Second Quarter 2012
	Supplemental Operating and Financial Data
	Contact:			6110 Executive Boulevard
	William T. Camp			Suite 800
	Executive Vice President and			Rockville, MD 20852
	Chief Financial Officer			(301) 984-9400
	E-mail: bcamp@writ.com			(301) 984-9610 fax

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Company Background and Highlights Second Quarter 2012

Washington Real Estate Investment Trust ("WRIT") is a self-administered, self-managed, equity real estate investment trust investing in income-producing properties in the greater Washington metro region. WRIT is diversified, as it invests in office, medical office, retail, and multifamily properties and land for development.

In the second quarter WRIT acquired Fairgate at Ballston, a 147,000 square foot office building in Arlington, Virginia for $52.25 million. The eight-story office building with a three-level underground parking garage is located at 1005 N. Glebe Road, in close proximity to U.S. Route 66 and three blocks from the Ballston Metro Station (Orange Line). The property was built in 1988 and is 82% leased to a diverse mix of office tenants. Fairgate at Ballston is located a half mile from WRIT’s multifamily development at 650 N. Glebe Road. WRIT funded the acquisition with available capacity on its line of credit.

WRIT amended and extended both of its unsecured credit facilities in the second quarter. The $400 million Wells Fargo facility matures July 1, 2016 (previously July 1, 2014), with a one-year extension option and is priced at a rate of LIBOR plus a margin of 107.5 basis points (previously 122.5 basis points) based on WRIT’s current credit rating. The amendment also eliminates the requirement for guarantees from WRIT’s subsidiaries under certain circumstances.

The $75 million SunTrust facility was increased to $100 million and will mature June 25, 2015 with a one-year extension option, and is priced at a rate of LIBOR plus a margin of 107.5 basis points based on WRIT’s current credit rating. The amendment also eliminates the requirement for guarantees from WRIT’s subsidiaries under certain circumstances.

WRIT also entered into a new a Sales Agency Financing Agreement with BNY Mellon Capital Markets, LLC (BNYMCM). Under this agreement, WRIT may offer and sell up to $250 million of common shares, from time to time, and for a period of no more than 36 months. The agreement replaces the similar Sales Agency Financing Agreement dated November 12, 2009, previously entered into by WRIT and BNYMCM. WRIT did not issue any shares under this agreement in the second quarter.

WRIT signed commercial leases for 247,000 square feet with an average lease term of 6.7 years. The average rental rate increase on new and renewal leases was 14.3% on a GAAP basis and 1.0% on a cash basis. Commercial tenant improvement costs were $26.40 per square foot and leasing commissions and incentives were $13.51 per square foot for the quarter.

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Company Background and Highlights Second Quarter 2012

Net Operating Income Contribution by Sector - Second Quarter 2012

As of June 30, 2012, WRIT owned a diversified portfolio of 72 properties totaling approximately 9 million square feet of commercial space and 2,540 residential units, and land held for development. These 72 properties consist of 27 office properties, 18 medical office properties, 16 retail centers and 11 multifamily properties. WRIT shares are publicly traded on the New York Stock Exchange (NYSE: WRE).

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 2011 Form 10-K and first quarter 2012 Form 10-Q. We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

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Supplemental Financial and Operating Data Table of Contents June 30, 2012
Schedule		Page
Key Financial Data
	Consolidated Statements of Operations	4
	Consolidated Balance Sheets	5
	Funds From Operations	6
	Funds Available for Distribution	7
	Adjusted Earnings Before Interest Taxes Depreciation and Amortization (EBITDA)	8
Capital Analysis
	Long-Term Debt Analysis	9
	Long-Term Debt Maturities	10
	Debt Covenant Compliance	11
	Capital Analysis	12
Portfolio Analysis
	Same-Store Portfolio Net Operating Income (NOI) Growth & Rental Rate Growth	13
	Same-Store Portfolio Net Operating Income (NOI) Detail for the Quarter	14-15
	Net Operating Income (NOI) by Region	16
	Same-Store Portfolio & Overall Physical Occupancy Levels by Sector	17
	Same-Store Portfolio & Overall Economic Occupancy Levels by Sector	18
Growth and Strategy
	Acquisition Summary	19
Tenant Analysis
	Commercial Leasing Summary	20-21
	10 Largest Tenants - Based on Annualized Base Rent	22
	Industry Diversification	23
	Lease expirations	25
Appendix
	Schedule of Properties	26-28
	Supplemental Definitions	29

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Consolidated Statements of Operations (In thousands, except per share data) (Unaudited)

	Three Months Ended
OPERATING RESULTS	6/30/2012				3/31/2012				12/31/2011				9/30/2011				6/30/2011
Real estate rental revenue	$	76,777			$	76,499			$	76,708			$	71,931			$	71,684
Real estate expenses	(25,479		)		(26,013		)		(26,068		)		(24,070		)		(23,801		)
	51,298				50,486				50,640				47,861				47,883
Real estate depreciation and amortization	(25,591		)		(25,994		)		(25,398		)		(23,479		)		(22,526		)
Income from real estate	25,707				24,492				25,242				24,382				25,357
Interest expense	(15,533		)		(15,895		)		(16,207		)		(16,508		)		(16,865		)
Other income	252				244				258				270				310
Acquisition costs	(254		)		(54		)		(36		)		(1,600		)		(322		)
Real estate impairment	—				—				(14,526		)						—
Gain (loss) on extinguishment of debt	—				—				(976		)		—				—
General and administrative	(4,164		)		(3,606		)		(4,140		)		(3,837		)		(4,049		)
Income (loss) from continuing operations	6,008				5,181				(10,385		)		2,707				4,431
Discontinued operations:
Income (loss) from operations of properties sold or held for sale	—				—				631				3,655				3,298
Gain on sale of real estate	—				—				40,852				56,639				—
Income tax benefit (expense)	—				—				—				35				(1,173		)
Income from discontinued operations	—				—				41,483				60,329				2,125
Net income	6,008				5,181				31,098				63,036				6,556
Less: Net income from noncontrolling interests	—				—				(409		)		(28		)		(34		)
Net income attributable to the controlling interests	$	6,008			$	5,181			$	30,689			$	63,008			$	6,522
Per Share Data:
Net income attributable to the controlling interests	$	0.09			$	0.08			$	0.46			$	0.95			$	0.10
Fully diluted weighted average shares outstanding	66,380				66,328				66,069				66,064				65,989
Percentage of Revenues:
Real estate expenses	33.2		%		34.0		%		34.0		%		33.5		%		33.2		%
General and administrative	5.4		%		4.7		%		5.4		%		5.3		%		5.6		%
Ratios:
Adjusted EBITDA / Interest expense	3.1x				3.0x				3.0x				2.9x				3.0x
Income from continuing operations attributable to the controlling interest/Total real estate revenue	7.8		%		6.8		%		(13.5		)%		3.8		%		6.2		%
Net income attributable to the controlling interest/Total real estate revenue	7.8		%		6.8		%		40.0		%		87.6		%		9.1		%
Note: Certain prior quarter amounts have been reclassified to conform to the current quarter presentation.

