Washington Real Estate Investment Trust Announces Second Quarter Financial and Operating Results
ROCKVILLE, Md.--(BUSINESS WIRE)-- 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 ended June 30, 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 $33.5 million, or $0.51 per diluted share
for the quarter ended June 30, 2011, compared to $31.1 million, or $0.51
per diluted share for the prior year period. FFO for the quarter ended
June 30, 2011 was $33.2 million, or $0.50 per share, compared to $30.7
million, or $0.50 per share, in the same period one year ago. Included
in second quarter 2011 FFO and Core FFO is a $0.7 million, or $0.01 per
share, write-off related to the probable liquidation of Borders at
Centre at Hagerstown.
-- Net income attributable to the controlling interests for the quarter
ended June 30, 2011 was $6.5 million, or $0.10 per diluted share,
compared to $15.0 million, or $0.24 per diluted share, in the same
period one year ago. Included in second quarter 2011 net income is
income tax expense of $1.2 million, or $0.02 per share. Included in
second quarter 2010 net income are gains on sale of real estate totaling
$7.9 million, or $0.13 per share.
"Year to date, we have progressed with 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. We have acquired $127 million of downtown Washington, DC office assets, we are under contract to purchase an office building at a future Tysons Corner metro station for $73.5 million, and we disposed of a suburban office building for $59 million. We announced a joint venture to develop a 150 unit apartment community in the heart of Arlington, Virginia. We continue to make good progress on the intended sale of our industrial portfolio. Finally, we executed a new 3-year $400 million credit facility, with the option of upsizing to $600 million in the future. Our balance sheet is well positioned to fund the various acquisition opportunities that we are pursuing," said George "Skip" McKenzie, President and Chief Executive Officer of WRIT.
Acquisitions and Dispositions
In the second quarter of 2011, WRIT entered into a joint venture with Crimson Partners to develop a six-story, 150 unit mid-rise apartment community in Arlington, Virginia. The joint venture purchased the proposed development site, which is approximately 37,000 square feet and located at the corner of North Glebe Road and North Carlin Springs Road, across the street from Ballston Common Mall and within walking distance of the Ballston Metro Station and one of the busiest Harris Teeter grocery stores in the metro region. The total cost of the project is estimated to be $43.5 million, with a projected stabilized return on cost between 7.0-8.0%. WRIT will be a 90% owner of the joint venture. Crimson Partners will be a 10% owner and responsible for the development, construction and lease-up of the property, with WRIT having management and leasing responsibilities. Construction is projected to commence in second quarter 2012 and will last approximately 15-18 months.
As previously announced, WRIT is under contract to purchase John Marshall II, a 223,000 square foot office building located at 8283 Greensboro Drive in Tysons Corner, Virginia, for $73.5 million. The purchase is subject to the assumption of a $54.3 million 5.79% loan. WRIT anticipates closing on this acquisition in the third quarter of 2011.
WRIT also completed the sale of Dulles Station West Phase I, a 180,000 square foot office building in Herndon, Virginia, for $58.8 million. WRIT acquired the land for Dulles Station West Phases I and II in 2005 and completed construction on Phase I in 2007. It is 100% leased to tenants including IBM and National Student Clearinghouse. Phase II, which was not included in the transaction, is zoned for future development of a 340,000 square foot office building.
Operating Results
The Company's overall portfolio Net Operating Income ("NOI")(2) was $54.4 million compared to $49.2 million in the same period one year ago and $52.1 million in the first quarter of 2011. Overall portfolio physical occupancy for the second quarter was 87.9%, compared to 88.9% in the same period one year ago and 88.5% in the first quarter of 2011.
Same-store(3) portfolio physical occupancy for the second quarter was 88.1%, compared to 89.4% in the same period one year ago. Sequentially, same-store physical occupancy decreased 60 basis points (bps) compared to the first quarter of 2011. Same-store portfolio NOI for the second quarter increased 0.9% and rental rate growth was 1.9% compared to the same period one year ago.
