13F-HR 1 x13f-0909.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: September 30, 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 10/20/2009 -------------------- ------------------ ------------------ [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: 81 Form 13F Information Table Value Total: $ 147,224 (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 ~~2178~~2535 ~~115768~~110468 SH DEFINED ~~115768~~110468 ACADIA REALTY TR COM SH BEN INT 004239109 ~~410~~452 ~~31384~~29984 SH DEFINED ~~31384~~29984 ALEXANDERS INC COM 014752109 ~~563~~588 ~~2090~~1988 SH DEFINED ~~2090~~1988 ALEXANDRIA REAL ESTATE EQ IN COM 015271109 ~~1117~~1620 ~~31199~~29799 SH DEFINED ~~31199~~29799 AMERICAN CAMPUS COMMUNITY COM 024835100 ~~926~~1071 ~~41772~~39872 SH DEFINED ~~41772~~39872 APARTMENT INVT & MGMT CO CL A 03748R101 ~~818~~1304 ~~92486~~88386 SH DEFINED ~~92486~~88386 ASHFORD HOSPITALITY TR INC COM SHS 044103109 ~~212~~252 ~~75551~~72751 SH DEFINED ~~75551~~72751 AVALONBAY CMTYS INC COM 053484101 ~~3517~~4362 ~~62877~~59977 SH DEFINED ~~62877~~59977 BRE PROPERTIES INC CL A 05564E106 ~~963~~1247 ~~40547~~39847 SH DEFINED ~~40547~~39847 BIOMED REALTY TRUST INC COM 09063H107 ~~782~~1006 ~~76465~~72865 SH DEFINED ~~76465~~72865 BOSTON PROPERTIES INC COM 101121101 ~~5145~~6868 ~~107872~~104772 SH DEFINED ~~107872~~104772 BRANDYWINE RLTY TR SH BEN INT NEW 105368203 ~~731~~1071 ~~98075~~96975 SH DEFINED ~~98075~~96975 BROOKFIELD PPTYS CORP COM 112900105 ~~114~~167 ~~14364~~14864 SH DEFINED ~~14364~~14864 CBL & ASSOC PPTYS INC COM 124830100 ~~552~~1011 ~~102362~~104262 SH DEFINED ~~102362~~104262 CAMDEN PPTY TRUST SH BEN INT 133131102 ~~1423~~1952 ~~51569~~48437 SH DEFINED ~~51569~~48437 CEDAR SHOPPING CTRS INC COM NEW 150602209 ~~161~~222 ~~35645~~34345 SH DEFINED ~~35645~~34345 COLONIAL PPTYS TR COM SH BEN INT 195872106 ~~282~~367 ~~38112~~37712 SH DEFINED ~~38112~~37712 CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 ~~1332~~1616 ~~45427~~43827 SH DEFINED ~~45427~~43827 COUSINS PPTYS INC COM 222795106 ~~282~~516 ~~33174~~62295 SH DEFINED ~~33174~~62295 DCT INDUSTRIAL TRUST INC COM 233153105 ~~632~~787 ~~154975~~154075 SH DEFINED ~~154975~~154075 DEVELOPERS DIVERSIFIED RLTY COM 251591103 ~~526~~888 ~~107782~~96087 SH DEFINED ~~107782~~96087 DIAMONDROCK HOSPITALITY CO COM 252784301 ~~535~~661 ~~85443~~81543 SH DEFINED ~~85443~~81543 DIGITAL RLTY TR INC COM 253868103 ~~1989~~2417 ~~55483~~52883 SH DEFINED ~~55483~~52883 DOUGLAS EMMETT INC COM 25960P109 ~~864~~1127 ~~96135~~91735 SH DEFINED ~~96135~~91735 DUKE REALTY CORP COM NEW 