Exhibit 99.1

LOGO

 

CONTACT:

William T. Camp

Executive Vice President and

  

6110 Executive Blvd., Suite 800

Rockville, Maryland 20852

Tel 301-984-9400

Chief Financial Officer    Fax 301-984-9610
E-Mail: bcamp@writ.com    www.writ.com

February 18, 2010

WASHINGTON REAL ESTATE INVESTMENT TRUST ANNOUNCES

FOURTH QUARTER AND YEAR-END OPERATING RESULTS FOR 2009

Washington Real Estate Investment Trust (WRIT) (NYSE: WRE) reported financial and operating results today for the quarter and year ending December 31, 2009:

 

   

Net income attributable to the controlling interests for the year ending December 31, 2009 was $40.7 million, or $0.71 per diluted share, compared to $27.1 million, or $0.55 per diluted share, in 2008. Included in 2009 net income per share is a $0.09 gain on extinguishment of debt. Included in 2008 net income per share is an $0.11 loss related to the extinguishment of debt. Also included in 2009 and 2008 full year net income per share are respective charges of $0.13 and $0.12 per diluted share from the adoption of an accounting pronouncement impacting the accounting of our 3.875% convertible notes(1).

 

   

Net income attributable to the controlling interests for the quarter ending December 31, 2009 was $7.3 million, or $0.12 per diluted share, compared to $5.3 million, or $0.10 per diluted share, in the same period one year ago. Included in the fourth quarter 2009 and fourth quarter 2008 net income are respective charges of $0.01 and $0.04 per diluted share from the adoption of an accounting pronouncement impacting the accounting of our 3.875% convertible notes(1).

 

   

Funds from Operations (FFO)(2) for the year ending December 31, 2009 was $121.8 million, or $2.14 per diluted share, compared to $98.7 million, or $2.00 per diluted share, in 2008. FFO for the quarter ending December 31, 2009 was $29.7 million, or $0.50 per diluted share, compared to $28.9 million, or $0.55 per diluted share, in the same period one year ago.

Capital Structure

In the fourth quarter, WRIT used capacity on its line of credit to prepay its $100 million unsecured term loan due in November 2011, incurring a one-time charge of $1.5 million. WRIT also repurchased $8.1 million of its 3.875% convertible notes at an average discounted price of 96.9% of par for approximately $7.8 million. Subsequent to the quarter end, WRIT repurchased an additional $1.2 million of its convertible notes at an average discounted price of 99.3% of par.

WRIT completed the sale of Crossroads Distribution Center, an 85,000 square foot industrial property in Elkridge, Maryland, for $4.4 million and a net book gain of $1.5 million.

On December 31, 2009, WRIT paid a quarterly dividend of $0.4325 per share for its 192nd consecutive quarterly dividend at equal or increasing rates.

As of December 31, 2009, WRIT had a total market capitalization of $2.9 billion.(3)

Operating Results

Overall portfolio economic occupancy for the fourth quarter was 92.4%, compared to 92.6% in the same period one year ago and 93.0% in the third quarter of 2009. Overall portfolio Net Operating Income (NOI)(4) was $51.7 million compared to $47.1 million in the same period one year ago and $49.7 million in the third quarter of 2009.


The following information was filed by Washington Real Estate Investment Trust (WRE) on Friday, February 19, 2010 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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