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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



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Form 10-Q



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(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, 2003



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



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WELLS REAL ESTATE FUND IX, L.P.

(Exact name of registrant as specified in its charter)



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|Georgia                                                        |  | 58-2126622                          
|-------------------------------------------------------------- |  | ------------------------------------
|(State of other jurisdiction of incorporation or organization) |  | (I.R.S. Employer Identification No.)
|                                                               | 
|6200 The Corners Pkwy., Norcross, Georgia                      |  | 30092                               
|(Address of principal executive offices)                       |  | (Zip Code)                          
|                                                               | 
|Registrants telephone number, including area code             |  | (770) 449-7800                      





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(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 ̈



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TABLE OF CONTENTS



|         |  |                       |  |                                                                                                                              |  | Page No.
|-------- |  | --------------------- |  | ---------------------------------------------------------------------------------------------------------------------------- |  | --------
|         |  |                      
|PART I.  |  | FINANCIAL INFORMATION |  |                                                                                                                             
|         |  |                       | 
|         |  | Item 1.               |  | Financial Statements                                                                                                         |  |         
|         |  |                       | 
|         |  |                       |  | Balance SheetsSeptember 30, 2003 (unaudited) and December 31, 2002                                                          |  | 3       
|         |  |                       | 
|         |  |                       |  | Statements of Income for the Three Months and Nine Months Ended September 30, 2003 (unaudited) and 2002 (unaudited)          |  | 4       
|         |  |                       | 
|         |  |                       |  | Statements of Partners Capital for the Nine Months Ended September 30, 2003(unaudited) and the Year Ended December 31, 2002 |  | 5       
|         |  |                       | 
|         |  |                       |  | Statements of Cash Flows for the Nine Months Ended September 30, 2003 (unaudited) and 2002 (unaudited)                       |  | 6       
|         |  |                       | 
|         |  |                       |  | Condensed Notes to Financial Statements (unaudited)                                                                          |  | 7       
|         |  |                       | 
|         |  | Item 2.               |  | Managements Discussion and Analysis of Financial Condition and Results of Operations                                        |  | 13      
|         |  |                       | 
|         |  | Item 3.               |  | Quantitative and Qualitative Disclosures about Market Risks                                                                  |  | 16      
|         |  |                       | 
|         |  | Item 4.               |  | Controls and Procedures                                                                                                      |  | 16      
|         |  |                      
|PART II. |  | OTHER INFORMATION     |  | 17                                                                                                                          



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WELLS REAL ESTATE FUND IX, L.P.

BALANCE SHEETS



|                                                                                                                     |  | (unaudited)        |            |                  
|-------------------------------------------------------------------------------------------------------------------- |  | ------------------ | ---------- | -----------------
|                                                                                                                     |  | September 30, 2003 |            | December 31, 2002
|ASSETS:                                                                                                              |  |                    |            |                  
|Investments in Joint Ventures                                                                                        |  | $                  | 22,813,550 |                  
|Due from Joint Ventures                                                                                              |  |                    | 758,667    |                  
|Cash and cash equivalents                                                                                            |  |                    | 65,803     |                  
|Deferred project costs                                                                                               |  |                    | 1,291      |                  
|                                                                                                                     |  |                    |            |                  
|Total assets                                                                                                         |  | $                  | 23,639,311 |                  
|                                                                                                                     |  |                    |            |                  
|LIABILITIES AND PARTNERS CAPITAL:                                                                                   |  |                    |            |                  
|Liabilities:                                                                                                         |  |                    |            |                  
|Partnership distribution payable                                                                                     |  | $                  | 715,820    |                  
|Accounts payable and accrued expenses                                                                                |  |                    | 18,478     |                  
|                                                                                                                     |  |                    |            |                  
|Total liabilities                                                                                                    |  |                    | 734,298    |                  
|                                                                                                                     |  |                    |            |                  
|                                                                                                                     |  |                   
|Partners capital:                                                                                                   |  |                    |            |                  
|Limited partners:                                                                                                    |  |                    |            |                  
|Class A3,181,420 units and 3,165,583 units outstanding as of September 30, 2003 and December 31, 2002,
respectively |  |                    | 22,905,013 |                  
|Class B318,580 units and 334,417 units outstanding as of September 30, 2003 and December 31, 2002,
respectively     |  |                    | 0          |                  
|General Partners                                                                                                     |  |                    | 0          |                  
|                                                                                                                     |  |                    |            |                  
|Total partners capital                                                                                              |  |                    | 22,905,013 |                  
|                                                                                                                     |  |                    |            |                  
|Total liabilities and partners capital                                                                              |  | $                  | 23,639,311 |                  
|                                                                                                                     |  |                    |            |                  



See accompanying
notes



Page 3



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WELLS REAL ESTATE FUND IX, L.P.

