13F-HR 1 x13f-0306.txt WELLS ASSET MANAGEMENT, INC. - 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: March 31, 2006 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 05/01/2006 -------------------- ------------------ ------------------ [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: 101 Form 13F Information Table Value Total: $ 379,833 (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 ~~5537~~6021 ~~112600~~110950 SH DEFINED ~~112600~~110950 ~~AMLI RESIDENTIAL PPTYS TR SH BEN INT 001735109 1288 33850 SH DEFINED 33850~~ ACADIA RLTY TR COM SH BEN INT 004239109 ~~833~~941 ~~41560~~39970 SH DEFINED ~~41560~~39970 ALEXANDRIA REAL ESTATE EQ IN COM 015271109 ~~2385~~2717 ~~29630~~28500 SH DEFINED ~~29630~~28500 AMERICAN LD LEASE INC COM 027118108 ~~205~~229 ~~8640~~8390 SH DEFINED ~~8640~~8390 APARTMENT INVT & MGMT CO CLA 03748R101 ~~4776~~5739 ~~126110~~122360 SH DEFINED ~~126110~~122360 ARCHSTONE SMITH TR COM 039583109 ~~11701~~13182 ~~279326~~270286 SH DEFINED ~~279326~~270286 ARDEN RLTY INC COM 039793104 ~~3959~~3832 ~~88300~~84910 SH DEFINED ~~88300~~84910 ASSOCIATED ESTATES RLTY CORP COM 045604105 ~~182~~200 ~~20180~~17790 SH DEFINED ~~20180~~17790 AVALONBAY CMNTYS INC COM 053484101 ~~8647~~10164 ~~96884~~93164 SH DEFINED ~~96884~~93164 BRE PROPERTIES INC CLA 05564E106 ~~3068~~3669 ~~67460~~65520 SH DEFINED ~~67460~~65520 BEDFORD PPTY INVS COM PAR $0.02 076446301 ~~418~~492 ~~19040~~18280 SH DEFINED ~~19040~~18280 BIOMED REALTY TRUST INC COM 09063H107 1751 59090 SH DEFINED 59090 BOSTON PROPERTIES INC COM 101121101 ~~8764~~10602 ~~118230~~113690 SH DEFINED ~~118230~~113690 BRANDYWINE RLTY TR SH BEN INT NEW 105368203 ~~3253~~3560 ~~116550~~112080 SH DEFINED ~~116550~~112080 CBL & ASSOC PPTYS INC COM 124830100 ~~2190~~2263 ~~55430~~53310 SH DEFINED ~~55430~~53310 CAMDEN PPTY TR SH BEN INT 133131102 ~~3979~~4777 ~~68695~~66305 SH DEFINED ~~68695~~66305 CARRAMERICA RLTY CORP COM 144418100 ~~2668~~3326 ~~77050~~74550 SH DEFINED ~~77050~~74550 CEDAR SHOPPING CTRS INC COM NEW 150602209 ~~528~~602 ~~37560~~37980 SH DEFINED ~~37560~~37980 ~~CENTERPOINT~~CENTRACORE ~~PPTYS~~PROPERTIES TR COM ~~151895109~~15235H107 ~~3176~~349 ~~64190~~13940 SH DEFINED ~~64190~~13940 COLONIAL PPTYS TR COM SH BEN INT 195872106 ~~2478~~2870 ~~59021~~57241 SH DEFINED ~~59021~~57241 COMMERCIAL NET LEASE RLTY IN COM 202218103 ~~1455~~1648 ~~71430~~70740 SH DEFINED ~~71430~~70740 CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 ~~1428~~1767 ~~40170~~38630 SH DEFINED ~~40170~~38630 COUSINS PPTYS INC COM 222795106 ~~1433~~1627 ~~50620~~48680 SH DEFINED ~~50620~~48680 CRESCENT REAL ESTATE EQUITIE COM 225756105 ~~2059~~2117 ~~103900~~100470 SH DEFINED ~~103900~~100470 DEVELOPERS DIVERSIFIED RLTY COM 251591103 ~~6745~~7559 ~~143442~~138072 SH DEFINED ~~143442~~138072 DUKE REALTY CORP COM NEW 264411505 ~~6049~~6483 ~~181120~~170830 SH DEFINED ~~181120~~170830 EASTGROUP PPTY INC COM 277276101 ~~1315~~1325 ~~29110~~27920 SH DEFINED ~~29110~~27920 ENTERTAINMENT PPTYS TR COM 29380T105 ~~1390~~1403 ~~34100~~33410 SH DEFINED ~~34100~~33410 EQUITY INNS INC COM 294703103 ~~964~~1108 ~~71150~~68420 SH DEFINED ~~71150~~68420 EQUITY LIFESTYLE PPTYS INC COM 29472R108 ~~1111~~1199 ~~24970~~24110 SH DEFINED ~~24970~~24110 EQUITY OFFICE