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UNITED STATES

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 March 31, 2010

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 or other jurisdiction of incorporation or organization) |  | (I.R.S. Employer Identification Number)
|                                                               | 
|6200 The Corners Pkwy.,
Norcross, Georgia                      |  | 30092-3365                             
|(Address of principal executive offices)                       |  | (Zip Code)                             
|                                                               | 
|Registrants telephone number, including area code             |  | (770) 449-7800                         

N/A

(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   ̈

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File
required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). [Not yet
applicable to registrant.]    Yes   ̈    No   ̈

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.
See the definitions of large accelerated filer, accelerated filer, and smaller reporting company in Rule 12b-2 of the Exchange Act.

Large accelerated filer   ̈
                Accelerated filer   ̈

Non-accelerated filer  x (Do not check if a smaller reporting company)
                Smaller reporting company   ̈

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes   ̈    No  x









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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements contained in this Form 10-Q of Wells Real Estate Fund IX, L.P. (the Partnership or the Registrant) other
than historical facts may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements include, in particular, statements
about our plans, strategies, and prospects and are subject to certain risks and uncertainties, as well as known and unknown risks, which could cause actual results to differ materially from those projected or anticipated. Therefore, such statements
are not intended to be a guarantee of our performance in future periods. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as may, will, expect,
intend, anticipate, estimate, believe, continue, or other similar words. Specifically, we consider, among others, statements concerning future operating results and cash flows, our ability
to meet future obligations, and the amount and timing of any future distributions to limited partners to be forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the
date this report is filed with the Securities and Exchange Commission. We make no representations or warranties (express or implied) about the accuracy of any such forward-looking statements contained in this Form 10-Q, and we do not intend to
publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Any such
forward-looking statements are subject to unknown risks, uncertainties, and other factors and are based on a number of assumptions involving judgments with respect to, among other things, future economic, competitive, and market conditions, all of
which are difficult or impossible to predict accurately. To the extent that our assumptions differ from actual results, our ability to meet such forward-looking statements, including our ability to generate positive cash flow from operations,
provide distributions to partners, and maintain the value of our real estate properties, may be significantly hindered. See Item 1A. in the Partnerships Annual Report on Form 10-K for the year ended December 31, 2009 for a discussion
of some of the risks and uncertainties, although not all risks and uncertainties, which could cause actual results to differ materially from those presented in our forward-looking statements.



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WELLS REAL ESTATE FUND IX, L.P.



TABLE OF CONTENTS



|         |  |                       |  |                                                                                                                            |  |         
|-------- |  | --------------------- |  | -------------------------------------------------------------------------------------------------------------------------- |  | --------
|         |  |                       |  |                                                                                                                            |  | Page No.
|         |  |                      
|PART I.  |  | FINANCIAL INFORMATION |  |                                                                                                                           
|         |  |                       | 
|         |  | Item 1.               |  | Financial Statements                                                                                                       |  |         
|         |  |                       | 
|         |  |                       |  | Balance Sheets  March 31, 2010 (unaudited) and December 31, 2009                                                          |  | 5       
|         |  |                       | 
|         |  |                       |  | Statements of Operations for the Three Months Ended March 31, 2010 (unaudited) and 2009 (unaudited)                        |  | 6       
|         |  |                       | 
|         |  |                       |  | Statements of Partners Capital for the Year Ended December 31, 2009 and the Three Months Ended March 31, 2010 (unaudited) |  | 7       
|         |  |                       | 
|         |  |                       |  | Statements of Cash Flows for the Three Months Ended March 31, 2010 (unaudited) and 2009 (unaudited)                        |  | 8       
|         |  |                       | 
|         |  |                       |  | Condensed Notes to Financial Statements (unaudited)                                                                        |  | 9       
|         |  |                       | 
|         |  | Item 2.               |  | Managements Discussion and Analysis of Financial Condition and Results of Operations                                      |  | 15      
|         |  |                       | 
|         |  | Item 3.               |  | Quantitative and Qualitative Disclosures about Market Risk                                                                 |  | 21      
|         |  |                       | 
|         |  | Item 4T.              |  | Controls and Procedures                                                                                                    |  | 21      
|         |  |                      
|PART II. |  | OTHER INFORMATION     |  |                                                                                                                           
|         |  |                       | 
|         |  | Item 1.               |  | Legal Proceedings                                                                                                          |  | 21      
|         |  |                       | 
|         |  | Item 1A.              |  | Risk Factors                                                                                                               |  | 21      
|         |  |                       | 
|         |  | Item 2.               |  | Unregistered Sales of Equity Securities and Use of Proceeds                                                                |  | 21      
|         |  |                       | 
|         |  | Item 3.               |  | Defaults Upon Senior Securities                                                                                            |  | 22      
|         |  |                       | 
|         |  | Item 4.               |  | RESERVED                                                                                                                   |  | 22      
|         |  |                       | 
|         |  | Item 5.               |  | Other Information                                                                                                          |  | 22      
|         |  |                       | 
|         |  | Item 6.               |  | Exhibits                                                                                                                   |  | 22      



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|PART I. | FINANCIAL INFORMATION
|------- | ---------------------



|ITEM 1. | FINANCIAL STATEMENTS
|------- | --------------------

The information
furnished in the Partnerships accompanying balance sheets and statements of operations, partners capital, and cash flows reflects all adjustments that are, in managements opinion, necessary for a fair and consistent presentation of
the aforementioned financial statements.

The accompanying financial statements should be read in conjunction with the notes to the
Partnerships financial statements and Managements Discussion and Analysis of Financial Condition and Results of Operations included both in this report on Form 10-Q and in the Partnerships Annual Report on Form 10-K for the year
ended December 31, 2009. The Partnerships results of operations for the three months ended March 31, 2010 are not necessarily indicative of the operating results expected for the full year.



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WELLS REAL ESTATE FUND IX, L.P.



BALANCE SHEETS

ASSETS



|                                                 |  |                           |            |                   |   |           
|------------------------------------------------ |  | ------------------------- | ---------- | ----------------- | - | ----------
|                                                 |  | (Unaudited)March 
31,2010 |            | December 
31,2009
|Investment in joint ventures                     |  | $                         | 9,109,817  |                   | $ | 9,129,644 
|Cash and cash equivalents                        |  |                           | 1,486,035  |                   |   | 1,512,912 
|Due from joint ventures                          |  |                           | 135,720    |                   |   | 117,462   
|                                                 |  |                           |            |                   |   |           
|Total assets                                     |  | $                         | 10,731,572 |                   | $ | 10,760,018
|                                                 |  |                           |            |                   |   |           
|                                                
|LIABILITIES AND PARTNERS CAPITAL               
|LIABILITIES:                                     |  |                           |            |                   |   |           
|Accounts payable and accrued expenses            |  | $                         | 9,815      |                   | $ | 7,014     
|Due to affiliates                                |  |                           | 12,729     |                   |   | 13,245    
|                                                 |  |                           |            |                   |   |           
|Total liabilities                                |  |                           | 22,544     |                   |   | 20,259    
|Commitments and contingencies                    |  |                           |            |                   |   |           
|                                                 |  |                          
|PARTNERS CAPITAL:                               |  |                           |            |                   |   |           
|Limited partners:                                |  |                           |            |                   |   |           
|Class A  3,263,890 units issued and outstanding |  |                           | 10,709,028 |                   |   | 10,739,759
|Class B  236,110 units issued and outstanding   |  |                           | 0          |                   |   | 0         
|General partners                                 |  |                           | 0          |                   |   | 0         
|                                                 |  |                           |            |                   |   |           
|Total partners capital                          |  |                           | 10,709,028 |                   |   | 10,739,759
|                                                 |  |                           |            |                   |   |           
|Total liabilities and partners capital          |  | $                         | 10,731,572 |                   | $ | 10,760,018
|                                                 |  |                           |            |                   |   |           

See accompanying notes.



