<PAGE>

                      Securities and Exchange Commission
                            Washington, D.C.  20549

                                   Form 10-Q



(Mark One)

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


For the quarterly period ended               June 30, 2001             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                       0-14463
                         -------------------------------------------------------

                           WELLS REAL ESTATE FUND I
--------------------------------------------------------------------------------
            (Exact name of registrant as specified in its charter)


            Georgia                              58-1565512
-------------------------------    ---------------------------------------
(State or other jurisdiction of    (I.R.S. Employer Identification Number)
 incorporation or organization)


6200 The Corners Parkway, Suite 250, Norcross, Georgia                30092
------------------------------------------------------             ----------
   (Address of principal executive offices)                        (Zip Code)


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


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

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

       Yes    X     No
             ---        ---
<PAGE>

                                   FORM 10-Q

                            WELLS REAL ESTATE FUND I

                     (A Georgia Public Limited Partnership)


                                     INDEX
<TABLE>
<CAPTION>

                                                                                                  Page No.
PART I.    FINANCIAL INFORMATION
<S>        <C>                                                                                       <C>
  Item 1.  Consolidated Balance Sheets--June 30, 2001 and December 31, 2000                           3

           Consolidated Statements of Income (Loss) for Three Months and Six Months Ended             4
             June 30, 2001 and 2000

           Statement of Partners' Capital for the Six Months Ended June 30, 2001 and the              5
             Year Ended December 31, 2000

           Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2001 and           6
             2000

           Condensed Notes to Consolidated Financial Statements                                       7

  Item 2.  Management's Discussion and Analysis of Financial Condition and Results                    9
             of Operations

PART II.  OTHER INFORMATION                                                                          11
</TABLE>

                                       2
<PAGE>

                            WELLS REAL ESTATE FUND I

                     (A Georgia Public Limited Partnership)

                          CONSOLIDATED BALANCE SHEETS



<TABLE>

                                                                             June 30,          December 31,
                                                                               2001                2000
                                                                           -----------        -------------
ASSETS:
<S>                                                                       <C>                <C>
 Real estate, at cost:
   Land                                                                    $ 1,440,608        $ 2,776,544
   Building and improvements, less accumulated depreciation of
    $5,531,394 as of June 30, 2001 and $9,170,624 as of
     December 31, 2000                                                       5,805,305         10,093,769
                                                                           -----------        -----------
       Total real estate assets                                              7,245,913         12,870,313
                                                                           -----------        -----------

 Investment in joint ventures (Note 2)                                       5,736,755          5,835,269
 Cash and cash equivalents                                                   8,703,878          2,268,774
 Due from affiliates                                                            77,651            207,948
 Deferred lease acquisition costs                                               83,870            159,239
 Accounts receivable                                                           155,985            306,881
 Prepaid expenses and other assets                                             119,548             84,226
                                                                           -----------        -----------
                                                                            14,877,687          8,862,337
                                                                           -----------        -----------
       Total assets                                                        $22,123,600        $21,732,650
                                                                           ===========        ===========
LIABILITIES AND PARTNERS' CAPITAL:
 Liabilities:
   Accounts payable                                                        $    61,755        $   130,725
   Due to affiliates                                                         1,779,396          1,771,609
   Refundable security deposits                                                 56,803            106,609
   Partnership distribution payable                                            193,379            374,875
   Minority interest                                                            47,478             50,222
                                                                           -----------        -----------
       Total liabilities                                                     2,138,811          2,434,040
                                                                           -----------        -----------
 Partners' capital:
   Limited partners:
     Class A--98,716 units outstanding                                      19,433,771         19,184,478
     Class B--42,568 units outstanding                                         551,018            114,132
                                                                           -----------        -----------
       Total partners' capital                                              19,984,789         19,298,610
                                                                           -----------        -----------
       Total liabilities and partners' capital                             $22,123,600        $21,732,650
                                                                           ===========        ===========
</TABLE>



    See accompanying condensed notes to consolidated financial statements.