PROPERTIES TRU COM 294741103 ~~16232~~17282 ~~535195~~514655 SH DEFINED ~~535195~~514655 EQUITY ONE COM 294752100 ~~1168~~1202 ~~50500~~48940 SH DEFINED ~~50500~~48940 EQUITY RESIDENTIAL SH BEN INT 29476L107 ~~14854~~17219 ~~379710~~368000 SH DEFINED ~~379710~~368000 ESSEX PPTY TR INC COM 297178105 ~~2776~~3149 ~~30110~~28960 SH DEFINED ~~30110~~28960 FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 ~~4215~~5051 ~~69500~~67170 SH DEFINED ~~69500~~67170 FELCOR LODGING TR INC COM 31430F101 ~~1133~~1335 ~~65820~~63290 SH DEFINED ~~65820~~63290 FIRST INDUSTRIAL REALTY TRUS COM 32054K103 ~~2192~~2337 ~~56940~~54750 SH DEFINED ~~56940~~54750 GENERAL GROWTH PPTYS INC COM 370021107 ~~14783~~14784 ~~314600~~302520 SH DEFINED ~~314600~~302520 GLENBOROUGH RLTY TR INC COM 37803P105 ~~829~~959 ~~45820~~44070 SH DEFINED ~~45820~~44070 GLIMCHER RLTY TR SH BEN INT 379302102 ~~1170~~1316 ~~48100~~46330 SH DEFINED ~~48100~~46330 HRPT PPTYS TR COM SH BEN INT 40426W101 ~~2862~~3122 ~~276530~~265910 SH DEFINED ~~276530~~265910 HEALTH CARE PPTY INVS INC COM 421915109 ~~4576~~4901 ~~179026~~172576 SH DEFINED ~~179026~~172576 HEALTHCARE RLTY TR COM 421946104 ~~2093~~2262 ~~62923~~60523 SH DEFINED ~~62923~~60523 HEALTH CARE REIT INC COM 42217K106 ~~2574~~2831 ~~75940~~74300 SH DEFINED ~~75940~~74300 HERITAGE PPTY INVT TR INC COM 42725M107 ~~2085~~2377 ~~62430~~60040 SH DEFINED ~~62430~~60040 HIGHWOODS PPTYS INC COM 431284108 ~~2025~~2309 ~~71190~~68460 SH DEFINED ~~71190~~68460 HOME PROPERTIES INC COM 437306103 ~~1710~~2021 ~~41920~~39550 SH DEFINED ~~41920~~39550 HOSPITALITY PPTYS TR COM SH BEN INT 44106M102 ~~3800~~3980 ~~94770~~91130 SH DEFINED ~~94770~~91130 ISTAR FINL INC COM 45031U101 ~~5313~~5486 ~~149030~~143320 SH DEFINED ~~149030~~143320 INLAND REAL ESTATE CORP COM NEW 457461200 ~~1314~~1396 ~~88873~~85613 SH DEFINED ~~88873~~85613 INNKEEPERS USA TR COM 4576J0104 ~~905~~921 ~~56560~~54330 SH DEFINED ~~56560~~54330 KILROY RLTY CORP COM 49427F108 ~~2359~~2914 ~~38110~~37720 SH DEFINED ~~38110~~37720 KIMCO REALTY CORP COM 49446R109 ~~8455~~10342 ~~263550~~254470 SH DEFINED ~~263550~~254470 LTC PPTYS INC COM 502175102 ~~561~~597 ~~26680~~25670 SH DEFINED ~~26680~~25670 LASALLE HOTEL PPTYS COM SH BEN INT 517942108 ~~1723~~2048 ~~46910~~49940 SH DEFINED ~~46910~~49940 LEXINGTON CORP PPTYS TR COM 529043101 ~~1459~~1373 ~~68490~~65860 SH DEFINED ~~68490~~65860 LIBERTY PPTY TR SH BEN INT 531172104 ~~4982~~5273 ~~116270~~111810 SH DEFINED ~~116270~~111810 MACERICH CO COM 554382101 ~~5303~~6692 ~~78980~~90500 SH DEFINED ~~78980~~90500 MACK CALI RLTY CORP COM 554489104 ~~3523~~3780 ~~81550~~78750 SH DEFINED ~~81550~~78750 MERISTAR HOSPITALITY CORP COM 58984Y103 ~~1084~~1151 ~~115290~~110860 SH DEFINED ~~115290~~110860 MID-AMER APT CMNTYS INC COM 59522J103 ~~1241~~1369 ~~25590~~25010 SH DEFINED ~~25590~~25010 MILLS CORP COM 601148109 ~~3128~~2008 ~~74580~~71720 SH DEFINED ~~74580~~71720 MONMOUTH REAL ESTATE INVT CO CLA 609720107 ~~201~~206 ~~25110~~24480 SH DEFINED ~~25110~~24480 NATIONAL HEALTH INVS INC COM 63633D104 ~~798~~752 ~~30730~~29620 SH DEFINED ~~30730~~29620 NATIONWIDE HEALTH PPTYS INC COM 638620104 ~~1905~~1972 ~~89020~~91710 SH DEFINED ~~89020~~91710 NEW PLAN EXCEL RLTY TR INC COM 648053106 ~~3184~~3431 ~~137340~~132270 