<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, 1998     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, 1998                           
             and December 31, 1997.....................................     3
                                                                         
           Statements of Income for the Three Months and Nine Months     
             Ended September 30, 1998 and 1997.........................     4
                                                                         
           Statements of Partners' Capital for the Year Ended            
             December 31, 1997 and the Nine Months                       
             Ended September 30, 1998..................................     5
                                                                         
           Statements of Cash Flows for the Nine Months                  
             Ended September 30, 1998 and 1997.........................     6
                                                                         
           Condensed Notes to Financial Statements.....................     7
                                                                         
   Item 2. Management's Discussion and Analysis of                       
           Financial Condition and Results of Operations...............     9

PART II.  OTHER INFORMATION............................................    20
</TABLE> 

                                       2 
<PAGE>
 
                        WELLS REAL ESTATE FUND IX, L.P.
                    (A GEORGIA PUBLIC LIMITED PARTNERSHIP)

                                BALANCE SHEETS

<TABLE>
<CAPTION>
                Assets                         September 30, 1998       December 31, 1997
                ------                         ------------------       -----------------
<S>                                            <C>                      <C>
Investment in joint venture (Note 2)           $       28,385,527       $      18,551,917
Cash and Cash equivalents                                 332,154               9,764,129
Due from affiliates                                       650,091                 335,508
Deferred project costs                                     13,622                 523,278
Organization costs, less accumulated
   amortization of $12,500 in December
   1997 and $17,187 in September 1998                      14,062                  18,750
Prepaid expenses and other assets                               0                 752,311
                                               ------------------       -----------------
    Total assets                               $       29,395,456       $      29,945,893
                                               ==================       =================

  Liabilities and Partners' Capital
  ---------------------------------

Liabilities:
   Partnership distribution payable            $          631,486       $         437,175
                                               ------------------       -----------------

    Total liabilities                                     631,486                 437,175
                                               ------------------       -----------------

Partners' capital:
Limited partners:
  Class A-2,972,508 units outstanding                  25,597,890              25,322,591
  Class B-527,492 units outstanding                     3,166,080               4,186,127
                                               ------------------       -----------------

      Total partners' capital                          28,763,970              29,508,718
                                               ------------------       -----------------

      Total liabilities and partners' capital  $       29,395,456       $      29,945,893
                                               ------------------       -----------------
</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          
                                                         ------------------                 -----------------          
                                                  Sept 30, 1998      Sept 30,1997    Sept 30, 1998       Sept 30,1997  
                                                  -------------------------------    --------------------------------  
<S>                                               <C>                <C>             <C>                 <C>            
Revenues:
          Interest income                          $     527            $ 138,106    $   79,481            $  490,608 
          Equity in income of joint                                                                                   
           ventures (Note 2)                         353,927              247,882     1,008,377               411,448 
                                                   ---------            ---------    ----------            ----------  
                                                     354,454              385,988     1,087,858               902,056 
                                                                                                                      
Expenses:                                                                                                             
          Computer cost                                2,326                2,354         6,164                 6,516 
          Printing and notebooks                         185               (1,660)        5,394                13,516 
          Administrative salaries                     11,628                6,658        21,947                18,674 
          Office expense                                (964)               4,273         2,009                 6,799 
          Postage                                      1,490                2,317         7,130                11,318 
          Other                                            0               (3,832)            0                     0 
          Legal and accounting fees                    1,013                  823        28,933                26,435 
          Investment analysis expense                      0                    0             0                 3,688 
          Professional fees                            1,663                  453         3,032                 1,689 
          Registration filing fees                     2,437                    0         2,452                   269 
          Amortization of               
           organization costs                          1,562                1,562         4,687                 4,687 
                                                   ---------            ---------    ----------            ----------  
                                                      21,340               12,948        81,748                93,591 
                                                   ---------            ---------    ----------            ---------- 
          Net income                               $ 333,114            $ 373,040    $1,006,110            $  808,465 
                                                   =========            =========    ==========            ========== 
Net (loss) allocated to General Partners           $       0            $       0    $        0            $     (206)
                                                                                                                      
Net income allocated to Class A Limited Partners   $ 658,410            $ 577,831    $1,860,639            $1,115,737 
                                                                                                                      
Net (loss) allocated to Class B Limited Partners   $(325,296)           $(204,791)   $ (854,529)           $ (307,066)
                                                                                                                      
Net income per Class A Limited Partner Unit        $    0.22            $    0.20    $     0.60            $     0.38 
                                                                                                                      
