Exhibit 99.1

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CONTACT:   
Sara Grootwassink    6110 Executive Blvd., Suite 800
Executive Vice President and    Rockville, Maryland 20852
Chief Financial Officer    Tel 301-984-9400
Direct Dial: 301-255-0820    Fax 301-984-9610
E-Mail: sgrootwassink@writ.com    www.writ.com
   February 19, 2009

WASHINGTON REAL ESTATE INVESTMENT TRUST ANNOUNCES

FOURTH QUARTER AND YEAR-END OPERATING RESULTS FOR 2008

Washington Real Estate Investment Trust (WRIT) (NYSE: WRE) reported financial and operating results today for the quarter and year ending December 31, 2008:

 

   

Net income for the year ending December 31, 2008 was $0.67 per diluted share, compared to $1.34 per diluted share in 2007. Net income for the quarter ending December 31, 2008 was $0.14 per diluted share, compared to $0.18 per diluted share in the same period one year ago. Included in the 2008 full year net income per share was a $0.17 non-recurring charge for the extinguishment of $60 million of 10-year Mandatory Par Put Remarketed Securities (“MOPPRS”) and a $0.07 gain due to the repurchase of convertible debt. Additionally, 2008 full year net income per share declined $0.20 from 2007 due to higher gains from the sale of real estate in 2007.

 

 

 

Funds from Operations (FFO)(1) for the year ending December 31, 2008 was $2.12 per diluted share compared to $2.31 per diluted share the prior year. FFO for the quarter ending December 31, 2008 was $0.59 per diluted share, compared to $0.59 per diluted share in the same period one year ago. Included in the 2008 full-year FFO per share was a $0.17 non-recurring charge for the extinguishment of $60 million of 10-year Mandatory Par Put Remarketed Securities (“MOPPRS”) and a $0.07 gain due to the repurchase of convertible debt.

Operating Results

Core Net Operating Income (NOI)(2) for the year 2008 was $160.6 million compared to $161.8 million last year. Core rental rate growth was 1.9%.

Core NOI for the fourth quarter was $43.0 million compared to $45.8 million the same period one year ago. Core rental rate growth was 2.4%.

 

   

Office properties’ core NOI for the fourth quarter decreased 3.9% compared to the same period one year ago. Rental rate growth for the office sector was 2.3% while core economic occupancy decreased 190 basis points to 93.5%. Sequentially, core economic occupancy increased from 92.5% in the third quarter of 2008.

 

   

Retail properties’ core NOI for the fourth quarter decreased 17.3% compared to the same period one year ago due in a large part to write-offs associated with the bankruptcy of Circuit City. Rental rate growth was 3.5% while core economic occupancy decreased 130 basis points to 94.8%. Sequentially, core economic occupancy increased from 94.4% in the third quarter of 2008.

 

   

Industrial properties’ core NOI for the fourth quarter decreased 8.5% compared to the same period one year ago. Rental rate growth was 2.7% while core economic occupancy decreased 340 basis points to 92.3%. Sequentially, core economic occupancy declined from 92.9% in the third quarter of 2008.

 

   

Medical office properties’ core NOI for the fourth quarter decreased 1.8% compared to the same period one year ago. Rental rate growth was 2.0% while core economic occupancy decreased 210 basis points to 96.0%. Sequentially, core economic occupancy remained relatively flat compared to 95.8% in the third quarter of 2008.


The following information was filed by Washington Real Estate Investment Trust (WRE) on Friday, February 20, 2009 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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