-- Multifamily: 14.4% of Total NOI -Multifamily properties' same-store NOI
for the second quarter increased 6.2% compared to the same period one
year ago. Rental rate growth was 3.8% while same-store physical
occupancy for the second quarter of 2011 compared to 2010 increased 60
bps to 95.6%. Sequentially, same-store physical occupancy increased 30
bps compared to the first quarter of 2011.
-- Office: 43.8% of Total NOI -Office properties' same-store NOI for the
second quarter decreased 1.2% compared to the same period one year ago.
Rental rate growth was 0.6% while same-store physical occupancy
decreased 180 bps to 88.1%. Sequentially, same-store physical occupancy
decreased by 20 bps compared to the first quarter of 2011.
-- Medical: 14.9% of Total NOI -Medical office properties' same-store NOI
for the second quarter increased 4.2% compared to the same period one
year ago. Rental rate growth was 4.0% while same-store physical
occupancy decreased 240 bps to 91.7%. Sequentially, same-store physical
occupancy decreased 180 bps compared to the first quarter of 2011
primarily due to move-outs totaling approximately 41,000 square feet at
Prosperity Medical Center, 8301 Arlington Boulevard and Woodholme
Medical Office.
-- Retail: 15.9% of Total NOI -Retail properties' same-store NOI for the
second quarter decreased 7.4% compared to the same period one year ago,
primarily due to write-offs taken in the second quarter of 2011
associated with the bankruptcy of Borders Books at Centre at Hagerstown.
Rental rate growth was 1.9% while same-store physical occupancy
decreased 210 bps to 92.3%. Sequentially, same-store physical occupancy
was unchanged compared to the first quarter of 2011.
-- Industrial: 11.0% of Total NOI -Industrial properties' same-store NOI
for the second quarter increased 8.2% compared to the same period one
year ago. Rental rate growth was 1.2% while same-store physical
occupancy decreased 90 bps to 78.4%. Sequentially, same-store physical
occupancy decreased 180 bps compared to the first quarter of 2011.
Leasing Activity
During the second quarter, WRIT signed commercial leases for 414,313 square feet with an average rental rate increase of 11.0% over expiring lease rates on a GAAP basis, an average lease term of 6.1 years, tenant improvement costs of $12.99 per square foot and leasing costs of $8.92 per square foot.
-- Rental rates for new and renewed office leases increased 12.1% to $26.87
per square foot, with $18.23 per square foot in tenant improvement costs
and $10.91 per square foot in leasing costs.
-- Rental rates for new and renewed medical office leases increased 17.5%
to $36.13 per square foot, with $14.56 per square foot in tenant
improvement costs and $11.68 per square foot in leasing costs.
-- Rental rates for new and renewed retail leases increased 9.3% to $25.88
per square foot, with $6.89 per square foot in tenant improvement costs
and $7.00 per square foot in leasing costs.
-- Rental rates for new and renewed industrial/flex leases decreased 3.8%
to $10.96 per square foot, with $2.65 per square foot in tenant
improvement costs and $3.45 per square foot in leasing costs.
Financing Activity
Subsequent to quarter end, WRIT replaced and expanded one of its two unsecured credit facilities, increasing its size from $262 million to $400 million. An accordion feature allows WRIT to increase the facility to $600 million, subject to additional lender commitments. The new facility matures July 1, 2014 with a one-year extension option and bears interest at a rate of LIBOR plus a margin of 122.5 basis points based on WRIT's current credit rating. The lead arranger and bookrunner for the facility is Wells Fargo Securities, LLC. Wells Fargo Bank, National Association, is administrative agent and issuing bank.
Dividends
On June 30, 2011, WRIT paid a quarterly dividend of $0.43375 per share for its 198th consecutive quarterly dividend at equal or increasing rates.
Conference Call Information
The Conference Call for 2nd Quarter Earnings is scheduled for Friday, July 29, 2011 at 11:00 A.M. Eastern time. Conference Call access information is as follows:
USA Toll Free Number: 1-877-407-9205 International Toll Number: 1-201-689-8054
The instant replay of the Conference Call will be available until August 12, 2011 at 11:59 P.M. Eastern time. Instant replay access information is as follows:
USA Toll Free Number: 1-877-660-6853 International Toll Number: 1-201-612-7415 Account: 286 Conference ID: 374221
The live on-demand webcast of the Conference Call will be available on the Investor section of WRIT's website at www.writ.com. On-line playback of the webcast will be available for two weeks following the Conference Call.