Net (loss) per Class B Limited Partner Unit        $   (0.62)           $   (0.37)   $    (1.60)           $    (0.55)
                                                                                                                      
Cash distribution per Class A Limited Partner 
          Unit                                     $    0.21            $    0.13    $     0.38            $     0.30   
</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 NINE MONTHS ENDED SEPTEMBER 30, 1998
                        AND YEAR ENDED DECEMBER 31, 1997

<TABLE>
<CAPTION>
                                                                       Limited Partners                                Total
                                                                       -------------------
                                                                Class A                 Class B          General      Partners'  
                                                         --------------------     -------------------
                                            Original     Units       Amount       Units       Amount     Partners      Capital
                                            --------     -----       ------       -----       ------     --------      -------
<S>                                         <C>         <C>         <C>           <C>        <C>         <C>          <C> 
  BALANCE, DECEMBER 31, 1996                    $ 100   2,927,443   $24,911,231   572,557    $4,840,871      $ 260    $29,752,408
                                              
  Net income (loss)                                 0           0     1,564,778         0      (472,806)      (206)     1,091,766
  Partnership distributions                         0           0    (1,330,748)        0             0          0     (1,330,748)
  Return of capital                              (100)          0             0         0             0          0           (100)
  Sales commissions and discounts                   0           0       ( 4,608)        0             0          0         (4,608)
  Class B Conversion election                       0      22,333       181,938   (22,333)     (181,938)         0              0
                                                -----   ---------   -----------   -------    ----------               -----------
                                              
BALANCE, DECEMBER 31, 1997                          0   2,949,776    25,322,591   550,224     4,186,127          0    $29,508,718
                                              
   Net income (loss)                                0           0     1,860,639         0      (854,529)         0      1,006,110
   Partnership distributions                        0           0    (1,750,858)        0             0          0     (1,750,858)
   Class A conversion elections                     0      22,732       165,518   (22,732)     (165,518)         0              0
                                                -----   ---------   -----------   -------    ----------      -----    -----------
                                              
BALANCE, SEPTEMBER 30, 1998                     $   0   2,972,508   $25,597,890   527,492    $3,166,080      $   0    $28,763,970
                                                =====   =========   ===========   =======    ==========      -----    ===========
</TABLE>

           See accompanying condensed notes to financial statements.
                                        

                                       5
<PAGE>
 
                        WELLS REAL ESTATE FUND IX, L.P.
                    (A GEORGIA PUBLIC LIMITED PARTNERSHIP)

                            STATEMENT OF CASH FLOWS


<TABLE>
<CAPTION>
                                                                              Nine Months Ended
                                                                              -----------------
                                                            September 30, 1998                 September 30, 1997
                                                            ------------------                 ------------------          
<S>                                                         <C>                                <C> 
 Cash flow from operating activities:
 Net income                                                    $  1,006,110                       $    808,465
  Adjustments to reconcile net earnings to net                
          cash provided by operating activities:                    
   Equity in income of joint venture                             (1,008,377)                          (411,449)
          Amortization of organization costs                          4,687                              4,687
  Changes in assets and liabilities:                          
           Prepaids and other assets                                 39,000                             58,000
           Accounts payable                                               0                             (3,383)
           Due to affiliates                                              0                           (422,995)
           Accounts receivable                                            0                                (58)
                                                               ------------                       ------------
             Net cash provided by operating activities               41,420                             33,267
                                                               ------------                       ------------
                                                              
 Cash flow from investing activities:                         
   Investment in joint ventures                                 ( 9,392,246)                       (13,721,748)
   Distributions received from joint ventures                     1,475,397                            259,356
   Investment in real estate                                              0                          1,065,857
                                                               ------------                       ------------
            Net cash used by investing activities                (7,916,849)                       (12,396,535)
                                                               ------------                       ------------
                                                              
 Cash flow from financing activities:                         
   Sales commissions paid                                                 0                           (171,304)
   Distributions to partners from                             
        accumulated earning                                      (1,556,546)                          (676,657)
   Return of original limited partner investment                          0                               (100)
                                                               ------------                       ------------
            Net cash used in financing activities                (1,556,546)                          (848,061)
                                                               ------------                       ------------
                                                              
Net (decrease) in cash and cash equivalents                      (9,431,975)                       (13,211,329)
                                                              
 Cash and cash equivalents, beginning of year                     9,764,129                         23,557,985
                                                               ------------                       ------------
                                                              
 Cash and cash equivalents, end of period                      $    332,154                       $ 10,346,656
                                                               ============                       ============
                                                              
Supplemental disclosure of noncash investing                  
 activities:    Deferred project costs applied to             
 joint venture activities                                      $    509,656                       $    612,300
                                                               ============                       ============
</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, 1998

(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. 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, payments of $5,254,603 in selling
commissions and organization and offering expenses, the investment by the
Partnership of $13,289,358 in the Fund VIII - Fund IX Joint Venture, the
investment by the Partnership of $14,747,321 in the Fund IX-X-XI-REIT Joint
Venture, as of September 30, 1998, the Partnership was holding net offering
proceeds of $308,718 available for investment in properties.