STATEMENTS OF INCOME



|                                                                    |  | (unaudited) Three Months Ended |           | (unaudited) Nine Months Ended
|------------------------------------------------------------------- |  | ------------------------------ | --------- | -----------------------------
|                                                                    |  | September 30,2003              |           | September 30,2002            
|REVENUES:                                                           |  |                                |           |                              
|Equity in income of Joint Ventures (Note 2)                         |  | $                              | 420,584   |                              
|Other income                                                        |  |                                | 0         |                              
|                                                                    |  |                                |           |                              
|                                                                    |  |                                | 420,584   |                              
|                                                                    |  |                                |           |                              
|EXPENSES:                                                           |  |                                |           |                              
|Partnership administration                                          |  |                                | 30,591    |                              
|Legal and Accounting Fees                                           |  |                                | 208       |                              
|Other general and administrative                                    |  |                                | 718       |                              
|                                                                    |  |                                |           |                              
|                                                                    |  |                                | 31,517    |                              
|                                                                    |  |                                |           |                              
|NET INCOME                                                          |  | $                              | 389,067   |                              
|                                                                    |  |                                |           |                              
|NET INCOME ALLOCATED TO CLASS A LIMITED PARTNERS                    |  | $                              | 389,067   |                              
|                                                                    |  |                                |           |                              
|NET LOSS ALLOCATED TO CLASS B LIMITED PARTNERS                      |  | $                              | 0         |                              
|                                                                    |  |                                |           |                              
|NET INCOME PER WEIGHTED AVERAGE CLASS A LIMITED PARTNER UNIT        |  | $                              | 0.12      |                              
|                                                                    |  |                                |           |                              
|NET LOSS PER WEIGHTED AVERAGECLASS B LIMITED PARTNER UNIT           |  | $                              | 0.00      |                              
|                                                                    |  |                                |           |                              
|CASH DISTRIBUTION PER WEIGHTED AVERAGE CLASS A LIMITED PARTNER UNIT |  | $                              | 0.23      |                              
|                                                                    |  |                                |           |                              
|WEIGHTED AVERAGE LIMITED PARTNER UNITS OUTSTANDING:                 |  |                                |           |                              
|CLASS A                                                             |  |                                | 3,181,420 |                              
|                                                                    |  |                                |           |                              
|CLASS B                                                             |  |                                | 318,580   |                              
|                                                                    |  |                                |           |                              



See accompanying
notes



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WELLS REAL ESTATE FUND IX, L.P.

STATEMENTS OF PARTNERS CAPITAL

FOR THE YEAR ENDED DECEMBER 31, 2002

AND THE NINE MONTHS ENDED SEPTEMBER 30, 2003 (UNAUDITED)



|                                        |  | Limited Partners |  | General Partners |            | Total Partners Capital |      
|--------------------------------------- |  | ---------------- |  | ---------------- | ---------- | ----------------------- | -----
|                                        |  | Class A          |  |                  | Class B    |                         |      
|                                        |  | Units            |  | Amounts          |            |                         | Units
|BALANCE, December 31, 2001              |  | 3,136,429        |  | $                | 25,121,831 |                         |      
|Net income                              |  | 0                |  |                  | 1,535,132  |                         |      
|Partnership distributions               |  | 0                |  |                  | (2,817,975 | )                       |      
|Class B conversion elections            |  | 29,154           |  |                  | 0          |                         |      
|                                        |  |                  |  |                  |            |                         |      
|BALANCE, December 31, 2002              |  | 3,165,583        |  |                  | 23,838,988 |                         |      
|Net income                              |  | 0                |  |                  | 1,072,148  |                         |      
|Partnership distributions               |  | 0                |  |                  | (2,006,123 | )                       |      
|Class B conversion elections            |  | 15,837           |  |                  | 0          |                         |      
|                                        |  |                  |  |                  |            |                         |      
|BALANCE, September 30, 2003 (unaudited) |  | 3,181,420        |  | $                | 22,905,013 |                         |      
|                                        |  |                  |  |                  |            |                         |      



See accompanying notes



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WELLS REAL ESTATE FUND IX, L.P.

