13F-HR 1 x13f-0908.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: September 30, 2008 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 10/31/2008 -------------------- ------------------ ------------------ [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: 86 Form 13F Information Table Value Total: $ 246,892 (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~~DEFINED ~~SHAREHOLDER~~SHARE NONE (000'S) AMOUNT HOLDER ---------------------------- -------- -------- ----------- --------- --- ---- ---------- -------- ---- --- -------- ---- AMB PROPERTY CORP COM 00163T109 ~~6021~~4376 ~~110950~~96609 SH DEFINED ~~110950~~96609 ACADIA ~~RLTY~~REALTY TR COM SH BEN INT 004239109 ~~941~~750 ~~39970~~29673 SH DEFINED ~~39970~~29673 ALEXANDERS INC COM 014752109 1038 2596 SH DEFINED 2596 ALEXANDRIA REAL ESTATE EQ IN COM 015271109 ~~2717~~3544 ~~28500~~31499 SH DEFINED ~~28500~~31499 AMERICAN LDCAMPUS ~~LEASE~~COMMUNITY ~~INC~~ COM ~~027118108~~024835100 ~~229~~1412 ~~8390~~41672 SH DEFINED ~~8390~~41672 APARTMENT INVT & MGMT CO ~~CLA~~CL A 03748R101 ~~5739~~2984 ~~122360~~85198 SH DEFINED ~~122360~~85198 ~~ARCHSTONE~~ASHFORD ~~SMITH~~HOSPITALITY TR ~~COM 039583109 13182 270286 SH DEFINED 270286 ARDEN RLTY~~ INC COM ~~039793104~~SHS ~~3832~~044103109 ~~84910~~479 118260 SH DEFINED ~~84910~~118260 ASSOCIATED ESTATES RLTY CORP COM 045604105 ~~200~~198 ~~17790~~15193 SH DEFINED ~~17790~~15193 AVALONBAY ~~CMNTYS~~CMTYS INC COM 053484101 ~~10164~~7466 ~~93164~~75858 SH DEFINED ~~93164~~75858 BRE PROPERTIES INC ~~CLA~~CL A 05564E106 ~~3669~~2477 ~~65520~~50547 SH DEFINED ~~65520~~50547 ~~BEDFORD PPTY INVS COM PAR $0.02 076446301 492 18280 SH DEFINED 18280~~ BIOMED REALTY TRUST INC COM 09063H107 ~~1751~~1859 ~~59090~~70265 SH DEFINED ~~59090~~70265 BOSTON PROPERTIES INC COM 101121101 ~~10602~~11007 ~~113690~~117520 SH DEFINED ~~113690~~117520 BRANDYWINE RLTY TR SH BEN INT NEW 105368203 ~~3560~~1401 ~~112080~~87375 SH DEFINED ~~112080~~87375 BROOKFIELD PPTYS CORP COM 112900105 232 14664 SH DEFINED 14664 CBL & ASSOC PPTYS INC COM 124830100 ~~2263~~1310 ~~53310~~65233 SH DEFINED ~~53310~~65233 CAMDEN PPTY TRTRUST SH BEN INT 133131102 ~~4777~~2388 ~~66305~~52069 SH DEFINED ~~66305~~52069 ~~CARRAMERICA RLTY CORP COM 144418100 3326 74550 SH DEFINED 74550~~ CEDAR SHOPPING CTRS INC COM NEW 150602209 ~~602~~576 ~~37980~~43545 SH DEFINED ~~37980~~43545 ~~CENTRACORE~~COLONIAL ~~PROPERTIES~~PPTYS TR COM ~~15235H107~~SH ~~349~~BEN ~~13940~~INT 195872106 774 41412 SH DEFINED ~~13940~~41412 ~~COLONIAL~~CORPORATE OFFICE PPTYS TR ~~COM~~ SH BEN INT ~~195872106~~22002T108 ~~2870~~1883 ~~57241~~46662 SH DEFINED ~~57241~~46662 ~~COMMERCIAL~~COUSINS ~~NET~~PPTYS ~~LEASE~~INC ~~RLTY IN~~ COM ~~202218103~~222795106 ~~1648~~1016 ~~70740~~40289 SH DEFINED ~~70740~~40289 ~~CORPORATE~~DCT ~~OFFICE~~INDUSTRIAL ~~PPTYS~~TRUST TRINC COM 233153105 1265 168875 SH ~~BEN~~DEFINED ~~INT~~168875 ~~22002T108~~DEVELOPERS ~~1767~~DIVERSIFIED ~~38630~~RLTY COM 251591103 3737 117911 SH DEFINED ~~38630~~117911 ~~COUSINS~~DIAMONDROCK ~~PPTYS~~HOSPITALITY ~~INC~~CO COM ~~222795106~~252784301 ~~1627~~825 ~~48680~~90643 SH DEFINED ~~48680~~90643 ~~CRESCENT~~DIGITAL ~~REAL~~RLTY ~~ESTATE~~TR ~~EQUITIE~~INC COM ~~225756105~~253868103 ~~2117~~3099 ~~100470~~65583 SH DEFINED ~~100470~~65583 ~~DEVELOPERS~~DOUGLAS ~~DIVERSIFIED~~EMMETT ~~RLTY~~INC COM ~~251591103~~25960P109 ~~7559~~2480 ~~138072~~107501 SH DEFINED ~~138072~~107501 DUKE REALTY CORP COM NEW 264411505 ~~6483~~3536 ~~170830~~143845 SH DEFINED ~~170830~~143845 ~~EASTGROUP~~DUPONT ~~PPTY~~FABROS TECHNOLOGY INC COM ~~277276101~~26613Q106 ~~1325~~531 ~~27920~~34844 SH DEFINED ~~27920~~34844 ~~ENTERTAINMENT~~EASTGROUP ~~PPTYS~~PPTY TRINC COM ~~29380T105~~277276101 ~~1403~~1191 ~~33410~~24528 SH DEFINED ~~33410~~24528 ~~EQUITY~~EDUCATION ~~INNS~~RLTY TR INC COM ~~294703103~~28140H104 ~~1108~~297 ~~68420~~26816 SH DEFINED ~~68420~~26816 EQUITY LIFESTYLE PPTYS INC COM 29472R108 ~~1199~~1185 ~~24110~~22345 SH DEFINED ~~24110~~22345 EQUITY ~~OFFICE PROPERTIES TRU COM 294741103 17282 514655 SH DEFINED 514655 EQUITY~~ ONE COM 294752100 ~~1202~~661 ~~48940~~32245 SH DEFINED ~~48940~~32245 EQUITY RESIDENTIAL SH BEN INT 29476L107 ~~17219~~11891 ~~368000~~267754 SH DEFINED ~~368000~~267754 ESSEX PPTY TR INC COM 297178105 ~~3149~~2981 ~~28960~~25192 SH DEFINED ~~28960~~25192 EXTRA SPACE STORAGE INC COM 30225T102 1238 80620 SH DEFINED 80620 FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 ~~5051~~4962 ~~67170~~57964 SH DEFINED ~~67170~~57964 FELCOR LODGING TR INC COM 31430F101 ~~1335~~445 ~~63290~~62081 SH DEFINED ~~63290~~62081 FIRST INDUSTRIAL REALTY TRUS COM 32054K103 ~~2337~~1252 ~~54750~~43661 SH DEFINED ~~54750~~43661 ~~GENERAL~~FIRST ~~GROWTH~~POTOMAC ~~PPTYS~~RLTY ~~INC~~TR COM ~~370021107~~33610F109 ~~14784~~414 ~~302520~~24093 SH DEFINED ~~302520~~24093 ~~GLENBOROUGH~~FOREST ~~RLTY~~CITY TRENTERPRISES INC CL A 345550107 150 4900 SH DEFINED 4900 GENERAL GROWTH PPTYS INC COM ~~37803P105~~370021107 ~~959~~3750 ~~44070~~248321 SH DEFINED ~~44070~~248321 GLIMCHER RLTY TR SH BEN INT 379302102 ~~1316~~390 ~~46330~~37350 SH DEFINED ~~46330~~37350 ~~HRPT~~HCP ~~PPTYS~~INC TR COM SH40414L109 ~~BEN~~9894 ~~INT~~246546 ~~40426W101 3122 265910~~ SH DEFINED ~~265910~~246546 ~~HEALTH~~HRPT ~~CARE~~PPTYS ~~PPTY~~TR ~~INVS~~COM ~~INC~~SH ~~COM~~BEN ~~421915109~~INT ~~4901~~40426W101 ~~172576~~1529 221939 SH DEFINED ~~172576~~221939 HEALTHCARE RLTY TR COM 421946104 ~~2262~~1453 ~~60523~~49860 SH DEFINED ~~60523~~49860 HEALTH