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Washington Real Estate Investment Trust Announces Fourth Quarter And Year-End Financial And Operating Results For 2012

(2) Net Operating Income (“NOI”), defined as real estate rental revenue less real estate expenses, is a non-GAAP measure. NOI is calculated as net income, less non-real estate revenue and the results of discontinued operations (including the gain on sale, if any), plus interest expense, depreciation and amortization, general and administrative expenses, acquisition costs and real estate impairment. We provide NOI as a supplement to net income calculated in accordance with GAAP. As such, it should not be considered an alternative to net income as an indication of our operating performance. It is the primary performance measure we use to assess the results of our operations at the property level.

(3) For purposes of evaluating comparative operating performance, we categorize our properties as “same-store” or “non-same-store”. A same-store property was owned for the entirety of the periods being evaluated and is stabilized from an occupancy standpoint. A non-same-store property is one that was acquired or placed into service during either of the periods being evaluated, or is not stabilized from an occupancy standpoint.

(4) Funds Available for Distribution (“FAD”) is a non-GAAP measure. It is calculated by subtracting from FFO (1) recurring expenditures, tenant improvements and leasing costs that are capitalized and amortized and are necessary to maintain our properties and revenue stream and (2) straight-line rents, then adding (3) non-real estate depreciation and amortization, (4) amortization of restricted share and unit compensation, and adding or subtracting amortization of lease intangibles, as appropriate. We consider FAD to be a measure of a REIT's ability to incur and service debt and to distribute dividends to its shareholders. FAD is a non-standardized measure and may be calculated differently by other REITs.

 

Physical Occupancy Levels by Same-Store Properties (i) and All Properties

 
Physical Occupancy
 
Same-Store Properties All Properties
   
Segment 4th QTR 4th QTR 4th QTR 4th QTR
2012 2011 2012 2011
Multifamily 94.1 % 94.9 % 94.1 % 94.9 %
Office 84.9 % 89.2 % 84.5 % 89.0 %
Medical Office 89.1 % 90.5 % 85.6 % 86.5 %
Retail 91.2 % 93.3 % 91.2 % 93.3 %
 
Overall Portfolio 88.7 % 91.5 % 88.1 % 90.8 %
 

(i) Same-Store properties include all stabilized properties that were owned for the entirety of the current and prior year reporting periods. For Q4 2012 and Q4 2011, same-store properties exclude:

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