STATEMENTS OF CASH FLOWS



|                                                                              |  | (unaudited)        |           
|----------------------------------------------------------------------------- |  | ------------------ | ----------
|                                                                              |  | Nine Months Ended  |           
|                                                                              |  | September 30, 2003 |           
|CASH FLOW FROM OPERATING ACTIVITIES:                                          |  |                    |           
|Net income                                                                    |  | $                  | 1,072,148 
|Adjustments to reconcile net income to net cash used in operating activities: |  |                    |           
|Equity in income of Joint Ventures                                            |  |                    | (1,193,896
|Changes in assets and liabilities:                                            |  |                    |           
|Accounts payable and accrued expenses                                         |  |                    | 3,647     
|                                                                              |  |                    |           
|Net cash used in operating activities                                         |  |                    | (118,101  
|                                                                              |  |                    |           
|CASH FLOWS FROM INVESTING ACTIVITIES:                                         |  |                    |           
|Distributions received from Joint Ventures                                    |  |                    | 2,065,199 
|                                                                              |  |                    |           
|CASH FLOWS FROM FINANCING ACTIVITIES:                                         |  |                    |           
|Distributions to limited partners                                             |  |                    | (2,002,560
|                                                                              |  |                    |           
|NET DECREASE IN CASH AND CASH EQUIVALENTS                                     |  |                    | (55,462   
|CASH AND CASH EQUIVALENTS, beginning of period                                |  |                    | 121,265   
|                                                                              |  |                    |           
|CASH AND CASH EQUIVALENTS, end of period                                      |  | $                  | 65,803    
|                                                                              |  |                    |           
|SUPPLEMENTAL DISCLOSURES OF NONCASH ACTIVITIES:                               |  |                    |           
|Due from Joint Ventures                                                       |  | $                  | 758,667   
|                                                                              |  |                    |           
|Partnership distributions payable                                             |  | $                  | 715,820   
|                                                                              |  |                    |           



See accompanying notes



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WELLS REAL ESTATE FUND IX, L.P.

CONDENSED NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2003 (UNAUDITED)



|1. |  | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|-- |  | ------------------------------------------



|(a) |  | Organization and Business
|--- |  | -------------------------



Wells Real Estate Fund IX, L.P. (the Partnership) is a Georgia public limited partnership with Leo F. Wells, III and Wells Partners, L.P. (Wells
Partners), a Georgia non-public limited partnership, serving as the general partners (the General Partners). The Partnership was formed on August 15, 1994 for the purpose of acquiring, developing, constructing, owning, operating,
improving, leasing, and managing income-producing commercial properties for investment purposes. Upon subscription, limited partners elect to have their units treated as Class A Units or Class B Units. Limited partners shall have the right to change
their prior elections to have some or all of their units treated as Class A or Class B Units one time during each quarterly accounting period. Limited partners may vote to, among other things, (a) amend the partnership agreement, subject to certain
limitations; (b) change the business purpose or investment objectives of the Partnership; and (c) add or remove a General Partner. A majority vote on any of the above-described matters will bind the Partnership without the concurrence of the
General Partners. Each limited partnership unit has equal voting rights regardless of class.



On January 5, 1996, the Partnership commenced a public offering of up to $35,000,000 of limited partnership units pursuant to a Registration Statement filed on Form S-11 under the Securities Act of 1933. The
Partnership commenced active operations on February 12, 1996 upon receiving and accepting subscriptions for 125,000 units and collecting aggregate gross offering proceeds of $2,500,000, thus allowing for the admission of New York and Pennsylvania
investors in the Partnership. The offer terminated on December 30, 1996 at which time approximately 2,935,931 Class A Units and 564,069 Class B Units had been sold to 1,841 and 257 Class A and Class B Limited Partners, respectively, for total
limited partner Capital Contributions of $35,000,000. As of September 30, 2003, the Partnership had paid a total of $1,400,000 in acquisition and advisory fees and acquisition expenses, and $5,254,700 in selling commissions and organization and
offering expenses, and invested $13,289,359 in Fund VIII-IX Associates and invested $15,030,434 in Fund IX-X-XI-REIT Associates. The Partnership held net offering proceeds of $25,507 as of September 30, 2003, which is available for investment in
properties.



The Partnership owns interests in all of its real estate assets
through Joint Ventures with other Wells Real Estate Funds. During the periods presented, the Partnership owned interests in the following nine properties through the affiliated Joint Ventures (the Joint Ventures) listed below:



|                                                                        
|------------------------------------------------------------------------
|                                                                        
|Joint Venture                                                           
|                                                                        
|The Fund VIII and Fund IX Joint Venture (Fund VIII-Fund IX Associates)
|                                                                        

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|                                                                                       
|---------------------------------------------------------------------------------------
|Joint Venture                                                                          
|                                                                                       
|The Fund VIII, Fund IX and REIT Joint Venture (Fund VIII-IX-REIT Associates)         
|                                                                                       
|The Fund IX, Fund X, Fund XI and REIT Joint Venture(Fund IX-X-XI-REIT
    Associates)
|                                                                                       



|* |  | Wells Operating Partnership, L.P. is a Delaware limited partnership with Wells Real Estate Investment Trust, Inc. (Wells REIT) serving as its General Partner; Wells
REIT is a Maryland corporation that qualifies as a real estate investment trust.
|- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Each of the aforementioned properties was acquired on an all-cash basis. For further information regarding the foregoing Joint Ventures and properties, refer to the report filed for the Partnership on Form 10-K for
the year ended December 31, 2002.



