<PAGE>
 
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    Form 10-Q

(Mark One)

[X] Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange
    Act of 1934

For the quarterly period ended              September 30, 1997       or
                              --------------------------------------

[_] Transition report pursuant to Section 13 or 15(d) of the Securities
    Exchange Act of 1934

For the transition period from__________________to__________________

Commission file number                 0-22039
                      ---------------------------------------------------------

                        Wells Real Estate Fund IX, L.P.
--------------------------------------------------------------------------------
   (Exact name of registrant as specified in its charter)

          Georgia                             58-2126622
-------------------------------           -----------------------
(State of other jurisdiction of           (I.R.S. Employer
incorporation or organization)            Identification no.)

 3885 Holcomb Bridge Road, Norcross, Georgia              30092
--------------------------------------------------------------------------------
(Address of principal executive offices)                (Zip Code)


Registrant's telephone number, including area code (770) 449-7800
                                                   --------------

--------------------------------------------------------------------------------
       (Former name, former address and former fiscal year,
       if changed since last report)

       Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.

Yes    X          No
      ---             ---
<PAGE>
 
                                    Form 10-Q
                                    ---------

                         Wells Real Estate Fund IX, L.P.
                         -------------------------------

                                      INDEX
                                      -----

<TABLE> 
<CAPTION> 

                                                                                          Page No.
<S>                                                                                       <C> 
PART I.     FINANCIAL INFORMATION
        
            Item 1.  Financial Statements
        
                     Balance Sheets - September 30, 1997
                       and December 31, 1996...................................................3
        
                     Statements of Income for the Three Months and Nine Months
                       Ended September 30, 1997 and 1996.......................................4
        
                     Statements of Partners' Capital for the Year Ended
                       December 31, 1996 and the Nine Months
                       Ended September 30, 1997................................................5
        
                     Statements of Cash Flows for the Nine Months
                       Ended September 30, 1997 and 1996.......................................6
        
                     Condensed Notes to Financial Statements...................................7
        
            Item 2.  Management's Discussion and Analysis of
                     Financial Condition and Results of
                     Operations...............................................................10
        
        
PART II.    OTHER INFORMATION.................................................................17
</TABLE> 

                                       2
<PAGE>
 
                         WELLS REAL ESTATE FUND IX, L.P.
                     (a Georgia Public Limited Partnership)

                                 BALANCE SHEETS

<TABLE>
<CAPTION>

                      Assets                       September 30, 1997        December 31, 1996
                      ------                       ------------------        -----------------
<S>                                                <C>                       <C>        
Nonoperating real estate assets, at cost:
  Land                                                 $         0              $   607,930
  Construction in progress                                       0                  482,959
                                                       -----------              -----------
         Total nonoperating real estate assets                   0                1,090,889
                                                                          
Investment in joint venture (Note 2)                   $18,828,706              $ 4,929,728
Cash and cash equivalents                               10,346,656               23,557,985
Due from affiliates                                        268,850                   46,197
Deferred project costs                                     548,777                1,161,078
Organization costs, less accumulated                                      
    amortization of $6,250 in December 1996                               
    and $10,937 in September 1997                           20,313                   25,000
Prepaid expenses and other assets                           45,000                  103,000
                                                       -----------              -----------
                                                                          
           Total assets                                $30,058,302              $30,913,877
                                                       ===========              ===========
                                                                          
      Liabilities and Partners' Capital                                   
      ---------------------------------                                   
                                                                          
Liabilities:                                                              
  Accounts payable and accrued expenses                $        18              $   393,001
  Partnership distribution payable                         395,715                  178,771
  Due to affiliates                                              0                  422,996
  Sales commissions payable                                      0                  166,701
                                                       -----------              -----------
           Total liabilities                               395,733                1,161,469
                                                       -----------              -----------
                                                                          
Partners' capital:                                                        
  General partners:                                              0                      206
  Limited partners:                                                       
      Class A - 2,944,776 units outstanding             25,271,156               24,911,231
      Class B - 555,224 units outstanding                4,391,413                4,840,871
      Original limited partner                                   0                      100
                                                       -----------              -----------
                                                                          
           Total partners' capital                      29,662,569               29,752,408
                                                       -----------              -----------
                                                                          
           Total liabilities and partners'                                
                  capital                              $30,058,302              $30,913,877
                                                       ===========              ===========
</TABLE>
                                                                     
            See accompanying condensed notes to financial statements.

