Third 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 Third 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 third quarter WRIT sold 1700 Research Boulevard, a 101,000 square foot office building in Rockville, Maryland, for $14.25 million and a net book gain of $3.7 million. The property was built in 1982 and acquired by WRIT in 1999.

WRIT priced an underwritten public offering of $300 million aggregate principal amount of senior unsecured notes due October 15, 2022. The notes have an annual coupon rate of 3.95% and were priced at 99.438% of the principal amount. J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Wells Fargo Securities, LLC and Credit Suisse Securities (USA) LLC were the Joint Book-Running Managers for the offering.

WRIT utilized part of the proceeds from the unsecured debt transaction to pay down its line of credit balances from $221 million at June 30, 2012 to $0 at September 30, 2012.

In the third quarter and subsequent to quarter end, WRIT prepaid without penalty two mortgages totaling $29.4 million. Frederick Crossing Shopping Center and 15005 Shady Grove Road had respective interest rates of 5.95% and 5.73%.

WRIT signed commercial leases for 221,000 square feet with an average lease term of 5.2 years. The average rental rate increase on new and renewal leases was 11.3% on a GAAP basis and 0.1% on a cash basis. Commercial tenant improvement costs were $19.63 per square foot and leasing commissions and incentives were $12.15 per square foot for the quarter.

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Company Background and Highlights Third Quarter 2012

Net Operating Income Contribution by Sector - Third Quarter 2012

As of September 30, 2012, WRIT owned a diversified portfolio of 71 properties totaling approximately 9 million square feet of commercial space and 2,540 residential units, and land held for development. These 71 properties consist of 26 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 second 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 September 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 and Disposition 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	9/30/2012				6/30/2012				3/31/2012				12/31/2011				9/30/2011
Real estate rental revenue	$	77,108			$	75,590			$	75,214			$	75,413			$	70,550
Real estate expenses	(26,901		)		(25,033		)		(25,551		)		(25,666		)		(23,557		)
	50,207				50,557				49,663				49,747				46,993
Real estate depreciation and amortization	(26,127		)		(25,227		)		(25,582		)		(25,029		)		(23,108		)
Income from real estate	24,080				25,330				24,081				24,718				23,885
Interest expense	(15,985		)		(15,470		)		(15,831		)		(16,142		)		(16,443		)
Other income	237				252				244				258				270
Acquisition costs	164				(254		)		(54		)		(36		)		(1,600		)
Real estate impairment	—				—				—				(14,526		)		—
Gain (loss) on extinguishment of debt	—				—				—				(976		)		—
General and administrative	(3,173		)		(4,164		)		(3,606		)		(4,140		)		(3,837		)
Income (loss) from continuing operations	5,323				5,694				4,834				(10,844		)		2,275
Discontinued operations:
Income (loss) from operations of properties sold or held for sale	514				314				347				1,090				4,087
Gain on sale of real estate	3,724				—				—				40,852				56,639
Income tax benefit (expense)	—				—				—				—				35
Income from discontinued operations	4,238				314				347				41,942				60,761
Net income	9,561				6,008				5,181				31,098				63,036
Less: Net income from noncontrolling interests	—				—				—				(409		)		(28		)
Net income attributable to the controlling interests	$	9,561			$	6,008			$	5,181			$	30,689			$	63,008
Per Share Data:
Net income attributable to the controlling interests	$	0.14			$	0.09			$	0.08			$	0.46			$	0.95
Fully diluted weighted average shares outstanding	66,379				66,380				66,328				66,069				66,064
Percentage of Revenues:
Real estate expenses	34.9		%		33.1		%		34.0		%		34.0		%		33.4		%
General and administrative	4.1		%		5.5		%		4.8		%		5.5		%		5.4		%
Ratios:
Adjusted EBITDA / Interest expense	3.0x				3.1x				3.0x				2.9x				2.9x
Income from continuing operations attributable to the controlling interest/Total real estate revenue	6.9		%		7.5		%		6.4		%		(14.4		)%		3.2		%
Net income attributable to the controlling interest/Total real estate revenue	12.4		%		7.9		%		6.9		%		40.7		%		89.3		%
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)

