13F-HR 1 x13f-1205.txt WELLS ASSET MANAGEMENT, INC. - 13F 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, 2005 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 01/31/2006 -------------------- ------------------ ------------------ [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: 99 Form 13F Information Table Value Total: $ 342,566 (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 ~~4702~~5537 ~~108260~~112600 SH DEFINED ~~108260~~112600 AMLI RESIDENTIAL PPTYS TR SH BEN INT 001735109 ~~1032~~1288 ~~33030~~33850 SH DEFINED ~~33030~~33850 ACADIA RLTY TR COM SH BEN INT 004239109 ~~754~~833 ~~40430~~41560 SH DEFINED ~~40430~~41560 ALEXANDRIA REAL ESTATE EQ IN COM 015271109 ~~2003~~2385 ~~27270~~29630 SH DEFINED ~~27270~~29630 AMERICAN LD LEASE INC COM 027118108 ~~185~~205 ~~8450~~8640 SH DEFINED ~~8450~~8640 APARTMENT INVT & MGMT CO CLA 03748R101 ~~5022~~4776 ~~122720~~126110 SH DEFINED ~~122720~~126110 ARCHSTONE SMITH TR COM 039583109 ~~9890~~11701 ~~256096~~279326 SH DEFINED ~~256096~~279326 ARDEN RLTY INC COM 039793104 ~~3094~~3959 ~~85990~~88300 SH DEFINED ~~85990~~88300 ASSOCIATED ESTATES RLTY CORP COM 045604105 ~~223~~182 ~~24120~~20180 SH DEFINED ~~24120~~20180 AVALONBAY CMNTYS INC COM 053484101 ~~7588~~8647 ~~93914~~96884 SH DEFINED ~~93914~~96884 BRE PROPERTIES INC CLA 05564E106 ~~2740~~3068 ~~65470~~67460 SH DEFINED ~~65470~~67460 BEDFORD PPTY INVS COM PAR $0.02 076446301 ~~458~~418 ~~19880~~19040 SH DEFINED ~~19880~~19040 BOSTON PROPERTIES INC COM 101121101 ~~9286~~8764 ~~132660~~118230 SH DEFINED ~~132660~~118230 BRANDYWINE RLTY TR SH BEN INT NEW 105368203 ~~2209~~3253 ~~72060~~116550 SH DEFINED ~~72060~~116550 CBL & ASSOC PPTYS INC COM 124830100 ~~3275~~2190 ~~76050~~55430 SH DEFINED ~~76050~~55430 CAMDEN PPTY TR SH BEN INT 133131102 ~~3413~~3979 ~~63495~~68695 SH DEFINED ~~63495~~68695 ~~CAPITAL AUTOMOTIVE REIT COM SH BEN INT 139733109 2089 54720 SH DEFINED 54720~~ CARRAMERICA RLTY CORP COM 144418100 ~~2572~~2668 ~~71100~~77050 SH DEFINED ~~71100~~77050 ~~CATELLUS~~CEDAR ~~DEV~~SHOPPING ~~CORP~~CTRS ~~NEW~~INC COM ~~149113102~~NEW ~~4388~~150602209 ~~133790~~528 37560 SH DEFINED ~~133790~~37560 CENTERPOINT PPTYS TR COM 151895109 ~~2683~~3176 ~~63420~~64190 SH DEFINED ~~63420~~64190 COLONIAL PPTYS TR COM SH BEN INT 195872106 ~~2239~~2478 ~~50891~~59021 SH DEFINED ~~50891~~59021 COMMERCIAL NET LEASE RLTY IN COM 202218103 ~~1376~~1455 ~~67230~~71430 SH DEFINED ~~67230~~71430 CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 ~~1181~~1428 ~~40090~~40170 SH DEFINED ~~40090~~40170 ~~CORRECTIONAL PPTYS TR COM 22025E104 401 14160 SH DEFINED 14160~~ COUSINS PPTYS INC COM 222795106 ~~1706~~1433 ~~57670~~50620 SH DEFINED ~~57670~~50620 CRESCENT REAL ESTATE EQUITIE COM 225756105 ~~2122~~2059 ~~113180~~103900 SH DEFINED ~~113180~~103900 ~~CRT PROPERTIES INC COM 22876P109 1119 40980 SH DEFINED 40980~~ DEVELOPERS DIVERSIFIED RLTY COM 251591103 ~~6427~~6745 ~~139832~~143442 SH DEFINED ~~139832~~143442 DUKE REALTY CORP COM NEW 264411505 ~~5850~~6049 ~~184770~~181120 SH DEFINED ~~184770~~181120 EASTGROUP PPTY INC COM 277276101 ~~1192~~1315 ~~28310~~29110 SH DEFINED ~~28310~~29110 ENTERTAINMENT PPTYS TR COM 29380T105 ~~1516~~1390 ~~32960~~34100 SH DEFINED ~~32960~~34100 EQUITY INNS INC COM 294703103 ~~924~~964 ~~69510~~71150 