(b)    Basis of
Presentation



The financial statements of the Partnership have been
prepared in accordance with rules and regulations of the Securities and Exchange Commission, including the instructions to Form 10-Q and Article 10 of Regulation S-X, and in accordance with such rules and regulations, do not include all of the
information and footnotes required by accounting principles generally accepted in the United States (GAAP) for complete financial statements. The quarterly statements included herein have not been examined by independent auditors. In the
opinion of the General Partners, the statements for the unaudited interim periods presented include all adjustments that are of a normal and recurring nature and necessary to fairly present the results for these periods. Results for interim periods
are not necessarily indicative of full-year results. For further information, refer to the financial statements and footnotes included in the Partnerships Form 10-K for the year ended December 31, 2002.



|(c) |  | Allocations of Net Income, Net Loss and Gain on Sale
|--- |  | ----------------------------------------------------



For the purpose of determining allocations per the partnership agreement, net income is defined as net income recognized by the Partnership, excluding deductions for
depreciation and amortization. Net income, as defined, of the Partnership will be allocated each year in the same proportions that net cash from operations is distributed



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to the limited partners holding Class A Units and the General Partners. To the extent the Partnerships net income in any year exceeds net cash from
operations, it will be allocated 99% to the limited partners and 1% to the General Partners.



Net loss, depreciation, and amortization deductions for each fiscal year will be allocated as follows: (a) 99% to the limited partners holding Class B Units and 1% to the General Partners until their capital accounts
are reduced to zero; (b) then to any partner having a positive balance in his/her capital account in an amount not to exceed such positive balance; and (c) thereafter to the General Partners.



Gains on the sale or exchange of the Partnerships properties will be allocated
generally in the same manner that the net proceeds from such sale are distributed to partners after the following allocations are made, if applicable: (i) allocations made pursuant to the qualified income offset provisions of the partnership
agreement; (ii) allocations to partners having negative capital accounts until all negative capital accounts have been restored to zero; and (iii) allocations to limited partners holding Class B Units in amounts equal to the deductions for
depreciation and amortization previously allocated to them with respect to the specific Partnership property sold, but not in excess of the amount of gain on sale recognized by the Partnership with respect to the sale of such property.



|(d) |  | Distributions of Net Cash From Operations
|--- |  | -----------------------------------------



Cash available for distribution, as defined by the partnership agreement, is distributed to the limited partners quarterly. In accordance with the partnership agreement,
such distributions are paid first to limited partners holding Class A Units until they have received a 10% per annum return on their Net Capital Contributions, as defined. Then, such distributions are paid to the General Partners until they have
received 10% of the total amount distributed to date. Any remaining cash available for distribution is split between the limited partners holding Class A Units and the General Partners on a basis of 90% and 10%, respectively. No cash distributions
will be made to the limited partners holding Class B Units.



|(e) |  | Distribution of Sales Proceeds
|--- |  | ------------------------------



Upon sales of properties, the net sales proceeds will be distributed in the following order:



| |  |  | In the event that the particular property sold is sold for a price less than the original property purchase price, to the limited partners holding Class A Units until they receive
an amount equal to the excess of the original property purchase price over the price for which the property was sold, limited to the amount of depreciation deductions taken by the limited partners holding Class B Units with respect to such property.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | To limited partners holding units, which at any time have been treated as Class B Units, until they receive an amount necessary to equal the net cash available for distribution
received by the limited partners holding Class A Units
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | To limited partners on a per-unit basis until each limited partner has received 100% of his/her Net Capital Contribution, as defined
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------



| |  |  | To all limited partners on a per-unit basis until they receive a cumulative 10% per annum return on their Net Capital Contribution, as defined
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------



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| |  |  | To limited partners on a per unit basis until they receive an amount equal to their preferential limited partner return (defined as the sum of a 10% per annum cumulative return on
Net Capital Contributions for all periods during which the units were treated as Class A Units and a 15% per annum cumulative return on Net Capital Contributions for all periods during which the units were treated as Class B Units)
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | To all General Partners until they have received 100% of their Capital Contributions; in the event that limited partners have received aggregate cash distributions from the
Partnership over the life of their investment in excess of a return of their Net Capital Contributions plus their preferential limited partner return, then the General Partners shall receive an additional sum equal to 25% of such excess
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Thereafter, 80% to the limited partners on a per-unit basis and 20% to the General Partners
| | - |  | -------------------------------------------------------------------------------------------



|2. |  | INVESTMENT IN JOINT VENTURES
|-- |  | ----------------------------



|(a) |  | Basis of Presentation
|--- |  | ---------------------



The Partnership owned interests in nine properties during the periods presented through its ownership in the Joint Ventures. The Partnership does not have control over
the operations of the Joint Ventures; however, it does exercise significant influence. Accordingly, the Partnerships investments in the Joint Ventures are recorded using the equity method of accounting, whereby original investments are
recorded at cost and subsequently adjusted for contributions, distributions, and net income (loss) attributable to the Partnership. For further information regarding investments in Joint Ventures, refer to the report filed for the Partnership on
Form 10-K for the year ended December 31, 2002.



