Exhibit 99.2

LOGO

PORTFOLIO SUMMARY


PROPERTIES OWNED	% LEASED AS OF 12/31/08	PERCENT OWNED	ACQUISITION DATE	ACQUISITION PRICE*		DISPOSITION DATE	DISPOSITION PRICE		ALLOCATED NET SALE PROCEEDS
880 Holcomb Bridge Road	SOLD	9%	1/31/90	$	6,689,802	7/1/04	$	7,109,800	$	607,643
2100 Space Park Drive (Formerly Boeing at the Atrium)	71%	36%	4/3/89	$	12,776,245	N/A		N/A		N/A
Brookwood Grill	SOLD	38%	1/31/90	$	1,819,463	7/1/04	$	2,390,200	$	872,770
4400 Cox Road	SOLD	57%	7/1/92	$	4,689,106	6/21/05	$	6,500,000	$	3,609,357
Greenville Center	SOLD	100%	6/30/90	$	3,820,520	9/30/02	$	2,400,000	$	2,271,186
Stockbridge Village I	SOLD	57%	4/4/91	$	9,635,257	4/29/04	$	12,179,487	$	6,879,238
WEIGHTED AVERAGE	71%

*	The Acquisition Price does not include the up-front sales charge.

FUND FEATURES


OFFERING DATES		October 1988 – October 1990
PRICE PER UNIT		$1
A/B STRUCTURE		A’s – Cash available for distribution up to first 8% B’s – Net loss until capital account reaches zero + Cash available for distribution over first 8% up to 8%
A/B RATIO AT CLOSE OF OFFERING		89% to 11%
AMOUNT RAISED		$22,206,310

Please note that the figures and dates in this fact sheet are subject to change as additional information becomes available related to a variety of factors, such as closing costs, prorations, and other adjustments.

The financial information presented is preliminary and subject to change, pending the filing of the Partnership’s Form 10-K for the period ended December 31, 2008. We do not make any representations or warranties (expressed or implied) about the accuracy of any such statements to the investors’ realized results at the close of the Fund.

Readers of this fact sheet should be aware that there are various factors and uncertainties that could cause actual results to differ materially from any forward-looking statements made in this material. Past performance is no guarantee of future results.

Portfolio Overview

Wells Fund III is in the disposition-and-liquidation phase of its life cycle, with one asset remaining in the Fund. We are aggressively pursuing the sale of 2100 Space Park Drive in an “as-is” condition. The 2100 Space Park Drive property is currently 71% leased. The new tenants are Hoyer Global and Lockheed Martin Corporation.

The fourth quarter 2008 operating distributions were reserved (see “Estimated Annualized Yield” table) since there is only one asset remaining. The 2100 Space Park Drive property is currently 71% leased. The new tenants are Hoyer Global and Lockheed Martin Corporation. The General Partners anticipate continuing to hold operating distributions until 2100 Space Park Drive is sold. Once the outcome of the disposition efforts is known, the General Partners will evaluate when further distributions of net sale proceeds are appropriate.

The Cumulative Performance Summary, which provides a high-level overview of the Fund’s overall performance to date, is on the reverse.


		Continued on reverse

LOGO

Property Summary

•

The 880 Holcomb Bridge Road property was sold on July 1, 2004, and $607,643 in net sale proceeds was allocated to Fund III. Of these proceeds, $58,283 was used for the Fund’s pro-rata share of the re-leasing costs at 4400 Cox Road. Another $90,075 was distributed to the limited partners in May 2005, and the remaining proceeds of $459,285 were included in the November 2005 distribution.

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The 2100 Space Park Drive property (formerly Boeing at the Atrium) is currently 71% leased to Hoyer Global through 2015 and to Lockheed Martin Corporation until October 2013. We are marketing the property for sale.

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The Brookwood Grill property was sold on July 1, 2004, and $872,770 in net sale proceeds was allocated to Fund III. Of these proceeds, $84,745 was used for the Fund’s pro-rata share of the re-leasing costs at 4400 Cox Road. Another $130,972 was distributed to the limited partners in May 2005, and the remaining proceeds of $657,053 were included in the November 2005 distribution.

