Leo F. Wells III Honored at Financial Planning Association Banquet

ATLANTA, Oct. 21, 2003 -- Leo F. Wells III, founder and president of Wells Real Estate Funds, was honored at the 2nd Annual Financial Planning Association (FPA) of Georgia HONORS Banquet on October 11, 2003.

The FPA of Georgia honored Mr. Wells in recognition of his significant contribution to the financial planning community and profession in the state of Georgia. The event was held at the Swissotel in Atlanta.

"I am deeply honored and humbled to receive this prestigious award," said Wells. "It really reflects the great work that all of our people do every single day, growing Wells Real Estate Funds to serve our investors as America's No. 1 real estate investment management company."

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 high-quality, 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 Real Capital Analytics, completing 30 transactions totaling more than $1.4 billion.

In its investment products -- the Wells REIT, the Wells S&P REIT Index Fund, and the Wells limited partnerships -- Wells manages nearly $4 billion in assets for more than 125,000 investors nationwide.

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 be made only by prospectus. To obtain a prospectus, please call Wells Real Estate Funds at 800-448-1010. Please read the prospectus carefully before investing.