Exhibit 99.2
PORTFOLIO SUMMARY
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| PROPERTIES OWNED |
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% LEASED AS
OF 6/30/2011 |
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PERCENT
OWNED |
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ACQUISITION
DATE |
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ACQUISITION
PRICE* |
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DISPOSITION
DATE |
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DISPOSITION
PRICE |
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ALLOCATED NET
SALE PROCEEDS |
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| 14079 Senlac Drive |
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SOLD |
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55 |
% |
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10/10/96 |
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$ |
4,474,700 |
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11/29/07 |
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$ |
5,410,200 |
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$ |
2,798,597 |
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| BellSouth |
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SOLD |
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32 |
% |
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4/25/95 |
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$ |
9,000,000 |
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5/15/06 |
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$ |
13,377,600 |
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$ |
4,156,572 |
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| CH2M HILL |
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SOLD |
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63 |
% |
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1/1/96 |
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$ |
5,114,233 |
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12/7/05 |
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$ |
8,200,000 |
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$ |
5,028,105 |
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| 305 Interlocken Parkway |
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100 |
% |
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55 |
% |
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2/20/97 |
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$ |
7,087,770 |
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N/A |
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N/A |
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$ |
438,374 |
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| Hannover Center |
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SOLD |
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63 |
% |
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4/1/96 |
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$ |
1,602,312 |
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4/29/04 |
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$ |
1,725,427 |
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$ |
1,079,364 |
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| 15253 Bake Parkway |
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SOLD |
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46 |
% |
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1/10/97 |
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$ |
8,459,425 |
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12/2/04 |
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$ |
12,400,000 |
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$ |
5,487,477 |
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| Tanglewood Commons |
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SOLD |
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32 |
% |
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5/31/95 |
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$ |
8,700,001 |
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Various |
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$ |
12,860,620 |
** |
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$ |
4,059,480 |
** |
| U.S. Cellular |
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73 |
% |
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55 |
% |
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6/17/96 |
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$ |
10,485,786 |
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N/A |
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N/A |
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N/A |
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| WEIGHTED AVERAGE |
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82 |
% |
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| * |
The Acquisition Price does not include the up-front sales charge or capital expenditures, depreciation/amortization, or impairments incurred over our ownership period,
as applicable. |
| ** |
This asset was sold in three transactions. The Disposition Price and Allocated Net Sale Proceeds reflect the combination of the three sales. |
FUND FEATURES
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| OFFERING DATES |
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January 1995 – January 1996 |
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| PRICE PER UNIT |
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$10 |
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| A/B
STRUCTURE |
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A’s – Cash available for
distribution up to 10% Preferred B’s – Net loss until capital account reaches zero + No Operating
Distributions |
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| A/B RATIO AT CLOSE
OF OFFERING |
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82% to 18% |
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| AMOUNT RAISED |
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$32,042,689 |
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-Q for the period ended June 30, 2011. 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 VIII is in the positioning-for-sale phase of its life cycle, with six assets having been sold. Our focus on the two remaining assets involves concentrating on leasing and marketing efforts that
we believe will ultimately result in better disposition prices for our investors.
Flextronics, the sole tenant at 305 Interlocken Parkway,
intends to vacate the building at lease expiration (August 31, 2011). We are actively marketing the building space for long-term lease.
Second quarter 2011 operating distributions were reserved (see “Estimated Annualized Yield” table). We anticipate that operating distributions
may remain reserved in the near-term, given the anticipated leasing capital for the two 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
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The 14079 Senlac Drive property was sold on November 29, 2007, and net sale proceeds of $2,798,597 were allocated to the Fund. Of that
amount, $2,275,484 was distributed in May 2008, and the balance of the funds is being reserved at this time to fund anticipated capital at the two remaining assets in the Fund. |
| • |
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The BellSouth building was sold on May 15, 2006, and net sale proceeds of $4,156,572 were allocated to the Fund. The November 2006
distribution included $3,669,599 of these proceeds. The remaining proceeds of $486,973 were distributed in May 2008. |
| • |
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The CH2M HILL property was sold on December 7, 2005, and net sale proceeds of $5,028,105 were allocated to the Fund. Of these proceeds,
$3,697,706 was distributed to the limited partners in May 2006. The remaining proceeds were distributed in November 2006. |
| • |
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The 305 Interlocken Parkway property is located in the Broomfield submarket of Denver, Colorado. The entire building is leased to Flextronics
USA, Inc. through August 2011. Flextronics intends to vacate the building at lease expiration. We are actively marketing the building space for long-term lease. |
| • |
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The Hannover Center property was sold on April 29, 2004, and net sale proceeds of $1,079,364 were allocated to the Fund. These proceeds
were distributed in May 2005. |
| • |
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The 15253 Bake Parkway building was sold on December 2, 2004, following the signing of a new 10-year lease with Gambro Healthcare. Of the
net sale proceeds, $5,487,477 was allocated to the Fund, and $424,857 was used to fund the Partnership’s pro-rata share of the Gambro and CH2M HILL re-leasing costs. We distributed $3,612,619 of these proceeds to the limited partners in May
2005, and the remaining proceeds were distributed in November 2005. |
| • |
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The Tanglewood Commons shopping center was sold on April 21, 2005, and the Fund had previously sold a land outparcel in 2002. The remaining
outparcels were sold to Wells Management on January 31, 2007. The total net sale proceeds allocated to the Fund were $4,059,480. Of these proceeds, $3,821,938 was previously distributed, and the remaining $237,542 was included in the May 2008
distribution. |
| • |
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The U.S. Cellular building is located in Madison, Wisconsin. Approximately 73% of the space is leased to U.S. Cellular through April 2013, and
we are actively marketing the remaining vacant space for long-term lease. |
For a more detailed quarterly
financial report, please refer
to Fund VIII’s most recent 10-Q filing, which can be found
on the Wells website at www.WellsREF.com.