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 -
IX Joint Venture"), and (ii) Fund IX-X-XI-REIT Associates, a joint venture among
the Partnership, Wells Real Estate Fund X, L..P., Wells Real Estate Fund XI,
L.P. and Wells Operating Partnership, L.P. (the "Fund IX-X-XI-REIT Joint
Venture").

As of September 30, 1998, 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-X-XI-REIT Joint Venture; (iv) a two-story office
building in Irvine, California (the"Matsushita Building"), which is owned by the
Fund 

                                       7
<PAGE>
 
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; (vi) a two-story office building in Boulder County,
Colorado (the "Ohmeda Building"), which is owned by the Fund IX-X-XI-REIT Joint
Venture; (vii) a three-story office building located in Boulder County, Colorado
(the "360 Interlocken Building"), which is owned by the Fund IX-X-XI-REIT Joint
Venture; and (viii) a one-story office building located in Oklahoma City,
Oklahoma (the "Lucent Technologies Building"), which is owned by the Fund IX-X-
XI-REIT Joint Venture.

(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, 1997.

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

The Partnership owns interests in eight office buildings, through its ownership
in joint ventures.  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, 1997.

The following describes additional information about the properties in which the
Partnership owned an interest as of September 30, 1998:

Fund IX-X-XI-REIT Joint Venture
-------------------------------

On July 1, 1998, Wells Real Estate Fund X, L.P. ("Wells Fund X") contributed a
single-story warehouse and office building with 108,000 rentable square feet
(the "Iomega Building") to the Fund IX, Fund X, Fund XI, and REIT Joint Venture
("IX-X-XI-REIT Joint Venture") (a Georgia joint venture) as a capital
contribution.  Fund X was credited with making a capital contribution to the IX-
X-XI-REIT Joint Venture in the amount of $5,050,425, which represents the
purchase price of $5,025,000 plus acquisition expenses of $25,425 originally
paid by Wells Fund X for the Iomega Building on April 1, 1998.

The building is 100% occupied by one tenant with a ten year lease term that
expires on July 31, 2006.  The monthly base rent payable under the lease is
$40,000 through November 12, 1999.  Beginning on the 40th and 80th months of the
lease term, the monthly base rent payable under the lease will be increased to
reflect an amount equal to 100% of the increase in the Consumer Price Index (as
defined in the lease) during the preceding 40 months; provided, however, that in
no event shall the base rent be 

                                       8
<PAGE>
 
increased with respect to any one year by more than 6% or by less than 3% per
annum, compounded annually, on a cumulative basis from the beginning of the
lease term. The lease is a triple net lease, whereby the terms require the
tenant to reimburse the IX-X-XI-REIT Joint Venture for certain operating
expenses, as defined in the lease, related to the building.

As of September 30, 1998, the Partnership held an approximate 39.8% equity
interest in the Fund IX-X-XI-REIT Joint Venture.  As of September 30, 1998,
Wells Fund X held an approximate 49.7% equity interest, Wells Fund XI held an
approximate 6.7% equity interest, and Wells OP held an approximate 3.8% equity
interest in the Fund IX-X-XI-REIT Joint Venture.

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.

RESULTS OF OPERATIONS AND CHANGES IN FINANCIAL CONDITIONS
---------------------------------------------------------

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

As of September 30, 1998, the properties owned by the Partnership were 99.4%
occupied.  Gross revenues of the Partnership of $354,454 for the three months
and $1,087,858 for the nine months ended September 30, 1998, and $385,988 for
the three months and $902,056 for the nine months ended September 30, 1997, were
attributable primarily to the increase in income of joint ventures as the
Partnership continued to invest in properties through joint venture ownership.
As a result, interest income has decreased as compared to 1997.  Total expenses
of the Partnership decreased from $93,591 for the nine months ended September
30, 1997, to $81,748 for the nine months ended September 30, 1998, as a result
of decreased postage, printing and other miscellaneous expenses. Net income of
the Partnership was $1,006,110 for the nine months ended September 30, 1998, as
compared to $808,465 for the same period in 1997, due primarily to increased
revenues and lower expenses.

