13F-HR 1 x13f-0605.txt WELLS ASSET MANAGEMENT, INC. - FORM 13F-HR UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: June 30, 2005 Check here if Amendment [ ]; Amendment Number: This Amendment (Check only one): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Wells Asset Management, Inc. Address: 6200 The Corners Parkway Norcross, Georgia 30092 Form 13F File Number: 28-10426 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Jill W. Maggiore Title: Vice President Phone: (770) 243-8138 Signature, Place, and Date of Signing: /s/ Jill W. Maggiore Norcross, Georgia 07/15/2005 -------------------- ------------------ ----------- [Signature] [City, State] [Date] Report Type (Check only one): [X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 100 Form 13F Information Table Value Total: $ 339,441 (thousands) List of Other Included Managers: NONE FORM 13F INFORMATION TABLE

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 -------- -------- -------- ----------- --------------------- ---------- -------- -------------------- NAME OF ISSUER TITLE OF CUSIP FAIR MARKET SHARES OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY CLASS NUMBER VALUE PRINCIPAL PRN CALL DISCRETION MANAGERS SOLE SHAREHOLDER NONE (000'S) AMOUNT ---------------------------- -------- -------- ----------- --------- --- ---- ---------- -------- ---- ----------- ---- AMB PROPERTY CORP COM 00163T109 ~~4394~~4702 ~~108800~~108260 SH DEFINED ~~108800~~108260 AMLI RESIDENTIAL PPTYS TR SH BEN INT 001735109 ~~1067~~1032 ~~33330~~33030 SH DEFINED ~~33330~~33030 ACADIA RLTY TR COM SH BEN INT 004239109 754 40430 SH DEFINED 40430 ALEXANDRIA REAL ESTATE EQ IN COM 015271109 ~~1907~~2003 ~~25630~~27270 SH DEFINED ~~25630~~27270 AMERICAN LD LEASE INC COM 027118108 185 8450 SH DEFINED 8450 APARTMENT INVT & MGMT CO CLA 03748R101 ~~4792~~5022 ~~124330~~122720 SH DEFINED ~~124330~~122720 ARCHSTONE SMITH TR COM 039583109 ~~9831~~9890 ~~256686~~256096 SH DEFINED ~~256686~~256096 ARDEN RLTY INC COM 039793104 ~~3249~~3094 ~~86140~~85990 SH DEFINED ~~86140~~85990 ASSOCIATED ESTATES RLTY CORP COM 045604105 ~~263~~223 ~~25780~~24120 SH DEFINED ~~25780~~24120 AVALONBAY CMNTYS INC COM 053484101 ~~7140~~7588 ~~94824~~93914 SH DEFINED ~~94824~~93914 BRE PROPERTIES INC CLA 05564E106 ~~2664~~2740 ~~66100~~65470 SH DEFINED ~~66100~~65470 BEDFORD PPTY INVS COM PAR $0.02 076446301 ~~608~~458 ~~21410~~19880 SH DEFINED ~~21410~~19880 BOSTON PROPERTIES INC COM 101121101 ~~9259~~9286 ~~143170~~132660 SH DEFINED ~~143170~~132660 BRANDYWINE RLTY TR SH BEN INT NEW 105368203 ~~2065~~2209 ~~70260~~72060 SH DEFINED ~~70260~~72060 CBL & ASSOC PPTYS INC COM 124830100 ~~3127~~3275 ~~40960~~76050 SH DEFINED ~~40960~~76050 CAMDEN PPTY TR SH BEN INT 133131102 ~~2673~~3413 ~~52405~~63495 SH DEFINED ~~52405~~63495 CAPITAL AUTOMOTIVE REIT COM SH BEN INT 139733109 ~~1794~~2089 ~~50490~~54720 SH DEFINED ~~50490~~54720 CARRAMERICA RLTY CORP COM 144418100 ~~2358~~2572 ~~71440~~71100 SH DEFINED ~~71440~~71100 CATELLUS DEV CORP NEW COM 149113102 ~~4136~~4388 ~~135160~~133790 SH DEFINED ~~135160~~133790 CENTERPOINT PPTYS TR COM 151895109 ~~3062~~2683 ~~63940~~63420 SH DEFINED ~~63940~~63420 COLONIAL PPTYS TR COM SH BEN INT 195872106 ~~1411~~2239 ~~35930~~50891 SH DEFINED ~~35930~~50891 COMMERCIAL NET LEASE RLTY IN COM 202218103 ~~1404~~1376 ~~68170~~67230 SH DEFINED ~~68170~~67230 ~~CORNERSTONE RLTY INCOME TR I COM 21922V102 737 73880 SH DEFINED 73880~~ CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 ~~1412~~1181 ~~48120~~40090 SH DEFINED ~~48120~~40090 CORRECTIONAL PPTYS TR COM 22025E104 ~~416~~401 ~~14410~~14160 SH DEFINED ~~14410~~14160 COUSINS PPTYS INC COM 222795106 ~~1978~~1706 ~~65330~~57670 SH DEFINED ~~65330~~57670 CRESCENT REAL ESTATE EQUITIE COM 225756105 ~~2336~~2122 ~~127940~~113180 SH DEFINED ~~127940~~113180 CRT PROPERTIES INC COM 22876P109 ~~977~~1119 ~~40940~~40980 SH DEFINED ~~40940~~40980 DEVELOPERS DIVERSIFIED RLTY COM 251591103 ~~6275~~6427 ~~141432~~139832 SH DEFINED ~~141432~~139832 DUKE REALTY CORP COM NEW 264411505 ~~6386~~5850 ~~187050~~184770 SH DEFINED ~~187050~~184770 EASTGROUP PPTY INC COM 277276101 ~~1058~~1192 ~~27610~~28310 SH DEFINED ~~27610~~28310 ENTERTAINMENT PPTYS TR COM 29380T105 ~~1484~~1516 ~~33320~~32960 SH DEFINED ~~33320~~32960 EQUITY INNS INC COM 294703103 ~~792~~924 ~~67490~~69510 SH DEFINED ~~67490~~69510 EQUITY LIFESTYLE PPTYS INC COM 29472R108 ~~1082~~1073 ~~30260~~27000 SH DEFINED ~~30260~~27000 EQUITY OFFICE PROPERTIES TRU COM 294741103 ~~15403~~17374 ~~528955~~524895 SH DEFINED ~~528955~~524895 EQUITY RESIDENTIAL SH BEN INT 29476L107 ~~13420~~13592 ~~370920~~369140 SH DEFINED ~~370920~~369140 ESSEX PPTY TR INC COM 297178105 ~~2522~~2467 ~~30100~~29700 SH DEFINED ~~30100~~29700 FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 ~~3531~~3990 ~~68360~~67620 SH DEFINED ~~68360~~67620 FELCOR LODGING TR INC COM 31430F101 ~~1146~~1032 ~~78240~~71250 SH DEFINED ~~78240~~71250 FIRST INDUSTRIAL REALTY TRUS COM 32054K103 ~~2283~~2208 ~~56040~~55330 SH DEFINED ~~56040~~55330 GABLES RESIDENTIAL TR SH BEN INT 362418105 ~~1375~~1629 ~~38420~~37680 SH DEFINED ~~38420~~37680 GENERAL GROWTH PPTYS INC COM 370021107 ~~10374~~12587 ~~286880~~306330 SH DEFINED ~~286880~~306330 GLENBOROUGH RLTY TR INC COM 37803P105 ~~892~~956 ~~41900~~46440 SH DEFINED ~~41900~~46440 GLIMCHER RLTY TR SH BEN INT 379302102 ~~1293~~1279 ~~46670~~46100 SH DEFINED ~~46670~~46100 HRPT PPTYS TR COM SH BEN INT 40426W101 ~~2984~~3199 ~~232600~~257350 