                                       3
<PAGE>
 
                         WELLS REAL ESTATE FUND IX, L.P.
                     (a Georgia Public Limited Partnership)

                              STATEMENTS OF INCOME

<TABLE>
<CAPTION>
                                                 Three Months Ended                             Nine Months Ended
                                      -----------------------------------------      ----------------------------------------
                                      September 30, 1997     September 30, 1996      September 30, 1997    September 30, 1996
                                      ------------------     ------------------      ------------------    ------------------
<S>                                   <C>                    <C>                     <C>                    <C>    
Revenues:
   Equity in income of joint
     venture                              $   247,882            $         0            $   411,448            $         0
   Interest income                            138,106                135,635                490,608                215,961
                                          -----------            -----------            -----------            -----------
                                              385,988                135,635                902,056                215,961

Expenses:
   Computer cost                                2,354                  1,403                  6,516                  3,619
   Printing and notebooks                      (1,660)                 2,856                 13,516                 16,010
   Administrative salaries                      6,658                  7,796                 18,674                 20,490
   Office expense                               1,339                  1,974                  3,864                  5,780
   Postage                                      2,317                  1,937                 11,318                  2,416
   Taxes and licenses                               0                      0                     19                     30
   Other                                       (3,832)                (2,299)                     0                    229
   Accounting fees                                165                    300                 16,775                  2,950
   Legal fees                                     658                    313                  9,660                  1,233
   Investment analysis expense                      0                  5,366                  3,688                  9,945
   Professional fees                              453                  1,651                  1,689                  1,680
   Registration filing fees                         0                      0                    250                      0
   Amortization of organization
     costs                                      1,562                      0                  4,687                      0
   Bank service charge                          2,934                  2,300                  2,935                  2,300
                                          -----------            -----------            -----------            -----------
                                               12,948                 23,597                 93,591                 66,682
                                          -----------            -----------            -----------            -----------
   Net income                             $   373,040            $   112,038            $   808,465            $   149,279
                                          ===========            ===========            ===========            ===========

Net (loss) allocated to
   General Partners                       $         0            $         0            $      (206)           $         0

Net income allocated to
   Class A Limited Partners               $   577,831            $   112,038            $ 1,115,737            $   149,279

Net (loss) allocated to Class
   B Limited Partners                     $  (204,791)           $         0            $  (307,066)           $         0

Net income per Class A
   Limited Partner Unit                   $      0.20            $      0.12            $      0.38            $      0.19

Net (loss) per Class B
   Limited Partner Unit                   $     (0.37)           $         0            $      (.55)           $         0

Cash distribution per Class A
   Limited Partner Unit                   $      0.13            $      0.19            $      0.30            $      0.19
</TABLE>

            See accompanying condensed notes to financial statements.

                                       4
<PAGE>
 
                         WELLS REAL ESTATE FUND IX, L.P.
                     (a Georgia Public Limited Partnership)

                         STATEMENT OF PARTNERS' CAPITAL
           FOR THE YEAR ENDED DECEMBER 31, 1996 AND NINE MONTHS ENDED
                               SEPTEMBER 30, 1997

<TABLE>
<CAPTION>

                                                                 Limited Partners                                          
                                               ----------------------------------------------------                        
                                                      Class A                       Class B                                Total
                                                      -------                       -------                General       Partners'
                                   Original    Units            Amounts        Units        Amounts        Partners       Capital
                                   --------    -----            -------        -----        -------        --------       -------
<S>                                <C>         <C>           <C>              <C>        <C>              <C>          <C>         
BALANCE, December 31, 1995         $   100             0     $          0           0    $          0     $     500    $        600
                                  
  Net income (loss)                      0             0          330,270           0         (31,220)         (294)        298,756
  Limited partner contributions          0     2,935,931       29,359,306     564,069       5,640,694             0      35,000,000
  Partnership distributions              0             0         (328,196)          0               0             0        (328,196)
  Sales commissions and discounts        0             0       (2,935,927)          0        (564,073)            0      (3,500,000)
  Other offering expenses                0             0       (1,441,752)          0        (277,000)            0      (1,718,752)
  Class B conversion elections           0        (8,488)         (72,470)      8,488         (72,470)            0               0
                                   -------    ----------     ------------   ---------    ------------     ---------    ------------
BALANCE, December 31, 1996         $   100     2,927,443     $ 24,911,231     572,557    $  4,840,871     $     206    $ 29,752,408
                                  
  Net income (loss)                      0             0     $  1,115,737           0        (307,066)         (206)   $    808,465
  Partnership distributions              0             0         (893,601)          0               0             0        (893,601)
  Class B conversion elections           0        17,333          142,392     (17,333)       (142,392)            0               0
  Return of original Limited      
    Partners Investments              (100)            0                0           0               0             0            (100)

  Sales commissions                      0             0           (4,603)          0               0             0          (4,603)
                                   -------    ----------     ------------   ---------    ------------     ---------    ------------
                                  
