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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
 
 
 
 
April 25, 2018
 
 
 
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, 2018:

First Quarter 2018 Highlights

Net income attributable to controlling interests was $3.3 million, or $0.04 per diluted share, compared to $6.6 million, or $0.09 per diluted share in the first quarter of 2017. NAREIT Funds from Operations (FFO) was $35.2 million, or $0.45 per diluted share, compared to $32.7 million, or $0.43 per diluted share, in the first quarter of 2017. Additional highlights are as below:

Operations:
Reported Core FFO of $0.46 per diluted share, compared to $0.44 per diluted share in first quarter 2017
Grew same-store Net Operating Income (NOI) by 2.4% and cash NOI by 2.9% over first quarter 2017
Grew same-store office NOI by 4.8% and cash NOI by 5.3% over first quarter 2017
Grew both same-store multifamily NOI and cash NOI by 3.7% over first quarter 2017
Increased same-store office average occupancy by 200 basis points over first quarter 2017 to 92.5%
Increased same-store multifamily average occupancy by 120 basis points over first quarter 2017 to 95.4%
Investment Activity:
Completed acquisition of Arlington Tower in Arlington, VA for $250 million
Completed disposition of Braddock Metro Center in Alexandria, VA for net proceeds of $79 million
Executed an agreement to sell 2445 M Street in Washington, DC for a contract sale price of approximately $100 million and expects to advance the anticipated closing date from September 2018 to June 2018
Financing Activity:
Entered into an amended, extended and expanded $700 million unsecured revolving credit facility and refinanced an existing $150 million term loan expiring on July 21, 2023 with a $250 million unsecured term loan with the same expiry date

"We achieved a strong first quarter with revenue-driven Core FFO per share growth of 4.5% on a year-over-year basis, underpinned by solid same-store NOI growth," said Paul T. McDermott, President and Chief Executive Officer. "Following the passage of the Bipartisan Budget Act of 2018 and the FY18 Omnibus Spending Bill in the first quarter, we are encouraged by the new stimulus for the DC Metro region and optimistic about Washington REIT's ability to capture growth that we believe will particularly benefit value-oriented multifamily assets in Northern Virginia."

Operating Results

Overall portfolio:
The Company's overall portfolio NOI(2) was $55.0 million for the quarter ended March 31, 2018, compared to $49.6 million in the corresponding prior year period due to same-store office and multifamily NOI growth and the acquisition of Watergate 600 and Arlington Tower that offset the sale of Walker House and Braddock Metro Center. The sequential



The following information was filed by Washington Real Estate Investment Trust (WRE) on Wednesday, April 25, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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