4

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Consolidated Balance Sheets (In thousands) (Unaudited)

	6/30/2012				3/31/2012				12/31/2011				9/30/2011				6/30/2011
Assets
Land	$	489,950			$	472,196			$	472,196			$	472,812			$	424,647
Income producing property	1,988,331				1,947,630				1,934,587				1,924,526				1,754,493
	2,478,281				2,419,826				2,406,783				2,397,338				2,179,140
Accumulated depreciation and amortization	(577,882		)		(556,833		)		(535,732		)		(516,319		)		(497,738		)
Net income producing property	1,900,399				1,862,993				1,871,051				1,881,019				1,681,402
Development in progress, including land held for development	45,928				44,236				43,089				39,735				39,413
Total real estate held for investment, net	1,946,327				1,907,229				1,914,140				1,920,754				1,720,815
Investment in real estate held for sale, net	—				—				—				69,990				240,437
Cash and cash equivalents	14,367				17,809				12,765				40,751				42,886
Restricted cash	19,853				21,922				19,424				23,267				22,311
Rents and other receivables, net of allowance for doubtful accounts	57,493				54,727				53,828				52,396				48,472
Prepaid expenses and other assets	115,631				114,859				120,601				125,689				99,356
Other assets related to properties sold or held for sale	—				—				—				3,505				12,899
Total assets	$	2,153,671			$	2,116,546			$	2,120,758			$	2,236,352			$	2,187,176
Liabilities
Notes payable	$	607,653			$	657,562			$	657,470			$	657,378			$	659,934
Mortgage notes payable	425,268				426,485				427,710				428,909				360,493
Lines of credit/short-term note payable	221,000				109,000				99,000				193,000				245,000
Accounts payable and other liabilities	54,413				57,766				51,145				55,879				54,101
Advance rents	15,295				15,065				13,739				13,393				12,372
Tenant security deposits	9,827				8,949				8,862				8,751				8,027
Other liabilities related to properties sold or held for sale	—				—				—				19,229				24,528
Total Liabilities	1,333,456				1,274,827				1,257,926				1,376,539				1,364,455
Equity
Shares of beneficial interest, $0.01 par value; 100,000 shares authorized	662				662				662				661				661
Additional paid-in capital	1,142,391				1,141,062				1,138,478				1,136,240				1,133,823
Distributions in excess of net income	(326,714		)		(303,815		)		(280,096		)		(281,930		)		(316,134		)
Accumulated other comprehensive income (loss)	—				—				—				(160		)		(636		)
Total shareholders' equity	816,339				837,909				859,044				854,811				817,714
Noncontrolling interests in subsidiaries	3,876				3,810				3,788				5,002				5,007
Total equity	820,215				841,719				862,832				859,813				822,721
Total liabilities and equity	$	2,153,671			$	2,116,546			$	2,120,758			$	2,236,352			$	2,187,176
Total Debt / Total Market Capitalization	0.40		:1		0.38		:1		0.40		:1		0.41		:1		0.37		:1

5

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Funds from Operations (In thousands, except per share data) (Unaudited)

	Three Months Ended
	6/30/2012				3/31/2012				12/31/2011				9/30/2011				6/30/2011
Funds from operations(1)
Net income (loss) attributable to the controlling interests	$	6,008			$	5,181			$	30,689			$	63,008			$	6,522
Real estate depreciation and amortization	25,591				25,994				25,398				23,479				22,526
Gain from non-disposal activities	—				—				—				—				—
Discontinued operations:
Gain on sale of real estate	—				—				(40,452		)		(56,639		)		—
Income tax expense (benefit)	—				—				—				(35		)		1,173
Real estate depreciation and amortization	—				—				—				943				2,933
Funds from operations (FFO)	$	31,599			$	31,175			$	15,635			$	30,756			$	33,154
Loss (gain) on extinguishment of debt	—				—				976				—				—
Real estate impairment	—				—				14,526				—				—
Acquisition costs	254				54				36				1,600				322
Core FFO (1)	$	31,853			$	31,229			$	31,173			$	32,356			$	33,476
Allocation to participating securities(2)	(176		)		(188		)		(186		)		(385		)		(38		)
FFO per share - basic	$	0.47			$	0.47			$	0.23			$	0.46			$	0.50
FFO per share - fully diluted	$	0.47			$	0.47			$	0.23			$	0.46			$	0.50
Core FFO per share - fully diluted	$	0.48			$	0.47			$	0.47			$	0.48			$	0.51
Common dividend per share	$	0.43375			$	0.43375			$	0.43375			$	0.43375			$	0.43375
Average shares - basic	66,241				66,194				66,069				66,017				65,954
Average shares - fully diluted	66,380				66,328				66,069				66,064				65,989
(1)  See "Supplemental Definitions" on page 29 of this supplemental for the definitions of FFO and Core FFO.
(2)  Adjustment to the numerators for FFO and Core FFO per share calculations when applying the two-class method for calculating EPS.

6

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Funds Available for Distribution (In thousands, except per share data) (Unaudited)

	Three Months Ended
	6/30/2012				3/31/2012				12/31/2011				9/30/2011				6/30/2011
Funds available for distribution(1)
FFO	$	31,599			$	31,175			$	15,635			$	30,756			$	33,154
Tenant improvements	(2,357		)		(4,066		)		(5,100		)		(2,469		)		(1,950		)
Leasing commissions and incentives	(2,122		)		(2,557		)		(1,485		)		(3,859		)		(1,116		)
Recurring capital improvements	(2,992		)		(1,539		)		(1,626		)		(2,148		)		(3,072		)
Straight-line rent, net	(688		)		(992		)		(776		)		(715		)		(586		)
Non-cash fair value interest expense	229				228				(53		)		145				191
Non-real estate depreciation and amortization	948				1,008				845				1,126				888
Amortization of lease intangibles, net	(3		)		—				(32		)		(329		)		(413		)
Amortization and expensing of restricted share and unit compensation	1,333				1,405				1,459				1,376				1,488
Real estate impairment	—				—				14,526				—				—
Funds available for distribution (FAD)	$	25,947			$	24,662			$	23,393			$	23,883			$	28,584
Cash loss (gain) on extinguishment of debt	—				—				976				—				—
Acquisition costs	254				54				36				1,600				322
Core FAD (1)	$	26,201			$	24,716			$	24,405			$	25,483			$	28,906
Allocation to participating securities(2)	(176		)		(188		)		(186		)		(385		)		(38		)
FAD per share - basic	$	0.39			$	0.37			$	0.35			$	0.36			$	0.43
FAD per share - fully diluted	$	0.39			$	0.37			$	0.35			$	0.36			$	0.43
Core FAD per share - fully diluted	$	0.39			$	0.37			$	0.37			$	0.38			$	0.44
Common dividend per share	$	0.43375			$	0.43375			$	0.43375			$	0.43375			$	0.43375
Average shares - basic	66,241				66,194				66,069				66,017				65,954
Average shares - fully diluted	66,380				66,328				66,069				66,064				65,989
(1)  See "Supplemental Definitions" on page 29 of this supplemental for the definitions of FAD and Core FAD. (2)  Adjustment to the numerators for FAD and Core FAD per share calculations when applying the two-class method for calculating EPS.

