<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              June 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
                                     -----


                                        
                                                                        Page No.

PART I.  FINANCIAL INFORMATION

         PART I.  FINANCIAL INFORMATION
 
         Item 1. Financial Statements
 
                  Balance Sheets  June 30, 1998
                   and December 31, 1997...................................... 3
 
                  Statements of Income for the Three Months and Six
                   Months Ended June 30, 1998 and 1997........................ 4
 
                  Statement of Partners' Capital
                   for the Year Ended December 31, 1997
                   and the Six Months Ended June 30, 1998..................... 5
 
                  Statements of Cash Flows for the Six Months
                   Ended June 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

                                       2
<PAGE>
 
                        WELLS REAL ESTATE FUND IX, L.P.
                    (a Georgia Public Limited Partnership)
                                        
                                BALANCE SHEETS
<TABLE>
<CAPTION>
                 Assets                         June 30, 1998         December 31, 1997
----------------------------------------        -------------         -----------------
 <S>                                           <C>                     <C>
Investment in joint ventures (Note 2)             $28,512,147               $18,551,917
Cash and cash equivalents                             434,689                 9,764,129
Due from affiliates                                   701,427                   335,508
Deferred project costs                                 20,768                   523,278
Organization costs, less accumulated                                
  amortization of $12,500 in December                               
  1997 and $15,625 in June 1998                        15,625                    18,750                                          
Prepaid expenses and other assets                       2,437                   752,311
                                                  -----------               -----------
                                                                    
          Total assets                            $29,687,093               $29,945,893
                                                  ===========               ===========
     Liabilities and Partners' Capital
-------------------------------------------
 
Liabilities:
  Accounts payable affiliates                     $    13,238               $         0
  Partnership distribution payable                    611,341                   437,175
                                                  -----------               -----------
 
         Total liabilities                            624,579                   437,175
                                                  -----------               -----------
                                            
Partners' capital:                          
   Limited partners:                               25,550,977                25,322,591
    Class A  2,964,909 units outstanding            3,511,537                 4,186,127 
    Class B  535,091 units outstanding             ----------                ----------
                                                                                                            
         Total partners' capital                   29,062,514                29,508,718
                                                   ----------                ----------
 
         Total liabilities and partners'           $29,687,093              $29,945,893
          capital                                  ===========              ===========           
                                                                                                             
</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                        Six Months Ended
                                  --------------------------------          -------------------------------
                                  June 30, 1998      June 30, 1997          June 30, 1998     June 30, 1997
                                  -------------      -------------          -------------     -------------
Revenues:
<S>                             <C>                 <C>                    <C>               <C>
  Equity in income of joint
     venture                         $ 378,933            $123,403             $  654,450         $ 163,566
  Interest income                      (11,089)            154,051                 78,954           352,502
                                     ---------            --------             ----------         ---------
                                     $ 367,844            $277,454             $  733,404         $ 516,068
                                                                                              
Expenses:                                                                                     
  Computer costs                     $   1,852            $  1,441             $    3,838         $   4,162
  Printing and notebooks                 4,393               4,097                  5,209            15,176
  Administrative salaries                4,180               6,733                 10,319            12,019
  Office expense                         1,873                 878                  2,973             2,525
  Postage                                2,927               2,231                  5,640             9,001
  Taxes and licenses                         0                   4                     15                19
  Other                                      0               3,830                      0             3,832
  Accounting fees                       12,004               4,109                 16,504            16,609
  Legal fees                             7,869               6,723                 11,416             9,002
  Investment analysis expense                0                   0                      0             3,687
  Professional fees                      1,369                 471                  1,369             1,236
  Registration filing fees                   0                   0                      0               250
  Amortization of organization                                                                
      costs                              1,562               1,562                  3,125             3,125
                                     ---------            --------              ---------          --------
                                        38,029              32,079                 60,408            80,643
                                     ---------            --------             ----------         ---------
  Net income                         $ 329,815            $245,375             $  672,996         $ 435,425
                                     =========            ========             ==========         =========
                                                                                              
