2%/25% Guidelines

2%/25% Guidelines. The requirement, as provided in Section 13 hereof, that, in any 12-month period ending on the last day of any fiscal quarter, Operating Expenses under this Agreement and the Management Agreement not exceed the greater of two percent of the Company's Average Invested Assets during such 12-month period or 25% of the Company's Adjusted Net Income over the same 12-month period.

2%/25% Guidelines. The requirement pursuant to the North American Securities Administrators Association, Inc.'s Statement of Policy Regarding Real Estate Investment Trusts, as amended from time to time, that, in any 12 month period, total Operating Expenses not exceed the greater of 2% of the Company's Average Invested Assets during such 12 month period or 25% of the Company's Net Income over the same 12 month period.

2%/25% Guidelines. The requirement pursuant to the NASAA Guidelines that, in any twelve (12)-month period, total Operating Expenses not exceed the greater of two percent (2%) of the Company's Average Invested Assets during such twelve (12)-month period or twenty-five percent (25%) of the Company's Net Income over the same twelve (12)-month period.

2%/25% Guidelines. The requirement pursuant to the guidelines of the North American Securities Administrators Association, Inc. that, in any 12 month period, total Operating Expenses not exceed the greater of 2% of Wells REIT's Average Invested Assets during such 12 month period or 25% of Wells REIT's Net Income over the same 12 month period.

2%/25% Guidelines. The requirement pursuant to the NASAA Guidelines that, in any 12-month period, total Operating Expenses not exceed the greater of 2% of the Company's Average Invested Assets during such 12-month period or 25% of the Company's Net Income over the same 12-month period.

2%/25% Guidelines. Shall have the meaning set forth in the Charter.