|(b) |  | Summary of Operations
|--- |  | ---------------------



The following information summarizes the operations of the unconsolidated Joint Ventures in which the Partnership held ownership interests for the three months and nine
months ended September 30, 2003 and 2002, respectively:



|                             |  | Total Revenues                   |           |   | Net Income                       |   | Partnerships Share of Net Income
|---------------------------- |  | -------------------------------- | --------- | - | -------------------------------- | - | ---------------------------------
|                             |  | Three Months Ended September 30, |           |   | Three Months Ended September 30, |   | Three Months Ended September 30, 
|                             |  | 2003                             |           |   | 2002                             |   |                                  
|Fund IX-X-XI-REIT Associates |  | $                                | 1,325,354 |   |                                  | $ | 1,345,648                        
|Fund VIII-Fund IX Associates |  |                                  | 959,774   | * |                                  |   | 924,774                          
|                             |  |                                  |           |   |                                  |   |                                  
|                             |  | $                                | 2,285,128 |   |                                  | $ | 2,270,422                        
|                             |  |                                  |           |   |                                  |   |                                  



|* |  | The Partnerships share of income earned from its investment in Fund VIII-IX-REIT Associates is recorded by Fund VIII-Fund IX Associates as equity in income of Joint
Ventures, which is classified as revenue.
|- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(1) |  | Amounts have been restated to reflect tenant reimbursements of $430,635 as revenues for the three months ended September 30, 2002, which has no impact on net income.
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|                             |  | Total Revenues                  |           |   | Net Income                      |   | Partnerships Share of Net Income
|---------------------------- |  | ------------------------------- | --------- | - | ------------------------------- | - | ---------------------------------
|                             |  | Nine Months Ended September 30, |           |   | Nine Months Ended September 30, |   | Nine Months Ended September 30,  
|                             |  | 2003                            |           |   | 2002                            |   |                                  
|Fund IX-X-XI-REIT Associates |  | $                               | 3,967,683 |   |                                 | $ | 4,169,856                        
|Fund VIII-Fund IX Associates |  |                                 | 2,832,745 | * |                                 |   | 2,699,596                        
|                             |  |                                 |           |   |                                 |   |                                  
|                             |  | $                               | 6,800,428 |   |                                 | $ | 6,869,452                        
|                             |  |                                 |           |   |                                 |   |                                  



|* |  | The Partnerships share of income earned from its investment in Fund VIII-IX-REIT Associates is recorded by Fund VIII-Fund IX Associates as equity in income of Joint
Ventures, which is classified as revenue.
|- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(2) |  | Amounts have been restated to reflect tenant reimbursements of $1,295,450 as revenues for the nine months ended September 30, 2002, which has no impact on net income.
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------



The following information summarizes the operations of the
Fund VIII-IX-REIT Associates in which the Partnership held an interest through its interest in Fund VIII-Fund IX Associates for the three months and nine months ended September 30, 2003 and 2002, respectively:



|                             |  | Total Revenues                   |         |      | Net Income                       |         | Partnerships Share of Net Income | 
|---------------------------- |  | -------------------------------- | ------- | ---- | -------------------------------- | ------- | --------------------------------- | 
|                             |  | Three Months Ended September 30, |         |      | Three Months Ended September 30, |         | Three Months Ended September 30,  | 
|                             |  | 2003                             |         | 2002 |                                  |         | 2003                              | 
|Fund VIII-IX-REIT Associates |  | $                                | 309,840 |      | $                                | 310,265 | (1)                               | 
|                             |  |                                  |         |      |                                  |         |                                   | 
|                             |  |                                  |        
|                             |  | Total Revenues                   |         |      | Net Income                       |         | Partnerships Share of Net Income | 
|                             |  | Nine Months Ended September 30,  |         |      | Nine Months Ended September 30,  |         | Nine Months Ended September 30,   | 
|                             |  | 2003                             |         | 2002 |                                  |         | 2003                              | 
|Fund VIII-IX-REIT Associates |  | $                                | 931,620 |      | $                                | 945,173 | (2)                               | 
|                             |  |                                  |         |      |                                  |         |                                   | 



|* |  | The Partnerships share of income earned from its investment in Fund VIII-IX-REIT Associates is recorded by Fund VIII-Fund IX Associates as equity in income of Joint
Ventures, which is classified as revenue.
|- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(1) |  | Amounts have been restated to reflect tenant reimbursements of $8,265 as revenues for the three months ended September 30, 2002, which has no impact on net income.
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(2) |  | Amounts have been restated to reflect tenant reimbursements of $39,174 as revenues for the nine months ended September 30, 2002, which has no impact on net income.
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|3. |  | RECENT ACCOUNTING PRONOUNCEMENTS
|-- |  | --------------------------------



