13F-HR 1 x13f-0309.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, 2009 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 04/16/2009 -------------------- ------------------ ------------------ [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: $ 91,940 (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 ~~2466~~1846 ~~105309~~128209 SH DEFINED ~~105309~~128209 ACADIA REALTY TR COM SH BEN INT 004239109 ~~463~~303 ~~32473~~28592 SH DEFINED ~~32473~~28592 ALEXANDERS INC COM 014752109 ~~710~~411 ~~2785~~2415 SH DEFINED ~~2785~~2415 ALEXANDRIA REAL ESTATE EQ IN COM 015271109 ~~2070~~1314 ~~34299~~36099 SH DEFINED ~~34299~~36099 AMERICAN CAMPUS COMMUNITY COM 024835100 ~~933~~694 ~~45572~~39972 SH DEFINED ~~45572~~39972 APARTMENT INVT & MGMT CO CL A 03748R101 ~~1274~~604 ~~110296~~110286 SH DEFINED ~~110296~~110286 ASHFORD HOSPITALITY TR INC COM SHS 044103109 ~~115~~135 ~~100251~~87851 SH DEFINED ~~100251~~87851 ASSOCIATED ESTATES RLTY CORP COM 045604105 ~~163~~89 ~~17893~~15693 SH DEFINED ~~17893~~15693 AVALONBAY CMTYS INC COM 053484101 ~~5008~~3519 ~~82666~~74777 SH DEFINED ~~82666~~74777 BRE PROPERTIES INC CL A 05564E106 ~~1540~~947 ~~55047~~48247 SH DEFINED ~~55047~~48247 BIOMED REALTY TRUST INC COM 09063H107 ~~1013~~513 ~~86465~~75765 SH DEFINED ~~86465~~75765 BOSTON PROPERTIES INC COM 101121101 ~~7054~~3929 ~~128254~~112154 SH DEFINED ~~128254~~112154 BRANDYWINE RLTY TR SH BEN INT NEW 105368203 ~~735~~239 ~~95375~~83975 SH DEFINED ~~95375~~83975 BROOKFIELD PPTYS CORP COM 112900105 ~~119~~85 ~~15364~~14764 SH DEFINED ~~15364~~14764 CBL & ASSOC PPTYS INC COM 124830100 ~~465~~148 ~~71533~~62833 SH DEFINED ~~71533~~62833 CAMDEN PPTY TRUST SH BEN INT 133131102 ~~1779~~1072 ~~56769~~49669 SH DEFINED ~~56769~~49669 CEDAR SHOPPING CTRS INC COM NEW 150602209 ~~337~~73 ~~47645~~41845 SH DEFINED ~~47645~~41845 COLONIAL PPTYS TR COM SH BEN INT 195872106 ~~379~~152 ~~45512~~39912 SH DEFINED ~~45512~~39912 CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 ~~1707~~1207 ~~55594~~48594 SH DEFINED ~~55594~~48594 COUSINS PPTYS INC COM 222795106 ~~612~~250 ~~44189~~38889 SH DEFINED ~~44189~~38889 DCT INDUSTRIAL TRUST INC COM 233153105 ~~935~~513 ~~184775~~161975 SH DEFINED ~~184775~~161975 DEVELOPERS DIVERSIFIED RLTY COM 251591103 ~~629~~241 ~~128811~~113211 SH DEFINED ~~128811~~113211 DIAMONDROCK HOSPITALITY CO COM 252784301 ~~494~~341 ~~97343~~85043 SH DEFINED ~~97343~~85043 DIGITAL RLTY TR INC COM 253868103 ~~2381~~2186 ~~72483~~65883 SH DEFINED ~~72483~~65883 DOUGLAS EMMETT INC COM 25960P109 ~~1531~~760 ~~117201~~102801 SH DEFINED ~~117201~~102801 DUKE REALTY CORP COM NEW 264411505 ~~1717~~755 ~~156645~~137345 SH DEFINED ~~156645~~137345 