Exhibit 99.2
[LOGO] AmREIT
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Good Things Happen on Great Real Estate(TM)
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3Q Acquisition
Plaza in the Park - Kroger
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Property Information:
=> SW Corner of Buffalo Speedway & Westpark in Houston, TX
=> Acquired 7/1/04
=> 131,000 sq. feet
Kroger is the #1 grocer in the Houston marketplace
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2 Good Things Happen on Great Real Estate(TM) [LOGO] AmREIT
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3Q Acquisition
Cinco Ranch - Kroger
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Property Information:
=> NE corner of Mason Road and Westheimer in Katy, TX
=> Acquired 7/1/04
=> 97,297 sq. feet
Kroger is the #1 grocer in the Houston marketplace
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3 Good Things Happen on Great Real Estate(TM) [LOGO] AmREIT
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3Q Acquisition
Bakery Square
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Property Information:
o SW corner of Dunlavy and West Gray in Houston, TX
o Acquired 7/23/04
o 34,704 total sq. feet
This is a strong infill property located just west of downtown Houston.
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4 Good Things Happen on Great Real Estate(TM) [LOGO] AmREIT
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Our Business Model
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Wall Street ||$|| Capital -------|
|
|------> AmREIT <------|
| ^ |
o Advisory Fees Retail | Real Estate o Construction Fees
o Profit Partnership | Operating and o Development Fees
Participation Business | Development o Property Management Fees
^ | Business o Asset Gains
| | o Brokerage and Leasing
|(Capital) |(Capital) Fees
| |
----- Securities
Business <---- Independent Financial
Planning Community
(Relationships)
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=> AmREIT (AMY) is supported by three synergistic businesses: a real estate
operating and development business, a NASD registered securities business
and a retail partnership business
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5 Good Things Happen on Great Real Estate(TM) [LOGO] AmREIT
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Asset Growth
(millions)
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[The following information was depicted as a bar chart in the printed material]
2002 2003 2004E 2005E
---- ---- ----- -----
$74 $101 $200 $400 *12-18 months
* Represents the adjusted FFO (AFFO) per share. The company adheres to the
NAREIT definition of FFO. The company's AFFO takes the NAREIT calculated
FFO and adds back certain non-cash expense items, if any for that year.
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6 Good Things Happen on Great Real Estate(TM) [LOGO] AmREIT
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AMY vs. NAV
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* In the 3Q Earnings Release AmREIT stated that NAV/share should be in the
range of $8.50 to $9.30 for the 3Q04 period. The range displayed is not
representative of the previous NAV estimates prior to the 2Q04 earnings
release. AmREIT updates NAV/share on a quarterly basis.
[The following information was depicted as a mountain chart in the printed
material]
Value of Advisor $9.30 NAV
NAV Discount $8.50 Range*
$7.80 Close 11/8/04
Date Close
---- -----
Oct-04 8.00
Sep-04 7.46
Aug-04 8.04
Jul-04 7.47
Jun-04 6.63
May-04 6.64
Apr-04 6.75
Mar-04 7.07
Feb-04 7.05
Jan-04 6.60
Dec-03 6.40
Nov-03 6.40
Oct-03 6.50
Sep-03 6.40
Aug-03 6.38
Jul-03 6.32
Jun-03 6.15
May-03 6.64
Apr-03 6.55
Mar-03 6.80
Feb-03 6.30
Jan-03 6.25
Dec-02 6.25
Nov-02 6.50
Oct-02 6.50
Sep-02 6.55
Aug-02 6.95
Jul-02 6.60
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7 Good Things Happen on Great Real Estate(TM) [LOGO] AmREIT
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FFO Growth (Adjusted)
(Per Share)
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[The following information was depicted as a bar chart in the printed material]
2002 2003 2004E
---- ---- ----- Increase 15-19%
$0.42 $0.54 $0.62
* Represents the adjusted FFO (AFFO) per share. The company adheres to the
NAREIT definition of FFO. The company's AFFO takes the NAREIT calculated
FFO and adds back certain non-cash expense items, if any for that year.
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8 Good Things Happen on Great Real Estate(TM) [LOGO] AmREIT
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Dividend Growth
(per share)
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[The following information was depicted as a bar chart in the printed material]
2002 2003 2004
---- ---- ---- Increase 9.1%
$0.34 $0.45 $0.48
* Represents the adjusted FFO (AFFO) per share. The company adheres to the
NAREIT definition of FFO. The company's AFFO takes the NAREIT calculated
FFO and adds back certain non-cash expense items, if any for that year.
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9 Good Things Happen on Great Real Estate(TM) [LOGO] AmREIT
=> Contact Us
www.amreit.com
1.800.888.4400
Kerr Taylor
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CEO
ktaylor@amreit.com
Extension 114
Chad Braun
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CFO
cbraun@amreit.com
Extension 124
Debbie Lucas
------------
VP Corporate
Communications
dlucas@amreit.com
Extension 143
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Disclaimer
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Statements included in this presentation that state the company's or
management's intentions, hopes, beliefs, expectations or predictions of the
future are "forward-looking" statements, within the meaning of the Private
Securities Litigation Reform Act of 1995, which, by their nature, involve known
and unknown risks and uncertainties. The company's actual results, performance
or achievements could differ materially from those expressed or implied by such
statements. Reference is made to the company's regulatory filings with the
Securities and Exchange Commission for information or factors which may impact
the company's performance.
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11 Good Things Happen on Great Real Estate(TM) [LOGO] AmREIT