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WELLS REAL ESTATE FUND IX, L.P.



STATEMENTS OF OPERATIONS



|                                                    |  |                                        |           |   |      |   |           |  
|--------------------------------------------------- |  | -------------------------------------- | --------- | - | ---- | - | --------- | -
|                                                    |  | (Unaudited)Three Months
EndedMarch 31, |          
|                                                    |  | 2010                                   |           |   | 2009 |  
|EQUITY IN INCOME OF JOINT VENTURES                  |  | $                                      | 33,526    |   |      | $ | 37,739    |  
|                                                    |  |                                       
|INTEREST AND OTHER INCOME                           |  |                                        | 458       |   |      |   | 1,461     |  
|                                                    |  |                                       
|GENERAL AND ADMINISTRATIVE EXPENSES                 |  |                                        | 64,715    |   |      |   | 60,826    |  
|                                                    |  |                                        |           |   |      |   |           |  
|NET LOSS                                            |  | $                                      | (30,731   | ) |      | $ | (21,626   | )
|                                                    |  |                                        |           |   |      |   |           |  
|                                                    |  |                                       
|NET LOSS ALLOCATED TO:                              |  |                                        |           |   |      |   |           |  
|CLASS A LIMITED PARTNERS                            |  | $                                      | (30,731   | ) |      | $ | (21,410   | )
|                                                    |  |                                        |           |   |      |   |           |  
|CLASS B LIMITED PARTNERS                            |  | $                                      | 0         |   |      | $ | 0         |  
|                                                    |  |                                        |           |   |      |   |           |  
|GENERAL PARTNERS                                    |  | $                                      | 0         |   |      | $ | (216      | )
|                                                    |  |                                        |           |   |      |   |           |  
|                                                    |  |                                       
|NET LOSS PER WEIGHTED-AVERAGE LIMITED PARTNER UNIT: |  |                                        |           |   |      |   |           |  
|CLASS A                                             |  |                                        | $(0.01    | ) |      |   | $(0.01    | )
|                                                    |  |                                        |           |   |      |   |           |  
|CLASS B                                             |  |                                        | $ 0.00    |   |      |   | $ 0.00    |  
|                                                    |  |                                        |           |   |      |   |           |  
|                                                    |  |                                       
|WEIGHTED-AVERAGE LIMITED PARTNER UNITS OUTSTANDING: |  |                                        |           |   |      |   |           |  
|CLASS A                                             |  |                                        | 3,263,890 |   |      |   | 3,263,890 |  
|                                                    |  |                                        |           |   |      |   |           |  
|CLASS B                                             |  |                                        | 236,110   |   |      |   | 236,110   |  
|                                                    |  |                                        |           |   |      |   |           |  

See accompanying notes.



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WELLS REAL ESTATE FUND IX, L.P.



STATEMENTS OF PARTNERS
CAPITAL

FOR THE YEAR ENDED DECEMBER 31, 2009

AND THE THREE MONTHS ENDED MARCH 31, 2010 (UNAUDITED)



|                           |  |                  |  |                 |            |   |                       |         |        |   |   |  |   |      |   |  |   |            |  
|-------------------------- |  | ---------------- |  | --------------- | ---------- | - | --------------------- | ------- | ------ | - | - |  | - | ---- | - |  | - | ---------- | -
|                           |  | Limited Partners |  | GeneralPartners |            |   | TotalPartnersCapital |        
|                           |  | Class A          |  |                 | Class B    |   |                      
|                           |  | Units            |  | Amount          |            |   | Units                 |         | Amount |   |  
|BALANCE, December 31, 2008 |  | 3,263,890        |  | $               | 10,777,554 |   |                       | 236,110 |        | $ | 0 |  | $ | 403  |   |  | $ | 10,777,957 |  
|Net loss                   |  | 0                |  |                 | (37,795    | ) |                       | 0       |        |   | 0 |  |   | (403 | ) |  |   | (38,198    | )
|                           |  |                  |  |                 |            |   |                       |         |        |   |   |  |   |      |   |  |   |            |  
|BALANCE, December 31, 2009 |  | 3,263,890        |  |                 | 10,739,759 |   |                       | 236,110 |        |   | 0 |  |   | 0    |   |  | $ | 10,739,759 |  
|                           |  |                  |  |                 |            |  
|Net loss                   |  | 0                |  |                 | (30,731    | ) |                       | 0       |        |   | 0 |  |   | 0    |   |  |   | (30,731    | )
|                           |  |                  |  |                 |            |   |                       |         |        |   |   |  |   |      |   |  |   |            |  
|BALANCE, March 31, 2010    |  | 3,263,890        |  | $               | 10,709,028 |   |                       | 236,110 |        | $ | 0 |  | $ | 0    |   |  | $ | 10,709,028 |  
|                           |  |                  |  |                 |            |   |                       |         |        |   |   |  |   |      |   |  |   |            |  

See accompanying notes.



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WELLS REAL ESTATE FUND IX, L.P.