In January 2003, the Financial Accounting Standards Board issued Interpretation No. 46 (FIN 46), Consolidation of Variable Interest Entities, which clarifies
the application of Accounting Research Bulletin (ARB) No. 51, Consolidated Financial Statements, relating to consolidation of certain entities. FIN 46 requires the identification of the Partnerships participation in variable
interest entities (VIEs), which are defined as entities with a level of invested equity that is not sufficient to fund future activities to permit them to operate on a stand-alone basis, or whose equity holders lack certain
characteristics of a controlling financial interest. For entities identified as VIEs, FIN 46 sets forth a model to evaluate potential consolidation based on an assessment of which party to the VIE, if any, bears a majority of the exposure to its
expected losses, or stands to gain from a majority of its expected returns. FIN 46 is effective for all new VIEs created or acquired after January 31, 2003. For VIEs created or acquired prior to February 1, 2003, the Partnership has adopted the
provisions of FIN 46 commencing on June 15, 2003. FIN 46 also sets forth certain disclosures regarding interests in VIEs that are deemed significant, even if consolidation is not required. As the Joint Ventures do not fall under the definition of
VIEs provided above, the adoption of FIN 46 has not resulted in the consolidation of any previously unconsolidated entities.



|4. |  | RELATED-PARTY TRANSACTIONS
|-- |  | --------------------------



|(a) |  | Management and Leasing Fees
|--- |  | ---------------------------



The Partnership entered into a property management and leasing agreement with Wells Management, Inc. (Wells Management), an affiliate of the General Partners.
In consideration for supervising the management of properties, such properties will generally pay Wells Management, management and leasing fees equal to (a) 3% of the gross revenues for management and 3% of the gross revenues for leasing (aggregate
maximum of 6%) plus a separate fee for the one-time initial lease-up of newly constructed properties in an amount not to exceed the fee customarily charged in arms-length transactions by others rendering similar services in the same geographic
area for similar properties or (b) in the case of commercial properties which are leased on a long-term net basis (ten or more years), 1% of the gross revenues, except for initial leasing fees equal to 3% of the gross revenues over the first five
years of the lease term. The properties in which the Partnership owns interests incurred management and leasing fees payable to Wells Management of $110,620 and $123,501 for the three months ended September 30, 2003 and 2002, respectively, and
$347,232 and $352,444 for the nine months ended September 30, 2003 and 2002, respectively.



|(b) |  | Administration Reimbursements
|--- |  | -----------------------------



Wells Capital, Inc. (Wells Capital) and its affiliates perform certain administrative services for the Partnership, such as accounting, property management,
and other partnership administration, and incur the related expenses. Such expenses are allocated among the various Wells Real Estate Funds based on time spent on each fund by individual administrative personnel. The Partnership reimbursed $14,330
and $10,425 for the three months ended September 30, 2003 and 2002, respectively, and $44,453 and $29,423 for the nine months ended September 30, 2003 and 2002, respectively, to Wells Capital and its affiliates for these services and expenses. The
Joint Ventures reimbursed $52,911 and $30,530 for the three months ended September 30, 2003 and 2002, respectively, and $138,619 and $106,360 for the nine months ended September 30, 2003 and 2002, respectively, to Wells Capital and its affiliates
for these services and expenses.



(c)    Conflicts of
Interest



The General Partners are also general partners of other Wells
Real Estate Funds. As such, there may exist conflicts of interest where the General Partners in their capacity as general partners of other Wells Real Estate Funds may be in competition with the Partnership in connection with property acquisitions
or for tenants in similar geographic markets.



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|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 and notes thereto.



(a)    Forward-Looking Statements



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 may cause actual results to differ materially from any
forward-looking statements made in this report, including construction costs which may exceed estimates, construction delays, lease-up risks, inability to obtain new tenants upon the expiration of existing leases, and the potential need to fund
tenant improvements or other capital expenditures out of operating cash flows.



(b)    Results of Operations



Gross
Revenues



Gross revenues of the Partnership decreased to $420,584 for
the three months ended September 30, 2003 from $422,488 for the three months ended September 30, 2002, and to $1,194,548 for the nine months ended September 30, 2003 from $1,229,537 for the nine months ended September 30, 2002 primarily due to the
corresponding decrease in equity in income of Joint Ventures described below.



Equity in Income of Joint Ventures



Gross Revenues of Joint Ventures



Gross revenues of Joint Ventures declined for the nine months ended September 30, 2003, as compared to the nine months ended September 30, 2002, primarily as a result of the 27% decline in occupancy of the
360 Interlocken Building beginning in the third quarter of 2003, partially offset by additional 2002 operating expense reimbursements, which were billed to tenants of the US Cellular Building in the first quarter of 2003. Tenants are billed for
operating expense reimbursements based on estimates, which are reconciled in the following calendar year based on actual costs incurred and the terms of the corresponding tenant leases.



