Wells REIT Acquires One Brattle Square in Cambridge, Mass.

ATLANTA, Feb. 26, 2004 -- Wells Real Estate Investment Trust, Inc. (Wells REIT) has acquired One Brattle Square in Cambridge, Mass. Terms of the acquisition were not disclosed. This is Wells' second acquisition in the Harvard Square submarket; in January, Wells REIT completed the acquisition of 1414 Massachusetts Ave.

The six-story, 98,069 square-foot One Brattle Square is home to Harvard University, the oldest institution of higher learning in the United States. Rated AAA and Aaa by Standard & Poor's and Moody's, respectively, Harvard University occupies 55,065 square-feet or 56% of the building. EMI Group, a U.K.-based music producer and distributor, leases 23% of the building and is rated BBB- and Ba1 by Standard & Poor's and Moody's, respectively. The Limited, Inc., an apparel retailer, leases 17% of the building and is rated BBB+ and Baa1 by Standard & Poor's and Moody's, respectively.

"Historically, the Harvard Square/Massachusetts Avenue market has outperformed both the greater Boston and Cambridge submarkets in terms of occupancy and rental rate growth. Its geographic location is one of the most recognized addresses in the world," said David Steinwedell, Chief Investment Officer with Wells Real Estate Funds. "This acquisition, when matched with our recent 1414 Massachusetts Avenue transaction, provides Wells with an unmatched presence in the market."

Wells Real Estate Funds is a 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. Since 2001, Wells Real Estate Funds has completed more than $4 billion of Class-A office and industrial acquisitions.

In its investment products -- Wells REIT II, the Wells REIT, the Wells S&P REIT Index Fund, and the Wells Limited Partnership Fund XIV -- Wells manages more than $5 billion in assets for more than 150,000 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 be made only by prospectus. To obtain a prospectus, please contact Wells Investment Securities, Inc., at 6200 The Corners Parkway, Norcross, Georgia 30092 (tel. 800-448-1010). No sale may be made in any State where an offer or sale would be unlawful before effective local registration.