About WRIT
WRIT is a self-administered, self-managed, equity real estate investment trust investing in income-producing properties in the greater Washington metro region. WRIT owns a diversified portfolio of 86 properties totaling approximately 11 million square feet of commercial space and 2,540 residential units, and land held for development. These 86 properties consist of 26 office properties, 16 industrial/flex properties, 18 medical office properties, 15 retail centers and 11 multi-family properties. WRIT shares are publicly traded on the New York Stock Exchange (NYSE:WRE).
Note: WRIT's press releases and supplemental financial information are available on the company website at www.writ.com or by contacting Investor Relations at (301) 984-9400.
Certain statements in our earnings release and on our conference call are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially. Such risks, uncertainties and other factors include, but are not limited to, the potential for federal government budget reductions, changes in general and local economic and real estate market conditions, the timing and pricing of lease transactions, the effect of the current credit and financial market conditions, the availability and cost of capital, fluctuations in interest rates, tenants' financial conditions, levels of competition, the effect of government regulation, the impact of newly adopted accounting principles, and other risks and uncertainties detailed from time to time in our filings with the SEC, including our 2010 Form 10-K and first quarter 2011 Form 10-Q. We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
(1) Funds From Operations ("FFO") - The National Association of Real Estate Investment Trusts, Inc. ("NAREIT") defines FFO (April, 2002 White Paper) as net income (computed in accordance with generally accepted accounting principles ("GAAP")) excluding gains (or losses) associated with sales of property plus real estate depreciation and amortization. FFO is a non-GAAP measure and does not replace net income as a measure of performance or net cash provided by operating activities as a measure of liquidity. We consider FFO to be a standard supplemental measure for equity real estate investment trusts ("REITs") because it facilitates an understanding of the operating performance of our properties without giving effect to real estate depreciation and amortization, which historically assumes that the value of real estate assets diminishes predictably over time. Since real estate values have instead historically risen or fallen with market conditions, we believe that FFO more accurately provides investors an indication of our ability to incur and service debt, make capital expenditures and fund other needs.
Core Funds From Operations ("Core FFO") is calculated by adjusting FFO for the following items (which we believe are not indicative of the performance of WRIT's operating portfolio and affect the comparative measurement of WRIT's operating performance over time): (1) gains or losses on extinguishment of debt, (2) costs related to the acquisition of properties and (3) real estate impairments, as appropriate. These items can vary greatly from period to period, depending upon the volume of our acquisition activity and debt retirements, among other factors. We believe that by excluding these items, Core FFO serves as a useful, supplementary measure of WRIT's ability to incur and service debt, and distribute dividends to its shareholders. Core FFO is a non-GAAP and non-standardized measure, and may be calculated differently by other REITs.
(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 and general and administrative expenses. 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 is one that was owned for the entirety of the periods being evaluated. A non-same-store property is one that was acquired or placed into service during either of the periods being evaluated.
(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) real estate impairments, (5) 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 2nd QTR 2nd QTR 2nd QTR 2nd QTR
2011 2010 2011 2010
Multifamily 95.6 % 95.0 % 95.6 % 95.0 %
Office 88.1 % 89.9 % 88.7 % 90.8 %
Medical Office 91.7 % 94.1 % 87.3 % 88.0 %
Retail 92.3 % 94.4 % 92.0 % 94.4 %
Industrial 78.4 % 79.3 % 78.4 % 79.2 %
Overall Portfolio 88.1 % 89.4 % 87.9 % 88.9 %
(i) Same-Store properties include all properties that were owned for the entirety of the current and prior year reporting periods. For Q2 2011 and Q2 2010, same-store properties exclude: Residential Acquisitions: none; Office Acquisitions: Quantico Corporate Center, 1140 Connecticut Ave and 1227 25th Street; Medical Office Acquisition: Lansdowne Medical Office Building; Retail Acquisition: Gateway Overlook Shopping Center; Industrial Acquisitions: none. Also excluded from Same-Store Properties in Q2 2011 and Q2 2010 are: Sold Properties: Charleston Business Center, Parklawn Plaza, Lexington, Saratoga, The Ridges, Ammendale I & II , Amvax and Dulles Station, Phase I; Held for Sale Properties: none.