Gross revenues of Joint Ventures increased for the three months ended September 30, 2003, as compared to the three months
ended September 30, 2002, primarily due to an increase in property tax reimbursement accruals for the 360 Interlocken Building and the Ohmeda Building during the third quarter of 2003 as further discussed in the following section.



Expenses of Joint Ventures



Expenses of Joint Ventures increased in 2003, as compared to 2002, primarily
due to increases in: (i) non-reimbursable HVAC costs for the 360 Interlocken Building; and (ii) property taxes assessed for the 360 Interlocken Building and Ohmeda Building.



As a result of the decrease in gross revenues and increase in expenses of the Joint Ventures for the nine months ended
September 30, 2003 as described above, equity in income of Joint Ventures decreased to $420,584 from $422,050 for the three months ended September 30, 2003 and 2002, respectively, and to $1,193,896 from $1,227,510 for the nine months ended September
30, 2003 and 2002, respectively.



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Expenses



Expenses of the Partnership were $31,517 and $18,154 for the three months ended September
30, 2003 and 2002, respectively, and $122,400 and $86,679 for the nine months ended September 30, 2003 and 2002, respectively. The increases resulted primarily from an increase in administrative costs incurred in response to new reporting and
regulatory requirements. We anticipate additional increases related to implementing and adhering to such reporting and regulatory requirements on a going forward basis.



Net Income



As a result of the factors described above, net income of the Partnership was $389,067 and $404,334 for the three months ended September 30, 2003 and 2002, respectively,
and $1,072,148 and $1,142,858 for the nine months ended September 30, 2003 and 2002, respectively.



(c)    Liquidity and Capital Resources



Cash Flows From Operating Activities



Net cash flows from operating activities were $(118,101) for the nine months ended September 30, 2003, as compared to $(77,970) for the nine months ended September 30, 2002, primarily due to the increase in partnership administration costs
described in the previous section.



Cash Flows From Investing Activities



Net cash flows from investing activities decreased to $2,065,199 for
the nine months ended September 30, 2003, as compared to $2,155,149 for the nine months ended September 30, 2002 primarily due to the 27% decline in occupancy of the 360 Interlocken Building beginning in the third quarter of 2003.



Cash Flows From Financing Activities



Net cash flows from financing activities, which represent distributions to partners, were
$(2,002,560) and $(2,140,094) for the nine months ended September 30, 2003 and 2002, respectively. The 2003 decrease in financing cash flows used, which represents distributions to partners, is primarily attributable to the corresponding decline in
cash flows from investing activities discussed above.



Distributions



The Partnership declared distributions to the limited partners
holding Class A Units of $0.23 per unit and $0.23 per unit for the quarters ended September 30, 2003 and 2002, respectively. Such distributions have been made from net cash from operations and distributions received from investments in Joint
Ventures. Distributions accrued to the limited partners holding Class A Units for the third quarter of 2003 were paid in November 2003. No cash distributions were made to limited partners holding Class B Units.



Capital Resources



The Partnership is an investment vehicle formed for the purpose of acquiring, owning, and
operating income-producing real properties. Other than investor proceeds of $25,507, the Partnership has invested all of its funds available for investment in properties. Accordingly, the General Partners anticipate investing the remaining investor
proceeds in capital projects for its existing property investments and do not intend to acquire interests in



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additional properties. Fund IX-X-XI-REIT Associates is expecting to fund approximately $114,000 in capital parking lot repairs for the 360 Interlocken
Building during the fourth quarter of 2003. Through its November 30, 2007 lease expiration, Alstom Power, the only tenant at the Knoxville Building, has the right to request tenant improvements up to $245,000; Fund IX-X-XI-REIT Associates has not
received a request for any such funding to date. In 2004, the General Partners anticipate funding 2004 re-leasing costs through Fund VIII-IX-REIT Associates related to the January 31, 2004 expiration of the Quest Building lease.



(d)    Related-Party Transactions



The Partnership and its Joint Ventures have entered into agreements with Wells Capital, the
General Partner of Wells Partners, L.P. and its affiliates, whereby the Partnership or its Joint Ventures pay certain fees or reimbursements to Wells Capital or its affiliates (e.g., property management and leasing fees, administrative salary
reimbursements, etc.). See Note 4 to the Partnerships financial statements included in this report for a discussion of the various related party transactions, agreements, and fees.



(e)    Inflation



The real estate market has not been affected significantly by inflation in the past three years due to the relatively low inflation rate. However, there are provisions in
the majority of tenant leases, which would protect the Partnership from the impact of inflation. These provisions include reimbursement billings for operating expense pass-through charges, real estate tax and insurance reimbursements on a
per-square-foot basis, or in some cases, annual reimbursement of operating expenses above a certain per-square-foot allowance. There is no assurance, however, that the Partnership would be able to replace existing leases with new leases at higher
base rental rates.