•

The 4400 Cox Road property was sold on June 21, 2005, and approximately $3,609,357 in net sale proceeds was allocated to Fund III. Approximately $2,833,662 of these proceeds was included in the November 2005 distribution, and $588,640 was used for lobby renovations and re-leasing costs at 2100 Space Park Drive. The remaining proceeds are being reserved, since there is only one property remaining in the Fund.

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The Greenville Center property was sold in 2002, and $1,312,003 of the net sale proceeds was distributed to the limited partners in January 2004. The remaining net sale proceeds of $959,183 were distributed in November 2004.

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The Stockbridge Village I shopping center property was sold on April 29, 2004, and $6,879,238 in net sale proceeds was allocated to Fund III. Of these proceeds, $626,466 was used for the Fund’s pro-rata share of the re-leasing costs at 4400 Cox Road; $5,698,820 was distributed in November 2004; and the remaining proceeds of $553,953 were distributed in May 2005.

For a more detailed quarterly financial report, please refer to Fund III’s most recent 10-Q filing, which can be found on the

Wells Web site at www.wellsref.com.

CUMULATIVE PERFORMANCE SUMMARY⁽¹⁾


	Par Value		Cumulative Operating Cash Flow Distributed		Cumulative Passive Losses⁽²⁾		Cumulative Net Sale Proceeds Distributed		Estimated Unit Value as of 12/31/08⁽³⁾
PER “A” UNIT	$	1.00	$	0.87		N/A	$	0.58	$	0.16
PER “B” UNIT	$	1.00	$	0.14	$	0.34	$	0.55	$	0.11

⁽¹⁾	These per-unit amounts represent estimates of the amounts attributable to the limited partners who have purchased their units directly from the Partnership in its initial public offering of units.

⁽²⁾	This estimated per-unit amount is calculated as the sum of the annual per-unit cumulative passive loss allocated to a Pure Class B Unit, reduced for Gain on Sale per unit allocated to a Pure Class B Unit.

⁽³⁾	Please refer to the disclosure related to the estimated unit valuations contained in the 1/30/2009 Form 8-K for this partnership.

ESTIMATED ANNUALIZED YIELD*


	Q1		Q2		Q3		Q4		AVG YTD
2008	Reserved		Reserved		Reserved		Reserved		0.00	%
2007	3.00	%	3.00	%	3.00	%	Reserved		2.25	%
2006	Reserved		3.00	%	3.00	%	3.00	%	2.25	%
2005	Reserved		Reserved		Reserved		Reserved		0.00	%
2004	Reserved		Reserved		Reserved		Reserved		0.00	%
2003	4.50	%	4.50	%	4.50	%	4.50	%	4.50	%
2002	Reserved		Reserved		Reserved		4.50	%	1.13	%
2001	6.50	%	6.00	%	6.00	%	Reserved		4.63	%
2000	7.00	%	Reserved		Reserved		Reserved		1.75	%
1999	8.00	%	8.00	%	8.00	%	8.00	%	8.00	%
1998	7.58	%	8.00	%	8.00	%	9.25	%	8.21	%
1997	Reserved		Reserved		7.13	%	8.04	%	3.79	%
1996	8.00	%	8.00	%	6.36	%	6.53	%	7.22	%

TAX PASSIVE LOSSES—CLASS “B” PARTNERS


2007	2006		2005		2004		2003		2002
0.00%	0.01	%	-21.31	%**	-33.51	%**	0.00	%	0.00	%

*	The calculation is reflective of the $1 offering price, adjusted for NSP paid-to-date to Class “A” unit holders.

**	Negative percentage due to income allocation.

6200 The Corners Parkway • Norcross, GA 30092-3365 • www.wellsref.com • 800-448-1010


LPMPFSI0901-0042		^© 2009 Wells Real Estate Funds

WELLS REAL ESTATE FUND III L P 8-K