SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ----------------------- Amendment No. 4 To SCHEDULE TO Tender Offer Statement Pursuant to Section 14(d)(1) or 13(e)(1) of the Securities Exchange Act of 1934 ------------------- WELLS REAL ESTATE INVESTMENT TRUST, INC. (Name of Subject Company) SUTTER OPPORTUNITY FUND 3, LLC, SUTTER CAPITAL MANAGEMENT, LLC and ROBERT E. DIXON (Bidders) COMMON STOCK, PAR VALUE $.01 (Title of Class of Securities) (CUSIP Number of Class of Securities) ----------------------- Copy to: Robert E. Dixon Paul J. Derenthal, Esq. Sutter Capital Management, LLC Derenthal & Dannhauser LLP 220 Montgomery Street, Suite 2100, One Post Street, Suite 575 San Francisco, California 94104 San Francisco, CA 94104 (415) 788-1441 (415) 981-4844 (Name, Address, and Telephone Number of Person Authorized to Receive Notices and Communications on Behalf of Bidder) Calculation of Filing Fee Transaction Amount of Valuation* Filing Fee $7,000,000 $886.90 * For purposes of calculating the filing fee only. Assumes the purchase of 1,000,000 Shares at a purchase price equal to $7.00 per Share in cash. [X] Check box if any part of the fee is offset as provided by Rule 0-11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. Amount Previously Paid: $886.90 Form or Registration Number: Schedule TO Filing Party: Above listed Bidders Date Filed: 11/15/04 [ ] Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer. Check the appropriate boxes below to designate any transactions to which the statement relates: [X] third party tender offer subject to Rule 14d-1. [ ] issuer tender offer subject to Rule 13e-4. [ ] going private transaction subject to Rule 13e-3 [ ] amendment to Schedule 13D under Rule 13d-2 Check the following box if the filing is a final amendment reporting the results of the tender offer: [X] FINAL AMENDMENT TO TENDER OFFER This final amendment to Tender Offer Statement on Schedule TO relates to the offer by SUTTER OPPORTUNITY FUND 3, LLC, and ROBERT E. DIXON (together, the "Purchasers") for the purchase of up to 1,000,000 Shares of COMMON STOCK, PAR VALUE $.01 (the "Shares") in WELLS REAL ESTATE INVESTMENT TRUST, INC., a Maryland corporation (the "Company"). The Offer terminated on January 14, 2005. The Offer resulted in the tender by Share holders, and acceptance for payment by the Purchasers, of a total of 18,715.97 Shares. Upon completion of the Offer, the Purchaser and its affiliates held an aggregate of approximately 21,715.97 Shares, or approximately 0.0046% of the total outstanding Shares. SIGNATURES After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: February 7, 2005 SUTTER OPPORTUNITY FUND 3, LLC By Sutter Capital Management, LLC, its Manager By: /s/ ROBERT E. DIXON ----------------------------------- Robert E. Dixon, Manager SUTTER CAPITAL MANAGEMENT, LLC By: /s/ ROBERT E. DIXON ----------------------------------- Robert E. Dixon, Manager /s/ ROBERT E. DIXON ----------------------------------- Robert E. Dixon 2