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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| Siemens – Orlando |
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100 |
% |
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53 |
% |
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10/30/03 |
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$ |
11,799,059 |
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N/A |
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N/A |
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N/A |
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| Randstad – Atlanta |
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SOLD |
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53 |
% |
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12/19/03 |
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$ |
6,556,365 |
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4/24/07 |
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$ |
9,250,000 |
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$ |
4,739,100 |
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| 7500 Setzler Parkway |
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SOLD |
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53 |
% |
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3/26/04 |
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$ |
7,040,475 |
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1/31/07 |
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$ |
8,950,000 |
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$ |
4,597,063 |
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| 150 Apollo Drive** |
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SOLD |
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100 |
% |
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5/16/05 |
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$ |
12,339,064 |
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07/21/11 |
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$ |
9,875,000 |
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$ |
9,557,657 |
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| 3675 Kennesaw 75 |
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100 |
% |
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100 |
% |
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1/31/06 |
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$ |
3,403,674 |
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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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100 |
% |
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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. |
| ** |
The 150 Apollo Drive property was sold on July 21, 2011. |
FUND FEATURES
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| OFFERING DATES |
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May 2003 – April 2005 |
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| PRICE PER UNIT |
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$10 |
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Cash-Preferred – Cash available for distribution up to 10% Preferred |
| STRUCTURE |
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Tax-Preferred – Net loss until capital account reaches zero +
No Operating Distributions |
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| STRUCTURE RATIO AT CLOSE OF OFFERING |
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Cash-Preferred – 73% Tax-Preferred – 27% |
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| AMOUNT RAISED |
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$34,741,238 |
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 XIV is in the positioning-for-sale phase of its life cycle. The Fund now owns interests in two properties following the disposition of 150 Apollo Drive on July 21, 2011. Our focus on these
assets involves concentrating on leasing and marketing efforts that we believe will ultimately result in better disposition prices for our investors.
World Electric Supply (WES), the sole tenant at the 3675 Kennesaw 75 property, leases 100% of the building through October 2012. WES has vacated the building. In addition, WES has filed suit alleging that
a proper termination option notice was exercised to terminate the lease effective November 30, 2010. Counsel for the Fund believes that the termination option notification was invalid, that the WES claim is without merit, and that the lease is
enforceable through the October 2012 expiration. The case is currently in litigation.
Second quarter 2011 operating distributions to the
Cash-Preferred unit holders were reserved (see “Estimated Annualized Yield” table). The General Partners anticipate that operating distributions may remain reserved in the near-term to fund expected re-leasing costs at the Siemens –
Orlando building and the 3675 Kennesaw 75 property.
As a result of the sale of the 150 Apollo Drive property, the General Partners are
evaluating the current needs of the portfolio and the possibility and related timing of a potential distribution of net sale proceeds.
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 Siemens – Orlando building is 100% leased to three tenants, and the major lease to Siemens extends through September 2011.
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The Randstad – Atlanta building was sold on April 24, 2007. Net sale proceeds of $4,739,100 were allocated to the Fund. Almost all of
these proceeds were included in the net sale proceeds distribution in November 2007. The remaining proceeds are being reserved at this time. |
| • |
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7500 Setzler Parkway was sold on January 31, 2007, and net sale proceeds of approximately $4,597,063 were allocated to the Fund. Net sale
proceeds of approximately $4,590,000 were distributed to the limited partners in August 2007. The remaining proceeds were included in the net sale proceeds distribution in November 2007. |
| • |
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150 Apollo Drive was sold on July 21, 2011, and $9,557,657 in net sale proceeds was allocated to the Fund. |
| • |
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3675 Kennesaw 75 is located in Kennesaw, Georgia, a suburb of Atlanta. This asset is 100% leased to World Electric Supply through October 2012.
World Electric Supply has vacated the building and has indicated they will not renew the lease at expiration. |
For a more detailed quarterly financial report, please refer to Fund XIV’s most recent 10-Q filing, which can be found on the
Wells website at www.WellsREF.com.
CUMULATIVE PERFORMANCE SUMMARY
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Par Value |
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Cumulative
Operating
Cash
Flow
Distributed(1) |
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Cumulative
Passive
Losses(1 & 2) |
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Cumulative
Net Sale
Proceeds
Distributed(1) |
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Estimated
Unit Value as of 12/31/10(3) |
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| Per “Cash-
Preferred”
Unit |
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$ |
10 |
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$ |
3.16 |
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N/A |
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$ |
2.07 |
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$ |
5.12 |
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| Per “Tax-
Preferred”
Unit |
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$ |
10 |
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$ |
0.00 |
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$ |
1.77 |
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$ |
3.72 |
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$ |
4.95 |
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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 Cash-Preferred units to Tax-Preferred units, or vice versa, under the Partnership agreement. |
| (2) |
This per-unit amount is calculated as the sum of the annual per-unit cumulative passive loss allocated to a Pure Tax-Preferred Unit, reduced for Gain
on Sale per unit allocated to a Pure Tax-Preferred 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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Reserved |
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Reserved |
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Reserved |
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Reserved |
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0.00 |
% |
| 2009 |
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Reserved |
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Reserved |
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Reserved |
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Reserved |
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0.00 |
% |
| 2008 |
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7.50 |
% |
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4.00 |
% |
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Reserved |
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Reserved |
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2.88 |
% |
| 2007 |
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7.75 |
% |
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6.75 |
% |
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7.50 |
% |
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7.50 |
% |
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7.38 |
% |
| 2006 |
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8.25 |
% |
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8.25 |
% |
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8.25 |
% |
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8.25 |
% |
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8.25 |
% |
| 2005 |
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5.00 |
% |
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5.75 |
% |
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7.50 |
% |
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7.50 |
% |
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6.44 |
% |
| 2004 |
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6.75 |
% |
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6.75 |
% |
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4.75 |
% |
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5.25 |
% |
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5.88 |
% |
TAX PASSIVE LOSSES — “TAX-PREFERRED” 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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| 7.43% |
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5.94 |
% |
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5.92 |
% |
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-18.90 |
%** |
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7.34 |
% |
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5.14 |
% |
| * |
The calculation is reflective of the $10 offering price, adjusted for NSP paid-to-date to “Cash-Preferred” unit holders. |
| ** |
Negative percentage due to income allocation.
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6200 The Corners
Parkway • Norcross, GA 30092-3365 • www.WellsREF.com • 800-557-4830
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| LPMPFSI1107-0450-14 |
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© 2011 Wells Real Estate Funds |
