<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                March 31, 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)

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

       6200 The Corners Pkwy., 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)
</TABLE>

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.
                                                                                                     -----------
<S>                                                                                                  <C>
PART I.   FINANCIAL INFORMATION

  Item 1. Consolidated Financial Statements

          Consolidated Balance Sheets--March 31, 2001 and December 31, 2000                                3

          Consolidated Statements of Operations for the Three Months Ended
              March 31, 2001 and 2000                                                                      4

          Consolidated Statements of Partners' Capital for the Three Months Ended
              March 31, 2001 and the Year Ended December 31, 2000                                          5

          Consolidated Statements of Cash Flows for the Three Months Ended
              March 31, 2001 and 2000                                                                      6

          Condensed Notes to Consolidated Financial Statements                                             7

  Item 2. Management's Discussion and Analysis of Financial Condition and Results of
          Operations                                                                                       8

PART II.  OTHER INFORMATION                                                                               17
</TABLE>

                                      -2-
<PAGE>

                           WELLS REAL ESTATE FUND I

                    (A Georgia Public Limited Partnership)



                          CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>
                                                                                      March 31,       December 31,
                                                                                        2001              2000
                                                                                   -------------      ------------
<S>                                                                                <C>               <C>
ASSETS:
    Real estate, at cost:
       Land                                                                        $   1,440,608     $   2,776,544
       Building and improvements, less accumulated depreciation
           of $ 5,384,529 in 2001 and $9,170,624 in 2000                               5,917,171        10,093,769
                                                                                   -------------     -------------
              Total real estate assets                                                 7,357,779        12,870,313

    Investment in joint ventures (Note 2)                                              5,793,997         5,835,269
    Cash and cash equivalents                                                          8,706,627         2,268,774
    Due from affiliates                                                                  166,579           207,948
    Deferred lease acquisition costs                                                      83,185           159,239
    Accounts receivable                                                                  182,721           306,881
    Prepaid expenses and other assets                                                    127,415            84,226
                                                                                   -------------     -------------
              Total assets                                                         $  22,418,303     $  21,732,650
                                                                                   =============     =============
LIABILITIES AND PARTNERS' CAPITAL:
    Liabilities:
       Accounts payable                                                            $      66,090     $     130,725
       Due to affiliates                                                               1,767,363         1,771,609
       Refundable security deposits                                                       60,127           106,609
       Partnership distribution payable                                                  264,878           374,875
       Minority interest                                                                  49,095            50,222
                                                                                   -------------     -------------
              Total liabilities                                                        2,207,553         2,434,040
                                                                                   -------------     -------------
    Partners' capital:
       Limited partners:
           Class A--98,716 units outstanding                                          19,659,732        19,184,478
           Class B--42,568 units outstanding                                             551,018           114,132
                                                                                   -------------     -------------
              Total partners' capital                                                 20,210,750        19,298,610
                                                                                   -------------     -------------
              Total liabilities and partners' capital                              $  22,418,303     $  21,732,650
                                                                                   =============     =============
</TABLE>

           See accompanying condensed notes to financial statements.

                                      -3-
<PAGE>

                           WELLS REAL ESTATE FUND I

                    (A Georgia Public Limited Partnership)



                     CONSOLIDATED STATEMENTS OF OPERATIONS

<TABLE>
<CAPTION>
                                                                                           Three Months Ended
                                                                                      ----------------------------
                                                                                        March 31,       March 31,
                                                                                          2001             2000
                                                                                      ------------     -----------
<S>                                                                                   <C>              <C>
REVENUES:
    Rental income                                                                      $   228,753      $  393,795
    Interest income                                                                        102,032          22,710
    Equity in income of joint ventures (Note 2)                                             75,307          65,919
    Gain on sale of real estate                                                          1,161,788               0
                                                                                       -----------      ----------
                                                                                         1,567,880         482,424
                                                                                       -----------      ----------

EXPENSES:
    Depreciation                                                                           162,213         255,429
    Operating costs--rental properties, net of tenant reimbursements                       163,063         153,751
    Legal and accounting                                                                    14,660          12,336
    Management and leasing fees                                                             22,853          39,498
    Partnership administration                                                              19,203          12,096
    Lease acquisition costs                                                                  6,394           3,818
    Computer expenses                                                                        1,200           1,868
                                                                                       -----------      ----------
                                                                                           389,586         478,796
                                                                                       -----------      ----------

NET INCOME BEFORE MINORITY INTEREST                                                      1,178,294           3,628
MINORITY INTEREST                                                                           (3,968)           (494)
                                                                                       -----------      ----------
NET INCOME                                                                               1,174,326           3,134
                                                                                       ===========      ==========

