Discontinued Operations (Notes)

6 Months Ended

Jun. 30, 2014

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

DISCONTINUED OPERATIONS

Wells VAF I has classified the results of operations related to the Commerce Street Building, which was sold on August 1, 2013, as discontinued operations in the accompanying statements of operations. The Commerce Street Building was sold for a gross sales price of $11.2 million, exclusive of closing costs and a credit of approximately $0.6 million for an outstanding tenant improvement obligation, and generated net sale proceeds of approximately $10.8 million. The details comprising income from discontinued operations are presented below:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2014		2013		2014		2013
Revenues:
Rental income	$	—	$	473,566	$	—	$	949,067
Tenant reimbursements	—		65,217		—		129,035
Total revenues	—		538,783		—		1,078,102
Expenses:
Property operating costs	—		233,542		—		491,202
Asset and property management fees:
Related-party	—		21,000		—		51,803
Other	—		12,675		—		12,675
Depreciation	—		91,128		—		179,820
Amortization	—		99,565		—		239,188
General and administrative expenses	—		8,744		—		36,384
Total expenses	—		466,654		—		1,011,072
Operating Income from Discontinued Operations	$	—	$	72,129	$	—	$	67,030