Exhibit 99.2

Exhibit 99.2

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	++ Earnings Webcast ++
AMY:06	1st Quarter 2006
	May 4, 2006

Forward Looking Statement

In addition to historical information, this presentation contains forward-looking statements under the federal securities law. These statements are based on current expectations, estimates and projections about the industry and markets in which AmREIT operates, and beliefs and assumptions made by management. Past performance is not indicative of future returns. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. The estimated 2006 amounts included herein are based solely on management’s 2006 forecast and do not represent historical results of operations or financial condition.

2

Quality Portfolio Growth

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3

Our Business Model

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4

FFO Per Share Quarter vs. Annual

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1 Real Estate Development and Operating Business

As a real estate development and operating company, we provide value by offering an array of services to our tenants and properties, to our asset advisory group’s portfolios and to third parties.

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Real Estate Development and Operating FFO Segment Contribution (in thousands)

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2 Asset Advisory Business

Our asset advisory business broadens the Company’s avenues to capital and raises private equity for a series of merchant development partnership funds.

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Capital Under Management in Advisory Group (in millions)

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Fund Timeline (in millions)

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3 Portfolio of Irreplaceable Corners

AmREIT’s institutional-grade portfolio of Irreplaceable Corners (IC), our most recognized business, provides a foundation to our FFO growth through a steady stream of rental income.

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2005 Acquisitions

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Ideal Characteristics of an Irreplaceable Corner

+  High barriers to entry

+  Strong 3-mile demographics

+  High traffic counts

+  Located on a lighted “Main and Main” corner

+  National and regional market dominant tenants

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2006 Acquisitions

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Uptown Plaza

Dallas, TX

Acquired March 2006

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Total FFO* by Segment vs. Total Dividends Paid (Class A, B, C & D Common Shares) (in millions)

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It All Adds Up

Becoming a leading company in generating FFO per share for our shareholders over the long-term is our number one financial goal.

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Since 2003:
•	19% average annual growth in FFO per share
•	15% average annual dividend growth
•	108% average annual growth in total assets
•	131% average annual growth in portfolio equity

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USEFUL INFORMATION

Contact Names:	Debbie Lucas, VP Corporate Communications	Date:	May 4, 2006
	Chad Braun, Chief Financial Officer	Phone:	1-800-888-4400
Company:	AmREIT	Website:	www.amreit.com
	8 Greenway Plaza, Suite 1000
	Houston, TX  77046

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DISCLAIMERS
Unless otherwise stated, all references to funds from operations (FFO) or FFO per share throughout this presentation represent amounts available to Class A shareholders.

All references to FFO within this presentation represent amounts available to Class A shareholders. References to 2003 and 2004 FFO have been adjusted for certain non-cash changes such as deferred merger charges and asset impairment charges.

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