The Partnership's net cash provided by operating activities increased to $41,420
for 1998, as compared to $33,267 for 1997, which is due primarily to an increase
in net income.  Net cash used in investing activities decreased to $7,916,849
from $12,396,535, which was the result of decreased investments and increased
distributions from joint ventures. Net cash used in financing activities
increased from $848,061 in 1997, to $1,556,546 in 1998, as a result of increased
distributions to limited partners. As a 

                                       9
<PAGE>
 
result, cash and cash equivalents decreased from $10,346,656 as of September 30,
1997, to $332,154 as of September 30, 1998.

The Partnership made cash  distribution to holders of Class A Status Units of $
0.21 per unit for the third quarter ended September 30, 1998, as compared to
$0.13 per unit for the same period of 1997.  No distributions were made to the
Limited Partners holding Class B Units or to the General Partners.  Although
there is no assurance, the Partnership anticipates that distributions will
continue to be paid on a quarterly basis.

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, 1998, the Partnership was holding $308,718 of net offering
proceeds available for investment in properties, including approximately
$80,000, which is reserved for final tenant buildout of the ABB Building in
Knoxville, Tennessee owned by the Fund IX-X-XI-REIT Joint Venture.

The General Partners have verified that all operational computer systems are
year 2000 compliant.  This included systems supporting accounting, property
management and investor services.  Also, as part of this review, all building
control systems have been verified as compliant.  The current line of business
applications are based on compliant operating systems and database servers.  All
of these products are scheduled for additional upgrades before the year 2000.
Therefore, it is not anticipated that the year 2000 will have significant impact
on operations.

Recent Accounting Pronouncements
--------------------------------

Statement of Financial Accounting Standard (SFAF) No. 130, "Reporting
Comprehensive Income", requires certain transactions (e.g., unrealized
gains/losses on available for sale securities) that are not reflected in net
income to be displayed as other comprehensive income.  The Statement also
requires an entity to report total comprehensive income (i.e., net income plus
other comprehensive income) for every period in which an income statement is
presented.  SFAS No. 130 is effective for annual and interim periods beginning
after December 15, 1997.  None of the transactions required to be reported in
other comprehensive income pertain to the Partnership; consequently, adoption of
this statement had no impact on the partnership's disclosures.

Effective April 3, 1998, the American Institute of Certified Public Accountants
issue Statement of Position (SOP) 98-5, "Reporting on the Costs of Start-Up
Activities".   SOP 98-5 is effective for fiscal years beginning after December
15, 1998, and initial application is required to be reported as a cumulative
effect of change in accounting principle.  This SOP provides guidance on the
financial reporting of start-up costs and organization costs.  It requires costs
of start-up activities and organization costs to be expensed as incurred.
Adoption of this Statement by the Partnership in the 

                                       10
<PAGE>
 
first quarter of 1999 may result in the write-off of certain capitalized
organization costs. Adoption of this Statement is not expected to have a
material impact on the Partnership's results of operations and financial
condition.

PROPERTY OPERATIONS
-------------------

As of September 30, 1998, the Partnership owned interests in the following
operational properties

The TCI Building/Fund VIII - Fund IX Joint Venture
--------------------------------------------------

<TABLE>
<CAPTION>
                                              Three Months Ended              Nine Months Ended
                                        ------------------------------  ------------------------------
                                        Sept 30, 1998   Sept 30, 1997   Sept 30, 1998   Sept 30, 1997
                                        --------------  --------------  --------------  --------------
<S>                                     <C>             <C>             <C>             <C>
Revenues:
Rental income                                $113,794        $118,273        $341,383        $345,862
Interest income                                 7,800               0          22,950               0
                                             --------        --------        --------        --------
                                              121,594         118,273         364,333         345,862
                                             --------        --------        --------        --------
 
Expenses:
  Depreciation                                 41,648          41,648         124,945         124,945
  Management & leasing expenses                 4,300           2,389          12,900          13,196
  Other operating expenses                      1,755           2,167           6,728           6,556
                                             --------        --------        --------        --------
                                               47,703          46,204         144,573         144,697
                                             --------        --------        --------        --------
 
Net income                                   $ 73,891        $ 72,069        $219,760        $201,165
                                             ========        ========        ========        ========
 
Occupied %                                        100%            100%            100%            100%
 
Partnership's Ownership % in the
  Fund VIII - Fund IX Joint Venture              45.2%           49.9%           45.2%           49.9%
 
Cash Distribution to Partnership             $ 49,382        $ 53,608        $151,013        $153,505
 
Net income allocated to the
  Partnership                                $ 33,401        $ 35,965        $101,835        $100,509
</TABLE>


Net income and cash distributions are greater in 1998, as compared to 1997, due
primarily to increased interest income.