SH DEFINED ~~232600~~257350 HEALTH CARE PPTY INVS INC COM 421915109 ~~4832~~4678 ~~174506~~172996 SH DEFINED ~~174506~~172996 HEALTHCARE RLTY TR COM 421946104 ~~2546~~2371 ~~62553~~61413 SH DEFINED ~~62553~~61413 HEALTH CARE REIT INC COM 42217K106 ~~2623~~2596 ~~68760~~68880 SH DEFINED ~~68760~~68880 HERITAGE PPTY INVT TR INC COM 42725M107 ~~1973~~2130 ~~61480~~60830 SH DEFINED ~~61480~~60830 HIGHWOODS PPTYS INC COM 431284108 ~~1949~~2059 ~~70350~~69180 SH DEFINED ~~70350~~69180 HOME PROPERTIES INC COM 437306103 ~~1889~~1745 ~~43940~~40570 SH DEFINED ~~43940~~40570 HOSPITALITY PPTYS TR COM SH BEN INT 44106M102 ~~4055~~3826 ~~88150~~86810 SH DEFINED ~~88150~~86810 ISTAR FINL INC COM 45031U101 ~~6613~~6026 ~~146110~~144880 SH DEFINED ~~146110~~144880 ~~INNKEEPERS~~INLAND ~~USA~~REAL TRESTATE CORP COM ~~4576J0104~~NEW ~~707~~457461200 ~~49800~~1392 86583 SH DEFINED ~~49800~~86583 ~~KILROY~~INNKEEPERS ~~RLTY~~USA ~~CORP~~TR COM ~~49427F108~~4576J0104 ~~1600~~823 ~~37420~~55090 SH DEFINED ~~37420~~55090 ~~KIMCO~~KILROY ~~REALTY~~RLTY CORP COM ~~49446R109~~49427F108 ~~8523~~1767 ~~146975~~37210 SH DEFINED ~~146975~~37210 ~~KRAMONT~~KIMCO ~~RLTY~~REALTY TRCORP COM SH49446R109 ~~BEN~~8065 ~~INT~~136905 ~~500228101 741 31680~~ SH DEFINED ~~31680~~136905 LASALLE HOTEL PPTYS COM SH BEN INT 517942108 ~~1247~~1266 ~~39190~~38590 SH DEFINED ~~39190~~38590 LEXINGTON CORP PPTYS TR COM 529043101 ~~1436~~1539 ~~63580~~63300 SH DEFINED ~~63580~~63300 LIBERTY PPTY TR SH BEN INT 531172104 ~~4853~~4967 ~~112330~~112100 SH DEFINED ~~112330~~112100 MACERICH CO COM 554382101 ~~4883~~5149 ~~77750~~76800 SH DEFINED ~~77750~~76800 MACK CALI RLTY CORP COM 554489104 ~~3675~~3304 ~~79830~~72940 SH DEFINED ~~79830~~72940 MERISTAR HOSPITALITY CORP COM 58984Y103 ~~957~~968 ~~114610~~112610 SH DEFINED ~~114610~~112610 MID-AMER APT CMNTYS INC COM 59522J103 ~~1115~~1250 ~~27060~~27520 SH DEFINED ~~27060~~27520 MILLS CORP COM 601148109 ~~4584~~4391 ~~71890~~72240 SH DEFINED ~~71890~~72240 NATIONAL HEALTH INVS INC COM 63633D104 ~~1052~~920 ~~36060~~32780 SH DEFINED ~~36060~~32780 NATIONWIDE HEALTH PPTYS INC COM 638620104 ~~2075~~2040 ~~87390~~86420 SH DEFINED ~~87390~~86420 NEW PLAN EXCEL RLTY TR INC COM 648053106 ~~3646~~3611 ~~134640~~132890 SH DEFINED ~~134640~~132890 PS BUSINESS PKS INC CALIF COM 69360J107 ~~1291~~1103 ~~28620~~24810 SH DEFINED ~~28620~~24810 PAN PACIFIC RETAIL PPTYS INC COM 69806L104 ~~3333~~3473 ~~53160~~52320 SH DEFINED ~~53160~~52320 PARKWAY PPTYS INC COM 70159Q104 ~~761~~906 ~~15000~~18120 SH DEFINED ~~15000~~18120 PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 ~~2027~~2232 ~~47350~~46990 SH DEFINED ~~47350~~46990 PLUM CREEK TIMBER CO INC COM 729251108 ~~9256~~8600 ~~240800~~236910 SH