7

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Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) (In thousands) (Unaudited)

	Three Months Ended
	6/30/2012				3/31/2012				12/31/2011				9/30/2011				6/30/2011
Net income attributable to the controlling interests	$	6,008			$	5,181			$	30,689			$	63,008			$	6,522
Add:
Interest expense, including discontinued operations	15,533				15,895				15,985				16,739				17,097
Real estate depreciation and amortization, including discontinued operations	25,591				25,994				25,398				24,422				25,459
Income tax expense (benefit)	158				13				—				(27		)		1,173
Real estate impairment	—				—				14,526				—				—
Non-real estate depreciation	261				268				242				243				248
Less:
Gain on sale of real estate	—				—				(40,852		)		(56,639		)		—
Loss (gain) on extinguishment of debt	—				—				976				—				—
Gain from non-disposal activities	—				—				—				—				—
Adjusted EBITDA (1)	$	47,551			$	47,351			$	47,364			$	47,746			$	50,499
(1) Adjusted EBITDA is earnings before interest expense, taxes, depreciation, amortization, gain on sale of real estate, gain/loss on extinguishment of debt and gain from non-disposal activities. We consider Adjusted EBITDA to be an appropriate supplemental performance measure because it permits investors to view income from operations without the effect of depreciation, the cost of debt or non-operating gains and losses. Adjusted EBITDA is a non-GAAP measure.

8

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Long Term Debt Analysis (In thousands, except per share data)

	6/30/2012				3/31/2012				12/31/2011				9/30/2011				6/30/2011
Balances Outstanding
Secured
Conventional fixed rate	$	425,268			$	426,485			$	427,710			$	446,715			$	378,469
Secured total	425,268				426,485				427,710				446,715				378,469
Unsecured
Fixed rate bonds and notes	607,653				657,562				657,470				657,378				659,934
Credit facility	221,000				109,000				99,000				193,000				245,000
Unsecured total	828,653				766,562				756,470				850,378				904,934
Total	$	1,253,921			$	1,193,047			$	1,184,180			$	1,297,093			$	1,283,403
Average Interest Rates
Secured
Conventional fixed rate	5.9		%		5.9		%		5.9		%		5.9		%		5.9		%
Secured total	5.9		%		5.9		%		5.9		%		5.9		%		5.9		%
Unsecured
Fixed rate bonds	5.4		%		5.4		%		5.4		%		5.4		%		5.4		%
Credit facilities	1.3		%		0.9		%		0.9		%		2.1		%		1.4		%
Unsecured total	4.3		%		4.7		%		4.8		%		4.6		%		4.3		%
Average	4.9		%		5.2		%		5.2		%		5.1		%		4.8		%

Note: The current balances outstanding of the secured and unsecured fixed rate bonds and notes are shown net of discounts/premiums in the amount of $4.0 million and $2.3 million, respectively.

    

9

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Long Term Debt Maturities (In thousands, except per share amounts)

	Future Maturities of Debt
Year	Secured Debt				Unsecured Debt				Credit Facilities				Total Debt				Average Interest Rate
2012	$	24,099			$	—			—				$	24,099			5.5%
2013	87,580				60,000				—				147,580				5.4%
2014	3,724				100,000				—				103,724				5.3%
2015	22,390				150,000				74,000				246,390				4.2%
2016	134,943				—				147,000				281,943				3.4%
2017	104,953				—				—				104,953				7.2%
2018	3,277				—				—				3,277				5.1%
2019	34,060				—				—				34,060				5.3%
2020	2,818				250,000				—				252,818				5.1%
2021	2,997				—				—				2,997				5.1%
2022	3,187				—				—				3,187				5.1%
Thereafter	5,257				50,000				—				55,257				7.2%
Total maturities	$	429,285			$	610,000			$	221,000			$	1,260,285			4.9%

Weighted average maturity = 4.8 years

10

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Debt Covenant Compliance

Unsecured Notes Payable

Unsecured Line of Credit #1 ($100.0 million)

Unsecured Line of Credit #2 ($400.0 million)

Quarter Ended June 30, 2012

Covenant

Quarter Ended June 30, 2012

Covenant

Quarter Ended June 30, 2012

Covenant

% of Total Indebtedness to Total Assets(1)

44.1

%

≤ 65.0%

N/A

N/A

N/A

N/A

Ratio of Income Available for Debt Service to Annual Debt Service

3.1

≥ 1.5

N/A

N/A

N/A

N/A

% of Secured Indebtedness to Total Assets(1)

14.9

%

≤ 40.0%

N/A

N/A

N/A

N/A

Ratio of Total Unencumbered Assets(2) to Total Unsecured Indebtedness

2.6

≥ 1.5

N/A

N/A

N/A

N/A

Tangible Net Worth(3)

N/A

N/A

$841.3 million

≥ $673.4 million

$842.5 million

≥ $671.9 million

% of Total Liabilities to Gross Asset Value(5)

N/A

N/A

50.5

%

≤ 60.0%

50.5

%

≤ 60.0%

% of Secured Indebtedness to Gross Asset Value(5)

N/A

N/A

16.1

%

≤ 35.0%

16.1

%

≤ 35.0%

Ratio of EBITDA(4) to Fixed Charges(6)

N/A

N/A

2.68

≥ 1.50

2.68

≥ 1.50

Ratio of Unencumbered Pool Value(7) to Unsecured Indebtedness

N/A

N/A

2.40

≥ 1.67

2.40

≥ 1.67

Ratio of Unencumbered Net Operating Income to Unsecured Interest Expense

N/A

N/A

3.83

≥ 2.00

3.83

≥ 2.00

Ratio of Investments(8) to Gross Asset Value(5)

N/A

N/A

1.7

%

≤ 15.0%

1.7

%

≤ 15.0%

(1) Total Assets is calculated by applying a capitalization rate of 7.50% to the EBITDA(4) from the last four consecutive quarters, excluding EBITDA from acquired, disposed, and non-stabilized development properties.

(2) Total Unencumbered Assets is calculated by applying a capitalization rate of 7.50% to the EBITDA(4) from unencumbered properties from the last four consecutive quarters, excluding EBITDA from acquired, disposed, and non-stabilized development properties.

(3) Tangible Net Worth is defined as shareholders equity less accumulated depreciation at the commitment start date plus current accumulated depreciation.

(4) EBITDA is defined in our debt covenants as earnings before minority interests, depreciation, amortization, interest expense, income tax expense, and extraordinary and nonrecurring gains and losses.

(5) Gross Asset Value is calculated by applying a capitalization rate to the annualized EBITDA(4) from the most recently ended quarter, excluding EBITDA from disposed properties and current quarter acquisitions. To this amount, the purchase price of current quarter acquisitions, cash and cash equivalents and development in progress is added.

(6) Fixed Charges consist of interest expense, principal payments, ground lease payments and replacement reserve payments.

(7) Unencumbered Pool Value is calculated by applying a capitalization rate of 7.50% to the net operating income from unencumbered properties owned for the entire quarter. To this we add the purchase price of unencumbered acquisitions during the current quarter.

(8) Investments is defined as development in progress, including land held for development, plus budgeted development costs upon commencement of construction, if any.

