8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) August 7, 2006

Commission File Number 0-28378

AmREIT

(Exact name of registrant as specified in its charter)

TEXAS	76-0410050
(State or other jurisdiction of Incorporation or organization)	(IRS Employer Identification No.)
8 Greenway Plaza, Suite 1000, Houston, Texas 77046	713-850-1400
(Address of principal executive offices)	(Registrant’s telephone number)
[N/A]
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

Item 2.02.  Results of Operations and Financial Condition

          On August 7, 2006, the Company issued a press release announcing its financial results for the second quarter ended June 30, 2006.  A copy of the press release issued by the Company is attached hereto as Exhibit 99.1.  Attached as Exhibit 99.2 to this report are the slides which accompany this press release.  Also, attached as Exhibit 99.3 to this report is the Supplemental Financial Information which accompanies this press release.

          The Company’s press release announcing its financial results for its second quarter ended June 30, 2006, contains non-GAAP financial measures.  Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with United States generally accepted accounting principles, or GAAP.  Pursuant to the requirements of Regulation G, the Company has provided quantitative reconciliations within the press release of the non-GAAP financial measures to the most directly comparable GAAP financial measures.

          The press release attached to this Form 8-K as Exhibit 99.1 shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liabilities of that section.

Item 9.01.  Financial Statement and Exhibits

Exhibits.  The following exhibits are furnished as part of this current report on Form 8-K:
99.1	Press release dated August 7, 2006
99.2	Slide presentation
99.3	Supplemental Financial Information

2

SIGNATURE

          Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	AmREIT
	By:	/s/ Chad C. Braun
		Chad C. Braun, Chief Financial Officer
Dated:  August 7, 2006

3

EX-99.1

Exhibit 99.1

AmREIT Reports Second Quarter Earnings and FFO

          HOUSTON, Aug. 7 /PRNewswire-FirstCall/ -- AmREIT (Amex: AMY), a Houston-based real estate development and operating company that has elected to be taxed as a real estate investment trust, announced today financial results for the second quarter 2006.  Following are the financial highlights:

*	Funds from Operations (FFO) available to our Class A common shareholders for the second quarter 2006 were $516,000, or $0.08 per share, which is within our second quarter 2006 guidance of $0.06 to $0.10 per share.  This compares to second quarter 2005 reported FFO of $615,000 or $0.14 per share;
*	Operating revenues for the second quarter 2006 increased 93% to $13.3 million as compared to $6.9 million for the same period in 2005;
*	Net loss available to our Class A common shareholders for the second quarter 2006 was a loss of $1.7 million, or ($0.26) per share.  This compares to our second quarter 2005 reported net loss of $310,000 or ($0.07) per share;
*	The Board of Trust Managers declared a quarterly dividend of $0.1242 per Class A common share for the third quarter 2006, which will be paid out on a monthly basis;
*	Real estate investments before depreciation increased from $290 million as of December 31, 2005 to $310 million as of June 30, 2006;
*	Total assets owned by the merchant development funds in our asset advisory business increased by $9 million during the quarter and as of June 30, 2006 have a book value of approximately $149 million; and
*	AmREIT joined the Russell Microcap(TM) Index when the Russell Investment Group reconstituted its family of U.S. indexes on June 30, 2006.

          Total FFO available to all common shareholders for the second quarter was $3.4 million and dividends paid to all classes of common shareholders equaled $4.2 million.  This compares to the same quarter in 2005 where we reported FFO available to all common shareholders of $2.7 million and dividends paid to all classes of common shareholders of $2.8 million.  We anticipate that total FFO available to all common shareholders for 2006 will be $16.5 million and total dividends paid to all classes of common shareholders are anticipated to be $14.8 million.  Management's long term goal is to grow the portfolio activities such that the FFO generated from the portfolio will cover dividends paid to all classes of stock.  For 2006, the portfolio is estimated to cover 92% of the dividends paid.

