Washington Real Estate Investment Trust Announces Third Quarter Financial and Operating Results

  Washington Real Estate Investment Trust Announces Third Quarter Financial
  and Operating Results

Business Wire

ROCKVILLE, Md. -- October 25, 2012

Washington Real Estate Investment Trust (“WRIT” or the “Company”) (NYSE: WRE),
a leading owner and operator of diversified properties in the Washington, D.C.
region, reported financial and operating results today for the quarter ended
September30, 2012:

  *Core Funds from Operations^(1), defined as Funds from Operations^(1)
    (“FFO”) excluding acquisition expense, gains or losses on extinguishment
    of debt and impairment, was $31.9 million, or $0.48 per diluted share for
    the quarter ended September30, 2012, compared to $32.4 million, or $0.48
    per diluted share for the prior year period. FFO for the quarter ended
    September30, 2012 was $32.1 million, or $0.48 per share, compared to
    $30.8 million, or $0.46 per share, in the same period one year ago.
  *Net income attributable to the controlling interests for the quarter ended
    September30, 2012 was $9.6 million, or $0.14 per diluted share, compared
    to $63.0 million, or $0.95 per diluted share, in the same period one year
    ago. Included in third quarter 2012 and third quarter 2011 net income,
    respectively, was a $3.7 million, or $0.06 per share, and a $56.6 million,
    or $0.86 per share, gain on sale of real estate.

“With the completion of our $300 million 3.95% unsecured debt transaction this
quarter, we paid down our line balances in full as well as a portion of our
upcoming 2013 debt maturities. We believe we are well-positioned to execute on
acquisition opportunities in the months and years ahead. On the operations
side, our diversified portfolio continues to produce stable results. We expect
that the upcoming election will provide greater clarity for our market, so
tenants and investors can once again assess risk and return to normal business
decision-making,” said George F. "Skip" McKenzie, President and Chief
Executive Officer of WRIT.

Operating Results

The Company's overall portfolio Net Operating Income (“NOI”)^(2) was $50.2
million compared to $47.0 million in the same period one year ago and $50.6
million in the second quarter of 2012. Overall portfolio physical occupancy
for the third quarter was 89.2%, compared to 89.0% in the same period one year
ago and 89.3% in the second quarter of 2012.

Same-store^(3) portfolio physical occupancy for the third quarter was 89.5%,
compared to 90.5% in the same period one year ago. Sequentially, same-store
physical occupancy decreased 20 basis points (bps) compared to the second
quarter of 2012. Same-store ^ portfolio NOI for the third quarter decreased
1.4% and rental rate growth was 1.3% compared to the same period one year ago.

  *Multifamily: 15.9% of Total NOI - Multifamily properties' same-store NOI
    for the third quarter increased 3.6% compared to the same period one year
    ago. Rental rate growth was 3.4% while same-store physical occupancy
    increased 80 bps to 94.8%. Sequentially, same-store physical occupancy
    remained unchanged compared to the second quarter of 2012.
  *Office: 48.3% of Total NOI - Office properties' same-store NOI for the
    third quarter decreased 5.7% compared to the same period one year ago.
    Rental rate growth was 0.7% while same-store physical occupancy decreased
    240 bps to 85.3%, primarily due to previously announced expirations and
    move-outs at 1140 Connecticut Avenue, 2000 M Street, 7900 Westpark and
    6110 Executive Boulevard. Sequentially, same-store physical occupancy
    increased 20 bps compared to the second quarter of 2012.
  *Medical: 14.7% of Total NOI - Medical office properties' same-store NOI
    for the third quarter decreased 3.1% compared to the same period one year
    ago. Rental rate growth was 1.4% while same-store physical occupancy
    decreased 320 bps to 88.0%, primarily due to move-outs at Alexandria
    Professional Center, Woodholme Medical Center and 8501 Arlington
    Boulevard. Sequentially, same-store physical occupancy decreased 170 bps
    compared to the second quarter of 2012.
  *Retail: 21.1% of Total NOI - Retail properties' same-store NOI for the
    third quarter increased 5.9% compared to the same period one year ago.
    Rental rate growth was 0.9% while same-store physical occupancy increased
    110 bps to 92.7%. Sequentially, same-store physical occupancy decreased 50
    bps compared to the second quarter of 2012.

Leasing Activity

During the third quarter, WRIT signed commercial leases for 221,344 square
feet with an average rental rate increase of 11.3% over expiring lease rates
on a GAAP basis, an average lease term of 5.2 years, tenant improvement costs
of $19.63 per square foot and leasing commissions and incentives of $12.15 per
square foot.

