NEWS RELEASE
CONTACT:


 
6110 Executive Blvd., Suite 800

William T. Camp
Rockville, Maryland 20852
Executive Vice President and
Tel 301-984-9400
Chief Financial Officer
Fax 301-984-9610
E-Mail: bcamp@writ.com
www.writ.com
 
 
 
 
February 20, 2014

WASHINGTON REAL ESTATE INVESTMENT TRUST ANNOUNCES
FOURTH QUARTER AND YEAR-END FINANCIAL AND OPERATING RESULTS FOR 2013

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 and year ended December 31, 2013:

Highlights for the Quarter and Recent Activity

Generated Core Funds from Operations (FFO) of $0.42 per diluted share for the quarter and $1.79 per diluted share for the year
Recorded the highest annual amount of commercial leasing volume since 2007 with over 1.7 million square feet of new and renewal leases signed
Increased same-store physical occupancy to 89.4%, 30 basis points higher than fourth quarter 2012 with the office portfolio leading the way with a 140 basis point improvement
Achieved Net Operating Income (NOI) growth of approximately 8% in the Washington, D.C. office portfolio and increased physical occupancy over 300 basis points over the prior year
Executed 69 new and renewal leases totaling 423,000 square feet at an average rental rate increase of 7.8% over in-place rents for new leases and an average rental rate increase of 15.5% for renewal leases during the quarter
Executed four separate contracts to sell the medical office portfolio and two office assets for an aggregate sales price of $500.8 million, generating an estimated total gain on sale of approximately $125 million

"We see signs of improving real estate market conditions in the commercial segment of our business. We have achieved an impressive volume of signed leases in 2013 and expect that leasing momentum to carry into 2014. Additionally, we completed the successful sale of the Medical Office Portfolio providing an excellent source of capital to continue to acquire higher quality assets in each of our core business lines," said Paul T. McDermott, President and Chief Executive Officer of WRIT.

Financial Results

Core Funds from Operations(1) was $1.79 per diluted share for the year and $0.42 per diluted share for the quarter ended December 31, 2013, respectively, as compared to $1.90 per diluted share and $0.47 per diluted share for the corresponding periods in 2012.

FFO for the year ended December 31, 2013 was $113.1 million, or $1.69 per diluted share, compared to $122.5 million, or $1.84 per diluted share, in 2012. FFO for the quarter ended December 31, 2013 was $22.4 million, or $0.34 per diluted share, compared to $27.7 million, or $0.42 per diluted share, in the same period one year ago.



The following information was filed by Washington Real Estate Investment Trust (WRE) on Friday, February 21, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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