(f)    Application of Critical
Accounting Policies



The Partnerships accounting policies have been
established to conform with GAAP. The preparation of financial statements in conformity with GAAP requires management to use judgment in the application of accounting policies, including making estimates and assumptions. These judgments affect the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. If managements judgment or
interpretation of the facts and circumstances relating to various transactions had been different, it is possible that different accounting policies would have been applied, thus, resulting in a different presentation of the financial statements.
Additionally, other companies may utilize different estimates that may impact comparability of the Partnerships results of operations to those of companies in similar businesses.



Below is a discussion of the accounting policies that management considers to be critical in that they may require complex judgment in their
application or require estimates about matters that are inherently uncertain.



Investment in Real Estate Assets



Management is
required to make subjective assessments as to the useful lives of its depreciable assets. Management considers the period of future benefit of the asset to determine the appropriate useful lives. These assessments have a direct impact on net income.
The estimated useful lives of the Joint Ventures assets by class are as follows:



|Building              |  | 25 years   
|--------------------- |  | -----------
|Building improvements |  | 10-25 years
|Land improvements     |  | 20-25 years
|Tenant improvements   |  | Lease term 



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In the event that management uses
inappropriate useful lives or methods for depreciation, the Partnerships net income would be misstated.



Valuation of Real Estate Assets



Management continually monitors events and changes in circumstances that could indicate that the carrying amounts of the real estate assets in which the Partnership has an ownership interest, either directly or through investments in Joint
Ventures, may not be recoverable. When indicators of potential impairment are present which indicate that the carrying amounts of real estate assets may not be recoverable, management assesses the recoverability of the real estate assets by
determining whether the carrying value of the real estate assets will be recovered through the undiscounted future operating cash flows expected from the use of the asset and its eventual disposition. In the event that such expected undiscounted
future cash flows do not exceed the carrying value, management adjusts the real estate assets to the fair value and recognizes an impairment loss. Management has determined that there has been no impairment in the carrying value of real estate
assets held by the Partnership to date.



Projections of expected future cash
flows require management to estimate future market rental income amounts subsequent to the expiration of current lease agreements, property operating expenses, discount rates, the number of months it takes to re-lease the property, and the number of
years the property is held for investment. The use of inappropriate assumptions in the future cash flow analysis would result in an incorrect assessment of the propertys future cash flows and fair value, and could result in the overstatement
of the carrying value of real estate assets held by the Joint Ventures and net income of the Partnership.



ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS



Since the Partnership does not borrow any money, make any foreign investments, or invest in any market risk- sensitive instruments, it is not subject to risks relating to
interest rates, foreign current exchange rate fluctuations, or the other market risks contemplated by Item 305 of Regulation S-K.



ITEM 4.    CONTROLS AND PROCEDURES



The Partnership carried out an evaluation, under the supervision and with the participation of management of Wells Capital, Inc., the corporate general partner of one of the General Partners of the Partnership,
including the Principal Executive Officer and Principal Financial Officer, of the effectiveness of the design and operation of the Partnerships disclosure controls and procedures as of the end of the period covered by this report pursuant to
the Securities Exchange Act of 1934. Based upon that evaluation, the Principal Executive Officer and Principal Financial Officer concluded that the Partnerships disclosure controls and procedures were effective.



There were no significant changes in the Partnerships internal controls over financial
reporting that has materially affected, or is reasonably likely to materially affect, the Partnerships internal control over financial reporting.



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PART IIOTHER INFORMATION



ITEM 6.    EXHIBITS AND REPORTS ON FORM 8-K



|(a) |  | The Exhibits to this report are set forth on Exhibit Index to Third Quarter Form 10-Q attached hereto.
|--- |  | ------------------------------------------------------------------------------------------------------



|(b) |  | No reports on Form 8-K were filed during the third quarter of 2003.
|--- |  | -------------------------------------------------------------------



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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)                          
|---------------- |  |  |  | ----------------------------------------------------------------------
|                 |  |  |  |                                                                       
|                 |  |  |  |                                                                       
|                 |  |  |  |                                                                       
|                 |  |  |  |                                                                       
|                 |  |  |  |                                                                       
|                 |  | 
|November 7, 2003 |  |  |  | /s/ Leo F. Wells, III                                                 
|                 |  |  |  | Leo F. Wells, III President                                           
|                 |  |  |  |                                                                       
|                 |  |  |  |                                                                       
|                 |  | 
|November 7, 2003 |  |  |  | /s/ Douglas P. Williams                                               
|                 |  |  |  | Douglas P. Williams Principal Financial Officer of Wells Capital, Inc.



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EXHIBIT INDEX

TO

THIRD QUARTER FORM 10-Q

OF

WELLS REAL ESTATE FUND IX, L.P.



|Exhibit No. |  | Description                                                                                                                   
|----------- |  | ------------------------------------------------------------------------------------------------------------------------------
|            | 
|31.1        |  | Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                        
|            | 
|31.2        |  | Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                        
|            | 
|32.1        |  | Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002