BALANCE, September 30, 1997        $     0     2,944,776     $ 25,271,156     555,224    $  4,391,413     $       0    $ 29,662,569
                                   =======    ==========     ============   =========    ============     =========    ============
</TABLE>
                                  
            See accompanying condensed notes to financial statements

                                       5
<PAGE>
 
                         WELLS REAL ESTATE FUND IX, L.P.
                     (a Georgia Public Limited Partnership)

                            STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>

                                                                          Nine Months Ended
                                                                           -----------------
                                                               September 30, 1997      September 30, 1996
                                                               ------------------      ------------------
<S>                                                            <C>                      <C>         
Cash flows from operating activities:
   Net income                                                    $    808,465              $    149,279
   Adjustments to reconcile net income to net cash
     provided by operating activities:
       Equity in income of joint ventures                            (411,449)                        0
       Amortization of organization costs                               4,687                         0
   Changes in assets and liabilities:
     Prepaids and other assets                                         58,000                   (40,000)
     Accounts payable                                                  (3,383)                   (1,600)
     Due to affiliates                                               (422,995)                   34,492
     Accounts receivable                                                  (58)                        0
                                                                 ------------              ------------
       Net cash provided by operating
         activities                                                    33,267                   142,171
                                                                 ------------              ------------

Cash flows from investing activities:
     Investment in joint ventures                                 (13,721,748)               (1,512,444)
     Deferred project costs paid                                            0                  (685,874)
     Distributions received from joint ventures                       259,356                         0
     Investment in real estate                                      1,065,857                         0
                                                                 ------------              ------------
       Net cash used in investing activities                      (12,396,535)               (2,198,318)
                                                                 ------------              ------------

Cash flows from financing activities:
     Limited partners' contributions                                        0                19,596,403
     Sales commissions paid                                          (171,304)               (1,845,711)
     Offering costs paid                                                    0                  (979,820)
     Distributions to partners from accumulated
       earnings                                                      (676,657)                        0
     Return of original limited partner investment                       (100)                        0
                                                                 ------------              ------------
       Net cash (used in) provided by financing
         activities                                                  (848,061)               16,770,872
                                                                 ------------              ------------

Net (decrease) increase in cash and cash
   equivalents                                                    (13,211,329)               14,714,725

Cash and cash equivalents, beginning of year                       23,557,985                       600
                                                                 ------------              ------------

Cash and cash equivalents, end of period                         $ 10,346,656              $ 14,715,325
                                                                 ============              ============
Supplemental disclosure of noncash investing
   activities:
     Deferred project costs applied to joint venture
       activities                                                $    612,300              $     64,952
                                                                 ============              ============
</TABLE>

            See accompanying condensed notes to financial statements.

                                       6
<PAGE>
 
                         WELLS REAL ESTATE FUND IX, L.P.
                     (A Georgia Public Limited Partnership)

                     Condensed Notes to Financial Statement

                               September 30, 1997

(1)  Summary of Significant Accounting Policies
     ------------------------------------------

     (a) General
     -----------
     Wells Real Estate Fund IX, L.P. (the "Partnership") is a Georgia public
     limited partnership having Leo F. Wells, III and Wells Partners, L.P., as
     General Partners. The Partnership was formed on August 15, 1994, for the
     purpose of acquiring, developing, constructing, owning, operating,
     improving, leasing, and otherwise managing for investment purposes income-
     producing commercial properties or industrial properties.

     On January 5, 1996, the Partnership commenced a public offering of up to
     $35,000,000 of limited partnership units ($10.00 per unit) pursuant to a
     Registration Statement on Form S-11 filed under the Securities Act of 1933.
     The Partnership commenced active operations on February 12, 1996, when it
     received and accepted subscriptions for 125,000 units. An aggregate
     requirement of $2,500,000 of offering proceeds was reached on February 26,
     1996, thus allowing for the admission of New York and Pennsylvania
     investors in the Partnership. The offering was terminated on December 30,
     1996, at which time the Partnership had sold 2,935,931 Class A Status
     Units, and 564,069 Class B Status Units, held by a total of 1,841 and 257
     Class A and Class B Limited Partners respectively, for total Limited
     Partner capital contributions of $35,000,000.

     The Partnership owns interests in properties through equity ownership in
     the following joint ventures: (i) Fund VIII and Fund IX Associates, a joint
     venture between the Partnership and Wells Real Estate Fund VIII, L.P. (the
     "Fund VIII - Fund IX Joint Venture"), and (ii) Fund IX and Fund X
     Associates, a joint venture between the Partnership and Wells Real Estate
     Fund X, L.P. (the "Fund IX - Fund X Joint Venture").

