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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
 
 
 
 
July 26, 2018
 
 
 
WASHINGTON REAL ESTATE INVESTMENT TRUST ANNOUNCES SECOND 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 June 30, 2018:

Second Quarter 2018 Highlights

Net income attributable to controlling interests was $10.8 million, or $0.13 per diluted share, compared to $7.9 million, or $0.10 per diluted share in the second quarter of 2017 primarily due to the recognition of a gain related to the sale of 2445 M Street. NAREIT Funds from Operations (FFO) was $38.1 million, or $0.48 per diluted share, compared to $37.1 million, or $0.48 per diluted share, in the second quarter of 2017. Additional highlights are as below:

Operations:
Reported Core FFO(1) of $0.48 per diluted share, compared to $0.46 per diluted share in first quarter 2018
Grew same-store(2) Net Operating Income (NOI)(3) by 2.1% and cash NOI(3) by 2.4% over second quarter 2017
Grew same-store office NOI by 3.6% and cash NOI by 4.1% over second quarter 2017
Increased same-store office average occupancy by 100 basis points over second quarter 2017 to 92.5%
Increased same-store office ending occupancy by 170 basis points over second quarter 2017 to 92.7%
Investment Activity and Balance Sheet:
Completed the sale of 2445 M Street in Washington, DC for $101.6 million, having successfully advanced the timing of the sale from September to June 2018 to accelerate the continued strengthening of the Company's balance sheet
Ended the quarter with a net debt to adjusted EBITDA ratio of 6.06x on an annualized basis and 6.43x on a trailing twelve month basis
2018 Guidance and Assumptions:
Maintained the mid-point of 2018 Core FFO guidance and tightened the range by $0.02 per fully diluted share to $1.83 to $1.89 from $1.82 to $1.90 per fully diluted share
Raised full-year multifamily same-store NOI growth assumptions for the second time this year to a range of 3.25% to 4.0% from a range of 2.5% to 3.5%
Lowered full-year retail same-store NOI growth assumptions to a range of 0.25% to 1.0% from a range of 1.0% to 2.0% due to some lease commencement delays

"We delivered a stable second quarter with Core FFO per diluted share exceeding our expectations due to better-than-expected office and multifamily same-store NOI growth," said Paul T. McDermott, President, Chief Executive Officer and Chairman of the Board. "Looking ahead, with only approximately 2% of our commercial rentable square feet expiring in the rest of 2018, we are focused on our 2019 lease expirations and look forward to converting our growing pipeline of office and retail leasing activity into signed leases over the coming quarters."








The following information was filed by Washington Real Estate Investment Trust (WRE) on Thursday, July 26, 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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