  *Rental rates for new and renewed office leases increased 11.7% to $36.35
    per square foot, with $20.73 per square foot in tenant improvement costs
    and $14.86 per square foot in leasing commissions and incentives. Weighted
    average term for new and renewed leases was 4.8 years.
  *Rental rates for new and renewed medical office leases increased 5.7% to
    $33.30 per square foot, with $27.65 per square foot in tenant improvement
    costs and $9.87 per square foot in leasing commissions and incentives.
    Weighted average term for new and renewed leases was 6.9 years.
  *Rental rates for new and renewed retail leases increased 16.3% to $40.50
    per square foot, with $3.74 per square foot in tenant improvement costs
    and $2.96 per square foot in leasing commissions and incentives. Weighted
    average term for new and renewed leases was 4.7 years.

Dispositions

In the third quarter WRIT sold 1700 Research Boulevard, a 101,000 square foot
office building in Rockville, Maryland, for $14.25 million and a net book gain
of $3.7 million. The property was built in 1982 and acquired by WRIT in 1999.

Financing Activity

WRIT priced an underwritten public offering of $300 million aggregate
principal amount of senior unsecured notes due October 15, 2022. The notes
have an annual coupon rate of 3.95% and were priced at 99.438% of the
principal amount. J.P. Morgan Securities LLC, Citigroup Global Markets Inc.,
Wells Fargo Securities, LLC and Credit Suisse Securities (USA) LLC were the
Joint Book-Running Managers for the offering.

WRIT utilized part of the proceeds from the unsecured debt transaction to pay
down its line of credit balances in full from $221 million at June 30, 2012 to
$0 at September 30, 2012.

In the third quarter and subsequent to quarter end, WRIT prepaid without
penalty two mortgages totaling $29.3 million. Frederick Crossing Shopping
Center and 15005 Shady Grove Road had respective interest rates of 5.95% and
5.73%.

Guidance

Management is narrowing the 2012 Core FFO guidance range to $1.87 - $1.90 from
$1.87 - $1.97, primarily due to the impact of the September debt issuance and
lower than expected acquisition volume. Management expects to discuss this
change on the Conference Call.

Dividends

On September 30, 2012, WRIT paid a quarterly dividend of $0.30 per share.

Conference Call Information

The Conference Call for 3^rd Quarter Earnings is scheduled for Friday, October
26, 2012 at 11:00 A.M. Eastern time. Conference Call access information is as
follows:

USA Toll Free Number: 1-877-407-9205
International Toll Number: 1-201-689-8054

The instant replay of the Conference Call will be available until November 9,
2012 at 11:59 P.M. Eastern time. Instant replay access information is as
follows:

USA Toll Free Number: 1-877-660-6853
International Toll Number: 1-201-612-7415
Conference ID: 400528

The live on-demand webcast of the Conference Call will be available on the
Investor section of WRIT's website at www.writ.com. On-line playback of the
webcast will be available for two weeks following the Conference Call.

About WRIT

WRIT is a self-administered, self-managed, equity real estate investment trust
investing in income-producing properties in the greater Washington metro
region. WRIT owns a diversified portfolio of 71 properties totaling
approximately 9 million square feet of commercial space and 2,540 multifamily
units, and land held for development. These 71 properties consist of 26 office
properties, 18 medical office properties, 16 retail centers and 11 multifamily
properties. WRIT shares are publicly traded on the New York Stock Exchange
(NYSE:WRE).

Note: WRIT's press releases and supplemental financial information are
available on the company website at www.writ.com or by contacting Investor
Relations at (301) 984-9400.

Certain statements in our earnings release and on our conference call are
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. Such statements involve known and unknown
risks, uncertainties, and other factors that may cause actual results to
differ materially. Such risks, uncertainties and other factors include, but
are not limited to, the potential for federal government budget reductions,
changes in general and local economic and real estate market conditions, the
timing and pricing of lease transactions, the effect of the current credit and
financial market conditions, the availability and cost of capital,
fluctuations in interest rates, tenants' financial conditions, levels of
competition, the effect of government regulation, the impact of newly adopted
accounting principles, and other risks and uncertainties detailed from time to
time in our filings with the SEC, including our 2011 Form 10-K and second
quarter 2012 Form 10-Q. We assume no obligation to update or supplement
forward-looking statements that become untrue because of subsequent events.

