<PAGE>

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q


(Mark One)

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

For the quarterly period ended        September 30, 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
incorporation or organization)                     Identification Number)


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

    Item 1.  Consolidated Balance Sheets-September 30, 2001 and December 31, 2000                             3

             Consolidated Statements of Income for the Three Months and Nine Months Ended
                 September 30, 2001 and 2000                                                                  4

             Consolidated Statements of Partners' Capital for the Nine Months Ended
                 September 30, 2001 and the Year Ended December 31, 2000                                      5

             Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 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                                                                                9

PART II.     OTHER INFORMATION                                                                               12
</TABLE>

                                       2
<PAGE>

                            WELLS REAL ESTATE FUND I

                     (A Georgia Public Limited Partnership)


                           CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>
                                                                                   September 30,      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
           $5,679,464 as of September 30, 2001 and $9,170,624 as of
           December 31, 2000                                                          5,766,715         10,093,769
                                                                                  -------------       ------------
              Total real estate assets, net                                           7,207,323         12,870,313
                                                                                  -------------       ------------

    Investment in joint ventures (Note 2)                                             5,663,706          5,835,269
    Cash and cash equivalents                                                         8,594,867          2,268,774
    Due from affiliates                                                                  56,933            207,948
    Deferred lease acquisition costs                                                     96,447            159,239
    Accounts receivable                                                                 216,054            306,881
    Prepaid expenses and other assets                                                   124,287             84,226
                                                                                  -------------       ------------
                                                                                     14,752,294          8,862,337
                                                                                  -------------       ------------
              Total assets                                                        $  21,959,617       $ 21,732,650
                                                                                  =============       ============
LIABILITIES AND PARTNERS' CAPITAL:
    Liabilities:
       Accounts payable                                                           $      64,500       $    130,725
       Due to affiliates                                                              1,790,763          1,771,609
       Refundable security deposits                                                      58,101            106,609
       Partnership distribution payable                                                 159,983            374,875
       Minority interest                                                                 45,945             50,222
                                                                                  -------------       ------------
              Total liabilities                                                       2,119,292          2,434,040
                                                                                  -------------       ------------
    Partners' capital:
       Limited partners:
           Class A-98,716 units outstanding                                          19,289,307         19,184,478
           Class B-42,568 units outstanding                                             551,018            114,132
                                                                                  -------------       ------------
              Total partners' capital                                                19,840,325         19,298,610
                                                                                  -------------       ------------
              Total liabilities and partners' capital                             $  21,959,617       $ 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

<TABLE>
<CAPTION>
                                                             Three Months Ended                  Nine Months Ended
                                                     ---------------------------------------------------------------------
                                                      September 30,     September 30,     September 30,    September 30,
                                                           2001              2000             2001              2000
                                                     ----------------  ----------------  ---------------  ----------------
<S>                                                  <C>               <C>               <C>              <C>
REVENUES:
    Rental income                                         $197,704          $373,339       $   607,750      $ 1,151,318
    Interest income                                         71,483            31,368           261,331           79,060
    Equity in income of joint ventures
       (Note 2)                                             59,661            48,636           210,153          184,814
    Gain on sale of real estate                                  0           268,103         1,161,788          268,103
                                                     ----------------  ----------------  ---------------  ----------------
                                                           328,848           721,446         2,241,022        1,683,295
                                                     ----------------  ----------------  ---------------  ----------------
EXPENSES:
    Depreciation                                           148,069           263,423           457,148          775,298
    Operating costs-rental properties, net of
       tenant reimbursements                                10,324           160,489           270,443          494,958
    Legal and accounting                                     6,675             4,554            32,270           34,032
    Management and leasing fees                             14,774            28,596            51,463           90,493
    Partnership administration                              34,259            24,848            87,910           64,895
    Lease acquisition costs                                  9,473            12,938            25,189           38,814
    Computer expenses                                        2,997             2,354            14,427            7,247
                                                     ----------------  ----------------  ---------------  ----------------
                                                           226,571           497,202           938,850        1,505,737
                                                     ----------------  ----------------  ---------------  ----------------