                                       3
<PAGE>

                            WELLS REAL ESTATE FUND I

                     (A Georgia Public Limited Partnership)


                    CONSOLIDATED STATEMENTS OF INCOME (LOSS)



<TABLE>
<CAPTION>
                                                                 Three Months Ended                   Six Months Ended
                                                               -----------------------            -----------------------
                                                               June 30,       June 30,            June 30,       June 30,
                                                                 2001           2000                2001           2000
                                                               --------      ----------           --------       --------
REVENUES:
<S>                                                          <C>              <C>                  <C>          <C>
 Rental income                                                $181,293         $386,707           $  410,046    $  777,978
 Interest income                                                87,817           24,983              189,849        47,693
 Equity in income of joint ventures (Note 2)                    75,184           70,259              150,492       136,178
 Gain on sale of real estate                                         0                0            1,161,788             0
                                                              --------         --------           ----------    ----------
                                                               344,294          481,949            1,912,175       961,849
                                                              --------         --------           ----------    ----------
EXPENSES:
 Depreciation                                                  146,866          256,446              309,079       511,875
 Operating costs--rental properties, net of tenant
  reimbursements                                                97,054          183,583              260,120       334,467
 Legal and accounting                                           10,935           17,143               25,595        29,479
 Management and leasing fees                                    13,837           31,519               36,689        61,897
 Partnership administration                                     34,447           27,607               53,650        40,048
 Lease acquisition costs                                         9,322           12,938               15,716        25,876
 Computer expenses                                              10,231            3,026               11,431         4,893
                                                              --------         --------           ----------    ----------
                                                               322,692          532,262              712,280     1,008,535
                                                              --------         --------           ----------    ----------
INCOME (LOSS) BEFORE MINORITY INTEREST                          21,602          (50,313)           1,199,895       (46,686)
MINORITY INTEREST                                                 (730)            (119)              (4,697)         (612)
                                                              --------         --------           ----------    ----------
NET INCOME (LOSS)                                             $ 20,872         $(50,432)          $1,195,198    $  (47,298)
                                                              ========         ========           ==========    ==========
NET INCOME (LOSS) ALLOCATED TO CLASS A LIMITED
 PARTNERS                                                     $ 20,872         $(50,432)          $  758,312    $  (47,298)
                                                              ========         ========           ==========    ==========
NET INCOME ALLOCATED TO CLASS B LIMITED PARTNERS              $      0         $      0           $  436,886    $        0
                                                              ========         ========           ==========    ==========
NET INCOME (LOSS) PER CLASS A LIMITED PARTNER UNIT            $    .21         $   (.51)          $     7.68    $     (.48)
                                                              ========         ========           ==========    ==========
NET INCOME PER CLASS B LIMITED PARTNER UNIT                   $      0         $      0           $    10.26    $        0
                                                              ========         ========           ==========    ==========
CASH DISTRIBUTION PER CLASS A LIMITED PARTNER UNIT            $   2.50         $   3.52           $     5.16    $     6.65
                                                              ========         ========           ==========    ==========
</TABLE>


           See accompanying condensed notes to financial statements

                                       4
<PAGE>

                           WELLS REAL ESTATE FUND I

                     (A Georgia Public Limited Partnership)

                  CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL

                      FOR THE YEAR ENDED DECEMBER 31, 2000

                   AND FOR THE SIX MONTHS ENDED JUNE 30, 2001





<TABLE>
<CAPTION>
                                                               Limited Partners
                                            --------------------------------------------------------
                                                   Class A                          Class B                  Total
                                            ----------------------------     -----------------------        Partners'
                                              Units            Amounts         Units        Amounts          Capital
                                            ----------      ------------     ----------    ---------       -------------
<S>                                           <C>           <C>                <C>         <C>           <C>
BALANCE, December 31, 1999                     98,716        $20,487,171        42,568      $      0        $20,487,171

 Net income                                         0             93,946             0       114,132            208,078
 Partnership distribution                           0         (1,396,639)            0             0         (1,396,639)
                                               ------        -----------        ------      --------        -----------
BALANCE, December 31, 2000                     98,716         19,184,478        42,568       114,132         19,298,610

 Net income                                         0            758,312             0       436,886          1,195,198
 Partnership distributions                          0           (509,019)            0             0           (509,019)
                                               ------        -----------        ------      --------        -----------
BALANCE, June 30, 2001                         98,716        $19,433,771        42,568      $551,018        $19,984,789
                                               ======        ===========        ======      ========        ===========
</TABLE>




           See accompanying condensed notes to financial statements.