WASHINGTON REAL ESTATE INVESTMENT TRUST
FINANCIAL HIGHLIGHTS
(In thousands, except per share data)
(Unaudited)
Three Months Ended June 30, Six Months Ended June 30,
OPERATING RESULTS 2011 2010 2011 2010
Revenue
Real estate rental $ 80,570 $ 72,402 $ 158,725 $ 145,953
revenue
Expenses
Real estate expenses 26,214 23,172 52,302 49,341
Depreciation and 25,459 22,720 50,209 45,307
amortization
General and 4,049 3,519 7,751 7,302
administrative
55,722 49,411 110,262 101,950
Real estate operating 24,848 22,991 48,463 44,003
income
Other income (expense):
Interest expense (17,097 ) (16,785 ) (34,223 ) (33,623 )
Gain (loss) on - - - (42 )
extinguishment of debt
Acquisition costs (322 ) (409 ) (1,971 ) (464 )
Other income 310 297 616 586
(17,109 ) (16,897 ) (35,578 ) (33,543 )
Income from continuing 7,739 6,094 12,885 10,460
operations
Discontinued operations:
Income (loss) from
operations of properties (10 ) 985 (468 ) 1,884
sold or held for sale
Income tax expense (1,173 ) - (1,173 ) -
Gain on sale of real - 7,942 - 7,942
estate
Net income 6,556 15,021 11,244 20,286
Less: Net income
attributable to (34 ) (27 ) (57 ) (76 )
noncontrolling interests
in subsidiaries
Net income attributable
to the controlling $ 6,522 $ 14,994 $ 11,187 $ 20,210
interests
Income from continuing
operations attributable 7,705 6,067 12,828 10,384
to the controlling
interests
Continuing operations
real estate depreciation 25,459 22,720 50,209 45,307
and amortization
Funds from continuing $ 33,164 $ 28,787 $ 63,037 $ 55,691
operations(1)
Income (loss) from
operations of properties (10 ) 985 (468 ) 1,884
sold or held for sale
Discontinued operations
real estate depreciation - 949 499 1,970
and amortization
Funds from discontinued (10 ) 1,934 31 3,854
operations
Funds from operations(1) $ 33,154 $ 30,721 $ 63,068 $ 59,545
Non-cash (gain) loss on - - - 42
extinguishment of debt
Tenant improvements (1,950 ) (2,331 ) (4,320 ) (4,343 )
External and internal
leasing commissions (1,116 ) (1,767 ) (3,348 ) (4,035 )
capitalized
Recurring capital (3,072 ) (1,999 ) (3,763 ) (2,863 )
improvements
Straight-line rents, net (586 ) (812 ) (1,243 ) (1,420 )
Non-cash fair value 191 783 370 1,559
interest expense
Non real estate
depreciation & 888 993 1,762 1,986
amortization of debt
costs
Amortization of lease (413 ) (405 ) (691 ) (967 )
intangibles, net
Amortization and
expensing of restricted 1,488 1,355 2,745 2,988
share and unit
compensation
Real estate impairment - - 599 -
Funds available for $ 28,584 $ 26,538 $ 55,179 $ 52,492
distribution(4)
Note: Certain prior period amounts have been reclassified to conform to the
current presentation.