The Partnership's ownership in the Fund VIII - Fund IX Joint Venture decreased
in 1998, as compared to 1997, due to additional funding by Wells Fund VIII which
decreased the Partnership's ownership interest in the Fund VIII - Fund IX Joint
Venture.

                                       11
<PAGE>
 
The Matsushita Building/Fund VIII - Fund IX Joint Venture
---------------------------------------------------------

<TABLE>
<CAPTION>
                                              Three Months Ended              Nine Months Ended
                                        ------------------------------  ------------------------------
                                        Sept 30, 1998   Sept 30, 1997   Sept 30, 1998   Sept 30, 1997
                                        --------------  --------------  --------------  --------------
<S>                                     <C>             <C>             <C>             <C>
Revenues:
Rental income                                $167,698        $270,821        $503,094        $493,486
Interest income                                     0               0               0           1,511
                                             --------        --------        --------        --------
                                              167,698         270,821         503,094         494,997
                                             --------        --------        --------        --------
 
Expenses:
  Depreciation                                 53,917          54,219         161,752         161,452
  Management & leasing expenses                 6,513          13,496          19,538          25,376
  Other operating expenses                      1,660             950          11,903           1,943
                                             --------        --------        --------        --------
                                               62,090          68,665         193,193         188,771
                                             --------        --------        --------        --------
 
Net income                                   $105,608        $202,156        $309,901        $306,226
                                             ========        ========        ========        ========
 
Occupied %                                        100%            100%            100%            100%
 
Partnership's Ownership % in the
  Fund VIII - Fund IX Joint Venture              45.2%           49.9%           45.2%           49.9%
 
Cash Distribution to Partnership             $ 76,261        $ 65,464        $231,355        $101,094
 
Net income allocated to the
  Partnership                                $ 47,739        $100,883        $143,584        $152,861
</TABLE>


On January 10, 1997, 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 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.  Under the Lease, Matsushita Avionics is
responsible for all utilities, taxes, insurance and other operating expenses
during the term of the Lease.

Rental income and net income have remained relatively constant for 1998 as
compared to 1997.  Cash distributions have increased in 1998, as  compared to
1997, due primarily to the tenant not paying rent until May, 1998.

The Partnership's ownership in the Fund VIII - Fund IX Joint Venture decreased
in 1998, as compared to 1997, due to additional fundings by Wells Fund VIII,
which decreased the Partnership's ownership interest in the Fund VIII - Fund IX
Joint Venture.

Rental income decreased for the three months ended September 30, 1998, as
compared to the same period in 1997, due to a straight line rent adjustment in
July, 1997, reflected in rental income.

                                       12
<PAGE>
 
The Cirrus Logic Building/Fund VIII - Fund IX Joint Venture
-----------------------------------------------------------

<TABLE>
<CAPTION>
                                              Three Months Ended         Nine Months Ended   Seven Months Ended
                                              ------------------        ------------------   -------------------
                                        Sept 30, 1998   Sept 30, 1997      Sept 30, 1998        Sept 30, 1997
                                        --------------  --------------  -------------------  -------------------
<S>                                     <C>             <C>             <C>                  <C>
Revenues:
Rental income                                $184,539        $197,344             $553,617             $399,835
Interest income                                     0          21,345                    0               21,402
                                             --------        --------             --------             --------
                                              184,539         218,689              553,617              421,237
                                             --------        --------             --------             --------
 
Expenses:
  Depreciation                                 72,765          72,874              218,295              158,900
  Management & leasing expenses                11,293          10,348               29,699               16,949
  Other operating expenses                     33,455             368               25,406                7,336
                                             --------        --------             --------             --------
                                              117,513          83,590              273,400              183,185
                                             --------        --------             --------             --------
 
Net income                                   $ 67,026        $135,099             $280,217             $238,052
                                             ========        ========             ========             ========
 
Occupied %                                        100%            100%                 100%                 100%
 
Partnership's Ownership % in the
  Fund VIII - Fund IX Joint Venture              45.2%           49.9%                45.2%                49.9%
 
Cash distribution to Partnership             $ 56,129        $ 89,984             $209,916             $153,030
 
Net income allocated to the
  Partnership                                $ 30,298        $ 67,419             $130,430             $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, then will be increased by 10%
in the sixth 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 nine
months ended September 30, 1998 and 1997 are not available.