                                       5
<PAGE>

                            WELLS REAL ESTATE FUND I

                     (A Georgia Public Limited Partnership)


                     CONSOLIDATED STATEMENTS OF CASH FLOWS



<TABLE>
<CAPTION>
                                                                                  Six Months Ended
                                                                          -------------------------------
                                                                            June 30,            June 30,
                                                                              2001               2000
                                                                          ------------      -------------
CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                                        <C>                <C>
 Net income (loss)                                                         $ 1,195,198        $  (47,298)
                                                                           -----------        ----------
 Adjustments to reconcile net income (loss) to net cash provided by
  operating activities:
     Equity in income of joint ventures                                       (150,492)         (136,178)
     Depreciation                                                              309,079           511,875
     Bad debt expense                                                           76,068                 0
     Gain on sale of real estate assets                                     (1,161,788)                0
     Changes in assets and liabilities:
       Accounts receivable                                                      70,760           108,910
       Deferred lease acquisition costs                                          5,708             9,899
       Prepaids and other assets                                               (35,322)           (4,965)
       Accounts payable and refundable security deposits                      (118,776)           63,915
       Due to affiliates                                                         7,787            38,818
       Minority interest                                                         4,697            (4,081)
                                                                           -----------        ----------
         Total adjustments                                                    (992,279)          588,193
                                                                           -----------        ----------
         Net cash provided by operating activities                             202,919           540,895
                                                                           -----------        ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
 Distributions received from joint ventures                                    379,303           264,195
 Proceeds from sale of real estate                                           6,592,202                 0
 Investment in real estate                                                     (41,364)          (12,759)
                                                                           -----------        ----------
         Net cash provided by investing activities                           6,930,141           251,436
                                                                           -----------        ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
 Minority interest distributions                                                (7,441)                0
 Partnership distributions paid                                               (690,515)         (630,661)
                                                                           -----------        ----------
         Net cash used in financing activities                                (697,956)         (630,661)
                                                                           -----------        ----------
NET INCREASE IN CASH AND CASH EQUIVALENTS                                    6,435,104           161,670

CASH AND CASH EQUIVALENTS, beginning of year                                 2,268,774         1,670,343
                                                                           -----------        ----------

CASH AND CASH EQUIVALENTS, end of period                                   $ 8,703,878        $1,832,013
                                                                           ===========        ==========
</TABLE>



           See accompanying condensed notes to financial statements.

                                       6
<PAGE>

                            WELLS REAL ESTATE FUND I

                     (A Georgia Public Limited Partnership)

              CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                                 JUNE 30, 2001


1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

   (a) General

   Wells Real Estate Fund I (the "Partnership") is a Georgia public limited
   partnership with Leo F. Wells, III and Wells Capital, L.P., a Georgia
   corporation, serving as General Partners. The Partnership was formed on April
   26, 1984, for the purpose of acquiring, developing, constructing, owning,
   operating, improving, leasing, and otherwise managing income producing
   commercial properties for investment purposes.

   On September 6, 1984, the Partnership commenced a public offering of its
   limited partnership units pursuant to a Registration Statement filed on Form
   S-11 under the Securities Act of 1933. The Partnership terminated its
   offering on September 5, 1986, and received gross proceeds of $35,321,000
   representing subscriptions from 4,895 Limited Partners, composed of two
   classes of limited partnership interests, Class A and Class B limited
   partnership units. Limited Partners may vote to, among other things, (a)
   amend the partnership agreement, subject to certain limitations, (b) change
   the business purpose or investment or investment objectives of the
   Partnership, and (c) 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 Partner unit has equal voting rights,
   regardless of class.