Three Months Ended June Six Months Ended June 30,
30,
Per share data
attributable
to the 2011 2010 2011 2010
controlling
interests:
Income from
continuing (Basic) $ 0.12 $ 0.10 $ 0.19 $ 0.17
operations
(Diluted) $ 0.12 $ 0.10 $ 0.19 $ 0.17
Net income (Basic) $ 0.10 $ 0.24 $ 0.17 $ 0.33
(Diluted) $ 0.10 $ 0.24 $ 0.17 $ 0.33
Funds from
continuing (Basic) $ 0.50 $ 0.47 $ 0.96 $ 0.92
operations
(Diluted) $ 0.50 $ 0.47 $ 0.95 $ 0.92
Funds from (Basic) $ 0.50 $ 0.50 $ 0.96 $ 0.98
operations
(Diluted) $ 0.50 $ 0.50 $ 0.96 $ 0.98
Dividends paid $ 0.4338 $ 0.4325 $ 0.8675 $ 0.8650
Weighted
average shares 65,954 61,171 65,920 60,538
outstanding
Fully diluted
weighted 65,989 61,287 65,948 60,649
average shares
outstanding
WASHINGTON REAL ESTATE INVESTMENT TRUST
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
(Unaudited)
June 30, December 31,
2011 2010
Assets
Land $ 475,458 $ 432,149
Income producing property 2,022,986 1,938,629
2,498,444 2,370,778
Accumulated depreciation and amortization (576,605 ) (534,570 )
Net income producing property 1,921,839 1,836,208
Development in progress 39,413 26,240
Total real estate held for investment, net 1,961,252 1,862,448
Investment in real estate sold or held for sale - 41,892
Cash and cash equivalents 42,886 78,767
Restricted cash 23,550 21,552
Rents and other receivables, net of allowance for
doubtful accounts of $8,633 and $8,394 56,461 49,227
respectively
Prepaid expenses and other assets 103,027 96,466
Other assets related to property sold or held for - 17,529
sale
Total assets $ 2,187,176 $ 2,167,881
Liabilities
Notes payable $ 659,934 $ 753,587
Mortgage notes payable 378,469 380,171
Lines of credit 245,000 100,000
Accounts payable and other liabilities 57,445 51,036
Advance rents 13,619 12,589
Tenant security deposits 9,988 9,418
Other liabilities related to property sold or held - 222
for sale
Total liabilities $ 1,364,455 $ 1,307,023
Shareholders' equity
Shares of beneficial interest, $0.01 par value;
100,000 Shares authorized; 66,017 and 65,870 661 659
shares issued and outstanding, respectively
Additional paid-in capital 1,133,823 1,127,825
Distributions in excess of net income (316,134 ) (269,935 )
Accumulated other comprehensive income (636 ) (1,469 )
Total shareholders' equity 817,714 857,080
Noncontrolling interests in subsidiaries 5,007 3,778
Total equity 822,721 860,858
Total liabilities and equity $ 2,187,176 $ 2,167,881
Note: Certain prior year amounts have been reclassified to conform to the
current year presentation.
The following tables contain reconciliations of net income to same-store net operating income for the periods presented: Three months Medical ended June 30, Multifamily Office Office Retail Industrial Total 2011 Same-store net operating $ 7,850 $ 20,236 $ 8,113 $ 7,071 $ 5,978 $ 49,248 income(3) Add: Net operating income from - 3,576 (15 ) 1,547 - 5,108 non-same-store properties(3) Total net operating $ 7,850 $ 23,812 $ 8,098 $ 8,618 $ 5,978 $ 54,356 income(2) Add/(deduct): Other income 310 Acquisition (322 ) costs Interest (17,097 ) expense Depreciation and (25,459 ) amortization General and administrative (4,049 ) expenses Income (loss) from operations of (10 ) properties sold or held for sale Income tax (1,173 ) expense Net income 6,556 Less: Net income attributable to (34 ) noncontrolling interests in subsidiaries Net income attributable to the $ 6,522 controlling interests Three months Medical ended June 30, Multifamily Office Office Retail Industrial Total 2010 Same-store net operating $ 7,391 $ 20,472 $ 7,785 $ 7,634 $ 5,525 $ 48,807 income(3) Add: Net operating income from - 523 (100 ) - - 