Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - WELLS REAL ESTATE FUND X L P | d8k.htm |
| EX-99.1 - LETTER TO LIMITED PARTNERS - WELLS REAL ESTATE FUND X L P | dex991.htm |
Exhibit 99.2
PORTFOLIO SUMMARY
| PROPERTIES |
% LEASED AS OF 12/31/2009 |
PERCENT OWNED |
ACQUISITION DATE |
ACQUISITION PRICE* |
DISPOSITION DATE |
DISPOSITION PRICE |
ALLOCATED NET SALE PROCEEDS | |||||||||||
| Alstom Power |
SOLD | 48% | 12/10/96 | $ | 8,137,994 | 3/15/05 | $ | 12,000,000 | $ | 5,647,340 | ||||||||
| Avaya |
100 | % | 48% | 6/24/98 | $ | 5,512,472 | N/A | N/A | N/A | |||||||||
| Cort |
SOLD | 33% | 7/31/98 | $ | 6,566,430 | 9/11/03 | $ | 5,770,000 | $ | 1,818,114 | ||||||||
| 47300 Kato Road |
100 | %** | 13% | 7/21/98 | $ | 8,983,110 | N/A | N/A | N/A | |||||||||
| 360 Interlocken Boulevard |
28 | % | 48% | 3/20/98 | $ | 8,567,344 | N/A | N/A | N/A | |||||||||
| Iomega |
SOLD | 48% | 4/1/98 | $ | 5,934,250 | 1/31/07 | $ | 4,867,000 | $ | 2,271,890 | ||||||||
| 1315 West Century Drive |
SOLD | 48% | 2/13/98 | $ | 10,361,070 | 12/22/06 | $ | 8,325,000 | $ | 3,908,217 | ||||||||
| WEIGHTED AVERAGE |
70 | % | ||||||||||||||||
| * | The Acquisition Price does not include the up-front sales charge. |
| ** | TCI International is leasing month-to-month pending resolution of renewal or vacancy. |
FUND FEATURES
| OFFERING DATES |
December 1996 – December 1997 | |
| PRICE PER UNIT |
$10 | |
| A/B STRUCTURE |
A’s – Cash available for distribution up to 10% Preferred B’s – Net loss until capital account reaches zero + No Operating Distributions | |
| A/B RATIO AT CLOSE OF OFFERING |
78% to 22% | |
| AMOUNT RAISED |
$27,128,912 |
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, 2009. 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 X is in the positioning-for-sale phase of its life cycle. The Fund now owns interests in three assets. Our focus on these assets involves concentrating on leasing and/or renewing efforts that we believe will ultimately result in better disposition prices for our investors
We are in discussions with the sole tenant at 47300 Kato Road, TCI International, about whether they will renew their lease or vacate. They are currently leasing the property on a month-to-month basis.
Fourth quarter 2009 operating distributions were reserved (see “Estimated Annualized Yield” table). The General Partners anticipate that operating distributions may remain reserved in the near-term, given the anticipated re-leasing expenses and capital improvements at the three remaining properties.
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 |
Property Summary
| • | The Alstom Power building was sold on March 15, 2005, following the lease renewal and extension with Alstom Power. Net sale proceeds of $5,647,340 were allocated to the Fund, and $4,066,886 of these proceeds was included in the November 2005 distribution. The remaining proceeds were included in the net sale proceeds distribution in August 2007. |
| • | The Avaya building in Oklahoma City, Oklahoma, is 100% leased through January 2015. |
| • | The Cort building was sold on September 11, 2003, and net sale proceeds of $1,818,114 were allocated to the Fund. Of these proceeds, $1,035,000 was distributed to the limited partners in November 2004. The remaining $783,114 was included in the November 2005 distribution. |
| • | The 47300 (formerly 47320) Kato Road property is located in Fremont, California, in the Silicon Valley region. TCI International leased the entire building through November 2009. We are in discussions with TCI concerning a possible renewal. |
| • | The 360 Interlocken Boulevard property is located in the Broomfield submarket of Denver, Colorado. The property is currently 28% leased to four tenants. We are actively marketing the property for new tenants. |
| • | The Iomega building was sold on January 31, 2007, and net sale proceeds of approximately $2,271,890 were allocated to the Fund. Of these proceeds, approximately $1,611,331 was distributed to the limited partners in August 2007. The remaining proceeds are being reserved at this time to fund anticipated capital at the remaining assets in the Fund. |
| • | The 1315 West Century Drive building was sold on December 22, 2006. Net sale proceeds allocated to the Fund totaled $3,908,217, which were included in the net sale proceeds distribution to the limited partners in August 2007. |
For a more detailed quarterly financial report, please refer to Fund X’s most recent 10-Q filing, which can be found
on the Wells Web site at www.WellsREF.com.
CUMULATIVE PERFORMANCE SUMMARY
| Par Value |
Cumulative Operating Cash Flow Distributed(1) |
Cumulative Passive Losses(1& 2) |
Cumulative Net Sale Proceeds Distributed(1) |
Estimated Unit Value as of 12/31/09(3) | |||||||||||
| PER “A” UNIT |
$ | 10 | $ | 6.67 | N/A | $ | 3.29 | $ | 2.43 | ||||||
| PER “B” UNIT |
$ | 10 | $ | 0.00 | $ | 0.45 | $ | 9.68 | $ | 2.27 | |||||
| (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 and have not made any conversion elections from Class A units to Class B units, or vice versa, under the Partnership agreement. |
| (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 2/1/2010 Form 8-K for this partnership. |
ESTIMATED ANNUALIZED YIELD*
| Q1 | Q2 | Q3 | Q4 | AVG YTD | |||||||||||
| 2009 |
Reserved | Reserved | Reserved | Reserved | 0.00 | % | |||||||||
| 2008 |
2.25 | % | Reserved | Reserved | Reserved | 0.56 | % | ||||||||
| 2007 |
3.50 | % | 3.50 | % | 3.50 | % | 2.25 | % | 3.19 | % | |||||
| 2006 |
3.00 | % | 3.00 | % | 2.75 | % | 2.75 | % | 2.88 | % | |||||
| 2005 |
4.50 | % | 2.50 | % | Reserved | 3.00 | % | 2.50 | % | ||||||
| 2004 |
6.75 | % | 4.50 | % | Reserved | 2.00 | % | 3.31 | % | ||||||
| 2003 |
7.75 | % | 7.00 | % | 8.50 | % | 7.25 | % | 7.63 | % | |||||
| 2002 |
8.50 | % | 8.50 | % | 8.50 | % | 8.50 | % | 8.50 | % | |||||
| 2001 |
9.75 | % | 10.00 | % | 9.75 | % | 9.75 | % | 9.81 | % | |||||
| 2000 |
9.50 | % | 9.75 | % | 9.75 | % | 10.00 | % | 9.75 | % | |||||
| 1999 |
10.00 | % | 9.24 | % | 9.48 | % | 9.39 | % | 9.53 | % | |||||
| TAX PASSIVE LOSSES — CLASS “B” PARTNERS
|
| ||||||||||||||
| 2008 |
2007 |
2006 |
2005 |
2004 |
2003 |
||||||||||
| 0.00% |
-25.58 | %** | 0.01 | % | -52.34 | %** | 10.38 | % | 20.56 | % | |||||
| * | The calculation is reflective of the $10 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 • 800-557-4830
| LPMPFSP1001-0001-10 | © 2010 Wells Real Estate Funds |