Net income (loss) allocated to                                                                
  General Partners                   $       0            $      0             $        0         $    (206)
                                                                                              
Net income allocated to Class                                                                 
  A Limited Partners                 $ 624,360            $287,969             $1,202,229         $ 537,906
                                                                                              
Net loss allocated to                                                                         
  Class B Limited Partners           $(294,544)           $(42,594)            $ (529,232)        $(102,275)
                                                                                              
Net income per Class A weighted                                                               
  average Limited Partner Unit           $0.21               $0.09                  $0.41             $0.18
                                                                                              
Net loss per Class B weighted                                                                 
  average Limited Partner Unit          $(0.55)             $(0.08)                $(0.98)           $(0.18)
                                                                                              
Cash distribution per Class A                                                                 
  Limited Partner Unit                   $0.21               $0.09                  $0.38             $0.17
</TABLE>

           See accompanying condensed notes to financial statements

                                       4
<PAGE>
 
                        WELLS REAL ESTATE FUND IX, L.P.
                    (A GEORGIA PUBLIC LIMITED PARTNERSHIP)

                        STATEMENT OF PARTNERS' CAPITAL
           FOR THE YEAR ENDED DECEMBER 31, 1997 AND SIX MONTHS ENDED
                                 JUNE 30, 1998
                                        
<TABLE>
<CAPTION>
                                                               LIMITED PARTNERS                                 
                                               ------------------------------------------------
                                                       CLASS A                  CLASS B                         TOTAL
                                               ------------------------  ----------------------   GENERAL     PARTNERS'
                                    ORIGINAL     UNITS       AMOUNTS      UNITS      AMOUNTS     PARTNERS      CAPITAL
                                    ---------  ---------  -------------  --------  ------------  ---------  -------------
 
BALANCE,
<S>                                 <C>        <C>        <C>            <C>       <C>           <C>        <C>
December 31, 1996                      $ 100   2,927,443   $24,911,231   572,557    $4,840,871      $ 206    $29,752,408
 
Net income (loss)                          0           0     1,564,778         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 & 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     1,202,229         0      (529,233)         0        672,996
Partnership distributions                  0           0    (1,119,200)        0             0          0     (1,119,200)
Class B conversion elections               0      15,133       145,357   (15,133)     (145,357)         0              0
                                       -----   ---------   -----------   -------    ----------      -----    -----------
 
BALANCE,
JUNE 30, 1998                          $   0   2,964,909   $25,550,977   535,091    $3,511,537      $   0    $29,062,514
                                       =====   =========   ===========   =======    ==========      =====    ===========
</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>
                                                                          Six Months Ended
                                                                 ---------------------------------
                                                                 June 30, 1998       June 30, 1997
                                                                 -------------       -------------
<S>                                                              <C>                    <C>
Cash flows from operating activities:
 Net income                                                       $   672,996         $    435,425
 Adjustments to reconcile net income                      
  to net cash provided by (used in) operating activities: 
 Equity in income of organization costs                              (654,450)            (163,565)
 Amortization of organization costs                                     3,125                3,125
 Changes in assets and liabilities:                       
  Prepaids and other assets                                           749,874               50,000
  Accounts payable                                                          0               (3,401)
  Due to affiliates                                                    13,237             (422,996)
  Accounts payable                                                          0                   (8)
                                                                  -----------         ------------
   Net cash provided by (used in) operating activities                784,782             (101,420)
                                                                  -----------         ------------
                                                          
Cash flows from investing activities:                     
  Investment in joint ventures                                     (9,943,158)         (13,250,728)
  Deferred project costs paid                                               0                    0
  Distributions received from joint ventures                          773,970              107,607
  Investment in real estate                                                 0            1,065,857
                                                                  -----------         ------------
   Net cash used in investing activities                           (9,169,188)         (12,077,264)
                                                                  -----------         ------------
                                                          