NET INCOME ALLOCATED TO CLASS A LIMITED PARTNERS                                       $   737,440      $    3,134
                                                                                       ===========      ==========

NET INCOME ALLOCATED TO CLASS B LIMITED PARTNERS                                       $   436,886      $        0
                                                                                       ===========      ==========

NET INCOME PER CLASS A LIMITED PARTNER UNIT                                            $      7.47      $     0.03
                                                                                       ===========      ==========

NET INCOME PER CLASS B LIMITED PARTNER UNIT                                            $     10.26      $     0.00
                                                                                       ===========      ==========

CASH DISTRIBUTION PER CLASS A LIMITED PARTNER UNIT                                     $      2.66      $     3.12
                                                                                       ===========      ==========
</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 THREE MONTHS ENDED MARCH 31, 2001





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

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

    Net income                                     0        737,440          0       436,886               0      1,174,326
    Partnership distributions                      0       (262,186)         0             0               0       (262,186)
                                             -------    -----------   --------     ---------      ----------    -----------
BALANCE, March 31, 2001                       98,716    $19,659,732     42,568     $ 551,018      $        0    $20,210,750
                                             =======    ===========   ========     =========      ==========    ===========
</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>
                                                                                         Three Months Ended
                                                                                   ------------------------------
                                                                                     March 31,        March 31,
                                                                                       2001             2000
                                                                                   -------------    -------------
<S>                                                                                <C>              <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
    Net income                                                                     $   1,174,326    $       3,134
                                                                                   -------------    -------------
    Adjustments to reconcile net income to net cash provided by operating
       activities:
           Equity in income of joint ventures                                            (75,307)         (65,919)
           Depreciation                                                                  162,213          255,429
           Bad debt expense                                                               95,742                0
           Gain on sale of real estate assets                                         (1,161,788)               0
           Changes in assets and liabilities:
              Accounts receivable                                                         24,349           (8,536)
              Deferred lease acquisition costs                                             6,393            4,429
              Prepaids and other assets                                                  (43,189)          (6,579)
              Accounts payable and refundable security deposits                         (111,117)          53,352
              Due to affiliates                                                           (4,246)             235
              Minority interest                                                            3,968              494
                                                                                   -------------    -------------
                 Total adjustments                                                    (1,102,982)         232,905
                                                                                   -------------    -------------
                 Net cash provided by operating activities                                71,344          236,039
                                                                                   -------------    -------------
CASH FLOWS FROM INVESTING ACTIVITIES:
    Distributions received from joint ventures                                           157,949          165,820
    Proceeds from sale of real estate                                                  6,592,202                0
    Investment in real estate                                                             (6,364)         (15,695)
                                                                                   -------------    -------------
                 Net cash provided by investing activities                             6,743,787          150,125
                                                                                   -------------    -------------
CASH FLOWS FROM FINANCING ACTIVITIES:
    Minority interest distributions                                                       (5,095)               0
    Partnership distributions paid                                                      (372,183)        (324,143)
                                                                                   -------------    -------------
                 Net cash used in financing activities                                  (377,278)        (324,143)
                                                                                   -------------    -------------
NET INCREASE IN CASH AND CASH EQUIVALENTS                                              6,437,853           62,021

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

CASH AND CASH EQUIVALENTS, end of period                                           $   8,706,627    $   1,732,364
                                                                                   =============    =============
</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

                                MARCH 31, 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. Class B limited partners shall have a one-time right to
     elect to have all of their units treated as Class A 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
     Wells Real Estate Funds: (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 Wells
     Real Estate Fund II, L.P. (the "Fund I - Fund II Joint Venture") and (iii)
     Fund I, II, II-OW, VI, and VII, a joint venture between the Partnership and
     Wells Real Estate Fund II, L.P., Wells Real Estate Fund II-OW, 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 March 31, 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 Fund I-Fund II Tucker, 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.

                                      -7-
<PAGE>

     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 recorded an estimated gain of approximately $1,139,000 from
     this sale, which may be adjusted as additional information becomes
     available in subsequent periods.

     (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 March 31, 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 March 31, 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.

     Wells-Baker sold one of its commercial office buildings, 3875 Peachtree
     Place, on August 31, 2000 for net proceeds of $702,604. As a result of this
     sale, the Partnership recognized an estimated $268,103 gain, of which
     $26,810 was allocated to minority interest.

2.   Investment in Joint Ventures

     The Partnership owned interests in two properties as of March 31, 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's ownership is 89.95%

     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.