^(1) Funds From Operations (“FFO”) - The National Association of Real Estate
Investment Trusts, Inc. (“NAREIT”) defines FFO (April, 2002 White Paper) as
net income (computed in accordance with generally accepted accounting
principles (“GAAP”)) excluding gains (or losses) associated with sales of
property, impairment of depreciable real estate and real estate depreciation
and amortization. FFO is a non-GAAP measure and does not replace net income as
a measure of performance or net cash provided by operating activities as a
measure of liquidity. We consider FFO to be a standard supplemental measure
for equity real estate investment trusts (“REITs”) because it facilitates an
understanding of the operating performance of our properties without giving
effect to real estate depreciation and amortization, which historically
assumes that the value of real estate assets diminishes predictably over time.
Since real estate values have instead historically risen or fallen with market
conditions, we believe that FFO more accurately provides investors an
indication of our ability to incur and service debt, make capital expenditures
and fund other needs.

Core Funds From Operations (“Core FFO”) is calculated by adjusting FFO for the
following items (which we believe are not indicative of the performance of
WRIT's operating portfolio and affect the comparative measurement of WRIT's
operating performance over time): (1) gains or losses on extinguishment of
debt, (2) real estate impairment not already excluded from FFO and (3) costs
related to the acquisition of properties, as appropriate. These items can vary
greatly from period to period, depending upon the volume of our acquisition
activity and debt retirements, among other factors. We believe that by
excluding these items, Core FFO serves as a useful, supplementary measure of
WRIT's ability to incur and service debt and to distribute dividends to its
shareholders. Core FFO is a non-GAAP and non-standardized measure, and may be
calculated differently by other REITs.

^(2) Net Operating Income (“NOI”), defined as real estate rental revenue less
real estate expenses, is a non-GAAP measure. NOI is calculated as net income,
less non-real estate revenue and the results of discontinued operations
(including the gain on sale, if any), plus interest expense, depreciation and
amortization, general and administrative expenses, acquisition costs and real
estate impairment. We provide NOI as a supplement to net income calculated in
accordance with GAAP. As such, it should not be considered an alternative to
net income as an indication of our operating performance. It is the primary
performance measure we use to assess the results of our operations at the
property level.

^(3) For purposes of evaluating comparative operating performance, we
categorize our properties as “same-store” or “non-same-store”. ^ A same-store
property is one that was owned for the entirety of the periods being
evaluated. A non-same-store property is one that was acquired or placed into
service during either of the periods being evaluated.

^(4) Funds Available for Distribution (“FAD”) is a non-GAAP measure. It is
calculated by subtracting from FFO (1) recurring expenditures, tenant
improvements and leasing costs that are capitalized and amortized and are
necessary to maintain our properties and revenue stream and (2) straight-line
rents, then adding (3) non-real estate depreciation and amortization, (4)
amortization of restricted share and unit compensation, and adding or
subtracting amortization of lease intangibles, as appropriate. We consider FAD
to be a measure of a REIT's ability to incur and service debt and to
distribute dividends to its shareholders. FAD is a non-standardized measure
and may be calculated differently by other REITs.


Physical Occupancy Levels by Same-Store Properties (i) and All Properties
                       Physical Occupancy
                         Same-Store Properties      All Properties
                         3rd QTR        3rd QTR     3rd QTR   3rd QTR
Segment                2012           2011      2012      2011
Multifamily              94.8    %        94.0  %     94.8  %     94.0  %
Office                   85.3    %        87.7  %     86.2  %     88.6  %
Medical Office           88.0    %        91.2  %     85.0  %     87.2  %
Retail                   92.7    %        91.6  %     92.8  %     92.3  %
Industrial               —       %        —     %     —     %     75.4  %
                                                                        
Overall Portfolio        89.5    %        90.5  %     89.2  %     89.0  %
                                                                        

(i) Same-Store properties include all stabilized properties that were owned
for the entirety of the current and prior year reporting periods. We consider
newly constructed properties to be stabilized when they achieve 90% occupancy.
For Q3 2012 and Q3 2011, same-store properties exclude:
Multifamily Acquisitions: none;
Office Acquisitions: Fairgate at Ballston, Braddock Metro Center and John
Marshall II;
Medical Office Acquisition: 19500 at Riverside Office Park (formerly Lansdowne
Medical Office Building);
Retail Acquisition: Olney Village Center.

Also excluded from Same-Store Properties in Q3 2012 and Q3 2011 are:
Held for Sale and Sold Properties: 1700 Research Boulevard, Plumtree Medical
Center, the Atrium Building and the Industrial Portfolio (all industrial
properties and the Crescent and Albemarle Point).