STATEMENTS OF CASH FLOWS



|                                                                                |  |                                        |           |   |      |   |           |  
|------------------------------------------------------------------------------- |  | -------------------------------------- | --------- | - | ---- | - | --------- | -
|                                                                                |  | (Unaudited)Three Months
EndedMarch 31, |          
|                                                                                |  | 2010                                   |           |   | 2009 |  
|CASH FLOWS FROM OPERATING ACTIVITIES:                                           |  |                                        |           |   |      |   |           |  
|Net loss                                                                        |  | $                                      | (30,731   | ) |      | $ | (21,626   | )
|Operating distributions received from joint ventures                            |  |                                        | 117,450   |   |      |   | 168,091   |  
|Adjustments to reconcile net loss to net cash provided by operating activities: |  |                                        |           |   |      |   |           |  
|Equity in income of joint ventures                                              |  |                                        | (33,526   | ) |      |   | (37,739   | )
|Changes in assets and liabilities:                                              |  |                                        |           |   |      |   |           |  
|Decrease in other assets                                                        |  |                                        | 0         |   |      |   | 1,114     |  
|Increase (decrease) in accounts payable and accrued expenses                    |  |                                        | 2,801     |   |      |   | (11,570   | )
|(Decrease) increase in due to affiliates                                        |  |                                        | (516      | ) |      |   | 6,001     |  
|                                                                                |  |                                        |           |   |      |   |           |  
|Net cash provided by operating activities                                       |  |                                        | 55,478    |   |      |   | 104,271   |  
|                                                                                |  |                                       
|CASH FLOWS FROM INVESTING ACTIVITIES:                                           |  |                                        |           |   |      |   |           |  
|Investment in joint ventures                                                    |  |                                        | (82,355   | ) |      |   | 0         |  
|                                                                                |  |                                        |           |   |      |   |           |  
|NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS                            |  |                                        | (26,877   | ) |      |   | 104,271   |  
|                                                                                |  |                                       
|CASH AND CASH EQUIVALENTS, beginning of period                                  |  |                                        | 1,512,912 |   |      |   | 1,098,115 |  
|                                                                                |  |                                        |           |   |      |   |           |  
|CASH AND CASH EQUIVALENTS, end of period                                        |  | $                                      | 1,486,035 |   |      | $ | 1,202,386 |  
|                                                                                |  |                                        |           |   |      |   |           |  

See accompanying notes.



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WELLS REAL ESTATE FUND IX, L.P.



CONDENSED NOTES TO FINANCIAL
STATEMENTS

MARCH 31, 2010 (unaudited)



|1. | ORGANIZATION AND BUSINESS
|-- | -------------------------

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

On January 5, 1996, the Partnership commenced a public offering of up to $35,000,000 of Class A or Class B limited partnership units ($10.00
per unit) pursuant to a Registration Statement filed on Form S-11 under the Securities Act of 1933. The offering was terminated on December 30, 1996, at which time the Partnership had sold approximately 2,935,931 Class A Units and 564,069
Class B Units representing total limited partner capital contributions of $35,000,000.

The Partnership owns interests in all of its real
estate assets through joint ventures with other entities affiliated with the General Partners and Piedmont Operating Partnership, LP (Piedmont OP), formerly known as Wells Operating Partnership, L.P. Piedmont OP is a Delaware
limited partnership with Piedmont Office Realty Trust, Inc. (Piedmont REIT), formerly known as Wells Real Estate Investment Trust, Inc., serving as its general partner. Piedmont REIT is a Maryland corporation that qualifies as a real
estate investment trust. During the periods presented, the Partnership owned interests in the following joint ventures (the Joint Ventures) and properties:



|                                                                                    |  |                                                                                                                                       |  |                                                                                                                                                                            
|----------------------------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Joint Venture                                                                       |  | Joint Venture Partners                                                                                                                |  | Properties                                                                                                                                                                 
|Fund VIII and Fund IX Associates
(Fund VIII-IX Associates)                        |  | Wells Real Estate Fund VIII, L.P.
Wells Real Estate Fund IX, L.P.                                                                   |  | 1. US Cellular Building
A four-story office building located in Madison, Wisconsin
 2. 305 Interlocken Parkway
A two-story office building located in Broomfield, Colorado 
|The Fund IX, Fund X, Fund XI
andREIT Joint Venture (Fund IX-X-XI-REIT Associates) |  | Wells Real Estate Fund IX, L.P.
Wells Real Estate Fund X, L.P.
Wells Real Estate Fund XI, L.P.
Piedmont Operating Partnership, LP |  | 3. 360 Interlocken Building
A three-story office building located in Broomfield, Colorado
 4. Avaya Building
A one-story office building located in Oklahoma City, Oklahoma



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Wells Real Estate Fund VIII, L.P., Wells Real Estate Fund X, L.P, and Wells Real Estate Fund XI, L.P. are
affiliated with the Partnership through common general partners. Each of the properties described above was acquired on an all-cash basis. For further information regarding the Joint Ventures and foregoing properties, refer to the Partnerships
Annual Report on Form 10-K for the year ended December 31, 2009.



|2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|-- | ------------------------------------------

Basis of Presentation

The financial
statements of the Partnership have been prepared in accordance with rules and regulations of the Securities and Exchange Commission (SEC), including the instructions to Form 10-Q and Article 10 of Regulation S-X, and in accordance with
such rules and regulations, do not include all of the information and footnotes required by U.S. generally accepted accounting principles (GAAP) for complete financial statements. In the opinion of the General Partners, the statements
for the unaudited interim periods presented include all adjustments that are of a normal and recurring nature and necessary to fairly and consistently present the results for these periods. Results for interim periods are not necessarily indicative
of full-year results. For further information, refer to the financial statements and footnotes included in the Partnerships Annual Report on Form 10-K for the year ended December 31, 2009.

Investment in Joint Ventures

The
Partnership has evaluated the Joint Ventures and concluded that none are variable interest entities. The Partnership does not have control over the operations of the Joint Ventures; however, it does exercise significant influence. Approval by the
Partnership as well as the other joint venture partners is required for any major decision or any action that would materially affect the Joint Ventures, or their real property investments. Accordingly, the Partnership accounts for its investments
in the Joint Ventures using the equity method of accounting, whereby original investments are recorded at cost and subsequently adjusted for contributions, distributions, and net income (loss) attributable to the Partnership. Pursuant to the terms
of the joint venture agreements, all income (loss) and distributions are allocated to joint venture partners in accordance with their respective ownership interests. Distributions of net cash from operations, if available, are generally distributed
to the joint venture partners on a quarterly basis.

Evaluating the Recoverability of Real Estate Assets

The Partnership continually monitors events and changes in circumstances that could indicate that the carrying amounts of the real estate assets owned
through the Partnerships investment in the Joint Ventures may not be recoverable. When indicators of potential impairment are present which suggest that the carrying amounts of real estate assets may not be recoverable, management assesses the
recoverability of the real estate assets by determining whether the respective carrying values will be recovered through the estimated undiscounted future operating cash flows expected from the use of the assets and their eventual disposition for
assets held for use, or with the estimated fair values, less costs to sell, for assets held for sale. In the event that the expected undiscounted future cash flows for assets held for use, or the estimated fair value, less costs to sell, for assets
held for sale do not exceed the respective asset carrying value, management adjusts the real estate assets to their respective estimated fair values, pursuant to the provisions of the property, plant, and equipment accounting standard for the
impairment or disposal of long-lived assets, and recognizes an impairment loss. Estimated fair values are determined based on the following information, dependent upon availability: (i) recently quoted market price(s) for the subject
property, or highly comparable properties, under sufficiently active and normal market conditions, or (ii) the present value of future cash flows, including estimated residual value.