INCOME BEFORE MINORITY INTEREST                            102,277           224,244         1,302,172          177,558
MINORITY INTEREST                                               24            13,945            (4,673)          13,333
                                                     ----------------  ----------------  ---------------  ----------------
NET INCOME                                                $102,301          $238,189       $ 1,297,499      $   190,891
                                                     ================  ================  ===============  ================
NET INCOME ALLOCATED TO CLASS A LIMITED
   PARTNERS                                               $102,301          $124,057       $   860,613      $    76,759
                                                     ================  ================  ===============  ================
NET INCOME ALLOCATED TO CLASS B LIMITED
   PARTNERS                                               $      0          $114,132       $   436,886      $   114,132
                                                     ================  ================  ===============  ================
NET INCOME PER CLASS A LIMITED PARTNER UNIT               $   1.04          $   1.26       $      8.72      $      0.78
                                                     ================  ================  ===============  ================
NET INCOME PER CLASS B LIMITED PARTNER UNIT               $   0.00          $   2.68       $     10.26      $      2.68
                                                     ================  ================  ===============  ================
CASH DISTRIBUTION PER CLASS A LIMITED PARTNER
   UNIT                                                   $   2.50          $   3.75       $      7.66      $     10.40
                                                     ================  ================  ===============  ================
</TABLE>

     See accompanying condensed notes to consolidated 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 NINE MONTHS ENDED SEPTEMBER 30, 2001

<TABLE>
<CAPTION>
                                                                Limited Partners                           Total
                                                ------------------------------------------------
                                                        Class A                    Class B               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 distributions                         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           860,613          0     436,886          1,297,499
    Partnership distributions                         0          (755,784)         0           0           (755,784)
                                                --------      -----------   --------   ---------        -----------
BALANCE, September 30, 2001                      98,716       $19,289,307     42,568   $ 551,018        $19,840,325
                                                ========      ===========   ========   =========        ===========
</TABLE>
    See accompanying condensed notes to consolidated financial statements.


                                       5
<PAGE>

                            WELLS REAL ESTATE FUND I

                     (A Georgia Public Limited Partnership)


                      CONSOLIDATED STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>
                                                                                           Nine Months Ended
                                                                                  ------------------------------------
                                                                                    September 30,      September 30,
                                                                                        2001               2000
                                                                                  -----------------  -----------------
<S>                                                                               <C>                <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
    Net income                                                                      $  1,297,499        $   190,891
    Adjustments to reconcile net income to net cash provided by operating
       activities:
           Equity in income of joint ventures                                           (210,153)          (184,814)
           Depreciation                                                                  457,148            775,298
           Bad debt expense                                                               72,873                  0
           Gain on sale of real estate assets                                         (1,161,788)          (268,103)
           Changes in assets and liabilities:
              Accounts receivable                                                         13,885            114,805
              Deferred lease acquisition costs                                            (6,869)           (15,394)
              Prepaids and other assets                                                  (40,061)           (15,047)
              Accounts payable and refundable security deposits                         (114,733)           116,060
              Due to affiliates                                                           19,154             48,256
              Minority interest                                                            4,673            (52,839)
                                                                                  -----------------  -----------------
                 Total adjustments                                                      (965,871)           518,222
                                                                                  -----------------  -----------------
                 Net cash provided by operating activities                               331,628            709,113
                                                                                  -----------------  -----------------
CASH FLOWS FROM INVESTING ACTIVITIES:
    Distributions received from joint ventures                                           532,731            402,702
    Net proceeds from sale of real estate                                              6,592,202            702,604
    Investment in real estate                                                           (150,842)           (31,290)
                                                                                  -----------------  -----------------
                 Net cash provided by investing activities                             6,974,091          1,074,016
                                                                                  -----------------  -----------------
CASH FLOWS FROM FINANCING ACTIVITIES:
     Minority interest distributions                                                      (8,950)             1,938
    Partnership distributions paid                                                      (970,676)          (980,118)
                                                                                  -----------------  -----------------
                 Net cash used in financing activities                                  (979,626)          (978,180)
                                                                                  -----------------  -----------------
NET INCREASE IN CASH AND CASH EQUIVALENTS                                              6,326,093            804,949


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

CASH AND CASH EQUIVALENTS, end of period                                            $  8,594,867         $2,475,292
                                                                                  =================  =================
</TABLE>

    See accompanying condensed notes to consolidated financial statements.