          AmREIT operates three distinct businesses:  First, as a real estate development and operating company we create value by providing construction, development, acquisition, disposition, brokerage, leasing and property management services to our own portfolio, to third parties, and to our affiliated asset advisory group.  Second, our asset advisory business raises private capital for our merchant development partnership funds.  Finally, we own a portfolio of Irreplaceable Corners(TM) that provides a solid foundation for our revenue growth through its steady stream of rental income.  These three segments collectively contribute to our overall financial growth and earnings.

          "Our second quarter results are on track and in accordance with our guidance, however, they also underscore the transactional nature of our operating platform," said Chad C. Braun, AmREIT's chief financial officer. "Based on our current period results, we are affirming our annual FFO guidance of $0.71 to $0.77 per Class A common share, and are announcing FFO guidance for the third quarter ended September 30, 2006 of $0.18 to $0.22 per Class A common share."

           Real Estate Development and Operations

          Our real estate development and operating business generated $1.3 million (including discontinued operations and net of construction expense) in total revenue during the second quarter, down 13% as compared to the $1.5 million generated in the second quarter of 2005.  The decrease in the real estate development and operating business is due to timing of transactional activities, and we anticipate this business to generate total 2006 revenues of $10.5 million (net of construction expense), a 35% expected annual increase over 2005.

          Expenses associated with this line of business for the second quarter were approximately $1.7 million, resulting in net loss to our class A common shares of $363,000.

          The real estate development and operating business reduced FFO available to Class A common shares by approximately $370,000, or ($0.06) per share for the quarter.  Anticipated FFO per Class A common share for 2006 from this segment is budgeted at $0.13 to $0.15 a share, or approximately 18% of total 2006 budgeted FFO.  This business is transactional and the timing of these contributions from quarter to quarter is hard to predict.

          Our pipeline of development and re-development opportunities for third parties and for our asset advisory group includes approximately 1.0 million square feet under various stages of development and an additional 300,000 square feet in various stages of pre-development.  Together, this represents over $136 million in active development and re-development projects.  Of this, 662,000 square feet is scheduled for completion in 2006.

           Asset Advisory Business

          For 21 years we have been raising private capital for our real estate merchant development partnership funds and building relationships in the financial planning community, earning fees and sharing in profits from those activities.  To date we have sponsored six actively-managed income and growth funds.  Prior to 2006, the first two actively managed funds have substantially liquidated and generated profits for investors and back end profit participation to the general partners.

          The remaining four funds are anticipated to enter liquidation phases in 2008, 2010, 2011 and 2012, respectively.  As these funds enter into liquidation, similar to the first two actively-managed funds, we expect to receive economic benefit from our profit participation after certain preferred returns have been paid to the partnerships' limited partners.

          As of June 30, 2006, we had a combined $85 million in equity capital under management in our four active funds, and we anticipate increasing the equity under management in these funds to $120 million by year end.  For the quarter, this group generated total revenues of $1.7 million, with $1.4 million related to our securities operations and securities commissions earned on sales of units in our merchant development funds and $351,000 related to recurring asset management fees and general partner interests.  We anticipate asset management fees in 2006 to increase 88% over 2005 to $930,000.

          For the quarter, expenses associated with this line of business were approximately $1.8 million, comprised of $1.1 million in securities commission expense and $716,000 of general and administrative expense.  The result was a net loss to our Class A common shares of $74,000.

          The asset advisory group reduced FFO available to Class A common shares by approximately $35,000, or ($0.005) per share for the quarter.  Anticipated FFO per Class A common share for 2006 from this segment is budgeted at $0.02 to $0.03 a share, or approximately 2% of total 2006 FFO.  The asset advisory group is anticipated to increase its contribution to FFO as we grow equity under management from the current $85 million to an anticipated critical mass of $250 million within the next twenty-four months.  As our existing funds enter into liquidation, they can produce general partner back-end profit participation interests, which can provide additional contributions to FFO.