   The Partnership owns interests in the following joint ventures with other
   entities: (i) Wells-Baker Associates, a joint venture between the Partnership
   and Wells & Associates, Inc. ("Wells-Baker"), (ii) Fund I-Fund II Tucker, a
   joint venture between the Partnership and the Fund II-Fund II-OW Joint
   Venture (the "Tucker Joint Venture"), and (iii) Fund I, II, II-OW, VI, and
   VII, a joint venture between the Partnership and the Fund II-Fund II-OW Joint
   Venture, L.P., Wells Real Estate Fund VI, L.P. and Wells Real Estate Fund
   VII, L. P. (the "Fund I-II-II-OW-VI-VII Joint Venture").

   As of June 30, 2001, the Partnership owned, directly or through its ownership
   in joint ventures, interests in the following properties: (i) Paces
   Pavilion/The Howell Mill Road Property, a medical office building located in
   Atlanta, Georgia, owned by the Partnership, (ii) The Black Oak Plaza
   Property, a shopping center located in Knoxville, Tennessee, owned by the
   Partnership, (iii) The Peachtree Place Property, a commercial office building
   located in Atlanta, Georgia, owned by Wells-Baker, (iv) Heritage Place at
   Tucker Property, a retail shopping and commercial office complex located in
   Tucker, Georgia, owned by the Tucker Joint Venture, and (v) The Cherokee
   Commons, a shopping center located in Cherokee County, Georgia, owned by Fund
   I, II, II-OW, VI, and VII Joint Venture. All of the foregoing properties were
   acquired on an all cash basis.

   The Crowe's Crossing Property was sold January 11, 2001 for the gross sales
   price of $6,785,000. and net proceeds of approximately $6,569,000. The
   Partnership has recognized an estimated gain of approximately $1,139,000 from
   this sale, which may be adjusted as additional information becomes available
   in subsequent periods.

                                       7
<PAGE>

   (b) Basis of Presentation

   The consolidated financial statements include the accounts of the Partnership
   and Wells-Baker. The Partnership's interest in Wells-Baker was approximately
   90% at June 30, 2001 and December 31, 2000. All significant intercompany
   balances have been eliminated in consolidation. Minority interest represents
   the interest of Wells & Associates, Inc., an affiliate of the General
   Partners, in Wells-Baker. At June 30, 2001 and 2000, Wells & Associates,
   Inc.'s interest in Wells-Baker was approximately 10%.

   The consolidated financial statements of the Partnership have been prepared
   in accordance with instructions to Form 10-Q and do not include all of the
   information and footnotes required by generally accepted accounting
   principles for complete financial statements. These quarterly statements have
   not been examined by independent accountants, but in the opinion of the
   General Partners, the statements for the unaudited interim periods presented
   include all adjustments, which are of a normal and recurring nature,
   necessary to present a fair presentation of the results for such periods. For
   further information, refer to the financial statements and footnotes included
   in the Partnership's Form 10-K for the year ended December 31, 2000.

2. INVESTMENT IN JOINT VENTURES

   The Partnership owned interests in two properties as of June 30, 2001,
   through its investments in joint ventures. The Partnership does not have
   control over the operations of the joint ventures; however, it does exercise
   significant influence. Accordingly, investment in the joint ventures is
   recorded using the equity method. The Wells-Baker joint venture is
   consolidated with the financial statements of the Partnership since the
   Partnership has an 89.95% interest in Wells Baker.

   SUMMARY OF OPERATIONS

   The following information summarizes the operations of the unconsolidated
   joint ventures in which the Partnership had ownership interests as of June
   30, 2001 and 2000, respectively.