CUMULATIVE PERFORMANCE SUMMARY
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Par
Value |
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Cumulative
Operating
Cash
Flow
Distributed(1) |
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Cumulative
Passive
Losses(1 & 2) |
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Cumulative
Net
Sale
Proceeds
Distributed(1) |
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Estimated
Unit
Value as
of
12/31/10(3) |
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| PER “A” UNIT |
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$ |
10 |
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$ |
8.41 |
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N/A |
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$ |
5.85 |
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$ |
3.20 |
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| PER “B” UNIT |
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$ |
10 |
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$ |
0.00 |
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-$ |
3.71 |
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$ |
13.84 |
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$ |
3.25 |
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| (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 1/31/2011 Form 8-K for this partnership.
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ESTIMATED ANNUALIZED YIELD*
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Q1 |
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Q2 |
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Q3 |
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Q4 |
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AVG YTD |
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| 2011 |
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Reserved |
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Reserved |
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| 2010 |
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3.00 |
% |
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3.00 |
% |
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Reserved |
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Reserved |
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1.50 |
% |
| 2009 |
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3.00 |
% |
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3.00 |
% |
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3.00 |
% |
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3.00 |
% |
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3.00 |
% |
| 2008 |
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4.00 |
% |
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2.50 |
% |
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3.00 |
% |
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3.00 |
% |
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3.13 |
% |
| 2007 |
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4.00 |
% |
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4.00 |
% |
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4.00 |
% |
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4.00 |
% |
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4.00 |
% |
| 2006 |
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5.00 |
% |
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5.00 |
% |
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4.00 |
% |
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4.00 |
% |
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4.50 |
% |
| 2005 |
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3.00 |
% |
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3.50 |
% |
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Reserved |
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3.00 |
% |
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2.38 |
% |
| 2004 |
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9.50 |
% |
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Reserved |
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9.50 |
% |
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Reserved |
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4.75 |
% |
| 2003 |
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9.50 |
% |
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9.50 |
% |
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9.50 |
% |
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9.50 |
% |
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9.50 |
% |
| 2002 |
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9.50 |
% |
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9.50 |
% |
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9.50 |
% |
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9.50 |
% |
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9.50 |
% |
| 2001 |
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8.75 |
% |
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9.25 |
% |
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9.75 |
% |
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9.75 |
% |
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9.38 |
% |
| 2000 |
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9.14 |
% |
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9.24 |
% |
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9.00 |
% |
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8.39 |
% |
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8.94 |
% |
| 1999 |
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8.60 |
% |
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8.80 |
% |
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9.00 |
% |
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8.99 |
% |
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8.85 |
% |
| 1998 |
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8.37 |
% |
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8.52 |
% |
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8.61 |
% |
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8.83 |
% |
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8.58 |
% |
TAX PASSIVE LOSSES — CLASS “B” PARTNERS
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| 2010 |
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2009 |
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2008 |
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2007 |
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2006 |
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2005 |
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0.00% |
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0.00 |
% |
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-9.37 |
%** |
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-3.24 |
%** |
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-29.63 |
%** |
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-76.61 |
%** |
| * |
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.
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6200 The Corners
Parkway • Norcross, GA 30092-3365 • www.WellsREF.co • 800-557-4830
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| LPMPFSI1107-0450-8 |
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© 2011 Wells Real Estate Funds |
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