         Portfolio of Irreplaceable Corners

          Our portfolio acts as the primary source of recurring income to our business model, contributing approximately 74% in total revenues (net of construction expense), and consists of premier retail properties typically located on "Main and Main" intersections in high-traffic, highly populated affluent areas.  As of June 30, 2006, we owned 48 properties, with approximately 85% of our rental income coming from properties located in major Texas metropolitan areas.  83% of the portfolio consists of multi-tenant, grocery anchored and lifestyle shopping centers.  The remaining 17% comes primarily from single tenant, parent company guaranteed leased properties.

          The portfolio generated $8.5 million in total revenue during the second quarter of 2006, up 49% as compared to the $5.7 million generated for the same period in 2005.  We anticipate this business to generate total 2006 revenues of $33 million, a 44% annual increase over 2005.

          Expenses associated with our portfolio were approximately $6.8 million, comprised of $2.1 million in property expenses, $2.4 million in depreciation and amortization, $1.8 million in interest expense and $455,000 in general and administrative expense.  Revenues were further reduced by $2.9 million due to the allocation of dividends from our non-traded shares on a pro-rata basis based on net income contribution of the segment, resulting in a net loss to our Class A common shares of $1.2 million.

          FFO contributions from the portfolio totaled approximately $921,000 or $0.15 per Class A common share for the quarter.  Anticipated FFO available to Class A common shares for 2006 from this segment is budgeted at $0.56 to $0.59 per share, or approximately 81% of total 2006 FFO.  We believe this is a recurring and dependable income stream that will support the monthly dividends, and we strive to have the portfolio cover 100% of the dividends paid to all classes of common shares.

          Our overall occupancy as of June 30, 2006 was approximately 96%.

          AmREIT updates annual earnings guidance on a quarterly basis.

           Conference Call

          AmREIT will hold its quarterly conference call to discuss second quarter 2006 results Tuesday, August 8th, at 2:00 pm Central Time (3:00 pm Eastern Time).  Interested parties are encouraged to access the live webcast by visiting the investor relations page of AmREIT's website at http://www.amreit.com .  The dial-in number for the call is 1-877-407-8031. The call will also be available for replay for 60 days by dialing 1-877-660-6853, account number 286, ID number 208355.

          The company has published additional forward-looking statements in its second quarter 2006 supplemental information package that may help investors estimate earnings for 2006.  A copy of the company's second quarter 2006 supplemental information will be available on the company's web site at http://www.amreit.com or by written request to Debbie Lucas, Investor Relations, AmREIT, 8 Greenway Plaza, Suite 1000, Houston, Texas 77046.  The information provided in the supplemental package is unaudited and there can be no assurance that the information will not vary from the final information for the quarter ended June 30, 2006.  AmREIT may, but assumes no obligation to, update information in the supplemental package from time to time.

          About AmREIT

          AmREIT is a growing real estate company that has delivered results to our investors for 21 years.  Our mission is to establish a real estate business that can realize growth in income in any market cycle -- a company with strong earnings power from multiple sources.  This mission has led us into three distinct businesses.  First, as a real estate development and operating company, we construct, develop, acquire, dispose of, broker, lease and manage properties for our shareholders as well as for our asset advisory group and third parties.  Second, we have an asset advisory group which raises private capital for and generates fees from our merchant development partnership funds.  And third, we own a portfolio of "Irreplaceable Corners(TM)" -- premier retail properties in high-traffic, highly populated areas -- which are held for long-term value and provide a steady stream of rental income.  As of June 30, 2006, AmREIT has over 1 million square feet of retail centers in various stages of development or in the pipeline for both our advisory group and for third parties.  As of June 30, 2006, our total assets were $331 million and our asset advisory group managed an additional $149 million in total assets.

          In addition to historical information, this press release 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, management's 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.

          For more information, call Debbie Lucas, Vice President Investor Relations & Corporate Communications or Chad Braun, Chief Financial Officer of AmREIT, at (713) 850-1400.  AmREIT is online at http://www.amreit.com .