The Partnership's ownership in the Fund VIII - Fund IX Joint Venture decreased
in 1998, as compared to 1997, due to additional fundings by Wells Fund VIII,
which decreased the Partnership's ownership in the Fund VIII - Fund IX Joint
Venture.

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

<TABLE>
<CAPTION>
                                              Three Months Ended         Six Months Ended   Four Months Ended
                                              ------------------         ----------------   ------------------
                                        Sept 30, 1998   Sept 30, 1997     Sept 30, 1998       Sept 30, 1997
                                        --------------  --------------  ------------------  ------------------
<S>                                     <C>             <C>             <C>                 <C>
Revenues:
Rental income                                $320,519        $239,645            $961,557            $279,753
                                             --------        --------            --------            --------
 
Expenses:
  Depreciation                                202,625         118,500             509,826             156,500
  Management & leasing expenses                35,422          24,817             103,973              24,817
  Other operating expenses                    (18,320)          8,937             (36,868)             19,812
                                             --------        --------            --------            --------
                                              219,727         152,254             576,931             201,129
                                             --------        --------            --------            --------
 
Net income                                   $100,792        $ 87,391            $384,626            $ 78,624
                                             ========        ========            ========            ========
 
Occupied %                                        100%             75%                100%                 75%
 
Partnership's Ownership % in the
  Fund VIII - Fund IX Joint Venture              45.2%           49.9%               45.2%               49.9%
 
Cash Distribution to Partnership             $133,154        $ 59,731            $389,164            $ 74,322
 
Net income allocated to the
  Partnership                                $ 45,561        $ 43,612            $179,835            $ 39,231
</TABLE>

In June 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 June 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 market rental rate.  Cellular One changed its name to US Cellular
in October, 1997.  One additional tenant has occupied the remaining 25% of the
building.

Since the building opened June 15, 1997, comparative income and expenses figures
for the nine months ended September 30, 1998 and 1997 are not available.  Other
operating expense decreased for the three months ended September 30, 1998, as
compared to the same period in 1997, due primarily to differences in the 1997
estimated common area maintenance billing to the tenants.

The Partnership's ownership in the Fund VIII - Fund IX Joint Venture decreased
in 1998, as compared to 1997, due to additional fundings by the Wells Fund VIII.

                                       14
<PAGE>
 
The ABB Building/Fund IX-X-XI-REIT Joint Venture
------------------------------------------------

<TABLE>
<CAPTION>
                                                                  Three Months Ended           Nine Months Ended
                                                                  ------------------           -----------------
                                                                     Sept 30, 1998             Sept 30, 1998
                                                                     -------------             -------------
<S>                                                             <C>                          <C>
Revenues:
Rental income                                                           $208,370                    $590,342
Interest income                                                            6,000                       6,000
                                                                        --------                    --------
                                                                         214,370                     596,342
                                                                        --------                    --------
                                                                                              
Expenses:                                                                                     
  Depreciation                                                           120,433                     305,211
  Management & leasing expenses                                           25,577                      75,765
  Other operating expenses                                                 3,050                      49,717
                                                                        --------                    --------
                                                                         149,060                     430,693
                                                                        --------                    --------
                                                                                              
Net income                                                              $ 65,310                    $165,649
                                                                        ========                    ========
                                                                                              
Occupied %                                                                    95%                         95%
                                                                                              
Partnership's Ownership % in the                                                              
  Fund IX-X-XI-REIT Joint Venture                                           39.8%                       39.8%
                                                                                              
Cash distribution to Partnership                                        $ 73,983                    $186,032
                                                                                              
Net income allocated to the                                                                   
  Partnership                                                           $ 25,843                    $ 75,405
</TABLE>

ABB Environmental Systems, a subsidiary of ABB, Inc., occupied its leased space
of 56,012 rentable square feet comprising approximately 67% of the building in
December 1997.  The initial term of the lease is 9 years and 11 months.  ABB has
the option under its lease 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.  Another tenant has occupied 23,490
rentable square feet bringing the occupancy to 95%.

It is currently anticipated that the total cost to complete the project will be
approximately $7,900,000.  It is currently anticipated that the Partnership will
contribute approximately $80,000 of the remaining costs to complete the
building.

Since the ABB Building was opened in December, 1997, comparative income and
expense figures for the prior year are not available.

