13F-HR 1 x13f-1208.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: December 31, 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 02/06/2009 -------------------- ------------------ ------------------ [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: 85 Form 13F Information Table Value Total: $ 155,583 (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 DEFINED SHARE NONE (000'S) AMOUNT HOLDER ---------------------------- -------- -------- ----------- --------- --- ---- ---------- -------- ------- ------- ---- AMB PROPERTY CORP COM 00163T109 ~~4376~~2466 ~~96609~~105309 SH DEFINED ~~96609~~105309 ACADIA REALTY TR COM SH BEN INT 004239109 ~~750~~463 ~~29673~~32473 SH DEFINED ~~29673~~32473 ALEXANDERS INC COM 014752109 ~~1038~~710 ~~2596~~2785 SH DEFINED ~~2596~~2785 ALEXANDRIA REAL ESTATE EQ IN COM 015271109 ~~3544~~2070 ~~31499~~34299 SH DEFINED ~~31499~~34299 AMERICAN CAMPUS COMMUNITY COM 024835100 ~~1412~~933 ~~41672~~45572 SH DEFINED ~~41672~~45572 APARTMENT INVT & MGMT CO CL A 03748R101 ~~2984~~1274 ~~85198~~110296 SH DEFINED ~~85198~~110296 ASHFORD HOSPITALITY TR INC COM SHS 044103109 ~~479~~115 ~~118260~~100251 SH DEFINED ~~118260~~100251 ASSOCIATED ESTATES RLTY CORP COM 045604105 ~~198~~163 ~~15193~~17893 SH DEFINED ~~15193~~17893 AVALONBAY CMTYS INC COM 053484101 ~~7466~~5008 ~~75858~~82666 SH DEFINED ~~75858~~82666 BRE PROPERTIES INC CL A 05564E106 ~~2477~~1540 ~~50547~~55047 SH DEFINED ~~50547~~55047 BIOMED REALTY TRUST INC COM 09063H107 ~~1859~~1013 ~~70265~~86465 SH DEFINED ~~70265~~86465 BOSTON PROPERTIES INC COM 101121101 ~~11007~~7054 ~~117520~~128254 SH DEFINED ~~117520~~128254 BRANDYWINE RLTY TR SH BEN INT NEW 105368203 ~~1401~~735 ~~87375~~95375 SH DEFINED ~~87375~~95375 BROOKFIELD PPTYS CORP COM 112900105 ~~232~~119 ~~14664~~15364 SH DEFINED ~~14664~~15364 CBL & ASSOC PPTYS INC COM 124830100 ~~1310~~465 ~~65233~~71533 SH DEFINED ~~65233~~71533 CAMDEN PPTY TRUST SH BEN INT 133131102 ~~2388~~1779 ~~52069~~56769 SH DEFINED ~~52069~~56769 CEDAR SHOPPING CTRS INC COM NEW 150602209 ~~576~~337 ~~43545~~47645 SH DEFINED ~~43545~~47645 COLONIAL PPTYS TR COM SH BEN INT 195872106 ~~774~~379 ~~41412~~45512 SH DEFINED ~~41412~~45512 CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 ~~1883~~1707 ~~46662~~55594 SH DEFINED ~~46662~~55594 COUSINS PPTYS INC COM 222795106 ~~1016~~612 ~~40289~~44189 SH DEFINED ~~40289~~44189 DCT INDUSTRIAL TRUST INC COM 233153105 ~~1265~~935 ~~168875~~184775 SH DEFINED ~~168875~~184775 DEVELOPERS DIVERSIFIED RLTY COM 251591103 ~~3737~~629 ~~117911~~128811 SH DEFINED ~~117911~~128811 DIAMONDROCK HOSPITALITY CO COM 252784301 ~~825~~494 ~~90643~~97343 SH DEFINED ~~90643~~97343 DIGITAL RLTY TR INC COM 253868103 ~~3099~~2381 ~~65583~~72483 SH DEFINED ~~65583~~72483 DOUGLAS EMMETT INC COM 25960P109 ~~2480~~1531 ~~107501~~117201 SH DEFINED ~~107501~~117201 DUKE REALTY CORP COM NEW 264411505 ~~3536~~1717 ~~143845~~156645 SH DEFINED ~~143845~~156645 DUPONT FABROS TECHNOLOGY INC COM 26613Q106 ~~531~~79 ~~34844~~38144 SH DEFINED ~~34844~~38144 EASTGROUP PPTY INC COM 277276101 ~~1191~~955 ~~24528~~26828 SH DEFINED ~~24528~~26828 EDUCATION RLTY TR INC COM 28140H104 ~~297~~151 ~~26816~~28916 SH DEFINED ~~26816~~28916 EQUITY LIFESTYLE PPTYS INC COM 29472R108 ~~1185~~938 ~~22345~~24445 SH DEFINED ~~22345~~24445 EQUITY ONE COM 294752100 ~~661~~647 ~~32245~~36566 SH DEFINED ~~32245~~36566 EQUITY RESIDENTIAL SH BEN INT 29476L107 ~~11891~~7823 ~~267754~~262338 SH DEFINED ~~267754~~262338 ESSEX PPTY TR INC COM 297178105 ~~2981~~2211 ~~25192~~28812 SH DEFINED ~~25192~~28812 EXTRA SPACE STORAGE INC COM 30225T102 ~~1238~~925 ~~80620~~89620 SH DEFINED ~~80620~~89620 FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 ~~4962~~3919 ~~57964~~63128 SH DEFINED ~~57964~~63128 FELCOR LODGING TR INC COM 31430F101 ~~445~~125 ~~62081~~67781 SH DEFINED ~~62081~~67781 FIRST INDUSTRIAL REALTY TRUS COM 32054K103 ~~1252~~361 ~~43661~~47761 SH DEFINED ~~43661~~47761 FIRST POTOMAC RLTY TR COM 33610F109 ~~414~~275 ~~24093~~29593 SH DEFINED ~~24093~~29593 FOREST CITY ENTERPRISES INC CL A 345550107 ~~150~~35 ~~4900~~5200 SH DEFINED ~~4900~~5200 ~~GENERAL GROWTH PPTYS INC COM 370021107 3750 248321 SH DEFINED 248321~~ GLIMCHER RLTY TR SH BEN INT 379302102 ~~390~~115 ~~37350~~40750 SH DEFINED ~~37350~~40750 HCP INC COM 40414L109 ~~9894~~7547 ~~246546~~271751 SH DEFINED ~~246546~~271751 HRPT PPTYS TR COM SH BEN INT 40426W101 ~~1529~~817 ~~221939~~242539 SH DEFINED ~~221939~~242539 HEALTHCARE RLTY TR COM 421946104 ~~1453~~1485 ~~49860~~63260 SH DEFINED ~~49860~~63260 HEALTH CARE REIT INC COM 42217K106 ~~5351~~4694 ~~100533~~111233 SH DEFINED ~~100533~~111233 HERSHA HOSPITALITY TR SH BEN INT A 427825104 ~~352~~156 ~~47320~~51920 SH DEFINED ~~47320~~51920 HIGHWOODS PPTYS INC COM 431284108 ~~1994~~1871 ~~56060~~68378 SH DEFINED ~~56060~~68378 HOME PROPERTIES INC COM 437306103 ~~1822~~1410 ~~31447~~34747 SH DEFINED ~~31447~~34747 HOSPITALITY PPTYS TR COM SH BEN INT 44106M102 ~~1901~~1502 ~~92628~~101028 SH DEFINED ~~92628~~101028 HOST HOTELS & RESORTS INC COM 44107P104 ~~6836~~4241 ~~514348~~560279 SH DEFINED ~~514348~~560279 INLAND REAL ESTATE CORP COM NEW 457461200 ~~919~~832 ~~58584~~64084 SH DEFINED ~~58584~~64084 KILROY RLTY CORP COM 49427F108 ~~1545~~1192 ~~32332~~35632 SH DEFINED ~~32332~~35632 KIMCO REALTY CORP COM 49446R109 ~~8003~~4535 ~~216651~~248095 SH DEFINED ~~216651~~248095 KITE RLTY GROUP TR COM 49803T102 ~~314~~204 ~~28559~~36659 SH DEFINED ~~28559~~36659 LASALLE HOTEL PPTYS COM SH BEN INT 517942108 ~~918~~489 ~~39360~~44260 SH DEFINED ~~39360~~44260 LIBERTY PPTY TRUST SH BEN INT 531172104 ~~3445~~2408 ~~91513~~105485 SH DEFINED ~~91513~~105485 MACERICH CO COM 554382101 ~~4700~~1486 ~~73849~~81849 SH DEFINED ~~73849~~81849 MACK CALI RLTY CORP COM 554489104 ~~2195~~1732 ~~64800~~70700 SH DEFINED ~~64800~~70700 MAGUIRE PPTYS INC COM 559775101 ~~218~~58 ~~36600~~39900 SH DEFINED ~~36600~~39900 MID-AMER APT CMNTYS INC COM 59522J103 ~~1332~~1126 ~~27105~~30305 SH DEFINED ~~27105~~30305 NATIONWIDE HEALTH PPTYS INC COM 638620104 ~~3424~~3069 ~~95159~~106845 SH DEFINED ~~95159~~106845 PS BUSINESS PKS INC CALIF COM 69360J107 ~~869~~738 ~~15083~~16523 SH DEFINED ~~15083~~16523 PARKWAY PPTYS INC COM 70159Q104 ~~571~~297 ~~15087~~16487 SH DEFINED ~~15087~~16487 PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 ~~737~~319 ~~39100~~42800 SH DEFINED ~~39100~~42800 POST PPTYS INC COM 737464107 ~~1217~~784 ~~43515~~47515 SH DEFINED ~~43515~~47515 PROLOGIS SH BEN INT 743410102 ~~10684~~3969 ~~258891~~285719 SH DEFINED ~~258891~~285719 PUBLIC STORAGE INC COM 74460D109 ~~12574~~9895 ~~126996~~124465 SH DEFINED ~~126996~~124465 RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 ~~409~~123 ~~18240~~19840 SH DEFINED ~~18240~~19840 REGENCY CTRS CORP COM 758849103 ~~4554~~3479 ~~68293~~74493 SH DEFINED ~~68293~~74493 SL GREEN RLTY CORP COM 78440X101 ~~3725~~1591 ~~57489~~61426 SH DEFINED ~~57489~~61426 SAUL CTRS INC COM 804395101 ~~706~~486 ~~13973~~12302 SH DEFINED ~~13973~~12302 SENIOR HSG PPTYS TR SH BEN INT 81721M109 ~~2634~~2207 ~~110527~~123157 SH DEFINED ~~110527~~123157 SIMON PPTY GROUP INC NEW COM 828806109 ~~21403~~11835 ~~220648~~222761 SH DEFINED ~~220648~~222761 SOVRAN SELF STORAGE INC COM 84610H108 ~~964~~849 ~~21573~~23573 SH DEFINED ~~21573~~23573 STRATEGIC HOTELS & RESORTS I COM 86272T106 ~~553~~135 ~~73258~~80258 SH DEFINED ~~73258~~80258 SUN COMMUNITIES INC COM 866674104 ~~329~~254 ~~16630~~18130 SH DEFINED ~~16630~~18130 SUNSTONE HOTEL INVS INC NEW COM 867892101 ~~670~~323 ~~49653~~52253 SH DEFINED ~~49653~~52253 TANGER FACTORY OUTLET CTRS I COM 875465106 ~~1366~~1279 ~~31192~~33992 SH DEFINED ~~31192~~33992 TAUBMAN CTRS INC COM 876664103 ~~2599~~1443 ~~51985~~56685 SH DEFINED ~~51985~~56685 UDR INC COM 902653104 ~~3320~~2017 ~~126965~~146269 SH DEFINED ~~126965~~146269 U STORE IT TR COM 91274F104 ~~570~~226 ~~46449~~50849 SH DEFINED ~~46449~~50849 UNIVERSAL HEALTH RLTY INCM T SH BEN INT 91359E105 ~~422~~387 ~~10861~~11761 SH DEFINED ~~10861~~11761 VENTAS INC COM 92276F100 ~~6974~~5157 ~~141117~~153630 SH DEFINED ~~141117~~153630 VORNADO RLTY TR SH BEN INT 929042109 ~~12924~~8403 ~~142095~~139244 SH DEFINED ~~142095~~139244 WASHINGTON REAL ESTATE INVT SH BEN INT 939653101 ~~1784~~1545 ~~48694~~54589 SH DEFINED ~~48694~~54589 WEINGARTEN REALTY INVST COM 948741103 ~~2739~~1800 ~~76785~~86986 SH DEFINED ~~76785~~86986

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