While various techniques and assumptions can be used to estimate fair value depending on the nature of the asset or liability, the accounting standard
for fair value measurements and disclosures describes three levels of inputs that may be used to measure fair value. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Partnership has
the ability to access. Level 2 inputs are inputs other than



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quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in
active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 inputs are
unobservable inputs for the asset or liability, which is typically based on an entitys own assumptions, as there is little, if any, related market activity or information. In instances where the determination of the fair value measurement is
based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its
entirety. The Partnerships assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The accounting standard for fair value
measurements and disclosures was applied to the Partnerships outstanding non-financial assets and non-financial liabilities effective January 1, 2009.

Distributions of Net Cash from Operations

Net cash from operations, if available and unless reserved, is generally distributed quarterly to the limited partners as follows:



| |  |  | First, to all limited partners holding Class A Units on a per-unit basis until such limited partners have received distributions equal to a
10% per annum return on their respective net capital contributions, as defined.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Second, to the General Partners until the General Partners have received distributions equal to 10% of the total cumulative distributions paid by the
Partnership.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Third, to the limited partners holding Class A Units on a per-unit basis and the General Partners allocated on a basis of 90% and 10%,
respectively.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------

No distributions of net cash from operations will be made to limited
partners holding Class B Units.

Distribution of Net Sale Proceeds

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



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



| |  |  | To limited partners holding units, which at any time have been treated as Class B Units, until such limited partners have received an amount necessary
to equal the net cash available for distribution previously received by the limited partners holding Class A Units on a per-unit basis;
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | To all limited partners on a per-unit basis until the limited partners have received 100% of their respective net capital contribution, as defined;
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | To all limited partners on a per-unit basis until the limited partners have received a cumulative 10% per annum return on their respective net
capital contribution, as defined;
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | To limited partners on a per-unit basis until the limited partners have received an amount equal to their respective preferential limited partner
return (defined as the sum of a 10% per annum cumulative return on net capital contributions for all periods during which the units were treated as Class A Units and a 15% per annum cumulative return on net capital contributions for
all periods during which the units were treated as Class B Units);
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### Table of Contents

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



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

Allocations of Net Income, Net Loss, and Gain on Sale

For the purpose of determining allocations per the partnership agreement, net income is defined as net income recognized by the Partnership, excluding
deductions for depreciation, amortization, cost recovery, and the gain on the sale of asset. Net income, as defined, of the Partnership will be allocated each year in the same proportions that net cash from operations is distributed to the partners
holding Class A Units and the General Partners. To the extent the Partnerships net income in any year exceeds net cash from operations, such excess net income will be allocated 99% to the limited partners holding Class A Units and 1%
to the General Partners.

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

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

Recent Accounting Pronouncement

In January 2010, the Financial Accounting Standards Board (the FASB) clarified previously issued GAAP and issued new requirements related to
ASC Topic Fair Value Measurements and Disclosures (ASC 820). The clarification component includes disclosures about inputs and valuation techniques used in determining fair value, and providing fair value measurement information
for each class of assets and liabilities. The new requirements relate to disclosures of transfers between the levels in the fair value hierarchy, as well as the individual components in the rollforward of the lowest level (Level 3) in the fair value
hierarchy. This change in GAAP became effective for the Partnership beginning January 1, 2010, except for the provision concerning the rollforward of activity of the Level 3 fair value measurement, which will become effective for the
Partnership on January 1, 2011. The adoption of ASC 820 did not have a material impact on the Partnerships financial statements or disclosures.



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|3. | INVESTMENT IN JOINT VENTURES
|-- | ----------------------------

Summary
of Financial Information

Condensed financial information for the joint ventures in which the Partnership held direct interests for the
three months ended March 31, 2010 and 2009, respectively, is presented below:



|                             |  |                             |         |                             |   |         |  |   |         |   |  |   |       
|---------------------------- |  | --------------------------- | ------- | --------------------------- | - | ------- |  | - | ------- | - |  | - | ------
|                             |  | Total Revenues              |         | Net Income (Loss)          
|                             |  | Three Months EndedMarch 31, |         | Three Months EndedMarch 31,
|                             |  | 2010                        |         | 2009                        |   | 2010    |  |   | 2009   
|Fund VIII-IX Associates      |  | $                           | 511,502 |                             | $ | 530,826 |  | $ | 105,413 |   |  | $ | 80,275
|Fund IX-X-XI-REIT Associates |  |                             | 266,346 |                             |   | 273,352 |  |   | (36,186 | ) |  |   | 3,719 
|                             |  |                             |         |                             |   |         |  |   |         |   |  |   |       
|                             |  | $                           | 777,848 |                             | $ | 804,178 |  | $ | 69,227  |   |  | $ | 83,994
|                             |  |                             |         |                             |   |         |  |   |         |   |  |   |       

Due from Joint Ventures

As presented in the accompanying balance sheets, due from joint ventures as of March 31, 2010 and December 31, 2009 represents operating cash
flow generated by the Joint Ventures for the three months ended March 31, 2010 and December 31, 2009, respectively, which is attributable to the Partnership.



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

Management and Leasing Fees

The
Partnership entered into a property management and leasing agreement with Wells Management Company, Inc. (Wells Management), an affiliate of the General Partners. In accordance with the property management and leasing agreement, Wells
Management receives compensation for the management and leasing of the Partnerships properties owned through the Joint Ventures, equal to (a) 3% for management services and 3% for leasing services of the gross revenues collected monthly,
plus a separate fee for the one-time initial lease-up of newly constructed properties in an amount not to exceed the fee customarily charged in arms-length transactions by others rendering similar services in the same geographic area for
similar properties, which is assessed periodically based on market studies, or (b) in the case of commercial properties leased on a long-term net basis (ten or more years), 1% of the gross revenues except for initial leasing fees equal to 3% of
the gross revenues over the first five years of the lease term. Management and leasing fees are paid by the Joint Ventures and, accordingly, are included in equity in income of joint ventures in the accompanying statements of operations. The
Partnerships share of management and leasing fees and lease acquisition costs incurred through the Joint Ventures and payable to Wells Management is $15,267 and $18,892 for the three months ended March 31, 2010 and 2009,
respectively.

Administrative Reimbursements

Wells Capital, the corporate general partner of Wells Partners, one of our general partners, and Wells Management perform certain administrative
services for the Partnership, relating to accounting and other partnership administration, and incur the related expenses. Such expenses are allocated among other entities affiliated with the General Partners based on estimates of the amount of time
dedicated to each fund by individual administrative personnel. In the opinion of the General Partners, this allocation is a reasonable estimation of such expenses. The Partnership incurred administrative expenses of $31,011 and $30,291 payable to
Wells Capital and Wells Management for the three months ended March 31, 2010 and 2009, respectively. In addition, Wells Capital and Wells Management pay for certain operating expenses of the Partnership (bill-backs) directly and
invoice the Partnership for the reimbursement thereof on a quarterly basis. As presented in the accompanying balance sheets, due to affiliates as of March 31, 2010 and December 31, 2009 represents administrative reimbursements and
bill-backs due to Wells Capital and/or Wells Management.



