Discontinued Operations

6 Months Ended

Jun. 30, 2013

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 from discontinued operations are presented below:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2013		2012		2013		2012
Revenues:
Rental income	$	—	$	235,114	$	—	$	794,355
Tenant reimbursements	—		293,191		—		622,134
Total revenues	—		528,305		—		1,416,489
Expenses:
Property operating costs	—		228,169		—		595,071
Asset and property management fees:
Related-party	—		50,836		—		128,807
Other	—		—		—		11
Depreciation	—		77,927		—		374,664
Amortization	—		22,876		—		77,426
General and administrative expenses	—		70,928		—		110,180
Total expenses	—		450,736		—		1,286,159
Operating Income	—		77,569		—		130,330
Gain on disposition	—		5,634,101		—		5,634,101
Income from Discontinued Operations	$	—	$	5,711,670	$	—	$	5,764,431