washingtonreit300dpia20.jpg
 
NEWS RELEASE
CONTACT:
 
1775 Eye Street, NW, Suite 1000
Tejal R. Engman
Washington, DC 20006
Director of Investor Relations
Tel 202-774-3200
E-Mail: tengman@washreit.com
Fax 301-984-9610
 
www.washreit.com
 
 
 
 
April 26, 2017
 
 
 
WASHINGTON REAL ESTATE INVESTMENT TRUST ANNOUNCES FIRST QUARTER FINANCIAL AND OPERATING RESULTS AND QUARTERLY DIVIDEND

Washington Real Estate Investment Trust (“Washington REIT” or the “Company”) (NYSE: WRE), a leading owner and operator of commercial and multifamily properties in the Washington, DC area, reported financial and operating results today for the quarter ended March 31, 2017:

First Quarter 2017 Highlights

Net income attributable to controlling interests was $6.6 million, or $0.09 per diluted share, compared to $2.4 million, or $0.03 per diluted share, in first quarter 2016. NAREIT Funds from Operations (FFO) was $32.7 million, or $0.43 per diluted share, compared to $28.4 million, or $0.41 per diluted share, in first quarter 2016. Additional highlights are as below:

Reported Core FFO of $0.44 per diluted share
Grew same-store Net Operating Income (NOI) by 10.4% year-over-year
Grew same-store NOI by 15.6% for the office, 7.9% for the retail and 4.0% for the multifamily portfolios year-over-year
Increased same-store ending occupancy by 320 basis points year-over-year to 93.7%
Announced the acquisition of Watergate 600, a 309,000 square foot office building in Washington, DC for $135.0 million in a transaction completed subsequent to quarter-end
Raised the bottom and top ends of the 2017 Core FFO guidance range by two cents to $1.76 to $1.84 from $1.74 to $1.82 per diluted share

"Washington REIT has delivered a strong start to 2017. We grew first quarter same-store NOI at the highest year-over-year rate in over 15 years, acquired an iconic DC office asset with strong NAV growth potential and recently raised our full-year Core FFO guidance range," said Paul T. McDermott, President and Chief Executive Officer. "We are capturing our region's robust job growth as demonstrated by our year-over-year occupancy gains, and are equipped with a solid balance sheet, strong 2017 same-store NOI growth projections, and a multi-year value-creation pipeline to deliver additional opportunities for growth in the Washington metro region."

Financial Summary

Net income attributable to controlling interests for the quarter ended March 31, 2017 was $6.6 million, or $0.09 per diluted share, compared to $2.4 million, or $0.03 per diluted share, for the corresponding prior year period, primarily due to lower interest expense and higher income from real estate.

NAREIT FFO(1) for the quarter ended March 31, 2017 was $32.7 million, or $0.43 per diluted share, compared to $28.4 million, or $0.41 per diluted share, for the corresponding prior year period.

Core FFO(1) was $32.9 million, or $0.44 per diluted share, for the quarter ended March 31, 2017, compared to $29.1 million, or $0.42 per diluted share, for the corresponding prior year period. Further detail will be provided by management on the earnings call.






The following information was filed by Washington Real Estate Investment Trust (WRE) on Wednesday, April 26, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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