Cash flows from financing activities:                     
  Limited partners' contributions                                           0                    0
  Sales commissions paid                                                    0             (171,305)
  Offering costs paid                                                       0                    0
  Distribution to partners from accumulated earnings                 (945,034)            (401,773)
                                                                  -----------         ------------
   Net cash used in financing activities                             (945,034)            (573,078)
                                                                  -----------         ------------
                                                          
Net decrease in cash and cash equivalents                          (9,329,440)         (12,751,762)
                                                          
Cash and cash equivalents, beginning of year                        9,764,129           23,557,985
                                                                  -----------         ------------
                                                          
Cash and cash equivalents, end of period                          $   434,689         $ 10,806,223
                                                                  ===========         ============
                                                          
Supplemental disclosure of noncash investing   activities:
  Deferred project costs applied to joint venture         
   property                                                       $   502,510         $    588,278
                                                                  ===========         ============
</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
                                        
                                 June 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
Limited Partners respectively, for total Limited Partner capital contributions
of $35,000,000.  After payment of $1,400,000 in Acquisition and Advisory Fees
and expenses, payment of $5,254,603 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 $14,584,923 in
the Fund IX-X-XI-REIT Joint Venture, as of June 30, 1998, the Partnership was
holding net offering proceeds of $471,116 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 Ventures") 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 June 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 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 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 VIII-Fund IX Joint Venture; (v) a two-
story office building in Boulder County, Colorado (the

                                       7
<PAGE>
 
"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
of 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 June 30, 1998:

FUND IX-X-XI-REIT JOINT VENTURE
-------------------------------

On June 11, 1998, Fund IX and Fund X Associates (the "Fund IX-Fund X Joint
Venture"), a joint venture between the Partnership and Wells Real Estate Fund X,
L.P. ("Wells Fund X"), a Georgia public limited partnership, affiliated with the
Partnership through common general partners, was amended and restated to admit
Wells Real Estate Fund XI, L.P. ("Wells Fund XI"), a Georgia public limited
partnership, and Wells Operating Partnership, L.P., ("Wells OP"), a Delaware
limited partnership having Wells Real Estate Investment Trust, Inc. (the "Wells
REIT"), a Maryland corporation, as the general partner.  Wells OP and the Wells
REIT are also affiliated with the Partnership and its General Partners.

The Joint Venture, which changed its name to the Fund IX-X-XI-REIT Joint
Venture, had previously acquired and owned the following three properties:  (i)
the ABB Building located in Knoxville, Knox County, Tennessee, (ii) the Ohmeda
Building located in Louisville, Boulder County, Colorado, and (iii) the 360
Interlocken Building located in Broomfield, Boulder County,

                                       8
<PAGE>
 
Colorado.  On June 24, 1998, the Fund IX-X-XI-REIT Joint Venture purchased the
Lucent Technologies Building located in Oklahoma City, Oklahoma County,
Oklahoma.

Lucent Technologies/Oklahoma City Project
-----------------------------------------

On May 30, 1997, the Fund IX - Fund X Joint Venture entered into an agreement
for the purchase and sale of real property with Wells Development Corporation
("Wells Development"), an affiliate of the General Partners, for the acquisition
and development of a one-story office building containing 57,186 net rentable
square feet on 5.3 acres of land (the "Lucent Technologies Building").  On June
24, 1998, the Fund IX-X-XI-REIT Joint Venture purchased this property for a
purchase price of $5,504,276, which approximated Wells Development's cost basis
in the property.

Lucent Technologies, Inc., a world-wide leader in the telecommunications
technology producing a variety of communication products, has occupied the
entire Lucent Technologies Building. The initial term of the lease is ten years
commencing on January 5, 1998.  Lucent Technologies has the option to extend the
initial term of the lease for two additional five year periods.  The annual base
rent payable during the initial term is $508,383 payable in equal monthly
installment of $42,365 during the first five years and $594,152 payable in equal
monthly installments of $49,513 during the second five years of the lease term.
The annual base rent for each extended term will be at market rental rates.  In
addition to the base rent, Lucent Technologies will be required to pay
additional rent equal to its share of operating expenses during the lease term.