264411505 ~~1554~~2031 ~~177202~~169102 SH DEFINED ~~177202~~169102 DUPONT FABROS TECHNOLOGY INC COM 26613Q106 ~~298~~419 ~~31644~~31444 SH DEFINED ~~31644~~31444 EASTGROUP PPTY INC COM 277276101 ~~658~~750 ~~19928~~19628 SH DEFINED ~~19928~~19628 EDUCATION RLTY TR INC COM 28140H104 92238 ~~21416~~40216 SH DEFINED ~~21416~~40216 EQUITY LIFESTYLE PPTYS INC COM 29472R108 ~~682~~892 ~~18345~~20845 SH DEFINED ~~18345~~20845 EQUITY ONE COM 294752100 ~~407~~463 ~~30666~~29566 SH DEFINED ~~30666~~29566 EQUITY RESIDENTIAL SH BEN INT 29476L107 ~~4818~~6351 ~~216738~~206866 SH DEFINED ~~216738~~206866 ESSEX PPTY TR INC COM 297178105 ~~1351~~1648 ~~21712~~20712 SH DEFINED ~~21712~~20712 EXTRA SPACE STORAGE INC COM 30225T102 ~~565~~690 ~~67620~~65420 SH DEFINED ~~67620~~65420 FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 ~~2397~~2820 ~~46528~~45948 SH DEFINED ~~46528~~45948 FELCOR LODGING TR INC COM 31430F101 ~~126~~222 ~~51081~~48981 SH DEFINED ~~51081~~48981 FIRST INDUSTRIAL REALTY TRUS COM 32054K103 ~~136~~158 ~~31361~~30061 SH DEFINED ~~31361~~30061 FIRST POTOMAC RLTY TR COM 33610F109 ~~211~~250 21593 SH DEFINED 21593 FOREST CITY ENTERPRISES INC CL A 345550107 5595 ~~8300~~7100 SH DEFINED ~~8300~~7100 HCP INC COM 40414L109 ~~4573~~6315 ~~215789~~219717 SH DEFINED ~~215789~~219717 HRPT PPTYS TR COM SH BEN INT 40426W101 ~~726~~1282 ~~178939~~170539 SH DEFINED ~~178939~~170539 HEALTHCARE RLTY TR COM 421946104 ~~785~~939 ~~46660~~44460 SH DEFINED ~~46660~~44460 HEALTH CARE REIT INC COM 42217K106 ~~2991~~3767 ~~87714~~90520 SH DEFINED ~~87714~~90520 HERSHA HOSPITALITY TR SH BEN INT A 427825104 95112 ~~38420~~36220 SH DEFINED ~~38420~~36220 HIGHWOODS PPTYS INC COM 431284108 ~~1240~~1683 ~~55414~~53514 SH DEFINED ~~55414~~53514 HOME PROPERTIES INC COM 437306103 ~~885~~1071 ~~25947~~24847 SH DEFINED ~~25947~~24847 HOSPITALITY PPTYS TR COM SH BEN INT 44106M102 ~~1048~~1880 ~~88128~~92313 SH DEFINED ~~88128~~92313 HOST HOTELS & RESORTS INC COM 44107P104 ~~3964~~5305 ~~472456~~450756 SH DEFINED ~~472456~~450756 INLAND REAL ESTATE CORP COM NEW 457461200 ~~398~~484 ~~56884~~55284 SH DEFINED ~~56884~~55284 KILROY RLTY CORP COM 49427F108 ~~681~~905 ~~33132~~32632 SH DEFINED ~~33132~~32632 KIMCO REALTY CORP COM 49446R109 ~~2995~~3709 ~~298022~~284422 SH DEFINED ~~298022~~284422 KITE RLTY GROUP TR COM 49803T102 ~~136~~199 ~~46659~~47659 SH DEFINED ~~46659~~47659 LASALLE HOTEL PPTYS COM SH BEN INT 517942108 ~~619~~943 ~~50149~~47949 SH DEFINED ~~50149~~47949 LIBERTY PPTY TRUST SH BEN INT 531172104 ~~1926~~2745 ~~83579~~84386 SH DEFINED ~~83579~~84386 