WASHINGTON REAL ESTATE ANNOUNCES 2013 STRATEGIC INITIATIVES

(The following is a reformatted version of a press release
issued by Washington Real Estate Investment Trust and received
via electronic mail. The release was confirmed by the sender.) 
WASHINGTON REAL ESTATE INVESTMENT TRUST ANNOUNCES
2013 STRATEGIC INITIATIVES, EXPECTED CEO RETIREMENT
AT END OF 2013 AND 2013 GUIDANCE 
Washington Real Estate Investment Trust (WRIT) (NYSE: WRE)
announced several major developments, as follows. 
Proposed Sale of Medical Office Division 
WRIT is exploring a 2013 disposition of its Medical Office
Division. The disposition will simplify WRIT’s business model to
focus on its core office, multifamily and retail sectors. Upon
the completion of the transaction, WRIT’s business will consist
entirely of properties where people work, live and shop in one
of the strongest real estate markets in the world.
The Medical Office Division totals approximately 1.3 million
square feet and 17 properties and, as of third quarter 2012,
contributed 15% of WRIT’s total net operating income. The
Medical Office Division represents the largest portfolio of
institutional quality medical office assets in the Washington,
DC region, with all of the assets in affluent communities or
urban centers or near major medical centers such as INOVA
Fairfax, Shady Grove Adventist and George Washington Hospital.
The portfolio has very low leverage, with only three encumbered
properties totaling approximately $24 million in mortgage debt. 
“We believe we have a unique opportunity to capture embedded
value for our shareholders and streamline our investment thesis,
both operationally and from a capital allocation standpoint.
Beginning in earnest in 2003, we have assembled a one-of-a-kind
medical office portfolio that now encompasses 20% of
institutional grade medical office assets in the DC metro area.
Given the successful execution of our industrial portfolio sale
in 2011 and our DC market expertise, we expect to be able to
reinvest the medical office portfolio sale proceeds into high
quality office, multifamily and retail assets in core
submarkets,” said George F. “Skip” McKenzie, President and Chief
Executive Officer of WRIT. 
Other 2013 Strategic Initiatives 
- Breaking ground on two previously announced apartment joint
ventures 
− 650 N. Glebe Road, Arlington, Virginia: 163 unit project with
a $49.5 million budget, expected to break ground first quarter
2013 with substantial completion on or about fourth quarter 2014 
− 1219 First Street, Alexandria, Virginia: 270 unit project with
a $95.3 million budget, expected to break ground first quarter
2013 with substantial completion on or about first quarter 2015 
- Continuing to upgrade existing properties, including lobby and
common area renovations at 1901 Pennsylvania Avenue, 1220 19th
Street, 1140 Connecticut Avenue, 1600 Wilson Boulevard, 6110
Executive Boulevard and 51 Monroe Street, and multifamily unit
renovations upon turnover 
- Continuing to sell non-strategic assets, including an
anticipated sale of the Atrium office building in Rockville,
Maryland, in the first quarter 
Expected CEO Retirement 
George F. “Skip” McKenzie has communicated to WRIT’s Board of
Trustees his decision to retire from WRIT by the end of
2013. The WRIT Board has requested that Mr. McKenzie remain with
WRIT in order to oversee the sale of the Medical
Office Division and the reinvestment of proceeds, and Mr.
McKenzie has agreed to do so. The WRIT Board intends to
commence a search for a successor chief executive promptly, with
the goal of announcing a selection in the coming months.
“On behalf of the shareholders and Board, I thank Skip for his
numerous contributions during his 16 years with WRIT. When
Skip came to WRIT, we owned only 47 properties. Since that time,
WRIT has grown extensively and now owns 70
properties across the region. Since Skip took the reins as CEO,
WRIT has successfully weathered the recession, executed
the sale of its Industrial Division at a substantial gain,
upgraded the quality of the portfolio by focusing investment
inside the Beltway, and developed a highly qualified team of
executives. I am delighted that Skip will continue with the
company in the coming months as we pursue the sale of the
Medical Office Division, and I thank him for his willingness to
do so,” commented John P. McDaniel, Chairman of WRIT’s Board. 
“As to my expected retirement, although I will greatly miss
working with my WRIT family, I am looking forward to spending
time with my real family after a continuous 29-year real estate
career. I am expecting the sale of our Medical Office Division
and reinvestment of the proceeds to represent my last major
contribution to WRIT, and I am excited to work with our
highlycapable executive team and outstanding employees to
complete these initiatives. I have enjoyed my time at WRIT
tremendously and want to thank our shareholders, the Board and
our employees. The WRIT franchise has excelled in this
marketplace for 53 years, and I have been involved for over 16
of those years, including serving as CEO since 2007. I am
exceptionally proud of my involvement with the firm and look
forward to watching WRIT continue to grow in the years
ahead,” said Mr. McKenzie. 
2013 Guidance 
2013 core FFO per fully diluted share is projected to be $1.82
- $1.90. Included in this projection are all of the above
strategic initiatives, with the exception of the potential
Medical Office Division sale. 
The following assumptions are also incorporated into 2013
guidance: 
- Same-store multifamily NOI growth is projected to range from
3% to 5%, with flat same-store occupancy 
- Same-store retail NOI growth is projected to range from 1% to
3%, with same-store occupancy improving
Incrementally 
- Same-store office NOI is projected to decrease by 1% to 2%,
with same-store occupancy improving
Incrementally 
- General and administrative expense is projected to be
approximately $16.5 million, an increase over the third
quarter 2012 run rate, due to the projected three-year long-term
incentive compensation plan payout in the
fourth quarter of 2013 
- Interest expense is projected to be approximately $66 million,
an increase over the third quarter 2012 run rate,
due to the full year impact of the third quarter 2012 $300
million unsecured debt issuance, offset in part by
recent mortgage prepayments totaling approximately $88.5
million, and capitalized interest on development 
- Acquisition and disposition activities, including the effects
of the proposed Medical Office Division sale and any
potential reinvestment, are not included in guidance. 
Conference Call Information 
WRIT management will discuss 2013 strategic initiatives,
expected CEO retirement and 2013 guidance on a
conference call on Wednesday, January 30, 2013 at 1:00 PM
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 February 13, 2013 at 11:59 PM. Instant replay access
information is as follows:
USA Toll Free Number: 1-877-660-6853
International Toll Number: 1-201-612-7415
Conference ID: 408398 
The live on-demand webcast of the Conference Call will be
available on the Investor section of WRIT’s website at
www.writ.com. Online playback of the webcast will be available
for two weeks following the Conference Call.
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 70 properties totaling approximately 9 million
square feet of commercial space and 2,540 residential units, and
land held for development. These 70 properties consist of 26
office properties, 17 medical office properties, 16 retail
centers and 11 multifamily properties. WRIT shares are publicly
traded on the New York Stock Exchange (NYSE: WRE).
Certain statements in this press release 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 third
quarter 2012 Form 10-Q. We assume no obligation to update or
supplement forward-looking statements that become untrue because
of subsequent events. 
CONTACT:
William T. Camp
6110 Executive Blvd., Suite 800
Rockville, Maryland 20852
Executive Vice President and
Chief Financial Officer
Tel 301-984-9400
Fax 301-984-9610
E-Mail: bcamp@writ.com
www.writ.com 
(bjh) NY 
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