(Tables to Follow)

Operating Results
(in thousands, except share and per share data)

	Three Months Ended June 30,						Six Months Ended June 30,
	2006			2005			2006			2005
Revenues:
Rental income from operating leases	$	7,487		$	4,482		$	13,460		$	8,393
Earned income from direct financing leases		508			508			1,015			1,015
Real estate fee  income		—			58			751			294
Real estate fee  income - related  party		910			957			1,677			1,715
Construction revenues		319			124			940			124
Construction  revenues - related party		2,623			341			3,796			341
Securities commission income -  related party		1,227			271			2,618			271
Asset management fee income - related party		186			120			344			237
Total revenues		13,260			6,861			24,601			12,390
Expenses:
General and  administrative		2,250			1,346			4,128			2,505
Property expense		2,162			937			3,185			1,630
Construction expense		2,609			302			4,284			302
Legal and professional		278			461			576			891
Real estate commissions		—			13			540			166
Securities commissions		1,082			236			2,339			236
Depreciation and amortization		2,391			1,324			4,573			2,360
Total expenses		10,772			4,619			19,625			8,090
Operating income		2,488			2,242			4,976			4,300
Other income (expense):
Interest and other income		232			107			467			156
Income from merchant development funds and other affiliates		208			82			306			113
Federal income tax expense (benefit) for  taxable REIT subsidiary		180			(147	)		263			(157	)
Interest expense		(2,090	)		(1,480	)		(3,833	)		(2,975	)
Minority interest in income of consolidated joint ventures		(38	)		(34	)		(80	)		(73	)
Income before discontinued operations		980			770			2,099			1,364
Income from discontinued operations		266			96			234			859
Gain on sale of real estate acquired for resale		7			871			12			872
Net income		1,253			1,737			2,345			3,095
Distributions paid to class B, C and D shareholders		(2,914	)		(2,047	)		(5,820	)		(3,679	)
Net loss available to class A shareholders	$	(1,661	)	$	(310	)	$	(3,475	)	$	(584	)

(in thousands, except share and per share data)

	Three Months Ended June 30,						Six Months Ended June 30,
	2006			2005			2006			2005
Reconciliation of Net Income (loss) before discontinued operations to Funds From Operations ("FFO"):
Income (loss) before discontinued operations	$	980		$	770		$	2,099		$	1,364
Income from discontinued operations		273			967			246			1,731
Depreciation - from operations		2,425			1,178			4,589			2,072
Depreciation - from discontinued operations		6			62			16			136
Adjustments for non-consolidated affiliates		39			29			69			44
Gain on sale of real estate held for investment		(293	)		(344	)		(286	)		(595	)
Class B, C and D distributions		(2,914	)		(2,047	)		(5,820	)		(3,679	)
FFO available to class A shares	$	516		$	615		$	913		$	1,073
Basic and Diluted Per Class A Share Data:
Loss before discontinued operations	$	(0.30	)	$	(0.29	)	$	(0.59	)	$	(0.59	)
Income from discontinued operations	$	0.04		$	0.22		$	0.04		$	0.44
Net loss	$	(0.26	)	$	(0.07	)	$	(0.55	)	$	(0.15	)
FFO	$	0.08		$	0.14		$	0.14		$	0.27
Distributions per class A share	$	0.12		$	0.12		$	0.24		$	0.24
Distributions per class B, C and D share	$	0.52		$	0.52		$	1.04		$	1.04
Share Data:
Weighted average class A common shares used to compute net income per share, basic and diluted		6,347,818			4,434,676			6,339,390			3,955,514

Market Capitalization Table

	Number of Shares		Price		Market Equity
Common Shares Outstanding (6/30/06)
Class A, net of treasury shares		6,313,839	$	7.18		45,333,364
Class B		2,099,516	$	7.18		15,074,525
Class C (priced at par value)		4,161,562	$	10.00		41,615,620
Class D (priced at par value)		11,103,118	$	10.00		111,031,180
Total		23,678,035				213,054,689

Balance Sheet Highlights
(in thousands)