As of June 30, 1998, the Partnership had an approximate 45.8% equity interest in
the Fund IX-X-XI-REIT Joint Venture.  As of June 30, 1998, Wells Fund X had an
approximate 42.0% equity interest, Wells Fund XI had an approximate 7.8% equity
interest, and Wells OP had an approximate 4.4% 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
from 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.

                                       9
<PAGE>
 
RESULTS OF OPERATIONS AND CHANGES IN FINANCIAL CONDITIONS
---------------------------------------------------------

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

As of June 30, 1998, the properties owned by the Partnership were 95% occupied.
Gross revenues of the Partnership were $733,404 for the six months ended June
30, 1998, as compared to $516,068 for the six months ended June 30, 1997.  This
increase was attributable primarily to the increase in income of joint venture
offset partially by decreased interest income earned on funds held by the
Partnership prior to the investment in joint venture.  Expenses of the
Partnership decreased to $60,408 for the six months ended June 30, 1998, as
compared to $80,643 for the same period in 1997, as the result of decreased
activity primarily in printing and other partnership administrative costs.  Net
income of the Partnership was $672,996 for the six months ended June 30, 1998,
as compared to a net income of $435,425 for the six months ended June 30, 1997.

The Partnership's net cash provided by operating activities increased to
$784,781 for 1998, as compared to ($101,420) for 1997, which is due primarily to
changes in assets and liabilities.  Net cash used in investing activities
decreased to $9,169,188 from $12,077,264. Net cash used in financing activities
increased from $573,078 to $945,034 due primarily to the increase in
distribution to partners from accumulated earnings.  Cash and cash equivalents
decreased from $10,806,223 as of June 30, 1997 to $434,689 as of June 30, 1998.

Cash distributions of $0.21 per weighted average Unit were made to Class A
Limited Partners for the three months ended June 30, 1998, as opposed to
distributions of $0.09 per Class A Unit for the same period in 1997.  The
Partnership currently anticipates that distributions will continue to be paid on
a quarterly basis on a level at least consistent with 1998 distributions.

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 June 30, 1998, the Partnership was holding $471,116 of net offering
proceeds available for investment in properties, including approximately $63,235
which is reserved for completion 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 includes 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

                                       10
<PAGE>
 
2000.  Therefore, it is not anticipated that the year 2000 will have significant
impact on the Partnership's operations.

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

Statement of Financial Accounting Standards (SFAS) 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
issued 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 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.

                                       11
<PAGE>
 
Property Operations
-------------------

As of June 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                        Six Months Ended
                                  --------------------------------          -------------------------------
                                  June 30, 1998      June 30, 1997          June 30, 1998     June 30, 1997
                                  -------------      -------------          -------------     -------------
Revenues:
<S>                               <C>               <C>                      <C>              <C>
 Rental income                         $113,795           $113,795               $227,589          $227,589
 Interest income                          7,700                  0                 15,150                 0
                                       --------           --------               --------          --------
                                        121,495            113,795                242,739           227,589
                                       --------           --------               --------          --------
                                                                                                
Expenses:                                                                                       
 Depreciation                            41,649             41,649                 83,297            83,297
 Management & leasing expenses            4,300              4,240                  8,600             8,807
 Other operating expenses                 1,815              2,340                  4,973             6,389
                                       --------           --------               --------          --------
                                         47,764             48,229                 96,870            98,493
                                       --------           --------               --------          --------
                                                                                                
Net income                             $ 73,731           $ 65,566               $145,869          $129,096
                                       ========           ========               ========          ========
                                                                                                
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       $ 46,230           $ 50,511               $101,631          $ 99,908
                                                                                                
Net income allocated to the                                                                     
 Partnership                           $ 33,484           $ 32,816               $ 68,434          $ 64,552
</TABLE>

Net income and cash distributions are greater in 1998, as compared to 1997, due
primarily to increased interest income coupled with a slight decrease in
accounting expenses.