                                      -8-
<PAGE>

1.   RESULTS OF OPERATIONS AND CHANGES IN FINANCIAL CONDITIONS

     General

     Total revenues of the Partnership increased to $1,567,880 for the three
     months ended March 31, 2001, as compared to $482,424 for the three months
     ended March 31, 2000, primarily due to recognizing the gain on the sale of
     the Crowe's Crossing Property 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 were $389,586 for the period ended March 31,
     2001, as compared to $478,796 for the three months ended March 31, 2000.
     The decrease in expenses in the first quarter of 2001 was primarily due to
     a decrease in the operating costs of the Partnership's properties and
     depreciation as a result of the sale of the Crowe's Crossing Property and
     the Wells-Baker Property in January 2001 and August 2000, respectfully.
     As a result, net income, excluding the gain on sale of property, was
     $12,538 for the three months ended March 31, 2001, as compared to $3,134
     for the same period of 2000.

     Net cash provided by operating activities decreased from $236,039 for the
     three months ended March 31, 2000 to $71,344 for the three months ended
     March 31, 2001, primarily due to the decrease in expenses primarily
     resulting from the sale of the Crowe's Crossing Property. Distributions
     from joint ventures decreased from $165,820 for the three months ended
     March 31, 2000 to $157,949 for the same period in 2001. Cash and cash
     equivalents increased from $2,268,774 at December 31, 2000, to $8,706,627
     at March 31, 2001, largely due to proceeds from the sale of the Crowe's
     Crossing Property in 2001.

     The Partnership made cash distributions of $2.66 per unit to the Limited
     Partners holding Class A Units for the three months ended March 31, 2001,
     as compared to distributions of $3.12 per Class A Unit for the three months
     ended March 31, 2000. No cash distributions were made to the Limited
     Partners holding Class B Units or to the General Partners for the three
     months ended March 31, 2001 and 2000. The Partnership's distributions
     payable for the first quarter of 2001 were paid from net cash from
     operations and from distributions received from its investments in joint
     ventures.

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

     The Partnership reserved all operating cash flows generated during the
     first and second quarters of 1999 and all of 1998 which would otherwise be
     available for distribution to Limited Partners to fund the proposed
     reconfiguration of the interior of the Paces Pavilion Building. The lease
     with Hospital Corporation of America ("HCA") expired December 31, 1996, and
     as of March 31, 2001, the building is only 30% leased. Management has hired
     an outside firm to assist in its leasing efforts and hopes to enter into
     leases in the near future. It is anticipated 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, three properties are 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

                                      -9-
<PAGE>

     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 one 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>

2.   PROPERTY OPERATIONS

     As of March 31, 2001, the Partnership owned interests in the following
     properties:

                Paces Pavilion/Howell Mill Road Property-Fund I

<TABLE>
<CAPTION>
                                                                          Three Months Ended
                                                                    ------------------------------
                                                                      March 31,        March 31,
                                                                        2001             2000
                                                                    -------------     ------------
<S>                                                                 <C>               <C>
Revenues:
   Rental income                                                    $    48,673       $   27,158
                                                                    -------------     ------------
Expenses:
   Depreciation                                                          68,295           64,161
   Management and leasing expenses                                        6,462            1,650
   Other operating expenses                                              82,560           56,941
                                                                    -------------     ------------
                                                                        157,317          122,752
                                                                    -------------     ------------
Net loss                                                            $  (108,644)      $  (95,594)

Occupied percentage                                                        30.0%            16.2%
                                                                    =============     ============

Partnership's ownership percentage                                          100%             100%
                                                                    =============     ============

Cash generated to the Partnership                                   $         0       $        0
                                                                    =============     ============

Net loss generated to the Partnership                               $  (108,644)      $  (95,594)
                                                                    =============     ============
</TABLE>

Rental income and management and leasing fees increased significantly for the
three months ended March 31, 2001, as compared to the three months ended March
31, 2000, due to increased occupancy at the property.

Operating expenses increased significantly for the three months ended March 31,
2001, as compared to the same period in 2000, primarily due to increases in
occupancy and association dues and legal fees.

Currently, there are three tenants occupying 30% of the premises. Management is
actively seeking tenants for the remaining space.