CARE REIT INC COM 42217K106 ~~2831~~5351 ~~74300~~100533 SH DEFINED ~~74300~~100533 ~~HERITAGE~~HERSHA ~~PPTY~~HOSPITALITY ~~INVT~~ TR ~~INC~~SH ~~COM~~BEN ~~42725M107~~INT ~~2377~~A ~~60040~~427825104 352 47320 SH DEFINED ~~60040~~47320 HIGHWOODS PPTYS INC COM 431284108 ~~2309~~1994 ~~68460~~56060 SH DEFINED ~~68460~~56060 HOME PROPERTIES INC COM 437306103 ~~2021~~1822 ~~39550~~31447 SH DEFINED ~~39550~~31447 HOSPITALITY PPTYS TR COM SH BEN INT 44106M102 ~~3980~~1901 ~~91130~~92628 SH DEFINED ~~91130~~92628 ~~ISTAR~~HOST ~~FINL~~HOTELS & RESORTS INC COM ~~45031U101~~44107P104 ~~5486~~6836 ~~143320~~514348 SH DEFINED ~~143320~~514348 INLAND REAL ESTATE CORP COM NEW 457461200 ~~1396~~919 ~~85613~~58584 SH DEFINED ~~85613~~58584 ~~INNKEEPERS USA TR COM 4576J0104 921 54330 SH DEFINED 54330~~ KILROY RLTY CORP COM 49427F108 ~~2914~~1545 ~~37720~~32332 SH DEFINED ~~37720~~32332 KIMCO REALTY CORP COM 49446R109 ~~10342~~8003 ~~254470~~216651 SH DEFINED ~~254470~~216651 ~~LTC~~KITE ~~PPTYS~~RLTY ~~INC~~GROUP TR COM ~~502175102~~49803T102 ~~597~~314 ~~25670~~28559 SH DEFINED ~~25670~~28559 LASALLE HOTEL PPTYS COM SH BEN INT 517942108 ~~2048~~918 ~~49940~~39360 SH DEFINED ~~49940~~39360 ~~LEXINGTON CORP PPTYS TR COM 529043101 1373 65860 SH DEFINED 65860~~ LIBERTY PPTY TRTRUST SH BEN INT 531172104 ~~5273~~3445 ~~111810~~91513 SH DEFINED ~~111810~~91513 MACERICH CO COM 554382101 ~~6692~~4700 ~~90500~~73849 SH DEFINED ~~90500~~73849 MACK CALI RLTY CORP COM 554489104 ~~3780~~2195 ~~78750~~64800 SH DEFINED ~~78750~~64800 ~~MERISTAR~~MAGUIRE ~~HOSPITALITY~~PPTYS ~~CORP~~INC COM ~~58984Y103~~559775101 ~~1151~~218 ~~110860~~36600 SH DEFINED ~~110860~~36600 MID-AMER APT CMNTYS INC COM 59522J103 ~~1369~~1332 ~~25010~~27105 SH DEFINED ~~25010~~27105 ~~MILLS CORP COM 601148109 2008 71720 SH DEFINED 71720 MONMOUTH REAL ESTATE INVT CO CLA 609720107 206 24480 SH DEFINED 24480 NATIONAL HEALTH INVS INC COM 63633D104 752 29620 SH DEFINED 29620~~ NATIONWIDE HEALTH PPTYS INC COM 638620104 ~~1972~~3424 ~~91710~~95159 SH DEFINED ~~91710~~95159 ~~NEW PLAN EXCEL RLTY TR INC COM 648053106 3431 132270 SH DEFINED 132270~~ PS BUSINESS PKS INC CALIF COM 69360J107 ~~1141~~869 ~~20400~~15083 SH DEFINED ~~20400~~15083 ~~PAN PACIFIC RETAIL PPTYS INC COM 69806L104 3663 51660 SH DEFINED 51660~~ PARKWAY PPTYS INC COM 70159Q104 ~~783~~571 ~~17930~~15087 SH DEFINED ~~17930~~15087 PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 ~~2041~~737 ~~46380~~39100 SH DEFINED ~~46380~~39100 ~~PLUM CREEK TIMBER CO INC COM 729251108 8625 233550 SH DEFINED 233550~~ POST PPTYS INC COM 737464107 ~~2298~~1217 ~~51630~~43515 SH DEFINED ~~51630~~43515 ~~POTLATCH CORP NEW COM 737630103 1585 36990 SH DEFINED 36990~~ PROLOGIS SH BEN INT 743410102 ~~16506~~10684 ~~308530~~258891 SH DEFINED ~~308530~~258891 PUBLIC STORAGE INC COM 74460D109 ~~8510~~12574 ~~104764~~126996 SH DEFINED ~~104764~~126996 RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 ~~646~~409 ~~21350~~18240 SH DEFINED ~~21350~~18240 ~~RAYONIER INC COM 754907103 4411 96749 SH DEFINED 96749 REALTY INCOME CORP COM 756109104 2733 112870 SH DEFINED 112870 RECKSON ASSOCS RLTY CORP COM 75621K106 4821 105210 SH DEFINED 105210~~ REGENCY CTRS CORP COM 758849103 ~~5807~~4554 ~~86420~~68293 SH DEFINED ~~86420~~68293 SL GREEN RLTY CORP COM 78440X101 ~~5419~~3725 ~~53390~~57489 SH DEFINED ~~53390~~57489 SAUL CTRS INC COM 804395101 ~~614~~706 ~~13990~~13973 SH DEFINED ~~13990~~13973 SENIOR HSG PPTYS TR SH BEN INT ~~81721E107~~81721M109 ~~1219~~2634 ~~67330~~110527 SH DEFINED ~~67330~~110527 ~~SHURGARD STORAGE CTRS INC COM 82567D104 3961 59450 SH DEFINED 59450~~ SIMON PPTY GROUP INC NEW COM 828806109 ~~19503~~21403 ~~231790~~220648 SH DEFINED ~~231790~~220648 SOVRAN SELF STORAGE INC COM 84610H108 ~~1149~~964 ~~20810~~21573 SH DEFINED ~~20810~~21573 ~~SUN~~STRATEGIC ~~COMMUNITIES~~HOTELS ~~INC~~& ~~COM~~RESORTS ~~866674104 718 20310 SH DEFINED 20310 TANGER FACTORY OUTLET CTRS~~ I COM ~~875465106~~86272T106 ~~1341~~553 ~~38970~~73258 SH DEFINED ~~38970~~73258 ~~TAUBMAN~~SUN ~~CTRS~~COMMUNITIES INC COM ~~876664103~~866674104 ~~2745~~329 ~~65880~~16630 SH DEFINED ~~65880~~16630 ~~THORNBURG~~SUNSTONE ~~MTG~~HOTEL INVS INC NEW COM ~~885218107~~867892101 ~~3644~~670 ~~134670~~49653 SH DEFINED ~~134670~~49653 ~~TOWN~~TANGER &FACTORY ~~CTRY~~OUTLET TRCTRS SHI ~~BEN~~COM ~~INT~~875465106 ~~892081100~~1366 ~~904~~31192 ~~22280~~ SH DEFINED ~~22280~~31192 ~~TRIZEC~~TAUBMAN ~~PROPERTIES~~CTRS INC COM ~~89687P107~~876664103 ~~3157~~2599 ~~122710~~51985 SH DEFINED ~~122710~~51985 ~~TRUSTREET~~UDR ~~PPTYS~~ INC COM ~~898404108~~902653104 ~~1132~~3320 ~~74500~~126965 SH DEFINED ~~74500~~126965 ~~UNITED~~U ~~DOMINION~~STORE ~~REALTY~~IT TR IN COM ~~910197102~~91274F104 ~~4856~~570 ~~170150~~46449 SH DEFINED ~~170150~~46449 UNIVERSAL HEALTH RLTY INCM T SH BEN INT 91359E105 ~~545~~422 ~~14914~~10861 SH DEFINED ~~14914~~10861 ~~URSTADT~~VENTAS ~~BIDDLE~~INC ~~PTYS INS~~ COM ~~917286205~~92276F100 ~~511~~6974 ~~28414~~141117 SH DEFINED ~~28414~~141117 VORNADO RLTY TR SH BEN INT 929042109 ~~14435~~12924 ~~150360~~142095 SH DEFINED ~~150360~~142095 WASHINGTON REAL ESTATE INVT SH BEN INT 939653101 ~~1939~~1784 ~~53390~~48694 SH DEFINED ~~53390~~48694 WEINGARTEN ~~RLTY~~REALTY ~~INVS~~INVST SHCOM ~~BEN INT~~ 948741103 ~~4150~~2739 ~~101845~~76785 SH DEFINED ~~101845 WINDROSE MED PPTYS TR COM 973491103 269 17840 SH DEFINED 17840 WINSTON HOTELS INC COM 97563A102 382 33590 SH DEFINED 33590~~76785

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