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

                                       12
<PAGE>
 
The Matsushita Building/Fund VIII-Fund IX  Joint Venture
--------------------------------------------------------
<TABLE>
<CAPTION>
                                          Three Months Ended                        Six Months Ended
                                  --------------------------------          -------------------------------
                                  June 30, 1998      June 30, 1997          June 30, 1998     June 30, 1997
                                  -------------      -------------          -------------     -------------
Revenues:
<S>                                <C>              <C>                      <C>               <C>
 Rental income                        $167,698            $151,304               $335,396          $222,665
 Interest income                             0               1,008                      0             1,511
                                      --------            --------               --------          --------
                                       167,698             152,312                335,396           224,176
                                      --------            --------               --------          --------
                                                                                               
Expenses:                                                                                      
 Depreciation                           53,917              53,833                107,835           107,233
 Management & leasing expense            6,512               7,599                 13,025            11,880
 Other operating expenses                4,661                 458                 10,243               993
                                      --------            --------               --------          --------
                                        65,090              61,890                131,103           120,106
                                      --------            --------               --------          --------
                                                                                               
Net income                            $102,608            $ 90,422               $204,293          $104,070
                                      ========            ========               ========          ========
                                                                                               
Occupied %                                 100%                100%                   100%              100%
                                                                                               
Partnership's Ownership % in                                                                   
 Fund VIII-Fund IX Joint Venture          45.2%               49.9%                  45.2%             49.9%
                                                                                               
Cash distribution to Partnership      $ 75,241            $ 35,630               $155,094          $ 35,630
                                                                                               
Net income allocated to the                                                                    
 Partnership                          $ 46,586            $ 45,148               $ 95,845          $ 51,978
</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 (the "Matsushita Building") for a
purchase price of  $7,193,000 excluding acquisition costs.
                                                    
The entire Matsushita Building is currently under a net lease to Matsushita
Avionics Systems Corporation.  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 increased, as compared to 1997, due primarily
to an understatement of straight line rent in 1997.
                                                    
The Partnership's ownership interest in the Fund VIII-Fund IX Joint Venture
decreased in 1998, as compared to 1997, due to additional fundings by Wells Fund
VIII which increased Wells Fund VIII's interest and decreased the Partnership's
ownership interest in the Fund VIII-Fund IX Joint Venture.

                                       13
<PAGE>
 
The Cirrus Logic Building/Fund VIII-Fund IX  Joint Venture
----------------------------------------------------------
<TABLE>
<CAPTION>
                                          Three Months Ended                 Six Months Ended           Four Months Ended
                                  --------------------------------           ----------------           -----------------
                                  June 30, 1998      June 30, 1997            June 30, 1998               June 30, 1997
                                  -------------      -------------            -------------               -------------
Revenues:                                                                                        
<S>                               <C>                <C>                      <C>                         <C>
 Rental income                         $184,539           $175,565                 $369,078                     $202,491
 Interest income                              0                  0                        0                           57
                                       --------           --------                 --------                     --------
                                        184,539            175,565                  369,078                      202,548
                                       --------           --------                 --------                     --------
                                                                                                           
Expenses:                                                                                                  
 Depreciation                            72,765             64,526                  145,530                       86,026
 Management & leasing expenses            9,056              6,601                   18,406                        6,601
 Other operating expenses                (9,950)             6,523                   (8,049)                       6,968
                                       --------           --------                 --------                     --------
                                         71,871             77,650                  155,887                       99,595
                                       --------           --------                 --------                     --------
                                                                                                           
Net income                             $112,668           $ 97,915                 $213,191                     $102,953
                                       ========           ========                 ========                     ========
                                                                                                           
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       $ 77,300           $ 49,769                 $153,787                     $ 63,046
                                                                                                           
