AmREIT, Inc. Announces Third Quarter Dividend - 32% Increase over Prior Quarter


HOUSTON, TX (September 9, 2002) - AmREIT, Inc. (AMEX:AMY), a Texas based real
estate investment trust ("REIT"), today announced that its board of directors
declared a class A common stock dividend for the third quarter of $0.095 per
share, payable on September 30, 2002 to shareholders of record as of September
20, 2002.

The dividend represents an increase of 32% over the dividend paid the prior
quarter, and represents an annualized dividend of $0.38 per share.

Beginning in October, the Company will pay monthly dividends, rather than
quarterly, on its class A common stock.

"We have increased dividends for eleven consecutive quarters and anticipate
paying a special dividend to our class A shareholders for the second consecutive
year," said H. Kerr Taylor, President and CEO. "We are focused on growing our
Company and our dividends. We are working on a number of real estate
transactions, investment sponsorship programs and equity securities that should
allow us to continue our strong growth into next year and beyond."

The Company expects to report Funds From Operations ("FFO") for the third
quarter of $0.12 to $0.14 per share, or FFO of $0.14 to $0.16 per share on a
fully diluted basis.

AmREIT is a real estate company dedicated to the ownership, development and
acquisition of commercial real estate specializing in general retail, financial
services and banking, medical and restaurant sectors, and the sponsorship of
quality real estate investment opportunities through the broker-dealer financial
services community. For more than 16-years, the Company has helped investors
reach their financial goals through the ownership in real estate on lease to
companies such as Goodyear Tire, Washington Mutual, IHOP, McDonalds, Memorial
Herman Hospital, RadioShack, Sprint, Coldwell Banker, Jack in the Box, Guaranty
Federal, Bennigan's, Chili's, Texas Children's Hospital, and Discount Tire.

For further information,  contact Chad C. Braun, AmREIT, Inc., 8 Greenway Plaza,
Suite 824, Houston, TX 77046, 713-850-1400, cbraun@amreitinc.com.

In addition to historical information, this press release contains
forward-looking statements under the federal securities law. These statements
are based on current expectations, estimates and projections about the industry
and markets in which AmREIT operates, management's beliefs and assumptions made
by management. Past performance is not indicative of future returns.
Forward-looking statements are not guarantees of future performance and involve
certain risks and uncertainties, which are difficult to predict.

                                                                 # # #