Schedule III - Consolidated Real Estate Owned And Accumulated Depreciation

12 Months Ended

Dec. 31, 2011

Schedule III - Consolidated Real Estate Owned And Accumulated Depreciation [Abstract]

Schedule III - Consolidated Real Estate Owned And Accumulated Depreciation

AmREIT, Inc. and Subsidiaries

SCHEDULE III - Consolidated Real Estate Owned and Accumulated Depreciation

For the year ended December 31, 2011

	Initial Cost							Total Cost
					Cost Capitalized
	Building and				Subsequent to			Building and						Accumulated		Date	Encumbrances
Property Description	Improvements		Land		Acquisition (Note A)			Improvements		Land		Total		Depreciation		Acquired	(Note B)
SHOPPING CENTERS
500 Lamar, Texas		1,640,623		2,530,178		22,597			1,663,220		2,530,178		4,193,398		75,075	12/09/10		1,718,772
Alpharetta Commons, Georgia		12,901,200		4,663,425		0			12,901,200		4,663,425		17,564,625		165,898	07/29/11		12,434,162
Bakery Square, Texas		4,806,518		4,325,612		(1,225	)		4,795,419		4,335,486		9,130,905		1,060,779	07/21/04		2,411,624
Brookwood Village, Georgia		6,195,376		3,355,689		46,957			6,242,333		3,355,689		9,598,022		131,755	05/10/11		7,350,000
Cinco Ranch, Texas		11,558,491		2,666,534		109,741			11,666,540		2,668,226		14,334,766		2,594,931	07/01/04		9,750,000
Courtyard Square, Texas		1,777,161		4,133,641		34,387			1,794,437		4,150,752		5,945,189		425,430	06/15/04		-
Lake Woodlands Plaza, Texas		2,385,103		1,366,452		1,270,594			3,653,084		1,369,065		5,022,149		1,405,714	06/03/98		2,933,474
Market at Lake Houston, Texas		13,351,264		3,740,540		(19,735	)		13,331,528		3,740,540		17,072,068		342,728	02/25/11		15,675,000
MacArthur Park, Texas		32,299,035		15,583,628		1,080,550			33,379,584		15,583,629		48,963,213		7,483,338	12/27/04		23,315,039
Plaza in the Park, Texas		17,375,782		13,257,976		715,520			18,087,486		13,261,792		31,349,278		3,994,135	07/01/04		23,250,000
Riverwalk, Texas		17,148,688		7,979,779		378,835			17,518,334		7,988,968		25,507,302		3,030,029	09/30/05		20,000,000
Sugar Land Plaza, Texas		3,016,816		1,280,043		286,177			3,302,993		1,280,043		4,583,036		1,129,571	07/01/98		-
Terrace Shops, Texas		2,544,592		2,212,278		121,178			2,665,770		2,212,278		4,878,048		571,690	12/15/03		-
Uptown Park, Texas		27,060,070		36,976,809		2,136,644			29,308,422		36,865,101		66,173,523		7,316,761	06/01/05		49,000,000
Uptown Plaza Dallas, Texas		14,129,798		9,295,665		135,206			14,264,442		9,296,227		23,560,669		2,438,975	03/30/06		10,444,283
Uptown Plaza, Texas		4,887,774		7,796,383		274,720			5,162,494		7,796,383		12,958,877		1,145,254	12/10/03		-
Total Shopping Centers		173,078,291		121,164,632		6,592,146			179,737,286		121,097,782		300,835,068		33,312,063			178,282,354
SINGLE TENANT
Citibank, Texas		-		1,318,418		165,742			50,943		1,433,217		1,484,160		19,963	12/17/04		-
CVS Pharmacy, Texas		-		2,665,332		23,664			-		2,688,996		2,688,996		n/a	01/10/03		-
Golden Corral, Texas		1,093,139		718,702		(687,192	)		584,497		540,152		1,124,649		23,696	07/23/02		-
Golden Corral, Texas		1,290,347		553,006		(660,126	)		744,607		438,620		1,183,227		35,254	07/23/02		-
Smokey Bones, Georgia		-		773,800		(60,414	)		-		713,386		713,386		n/a	12/18/98		-
Sunbelt Rental, Illinois		-		402,080		651,283			832,395		220,968		1,053,363		29,187	05/23/07		-
TGI Friday's, Maryland		-		1,473,613		860			-		1,474,473		1,474,473		n/a	09/16/03		-
TGI Friday's, Texas		1,425,843		611,075		39,894			1,453,769		623,043		2,076,812		352,570	07/23/02		-
Woodlands Ring Road, Texas		-		8,957,570		3,441,122			3,225,040		9,173,652		12,398,692		92,212	12/01/07		3,591,059
Total Single Tenant		3,809,329		17,473,596		2,914,833			6,891,251		17,306,507		24,197,758		552,882			3,591,059
Total	$	176,887,620	$	138,638,228	$	9,506,979		$	186,628,537	$	138,404,289	$	325,032,826	$	33,864,945		$	181,873,413

Note A - The negative balance for costs capitalized subsequent to acquisition could be the result of out-parcels sold, tenant activity or reductions in our investments in properties accounted for as direct financing leases.

Note B - The Lake Woodlands Plaza property and four of the five pad sites at Woodlands Ring Road serve as collateral for a single note. The encumberances balance has been allocated according to the total historical cost of the properties securing the note. Also, the notes secured by the Cinco Ranch and Plaza in the park properties contain a cross-collateralization clause whereas an event of default on one note constitutes an event of default on both notes.

Activity within real estate and accumulated depreciation during the three years ended December 31, 2011 is as follows:

				Accumulated
	Cost			Depreciation
Balance at December 31, 2008	$	280,701,344		$	19,721,306
Acquisitions / additions		5,508,173			349,504
Disposals		(2,400,447	)		(127,458	)
Depreciation expense		-			4,990,815
Balance at December 31, 2009	$	283,809,070		$	24,934,167
Acquisitions / additions		10,794,709			-
Disposals		(11,048,686	)		(451,194	)
Impairment		(4,241,649	)		(754,486	)
Depreciation expense		-			4,891,223
Balance at December 31, 2010	$	279,313,444		$	28,619,710
Acquisitions / additions		47,982,336			-
Disposals		(2,262,954	)		(196,747	)
Impairment		-
Depreciation expense		-			5,441,981
Balance at December 31, 2011	$	325,032,826		$	33,864,944