Net income allocated to the                                                                                
 Partnership                           $ 51,352           $ 48,907                 $100,132                     $ 51,428
</TABLE>

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

Cirrus Logic, Inc. has leased the entire building for a fifteen year term
beginning March 17, 1997.  The annual base rental under the term of the Cirrus
Logic lease is $617,656 for the first five years, will be increased by 10% in
the 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 six
months ended June 30, 1998 and 1997 are not available.  Other operating expenses
decreased for the three months ended June 30, 1998, as compared to the same
period in 1997, due primarily to differences in the annual adjustment for common
area maintenance billing to the tenant.

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

                                       14
<PAGE>
 
The Cellular One Building/Fund VIII-Fund IX Joint Venture
---------------------------------------------------------
<TABLE>
<CAPTION>
                                               Three Months Ended   Six Months Ended    One Month Ended
                                                  June 30, 1998       June 30, 1998      June 30, 1997
                                               ------------------   ----------------    ---------------
Revenues:
<S>                                            <C>                  <C>                   <C>
  Rental income                                        $320,519            $641,038            $40,108
                                                                                          
Expenses:                                                                                 
  Depreciation                                          179,152             307,201             38,000
  Management & leasing expense                           34,153              68,551             10,875
  Other operating expenses                               (2,005)            (18,548)                 0
                                                       --------            --------            -------
                                                        211,300             357,204             48,875
                                                        --------            --------            -------
  Net income (loss)                                    $109,219            $283,834            $(8,767)
                                                       ========            ========            =======
                                                                                          
Occupied %                                                  100%                100%                75%
                                                                                          
Partnership's Ownership % in the                                                          
  Fund VIII-Fund IX Joint Venture                          45.2%               45.2%              49.9%
                                                                                          
Cash distribution to Partnership                       $126,844            $256,010            $14,591
                                                                                          
Net income (loss) allocated to Partnership             $ 49,604            $134,274            $(4,381)
</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 at 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 in 1998.

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

                                       15
<PAGE>
 
The ABB Building/Fund IX-X-XI-REIT Joint Venture
------------------------------------------------
<TABLE>
<CAPTION>
                                                                Three Months Ended                Six Months Ended
                                                                   June 30, 1998                   June 30, 1998
                                                                -------------------              -----------------
Revenues:
<S>                                                            <C>                               <C>
  Rental income                                                         $190,986                    $381,972
                                                              
Expenses:                                                     
  Depreciation                                                            93,684                     184,778
  Management & leasing expense                                            24,906                      50,188
  Other operating expenses                                                 8,899                      46,667
                                                                        --------                    --------
                                                                         127,489                     281,633
                                                                        --------                    --------
  Net income                                                            $ 63,497                    $100,339
                                                                        ========                    ========
                                                              
Occupied %                                                                    67%                         67%
                                                              
Partnership's Ownership % in the Fund IX-X-XI-REIT Joint Venture            45.8%                       45.8%
                                                              
Cash distribution to Partnership                                        $ 79,428                    $112,049
                                                              
Net income allocated to Partnership                                     $ 31,661                    $ 49,562
</TABLE>
ABB Environmental Systems, a subsidiary of ABB, Inc., occupied its leased space
of 55,000 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.

It is currently anticipated that the total cost to complete the project will be
approximately $7,800,000. It is currently anticipated that the Partnership will
contribute $63,235 and that Wells Fund X will contribute $65,000 to the
remaining cost of approximately $128,235.

