FORM 5 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). Form 3 Holdings Reported Form 4 Transactions Reported

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * WELLS LEO F III 2. Issuer Name and Ticker or Trading Symbol Wells Timberland REIT, Inc. [N/A] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director __X__ 10% Owner __X__ Officer (give title below) _____ Other (specify below) President (Last) (First) (Middle) 6200 THE CORNERS PARKWAY 3. Statement for Issuer's Fiscal Year Ended (Month/Day/Year) 12/31/2011 (Street) NORCROSS, GA 30092 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Reporting (check applicable line) _X_ Form Filed by One Reporting Person ___ Form Filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned at end of Issuer's Fiscal Year (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Amount (A) or (D) Price Common Stock             171,802.317 (1) D   Common Stock             20,957.06 (2) I By Wells TIMO Preferred Stock 08/29/2008   P5 10,700 A $ 1,000 37,748 (3) I By Wells REF Preferred Stock 10/17/2008   S5 600 D $ 1,000 37,748 (3) I By Wells REF Preferred Stock 12/31/2009   P5 800 A $ 1,000 37,748 (3) I By Wells REF Preferred Stock 05/20/2011   J5 805 D $ 1,000 37,748 (3) I By Wells REF Preferred Stock 05/27/2011   J5 294 D $ 1,000 37,748 (3) I By Wells REF Preferred Stock 06/03/2011   J5 254 D $ 1,000 37,748 (3) I By Wells REF Preferred Stock 06/10/2011   J5 347 D $ 1,000 37,748 (3) I By Wells REF Preferred Stock 06/17/2011   J5 179 D $ 1,000 37,748 (3) I By Wells REF Preferred Stock 06/24/2011   J5 302 D $ 1,000 37,748 (3) I By Wells REF Preferred Stock 07/01/2011   J5 296 D $ 1,000 37,748 (3) I By Wells REF Preferred Stock 07/07/2011   J5 260 D $ 1,000 37,748 (3) I By Wells REF Preferred Stock 07/15/2011   J5 406 D $ 1,000 37,748 (3) I By Wells REF Preferred Stock 07/22/2011   J5 234 D $ 1,000 37,748 (3) I By Wells REF Preferred Stock 07/29/2011   J5 228 D $ 1,000 37,748 (3) I By Wells REF Preferred Stock 08/05/2011   J5 366 D $ 1,000 37,748 (3) I By Wells REF Preferred Stock 08/26/2011   J5 22 D $ 1,000 37,748 (3) I By Wells REF Preferred Stock 09/02/2011   J5 307 D $ 1,000 37,748 (3) I By Wells REF Preferred Stock 09/09/2011   J5 48 D $ 1,000 37,748 (3) I By Wells REF Preferred Stock 09/16/2011   J5 33 D $ 1,000 37,748 (3) I By Wells REF Preferred Stock 10/07/2011   J5 56 D $ 1,000 37,748 (3) I By Wells REF Preferred Stock 10/14/2011   J5 51 D $ 1,000 37,748 (3) I By Wells REF Preferred Stock 10/21/2011   J5 36 D $ 1,000 37,748 (3) I By Wells REF Preferred Stock 10/28/2011   J5 27 D $ 1,000 37,748 (3) I By Wells REF Preferred Stock 11/04/2011   J5 59 D $ 1,000 37,748 (3) I By Wells REF Preferred Stock 11/11/2011   J5 91 D $ 1,000 37,748 (3) I By Wells REF Preferred Stock 11/18/2011   J5 69 D $ 1,000 37,748 (3) I By Wells REF Preferred Stock 11/28/2011   J5 65 D $ 1,000 37,748 (3) I By Wells REF Preferred Stock 12/05/2011   J5 59 D $ 1,000 37,748 (3) I By Wells REF

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SEC 2270 (9-02)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned at End of Issuer's Fiscal Year (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
WELLS LEO F III 6200 THE CORNERS PARKWAY NORCROSS, GA 30092	Â	  X	  President	Â

Signatures

Douglas P. Williams, Attorney-in-Fact		02/14/2012
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Includes 842.053 shares acquired on 3/15/2011, 846.256 shares acquired on 6/15/2011, 850.491 shares acquired on 9/15/2011, and 854.743 shares acquired on 12/15/2011 pursuant to stock dividends.
(2)	These securities are owned directly by Wells Timberland Management Organization, LLC ("Wells TIMO"). As the sole stockholder of Wells Real Estate Funds, Inc., or Wells REF, which owns Wells Capital, Inc. and Wells TIMO, the reporting person is deemed to be the beneficial owner of these securities. See Form 3/A filed on 02/14/2012 for detail. 957.060 shares of common stock were issued to Wells TIMO related to these shares during 2010 and 2011 pursuant to stock dividends.
(3)	These securities are owned directly by Wells REF. As the sole stockholder of Wells REF, the reporting person is deemed to be the beneficial owner these securities. Approximately 32,128 shares of Series A preferred stock were issued to Wells REF on October 9, 2007.See Form 3/A filed on 02/14/2012 for detail.

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