SH DEFINED ~~69510~~71150 EQUITY LIFESTYLE PPTYS INC COM 29472R108 ~~1073~~1111 ~~27000~~24970 SH DEFINED ~~27000~~24970 EQUITY OFFICE PROPERTIES TRU COM 294741103 ~~17374~~16232 ~~524895~~535195 SH DEFINED ~~524895~~535195 EQUITY ONE COM 294752100 1168 50500 SH DEFINED 50500 EQUITY RESIDENTIAL SH BEN INT 29476L107 ~~13592~~14854 ~~369140~~379710 SH DEFINED ~~369140~~379710 ESSEX PPTY TR INC COM 297178105 ~~2467~~2776 ~~29700~~30110 SH DEFINED ~~29700~~30110 FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 ~~3990~~4215 ~~67620~~69500 SH DEFINED ~~67620~~69500 FELCOR LODGING TR INC COM 31430F101 ~~1032~~1133 ~~71250~~65820 SH DEFINED ~~71250~~65820 FIRST INDUSTRIAL REALTY TRUS COM 32054K103 ~~2208~~2192 ~~55330~~56940 SH DEFINED ~~55330~~56940 ~~GABLES RESIDENTIAL TR SH BEN INT 362418105 1629 37680 SH DEFINED 37680~~ GENERAL GROWTH PPTYS INC COM 370021107 ~~12587~~14783 ~~306330~~314600 SH DEFINED ~~306330~~314600 GLENBOROUGH RLTY TR INC COM 37803P105 ~~956~~829 ~~46440~~45820 SH DEFINED ~~46440~~45820 GLIMCHER RLTY TR SH BEN INT 379302102 ~~1279~~1170 ~~46100~~48100 SH DEFINED ~~46100~~48100 HRPT PPTYS TR COM SH BEN INT 40426W101 ~~3199~~2862 ~~257350~~276530 SH DEFINED ~~257350~~276530 HEALTH CARE PPTY INVS INC COM 421915109 ~~4678~~4576 ~~172996~~179026 SH DEFINED ~~172996~~179026 HEALTHCARE RLTY TR COM 421946104 ~~2371~~2093 ~~61413~~62923 SH DEFINED ~~61413~~62923 HEALTH CARE REIT INC COM 42217K106 ~~2596~~2574 ~~68880~~75940 SH DEFINED ~~68880~~75940 HERITAGE PPTY INVT TR INC COM 42725M107 ~~2130~~2085 ~~60830~~62430 SH DEFINED ~~60830~~62430 HIGHWOODS PPTYS INC COM 431284108 ~~2059~~2025 ~~69180~~71190 SH DEFINED ~~69180~~71190 HOME PROPERTIES INC COM 437306103 ~~1745~~1710 ~~40570~~41920 SH DEFINED ~~40570~~41920 HOSPITALITY PPTYS TR COM SH BEN INT 44106M102 ~~3826~~3800 ~~86810~~94770 SH DEFINED ~~86810~~94770 ISTAR FINL INC COM 45031U101 ~~6026~~5313 ~~144880~~149030 SH DEFINED ~~144880~~149030 INLAND REAL ESTATE CORP COM NEW 457461200 ~~1392~~1314 ~~86583~~88873 SH DEFINED ~~86583~~88873 INNKEEPERS USA TR COM 4576J0104 ~~823~~905 ~~55090~~56560 SH DEFINED ~~55090~~56560 KILROY RLTY CORP COM 49427F108 ~~1767~~2359 ~~37210~~38110 SH DEFINED ~~37210~~38110 KIMCO REALTY CORP COM 49446R109 ~~8065~~8455 ~~136905~~263550 SH DEFINED ~~136905~~263550 LTC PPTYS INC COM 502175102 561 26680 SH DEFINED 26680 LASALLE HOTEL PPTYS COM SH BEN INT 517942108 ~~1266~~1723 ~~38590~~46910 SH DEFINED ~~38590~~46910 LEXINGTON CORP PPTYS TR COM 529043101 ~~1539~~1459 ~~63300~~68490 SH DEFINED ~~63300~~68490 LIBERTY PPTY TR SH BEN INT 531172104 ~~4967~~4982 ~~112100~~116270 SH DEFINED ~~112100~~116270 MACERICH CO COM 554382101 ~~5149~~5303 ~~76800~~78980 SH DEFINED ~~76800~~78980 MACK CALI RLTY CORP COM 554489104 ~~3304~~3523 ~~72940~~81550 SH DEFINED ~~72940~~81550 MERISTAR HOSPITALITY CORP COM 58984Y103 ~~968~~1084 ~~112610~~115290 SH DEFINED ~~112610~~115290 MID-AMER APT CMNTYS INC COM 59522J103 ~~1250~~1241 ~~27520~~25590 SH DEFINED ~~27520~~25590 MILLS CORP COM 601148109 ~~4391~~3128 ~~72240~~74580 SH DEFINED ~~72240~~74580 MONMOUTH REAL ESTATE INVT CO CLA 609720107 201 25110 SH DEFINED 25110 NATIONAL HEALTH INVS INC COM 63633D104 ~~920~~798 ~~32780~~30730 SH DEFINED ~~32780~~30730 NATIONWIDE HEALTH PPTYS INC COM 638620104 ~~2040~~1905 ~~86420~~89020 SH DEFINED ~~86420~~89020 NEW PLAN EXCEL RLTY TR INC COM 648053106 ~~3611~~3184 ~~132890~~137340 SH DEFINED ~~132890~~137340 PS BUSINESS PKS INC CALIF COM 69360J107 ~~1103~~1059 ~~24810~~21520 SH DEFINED ~~24810~~21520 PAN PACIFIC RETAIL PPTYS INC COM 69806L104 ~~3473~~3587 ~~52320~~53630 SH DEFINED ~~52320~~53630 PARKWAY PPTYS INC COM 70159Q104 ~~906~~751 ~~18120~~18710 SH DEFINED ~~18120~~18710 PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 ~~2232~~1808 ~~46990~~48390 SH DEFINED ~~46990~~48390 PLUM CREEK TIMBER CO INC COM 729251108 ~~8600~~8743 ~~236910~~242520 SH DEFINED ~~236910~~242520 POST PPTYS INC COM 737464107 ~~1854~~2145 ~~51340~~53690 SH DEFINED ~~51340~~53690 ~~PRENTISS PPTYS TR SH BEN INT 740706106 2121 58200 SH DEFINED 58200~~ PROLOGIS SH BEN INT 743410102 ~~9674~~14990 ~~240410~~320850 SH DEFINED ~~240410~~320850 PUBLIC STORAGE INC COM 74460D109 ~~9455~~7378 ~~149484~~108944 SH DEFINED ~~149484~~108944 RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 ~~584~~593 ~~19950~~22270 SH DEFINED ~~19950~~22270 RAYONIER INC COM 754907103 ~~3433~~3983 ~~64730~~99949 SH DEFINED ~~64730~~99949 REALTY INCOME CORP COM 756109104 ~~2567~~2384 ~~102500~~110280 SH DEFINED ~~102500~~110280 RECKSON ASSOCS RLTY CORP COM 75621K106 ~~3527~~3914 ~~105130~~108780 SH DEFINED ~~105130~~108780 REGENCY CTRS CORP COM 758849103 ~~4650~~5272 ~~81300~~89430 SH DEFINED ~~81300~~89430 SL GREEN RLTY CORP COM 78440X101 ~~3472~~4241 ~~53830~~55520 SH DEFINED ~~53830~~55520 SAUL CTRS INC COM 804395101 ~~663~~532 ~~18250~~14730 SH DEFINED ~~18250~~14730 SENIOR HSG PPTYS TR SH BEN INT 81721E107 ~~1552~~1130 ~~82090~~66850 SH DEFINED ~~82090~~66850 SHURGARD STORAGE CTRS INC COM 82567D104 ~~2761~~3506 ~~60080~~61820 SH DEFINED ~~60080~~61820 SIMON PPTY GROUP INC NEW COM 828806109 ~~20509~~18826 ~~282920~~245680 SH DEFINED ~~282920~~245680 SOVRAN SELF STORAGE INC COM 84610H108 ~~946~~1062 ~~20810~~22620 SH DEFINED ~~20810~~22620 SUN COMMUNITIES INC COM 866674104 ~~878~~665 ~~23610~~21190 SH DEFINED ~~23610~~21190 TANGER FACTORY OUTLET CTRS I COM 875465106 ~~958~~1163 ~~35560~~40480 SH DEFINED ~~35560~~40480 TAUBMAN CTRS INC COM 876664103 ~~2226~~2326 ~~65290~~66930 SH DEFINED ~~65290~~66930 THORNBURG MTG INC COM 885218107 ~~3583~~3593 ~~122990~~137120 SH DEFINED ~~122990~~137120 TOWN & CTRY TR SH BEN INT 892081100 ~~613~~786 ~~21490~~23250 SH DEFINED ~~21490~~23250 TRUSTREET PPTYS INC COM 898404108 ~~1239~~1133 ~~74570~~77470 SH DEFINED ~~74570~~77470 UNITED DOMINION REALTY TR IN COM 910197102 ~~4242~~4237 ~~176370~~180760 SH DEFINED ~~176370~~180760 UNIVERSAL HEALTH RLTY INCM T SH BEN INT 91359E105 ~~577~~488 ~~15144~~15564 SH DEFINED ~~15144~~15564 URSTADT BIDDLE PTYS INS COM 917286205 ~~542~~475 ~~31314~~29304 SH DEFINED ~~31314~~29304 VORNADO RLTY TR SH BEN INT 929042109 ~~12222~~12985 ~~152010~~155560 SH DEFINED ~~152010~~155560 WASHINGTON REAL ESTATE INVT SH BEN INT 939653101 ~~1689~~1685 ~~54120~~55520 SH DEFINED ~~54120~~55520 WEINGARTEN RLTY INVS SH BEN INT 948741103 ~~4278~~4004 ~~109085~~105905 SH DEFINED ~~109085~~105905 WINDROSE MED PPTYS TR COM 973491103 277 18620 SH DEFINED 18620 WINSTON HOTELS INC COM 97563A102 ~~384~~346 ~~34150~~34930 SH DEFINED ~~34150~~34930

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