11

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Capital Analysis (In thousands, except per share amounts)

	6/30/2012				3/31/2012				12/31/2011				9/30/2011				6/30/2011
Market Data
Shares Outstanding	66,321				66,309				66,265				66,066				66,017
Market Price per Share	$	28.45			$	29.70			$	27.35			$	28.18			$	32.52
Equity Market Capitalization	$	1,886,832			$	1,969,377			$	1,812,348			$	1,861,740			$	2,146,873
Total Debt	$	1,253,921			$	1,193,047			$	1,184,180			$	1,297,093			$	1,283,403
Total Market Capitalization	$	3,140,753			$	3,162,424			$	2,996,528			$	3,158,833			$	3,430,276
Total Debt to Market Capitalization	0.40		:1		0.38		:1		0.40		:1		0.41		:1		0.37		:1
Earnings to Fixed Charges(1)	1.3x				1.3x				0.3x				1.1x				1.3x
Debt Service Coverage Ratio(2)	2.8x				2.7x				2.7x				2.7x				2.8x
Dividend Data
Total Dividends Paid	$	28,772			$	28,746			$	28,669			$	28,641			$	28,621
Common Dividend per Share	$	0.43375			$	0.43375			$	0.43375			$	0.43375			$	0.43375
Payout Ratio (Core FFO per share basis)	90.4		%		92.3		%		92.3		%		90.4		%		85.0		%
Payout Ratio (Core FAD per share basis)	111.2		%		117.2		%		117.2		%		114.1		%		98.6		%
Payout Ratio (FAD per share basis)	111.2		%		117.2		%		123.9		%		120.5		%		100.9		%
(1) The ratio of earnings to fixed charges is computed by dividing earnings by fixed charges. For this purpose, earnings consist of income from continuing operations attributable to the controlling interests plus fixed charges, less capitalized interest. Fixed charges consist of interest expense, including amortized costs of debt issuance, plus interest costs capitalized.
(2) Debt service coverage ratio is computed by dividing Adjusted EBITDA (see page 8) by interest expense and principal amortization.

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Same-Store Portfolio Net Operating Income (NOI) Summary (In thousands)

	Three Months Ended June 30,
	2012				2011				% Change			Rental Rate Growth
Cash Basis:
Multifamily	$	7,804			$	7,641			2.1	%		4.2	%
Office Buildings	21,575				22,832				(5.5	)%		1.3	%
Medical Office Buildings	7,225				7,855				(8.0	)%		2.1	%
Retail Centers	9,815				8,435				16.4	%		2.1	%
Overall Same-Store Portfolio (1)	$	46,419			$	46,763			(0.7	)%		2.1	%
GAAP Basis:
Multifamily	$	7,998			$	7,850			1.9	%		4.1	%
Office Buildings	21,716				23,317				(6.9	)%		0.9	%
Medical Office Buildings	7,414				8,113				(8.6	)%		2.0	%
Retail Centers	9,967				8,618				15.7	%		0.9	%
Overall Same-Store Portfolio (1)	$	47,095			$	47,898			(1.7	)%		1.6	%

(1)  Non same-store properties were:

Acquisitions:

Office - Braddock Metro Center, John Marshall II and Fairgate at Ballston

Retail - Olney Village Center

Medical Office - Lansdowne Medical Office Building

Held for sale and sold properties:

Office - Dulles Station, Phase I

Industrial/Office - Industrial Portfolio (see Supplemental Definitions for list of properties)

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Same-Store Portfolio Net Operating Income (NOI) Detail (In thousands)

	Three Months Ended June 30, 2012
	Multifamily				Office				Medical Office				Retail				Corporate and Other				Total
Real estate rental revenue
Same-store portfolio	$	13,096			$	33,543			$	11,026			$	12,688			—				$	70,353
Non same-store - acquired and in development (1)	—				4,883				259				1,282				—				6,424
Total	13,096				38,426				11,285				13,970				—				76,777
Real estate expenses
Same-store portfolio	5,098				11,827				3,612				2,721				—				23,258
Non same-store - acquired and in development (1)	—				1,743				169				309				—				2,221
Total	5,098				13,570				3,781				3,030				—				25,479
Net Operating Income (NOI)
Same-store portfolio	7,998				21,716				7,414				9,967				—				47,095
Non same-store - acquired and in development (1)	—				3,140				90				973				—				4,203
Total	$	7,998			$	24,856			$	7,504			$	10,940			—				$	51,298
Same-store portfolio NOI GAAP basis (from above)	$	7,998			$	21,716			$	7,414			$	9,967			—				$	47,095
Straight-line revenue, net for same-store properties	(3		)		(286		)		(113		)		(100		)		—				(502		)
FAS 141 Min Rent	(191		)		(2		)		(88		)		(100		)		—				(381		)
Amortization of lease intangibles for same-store properties	—				147				12				48				—				207
Same-store portfolio NOI, cash basis	$	7,804			$	21,575			$	7,225			$	9,815			—				$	46,419
Reconciliation of NOI to net income
Total NOI	$	7,998			$	24,856			$	7,504			$	10,940			—				$	51,298
Depreciation and amortization	(3,164		)		(14,634		)		(3,956		)		(3,560		)		(277		)		(25,591		)
General and administrative	—				—				—				—				(4,164		)		(4,164		)
Interest expense	(1,695		)		(3,036		)		(1,162		)		(596		)		(9,044		)		(15,533		)
Other income	—				—				—				—				252				252
Acquisition costs	—				—				—				—				(254		)		(254		)
Net Income	3,139				7,186				2,386				6,784				(13,487		)		6,008
Net income attributable to noncontrolling interests	—				—				—				—				—				—
Net income attributable to the controlling interests	$	3,139			$	7,186			$	2,386			$	6,784			$	(13,487	)		$	6,008
(1)  For a list of non-same-store properties and held for sale and sold properties, see page 13 of this Supplemental.

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Same-Store Net Operating Income (NOI) Detail (In thousands)

	Three Months Ended June 30, 2011
	Multifamily				Office				Medical Office				Retail				Industrial/Flex				Corporate and Other				Total
Real estate rental revenue
Same-store portfolio	$	12,709			$	35,219			$	11,380			$	12,237			$	—			—				$	71,545
Non same-store - acquired and in development (1)	—				—				139				—				—				—				139
Total	12,709				35,219				11,519				12,237				—				—				71,684
Real estate expenses
Same-store portfolio	4,859				11,902				3,267				3,619				—				—				23,647
Non same-store - acquired and in development (1)	—				—				154				—				—				—				154
Total	4,859				11,902				3,421				3,619				—				—				23,801
Net Operating Income (NOI)
Same-store portfolio	7,850				23,317				8,113				8,618				—				—				47,898
Non same-store - acquired and in development (1)	—				—				(15		)		—				—				—				(15		)
Total	$	7,850			$	23,317			$	8,098			$	8,618			$	—			—				$	47,883
Same-store portfolio NOI GAAP basis (from above)	$	7,850			$	23,317			$	8,113			$	8,618			$	—			—				$	47,898
Straight-line revenue, net for same-store properties	(17		)		(484		)		(163		)		(63		)		—				—				(727		)
FAS 141 Min Rent	(192		)		(123		)		(105		)		(135		)		—				—				(555		)
Amortization of lease intangibles for same-store properties	—				122				10				15				—				—				147
Same-store portfolio NOI, cash basis	$	7,641			$	22,832			$	7,855			$	8,435			$	—			—				$	46,763
Reconciliation of NOI to net income
Total NOI	$	7,850			$	23,317			$	8,098			$	8,618			$	—			—				$	47,883
Depreciation and amortization	(3,137		)		(12,299		)		(3,973		)		(2,787		)		—				(330		)		(22,526		)
General and administrative	—				—				—				—				—				(4,049		)		(4,049		)
Interest expense	(1,702		)		(2,244		)		(1,319		)		(315		)		—				(11,285		)		(16,865		)
Other income	—				—				—				—				—				310				310
Acquisition costs	—				—				—				—				—				(322		)		(322		)
Discontinued operations:
Income from operations of properties sold or held for sale (1)	—				155				—				—				3,143				—				3,298
Income tax expense	—				—				—				—				—				(1,173		)		(1,173		)
Net income	3,011				8,929				2,806				5,516				3,143				(16,849		)		6,556
Net income attributable to noncontrolling interests	—				—				—				—				—				(34		)		(34		)
Net income attributable to the controlling interests	$	3,011			$	8,929			$	2,806			$	5,516			$	3,143			$	(16,883	)		$	6,522
(1)  For a list of non-same-store properties and held for sale and sold properties, see page 13 of this Supplemental.

