washingtonreit300dpia22.jpg
 
NEWS RELEASE
CONTACT:
 
1775 Eye Street, NW, Suite 1000
Tejal R. Engman
Washington, DC 20006
Vice President, Investor Relations
Tel 202-774-3200
E-Mail: tengman@washreit.com
Fax 301-984-9610
 
www.washreit.com
 
 
 
 
February 15, 2018
 
 
 
WASHINGTON REAL ESTATE INVESTMENT TRUST ANNOUNCES FOURTH QUARTER AND YEAR-END OPERATING RESULTS FOR 2017
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 and year ended December 31, 2017:


Full-Year and Fourth Quarter 2017 Financial Results and Highlights

Net income attributable to controlling interests was $19.7 million, or $0.25 per diluted share, for the year, compared to $119.3 million, or $1.65 per diluted share, in 2016. Net income attributable to controlling interests was $2.3 million, or $0.03 per diluted share, for the fourth quarter, compared to $5.4 million, or $0.07 per diluted share, for the fourth quarter 2016. Additional results and highlights are reported as below:

NAREIT Funds from Operations (FFO)(1) of $141.0 million, or $1.83 per diluted share, for the year, compared to $126.0 million, or $1.74 per diluted share, in 2016
NAREIT FFO of $35.4 million, or $0.45 per diluted share, for the fourth quarter, compared to $31.7 million, or $0.42 per diluted share, in fourth quarter 2016
Core FFO of $1.82 per diluted share for the year, compared to $1.76 per diluted share in 2016
Core FFO of $0.44 per diluted share for the fourth quarter, compared to $0.43 per diluted share in fourth quarter 2016
Same-store Net Operating Income (NOI)(2) growth of 6.0% for the year
Same-store NOI growth of 2.3% in fourth quarter 2017 over fourth quarter 2016
Sold Walker House Apartments in Gaithersburg, MD for $32.2 million
Subsequent to quarter-end:
Purchased Arlington Tower in Arlington, VA for $250 million
Sold Braddock Metro Center in Alexandria, VA for approximately $79 million
Entered into an agreement to sell 2445 M Street in Washington, DC for approximately $100 million

"We delivered strong risk-adjusted growth in 2017 due to our research-based capital allocation to submarket and asset-specific opportunities that continue to outperform the broader DC Metro Region's real estate fundamentals," said Paul T. McDermott, President and Chief Executive Officer. "Moreover, four years of transformational asset-recycling, including the recently announced asset sales, have helped de-risk our future growth, providing more stable and structurally higher levels of cash flow and NOI while we continue to focus on creating value for our shareholders."


Full-Year and Fourth Quarter 2017 Operational Results

The Company's overall portfolio NOI for the fourth quarter was $51.9 million, compared to $48.0 million in the same period one year ago and $53.2 million in the third quarter of 2017. The sequential decline in NOI was primarily due to the expiration of Engility Corporation's lease at Braddock Metro Center on September 30th, the sale of Walker House Apartments on October 23rd and higher weather-related seasonal expenditures in the fourth quarter.

Overall portfolio ending occupancy (5) at year-end was 91.8%, compared to 93.5% at year-end 2016, primarily due to higher retail vacancy resulting from the HHGregg bankruptcy announced in early 2017 as well as the above-mentioned



The following information was filed by Washington Real Estate Investment Trust (WRE) on Thursday, February 15, 2018 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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