Press Release

Leo Wells Gets 2nd Nomination For Turknett Leadership Character Award

NORCROSS, Ga. (Feb. 16, 2007) - Leo Wells, president of Wells Real Estate Funds, has been named a two-time nominee for the Turknett Leadership Character Awards, presented annually to business leaders and companies demonstrating character and integrity.

The awards are sponsored by Turknett Leadership Group, anAtlanta-based management and consulting firm, in partnership with the Siegel Institute for Leadership, Ethics and Character at Kennesaw State University. Mr. Wells has been a finalist for the past two years in the CEO/President/Partner category.

The awards are presented to leaders and companies that best exemplify the standards of the Turknett Leadership Character Model, encompassing qualities such as integrity, respect and responsibility.

Mr. Wells is a 30-year veteran of the real estate industry; he founded Wells Real Estate Funds in 1984.

Wells Real Estate Funds, based in suburban Atlanta, purchases and manages real estate nationwide on behalf of Wells-sponsored investment programs. More than 200,000 people have, through their financial representatives, invested in Wells-sponsored programs to help diversify their portfolios. Wells-sponsored programs own some $9 billion in assets (based on purchase price) totaling more than 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 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. 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. 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 call Wells Real Estate Funds at 800-448-1010. Please read the prospectus carefully before investing.