                                       15
<PAGE>
 
The Ohmeda Building/Fund IX-X-XI-REIT Joint Venture
---------------------------------------------------

<TABLE>
<CAPTION>
                                                                  Three Months Ended           Eight Months Ended
                                                                  ------------------           ------------------
                                                                     Sept 30, 1998               Sept 30, 1998
                                                                     -------------               -------------
          <S>                                                     <C>                          <C>
          Revenues:                                                       $254,940                    $643,963
          Rental income                                                   --------                    --------
                                                                                                 
                                                                                                 
          Expenses:                                                         81,576                     217,536
            Depreciation                                                    11,618                      29,546
            Management & leasing expenses                                    1,171                       1,082
            Other operating expenses                                      --------                    --------
                                                                            94,365                     248,164
                                                                          --------                    --------
                                                                                                 
                                                                          $160,575                    $395,799
          Net income                                                      ========                    ========
                                                                                                 
                                                                               100%                        100%
          Occupied %                                                                             
                                                                                                 
          Partnership's Ownership % in the                                    39.8%                       39.8%
            Fund IX-X-XI-REIT Joint Venture                                                      
                                                                          $ 94,342                    $266,091
          Cash distribution to Partnership                                                       
                                                                                                 
          Net income allocated to the                                     $ 63,560                    $180,213
</TABLE>    Partnership                     

On February 13, 1998, the Fund IX-X-XI-REIT Joint Venture (formally, the Fund IX
- Fund X Joint Venture) acquired a two story office building containing
approximately 106,750 rentable square feet on a 15 acre tract of land located in
Louisville, Boulder County, Colorado (the "Ohmeda Building") for a purchase
price of $10,325,000 excluding acquisition costs.

The entire Ohmeda Building is currently under a net lease with Ohmeda, Inc. and
was assigned to the Fund IX-X-XI-REIT Joint Venture at closing.  The lease
currently expires in January, 2005.

The monthly base rental payable under the lease is $83,709.79 through January
31, 2003; $87,890.83 from February 1, 2003 through January 31, 2004; and
$92,249.79 from February 1, 2004 through January 31, 2005.  Under the lease,
Ohmeda is responsible for all utilities, taxes, insurance and other operating
costs with respect to the Ohmeda Building under the term of the lease.  In
addition, Ohmeda is required to pay a $21,000 per year management fee for
maintenance and administrative services of the Ohmeda Building.  The Fund IX-X-
XI-REIT Joint Venture, as landlord, is responsible for maintenance of the roof,
exterior and structural walls, foundations, other structural members and floor
slab, provided that the landlord's obligation to make repairs specifically
excludes items of cosmetic and routine maintenance such as the painting of
walls.

Since the Ohmeda Building was purchased in February, 1998, comparative income
and expense figures are not available for the prior year.

                                       16
<PAGE>
 
The 360 Interlocken Building/Fund IX-X-XI-REIT Joint Venture
------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                Three Months Ended              Seven Months Ended
                                                                ------------------              ------------------
                                                                    Sept 30, 1998                 Sept 30, 1998
                                                                    -------------                --------------     
          <S>                                                   <C>                             <C>
          Revenues:                           
          Rental income                                               $215,289                        $453,864
                                                                      --------                        --------
                                                                                          
          Expenses:                                                                       
            Depreciation                                                71,793                         166,432
            Management & leasing expenses of                            18,086                          37,323
            Other operating expenses, net                                                 
                  reimbursements                                        (7,850)                        (56,128)
                                                                      --------                        --------   
                                                                        82,029                         147,627
                                                                      --------                        --------
                                                                                          
          Net income                                                  $133,260                        $306,237
                                                                      ========                        ========
                                                                                          
          Occupied %                                                       100%                            100%
                                                                                          
          Partnership's Ownership % in thee                                               
            Fund IX-X-XI-REIT Joint Ventur                                39.8%                           39.8%
                                                                                          
          Cash distribution to Partnership                            $ 77,664                        $208,973
                                                                                          
          Net income allocated to the                                                     
            Partnership                                               $ 52,759                        $139,790
</TABLE> 

On March 20, 1998, the Fund IX-X-XI-REIT Joint Venture (formerly, the Fund IX -
Fund X Joint Venture), acquired a three-story multi-tenant office building
containing approximately 51,974 rentable square feet on a 5.1 acre tract in
Broomfield, Boulder County, Colorado (the "360 Interlocken Building") for a
purchase price of $8,275,000, excluding acquisition costs.