                                      -11-
<PAGE>

                       Crowe's Crossing Property-Fund I

<TABLE>
<CAPTION>
                                                                             Three Months Ended
                                                                       -----------------------------
                                                                        March 31,        March 31,
                                                                           2001             2000
                                                                       ------------     ------------
<S>                                                                    <C>              <C>
Revenues:
   Rental income                                                        $   30,788         $189,961
   Interest income                                                             307                0
   Gain on sale of real estate assets                                    1,138,601                0
                                                                       ------------     ------------
                                                                         1,169,696          189,961
                                                                       ------------     ------------
Expenses:
   Depreciation                                                             15,889          104,441
   Management and leasing expenses                                          10,321           20,480
   Other operating expenses                                                 91,693           47,451
                                                                       ------------     ------------
                                                                           117,903          172,372
                                                                       ------------     ------------
Net income                                                              $1,051,793         $ 17,589
                                                                       ============     ============

Occupied percentage                                                             96%              96%
                                                                       ============     ============

Partnership's ownership percentage                                             100%             100%
                                                                       ============     ============

Cash generated to the Partnership                                       $        0         $137,154
                                                                       ============     ============

Net income generated to the Partnership                                 $1,025,894         $ 17,589
                                                                       ============     ============
</TABLE>

Crowe's Crossing was sold January 11, 2001 for the gross sales price of
$6,785,000. The net proceeds to the Partnership were $6,569,000. Rental income,
depreciation expense and management fees decreased for the three months ended
March 31, 2001 as compared to the same period in 2000 due to the sale.

Other operating expenses increased in 2001, as compared to 2000, due to an
increase in legal fees related to the sale of the property, establishing a
reserve for doubtful accounts receivable of $83,342, offset by decreased common
area maintenance expenses due to the sale.

                                      -12-
<PAGE>

                        Black Oak Plaza Property-Fund I

<TABLE>
<CAPTION>
                                                                                     Three Months Ended
                                                                              -------------------------------
                                                                                March 31,        March 31,
                                                                                   2001            2000
                                                                              --------------  ---------------
<S>                                                                           <C>             <C>
Revenues:
   Rental income                                                                $111,366         $109,410
   Interest income                                                                   355              229
                                                                              --------------  ---------------
                                                                                 111,721          109,639
                                                                              --------------  ---------------
Expenses:
   Depreciation                                                                   65,526           66,694
   Management and leasing expenses                                                13,390           11,921
   Other operating expenses, net of reimbursements                                22,585           15,455
                                                                              --------------  ---------------
                                                                                 101,501           94,070
                                                                              --------------  ---------------
Net income                                                                      $ 10,220         $ 15,569
                                                                              --------------  ---------------

Occupied percentage                                                                   70%              70%
                                                                              ==============  ===============

Partnership's ownership percentage                                                   100%             100%
                                                                              ==============  ===============

Cash generated to the Partnership                                               $ 82,757         $ 55,829
                                                                              ==============  ===============

Net income generated to the Partnership                                         $ 10,220         $ 15,569
                                                                              ==============  ===============
</TABLE>

Net operating expenses increased for the three months ended March 31, 2001, as
compared to the same period in 2000, due to increased accounting fees, legal
fees, and a reserve for doubtful accounts receivable established in 2001.

Cash distributions to the Partnership increased for the three months ended March
31, 2001, as compared to the three months ended March 31, 2000, as a result of
additional lease acquisition fees and capital expenditures incurred in 2000.

                                      -13-
<PAGE>

                     Peachtree Place Property-Wells-Baker

<TABLE>
<CAPTION>
                                                                               Three Months Ended
                                                                        -------------------------------
                                                                          March 31,        March 31,
                                                                             2001            2000
                                                                        --------------  ---------------
<S>                                                                     <C>             <C>
Revenues:
   Rental income                                                            $ 37,925        $ 64,743
   Interest income                                                               121               8
   Gain on sale of real estate assets                                         23,187               0
                                                                        --------------  ---------------
                                                                              61,233          64,751
                                                                        --------------  ---------------
Expenses:
   Depreciation                                                               12,504          20,133
   Management and leasing expenses                                              (926)          7,224
   Other operating expenses                                                   10,177          32,482
                                                                        --------------  ---------------
                                                                              21,755          59,839
                                                                        --------------  ---------------
Net income                                                                  $ 39,478        $  4,912
                                                                        ==============  ===============

Occupied percentage                                                               92%             92%
                                                                        ==============  ===============

Partnership's ownership percentage                                              89.6%           89.6%
                                                                        ==============  ===============

Cash generated to the Partnership                                           $ 45,601        $ 16,604
                                                                        ==============  ===============

Net income generated to the Partnership                                     $ 35,510        $  4,418
                                                                        ==============  ===============
</TABLE>

Rental income, depreciation expense and management and leasing expenses
decreased for the quarter ending March 31, 2001, as compared to the same period
for 2000, due to the sale of one building in 2000. In August 2000, a gain of
$268,103 on the sale of one of the buildings owned by Wells-Baker was recognized
at closing, based on estimates, and has been adjusted by $23,187 as additional
information became available during first quarter of 2001.