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Net Operating Income (NOI) by Region

WRIT Portfolio							WRIT Portfolio
Maryland/Virginia/DC							Inside & Outside the Beltway
	Percentage of GAAP NOI							Percentage of GAAP NOI
	Q2 2012			YTD 2012				Q2 2012			YTD 2012
DC							Inside the Beltway
Multifamily	3.7	%		3.8	%		Multifamily	14.7	%		14.9	%
Office	16.7	%		17.0	%		Office	26.5	%		26.9	%
Medical Office	1.8	%		1.8	%		Medical Office	2.8	%		2.9	%
Retail	0.7	%		0.7	%		Retail	6.2	%		6.2	%
	22.9	%		23.3	%			50.2	%		50.9	%
Maryland							Outside the Beltway
Multifamily	2.3	%		2.3	%		Multifamily	0.9	%		0.9	%
Office	11.0	%		11.2	%		Office	21.9	%		21.8	%
Medical Office	3.9	%		4.1	%		Medical Office	11.8	%		12.0	%
Retail	15.1	%		14.5	%		Retail	15.2	%		14.4	%
	32.3	%		32.1	%			49.8	%		49.1	%
Virginia
Multifamily	9.5	%		9.7	%		Total Portfolio	100.0	%		100.0	%
Office	20.8	%		20.4	%
Medical Office	8.9	%		9.1	%
Retail	5.6	%		5.4	%
	44.8	%		44.6	%
Total Portfolio	100.0	%		100.0	%

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Same-Store and Overall Physical Occupancy Levels by Sector

	Physical Occupancy - Same-Store Properties (1)
Sector	6/30/2012			3/31/2012			12/31/2011			9/30/2011			6/30/2011
Multifamily	94.8	%		95.2	%		94.9	%		94.0	%		95.6	%
Office Buildings	84.7	%		85.1	%		88.1	%		87.7	%		88.2	%
Medical Office	89.9	%		90.7	%		90.6	%		91.3	%		91.7	%
Retail Centers	92.7	%		92.4	%		92.7	%		91.6	%		92.0	%
Industrial / Flex	—	%		—	%		—	%		—	%		—	%
Overall Portfolio	89.3	%		89.6	%		90.9	%		90.5	%		91.1	%
	Physical Occupancy - All Properties
Sector	6/30/2012			3/31/2012			12/31/2011			9/30/2011			6/30/2011
Multifamily	94.8	%		95.2	%		94.9	%		94.0	%		95.6	%
Office Buildings	85.8	%		86.3	%		89.0	%		88.6	%		87.9	%
Medical Office	86.4	%		87.1	%		86.5	%		87.2	%		87.3	%
Retail Centers	93.3	%		92.9	%		93.3	%		92.3	%		92.0	%
Industrial / Flex	—	%		—	%		—	%		75.4	%		78.4	%
Overall Portfolio	89.3	%		89.7	%		90.8	%		89.0	%		87.7	%

(1)  Non same-store properties were:

Acquisitions:

Office - Fairgate at Ballston, Braddock Metro Center and John Marshall II

Retail - Olney Village Center

Medical Office - Lansdowne Medical Office Building

Held for sale and sold properties:

Office - Dulles Station, Phase I

Industrial/Office - Industrial Portfolio (see Supplemental Definitions for list of properties)

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Same-Store Portfolio and Overall Economic Occupancy Levels by Sector

	Economic Occupancy - Same-Store Properties(1)
Sector	6/30/2012			3/31/2012			12/31/2011			9/30/2011			6/30/2011
Multifamily	94.1	%		94.0	%		94.2	%		94.1	%		94.9	%
Office Buildings	86.3	%		86.9	%		88.6	%		88.5	%		89.8	%
Medical Office Buildings	92.4	%		93.5	%		92.4	%		92.8	%		94.0	%
Retail Centers	93.2	%		94.0	%		92.3	%		92.1	%		92.3	%
Industrial / Flex	—	%		—	%		—	%		—	%		—	%
Overall Portfolio	89.8	%		90.4	%		90.9	%		90.7	%		91.8	%
	Economic Occupancy - All Properties
Sector	6/30/2012			3/31/2012			12/31/2011			9/30/2011			6/30/2011
Multifamily	94.1	%		94.0	%		94.2	%		94.1	%		94.9	%
Office Buildings	87.1	%		87.8	%		89.4	%		88.5	%		89.7	%
Medical Office Buildings	90.0	%		90.8	%		89.5	%		89.9	%		90.5	%
Retail Centers	93.7	%		94.3	%		93.0	%		92.3	%		92.3	%
Industrial / Flex	—	%		—	%		79.3	%		80.8	%		81.9	%
Overall Portfolio	89.8	%		90.3	%		90.8	%		89.5	%		90.2	%

(1)  Non same-store properties were:

Acquisitions:

Office - Fairgate at Ballston, Braddock Metro Center and John Marshall II

Retail - Olney Village Center

Medical Office - Lansdowne Medical Office Building

Held for sale and sold properties:

Office - Dulles Station, Phase I

Industrial/Office - Industrial Portfolio (see Supplemental Definitions for list of properties)

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Acquisition Summary June 30, 2012 ($'s in thousands)

0, 2012

Acquisition Summary
		Acquisition Date		Square Feet			Leased Percentage at Acquisition			June 30, 2012 Leased Percentage			Investment
Fairgate at Ballston	Arlington, VA	June 21, 2012		147,000			82	%		82	%		$	52,250

