Press Release

Wells Real Estate Funds Extends U.S. Cellular Lease in Madison

Wireless Leader's Call Center Re-signs to 2012

NORCROSS, Ga. (Oct. 9, 2006) - Wells Real Estate Funds announced today that it has extended the lease of U.S. Cellular at its regional call center in Madison, Wisc., for an additional six years.

The Chicago-based wireless company will remain to 2012 on three floors of its Madison building, at 5117 West Terrace Drive. A fourth floor will be marketed to potential tenants.

The 102,000-square-foot Class-A building was acquired in 1996 by two Wells-sponsored limited partnerships, Wells LPs VIII and IX. "We are very pleased to have U.S. Cellular remain with us for another six years," said Bo Reddic, managing director, asset management, for Wells Real Estate Funds. "We're happy we were able to meet their strategic real estate needs, while keeping an outstanding tenant in the building."

Wells was represented in the transaction by Bert Collins, Kevin Fossum, Tina McCall and Annette Salazar of the asset management team and Dan Holvick of Inland Companies. U.S. Cellular was represented by Bob Reaumond of CB Richard Ellis.

Wells Real Estate Funds is a national real estate investment company based in suburban Atlanta. Since 1984, more than 200,000 people have invested in Wells-sponsored investment programs through their financial representatives. Collectively, these programs own more than $7.5 billion in assets totaling more than 37 million square feet of space. For more information, see www.wellsref.com. Wells' limited partnerships have closed to investors.

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.