423 non-same-store properties(3) Total net operating $ 7,391 $ 20,995 $ 7,685 $ 7,634 $ 5,525 $ 49,230 income(2) Add/(deduct): Other income 297 Acquisition (409 ) costs Interest (16,785 ) expense Depreciation and (22,720 ) amortization General and administrative (3,519 ) expenses Income (loss) from operations of 985 properties sold or held for sale Gain on sale 7,942 of real estate Net income 15,021 Less: Net income attributable to (27 ) noncontrolling interests in subsidiaries Net income attributable to the $ 14,994 controlling interests The following tables contain reconciliations of net income to same-store net operating income for the periods presented: Six months Medical ended June 30, Multifamily Office Office Retail Industrial Total 2011 Same-store net operating $ 15,515 $ 40,141 $ 15,618 $ 14,326 $ 11,698 $ 97,298 income(3) Add: Net operating income from - 6,286 (58 ) 2,897 - 9,125 non-same-store properties(3) Total net operating $ 15,515 $ 46,427 $ 15,560 $ 17,223 $ 11,698 $ 106,423 income(2) Add/(deduct): Other income 616 (expense) Acquisition (1,971 ) costs Interest (34,223 ) expense Depreciation and (50,209 ) amortization General and administrative (7,751 ) expenses Income (loss) from operations of (468 ) properties sold or held for sale Income tax (1,173 ) expense Net income 11,244 Less: Net income attributable to (57 ) noncontrolling interests in subsidiaries Net income attributable to the $ 11,187 controlling interests Six months Medical ended June 30, Multifamily Office Office Retail Industrial Total 2010 Same-store net operating $ 14,130 $ 40,670 $ 15,388 $ 14,851 $ 11,289 $ 96,328 income(3) Add: Net operating income from - 523 (239 ) - - 284 non-same-store properties(3) Total net operating $ 14,130 $ 41,193 $ 15,149 $ 14,851 $ 11,289 $ 96,612 income(2) Add/(deduct): Other income 586 (expense) Acquisition (464 ) costs Interest (33,623 ) expense Gain (loss) on extinguishment (42 ) of debt Depreciation and (45,307 ) amortization General and administrative (7,302 ) expenses Income (loss) from operations of 1,884 properties sold or held for sale Gain on sale 7,942 of real estate Net income 20,286 Less: Net income attributable to (76 ) noncontrolling interests in subsidiaries Net income attributable to the $ 20,210 controlling interests
The following table contains a reconciliation of net income attributable to the controlling interests to core funds from operations for the periods presented:
Three Months Ended June Six Months Ended June 30,
30,
2011 2010 2011 2010
Net income
attributable
to the $ 6,522 $ 14,994 $ 11,187 $ 20,210
controlling
interests
Add/(deduct):
Real estate
depreciation 25,459 22,720 50,209 45,307
and
amortization
Discontinued
operations:
Gain on sale - (7,942 ) - (7,942 )
of real estate
Income tax 1,173 - 1,173 -
expense
Real estate
depreciation - 949 499 1,970
and
amortization
Funds from 33,154 30,721 63,068 59,545
Operations(1)
Add/(deduct):
Real estate - - 599 -
impairment
Loss (gain) on
extinguishment - - - 42
of debt
Acquisition 322 409 1,971 464
costs
Core funds
from $ 33,476 $ 31,130 $ 65,638 $ 60,051
operations(1)
Three Months Ended June Six Months Ended June 30,
30,
Per share data
attributable
to the 2011 2010 2011 2010
controlling
interests:
Funds from (Basic) $ 0.50 $ 0.50 $ 0.96 $ 0.98
operations
(Diluted) $ 0.50 $ 0.50 $ 0.96 $ 0.98
Core FFO (Basic) $ 0.51 $ 0.51 $ 0.99 $ 0.99
(Diluted) $ 0.51 $ 0.51 $ 0.99 $ 0.99
Weighted
average shares 65,954 61,171 65,920 60,538
outstanding
Fully diluted
weighted 65,989 61,287 65,948 60,649
average shares
outstanding
Source: Washington Real Estate Investment Trust
Released July 28, 2011