WASHINGTON REAL ESTATE INVESTMENT TRUST
FINANCIAL HIGHLIGHTS
(In thousands, except per share data)
(Unaudited)

                                                            
                     Three Months Ended              Nine Months Ended

                     September 30,                   September 30,
OPERATING          2012            2011            2012            2011
RESULTS
Revenue
Real estate          $ 77,108        $ 70,550        $ 227,912       $ 208,743
rental revenue
Expenses
Real estate            26,901          23,557          77,485          69,676
expenses
Depreciation and       26,127          23,108          76,936          66,777
amortization
Acquisition            (164    )       1,600           144             3,571
costs
General and           3,173         3,837         10,943        11,588  
administrative
                      56,037        52,102        165,508       151,612 
Real estate            21,071          18,448          62,404          57,131
operating income
Other income
(expense):
Interest expense       (15,985 )       (16,443 )       (47,286 )       (50,071 )
Other income          237           270           733           886     
                      (15,748 )      (16,173 )      (46,553 )      (49,185 )
                                                                               
Income from
continuing             5,323           2,275           15,851          7,946
operations
                                                                               
Discontinued
operations:
Income from
operations of          514             4,087           1,175           10,833
properties sold
or held for sale
Gain on sale of        3,724           56,639          3,724           56,639
real estate
Income tax            —             35            —             (1,138  )
expense
Net income             9,561           63,036          20,750          74,280
Less: Net income
attributable to
noncontrolling        —             (28     )      —             (85     )
interests in
subsidiaries
Net income
attributable to      $ 9,561        $ 63,008       $ 20,750       $ 74,195  
the controlling
interests
                                                                               
Income from
continuing
operations             5,323           2,275           15,851          7,946
attributable to
the controlling
interests
Continuing
operations real
estate                26,127        23,108        76,936        66,777  
depreciation and
amortization
Funds from
continuing           $ 31,450       $ 25,383       $ 92,787       $ 74,723  
operations^(1)
                                                                               
Income from
operations of
properties sold
or held for sale       514             4,059           1,175           10,748
attributable to
the controlling
interests
Real estate            —               —               —               599
impairment
Discontinued
operations real
estate                91            1,314         867           8,353   
depreciation and
amortization
Funds from
discontinued          605           5,373         2,042         19,700  
operations
                                                                               
Funds from           $ 32,055       $ 30,756       $ 94,829       $ 94,423  
operations^(1)
                                                                               
Tenant                 (5,216  )       (2,469  )       (11,639 )       (6,789  )
improvements
External and
internal leasing       (2,144  )       (3,859  )       (6,823  )       (7,207  )
commissions
capitalized
Recurring
capital                (1,362  )       (2,148  )       (5,893  )       (5,911  )
improvements
Straight-line          (847    )       (715    )       (2,527  )       (1,958  )
rents, net
Non-cash fair
value interest         216             145             673             515
expense
Non real estate
depreciation &         987             1,126           2,943           2,888
amortization of
debt costs
Amortization of
lease                  (32     )       (329    )       (35     )       (1,020  )
intangibles, net
Amortization and
expensing of
restricted share      1,206         1,376         3,944         4,121   
and unit
compensation
Funds available
for                  $ 24,863       $ 23,883       $ 75,472       $ 79,062  
distribution^(4)
                                                                               
Note: Certain prior period amounts have been reclassified to conform to the
current presentation.


                                                    
                               Three Months Ended        Nine Months Ended

                               September 30,             September 30,
Per share data
attributable to                2012       2011         2012       2011
the controlling
interests:
Income from
continuing         (Basic)     $ 0.08       $ 0.03       $ 0.24       $ 0.12
operations
                   (Diluted)   $ 0.08       $ 0.03       $ 0.24       $ 0.12
Net income         (Basic)     $ 0.14       $ 0.95       $ 0.31       $ 1.12
                   (Diluted)   $ 0.14       $ 0.95       $ 0.31       $ 1.12
Funds from
continuing         (Basic)     $ 0.47       $ 0.38       $ 1.40       $ 1.13
operations
                   (Diluted)   $ 0.47       $ 0.38       $ 1.39       $ 1.13
Funds from         (Basic)     $ 0.48       $ 0.46       $ 1.42       $ 1.42
operations
                   (Diluted)   $ 0.48       $ 0.46       $ 1.42       $ 1.42
                                                                        