Operating expenses decreased from $32,482 in 2000 to $10,177 in 2001, due
primarily to appraisal and legal fees incurred in connection with the sale in
2000. Cash distributions and net income increased in 2001, as compared to 2000,
due primarily to the adjusted gain on sale of assets and the lower expenses.

                                      -14-
<PAGE>

            Heritage Place at Tucker Property/Fund I-Fund II Tucker

<TABLE>
<CAPTION>
                                                                                      Three Months Ended
                                                                               -------------------------------
                                                                                 March 31,        March 31,
                                                                                    2001            2000
                                                                               --------------  ---------------
<S>                                                                            <C>             <C>
Revenues:
   Rental income                                                                    $337,369        $337,144
   Interest income                                                                       109             142
                                                                               --------------  ---------------
                                                                                     337,478         337,286
                                                                               --------------  ---------------
Expenses:
   Depreciation                                                                      117,190         122,336
   Management and leasing expenses                                                    34,787          28,578
   Other operating expenses, net of reimbursements                                   125,849         129,039
                                                                               --------------  ---------------
                                                                                     277,826         279,953
                                                                               --------------  ---------------
Net income                                                                          $ 59,652        $ 57,333
                                                                               ==============  ===============

Occupied percentage                                                                       86%             88%
                                                                               ==============  ===============

Partnership's ownership percentage                                                      55.1%           55.1%
                                                                               ==============  ===============

Cash distributions to the Partnership                                               $ 43,132        $ 53,290
                                                                               ==============  ===============

Net income allocated to the Partnership                                             $ 32,862        $ 31,590
                                                                               ==============  ===============
</TABLE>

Rental income and net income remained stable. Depreciation expenses decreased in
2001, as compared to 2000, primarily due to assets reaching full depreciation in
2000. Management and leasing expenses increased in 2001, as compared to 2000,
due to renewal fees.

Cash distributions decreased as a result of withholding operating cash flows in
order to fund capital improvements for the replacement of the air conditioning
system during the first quarter of 2001.

This property is currently being marketed for sale by The Dryman Team. The
management team is considering separating the retail portion of this property
from the office portion and creating a condominium for the office buildings. The
legal and site work have been completed so that the management team can market
this property to investors. The Partnership's goal is to have this property sold
by the end of 2002.

                                      -15-
<PAGE>

         Cherokee Commons/Fund I, II, II-OW, VI, and VII Joint Venture

<TABLE>
<CAPTION>
                                                                                     Three Months Ended
                                                                              -------------------------------
                                                                                March 31,        March 31,
                                                                                   2001            2000
                                                                              --------------  ---------------
<S>                                                                           <C>             <C>
Revenues:
   Rental income                                                                   $253,584        $242,861
   Interest income                                                                    3,424               7
                                                                              --------------  ---------------
                                                                                    257,008         242,868
                                                                              --------------  ---------------
Expenses:
   Depreciation                                                                     109,049         110,562
   Management and leasing expenses                                                   24,680          16,355
   Other operating expenses, net of reimbursements                                  (53,405)        (26,968)
                                                                              --------------  ---------------
                                                                                     80,324          99,949
                                                                              --------------  ---------------
Net income                                                                         $176,684        $142,919
                                                                              ==============  ===============

Occupied percentage                                                                      97%             97%
                                                                              ==============  ===============

Partnership's ownership percentage                                                       24%             24%
                                                                              ==============  ===============

Cash distributions to the Partnership                                              $ 73,447        $ 65,084
                                                                              ==============  ===============

Net income allocated to the Partnership                                            $ 42,445        $ 34,333
                                                                              ==============  ===============
</TABLE>

Rental income increased for 2001, as compared to 2000, due to increased rental
rates. Management and leasing expenses increased in 2001, as compared to 2000,
due to increased leasing commissions incurred as new tenants were acquired
during 2001.

Other operating expenses were negative for 2001 and 2000 due to adjustments for
additional common area maintenance reimbursement estimates in 2001. Tenants are
billed an estimated amount for the current year's common area maintenance
reimbursements, which are reconciled in the following year, and the difference
is billed or credited to the tenant.

The property is currently being actively marketed for sale to prospective
investors throughout the country by CB Richard Ellis. The Partnership's goal is
to have this property sold by the end of 2002.

                                      -16-
<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 first 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 first 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: May 11, 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.

                                      -17-