     As of September 30, 1997, the Partnership owned interests in the following
     properties through its ownership of the foregoing joint ventures: (i) a
     four-story office building in Madison, Wisconsin (the "Cellular One Office
     Building"), which is owned by the Fund VIII-Fund IX Joint Venture; (ii) a
     one-story office building in Farmer's Branch, Texas (the "TCI Building"),
     which is owned by the Fund VIII-Fund IX Joint Venture; (iii) a three-story
     office building under construction in Knoxville, Tennessee (the "ABB
     Building"), which is owned by the Fund IX-Fund X Joint Venture; (iv) a
     two-story office building in Irvine, California (the "Matsushita
     Building"), which is owned by the Fund VIII-Fund IX Joint Venture; and (v)
     a two-story office building in Boulder County, Colorado (the "Cirrus Logic
     Building"), which is owned by the Fund VIII-Fund IX Joint Venture.

                                       7
<PAGE>
 
     (b) Basis of Presentation
     -------------------------

     The financial statements of Wells Real Estate Fund IX, L.P. (the
     "Partnership") have been prepared in accordance with instructions to Form
     10-Q and do not include all of the information and footnotes required by
     generally accepted accounting principles for complete financial statements.
     These quarterly statements have not been examined by independent
     accountants, but in the opinion of the General Partners, the statements for
     the unaudited interim periods presented include all adjustments, which are
     of a normal and recurring nature, necessary to present a fair presentation
     of the results for such periods. For further information, refer to the
     financial statements and footnotes included in the Partnership's Form 10-K
     for the year ended December 31, 1996.

2)   Investment in Joint Ventures
     ----------------------------

     The Partnership owns interests in five properties as of September 30, 1997,
     through investments in the joint ventures described above. The Partnership
     does not have control over the operations of the joint ventures; however,
     it does exercise significant influence. Accordingly, investment in joint
     ventures is recorded on the equity method. For further information on
     investments in joint ventures, see Form 10-K for the Partnership for the
     year ended December 31, 1996.

     The following describes additional information about the properties in
     which the Partnership owned an interest as of September 30, 1997:

     Fund IX - Fund X Joint Venture
     ------------------------------

     On March 20, 1997, the Partnership and Well Real Estate Fund X, L.P.
     ("Wells Fund X"), a Georgia public limited partnership affiliated with the
     Partnership through common general partners, formed a joint venture known
     as Fund IX and Fund X Associates (the "Fund IX-X Joint Venture"). Although
     the ultimate percentages of ownership in the Fund IX-X Joint Venture have
     not yet been finally determined, it is anticipated that the Partnership
     will hold an approximately 50% equity interest in the two properties
     described below. The Partnership has reserved sufficient funds for this
     purpose. The total cost to complete both properties is anticipated to be
     approximately $13,000,000. As of September 30, 1997, the Partnership had
     contributed $3,691,765 and Wells Fund X had contributed $2,150,000 for
     total contributions of $5,841,765 to the Fund IX - Fund X Joint Venture for
     the acquisition and development of the two properties. At this time, the
     Partnership's equity interest in the Fund IX - Fund X Joint Venture is
     approximately 63.2%, and Well's Fund X equity interest in the Fund IX -
     Fund X Joint Venture is 36.8%.

     The ABB Property
     ----------------

     On March 20, 1997, the Partnership contributed a 5.62 acre tract of real
     property in Knoxville, Knox County, Tennessee and improvements thereon (the
     "ABB Property"), valued at $1,306,393. As of September 30, 1997, the
     Partnership had contributed $3,041,765 and Wells Fund X had contributed
     $1,500,000 toward the development of this project for total contributions
     of $4,541,765. 

                                       8
<PAGE>
 
     A three-story office building containing approximately 83,885 rentable
     square feet is under construction on the site. An agreement was signed with
     ADEVCO Corporation to supervise, manage and coordinate the planning,
     design, construction and completion of the property. Integra Construction,
     Inc. is acting as the general contractor and Smallwood, Reynolds, Stewart,
     Stewart Associates, Inc. as the architect.

     ABB Environmental Systems, a subsidiary of ABB, Inc., has executed a lease
     for 55,000 rentable square feet comprising approximately 66% of the
     building. The initial term of the lease will be 9 years and 11 months
     commencing on substantial completion of the project which is currently
     anticipated to be January 1, 1998. ABB has the option to extend the initial
     term of the lease for two consecutive five year periods. The annual base
     rent payable during the initial term is $646,250 payable in equal monthly
     installments of $53,854 during the first five years and $728,750 payable in
     equal monthly installments of $60,729 during the last four years and 11
     months of the initial term. The annual base rent for each extended term
     will be at market rental rates. In addition to the base rent, ABB is
     required to pay additional rent equal to its share of operating expenses
     during the lease term.