The 360 Interlocken Building was completed in December, 1996.  The first floor
has multiple tenants and contain 15,599 rentable square feet; the second floor
is leased to ODS Technologies, L.P. and contains 17,146 rentable square feet;
and the third floor is leased to Transecon, Inc. and contains 19,229 rentable
square feet.

Other operating expenses are negative due to tenant reimbursements being greater
than operating expenses.

Since the 360 Interlocken Building was purchased in March, 1998, comparable
income and expense figures for the prior year are not available.

                                       17
<PAGE>
 
The Lucent Technologies Building/Fund IX-X-XI-REIT Joint Venture
----------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                 Three Months Ended               Four Months Ended
                                                                 ------------------               ------------------
                                                                      Sept 30, 1998                 Sept 30, 1998
                                                                      -------------                 -------------
          <S>                                                    <C>                              <C>
          Revenues:                              
          Rental income                                                 $133,600                         $143,485
                                                                        --------                         --------
                                                                                                         
          Expenses:                                                                                      
            Depreciation                                                  51,514                           55,896
            Management & leasing expenses                                  5,084                            5,084
            Other operating expenses                                       7,584                            7,584
                                                                        --------                         --------
                                                                          64,182                           68,564
                                                                        --------                         --------
                                                                                                         
          Net income                                                    $ 69,418                         $ 74,921
                                                                        ========                         ========
                                                                                                         
          Occupied %                                                         100%                             100%
                                                                                                         
          Partnership's Ownership % in the                                                               
            Fund IX-X-XI-REIT Joint Venture                                 39.8%                            39.8%
                                                                                                         
          Cash distribution to Partnership                              $ 45,294                         $103,553
                                                                                                          
          Net income allocated to the                                                            
            Partnership                                                 $ 27,478                         $ 29,997
</TABLE>    

On June 24, 1998, Fund IX-X-XI-REIT Joint Venture acquired a one-story office
building containing approximately 57,186 rentable square feet on a 5.3 acre
tract of land in Oklahoma City, Oklahoma, (the "Lucent Technologies Building")
for a purchase price of $5,504,276, excluding acquisition cost.

The Lucent Technologies Building was completed in January, 1998, with Lucent
Technologies occupying the entire building.

Since the Lucent Technologies Building was purchased in June, 1998, comparable
income and expense figures for the prior year are not available.

                                       18
<PAGE>
 
The Iomega Building/Fund IX-X-XI-REIT Joint Venture
---------------------------------------------------

<TABLE>
<CAPTION>
                                                                 Three Months Ended              Six Months Ended
                                                                 ------------------              ----------------
                                                                    Sept 30, 1998                 Sept 30, 1998
                                                                    -------------                 -------------
          <S>                                                    <C>                             <C>
          Revenues:                            
          Rental income                                                 $126,666                      $246,666
                                                                        --------                      --------
                                                                                               
          Expenses:                                                                            
            Depreciation                                                  48,594                        97,578
            Management & leasing expenses                                  5,596                        11,199
            Other operating expenses                                       3,526                         5,731
                                                                        --------                      --------
                                                                          57,716                       114,508
                                                                        --------                      --------
                                                                                               
          Net income                                                    $ 68,950                      $132,158
                                                                        ========                      ========
                                                                                               
          Occupied %                                                         100%                          100%
                                                                                               
          Partnership's Ownership % in the                                                     
            Fund IX-X-XI-REIT Joint Venture                                 39.8%                         39.8%
                                                                                               
          Cash distribution to Partnership                              $ 43,887                      $ 43,887
                                                                                               
          Net income allocated to the                                                          
            Partnership                                                 $ 27,292                      $ 27,292
</TABLE>

On April 1, 1998, the Wells Fund X acquired a single story warehouse and office
building containing approximately 100,000 rentable square feet on a 8.03 acre
tract of land in Ogden, Weber County, Utah (the "Iomega Building") for a
purchase price of $5,025,000.

On July 1, 1998, Wells Fund X contributed the Iomega Building to the Fund IX-X-
XI-REIT Joint Venture.  The Partnership acquired an interest in the Iomega
Building and began participating in income and distribution from this property
as of July 1, 1998.  The entire Iomega Building is under a net lease with Iomega
Corporation until July 31, 2006.

Since the Iomega Building was purchased in April 1998, comparable income and
expense figures for the prior year are not available.

                                       19
<PAGE>
 
                          PART II - OTHER INFORMATION
                          ---------------------------

ITEM 6 (b). No reports on Form 8-K were filed during the third quarter of 1998.

                                  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, 1998     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.

                                       20