Press Release

Wells Real Estate Funds Adds 2 Property Management Veterans

Dan Dillon, Regional Manager, Washington, D.C.;
Mark Reeder, Senior Property Manager, Tampa Commons

NORCROSS, Ga. (May 8, 2006) - Wells Real Estate Funds, one of the nation's largest owners of commercial office properties, announced today the hiring of two new property management personnel. Dan Dillon was hired as regional manager for the Washington, D.C., area. The first properties under Mr. Dillon's oversight will be One and Two Independence Square. Wells Real Estate Investment Trust (Wells REIT) acquired One and Two Independence Square in 2002. Together these two buildings total 949,000 square feet. Major tenants include NASA and the Office of the Comptroller of the Currency (OCC). In addition to property management responsibilities, Mr. Dillon also will assist in Wells' efforts to acquire properties in the Washington area.

Mark Reeder was hired as senior property manager for Tampa Commons in Tampa, Fla. The 255,000-square-foot, 13-story, Class-A office building, which is home to Time Customer Service, was acquired by Wells Real Estate Investment Trust II (Wells REIT II) in 2005. "Mark and Dan bring a wealth of on-site management expertise and knowledge of the local markets to their new roles with us in Tampa and D.C.," said Scott Meadows, managing director, Property Services.

Mr. Dillon, a 17-year veteran of the commercial real estate industry, comes to Wells from Advantis Real Estate Services, where he was director, Management Services, and responsible for the Commercial Property Management division for the company's Washington, D.C., area portfolio, encompassing 3 million square feet and 30 buildings. Prior to his three years at Advantis, Mr. Dillon worked as a vice president and senior manager at Jones Lang LaSalle Americas, Inc., where he was responsible for the northern Virginia and suburban Maryland management portfolio totaling over 3 million square feet and 15 projects. Mr. Dillon is a graduate of the University of Maryland and holds a B.S. degree in consumer economics. Mr. Dillon is also active in the Building Owners and Managers Association (BOMA).

Mr. Reeder joins Wells Real Estate Funds after more than 19 years at respected Southeast real estate firm Taylor & Mathis, where he was most recently vice president of operations in their Dallas office. Prior to his three years in Dallas, Mr. Reeder managed properties and operations in Tampa, Miami, Orlando, Atlanta and Birmingham, Ala. Mr. Reeder has a B.S. in mathematics and economics from Vanderbilt University.

About Wells Real Estate Funds Wells Real Estate Funds (www.wellsref.com) is a national real estate investment management company, based in suburban Atlanta, which purchases and manages real estate on behalf of Wells-sponsored investment programs. Since Leo Wells founded the company in 1984, more than 200,000 individuals across the country have, through their financial representatives, invested in Wellssponsored investment programs to help diversify their investment portfolios. Collectively, Wells-sponsored programs own more than $7 billion in assets, based on purchase price.

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 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.