                                       6
<PAGE>

                            WELLS REAL ESTATE FUND I

                     (A Georgia Public Limited Partnership)

              CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                               SEPTEMBER 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, Inc., 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, investment or investment objectives of the
     Partnership, and (c) add or remove a General Partner. A majority vote on
     any of the above described matters will bind the Partnership, without the
     concurrence of the General Partners. Each Limited Partner unit has equal
     voting rights, regardless of class.

     The Partnership owns interests in the following joint ventures with other
     related 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
     IIOW Joint Venture (the "Tucker Joint Venture"), and (iii) Fund I, II,
     IIOW, VI, and VII Associates, a joint venture among the Partnership, Fund
     II-Fund IIOW Joint Venture, Wells Real Estate Fund VI, L.P. and Wells Real
     Estate Fund VII, L. P. (the "Fund I-II-IIOW-VI-VII Joint Venture"). Fund
     II-Fund IIOW Joint Venture is a joint venture between Wells Real Estate
     Fund II and Wells Real Estate Fund II-OW.

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

     Crowe's Crossing was sold on January 11, 2001 for a gross sales price of
     $6,785,000 with net proceeds to the Partnership of approximately
     $6,569,000. The Partnership has recognized an estimated gain of
     approximately $1,139,000 from this sale.

                                       7
<PAGE>

     Wells-Baker joint venture had previously sold one of its commercial office
     buildings, 3875 Peachtree Place, on August 31, 2000, for a gross sales
     price of $772,915. The net proceeds of the sale were $704,495, of which the
     Partnership received $633,694, resulting in a gain of $268,103.

     (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 September 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 September 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 and 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.

     (c) Reclassifications

     Certain prior year amounts have been reclassified to conform to the current
     year financial statement presentation.

2.   INVESTMENT IN JOINT VENTURES

     The Partnership owned interests in two properties as of September 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. As described above, the
     accounts of Wells-Baker are consolidated with the financial statements of
     the Partnership.

                                       8
<PAGE>

     SUMMARY OF operations

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

<TABLE>
<CAPTION>
                                                                                           Partnership's Share of Net
                                    Total Revenues                  Net Income                       Income
                             ------------------------------------------------------------------------------------------
                                  Three Months Ended            Three Months Ended             Three Months Ended
                             ------------------------------------------------------------------------------------------
                             September 30,  September 30,  September 30,  September 30,   September 30,  September 30,
                                 2001           2000           2001           2000            2001           2000
                             ------------------------------------------------------------------------------------------
<S>                          <C>           <C>             <C>            <C>            <C>             <C>
      Tucker Joint Venture      $309,535       $341,286         $36,301        $62,864        $19,998         $34,632
      Fund I-II-IIOW-VI-
        VII Joint Venture        253,155        230,688         165,105         58,293         39,663          14,004
                             ------------- --------------- -------------- -------------- --------------- --------------
                                $562,690       $571,974        $201,406       $121,157        $59,661         $48,636
                             ==========================================================================================

                                                                                           Partnership's Share of Net
                                    Total Revenues                  Net Income                       Income
                             ------------------------------------------------------------------------------------------
                                   Nine Months Ended             Nine Months Ended             Nine Months Ended
                             ------------------------------------------------------------------------------------------
                             September 30,  September 30,  September 30,  September 30,   September 30,  September 30,
                                 2001           2000            2001           2000           2001            2000
                             ------------------------------------------------------------------------------------------
      Tucker Joint Venture     $993,851     $1,029,696        $184,020       $202,580       $101,377        $111,601
      Fund I-II-IIOW-VI-
        VII Joint Venture       764,131        713,787         452,799        304,760        108,776          73,213
                             ------------------------------------------------------------------------------------------
                             $1,757,982     $1,743,483        $636,819       $507,340       $210,153       $ 184,814
                             ==========================================================================================
</TABLE>


3.   SUBSEQUENT EVENT

     On October 1, 2001, Fund I-II-IIOW-VI-VII Joint Venture sold Cherokee
     Commons for a gross sales price of $8,660,000. The Partnership received net
     proceeds of approximately $2,037,000, resulting in a gain of approximately
     $420,000.