SH DEFINED ~~137340~~132270 PS BUSINESS PKS INC CALIF COM 69360J107 ~~1059~~1141 ~~21520~~20400 SH DEFINED ~~21520~~20400 PAN PACIFIC RETAIL PPTYS INC COM 69806L104 ~~3587~~3663 ~~53630~~51660 SH DEFINED ~~53630~~51660 PARKWAY PPTYS INC COM 70159Q104 ~~751~~783 ~~18710~~17930 SH DEFINED ~~18710~~17930 PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 ~~1808~~2041 ~~48390~~46380 SH DEFINED ~~48390~~46380 PLUM CREEK TIMBER CO INC COM 729251108 ~~8743~~8625 ~~242520~~233550 SH DEFINED ~~242520~~233550 POST PPTYS INC COM 737464107 ~~2145~~2298 ~~53690~~51630 SH DEFINED ~~53690~~51630 POTLATCH CORP NEW COM 737630103 1585 36990 SH DEFINED 36990 PROLOGIS SH BEN INT 743410102 ~~14990~~16506 ~~320850~~308530 SH DEFINED ~~320850~~308530 PUBLIC STORAGE INC COM 74460D109 ~~7378~~8510 ~~108944~~104764 SH DEFINED ~~108944~~104764 RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 ~~593~~646 ~~22270~~21350 SH DEFINED ~~22270~~21350 RAYONIER INC COM 754907103 ~~3983~~4411 ~~99949~~96749 SH DEFINED ~~99949~~96749 REALTY INCOME CORP COM 756109104 ~~2384~~2733 ~~110280~~112870 SH DEFINED ~~110280~~112870 RECKSON ASSOCS RLTY CORP COM 75621K106 ~~3914~~4821 ~~108780~~105210 SH DEFINED ~~108780~~105210 REGENCY CTRS CORP COM 758849103 ~~5272~~5807 ~~89430~~86420 SH DEFINED ~~89430~~86420 SL GREEN RLTY CORP COM 78440X101 ~~4241~~5419 ~~55520~~53390 SH DEFINED ~~55520~~53390 SAUL CTRS INC COM 804395101 ~~532~~614 ~~14730~~13990 SH DEFINED ~~14730~~13990 SENIOR HSG PPTYS TR SH BEN INT 81721E107 ~~1130~~1219 ~~66850~~67330 SH DEFINED ~~66850~~67330 SHURGARD STORAGE CTRS INC COM 82567D104 ~~3506~~3961 ~~61820~~59450 SH DEFINED ~~61820~~59450 SIMON PPTY GROUP INC NEW COM 828806109 ~~18826~~19503 ~~245680~~231790 SH DEFINED ~~245680~~231790 SOVRAN SELF STORAGE INC COM 84610H108 ~~1062~~1149 ~~22620~~20810 SH DEFINED ~~22620~~20810 SUN COMMUNITIES INC COM 866674104 ~~665~~718 ~~21190~~20310 SH DEFINED ~~21190~~20310 TANGER FACTORY OUTLET CTRS I COM 875465106 ~~1163~~1341 ~~40480~~38970 SH DEFINED ~~40480~~38970 TAUBMAN CTRS INC COM 876664103 ~~2326~~2745 ~~66930~~65880 SH DEFINED ~~66930~~65880 THORNBURG MTG INC COM 885218107 ~~3593~~3644 ~~137120~~134670 SH DEFINED ~~137120~~134670 TOWN & CTRY TR SH BEN INT 892081100 ~~786~~904 ~~23250~~22280 SH DEFINED ~~23250~~22280 TRIZEC PROPERTIES INC COM 89687P107 3157 122710 SH DEFINED 122710 TRUSTREET PPTYS INC COM 898404108 ~~1133~~1132 ~~77470~~74500 SH DEFINED ~~77470~~74500 UNITED DOMINION REALTY TR IN COM 910197102 ~~4237~~4856 ~~180760~~170150 SH DEFINED ~~180760~~170150 UNIVERSAL HEALTH RLTY INCM T SH BEN INT 91359E105 ~~488~~545 ~~15564~~14914 SH DEFINED ~~15564~~14914 URSTADT BIDDLE PTYS INS COM 917286205 ~~475~~511 ~~29304~~28414 SH DEFINED ~~29304~~28414 VORNADO RLTY TR SH BEN INT 929042109 ~~12985~~14435 ~~155560~~150360 SH DEFINED ~~155560~~150360 WASHINGTON REAL ESTATE INVT SH BEN INT 939653101 ~~1685~~1939 ~~55520~~53390 SH DEFINED ~~55520~~53390 WEINGARTEN RLTY INVS SH BEN INT 948741103 ~~4004~~4150 ~~105905~~101845 SH DEFINED ~~105905~~101845 WINDROSE MED PPTYS TR COM 973491103 ~~277~~269 ~~18620~~17840 SH DEFINED ~~18620~~17840 WINSTON HOTELS INC COM 97563A102 ~~346~~382 ~~34930~~33590 SH DEFINED ~~34930~~33590

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