DUPONT FABROS TECHNOLOGY INC COM 26613Q106 79230 ~~38144~~33444 SH DEFINED ~~38144~~33444 EASTGROUP PPTY INC COM 277276101 ~~955~~658 ~~26828~~23428 SH DEFINED ~~26828~~23428 EDUCATION RLTY TR INC COM 28140H104 ~~151~~88 ~~28916~~25316 SH DEFINED ~~28916~~25316 EQUITY LIFESTYLE PPTYS INC COM 29472R108 ~~938~~817 ~~24445~~21445 SH DEFINED ~~24445~~21445 EQUITY ONE COM 294752100 ~~647~~391 ~~36566~~32066 SH DEFINED ~~36566~~32066 EQUITY RESIDENTIAL SH BEN INT 29476L107 ~~7823~~4630 ~~262338~~252338 SH DEFINED ~~262338~~252338 ESSEX PPTY TR INC COM 297178105 ~~2211~~1451 ~~28812~~25312 SH DEFINED ~~28812~~25312 EXTRA SPACE STORAGE INC COM 30225T102 ~~925~~444 ~~89620~~80520 SH DEFINED ~~89620~~80520 FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 ~~3919~~2550 ~~63128~~55428 SH DEFINED ~~63128~~55428 FELCOR LODGING TR INC COM 31430F101 ~~125~~81 ~~67781~~59281 SH DEFINED ~~67781~~59281 FIRST INDUSTRIAL REALTY TRUS COM 32054K103 ~~361~~103 ~~47761~~42061 SH DEFINED ~~47761~~42061 FIRST POTOMAC RLTY TR COM 33610F109 ~~275~~190 ~~29593~~25793 SH DEFINED ~~29593~~25793 FOREST CITY ENTERPRISES INC CL A 345550107 3519 5200 SH DEFINED 5200 GLIMCHER RLTY TR SH BEN INT 379302102 ~~115~~4 ~~40750~~2800 SH DEFINED ~~40750~~2800 HCP INC COM 40414L109 ~~7547~~4253 ~~271751~~238251 SH DEFINED ~~271751~~238251 HRPT PPTYS TR COM SH BEN INT 40426W101 ~~817~~678 ~~242539~~212639 SH DEFINED ~~242539~~212639 HEALTHCARE RLTY TR COM 421946104 ~~1485~~831 ~~63260~~55460 SH DEFINED ~~63260~~55460 HEALTH CARE REIT INC COM 42217K106 ~~4694~~3179 ~~111233~~103933 SH DEFINED ~~111233~~103933 HERSHA HOSPITALITY TR SH BEN INT A 427825104 ~~156~~87 ~~51920~~45820 SH DEFINED ~~51920~~45820 HIGHWOODS PPTYS INC COM 431284108 ~~1871~~1283 ~~68378~~59878 SH DEFINED ~~68378~~59878 HOME PROPERTIES INC COM 437306103 ~~1410~~933 ~~34747~~30447 SH DEFINED ~~34747~~30447 HOSPITALITY PPTYS TR COM SH BEN INT 44106M102 ~~1502~~1062 ~~101028~~88528 SH DEFINED ~~101028~~88528 HOST HOTELS & RESORTS INC COM 44107P104 ~~4241~~1926 ~~560279~~491279 SH DEFINED ~~560279~~491279 INLAND REAL ESTATE CORP COM NEW 457461200 ~~832~~399 ~~64084~~56284 SH DEFINED ~~64084~~56284 KILROY RLTY CORP COM 49427F108 ~~1192~~537 ~~35632~~31232 SH DEFINED ~~35632~~31232 KIMCO REALTY CORP COM 49446R109 ~~4535~~1657 ~~248095~~217495 SH DEFINED ~~248095~~217495 KITE RLTY GROUP TR COM 49803T102 ~~204~~79 ~~36659~~32059 SH DEFINED ~~36659~~32059 LASALLE HOTEL PPTYS COM SH BEN INT 517942108 ~~489~~227 ~~44260~~38860 SH DEFINED ~~44260~~38860 LIBERTY PPTY TRUST SH BEN INT 531172104 ~~2408~~1752 ~~105485~~92485 SH DEFINED ~~105485~~92485 MACERICH CO COM 554382101 ~~1486~~450 ~~81849~~71849 SH DEFINED ~~81849~~71849 MACK CALI RLTY CORP COM 554489104 ~~1732~~1226 ~~70700~~61900 SH DEFINED ~~70700~~61900 MAGUIRE PPTYS INC COM 559775101 582 ~~39900~~2700 SH DEFINED ~~39900~~2700 MID-AMER APT CMNTYS INC COM 59522J103 ~~1126~~817 ~~30305~~26505 SH DEFINED ~~30305~~26505 NATIONWIDE HEALTH PPTYS INC COM 638620104 ~~3069~~2136 ~~106845~~96245 SH DEFINED ~~106845~~96245 PS BUSINESS PKS INC CALIF COM 69360J107 ~~738~~535 ~~16523~~14523 SH DEFINED ~~16523~~14523 PARKWAY PPTYS INC COM 70159Q104 ~~297~~149 ~~16487~~14487 SH DEFINED ~~16487~~14487 PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 ~~319~~134 ~~42800~~37700 SH DEFINED ~~42800~~37700 POST PPTYS INC COM 737464107 ~~784~~423 ~~47515~~41715 SH DEFINED ~~47515~~41715 PROLOGIS SH BEN INT 743410102 ~~3969~~1629 ~~285719~~250619 SH DEFINED ~~285719~~250619 PUBLIC STORAGE INC COM 74460D109 ~~9895~~6611 ~~124465~~119665 SH DEFINED ~~124465~~119665 RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 ~~123~~113 ~~19840~~17440 SH DEFINED ~~19840~~17440 REGENCY CTRS CORP COM 758849103 ~~3479~~1735 ~~74493~~65293 SH DEFINED ~~74493~~65293 SL GREEN RLTY CORP COM 78440X101 ~~1591~~582 ~~61426~~53926 SH DEFINED ~~61426~~53926 SAUL CTRS INC COM 804395101 ~~486~~248 ~~12302~~10802 SH DEFINED ~~12302~~10802 SENIOR HSG PPTYS TR SH BEN INT 81721M109 ~~2207~~1581 ~~123157~~112757 SH DEFINED ~~123157~~112757 SIMON PPTY GROUP INC NEW COM 828806109 ~~11835~~7546 ~~222761~~217837 SH DEFINED ~~222761~~217837 SOVRAN SELF STORAGE INC COM 84610H108 ~~849~~413 ~~23573~~20573 SH DEFINED ~~23573~~20573 STRATEGIC HOTELS & RESORTS I COM 86272T106 ~~135~~4 ~~80258~~5400 SH DEFINED ~~80258~~5400 SUN COMMUNITIES INC COM 866674104 ~~254~~190 ~~18130~~16030 SH DEFINED ~~18130~~16030 SUNSTONE HOTEL INVS INC NEW COM 867892101 ~~323~~133 ~~52253~~50576 SH DEFINED ~~52253~~50576 TANGER FACTORY OUTLET CTRS I COM 875465106 ~~1279~~919 ~~33992~~29792 SH DEFINED ~~33992~~29792 TAUBMAN CTRS INC COM 876664103 ~~1443~~845 ~~56685~~49585 SH DEFINED ~~56685~~49585 UDR INC COM 902653104 ~~2017~~1104 ~~146269~~128244 SH DEFINED ~~146269~~128244 U STORE IT TR COM 91274F104 ~~226~~91 ~~50849~~44849 SH DEFINED ~~50849~~44849 UNIVERSAL HEALTH RLTY INCM T SH BEN INT 91359E105 ~~387~~303 ~~11761~~10361 SH DEFINED ~~11761~~10361 VENTAS INC COM 92276F100 ~~5157~~3049 ~~153630~~134830 SH DEFINED ~~153630~~134830 VORNADO RLTY TR SH BEN INT 929042109 ~~8403~~4529 ~~139244~~136236 SH DEFINED ~~139244~~136236 WASHINGTON REAL ESTATE INVT SH BEN INT 939653101 ~~1545~~853 ~~54589~~49289 SH DEFINED ~~54589~~49289 WEINGARTEN REALTY INVST COM 948741103 ~~1800~~725 ~~86986~~76186 SH DEFINED ~~86986~~76186

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