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ATLANTA-Wells Real Estate Investment Trust directors have approved an annualized quarterly cash dividend of 7.75% for the first quarter of 2002.

The dividend rate is payable in March 2002 and is calculated on a daily basis to shareholders of record each day from Dec. 16 through March 15, 2002, according the company’s prepared statement.

The dividend has increased five times since the REIT was created in March 1998. Wells is a national real estate investment management firmthat acquires single-tenant, class A suburban office and industrial properties.

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