     It is currently anticipated that the total cost to complete this project
     will be approximately $7,800,000. Although the ultimate percentage of
     ownership in the Fund IX - Fund X Joint Venture has not yet been finally
     determined, it is anticipated that the Partnership will contribute $858,235
     and Wells Fund X will contribute $2,400,000 to the remaining cost of
     approximately $3,258,235 for an approximate 50% equity interest each.

     The Partnership has reserved sufficient funds for this purpose. For further
     information regarding the formation of the Fund IX - Fund X Joint Venture
     and the development of the ABB Property, refer to the Form 8-K of Wells
     Real Estate Fund X, L.P. dated March 26, 1997, which was filed with the
     Commission on April 1, 1997 (Commission File No. 333-7979).

     Oklahoma City Project
     ---------------------

     On May 30, 1997, the Fund IX - Fund X Joint Venture entered into an
     agreement for the purchase and sale of real property with Wells Development
     Corporation ("Wells Development"), an affiliate of the General Partners,
     for the acquisition of a one-story building to be developed on property
     located in Oklahoma City, Oklahoma (the "Oklahoma City Project"). The Fund
     IX - Fund X Joint Venture will purchase the Oklahoma City Project for a
     purchase price which is currently anticipated to be approximately
     $5,200,000. Under the terms of its contract with Wells Development, the
     Fund IX - Fund X Joint Venture was required to make an earnest money
     deposit to Wells Development in the amount of $1,300,000. The earnest money
     deposit was used to fund the purchase of the land upon which the Oklahoma
     City property will be developed and will also be used to fund the initial
     costs of construction and development of the project. The Partnership and
     Wells Fund X made capital contributions of $650,000 each to the Fund IX -
     Fund X Joint Venture to provide the Joint Venture with sufficient funds
     with which to make the required earnest money deposit to Wells Development.

                                       9
<PAGE>
 
     The site of the Oklahoma City Project consists of approximately 5.3 acres
     and, when completed, the Oklahoma City Project will be a one-story office
     building containing 57,186 net rentable square feet. An agreement was
     signed with ADEVCO Corporation to supervise, manage and coordinate the
     planning, design, construction and completion of the property.

     Lucent Technologies, Inc., a world-wide leader in the telecommunications
     technology producing a variety of communication products, has executed a
     lease agreement with Wells Development to lease the entire Oklahoma City
     Project upon completion. The initial item of the lease will be ten years
     commencing on substantial completion of the project which is currently
     anticipated to be January 1, 1998. Lucent Technologies has the option to
     extend the initial term of the lease for two additional five year periods.
     The annual base rent payable during the initial term is $508,383 payable in
     equal monthly installment of $42,365 during the first five years and
     $594,152 payable in equal monthly installments of $49,513 during the second
     five years of the lease term. The annual base rent for each extended term
     will be at market rental rates. In addition to the base rent, Lucent
     Technologies will be required to pay additional rent equal to its share of
     operating expenses during the lease term.

     It is currently anticipated that the total cost to complete the property
     which is estimated to be approximated $5,200,000, will be contributed
     equally by the Partnership and Wells Fund X for an ultimate percentage
     ownership of approximately 50% for each Partnership. The Partnership has
     reserved sufficient funds for this purpose. For further information
     regarding the contract entered into between the Fund IX - Fund X Joint
     Venture and Wells Development and the development of the Oklahoma City
     Project, refer to Supplement No. 2 dated September 17, 1997, to the
     Prospectus of Wells Real Estate Fund X, L.P. and Wells Real Estate Fund XI,
     L.P. dated December 31, 1996, contained in Post-Effective Amendment No. 2
     to the Registration Statement of Wells Real Estate Fund X, L.P. and Wells
     Real Estate Fund XI, L.P. which was filed with the Commission on September
     17, 1997 (Commission File No. 333-7979).


     Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND
     ------------------------------------------------------------------------
     RESULTS OF OPERATION.
     ---------------------

     The following discussion and analysis should be read in conjunction with
     the accompanying financial statements of the Partnership and notes thereto.
     This Report contains 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 discussion and analysis of the financial
     condition of the Partnership, anticipated capital expenditures required to
     complete certain projects, amounts of cash distributions anticipated to be
     distributed to Limited Partners in the future and certain other matters.
     Readers of this Report should be aware that there are various factors that
     could cause actual results to differ materially form any forward-looking
     statement made in this Report, which include construction costs which may
     exceed estimates, construction delays, lease-up risks, inability to obtain
     new tenants upon expiration of existing leases, and the potential need to
     fund tenant improvements or other capital expenditures out of operating
     cash flow.

