Discontinued Operations (Notes)

6 Months Ended

Jun. 30, 2012

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

DISCONTINUED OPERATIONS

In accordance with GAAP, Wells VAF I has classified the results of operations related to the Parkway at Oak Hill Buildings, which were sold on May 9, 2012, as discontinued operations in the accompanying statements of operations. The Parkway at Oak Hill Buildings were sold for a gross sales price of $31.3 million, exclusive of adjustments and closing costs, and generated net sale proceeds of approximately $30.5 million. The details comprising income (loss) from discontinued operations are presented below:

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2012		2011			2012		2011
Revenues:
Rental income	$	235,114	$	421,401		$	794,355	$	861,593
Tenant reimbursements	293,191		187,031			622,134		285,250
Total revenues	528,305		608,432			1,416,489		1,146,843
Expenses:
Property operating costs	228,169		345,388			595,071		645,729
Asset and property management fees:
Related-party	50,836		52,023			128,807		104,707
Other	—		—			11		—
Depreciation	77,927		259,948			374,664		514,211
Amortization	22,876		54,635			77,426		97,065
General and administrative expenses	70,928		30,913			110,180		63,846
Total expenses	450,736		742,907			1,286,159		1,425,558
Operating Income (Loss)	77,569		(134,475		)	130,330		(278,715		)
Gain on disposition	5,634,101		—			5,634,101		—
Income (Loss) from Discontinued Operations	$	5,711,670	$	(134,475	)	$	5,764,431	$	(278,715	)