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Economic Dependency

The Partnership has engaged Wells Capital and Wells Management to provide certain essential services, including supervision of the management and leasing
of its properties, asset acquisition and disposition services, as well as other administrative responsibilities, including accounting services and investor communications and relations. These agreements are terminable by either party upon 60
days written notice. As a result of these relationships, the Partnership is dependent upon Wells Capital and Wells Management.

Wells
Capital and Wells Management are both owned and controlled by WREF. The operations of Wells Capital and Wells Management represent substantially all of the business of WREF. Accordingly, the Partnership focuses on the financial condition of WREF
when assessing the financial condition of Wells Capital and Wells Management. In the event that WREF were to become unable to meet its obligations as they become due, the Partnership might be required to find alternative service providers.

Future net income generated by WREF will be largely dependent upon the amount of fees earned by Wells Capital and Wells Management based
on, among other things, the level of investor proceeds raised from the sale of common stock for certain WREF-sponsored programs and the volume of future acquisitions and dispositions of real estate assets by WREF-sponsored programs, as well as
anticipated dividend income earned from its holdings of common stock of Piedmont REIT, which was acquired in connection with the Piedmont REIT internalization transaction (see Assertion of Legal Action Against Related-Parties
below). The General Partners believe that WREF generates adequate cash flow from operations and has adequate liquidity available in the form of cash on hand and other investments necessary to meet its current and future obligations as they become
due.

The Partnership is also dependent upon the ability of its current tenants to pay their contractual rent amounts as they become due. The
inability of a tenant to pay future rental amounts would be likely to have a negative impact on the Partnerships results of operations. The Partnership is not currently aware of any reason why its existing tenants will not be able to pay their
contractual rental amounts as they become due in all material respects. Situations preventing the tenants from paying contractual rents could result in a material adverse impact on the Partnerships results of operations.

Assertion of Legal Action Against Related-Parties

On March 12, 2007, a stockholder of Piedmont REIT filed a putative class action and derivative complaint, presently styled In re Wells Real Estate
Investment Trust, Inc. Securities Litigation, in the United States District Court for the District of Maryland against, among others, Piedmont REIT; Leo F. Wells, III, one of the Partnerships General Partners; Wells Capital, the
corporate general partner of Wells Partners, the Partnerships other General Partner; Wells Management, the Partnerships property manager; certain affiliates of WREF; the directors of Piedmont REIT; and certain individuals who formerly
served as officers or directors of Piedmont REIT prior to the closing of the internalization transaction on April 16, 2007. The complaint alleged, among other things, violations of the federal proxy rules and breaches of fiduciary duty
arising from the Piedmont REIT internalization transaction and the related proxy statement filed with the SEC on February 26, 2007, as amended. The complaint sought, among other things, unspecified monetary damages and nullification of the
Piedmont REIT internalization transaction. On April 9, 2007, the District Court denied the plaintiffs motion for an order enjoining the internalization transaction. On April 17, 2007, the Court granted the defendants motion to
transfer venue to the United States District Court for the Northern District of Georgia, and the case was docketed in the Northern District of Georgia on April 24, 2007. On June 7, 2007, the Court granted a motion to designate the class
lead plaintiff and class co-lead counsel. On June 27, 2007, the plaintiff filed an amended complaint, which attempted to assert class action claims on behalf of those persons who received and were entitled to vote on the Piedmont REIT proxy
statement filed with the SEC on February 26, 2007, and derivative claims on behalf of Piedmont REIT. On July 9, 2007, the Court denied the plaintiffs motion for expedited discovery related to an anticipated motion for a preliminary
injunction. On August 13, 2007, the defendants filed a motion to dismiss the amended complaint. On March 31, 2008, the Court granted in part the defendants motion



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##### Table of Contents

to dismiss the amended complaint. The Court dismissed five of the seven counts of the amended complaint in their entirety. The Court dismissed the remaining two counts with the exception of
allegations regarding the failure to disclose in the Piedmont REIT proxy statement details of certain expressions of interest in acquiring Piedmont REIT. On April 21, 2008, the plaintiff filed a second amended complaint, which alleges
violations of the federal proxy rules based upon allegations that the proxy statement to obtain approval for the Piedmont REIT internalization transaction omitted details of certain expressions of interest in acquiring Piedmont REIT. The second
amended complaint seeks, among other things, unspecified monetary damages, to nullify and rescind the internalization transaction, and to cancel and rescind any stock issued to the defendants as consideration for the internalization transaction. On
May 12, 2008, the defendants answered and raised certain defenses to the second amended complaint. On June 23, 2008, the plaintiff filed a motion for class certification. On September 16, 2009, the Court granted the plaintiffs
motion for class certification. On September 20, 2009, the defendants filed a petition for permission to appeal immediately the Courts order granting the motion for class certification with the Eleventh Circuit Court of Appeals. The
petition for permission to appeal was denied on October 30, 2009. On April 13, 2009, the plaintiff moved for leave to amend the second amended complaint to add additional defendants. The Court denied the plaintiffs motion for leave
to amend on June 23, 2009. On December 4, 2009, the parties filed motions for summary judgment. The parties filed their responses to the motions for summary judgment on January 29, 2010. The parties respective replies to the
responses to the motions for summary judgment were filed on February 19, 2010. The motions for summary judgment are currently pending before the Court. Mr. Wells, Wells Capital, and Wells Management believe that the allegations contained
in the complaint are without merit and intend to vigorously defend this action. Any financial loss incurred by Wells Capital, Wells Management, or their affiliates could hinder their ability to successfully manage our operations and our
portfolio of investments.



|5. | COMMITMENTS AND CONTINGENCIES
|-- | -----------------------------

From time
to time, the Partnership and its General Partners are parties to legal proceedings which arise in the ordinary course of our business. The Partnership is not currently involved in any litigation for which the outcome would, in the judgment of the
General Partners based on information currently available, have a materially adverse impact on the results of operations or financial condition of the Partnership, nor is management aware of any such litigation threatened against us.



|ITEM 2. | MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATION
|------- | -------------------------------------------------------------------------------------

The following discussion and analysis should be read in conjunction with the accompanying financial statements and notes thereto. See also
Cautionary Note Regarding Forward-Looking Statements preceding Part I, as well as the notes to our financial statements and Managements Discussion and Analysis of Financial Condition and Results of Operations provided in our Annual
Report on Form 10-K for the year ended December 31, 2009.