Dividends paid                 $ 0.3000     $ 0.4338     $ 1.1676     $ 1.3014
                                                                        
Weighted average
shares                           66,246       66,017       66,227       65,953
outstanding
Fully diluted
weighted average                 66,379       66,064       66,363       65,987
shares
outstanding
                                                                        


WASHINGTON REAL ESTATE INVESTMENT TRUST
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
(Unaudited)

                                                        
                                      September 30, 2012     December 31, 2011
Assets
Land                                  $   483,198            $   465,445
Income producing property                1,966,032            1,899,440  
                                          2,449,230              2,364,885
Accumulated depreciation and             (583,706    )         (521,503   )
amortization
Net income producing property             1,865,524              1,843,382
Development in progress                  48,106               43,089     
Total real estate held for                1,913,630              1,886,471
investment, net
Investment in real estate held            18,264                 27,669
for sale, net
Cash and cash equivalents                 68,403                 12,765
Restricted cash                           19,615                 19,229
Rents and other receivables, net
of allowance for doubtful                 57,704                 53,227
accounts of $10,556 and $8,683
respectively
Prepaid expenses and other assets         120,486                120,075
Other assets related to                  693                  1,322      
properties sold or held for sale
Total assets                          $   2,198,795         $   2,120,758  
                                                                            
Liabilities
Notes payable                         $   906,058            $   657,470
Mortgage notes payable                    398,511                423,291
Lines of credit                           —                      99,000
Accounts payable and other                54,916                 51,079
liabilities
Advance rents                             13,829                 13,584
Tenant security deposits                  9,771                  8,728
Other liabilities related to             4,646                4,774      
properties sold or held for sale
Total liabilities                        1,387,731            1,257,926  
                                                                            
Equity
Shareholders' equity
Preferred shares; $0.01 par
value; 10,000 shares authorized;          —                      —
no shares issued and outstanding
Shares of beneficial interest,
$0.01 par value; 100,000 shares
authorized; 66,326 and 66,265
shares issued and 66,325 and              662                    662
66,265 shares outstanding at
September 30, 2012 and December
31, 2011, respectively
Additional paid-in capital                1,143,554              1,138,478
Distributions in excess of net           (337,151    )         (280,096   )
income
Total shareholders' equity                807,065                859,044
                                                                            
Noncontrolling interests in              3,999                3,788      
subsidiaries
Total equity                              811,064                862,832
                                                                            
Total liabilities and equity          $   2,198,795         $   2,120,758  
                                                                            
Note: Certain prior year amounts have been reclassified to conform to the
current year presentation.



The following tables contain reconciliations of net income to same-store net
operating income for the periods presented:
                                                              
Quarter Ended                                   Medical
September 30,      Multifamily     Office                   Retail       Total
2012                                            Office
Same-store net
operating          $   7,992       $ 20,337     $ 7,271     $ 9,595      $ 45,195
income^(3)
Add: Net
operating
income from           —            3,902       116        994         5,012   
non-same-store
properties^(3)
Total net
operating          $   7,992       $ 24,239     $ 7,387     $ 10,589     $ 50,207
income^(2)
Add/(deduct):
Other income                                                               237
Acquisition                                                                164
costs
Interest                                                                   (15,985 )
expense
Depreciation
and                                                                        (26,127 )
amortization
General and
administrative                                                             (3,173  )
expenses
Income from
operations of
properties                                                                 514
sold or held
for sale
Gain on sale                                                              3,724   
of real estate
Net income                                                                 9,561
Less: Net
income
attributable
to                                                                        —       
noncontrolling
interests in
subsidiaries
Net income
attributable
to the                                                                   $ 9,561   
controlling
interests
                                                                                   
Quarter Ended                                   Medical
September 30,      Multifamily     Office                   Retail       Total
2011                                            Office
Same-store net
operating          $   7,714       $ 21,558     $ 7,500     $ 9,061      $ 45,833
income^(3)
Add: Net
operating
income from           —            751         37         372         1,160   
non-same-store
properties^(3)
Total net
operating          $   7,714       $ 22,309     $ 7,537     $ 9,433      $ 46,993
income^(2)
Add/(deduct):
Other income                                                               270
Acquisition                                                                (1,600  )
costs
Interest                                                                   (16,443 )
expense
Depreciation
and                                                                        (23,108 )
amortization
General and
administrative                                                             (3,837  )
expenses
Income from
operations of
properties                                                                 4,087
sold or held
for sale
Gain on sale                                                               56,639
of real estate
Income tax                                                                35      
expense
Net income                                                                 63,036
Less: Net
income
attributable
to                                                                        (28     )
noncontrolling
interests in
subsidiaries
Net income
attributable
to the                                                                   $ 63,008  
controlling
interests
                                                                                   


