Press Release

Wells Signs Blue Cross Blue Shield in Suburban KC

Insurer and Subsidiary Epoch Group Lease for 5+ Years

NORCROSS, Ga. (Dec. 28, 2006) - Blue Cross and Blue Shield of Kansas City (BCBSKC) and a subsidiary have signed new leases for 55,000 square feet in the suburban 20/20 Building, landlord Wells Real Estate Funds announced today.

Epoch Group, a wholly owned BCBSKC subsidiary, will occupy 40,000 square feet at the 70,000-square-foot, Class A property in Leawood, Kan., south of Kansas City. BCBSKC will occupy another 15,000 square feet. The leases begin in February, and will run 69 months, plus renewal options.

"The 20/20 building offers us the additional space we need to better meet the business requirements of our growing company and subsidiaries. We are pleased with the outcome of our work with Wells," stated David Gentile, BCBSKC's executive vice president and chief member services and subsidiary officer.

"Blue Cross Blue Shield is a great name in health care, and we're very pleased to help serve their real estate needs," said Bo Reddic, managing director, asset management, for Wells Real Estate Funds.

Wells Real Estate Investment Trust owns a majority interest in the building, with two Wells limited partnerships holding minority interests. Wells acquired the property in 1999.

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 $4.5 billion (based on purchase price) and covering more than 21 million square feet. Across the portfolio, Wells REIT properties are approximately 95 percent leased.

Wells was represented by Tina McCall, asset management, with Bob Fagan, Jon Hitchcock and Brent Roberts of CBRE. BCBSKC and Epoch were represented by D. Michael Posten and Suzanne Dimmel of CTMT.

About Wells
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 $8 billion in assets totaling approximately 39 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. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. 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 and Wells limited partnerships are closed to new investors.