Overview

Management believes that the Partnership typically operates through the following five key life cycle phases. The duration of each phase is dependent upon
various economic, industry, market, and other internal/external factors. Some overlap naturally exists in the transition from one phase to the next.



| |  |  | Fundraising phase
| | - |  | -----------------

The period during which the Partnership is raising capital through the sale and issuance of limited partner units to the public;



| |  |  | Investing phase
| | - |  | ---------------

The period during which the Partnership invests the capital raised during the fundraising phase, less upfront fees, into the acquisition
of real estate assets;



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| |  |  | Holding phase
| | - |  | -------------

The period during which the Partnership owns and operates its real estate assets during the initial lease terms of the tenants;



| |  |  | Positioning-for-sale phase
| | - |  | --------------------------

The period during which the leases in place at the time of acquisition expire and, thus, the Partnership expends time, effort, and funds
to re-lease such space to existing and/or new tenants. Following the holding phase, the Partnership continues to own and operate the real estate assets, evaluate various options for disposition, and market the real estate assets for sale; and



| |  |  | Disposition-and-liquidation phase
| | - |  | ---------------------------------

The period during which the Partnership sells its real estate investments, distributes net sale proceeds to the partners, liquidates, and
terminates the Partnership.

Portfolio Overview

We are currently in the positioning-for-sale phase of our life cycle. We have sold five of the nine properties in which we have held interests. Our focus
at this time involves leasing and marketing efforts that we believe will ultimately result in the best disposition pricing of our assets for our limited partners.

The first quarter 2010 operating distributions to limited partners were reserved. We anticipate that operating distributions will be reserved in the
near-term as a result of our intention to fund our pro rata share of anticipated re-leasing costs and capital improvements for the US Cellular Building, 305 Interlocken Parkway, and the 360 Interlocken Building.

Property Summary

As we move further
into the positioning-for-sale phase, we will continue to focus on re-leasing vacant space and space that may become vacant upon the expiration of our current leases. In doing so, we will seek to maximize returns to our limited partners by attempting
to negotiate long-term leases at market rental rates while attempting to minimize down time, re-leasing expenditures, ongoing property level costs, and portfolio costs. As properties are positioned for sale, our attention will shift to locating
suitable buyers, negotiating purchase-sale contracts that will attempt to maximize the total return to our limited partners, and minimize contingencies and potential post-closing obligations to buyers. As of April 30, 2010, the Partnership
owned interests in four properties.

Information relating to the properties owned, or previously owned, by the joint ventures is provided
below:



| |  |  | The 15253 Bake Parkway property sold on December 2, 2004.
| | - |  | ---------------------------------------------------------



| |  |  | The Alstom Power  Knoxville Building sold on March 15, 2005.
| | - |  | -------------------------------------------------------------



| |  |  | The 1315 West Century Drive property sold on December 22, 2006.
| | - |  | ---------------------------------------------------------------



| |  |  | The Iomega Building sold on January 31, 2007.
| | - |  | ---------------------------------------------



| |  |  | The 14079 Senlac Drive property sold on November 29, 2007.
| | - |  | ----------------------------------------------------------



| |  |  | The US Cellular Building, located in Madison, Wisconsin, is currently approximately 73% leased to US Cellular until April 2013. We are actively
working on re-leasing the remaining vacant space in this building.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | The 305 Interlocken Parkway property, located in the Broomfield submarket of Denver, Colorado, is 100% leased through August 2011.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------



| |  |  | The 360 Interlocken Building, located in the Broomfield submarket of Denver, Colorado, is currently approximately 28% leased to multiple tenants. We
are actively marketing the vacant space for lease in this building.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### Table of Contents

| |  |  | The Avaya Building, located in Oklahoma City, Oklahoma, is 100% leased through January 2015. We are currently marketing this property for disposition.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------

Liquidity and Capital Resources

Overview

Our operating strategy entails
funding expenditures related to the recurring operations of the Joint Ventures properties and the portfolio with operating cash flows, including current and prior period operating distributions received from the Joint Ventures, and assessing
the amount of remaining cash flows that will be required to fund known future re-leasing costs and other capital improvements. Any residual operating cash flows are generally considered available for distribution to the Class A limited partners
and, unless reserved, are generally paid quarterly. As a result, the ongoing monitoring of our cash position is critical to ensuring that adequate liquidity and capital resources are available. Economic downturns in one or more of our core markets
could adversely impact the ability of one or more of our tenants to honor lease payments and our ability to re-lease space on favorable terms as leases expire or space otherwise becomes vacant. In the event of either situation, cash flows and,
consequently, our ability to provide funding for capital needs could be adversely affected.

Short-Term Liquidity

During the three months ended March 31, 2010, we generated net operating cash flows, including distributions received from the Joint Ventures, of
approximately $55,000. Operating distributions from the Joint Ventures generally consist of rental revenues and tenant reimbursements, less property operating expenses, management fees, general administrative expenses, and capital expenditures.
During the first quarter of 2010, we withheld such net operating cash flows primarily to fund our pro rata share of anticipated re-leasing costs and capital improvements for our remaining properties. The extent to which any future operating
distributions are paid to limited partners will be largely dependent upon the amount of cash generated from the Joint Ventures, our expectations of future cash flows, and determination of near-term cash needs to fund our share of tenant re-leasing
costs and other capital improvements for properties owned by the Joint Ventures. We anticipate that future operating distributions from the Joint Ventures may decline in the near-term as a result of our intention to fund our pro rata share of
anticipated re-leasing costs and capital improvements for the US Cellular Building, 305 Interlocken Parkway, and the 360 Interlocken Building.

During the three months ended March 31, 2010, we invested approximately $82,000 in Fund IX-X-XI-REIT Associates to fund our pro rata share of
re-leasing costs for the Avaya Building.

We believe that the cash on hand and distributions due from the Joint Ventures are sufficient to
cover our working capital needs, including those provided for within our total liabilities of approximately $23,000, as of March 31, 2010.

Long-Term Liquidity

We expect that our
future sources of capital will be primarily derived from operating cash flows generated from the Joint Ventures and net proceeds generated from the sale of properties. Our future long-term liquidity requirements will include, but not be limited to,
funding our share of tenant improvements, renovations, expansions, and other significant capital improvements necessary for properties owned through the Joint Ventures. We expect to continue to use substantially all future net cash flows from
operations, including distributions received from the Joint Ventures, less expenses related to the recurring operations of the properties and the portfolio and reserves for known capital expenditures, to pay operating distributions to the limited
partners. Future cash flows from operating activities will be primarily affected by distributions received from the Joint Ventures, which are dependent upon the net operating income generated by the Joint Ventures properties, less reserves for
known or anticipated capital expenditures.



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Capital Resources

The Partnership is an investment vehicle formed for the purpose of acquiring, owning, and operating income-producing real properties, or investing in
joint ventures formed for the same purpose, and has invested all of the partners original net offering proceeds available for investment. Thus, it is unlikely that we will acquire interests in any additional properties or joint ventures.
Historically, our investment strategy has generally involved acquiring properties that are preleased to creditworthy tenants on an all-cash basis through joint ventures with affiliated partnerships.

