Wells REIT Acquires Building in Lyndhurst, N.J.

ATLANTA, Sept. 8 -- Wells Real Estate Investment Trust, Inc. (Wells REIT) has acquired a 268,000-square-foot, Class-A office building in Lyndhurst, New Jersey, outside Newark, for $47 million.

The 10-story building, known as Copper Ridge Center, is home to lead tenant Polo Ralph Lauren Corporation, which leases 161,000 square feet, or 60% of the building. Polo designs, licenses, and contracts for the manufacture of, markets, and distributes men's and women's apparel, accessories, fragrances, skin care products, and home furnishings. The company operates in three integrated business segments: wholesale, retail, and licensing, and sells its products primarily through department stores, as well as specialty stores and company-owned retail operations located throughout the United States, Europe, Canada, and Asia.

"Given our commitment to invest up to $500 million in the New York City area, the acquisition of Copper Ridge Center is another step toward achieving that goal," said Wells Chief Investment Officer David Steinwedell. "This building also enhances our portfolio by geographic diversity, by tenant quality, and by lease term."

Copper Ridge Center sits on 6.15 acres at the intersection of Routes 3 and 17 just west of the New Jersey Turnpike (Exit 16W). This highly visible location is just south of Route 3 in the heart of the Meadowlands. Proximity to the New Jersey Turnpike, the Garden State Parkway, and Routes 17, 21, and 120 offers easy access to the region's established labor market. Surrounding roadways provide direct access within 15 minutes to Newark Liberty International Airport, as well as all major highways throughout northern New Jersey. New York City and the Lincoln Tunnel are just five miles east on Route 3. Nearby high-income areas of Bergen County create a magnet for corporate executives.

Wells Real Estate Funds is an Atlanta-based national real estate investment management firm that purchases existing Class-A office and industrial properties, as well as corporate sale/leasebacks and build-to-suit projects, leased long term to creditworthy tenants and professional services firms. In 2002, Wells Real Estate Funds was the largest purchaser of Class-A office buildings in the United States according to New York-based Real Capital Analytics, completing 30 transactions totaling more than $1.4 billion. Wells is targeting 2003 acquisitions of $2.5 billion.

In its investment products -- the Wells REIT, the Wells S&P REIT Index Fund, and the Wells limited partnerships -- Wells manages more than $3 billion in assets for more than 100,000 investors nationwide.

For more information regarding acquisitions, please contact David Steinwedell, Chief Investment Officer, at 800-448-1010. Wells is online at www.wellsref.com .

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and 21E of the Securities Exchange Act of 1934, including discussions regarding Wells' use of proceeds and certain other factors that may affect future earnings or financial results. Such statements involve risks and uncertainties, which could cause actual results to vary materially from those expressed in or indicated by the forward-looking statements. Factors that may cause actual results to differ materially include changes in general economic conditions, changes in real estate conditions, construction delays, increases in interest rates, lease-up risks, lack of availability of financing, and lack of availability of capital proceeds. This is neither an offer nor a solicitation to purchase securities. Such an offer can only be made by prospectus. To obtain a prospectus, please call Wells Real Estate Funds at 800-448-1010. Please read the prospectus carefully before investing.