	June 30, 2006		December 31, 2005
	(Unaudited)
Real estate investments before accumulated depreciation	$	309,891	$	290,097
Real estate held for investment, net		262,508		241,301
Net investment in direct financing leases		19,208		19,212
Real estate held for resale, net		—		3,569
Total assets		330,646		314,971
Notes payable		136,741		114,687
Total liabilities		147,632		126,510
Minority interest		1,147		1,176
Total shareholders' equity		181,867		187,285

Non-GAAP Financial Disclosure

          This press release contains certain non-GAAP financial measures that management believes are useful in evaluating an equity REIT's performance. AmREIT's definitions and calculations of non-GAAP financial measures may differ from those used by other equity REIT's, and therefore may not be comparable.  The non-GAAP financial measures should not be considered as an alternative to net income as an indication of our operating results, or to net cash provided by operating activities as a measure of our liquidity.

          AmREIT considers FFO to be an appropriate measure of the operating performance of an equity REIT.  The National Association of Real Estate Investment Trusts ("NAREIT") defines FFO as net income computed in accordance with generally accepted accounting principles ("GAAP"), excluding gains or losses from sales of property, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. AmREIT calculates its base FFO in accordance with this definition.  The Company considers FFO to be an appropriate supplemental measure of operating performance because, by excluding gains or losses on dispositions and excluding depreciation, FFO is a helpful tool that can assist in the comparison of the operating performance of a company's real estate between periods, or as compared to different companies.  FFO is not defined by GAAP and should not be considered as an alternative to net income as an indication of our operating performance or to net cash provided by operating activities as a measure of our liquidity.  FFO and adjusted FFO as disclosed by other REITs may not be comparable to AmREIT’s calculation.

          Projected FFO is calculated in a method consistent with historical FFO, and AmREIT considers projected FFO to be an appropriate supplemental measure when compared with projected EPS.  A reconciliation of the projected FFO to projected EPS per share is provided below:

	Projected 2006 Range						Historical 12/31/05
		High			Low
Net (loss)/income available to class A shareholders	$	(0.53	)	$	(0.59	)	$	0.17
Depreciation and amortization		1.35			1.35			1.18
Less gain on sale of real estate		(0.05	)		(0.05	)		(0.65	)
FFO available to class A shareholders		0.77			0.71			0.70

           FOR INFORMATION CONTACT:
          Debbie Lucas (dlucas@amreit.com )
          AmREIT, (713) 850-1400

SOURCE AmREIT
           - -0-                                                                08/07/2006
           /CONTACT:    Debbie Lucas of AmREIT, +1-713-850-1400, or dlucas@amreit.com /
          /Photo:        http://www.newscom.com/cgi-bin/prnh/20060406/NYTH041LOGO
                               AP Archive:  http://photoarchive.ap.org
                               PRN Photo Desk, photodesk@prnewswire.com /
          /Web site:    http://www.amreit.com

EX-99.2

Exhibit 99.2

 [GRAPHIC APPEARS HERE]

	++ Earnings Webcast ++
AMY:06	2nd Quarter 2006
	August 8, 2006

++It All Adds Up++

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

++It All Adds Up++

Quality Portfolio Growth

[GRAPHICS APPEAR HERE]

3

++It All Adds Up++

Our Business Model

[CHART APPEARS HERE]

4

++It All Adds Up++

YTD (6/30/06) Financial Update

• Total Assets by $16 Million to $331 Million

• Capital Under Management in Advisory Group by $24 Million to $85 million

• On track to reach $120 million by yearend

• Generated $0.14 in FFO per Class A Share

• On track to reach annual guidance of $0.71 - $0.77 per share

5

++It All Adds Up++

[GRAPHIC APPEARS HERE]

Real Estate Development and Operating Business

2^nd Quarter Financial Update

• $1.3 Million in Revenues

• $112,000 – development fees

• $718,000 – leasing & brokerage commissions

• $333,000 – construction fees (net of expense)

• $80,000 – property management fees

• $1.7 Million in Expenses

• Primarily commissions, salary, and G&A

• Net Loss = $363,000 OR ($0.06) in FFO/share

• Started development on 200,000 square feet for advisory business

• Projected to contribute $0.13 - $0.15 in FFO for 2006

6

++It All Adds Up++

[GRAPHIC APPEARS HERE]