The Joint Ventures incur capital expenditures primarily related to building improvements for the purpose of maintaining the quality of our properties,
and tenant improvements for the purpose of readying our properties for re-leasing. As leases expire, we will work with the Joint Ventures to attempt to re-lease space to an existing tenant or market the space to prospective new tenants. Generally,
tenant improvements funded in connection with lease renewals require less capital than those funded in connection with new leases. However, external conditions, such as the supply of and demand for comparable space available within a given market,
drive capital costs as well as rental rates. Any capital or other expenditures not funded from the operations of the Joint Ventures will be required to be funded by the Partnership and the other respective joint venture partners on a pro rata
basis.

Operating cash flows, if available, are generally distributed from the Joint Ventures to the Partnership following calendar
quarter-ends. However, the Joint Ventures will reserve operating distributions, or a portion thereof, as needed in order to fund known capital and other expenditures. Our cash management policy typically includes first utilizing current period
operating cash flow until depleted, at which point operating reserves are utilized to fund capital and other required expenditures. In the event that current and prior period accumulated operating cash flows are insufficient to fund such costs, net
sale proceeds reserves, if available, would then be utilized.

As of March 31, 2010, we have received, used, distributed, and held net
sale proceeds allocated to the Partnership from the sale of properties as presented below:



|                                                   |  |                  |     |        |                                     |         |                                             |            |                         |   |                                                           |  |                                                  |  |   |            |  |   |        
|-------------------------------------------------- |  | ---------------- | --- | ------ | ----------------------------------- | ------- | ------------------------------------------- | ---------- | ----------------------- | - | --------------------------------------------------------- |  | ------------------------------------------------ |  | - | ---------- |  | - | -------
|Property Sold                                      |  | Net SaleProceeds |     |        | PartnershipsApproximateOwnership % |         | Net 
SaleProceedsAllocatedto thePartnership |            | Use ofNet Sale Proceeds |   | Net 
SaleProceedsDistributedto Partnersas ofMarch 31,2010 |  | UndistributedNet
SaleProceeds as ofMarch 31,2010
|                                                   |  |                  |     | Amount |                                     | Purpose |                                             |           
|                                                   |  |                  |     |        |                                     |         |                                            
|305 Interlocken Parkway(early termination in 2004) |  | $800,000         | (1) |        | 45.2%                               |         | $                                           | 361,626    |                         | $ | 0                                                         |  |                                                 |  | $ | 361,626    |  | $ | 0      
|                                                   |  |                  |     |        |                                     |         |                                            
|15253 Bake Parkway(sold in 2004)                   |  | $11,892,035      |     |        | 38.1%                               |         |                                             | 4,526,770  |                         |   | 237,910                                                   |  | Re-leasing15253 Bake Parkway
(2004)              |  |   | 4,288,860  |  |   | 0      
|                                                   |  |                  |     |        |                                     |         |                                            
|Alstom Power  Knoxville Building(sold in 2005)    |  | $11,646,089      |     |        | 39.0%                               |         |                                             | 4,545,538  |                         |   | 0                                                         |  |                                                 |  |   | 4,545,538  |  |   | 0      
|                                                   |  |                  |     |        |                                     |         |                                            
|1315 West Century Drive(sold in 2006)              |  | $8,059,625       |     |        | 39.0%                               |         |                                             | 3,145,720  |                         |   | 0                                                         |  |                                                 |  |   | 3,145,720  |  |   | 0      
|                                                   |  |                  |     |        |                                     |         |                                            
|Iomega Building(sold in 2007)                      |  | $4,685,151       |     |        | 39.0%                               |         |                                             | 1,828,642  |                         |   | 0                                                         |  |                                                 |  |   | 1,828,642  |  |   | 0      
|                                                   |  |                  |     |        |                                     |         |                                            
|14079 Senlac Drive(sold in 2007)                   |  | $5,107,237       |     |        | 45.2%                               |         |                                             | 2,308,640  |                         |   | 0                                                         |  |                                                 |  |   | 1,529,615  |  |   | 779,025
|                                                   |  |                  |     |        |                                     |         |                                             |            |                         |   |                                                           |  |                                                  |  |   |            |  |   |        
|                                                   |  |                  |     |        |                                     |         |                                            
|Total                                              |  |                  |     |        |                                     |         | $                                           | 16,716,936 |                         | $ | 237,910                                                   |  |                                                  |  | $ | 15,700,001 |  | $ | 779,025
|                                                   |  |                  |     |        |                                     |         |                                             |            |                         |   |                                                           |  |                                                  |  |   |            |  |   |        



| | (1) | Represents
 payment received for unamortized tenant improvements in connection with the Cirrus Logic, Inc. lease termination.
| | --- | -----------------------------------------------------------------------------------------------------------------------------



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Upon evaluating the capital needs of the properties in which we currently own an interest, our General
Partners have determined to reserve net sale proceeds of approximately $0.8 million to fund our pro rata share of anticipated capital improvements and re-leasing costs for the US Cellular Building, 305 Interlocken Parkway, and the 360
Interlocken Building.

Results of Operations

Equity in Income of Joint Ventures

Equity in income of Joint Ventures decreased from $37,739 for the three months ended March 31, 2009 to $33,526 for the three months ended
March 31, 2010. The decrease is primarily attributable to (i) parking lot repair costs incurred at the Avaya Building in the first quarter of 2010, partially offset by (ii) a reduction in maintenance expenses incurred at the US
Cellular Building in the first quarter of 2010.

We expect equity in income of Joint Ventures to remain at similar levels in the near-term.

Interest and Other Income

Interest and other income decreased from $1,461 for the three months ended March 31, 2009 to $458 for the three months ended March 31, 2010. The
decrease is primarily a result of decline in the average daily yield.

Future levels of interest income will be largely dependent on the
timing of future property dispositions and net sales proceeds distributions to the limited partners, and fluctuations in the average daily yield.

General and Administrative Expenses

General and administrative expenses increased from $60,826 for the three months ended March 31, 2009 to $64,715 for the three months ended
March 31, 2010. The increase is primarily attributable to a temporary difference in accounting fees related to the timing of work performed by our external accountants during the year.

We anticipate that future general and administrative expenses will vary primarily based on future changes in our reporting and regulatory requirements.

Inflation

We are exposed to
inflation risk, as income from long-term leases is the primary source of our cash flows from operations. There are provisions in the majority of our tenant leases that are intended to help protect us from the impact of inflation. These provisions
include rent steps, reimbursement billings for operating expense pass-through charges, real estate tax, and insurance reimbursements on a per-square-foot basis or, in some cases, annual reimbursement of operating expenses above a certain
per-square-foot allowance. However, due to the long-term nature of our leases, the leases may not readjust their reimbursement rates frequently enough to cover inflation.

Application of Critical Accounting Policies

Summary

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



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companies may utilize different estimates that may impact comparability of our results of operations to those of companies in similar businesses.

Below is a discussion of the accounting policies used by the Partnership and the Joint Ventures, which are considered to be critical in that they may
require complex judgment in their application or require estimates about matters that are inherently uncertain.