<TABLE>
<CAPTION>
                                                                                  Partnership's Share
                                                Total Revenues               Net Income                of Net Income
                                         ---------------------------   -------------------------   ----------------------
                                              Three Months Ended          Three Months Ended         Three Months Ended
                                         ---------------------------   -------------------------   ----------------------
                                           June 30,        June 30,     June 30,       June 30,       June 30,    June 30,
                                             2001            2000         2001           2000           2001        2000
                                         ------------    ------------   ---------     ----------    ----------    --------
<S>                                       <C>            <C>            <C>           <C>           <C>           <C>
Fund I - Fund II Joint Venture             $  346,837     $  351,124     $ 88,067      $ 82,382      $ 26,668     $ 24,875
Fund I-II-IIOW-VI-VII Joint
  Venture                                     253,968        240,232      111,010       103,548        48,516       45,384
                                           ----------     -----------    --------      ---------     --------     --------
                                           $  600,805     $  591,356     $199,077      $185,930      $ 75,184     $ 70,259
                                           ==========     ===========    ========      =========     ========     ========
</TABLE>

<TABLE>
<CAPTION>
                                                                                  Partnership's Share
                                                Total Revenues               Net Income                of Net Income
                                         ---------------------------   -------------------------   ----------------------
                                               Six Months Ended            Six Months Ended           Six Months Ended
                                         ---------------------------   -------------------------   ----------------------
                                           June 30,        June 30,     June 30,       June 30,       June 30,    June 30,
                                             2001            2000         2001           2000           2001        2000
                                         ------------    ------------   ---------     ----------    ----------    --------
<S>                                       <C>            <C>            <C>           <C>           <C>           <C>

Fund I - Fund II Joint Venture             $  684,315     $  688,410     $147,720      $139,715      $ 69,113     $ 59,209
Fund I-II-IIOW-VI-VII Joint                   510,976        483,100      287,694       246,467        81,379       76,969
                                           ----------     -----------    --------      ---------     --------     --------
  Venture
                                           $1,195,291     $1,171,510     $435,414      $386,182      $150,492     $136,178
                                           ==========     ==========     ========      ========      ========     ========
</TABLE>

                                       8
<PAGE>


3. SUBSEQUENT EVENT

   On August 7, 2001, Fund I, II, II-OW, VI and VII Joint Venture entered into a
   purchase and sale agreement to sell Cherokee Commons. The contract price
   exceeds the carrying value of the property. Since the transaction is subject
   to a due diligence period, there are no assurances that the sale will close.

   ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
   RESULTS OF OPERATIONS

   The following discussion and analysis should be read in conjunction with the
   accompanying financial statements of the Partnership and notes thereto. This
   report contains forward-looking statements, within the meaning of Section 27A
   of the Securities Act of 1933 and Section 21E of the Securities Exchange Act
   of 1934, including discussion and analysis of the financial condition of the
   Partnership, anticipated capital expenditures required to complete certain
   projects, amounts of cash distributions anticipated to be distributed to
   Limited Partners in the future, and certain other matters. Readers of this
   report should be aware that there are various factors that could cause actual
   results to differ materially from any forward-looking statements made in this
   report, which include construction costs which may exceed estimates,
   construction delays, lease-up risks, inability to obtain new tenants upon the
   expiration of existing leases, and the potential need to fund tenant
   improvements or other capital expenditures out of operating cash flow.

1. RESULTS OF OPERATIONS AND CHANGES IN FINANCIAL CONDITIONS

   General

   As of June 30, 2001, the properties owned by the Partnership were 71.8%
   occupied as compared to 79.5% as of June 30, 2000. Occupancy decreased due to
   the sale of Crowe's Crossing in 2001, the sale of one building at Peachtree
   Place in 2000 and vacancies at Heritage Place and Black Oak Plaza.

   Revenues of the Partnership increased to $1,912,175 for the six months ended
   June 30, 2001, as compared to $961,849 for the six months ended June 30,
   2000, primarily due to recognizing the gain on the sale of the Crowe's
   Crossing Property (further described below) and additional interest income,
   as a result of investing the proceeds from this sale. In addition, revenue
   from rental income decreased due to the sale of one building at Peachtree
   Place, which occurred August 31, 2000.

