Press Release

Wells REIT Extends Nestlé Lease in Glendale

World's Largest Food Company to Remain in U.S. Headquarters to 2015

NORCROSS, Ga. (Oct. 16, 2006) - Nestlé USA will remain the lead tenant in the metro Los Angeles tower that serves as its U.S. headquarters to 2015, under a lease extension announced today by the building's owner, Wells Real Estate Investment Trust.

Nestlé USA, with 2005 sales of $8.1 billion, is part of Nestlé S.A. in Vevey, Switzerland - the world's largest food company, with sales of $73 billion.

Wells REIT acquired the striking 21-floor Class-A building in Glendale, Calif., in 2002. "We are very pleased to retain one of the world's great companies as a tenant for five additional years," said Don Henry, managing director, asset management, for Wells Real Estate Funds.

The Nestlé Building, at 800 North Brand Blvd. in Glendale, covers 505,000 square feet. Nestlé USA has a staggered lease extension, committing some floors to 2010 and others to 2015. Two floors, including the prestigious top floor, will be released for marketing to prospective tenants.

Wells was represented in the transaction by Scott Brown, Wells' vice president, asset management, along with Patrick Church, first vice president of CB Richard Ellis at Tri-Cities. R. Todd Doney, vice chairman of CBRE's downtown Los Angeles office, represented Nestlé.

Nestlé is rated AAA by Standard & Poor's.

Wells REIT, which closed to new investors in 2003, is a public nontraded REIT specializing in Class-A office properties. Wells REIT owns 86 buildings in 24 states (including Washington, D.C.), totaling approximately $4.4 billion (based on purchase price) and covering more than 21 million square feet. Across the portfolio, Wells REIT properties are 95 percent leased.

Wells REIT is managed by Wells Real Estate Funds, 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.

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. Wells REIT is closed to new investors.

EDITORS NOTE: Photography of the Nestlé Building is available.