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Commercial Leasing Summary

	2nd Quarter 2012								1st Quarter 2012								4th Quarter 2011								3rd Quarter 2011								2nd Quarter 2011
Gross Leasing Square Footage
Office Buildings	118,302								136,234								175,032								152,900								160,318
Medical Office Buildings	31,811								69,171								65,162								29,070								61,374
Retail Centers	97,326								12,574								23,375								59,910								38,482
Total	247,439								217,979								263,569								241,880								260,174
Weighted Average Term (yrs)
Office Buildings	6.5								5.6								4.8								4.3								7.5
Medical Office Buildings	5.8								5.3								4.4								4.9								5.5
Retail Centers	7.2								8.3								5.9								5.9								8.2
Total	6.7								5.7								4.8								4.7								7.1
Rental Rate Increases:	GAAP				CASH				GAAP				CASH				GAAP				CASH				GAAP				CASH				GAAP				CASH
Rate on expiring leases
Office Buildings	$	32.54			$	34.16			$	28.97			$	30.31			$	30.22			$	31.94			$	36.04			$	37.87			$	25.59			$	26.66
Medical Office Buildings	35.39				38.27				28.31				29.70				34.70				37.70				34.63				36.79				30.74				32.36
Retail Centers	20.73				21.15				14.13				14.13				22.12				23.02				14.14				17.39				23.67				24.20
Total	$	27.99			$	29.29			$	27.90			$	29.18			$	30.61			$	32.57			$	30.19			$	32.41			$	26.53			$	27.65
Rate on new leases
Office Buildings	$	38.88			$	35.85			$	31.87			$	29.73			$	31.38			$	29.66			$	39.53			$	37.76			$	29.06			$	26.64
Medical Office Buildings	38.61				35.92				29.94				27.98				38.91				37.13				37.76				35.79				36.13				33.64
Retail Centers	22.21				20.61				15.13				14.24				28.89				26.86				18.56				21.96				25.88				24.34
Total	$	31.99			$	29.59			$	30.29			$	28.28			$	33.02			$	31.26			$	33.71			$	33.24			$	30.25			$	27.96
Percentage Increase
Office Buildings	19.5		%		4.9		%		10.0		%		(1.9		)%		3.8		%		(7.2		)%		9.7		%		(0.3		)%		13.6		%		(0.1		)%
Medical Office Buildings	9.1		%		(6.2		)%		5.8		%		(5.8		)%		12.1		%		(1.5		)%		9.0		%		(2.7		)%		17.5		%		4.0		%
Retail Centers	7.1		%		(2.5		)%		7.1		%		0.8		%		30.6		%		16.7		%		31.3		%		26.3		%		9.3		%		0.6		%
Total	14.3		%		1.0		%		8.6		%		(3.1		)%		7.9		%		(4.0		)%		11.7		%		2.6		%		14.1		%		1.1		%

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Commercial Leasing Summary Tenant Improvements and Leasing Costs

	2nd Quarter 2012								1st Quarter 2012								4th Quarter 2011								3rd Quarter 2011								2nd Quarter 2011
	Total Dollars				Dollars per Square Foot				Total Dollars				Dollars per Square Foot				Total Dollars				Dollars per Square Foot				Total Dollars				Dollars per Square Foot				Total Dollars				Dollars per Square Foot
Tenant Improvements
Office Buildings	$	4,279,003			$	36.17			$	2,938,313			$	21.57			$	3,691,099			$	21.09			$	2,067,782			$	13.52			$	3,019,025			$	18.83
Medical Office Buildings	783,528				24.63				1,220,567				17.65				788,535				12.10				112,145				3.86				893,785				14.56
Retail Centers	1,469,054				15.09				—				—				25,740				1.10				1,424,151				23.77				265,135				6.89
Subtotal	$	6,531,585			$	26.40			$	4,158,880			$	19.08			$	4,505,374			$	17.09			$	3,604,078			$	14.90			$	4,177,945			$	16.06
Leasing Commissions and Incentives
Office Buildings	$	2,854,636			$	24.13			$	2,363,552			$	17.35			$	2,133,927			$	12.19			$	1,596,565			$	10.44			$	2,189,912			$	13.66
Medical Office Buildings	232,123				7.30				365,614				5.29				400,976				6.15				206,298				7.10				716,648				11.68
Retail Centers	257,096				2.64				9,232				0.73				178,127				7.62				504,673				8.42				269,557				7.00
Subtotal	$	3,343,855			$	13.51			$	2,738,398			$	12.56			$	2,713,030			$	10.29			$	2,307,536			$	9.54			$	3,176,117			$	12.21
Tenant Improvements and Leasing Commissions and Incentives
Office Buildings	$	7,133,639			$	60.30			$	5,301,865			$	38.92			$	5,825,026			$	33.28			$	3,664,347			$	23.96			$	5,208,937			$	32.49
Medical Office Buildings	1,015,651				31.93				1,586,181				22.94				1,189,511				18.25				318,443				10.96				1,610,433				26.24
Retail Centers	1,726,150				17.73				9,232				0.73				203,867				8.72				1,928,824				32.19				534,692				13.89
Total	$	9,875,440			$	39.91			$	6,897,278			$	31.64			$	7,218,404			$	27.38			$	5,911,614			$	24.44			$	7,354,062			$	28.27

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10 Largest Tenants - Based on Annualized Rent June 30, 2012

Tenant	Number of Buildings		Weighted Average Remaining Lease Term in Months			Percentage of Aggregate Portfolio Annualized Rent			Aggregate Rentable Square Feet			Percentage of Aggregate Occupied Square Feet
World Bank	1		36			4.93	%		210,354			2.83	%
General Services Administration	6		27			2.89	%		183,658			2.47	%
Advisory Board Company	1		83			2.81	%		180,925			2.43	%
Booz Allen Hamilton, Inc.	1		43			2.21	%		222,989			3.00	%
L-3 Services, Inc	1		63			2.16	%		140,400			1.89	%
Patton Boggs LLP	1		58			2.03	%		110,566			1.49	%
INOVA Health System	7		44			1.94	%		110,422			1.49	%
Sunrise Assisted Living, Inc.	1		15			1.58	%		115,289			1.55	%
Children's Hospital	3		76			1.26	%		77,858			1.05	%
General Dynamics	2		24			1.18	%		88,359			1.19	%
Total/Weighted Average			47			22.99	%		1,440,820			19.39	%

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Industry Diversification June 30, 2012

Industry Classification (NAICS)	Annualized Base Rental Revenue				Percentage of Aggregate Annualized Rent			Aggregate Rentable Square Feet			Percentage of Aggregate Square Feet
Professional, Scientific, and Technical Services	$	72,007,656			32.66	%		2,280,874			30.82	%
Ambulatory Health Care Services	39,129,077				17.75	%		1,143,048			15.45	%
Credit Intermediation and Related Activities	16,834,054				7.63	%		332,228			4.49	%
Executive, Legislative, and Other General Government Support	9,933,683				4.51	%		299,773			4.05	%
Food Services and Drinking Places	8,252,239				3.74	%		265,600			3.59	%
Religious, Grantmaking, Civic, Professional, and Similar Organizations	7,695,335				3.49	%		222,152			3.00	%
Educational Services	6,322,338				2.87	%		213,000			2.88	%
Food and Beverage Stores	6,044,012				2.74	%		337,645			4.56	%
Administrative and Support Services	4,422,847				2.01	%		125,013			1.69	%
Nursing and Residential Care Facilities	4,088,465				1.85	%		116,935			1.58	%
Health and Personal Care Stores	3,324,178				1.51	%		101,610			1.37	%
Clothing and Clothing Accessories Stores	3,288,128				1.49	%		169,042			2.28	%
Broadcasting (except Internet)	3,167,033				1.44	%		89,083			1.20	%
Miscellaneous Store Retailers	3,139,614				1.42	%		170,644			2.31	%
Electronics and Appliance Stores	2,907,952				1.32	%		165,679			2.24	%
Furniture and Home Furnishings Stores	2,820,037				1.28	%		136,906			1.85	%
Hospitals	2,563,315				1.16	%		70,298			0.95	%
Sporting Goods, Hobby, Book, and Music Stores	2,511,728				1.14	%		157,094			2.12	%
Personal and Laundry Services	2,496,214				1.13	%		80,897			1.09	%
General Merchandise Stores	1,863,527				0.85	%		221,503			2.99	%
Computer and Electronic Product Manufacturing	1,587,599				0.72	%		55,956			0.76	%
Real Estate	1,507,635				0.68	%		47,760			0.65	%
Amusement, Gambling, and Recreation Industries	1,324,852				0.60	%		76,946			1.04	%
Securities, Commodity Contracts, and Other Financial Investments and Related Activities	1,213,803				0.55	%		46,685			0.63	%
Printing and Related Support Activities	1,160,611				0.53	%		48,775			0.66	%
Insurance Carriers and Related Activities	867,294				0.39	%		32,115			0.43	%