   Expenses of the Partnership decreased to $712,280 for the period ended June
   30, 2001, as compared to $1,008,535 for the six months ended June 30, 2000,
   primarily due to a decrease in the operating costs of the Partnership's
   properties, depreciation, and leasing fees as a result of the sale of the
   Crowe's Crossing Property and the Peachtree Place Property in January 2001
   and August 2000, respectively. As a result, net income, excluding the gain on
   sale of property, was $33,410 for the six months ended June 30, 2001, as
   compared to a net loss of $47,298 for the same period of 2000.

   The Partnership declared cash distributions of $5.16 per unit to the Limited
   Partners holding Class A Units for the six months ended June 30, 2001, as
   compared to distributions of $6.65 per Class A Unit for the six months ended
   June 30, 2000, primarily due to the decreased income at Paces Pavilion and
   Crowe's Crossing. No cash distributions were made to the Limited Partners
   holding Class B Units or to the General Partners for the six months ended
   June 30, 2001 and 2000.

   The Partnership expects to continue to meets its short-term liquidity
   requirements generally through net cash provided by operations and
   distributions received from investments in joint ventures which the
   Partnership believes will continue to be adequate to meet both operating
   requirements and distributions to limited partners.

   The lease with Hospital Corporation of America ("HCA"), anchor tenant at the
   Paces Pavilion Building expired December 31, 1996, and as of June 30, 2001,
   the building remains only 30% leased. Management has hired an outside firm to
   assist in its leasing efforts and hopes to enter into additional

                                       9
<PAGE>

   leases in the near future. It is currently estimated that the cost to refit
   the interior of the building will be approximately $1.2 million.

   The Partnership has recently made the decision to begin selling its
   properties. At this time, the Peachtree Place Property is being actively
   marketed for sale. The Partnership's goal is to have all of its properties
   sold by the end of 2002. Management estimates that the fair market value of
   each of the properties exceeds the carrying value of the corresponding real
   estate assets; consequently, no impairment loss has been recorded. In the
   event that the net sales proceeds are less than the carrying value of the
   property sold, the Partnership would recognize a loss on the sale. Management
   is not contractually or financially obligated to sell any of its properties,
   and it is management's current intent to fully realize the Partnership's
   investment in real estate. The success of the Partnership's future operations
   and the ability to realize investment in its assets will be dependent on the
   Partnership's ability to maintain rental rates, occupancy and an appropriate
   level of operating expenses in future years. Management believes that the
   steps that it is taking will enable the Partnership to realize its investment
   in its assets. The net proceeds from the sales of the Crowe's Crossing
   Property and building owned by Wells-Baker will be distributed to the Limited
   Partners pending final results of the outstanding proxy solicitation
   described in Item 4 hereof.

                                       10
<PAGE>

                          PART II.  OTHER INFORMATION

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

(a) On approximately August 25, 2000, the Registrant mailed an Amended and
    Restated Consent Solicitation Statement (the "Consent Solicitation") to the
    Limited Partners of Wells Real Estate Fund I, which solicitation continued
    throughout the second quarter of 2001.

(b)  N/A.

(c) The Consent Solicitation was mailed to solicit the consent of each Class A
    Limited Partner to proposed amendments to the Partnership Agreement to
    change and clarify the manner in which net sale proceeds will be allocated
    and distributed among Class A Limited Partners and Class B Limited Partners
    in accordance with the original intent of the General Partners.  This
    Consent Solicitation is still being conducted by the General Partners.

(d)  N/A.

ITEM 6 (b.)  No reports on Form 8-K were filed during the second quarter of
             2001.

                                   SIGNATURES

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

                                   WELLS REAL ESTATE FUND I
                                   (Registrant)
Dated:  August 10, 2001       By:  /s/ Leo F. Wells, III
                                   ---------------------------------
                                   Leo F. Wells, III, as Individual
                                   General Partner and as President and
                                   Chief Financial Officer of Wells Capital Inc.

                                       11