		9/23/1996		3,685		61,794		100	%
Single Tenant (Ground Leases) Total								39,302		863,161

14

Single Tenant (Fee Simple)	City		State		Date Acquired		GLA		Annualized Base Rent as of December 31, 2006		% Leased
Golden Corral		Houston		TX		7/23/2002		12,000		182,994		100	%
Golden Corral		Humble		TX		7/23/2002		12,000		181,688		100	%
Carlson Restaurants		Houston		TX		7/23/2005		8,500		200,000		100	%
#1483 IHOP Corporation		Sugarland		TX		9/22/1999		4,020		189,146		100	%
#1737 IHOP Corporation		Centerville		UT		7/25/2002		4,020		162,656		100	%
# 4462 IHOP Corporation (5)		Memphis		TN		8/23/2002		4,020		178,898		100	%
#5318 IHOP Corporation		Topeka		KS		9/30/1999		4,020		158,359		100	%
AFC, Inc.		Atlanta		GA		7/23/2002		2,583		119,279		100	%
Advance Auto (1)(2)(3)(4)		Various				Various		21,000		131,421		Note	(1)
Single Tenant (Fee Simple) Total								72,163		1,504,441

Single Tenant (Leasehold)	City		State		Date Acquired		GLA		Annualized Base Rent as of December 31, 2006		% Leased
IHOP Corporation (5)		Various		Various		Various		60,300	$	1,560,215		100	%
Company Total GLA % Leased								1,049,725	$	23,126,780		96.50	%

(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, 75.0% of which is owned by AmREIT, 19.6% of which is own by AMREIT Income & Growth Fund, one of our affiliated merchant development funds, and the remainder of which is owned by unaffiliated third parties.
(6)	This property is 100% leased; however, rent does not commence until after December 31, 2006.

15

Top Tenants by revenue concentration for the year ended December 31, 2006:

Tenant	Rental Income		% of Rental Income
Kroger	$	2,710		8.94	%
IHOP Corporation		2,249		7.42	%
CVS/pharmacy		1,046		3.45	%
Landry’s		872		2.88	%
Linens ‘N Things		624		2.06	%
Total	$	7,501		24.75	%

Leasing Activity for the quarter ended December 31, 2006:

					Rent per sq. ft.
	# of leases		Total sq. ft.		New Rent		Old Rent		% Change
New leases		7		19,302		35.43		N/A		N/A
Activity on Existing Leases:
Lease renewals		3		10,445		30.67		25.67		19.48	%
Non-renewals		0		—		N/A		N/A		N/A
Expired/Cancelled leases		3		5,607		N/A		19.61		N/A

16

Lease Expirations by Year:

Expiration Year	Number of Leases Expiring		Square Footage		Percent of Total
2007		15		35,369		3.65	%
2008		22		67,791		7.00	%
2009		32		77,939		8.05	%
2010		32		130,919		13.52	%
2011		52		193,102		19.95	%
2012		7		26,274		2.71	%
2013		6		25,373		2.62	%
2014		7		27,287		2.82	%
2015		1		3,000		0.31	%
2016		10		49,583		5.12	%
2019		1		4,020		0.42	%
2020		4		75,991		7.85	%
2021		4		86,806		8.97	%
2022		1		4,020		0.42	%
2023		1		63,373		6.55	%
2024		3		21,864		2.26	%
2025		6		32,100		3.32	%
2026		4		16,080		1.66	%
2027		3		12,060		1.25	%
2056		1		15,120		1.56	%
Totals		212		968,071		100.00	%

17