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

                                       16
<PAGE>
 
The Ohmeda Building/Fund IX-X-XI-REIT Joint Venture
---------------------------------------------------
<TABLE>
<CAPTION>
                                                                              Three Months Ended         Five Months Ended
                                                                                June 30, 1998              June 30, 1998
                                                                              ------------------         ------------------
<S>                                                                            <C>                        <C>
Revenues:
  Rental income                                                                      $254,939                   $389,023
                                                                                                        
Expenses:                                                                                               
  Depreciation                                                                         81,576                    135,960
  Management & leasing expense                                                         17,928                     17,928
  Other operating expenses                                                                610                        (89)
                                                                                     --------                   --------
                                                                                      100,114                    153,799
                                                                                      --------                   --------
  Net income                                                                         $154,825                   $235,224
                                                                                     ========                   ========
                                                                                                        
Occupied %                                                                                100%                       100%
                                                                                                        
Partnership's Ownership % in the Fund IX-X-XI-REIT Joint Venture                         45.8%                      45.8%
                                                                                                        
Cash distribution to Partnership                                                     $117,325                   $171,749
                                                                                                        
Net income allocated to Partnership                                                  $ 78,049                   $116,653
</TABLE>
On February 13, 1998, the Fund IX-X-XI-REIT Joint Venture (formerly, 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 Partnership was admitted
to the Fund IX-X-XI-REIT Joint Venture and, accordingly, acquired an interest in
this property on June 11, 1998.

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 shall 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.

                                       17
<PAGE>
 
The 360 Interlocken Building/Fund IX-X-XI-REIT Joint Venture
------------------------------------------------------------
<TABLE>
<CAPTION>
                                                                Three Months Ended     Four Months Ended
                                                                   June 30, 1998         June 30, 1998
                                                                -------------------  ----------------------
Revenues:
<S>                                                             <C>                       <C>
  Rental income                                                         $212,442             $238,575
                                                                       
Expenses:                                                              
  Depreciation                                                            71,065               94,639
  Management & leasing expense                                            19,237               19,237
  Other operating costs, net of reimbursements                           (48,278)             (48,278)
                                                                        --------             --------
                                                                          42,024               65,598
                                                                        --------             --------
  Net income                                                            $170,418             $172,977
                                                                        ========             ========
                                                                                      
Occupied %                                                                   100%                 100%
                                                                                      
Partnership's Ownership % in the Fund IX-X-XI-REIT Joint Venture            45.8%                45.8%
                                                                                      
Cash distribution to Partnership                                        $117,491             $131,309
                                                                                      
Net income allocated to Partnership                                     $ 85,679             $ 87,031
</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 of land
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 contains 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.

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

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

<TABLE>
<CAPTION>
                                                                           One Month Ended
                                                                           ---------------
                                                                             June 30, 1998
                                                                             -------------
 
Revenues:
<S>                                                                           <C>
 Rental income                                                                     $ 9,885
                                                                              
Expenses:                                                                     
 Depreciation                                                                        4,382
 Management & leasing expenses                                                           0
 Operating costs, net of reimbursements                                                  0
                                                                                   -------
                                                                                     4,382
                                                                                   -------
                                                                              
Net income                                                                         $ 5,503
                                                                                   =======
                                                                              
Occupied %                                                                             100%
                                                                              
Partnership's ownership % in the Fund IX-X-XI-REIT Joint Venture                      45.8%
                                                                              
Cash distributed to Partnership                                                    $58,259
                                                                              
Net income allocated to the Partnership                                            $ 2,519
</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.

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

     ITEM 6 (b).   During the second quarter ended June 30, 1998, the
     Partnership filed the following Current Reports on Form 8-K:

          (i)  Current Report on Form 8-K dated March 20, 1998, filed with the
               Commission on April 3, 1998, reporting the acquisition of the 360
               Interlocken Building; and

          (ii) Amendment No. 1 to Current Report on Form 8-K/A dated March 20,
               1998, filed with the Commission on May 14, 1998, providing
               required financial statements relating to the acquisition of the
               360 Interlocken Building.

 
                                  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: August 10, 1998    By: /s/ Leo F. Wells, III
                               -------------------------------
                               Leo F. Wells, III, as Individual
                               General Partner and as President,
                               and Chief Financial Officer of
                               Wells Capital, Inc., the General
                               Partner of Wells Partners, L.P.

                                       20