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Industry Diversification (continued) June 30, 2012

Industry Classification (NAICS)	Annualized Base Rental Revenue			Percentage of Aggregate Annualized Rent			Aggregate Rentable Square Feet			Percentage of Aggregate Square Feet
Building Material and Garden Equipment and Supplies Dealers	821.583			0.37	%		35,010			0.47	%
Publishing Industries (except Internet)	781.346			0.35	%		24,415			0.33	%
Transportation Equipment Manufacturing	769.417			0.35	%		28,851			0.39	%
Merchant Wholesalers, Durable Goods	737.328			0.33	%		41,421			0.56	%
Construction of Buildings	696.951			0.32	%		24,070			0.33	%
Motor Vehicle and Parts Dealers	650.687			0.30	%		39,057			0.53	%
Social Assistance	576.927			0.26	%		19,241			0.26	%
Merchant Wholesalers, Nondurable Goods	450.766			0.20	%		27,786			0.38	%
Other	4,533.156			2.06	%		153,238			2.07	%
Total	220,491.387			100.00	%		7,400,350			100.00	%

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Lease Expirations June 30, 2012

Year		Number of Leases			Rentable Square Feet			Percent of Rentable Square Feet			Annualized Rent *				Average Rental Rate				Percent of Annualized Rent *
Office:
2012		47			237,353			5.71	%		$	7,742,358			$	32.62			5.13	%
2013		101			492,977			11.85	%		15,620,059				31.69				10.35	%
2014		101			798,656			19.21	%		27,557,522				34.50				18.26	%
2015		90			590,342			14.20	%		23,727,193				40.19				15.72	%
2016		81			589,011			14.16	%		18,311,202				31.09				12.13	%
2017 and thereafter		150			1,450,159			34.87	%		57,984,676				39.99				38.41	%
		570			4,158,498			100.00	%		$	150,943,010			$	36.30			100.00	%
Medical Office:
2012		29			85,828			7.59	%		$	3,192,750			$	37.20			7.11	%
2013		62			180,560			15.96	%		6,390,594				35.39				14.24	%
2014		49			146,375			12.94	%		5,752,966				39.30				12.82	%
2015		29			84,473			7.47	%		3,409,553				40.36				7.60	%
2016		45			156,636			13.85	%		5,914,686				37.76				13.18	%
2017 and thereafter		121			477,290			42.19	%		20,227,034				42.38				45.05	%
		335			1,131,162			100.00	%		$	44,887,583			$	39.68			100.00	%
Retail:
2012		37			93,386			4.51	%		$	2,077,515			$	22.25			4.61	%
2013		50			386,452			18.67	%		6,096,103				15.77				13.52	%
2014		33			134,524			6.50	%		3,004,010				22.33				6.66	%
2015		35			304,955			14.74	%		6,329,521				20.76				14.04	%
2016		23			197,043			9.52	%		4,120,516				20.91				9.14	%
2017 and thereafter		109			953,055			46.06	%		23,468,910				24.62				52.03	%
		287			2,069,415			100.00	%		$	45,096,575			$	21.79			100.00	%
Total:
2012		113			416,567			5.66	%		$	13,012,623			$	31.24			5.40	%
2013		213			1,059,989			14.40	%		28,106,756				26.52				11.67	%
2014		183			1,079,555			14.67	%		36,314,498				33.64				15.07	%
2015		154			979,770			13.31	%		33,466,267				34.16				13.89	%
2016		149			942,690			12.81	%		28,346,404				30.07				11.77	%
2017 and thereafter		380			2,880,504			39.15	%		101,680,620				35.30				42.20	%
		1,192			7,359,075			100.00	%		$	240,927,168			$	32.74			100.00	%
Note: Lease expiration data exclude properties classified as sold or held for sale.
* Annualized Rent is equal to the rental rate effective at lease expiration (cash basis) multiplied by 12.

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Schedule of Properties June 30, 2012

PROPERTIES		LOCATION		YEAR ACQUIRED		YEAR CONSTRUCTED		NET RENTABLE SQUARE FEET
Office Buildings
1901 Pennsylvania Avenue		Washington, DC		1977		1960		98,000
51 Monroe Street		Rockville, MD		1979		1975		218,000
515 King Street		Alexandria, VA		1992		1966		73,000
6110 Executive Boulevard		Rockville, MD		1995		1971		199,000
1220 19th Street		Washington, DC		1995		1976		102,000
1600 Wilson Boulevard		Arlington, VA		1997		1973		168,000
7900 Westpark Drive		McLean, VA		1997		1972/1986/1999		533,000
600 Jefferson Plaza		Rockville, MD		1999		1985		113,000
1700 Research Boulevard		Rockville, MD		1999		1982		101,000
Wayne Plaza		Silver Spring, MD		2000		1970		94,000
Courthouse Square		Alexandria, VA		2000		1979		114,000
One Central Plaza		Rockville, MD		2001		1974		267,000
The Atrium Building		Rockville, MD		2002		1980		80,000
1776 G Street		Washington, DC		2003		1979		262,000
6565 Arlington Boulevard		Falls Church, VA		2006		1967/1998		130,000
West Gude Drive		Rockville, MD		2006		1984/1986/1988		275,000
Monument II		Herndon, VA		2007		2000		207,000
Woodholme Center		Pikesville, MD		2007		1989		75,000
2000 M Street		Washington, DC		2007		1971		239,000
2445 M Street		Washington, DC		2008		1986		290,000
925 Corporate Drive		Stafford, VA		2010		2007		134,000
1000 Corporate Drive		Stafford, VA		2010		2009		136,000
1140 Connecticut Avenue		Washington, DC		2011		1966		185,000
1227 25th Street		Washington, DC		2011		1988		132,000
Braddock Metro Center		Alexandria, VA		2011		1985		345,000
John Marshall II		Tysons Corner, VA		2011		1996/2010		223,000
Fairgate at Ballston		Arlington, VA		2012		1988		147,000
Subtotal								4,940,000

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Schedule of Properties (continued) June 30, 2012

Medical Office Buildings
Woodburn Medical Park I		Annandale, VA		1998		1984		73,000
Woodburn Medical Park II		Annandale, VA		1998		1988		96,000
Prosperity Medical Center I		Merrifield, VA		2003		2000		92,000
Prosperity Medical Center II		Merrifield, VA		2003		2001		89,000
Prosperity Medical Center III		Merrifield, VA		2003		2002		75,000
Shady Grove Medical Village II		Rockville, MD		2004		1999		66,000
8301 Arlington Boulevard		Fairfax, VA		2004		1965		49,000
Alexandria Professional Center		Alexandria, VA		2006		1968		114,000
9707 Medical Center Drive		Rockville, MD		2006		1994		38,000
15001 Shady Grove Road		Rockville, MD		2006		1999		51,000
Plumtree Medical Center		Bel Air, MD		2006		1991		33,000
15005 Shady Grove Road		Rockville, MD		2006		2002		52,000
2440 M Street		Washington, DC		2007		1986/2006		112,000
Woodholme Medical Office Building		Pikesville, MD		2007		1996		123,000
Ashburn Office Park		Ashburn, VA		2007		1998/2000/2002		75,000
CentreMed I & II		Centreville, VA		2007		1998		52,000
Sterling Medical Office Building		Sterling, VA		2008		1986/2000		36,000
Lansdowne Medical Office Building		Leesburg, VA		2009		2009		85,000
Subtotal								1,311,000