DEFINED ~~240800~~236910 POST PPTYS INC COM 737464107 ~~1829~~1854 ~~52410~~51340 SH DEFINED ~~52410~~51340 PRENTISS PPTYS TR SH BEN INT 740706106 ~~2253~~2121 ~~58970~~58200 SH DEFINED ~~58970~~58200 PROLOGIS SH BEN INT 743410102 ~~10453~~9674 ~~241230~~240410 SH DEFINED ~~241230~~240410 PUBLIC STORAGE INC COM 74460D109 ~~9451~~9455 ~~169524~~149484 SH DEFINED ~~169524~~149484 RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 ~~712~~584 ~~22070~~19950 SH DEFINED ~~22070~~19950 RAYONIER INC COM 754907103 ~~3197~~3433 ~~65370~~64730 SH DEFINED ~~65370~~64730 REALTY INCOME CORP COM 756109104 ~~2631~~2567 ~~52010~~102500 SH DEFINED ~~52010~~102500 RECKSON ASSOCS RLTY CORP COM 75621K106 ~~3466~~3527 ~~105630~~105130 SH DEFINED ~~105630~~105130 REGENCY CTRS CORP COM 758849103 ~~4554~~4650 ~~82200~~81300 SH DEFINED ~~82200~~81300 SL GREEN RLTY CORP COM 78440X101 ~~3227~~3472 ~~53290~~53830 SH DEFINED ~~53290~~53830 SAUL CTRS INC COM 804395101 ~~822~~663 ~~21500~~18250 SH DEFINED ~~21500~~18250 SENIOR HSG PPTYS TR SH BEN INT 81721E107 ~~1702~~1552 ~~89850~~82090 SH DEFINED ~~89850~~82090 SHURGARD STORAGE CTRS INC COM 82567D104 ~~2684~~2761 ~~60980~~60080 SH DEFINED ~~60980~~60080 SIMON PPTY GROUP INC NEW COM 828806109 ~~18761~~20509 ~~290110~~282920 SH DEFINED ~~290110~~282920 SOVRAN SELF STORAGE INC COM 84610H108 ~~872~~946 ~~20700~~20810 SH DEFINED ~~20700~~20810 ~~SUMMIT PPTYS INC COM 866239106 1344 41280 SH DEFINED 41280~~ SUN COMMUNITIES INC COM 866674104 ~~966~~878 ~~24000~~23610 SH DEFINED ~~24000~~23610 TANGER FACTORY OUTLET CTRS I COM 875465106 ~~952~~958 ~~35990~~35560 SH DEFINED ~~35990~~35560 TAUBMAN CTRS INC COM 876664103 ~~1909~~2226 ~~63750~~65290 SH DEFINED ~~63750~~65290 THORNBURG MTG INC COM 885218107 ~~3380~~3583 ~~116700~~122990 SH DEFINED ~~116700~~122990 TOWN & CTRY TR SH BEN INT 892081100 ~~632~~613 ~~22870~~21490 SH DEFINED ~~22870~~21490 UTRUSTREET ~~S RESTAURANT~~ PPTYS INC COM ~~902971100~~898404108 ~~535~~1239 ~~29600~~74570 SH DEFINED ~~29600~~74570 UNITED DOMINION REALTY TR IN COM 910197102 ~~4312~~4242 ~~173850~~176370 SH DEFINED ~~173850~~176370 UNIVERSAL HEALTH RLTY INCM T SH BEN INT 91359E105 ~~495~~577 ~~15414~~15144 SH DEFINED ~~15414~~15144 URSTADT BIDDLE PTYS INS COM 917286205 ~~577~~542 ~~33814~~31314 SH DEFINED ~~33814~~31314 VORNADO RLTY TR SH BEN INT 929042109 ~~12705~~12222 ~~166880~~152010 SH DEFINED ~~166880~~152010 WASHINGTON REAL ESTATE INVT SH BEN INT 939653101 ~~1856~~1689 ~~54810~~54120 SH DEFINED ~~54810~~54120 WEINGARTEN RLTY INVS SH BEN INT 948741103 ~~4678~~4278 ~~116655~~109085 SH DEFINED ~~116655~~109085 WINSTON HOTELS INC COM 97563A102 ~~409~~384 ~~34630~~34150 SH DEFINED ~~34630~~34150

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