                                      10
<PAGE>
 
     Results of Operations and Changes in Financial Conditions
     ---------------------------------------------------------

     (a) General
     -----------

     On January 5, 1996, the Partnership commenced a public offering of up to
     $35,000,000 of limited partnership units ($10.00 per unit) pursuant to a
     Registration Statement on Form S-11 filed under the Securities Act of 1933.
     The Partnership commenced active operations on February 12, 1996, when it
     received and accepted subscriptions for 125,000 units. An aggregate
     requirement of $2,500,000 of offering proceeds was reached on February 26,
     1996, thus allowing for the admission of New York and Pennsylvania
     investors in the Partnership. The offering was terminated on December 30,
     1996, at which time the Partnership had sold 2,935,931 Class A Status
     Units, and 564,069 Class B Status Units, held by a total of 1,841 and 257
     Class A and Class B Limited Partners respectively, for total Limited
     Partner capital contributions of $35,000,000. After payment of $1,400,000
     in Acquisition and Advisory Fees and expenses, payment of $5,250,000 in
     selling commissions and organization and offering expenses, the investment
     by the Partnership of $14,389,357 in the Fund VIII - Fund IX Joint Venture
     and $3,691,765 in the Fund IX - Fund X Joint Venture, as of September 30,
     1997, the Partnership was holding net offering proceeds of $10,268,878
     available for investment in properties. As of September 30, 1997, the
     developed properties owned by the Fund VIII - Fund IX Joint Venture was 90%
     occupied.

     Gross revenues of the Partnership of $385,988 for the three months and
     $902,056 for the nine months ended September 30, 1997, and $135,635 for the
     three months and $215,961 for the nine months ended September 30, 1996,
     were attributable primarily to interest income earned on funds held by the
     Partnership prior to the investment in properties, as well as income earned
     from the investment in joint ventures for both periods in 1997. Total
     expenses of the Partnership increased from $66,682 for the nine months
     ended September 30, 1996, to $93,591 for the nine months ended September
     30, 1997, as a result of increased postage expenses and accounting and
     legal fees. Total expenses of the Partnership decreased from $23,597 for
     the three months ended September 30, 1996, to $12,948 for the three months
     ended September 30, 1997, as a result of an overall reduction of expenses,
     primarily in the areas of printing and notebooks and investment and
     analysis expense. Net income of the Partnership was $808,465 for the nine
     months ended September 30, 1997, as compared to $149,279 for the same
     period in 1996, and $373,040 for three months ended September 30, 1997, as
     compared to $112,038 for the same period in 1996, due primarily to
     increased revenues.

     For the nine months ended September 30, 1997, net income allocated to Class
     A Limited Partners was $.38 per Unit, net loss allocated to Class B Limited
     Partners was $.55 per Unit and net loss allocated to General Partners was
     $206 for 1997.

                                      11
<PAGE>
 
     The Partnership's net cash provided by operating activities decreased to
     $33,267 for 1997 as compared to $142,171 for 1996 which is due primarily to
     a decrease in due to affiliates. Net cash used in investing activities
     increased to $12,396,535 from $2,198,318 which was the result of
     $13,721,748 investments in joint venture. Net cash from financing
     activities decreased from $16,770,872 provided by in 1996, to $(848,061)
     used in financing activities in 1997, due to the termination of the
     offering in December 1996. As a result, cash and cash equivalents decreased
     from $14,715,325 as of September 30, 1996, to $10,346,656 as of September
     30, 1997.

     The Partnership's distribution to holders of Class A Status Units for the
     third quarter ended September 30, 1997, will be paid in October, 1997, from
     Investment Income. Although there is no assurance, the Partnership
     anticipates that distributions will continue to be paid on a quarterly
     basis.

     Liquidity and Capital Resources
     -------------------------------

     The Partnership expects to continue to meet its short-term liquidity
     requirements generally through net cash provided by operations which the
     Partnership believes will continue to be adequate to meet both operating
     requirements and distributions to limited partners. At this time, given the
     nature of the joint ventures in which the Partnership has invested, there
     are no known improvements or renovations to the properties expected to be
     funded from cash flow from operations.

     The Partnership expects to make future real estate investments, directly or
     through investments in joint ventures from limited partnership
     contributions. As of September 30, 1997, the Partnership has reserved
     $10,268,878 for this purpose including approximately $250,000 towards the
     completion of the office building in Madison, Wisconsin owned by the Fund
     VIII-Fund IX Joint Venture and approximately $858,235 towards the
     completion of the office building in Knoxville, Tennessee owned by the Fund
     IX - Fund X Joint Venture.