Asset Advisory Business

2^nd Quarter Financial Update

•	Raised $11.3 Million for Funds
	•	$85 million in total assets under management
•	$1.7 Million in Revenues
	•	$1,400,000 – securities commission income
	•	$186,000 – recurring asset management fee income
	•	$165,000 – general partner back-end interest from AOF*
•	$1.8 Million in Expenses
	•	Primarily commissions, salary, and G&A
•	Net Loss = $74,000 OR ($0.01) in FFO/share
•	Projected to contribute $0.02 - $0.03 in FFO for 2006
* AmREIT Opportunity Fund

7

++It All Adds Up++

[GRAPHIC APPEARS HERE]

Portfolio of Irreplaceable Corners

2^nd Quarter Portfolio Update

• 48 Properties

• 85% of rental income from Texas

• 95.8% Occupancy

• Up 1.1% from 1Q

• 4 New Leases with Avg. Rents > $30/ft

• 5.89% avg. increase

[GRAPHIC APPEARS HERE]

8

++It All Adds Up++

[GRAPHIC APPEARS HERE]

Portfolio of Irreplaceable Corners

2^nd Quarter Financial Update

• $8.5 Million in Revenues

• Includes $450,000 – lease termination fees

• Offest by:

• $2.1 million – property expense

• $2.4 million – depreciation

• $1.8 million – interest expense

• $500,000 – G&A

• $2.9 million – dividend allocation

• Net Loss = $1.2 Million

• Generated $0.15 FFO/share*

• Projected to contribute $0.56 - $0.59 in FFO for 2006

[GRAPHIC APPEARS HERE]

9

++It All Adds Up++

Additional Updates

• Stock Buy-Back

• Initiated program in December 2005

• As of July 31, 2006

• 311,600 share purchased

• $7.12 average price

• $0.71 to $0.77 2006 FFO Guidance

• Increases in transactional activity forecasted for 3^rd and 4th quarter will fuel the growth in FFO for the year

• $0.18 - $0.22 FFO/share projected for 3rd quarter

10

++It All Adds Up++

[GRAPHIC APPEARS HERE]

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.

Since 2003:

•    19% average annual growth in FFO per share

•    108% average annual growth in total assets

•    102% average annual growth in equity within asset advisory group

[GRAPHICS APPEAR HERE]

11

++It All Adds Up++

Focus Areas For Near Future

1.	Simplify Balance Sheet
2.	More Aggressively Spread the AmREIT Story
3.	Build Upon Our Development and Repositioning Expertise

[GRAPHICS APPEAR HERE]

12

++It All Adds Up++

[GRAPHIC APPEARS HERE]

2^nd Qtr Fund Development Projects

Olmos Creek ->-> San Antonio, TX
•	16 acre tract
•	Successful regional grocer as anchor
•	Site is outdated
Mixed Use Project Houston, TX
•	Strong JV partner with great experience

13

++It All Adds Up++

Hank Rush: New Board Member

[GRAPHIC APPEARS HERE]

Mr. Rush currently serves as president and chief executive officer of REIData, Inc., a Stewart Information Services Corp. subsidiary, and serves on the board of REIData, Inc. and Bradmark Technologies, Inc.  He has over 20 years of senior executive and start-up management experience in IT development and outsourcing, residential and commercial construction and energy.  For 10 years prior to joining REIData, Mr. Rush served as chairman and co-founder of EC Power, Inc., an internet transaction services company. In addition, he founded and served for eight years as president and chief executive officer of a high-end residential construction company in Houston and served as a senior executive with BMC Software, Inc., where he managed the initial phase of BMC’s new headquarters land acquisition and construction.  Texas Eastern Corp., now a part of Duke Energy, was his professional home for almost 20 years prior to his move to BMC. 

14

++It All Adds Up++

USEFUL INFORMATION

Contact Names:	Debbie Lucas,
	VP Corporate Communications	Date:	August 8, 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

[GRAPHICS APPEAR HERE]

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.

15