The following tables contain reconciliations of net income to same-store net operating
income for the periods presented:
                                                                 
Period Ended                                    Medical
September 30,      Multifamily     Office                      Retail       Total
2012                                            Office
Same-store net
operating          $   24,056      $ 57,437     $ 21,984       $ 28,524     $ 132,001
income^(3)
Add: Net
operating
income from           —            15,148      271          3,007       18,426  
non-same-store
properties^(3)
Total net
operating          $   24,056      $ 72,585     $ 22,255       $ 31,531     $ 150,427
income^(2)
Add/(deduct):
Other income                                                                  733
Acquisition                                                                   (144    )
costs
Interest                                                                      (47,286 )
expense
Depreciation
and                                                                           (76,936 )
amortization
General and
administrative                                                                (10,943 )
expenses
Income from
operations of
properties                                                                    1,175
sold or held
for sale
Gain on sale                                                                 3,724   
of real estate
Net income                                                                    20,750
Less: Net
income
attributable
to                                                                           —       
noncontrolling
interests in
subsidiaries
Net income
attributable
to the                                                                      $ 20,750  
controlling
interests
                                                                                      
Period Ended                                    Medical
September 30,      Multifamily     Office                      Retail       Total
2011                                            Office
Same-store net
operating          $   23,229      $ 60,897     $ 22,788       $ 26,284     $ 133,198
income^(3)
Add: Net
operating
income from           —            5,518       (21    )      372         5,869   
non-same-store
properties^(3)
Total net
operating          $   23,229      $ 66,415     $ 22,767       $ 26,656     $ 139,067
income^(2)
Add/(deduct):
Other income                                                                  886
Acquisition                                                                   (3,571  )
costs
Interest                                                                      (50,071 )
expense
Depreciation
and                                                                           (66,777 )
amortization
General and
administrative                                                                (11,588 )
expenses
Income from
operations of
properties                                                                    10,833
sold or held
for sale
Gain on sale                                                                  56,639
of real estate
Income tax                                                                   (1,138  )
expense
Net income                                                                    74,280
Less: Net
income
attributable
to                                                                           (85     )
noncontrolling
interests in
subsidiaries
Net income
attributable
to the                                                                      $ 74,195  
controlling
interests
                                                                                      


The following table contains a reconciliation of net income attributable to the
controlling interests to core funds from operations for the periods presented:

                             Three Months Ended             Nine Months Ended
                                                       
                             September 30,                  September 30,
                             2012         2011            2012         2011
Net income
attributable
to the                       $ 9,561        $ 63,008        $ 20,750       $ 74,195
controlling
interests
Add/(deduct):
Real estate
depreciation                   26,127         23,108          76,936         66,777
and
amortization
Discontinued
operations:
Gain on sale                   (3,724 )       (56,639 )       (3,724 )       (56,639 )
of real estate
Income tax                     —              (35     )       —              1,138
expense
Real estate                    —              —               —              599
impairment
Real estate
depreciation                  91           1,314         867          8,353   
and
amortization
Funds from                     32,055         30,756          94,829         94,423
operations^(1)
Add/(deduct):
Acquisition                   (164   )      1,600         144          3,571   
costs
Core funds
from                         $ 31,891      $ 32,356       $ 94,973      $ 97,994  
operations^(1)
                                                                                     
                             Three Months Ended             Nine Months Ended

                             September 30,                  September 30,
Per share data
attributable
to the                       2012           2011            2012           2011
controlling
interests:
Funds from       (Basic)     $ 0.48         $ 0.46          $ 1.42         $ 1.42
operations
                 (Diluted)   $ 0.48         $ 0.46          $ 1.42         $ 1.42
Core FFO         (Basic)     $ 0.48         $ 0.48          $ 1.43         $ 1.48
                 (Diluted)   $ 0.48         $ 0.48          $ 1.42         $ 1.48
                                                                                     
Weighted
average shares                 66,246         66,017          66,227         65,953
outstanding
Fully diluted
weighted                       66,379         66,064          66,363         65,987
average shares
outstanding
                                                                                     

Contact:

Washington Real Estate Investment Trust
William T. Camp
Executive Vice President and Chief Financial Officer
Tel: 301-984-9400
Fax: 301-984-9610
E-Mail: bcamp@writ.com
www.writ.com
 
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