Investment in Real Estate
Assets

We are required to make subjective assessments as to the useful lives of our depreciable assets. We consider the period of future
benefit of the assets to determine the appropriate useful lives. These assessments have a direct impact on net income. The estimated useful lives of the Joint Ventures assets are depreciated using the straight-line method over the following
useful lives:



|                      |  |                                       
|--------------------- |  | --------------------------------------
|                      | 
|Buildings             |  | 40 years                              
|Building improvements |  | 5-25 years                            
|Land improvements     |  | 20 years                              
|Tenant improvements   |  | Shorter of lease term or economic life

In the event that the
Joint Ventures utilize inappropriate useful lives or methods of depreciation, our net income would be misstated.

Evaluating the
Recoverability of Real Estate Assets

We continually monitor events and changes in circumstances that could indicate that the carrying
amounts of the real estate assets in which we have an ownership interest through investments in the Joint Ventures may not be recoverable. When indicators of potential impairment are present which suggest that the carrying amounts of real estate
assets may not be recoverable, we assess the recoverability of the real estate assets by determining whether the respective carrying values will be recovered through the estimated undiscounted future operating cash flows expected from the use of the
assets and their eventual disposition for assets held for use, or with the estimated fair values, less costs to sell, for assets held for sale. In the event that such expected undiscounted future cash flows for assets held for use, or the estimated
fair values, less costs to sell, for assets held for sale, do not exceed the respective assets carrying values, we adjust the real estate assets to their respective estimated fair values, pursuant to the provisions of the property, plant, and
equipment accounting standard for the impairment or disposal of long-lived assets, and recognize an impairment loss. Estimated fair values are determined based on the following information, dependent upon availability: (i) recently quoted
market price(s) for the subject property, or highly comparable properties, under sufficiently active and normal market conditions, or (ii) the present value of future cash flows, including estimated residual value. We have determined that
there has been no impairment in the carrying value of any of our real estate assets held as of March 31, 2010.

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

Related-Party Transactions

We have
entered into agreements with Wells Capital and Wells Management, affiliates of our General Partners, and their affiliates, whereby we pay certain fees and expense reimbursements to Wells Capital, Wells Management, and their affiliates for asset
management; the management and leasing of our properties; administrative services relating to accounting, property management, and other partnership administration, and



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incur the related expenses. See Note 4 to our financial statements included in this report for a description of these fees and expense reimbursements we have incurred.



|ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|------- | ----------------------------------------------------------

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



|ITEM 4T. | CONTROLS AND PROCEDURES
|-------- | -----------------------

We carried out
an evaluation, under the supervision and with the participation of management of Wells Capital, the corporate general partner of Wells Partners, including the Principal Executive Officer and the Principal Financial Officer of Wells Capital, of the
effectiveness of the design and operation of the Partnerships disclosure controls and procedures as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934 (the Exchange Act) as of the end of the quarterly period covered
by this report. Based upon that evaluation, the Principal Executive Officer and the Principal Financial Officer of Wells Capital concluded that our disclosure controls and procedures were effective as of the end of the period covered by this
quarterly report in providing a reasonable level of assurance that information we are required to disclose in the reports we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in
applicable SEC rules and forms, including providing a reasonable level of assurance that information required to be disclosed by us in the reports we file under the Exchange Act is accumulated and communicated to our management, including the
Principal Executive Officer and the Principal Financial Officer of Wells Capital, as appropriate, to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting during the quarter ended March 31, 2010 that have materially affected, or are
reasonably likely to materially affect, our internal control over financial reporting.



|PART II. | OTHER INFORMATION
|-------- | -----------------



|ITEM 1. | LEGAL PROCEEDINGS
|------- | -----------------

We are from time to
time a party to legal proceedings, which arise in the ordinary course of our business. We are not currently involved in any litigation the outcome of which would, in managements judgment based on information currently available, have a
material adverse effect on our results of operations or financial condition, nor is management aware of any such litigation threatened against us during the quarter ended March 31, 2010, requiring disclosure under Item 103 of Regulation
S-K. For a description of pending litigation involving certain related parties, see Assertion of Legal Action Against Related-Parties in Note 4 to our financial statements included in this report.



|ITEM 1A. | RISK FACTORS
|-------- | ------------

There have been no
material changes from the risk factors previously disclosed in our annual report on Form 10-K for the year ended December 31, 2009.



|ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|------- | -----------------------------------------------------------



|(a) | We did not sell any equity securities that were not registered under the Securities Act of 1933 during the quarter ended March 31, 2010.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------



|(b) | Not applicable.
|--- | ---------------



|(c) | We did not redeem any securities during the quarter ended March 31, 2010.
|--- | -------------------------------------------------------------------------



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|ITEM 3. | DEFAULTS UPON SENIOR SECURITIES
|------- | -------------------------------



|(a) | We were not subject to any indebtedness and, therefore, did not default with respect to any indebtedness during the quarter ended March 31, 2010.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------



|(b) | Not applicable.
|--- | ---------------



|ITEM 4. | RESERVED
|------- | --------



|ITEM 5. | OTHER INFORMATION
|------- | -----------------



|(a) | During the quarter ended March 31, 2010, there was no information required to be disclosed in a report on Form 8-K which was not disclosed in a report on Form 8-K.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) | Not applicable.
|--- | ---------------



|ITEM 6. | EXHIBITS
|------- | --------

The Exhibits to this report are
set forth on Exhibit Index to First Quarter Form 10-Q attached hereto.



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SIGNATURES

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



|             |  |  |  |                                                                                                    |  |                                                
|------------ |  |  |  | -------------------------------------------------------------------------------------------------- |  | -----------------------------------------------
|             |  |  |  | WELLS REAL ESTATE FUND IX, L.P.
(Registrant)                                                      
|             |  |  | 
|             |  |  |  | By:                                                                                                |  | WELLS PARTNERS, L.P.
(General Partner)         
|             |  |  | 
|             |  |  |  | By:                                                                                                |  | WELLS CAPITAL, INC.
(Corporate General Partner)
|             |  | 
|May 13, 2010 |  |  |  | /s/ LEO F. WELLS, III                                                                             
|             |  |  |  | Leo F. Wells, III
President, Principal Executive Officer,
and Sole Director of Wells Capital, Inc.
|             |  | 
|May 13, 2010 |  |  |  | /s/ DOUGLAS P. WILLIAMS                                                                           
|             |  |  |  | Douglas P. Williams
Principal Financial Officer
of Wells Capital, Inc.                            



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EXHIBIT INDEX

TO FIRST QUARTER FORM 10-Q

OF

WELLS REAL ESTATE FUND IX, L.P.



|              |  |                                                                                                                               
|------------- |  | ------------------------------------------------------------------------------------------------------------------------------
|ExhibitNumber |  | Description                                                                                                                   
|              | 
|31.1          |  | Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                        
|              | 
|31.2          |  | Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                        
|              | 
|32.1          |  | Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002