Exhibit 99.1

 

LOGO    NEWS RELEASE

 

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 17, 2011

WASHINGTON REAL ESTATE INVESTMENT TRUST ANNOUNCES

FOURTH QUARTER AND YEAR-END OPERATING RESULTS FOR 2010

Washington Real Estate Investment Trust (“WRIT” or the “Company”) (NYSE: WRE), a leading owner and operator of diversified properties in the Washington, DC region, reported financial and operating results today for the quarter and year ending December 31, 2010:

 

   

Core Funds from Operations(1) per diluted share, defined as Funds from Operations(1) (“FFO”) excluding acquisition expense, gains or losses on extinguishment of debt and impairment, was $1.96 for the year and $0.48 for the quarter ended December 31, 2010, respectively, as compared to $2.06 and $0.52 for the prior year period. FFO for the year ending December 31, 2010 was $111.6 million, or $1.79 per diluted share, compared to $121.8 million, or $2.14 per diluted share, in 2009. FFO for the quarter ended December 31, 2010 was $21.1 million, or $0.33 per diluted share, compared to $29.7 million, or $0.50 per diluted share, in the same period one year ago.

 

   

Net income attributable to the controlling interests for the year ending December 31, 2010 was $37.4 million, or $0.60 per diluted share, compared to $40.7 million, or $0.71 per diluted share, in 2009. Included in 2010 net income per share is a $0.15 loss on extinguishment of debt. Included in 2009 net income per share is a $0.09 gain related to the extinguishment of debt.

 

   

Net income attributable to the controlling interests for the quarter ended December 31, 2010 was $10.6 million, or $0.16 per diluted share, compared to $7.3 million, or $0.12 per diluted share, in the same period one year ago. Included in fourth quarter 2010 net income per share is a $0.14 loss on extinguishment of debt. Included in fourth quarter 2009 net income per share is a $0.03 loss on extinguishment of debt.

“During 2010 we continued to execute on our strategy of repositioning our holdings toward properties inside the Beltway, near major transportation nodes and in areas with strong employment drivers and superior growth demographics. Our portfolio repositioning has been, and will continue to be, funded with proceeds from the disposition of properties that no longer meet our investment criteria, equity, and debt or cash on hand. We have a strong interest in refining our diversified property holdings to focus on high quality office, medical office, retail and multifamily. We are also exploring the sale of industrial and flex properties to facilitate this long term strategy,” said George “Skip” McKenzie, President and Chief Executive Officer of WRIT.

Acquisitions and Dispositions

In the fourth quarter, the Company sold an office building and three industrial properties that no longer fit into the Company’s long term growth plan. The Ridges, a 104,000 square foot office building in Gaithersburg, Maryland was sold for $27.5 million. The sale generated a net book gain of $4.4 million and produced an unleveraged internal rate of return of 11% over the four year holding period. In a separate transaction, WRIT completed the sale of three industrial properties, Ammendale I and II and Amvax, totaling 305,000 square feet in Beltsville, Maryland for $23.0 million and a net book gain of $9.2 million. The unleveraged internal rate of return was 15%.


The following information was filed by Washington Real Estate Investment Trust (WRE) on Friday, February 18, 2011 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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