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Washington Real Estate Investment Trust Announces Fourth Quarter And Year-End Financial And Operating Results For 2011

Washington Real Estate Investment Trust (“WRIT” or the “Company”) (NYSE: WRE), a leading owner and operator of diversified properties in the Washington, D.C. region, reported financial and operating results today for the quarter and year ended December 31, 2011:

  • Core Funds from Operations (1), defined as Funds from Operations (1) (“FFO”) excluding acquisition expense, gains or losses on extinguishment of debt and impairment, was $1.95 for the year and $0.47 for the quarter ended December 31, 2011, respectively, as compared to $1.96 and $0.48 for the prior year periods. Included in fourth quarter 2011 results was a $0.01 per diluted share charge related to a lawsuit with a former tenant at Westminster Shopping Center. FFO for the year ended December 31, 2011 was $110.1 million, or $1.66 per diluted share, compared to $111.6 million, or $1.79 per diluted share, in 2010. FFO for the quarter ended December 31, 2011 was $15.6 million, or $0.23 per share, compared to $21.1 million, or $0.33 per share, in the same period one year ago. Included in full year 2011 and fourth quarter 2011 FFO is a real estate impairment of $14.5 million, or $0.22 per share, which reflects the write-down of WRIT's investment in the office development at Dulles Station, Phase II to its estimated fair market value.
  • Net income attributable to the controlling interests for the year ended December 31, 2011 was $104.9 million, or $1.58 per diluted share, compared to $37.4 million, or $0.60 per diluted share, in 2010. Included in 2011 net income are acquisition costs of $3.6 million, or $0.05 per share, real estate impairment of $14.5 million, or $0.22 per share, loss on extinguishment of debt of $1.0 million, or $0.01 per share, and gains on sale of real estate of $97.5 million, or $1.48 per share. Included in 2010 net income are acquisition costs of $1.2 million, or $0.02 per share, loss on extinguishment of debt of $9.2 million, or $0.15 per share, and gains on sale of real estate of $21.6 million, or $0.35 per share.
  • Net income attributable to the controlling interests for the quarter ended December 31, 2011 was $30.7 million, or $0.46 per diluted share, compared to $10.6 million, or $0.16 per diluted share, in the same period one year ago. Included in fourth quarter 2011 net income is real estate impairment of $14.5 million, or $0.22 per share, loss on extinguishment of debt of $1.0 million, or $0.01 per share, and gains on sale of real estate of $40.9 million, or $0.62 per share. Included in fourth quarter 2010 net income are acquisition costs of $0.7 million, or $0.01 per share, loss on extinguishment of debt of $8.9 million, or $0.14 per share, and gains on sale of real estate of $13.7 million, or $0.21 per share.

Strategic Initiatives

At the beginning of 2011, WRIT announced a strategic plan consisting of continued portfolio repositioning, by acquiring and developing high quality assets inside the Beltway, near major transportation nodes and in areas with strong employment drivers and superior growth demographics. Another part of this plan included disposing of the industrial portfolio, suburban office buildings, and other properties that do not fit the long-term strategy. As a result of this strategic plan focus, 2011 turned out to be a record year for WRIT in terms of both acquisition and disposition volume. WRIT acquired five income-producing properties totaling $360 million and entered into two joint ventures to develop 430 multifamily units. On the disposition side, WRIT completed the sale of its entire industrial portfolio along with three non-strategic office assets, for total proceeds of $409 million and GAAP gains of $97 million.

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