     Rent guarantees for two tenants were provided by Fund I-II-IIOW-VI-VII
     Joint Venture to the Purchaser in the sale of Cherokee Commons. Fund
     I-II-IIOW-VI-VII Joint Venture has accrued a contingent liability in
     October 2001 for rental payments due from one tenant, as management
     considers the likelihood of nonpayment by this tenant to be probable. The
     Partnership's portion of this liability is $3,772. Management considers the
     likelihood of nonpayment by the second tenant to be low and, accordingly,
     has not accrued a contingent liability for the related rental guarantee.


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
                                       9
<PAGE>

     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 September 30, 2001, the properties owned by the Partnership were
     70.6% occupied as compared to 71.7% as of September 30, 2000, excluding
     Crowe's Crossing for both periods. Occupancy decreased due to vacancies at
     Peachtree Place and Black Oak Plaza.

     Revenues of the Partnership increased to $2,241,022 for the nine months
     ended September 30, 2001, as compared to $1,683,295 for the nine months
     ended September 30, 2000, primarily due to: (i) recognizing the gain on
     sale of Crowe's Crossing (further described below), (ii) additional
     interest income, as a result of investing the proceeds from this sale, and
     (iii) an increase in equity in income from joint ventures primarily
     resulting from decreased depreciation at Cherokee Commons partially offset
     by lower rental income at Heritage Place. In accordance with the provisions
     of SFAS No. 121, "Accounting for the Impairment of Long-Lived Assets and
     for Long-Lived Assets to be Disposed of", Fund I-II-IIOW-VI-VII Joint
     Venture reclassified the real estate assets of Cherokee Commons as "Held
     For Sale" upon finalizing negotiations with the Purchaser in August 2001
     and stopped depreciating these real estate assets. The increase in revenues
     is partially offset by a decrease in rental income as a result of the sale
     of Crowe's Crossing in January 2001 and one building at Peachtree Place in
     August 2000.

     Expenses of the Partnership decreased to $938,850 for the period ended
     September 30, 2001, as compared to $1,505,737 for the nine months ended
     September 30, 2000, primarily due to a decrease in the operating costs of
     the Partnership's properties, depreciation, and management and leasing fees
     as a result of the sale of Crowe's Crossing and one building at Peachtree
     Place in January 2001 and August 2000, respectively. As a result, net
     income, excluding the gain on sale of property, was $135,711 for the nine
     months ended September 30, 2001, as compared to a net loss, after excluding
     the gain on sale of property, of $77,212 for the same period of 2000.

     The Partnership declared cash distributions of $7.66 per unit to the
     Limited Partners holding Class A Units for the nine months ended September
     30, 2001, as compared to distributions of $10.40 per Class A Unit for the
     nine months ended September 30, 2000, primarily due to decreased operating
     income from Peachtree Place and Crowe's Crossing when sold. No cash
     distributions were made to the Limited Partners holding Class B Units or to
     the General Partners for the nine months ended September 30, 2001 and 2000.

     The Partnership's distributions payable through the third quarter of 2001
     have been 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 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"), which had been the
     anchor tenant at the Paces Pavilion/Howell Mill Road Property expired on
     December 31, 1996, and as of September 30, 2001, the building remains 30%
     leased. Management has hired an outside firm to assist in its leasing
     efforts and hopes to enter into additional leases in the near future.

                                       10
<PAGE>

     The Partnership has previously made the decision to begin the process of
     selling its properties. At this time, Peachtree Place and Heritage Place
     are being actively marketed for sale. Management estimates that the fair
     market value of each of the properties in which the Partnership invests,
     either directly or through joint venture interests, exceeds the carrying
     value of the corresponding real estate assets; consequently, no impairment
     losses have been recorded. In the event that the net sales proceeds are
     less than the carrying value of the properties sold, the Partnership would
     recognize losses on the sales. Upon finalizing negotiations with
     purchasers, management will reclassify the real estate assets of such
     properties as "Held for Sale" and, pursuant to SFAS No. 121, discontinue
     depreciation at that point. 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 Crowe's Crossing and one building at
     Peachtree Place will be distributed to the Limited Partners pending final
     results of the outstanding proxy solicitation described in Item 4 hereof.

                                       11
<PAGE>

                          PART II. OTHER INFORMATION


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

(a)   In August 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 third 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 third 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:  November 9, 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.

                                       12