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Schedule of Properties (continued) June 30, 2012

PROPERTIES		LOCATION		YEAR ACQUIRED		YEAR CONSTRUCTED		NET RENTABLE SQUARE FEET
Retail Centers
Takoma Park		Takoma Park, MD		1963		1962		51,000
Westminster		Westminster, MD		1972		1969		150,000
Concord Centre		Springfield, VA		1973		1960		76,000
Wheaton Park		Wheaton, MD		1977		1967		74,000
Bradlee		Alexandria, VA		1984		1955		168,000
Chevy Chase Metro Plaza		Washington, DC		1985		1975		49,000
Montgomery Village Center		Gaithersburg, MD		1992		1969		198,000
Shoppes of Foxchase (1)		Alexandria, VA		1994		1960		134,000
Frederick County Square		Frederick, MD		1995		1973		227,000
800 S. Washington Street		Alexandria, VA		1998/2003		1955/1959		47,000
Centre at Hagerstown		Hagerstown, MD		2002		2000		332,000
Frederick Crossing		Frederick, MD		2005		1999/2003		295,000
Randolph Shopping Center		Rockville, MD		2006		1972		82,000
Montrose Shopping Center		Rockville, MD		2006		1970		145,000
Gateway Overlook		Columbia, MD		2010		2007		223,000
Olney Village Center		Olney, MD		2011		1979/2003		198,000
Subtotal								2,449,000
Multifamily Buildings * / # units
3801 Connecticut Avenue / 308		Washington, DC		1963		1951		179,000
Roosevelt Towers / 191		Falls Church, VA		1965		1964		170,000
Country Club Towers / 227		Arlington, VA		1969		1965		159,000
Park Adams / 200		Arlington, VA		1969		1959		173,000
Munson Hill Towers / 279		Falls Church, VA		1970		1963		258,000
The Ashby at McLean / 256		McLean, VA		1996		1982		274,000
Walker House Apartments / 212		Gaithersburg, MD		1996		1971/2003 (2)		158,000
Bethesda Hill Apartments / 195		Bethesda, MD		1997		1986		226,000
Bennett Park / 224		Arlington, VA		2007		2007		214,000
Clayborne / 74		Alexandria, VA		2008		2008		60,000
Kenmore Apartments / 374		Washington, DC		2008		1948		268,000
Subtotal (2,540 units)								2,139,000
TOTAL								10,839,000
(1) Development on approximately 60,000 square feet of the center was completed in December 2006.  (2) A 16 unit addition referred to as The Gardens at Walker House was completed in October 2003.

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Supplemental Definitions June 30, 2012

Adjusted EBITDA (a non-GAAP measure) is earnings attributable to the controlling interest before interest expense, taxes, depreciation, amortization, real estate impairment, gain on sale of real estate, gain/loss on extinguishment of debt and gain/loss from non-disposal activities.

Annualized base rent ("ABR") is calculated as monthly base rent (cash basis) per the lease, as of the reporting period, multiplied by 12.

Debt service coverage ratio is computed by dividing earnings attributable to the controlling interest before interest expense, taxes, depreciation, amortization, real estate impairment, gain on sale of real estate, gain/loss on extinguishment of debt and gain/loss from non-disposal activities by interest expense (including interest expense from discontinued operations) and principal amortization.

Debt to total market capitalization is total debt from the balance sheet divided by the sum of total debt from the balance sheet plus the market value of shares outstanding at the end of the period.

Earnings to fixed charges ratio is computed by dividing earnings attributable to the controlling interest by fixed charges. For this purpose, earnings consist of income from continuing operations (or net income if there are no discontinued operations) plus fixed charges, less capitalized interest. Fixed charges consist of interest expense (excluding interest expense from discontinued operations), including amortized costs of debt issuance, plus interest costs capitalized.

Economic occupancy is calculated as actual real estate rental revenue recognized for the period indicated as a percentage of gross potential real estate rental revenue for that period. We determine gross potential real estate rental revenue by valuing occupied units or square footage at contract rates and vacant units or square footage at market rates for comparable properties. We do not consider percentage rents and expense reimbursements in computing economic occupancy percentages.

Funds from operations ("FFO") is defined by The National Association of Real Estate Investment Trusts, Inc. (“NAREIT”) in an 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 and impairment of depreciable real estate, plus real estate depreciation and amortization. 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. FFO is a non-GAAP measure.

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) property impairments not already excluded from FFO, 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.

Funds Available for Distribution ("FAD") 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) non-cash fair value interest expense and (5) amortization of restricted share compensation, then adding or subtracting the (6) amortization of lease intangibles , (7) real estate impairment and (8) non-cash gain/loss on extinguishment of debt, as appropriate. FAD is included herein, because we consider it 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-GAAP and non-standardized measure, and may be calculated differently by other REITs.

Core Funds Available for Distribution ("Core FAD") is calculated by adjusting FAD 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) property impairments not already excluded from FAD, 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 FAD serves as a useful, supplementary measure of WRIT’s ability to incur and service debt, and distribute dividends to its shareholders. Core FAD is a non-GAAP and non-standardized measure, and may be calculated differently by other REITs.

The Industrial Portfolio consists of every industrial property, as well as two office properties, the Crescent and Albemarle Point. We executed the sale in three phases. Phase I of the Industrial Portfolio sale consisted of industrial properties (8880 Gorman Road, Dulles South IV, Fullerton Business Center, Hampton Overlook, Alban Business Center, Pickett Industrial Park, Northern Virginia Industrial Park I, 270 Technology Park, Fullerton Industrial Center, Sully Square, 9950 Business Parkway, Hampton South and 8900 Telegraph Road) and two office properties (Crescent and Albemarle Point). On October 3, 2011 we closed on Phase II of the Industrial Portfolio sale, consisting of Northern Virginia Industrial Park II. We closed on Phase III of the Industrial Portfolio sale on November 1, 2011, consisting of 6100 Columbia Park Road and Dulles Business Park.

Physical occupancy is calculated as occupied square footage as a percentage of total square footage as of the last day of that period.

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Recurring capital expenditures represent non-accretive building improvements and leasing costs required to maintain current revenues. Recurring capital expenditures do not include acquisition capital that was taken into consideration when underwriting the purchase of a building or which are incurred to bring a building up to "operating standard."

Rent increases on renewals and rollovers are calculated as the difference, weighted by square feet, of the net ABR due the first month after a term commencement date and the net ABR due the last month prior to the termination date of the former tenant's term.

Same-store portfolio properties include all properties that were owned for the entirety of the current and prior year reporting periods.

Same-store portfolio net operating income (NOI) growth is the change in the NOI of the same-store portfolio properties from the prior reporting period to the current reporting period.

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