                                      12
<PAGE>
 
Property Operations
-------------------

As of September 30, 1997, the Partnership owned interests in the following
operational property:

The TCI Building/Fund VIII-Fund IX  Joint Venture
-------------------------------------------------
<TABLE> 
<CAPTION> 
                                              Three Months Ended      Nine Months Ended
                                              September 30, 1997      September 30, 1997
                                              ------------------      ------------------
<S>                                           <C>                     <C> 
Revenues:
     Rental income                                 $118,273                $345,862
                                                                  
Expenses:                                                         
     Depreciation                                    41,648                 124,945
     Management & leasing expense                     2,389                  11,196
     Other operating expenses                         2,167                   8,556
                                                   --------                --------
                                                     46,204                 144,697
                                                   --------                --------
                                                                  
     Net income                                    $ 72,069                $201,165
                                                   ========                ========
                                                                  
Occupied %                                            100.0%                  100.0%
                                                                  
Partnership's Ownership % in the                                  
     Fund VIII - Fund IX Joint Venture                 49.9%                   49.9%
                                                                  
Cash distribution to Partnership                   $ 53,608                $153,505
                                                                  
Net income allocated to Partnership                $ 35,965                $100,509
</TABLE> 


On October 10, 1996, the Fund VIII-Fund IX Joint Venture purchased a one-story
office building containing approximately 40,000 rentable square feet, located on
approximately 4.864 acres of land in Farmer's Branch, Dallas, Texas (the "TCI
Building") for a purchase price of $4,450,000 excluding acquisition costs.

The TCI Building is leased to TCI Valwood Limited Partnership I for a period of
fifteen years, with options to extend the lease for three consecutive five-year
periods. The annual base rent is $430,001 during the first five years, $454,001
during the next five years and $482,001 during the last five years. The TCI
lease commenced on July 19, 1996 and was assigned by the seller to the Fund
VIII-Fund IX Joint Venture at closing.

Since the TCI Building was purchased in October 1996, comparative income and
expense figures for the prior year are not available.

                                      13
<PAGE>
 
The Matsushita Building/Fund VIII-Fund IX  Joint Venture
--------------------------------------------------------

<TABLE>
<CAPTION>

                                           Three Months Ended      Nine Months Ended
                                           September 30, 1997      September 30, 1997
                                           ------------------      ------------------
<S>                                        <C>                     <C>         
Revenues:
     Rental income                           $     270,821           $    493,486
     Interest income                                     0                  1,511
                                             -------------           ------------
                                                   270,821                494,997
                                             -------------           ------------

Expenses:
     Depreciation                                   54,219                161,452
     Management & leasing expense                   13,496                 25,376
     Other operating expenses                          950                  1,943
                                             -------------           ------------
                                                    68,665                188,771
                                             -------------           ------------

     Net income                              $     202,156           $    306,226
                                             =============           ============

Occupied %                                           100.0%                 100.0%

Partnership's Ownership % in the
     Fund VIII - Fund IX Joint Venture                49.9%                  49.9%

Cash distribution to Partnership             $      65,464           $    101,094

Net income allocated to Partnership          $     100,883           $    152,861
</TABLE>


On January 10, 1997, the Fund VIII-Fund IX Joint Venture acquired a two-story
office building containing approximately 63,417 rentable square feet on a 4.4
acre tract of land located in the Irvine Spectrum planned business community in
metropolitan Orange County, California (the "Matsushita Building") for a
purchase price of $7,193,000 excluding acquisition costs.

The entire Matsushita Building is currently under a net lease to Matsushita
Avionics Systems Corporation. Matsushita Avionics' rental payment obligations do
not begin until the ninth month of the lease term which commenced when
Matsushita Avionics took possession in September 1996. Commencing in May 1997,
the ninth month of the lease term, the monthly base rental payable by Matsushita
Avionics under the lease is $45,879.47 through the 12th month of the lease term.
The monthly base rental payable under the lease for the 13th month of the lease
term through the 30th month of the lease term is $57,709.47; the monthly base
rental payable for the 31st month of the lease term through the 60th month of
the lease term is $59,611.98; and the monthly base rental payable for the 61st
month of the lease term through the 84th month of the lease term is $61,831.58.
The base rental payable during the option periods, if Matsushita Avionics
exercises its option to extend the lease, is 95% of the then-market rental rate
for office space in other comparable buildings located in the Irvine area of
southern California.

Since the Matsushita Building was purchased in January 1997, comparative income
and expense figures for the prior year are not available.