MACERICH CO COM 554382101 ~~1092~~1827 ~~61990~~60237 SH DEFINED ~~61990~~60237 MACK CALI RLTY CORP COM 554489104 ~~1386~~1914 ~~60800~~59200 SH DEFINED ~~60800~~59200 MID-AMER APT CMNTYS INC COM 59522J103 ~~819~~962 ~~22305~~21305 SH DEFINED ~~22305~~21305 NATIONWIDE HEALTH PPTYS INC COM 638620104 ~~2086~~2499 ~~81045~~80645 SH DEFINED ~~81045~~80645 PS BUSINESS PKS INC CALIF COM 69360J107 ~~587~~725 ~~12123~~14123 SH DEFINED ~~12123~~14123 PARKWAY PPTYS INC COM 70159Q104 ~~217~~319 ~~16687~~16187 SH DEFINED ~~16687~~16187 PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 ~~159~~231 ~~31900~~30400 SH DEFINED ~~31900~~30400 POST PPTYS INC COM 737464107 ~~471~~602 ~~35015~~33415 SH DEFINED ~~35015~~33415 PROLOGIS SH BEN INT 743410102 ~~2825~~3987 ~~350443~~334443 SH DEFINED ~~350443~~334443 PUBLIC STORAGE INC COM 74460D109 ~~6667~~7311 ~~101823~~97169 SH DEFINED ~~101823~~97169 RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 ~~147~~190 ~~14640~~21340 SH DEFINED ~~14640~~21340 REGENCY CTRS CORP COM 758849103 ~~2210~~2241 ~~63293~~60493 SH DEFINED ~~63293~~60493 SL GREEN RLTY CORP COM 78440X101 ~~1347~~2544 ~~58726~~58026 SH DEFINED ~~58726~~58026 SAUL CTRS INC COM 804395101 ~~269~~179 ~~9102~~5577 SH DEFINED ~~9102~~5577 SENIOR HSG PPTYS TR SH BEN INT 81721M109 ~~1553~~1831 ~~95157~~95812 SH DEFINED ~~95157~~95812 SIMON PPTY GROUP INC NEW COM 828806109 ~~11311~~14848 ~~219933~~213851 SH DEFINED ~~219933~~213851 SOVRAN SELF STORAGE INC COM 84610H108 ~~430~~538 ~~17473~~17673 SH DEFINED ~~17473~~17673 SUN COMMUNITIES INC COM 866674104 ~~186~~278 ~~13530~~12930 SH DEFINED ~~13530~~12930 SUNSTONE HOTEL INVS INC NEW COM 867892101 ~~304~~402 ~~56876~~56676 SH DEFINED ~~56876~~56676 TANGER FACTORY OUTLET CTRS I COM 875465106 ~~814~~1120 ~~25092~~30004 SH DEFINED ~~25092~~30004 TAUBMAN CTRS INC COM 876664103 ~~1120~~1435 ~~41685~~39785 SH DEFINED ~~41685~~39785 UDR INC COM 902653104 ~~1220~~1773 ~~118058~~112658 SH DEFINED ~~118058~~112658 U STORE IT TR COM 91274F104 ~~186~~370 ~~37949~~59149 SH DEFINED ~~37949~~59149 UNIVERSAL HEALTH RLTY INCM T SH BEN INT 91359E105 ~~273~~269 ~~8661~~8261 SH DEFINED ~~8661~~8261 VENTAS INC COM 92276F100 ~~3701~~4553 ~~123930~~118269 SH DEFINED ~~123930~~118269 VORNADO RLTY TR SH BEN INT 929042109 ~~5871~~8734 ~~130369~~135593 SH DEFINED ~~130369~~135593 WASHINGTON REAL ESTATE INVT SH BEN INT 939653101 ~~1032~~1269 ~~46153~~44053 SH DEFINED ~~46153~~44053 WEINGARTEN REALTY INVST COM 948741103 ~~1375~~1800 ~~94758~~90358 SH DEFINED ~~94758~~90358

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