                                      14
<PAGE>
 
The Cirrus Logic Building/Fund VIII-Fund IX  Joint Venture
----------------------------------------------------------

<TABLE>
<CAPTION>

                                              Three Months Ended      Seven Months Ended
                                              September 30, 1997      September 30, 1997
                                              ------------------      ------------------
<S>                                           <C>                     <C>         
Revenues:
     Rental income                               $     197,344           $    399,835
     Interest income                                    21,345                 21,402
                                                 -------------           ------------
                                                       218,689                421,237
                                                 -------------           ------------

Expenses:
     Depreciation                                       72,874                158,900
     Management & leasing expense                       10,348                 16,949
     Other operating expenses                              368                  7,336
                                                 -------------           ------------
                                                        83,590                183,185
                                                 -------------           ------------

     Net income                                  $     135,099           $    238,052
                                                 =============           ============

Occupied %                                               100.0%                 100.0%

Partnership's Ownership % in the
     Fund VIII - Fund IX Joint Venture                    49.9%                  49.9%

Cash distribution to Partnership                 $      89,984           $    153,030

Net income allocated to Partnership              $      67,419           $    118,847
</TABLE>


On February 20, 1997, the Fund VIII-Fund IX Joint Venture purchased a two-story
partially completed office building in Boulder County, Colorado (the "Cirrus
Logic Building") for $7,029,000 excluding acquisition costs. Construction of the
49,460 square foot building was substantially completed in March, 1997.

Cirrus Logic, Inc. has leased the entire building for a fifteen year term
beginning March 17, 1997. The annual base rental under the term of the Cirrus
Logic lease is $617,656 for the first five years, will be increased by 10% in
the ninth through tenth years and will be increased an additional 10% in years
eleven through fifteen.

Since the Cirrus Logic Building was purchased in February 1997 and was not
completed until March 1997, comparative income and expense figures for the prior
year are not available.

                                      15
<PAGE>
 
The Cellular One Building/Fund VIII-Fund IX Joint Venture
---------------------------------------------------------

<TABLE>
<CAPTION>

                                          Three Months Ended      Four Months Ended
                                          September 30, 1997      September 30, 1997
                                          ------------------      ------------------
<S>                                       <C>                     <C>         
Revenues:
     Rental income                           $     239,645           $    279,753

Expenses:
     Depreciation                                  118,500                156,500
     Management & leasing expense                   24,817                 24,817
     Other operating expenses                        8,937                 19,812
                                             -------------           ------------
                                                   152,254                201,129
                                             -------------           ------------

     Net income                              $      87,391           $     78,624
                                             =============           ============

Occupied %                                            75.0%                  75.0%

Partnership's Ownership % in the
     Fund VIII - Fund IX Joint Venture                49.9%                  49.9%

Cash distribution to Partnership             $      59,731           $     74,322
 
Net loss allocated to Partnership            $      43,612           $     39,231
</TABLE>


On September 17, 1996, the Fund VIII - Fund IX Joint Venture purchased a 7.09
acre tract of real property in Madison, Dane County, Wisconsin. Total cost and
expenses to be incurred by the Fund VIII - Fund IX Joint Venture for the
acquisition, development, construction and completion of the 101,727 rentable
square foot building is estimated to be approximately $10,500,000. It is
anticipated that the Partnership and Wells Fund VIII will fund equally the
approximately $500,000 needed to complete construction on this project.

In September 1997, Cellular One, a subsidiary of BellSouth Corporation, occupied
its leased space of 76,276 square feet comprising approximately 75% of the
building. The initial term of the lease is 9 years and 11 months beginning in
September 1997, with the option to extend the initial term of the lease for two
consecutive five year periods. The annual base rent payable during the initial
term is $862,500 payable in equal monthly installments of $71,875 during the
first five years and $975,000 payable in equal monthly installments of $81,250
during the last four years and 11 months of the initial term. The annual base
rent for each extended term will be at market rental rates.

Since the building opened September 15, 1997, comparative income and expenses
figures are not available for prior periods.

                                      16
<PAGE>
 
                           PART II - OTHER INFORMATION
                           ---------------------------

         ITEM 6 (b). No reports on Form 8-K were filed during the third quarter
of 1997.


                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
         the Registrant duly caused this report to be signed on its behalf by
         the undersigned thereunto duly authorized.

                                    WELLS REAL ESTATE FUND IX, L.P.
                                    (Registrant)
         Dated: November 10, 1997   By: /s/ Leo F. Wells, III
                                        ---------------------
                                    Leo F. Wells, III, as Individual
                                    General Partner and as President,
                                    Sole Director and Chief Financial
                                    Officer of Wells Capital, Inc., the
                                    General Partner of Wells Partners, L.P.

                                      17