	9/30/2012				6/30/2012				3/31/2012				12/31/2011				9/30/2011
Assets
Land	$	483,198			$	483,199			$	465,445			$	465,445			$	466,061
Income producing property	1,966,032				1,953,160				1,912,395				1,899,440				1,889,382
	2,449,230				2,436,359				2,377,840				2,364,885				2,355,443
Accumulated depreciation and amortization	(583,706		)		(563,036		)		(542,322		)		(521,503		)		(502,436		)
Net income producing property	1,865,524				1,873,323				1,835,518				1,843,382				1,853,007
Development in progress, including land held for development	48,106				45,928				44,236				43,089				39,735
Total real estate held for investment, net	1,913,630				1,919,251				1,879,754				1,886,471				1,892,742
Investment in real estate held for sale, net	18,264				27,076				27,475				27,669				98,002
Cash and cash equivalents	68,403				14,367				17,809				12,765				40,751
Restricted cash	19,615				19,632				21,722				19,229				23,068
Rents and other receivables, net of allowance for doubtful accounts	57,704				56,861				54,089				53,227				51,804
Prepaid expenses and other assets	120,486				115,192				114,279				120,075				125,040
Other assets related to properties sold or held for sale	693				1,292				1,418				1,322				4,945
Total assets	$	2,198,795			$	2,153,671			$	2,116,546			$	2,120,758			$	2,236,352
Liabilities
Notes payable	$	906,058			$	607,653			$	657,562			$	657,470			$	657,378
Mortgage notes payable	398,511				420,898				422,091				423,291				424,467
Lines of credit/short-term note payable	—				221,000				109,000				99,000				193,000
Accounts payable and other liabilities	54,916				54,304				57,408				51,079				55,814
Advance rents	13,829				15,104				14,965				13,584				13,321
Tenant security deposits	9,771				9,671				8,810				8,728				8,632
Other liabilities related to properties sold or held for sale	4,646				4,826				4,991				4,774				23,927
Total Liabilities	1,387,731				1,333,456				1,274,827				1,257,926				1,376,539
Equity
Preferred shares; $0.01 par value; 10,000 shares authorized	—				—				—				—				—
Shares of beneficial interest, $0.01 par value; 100,000 shares authorized	662				662				662				662				661
Additional paid-in capital	1,143,554				1,142,391				1,141,062				1,138,478				1,136,240
Distributions in excess of net income	(337,151		)		(326,714		)		(303,815		)		(280,096		)		(281,930		)
Accumulated other comprehensive income (loss)	—				—				—				—				(160		)
Total shareholders' equity	807,065				816,339				837,909				859,044				854,811
Noncontrolling interests in subsidiaries	3,999				3,876				3,810				3,788				5,002
Total equity	811,064				820,215				841,719				862,832				859,813
Total liabilities and equity	$	2,198,795			$	2,153,671			$	2,116,546			$	2,120,758			$	2,236,352
Total Debt / Total Market Capitalization	0.42		:1		0.40		:1		0.38		:1		0.40		:1		0.41		:1

5

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

	Three Months Ended
	9/30/2012				6/30/2012				3/31/2012				12/31/2011				9/30/2011
Funds from operations(1)
Net income (loss) attributable to the controlling interests	$	9,561			$	6,008			$	5,181			$	30,689			$	63,008
Real estate depreciation and amortization	26,127				25,227				25,582				25,029				23,108
Gain from non-disposal activities	—				—				—				—				—
Discontinued operations:
Gain on sale of real estate	(3,724		)		—				—				(40,452		)		(56,639		)
Income tax expense (benefit)	—				—				—				—				(35		)
Real estate depreciation and amortization	91				364				412				369				1,314
Funds from operations (FFO)	$	32,055			$	31,599			$	31,175			$	15,635			$	30,756
Loss (gain) on extinguishment of debt	—				—				—				976				—
Real estate impairment	—				—				—				14,526				—
Acquisition costs	(164		)		254				54				36				1,600
Core FFO (1)	$	31,891			$	31,853			$	31,229			$	31,173			$	32,356
Allocation to participating securities(2)	(125		)		(176		)		(188		)		(186		)		(385		)
FFO per share - basic	$	0.48			$	0.47			$	0.47			$	0.23			$	0.46
FFO per share - fully diluted	$	0.48			$	0.47			$	0.47			$	0.23			$	0.46
Core FFO per share - fully diluted	$	0.48			$	0.48			$	0.47			$	0.47			$	0.48
Common dividend per share	$	0.30000			$	0.43375			$	0.43375			$	0.43375			$	0.43375
Average shares - basic	66,246				66,241				66,194				66,069				66,017
Average shares - fully diluted	66,379				66,380				66,328				66,069				66,064
(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
	9/30/2012				6/30/2012				3/31/2012				12/31/2011				9/30/2011
Funds available for distribution(1)
FFO	$	32,055			$	31,599			$	31,175			$	15,635			$	30,756
Tenant improvements	(5,216		)		(2,357		)		(4,066		)		(5,100		)		(2,469		)
Leasing commissions and incentives	(2,144		)		(2,122		)		(2,557		)		(1,485		)		(3,859		)
Recurring capital improvements	(1,362		)		(2,992		)		(1,539		)		(1,626		)		(2,148		)
Straight-line rent, net	(847		)		(688		)		(992		)		(776		)		(715		)
Non-cash fair value interest expense	216				229				228				(53		)		145
Non-real estate depreciation and amortization	987				948				1,008				845				1,126
Amortization of lease intangibles, net	(32		)		(3		)		—				(32		)		(329		)
Amortization and expensing of restricted share and unit compensation	1,206				1,333				1,405				1,459				1,376
Real estate impairment	—				—				—				14,526				—
Funds available for distribution (FAD)	$	24,863			$	25,947			$	24,662			$	23,393			$	23,883
Cash loss (gain) on extinguishment of debt	—				—				—				976				—
Acquisition costs	(164		)		254				54				36				1,600
Core FAD (1)	$	24,699			$	26,201			$	24,716			$	24,405			$	25,483
Allocation to participating securities(2)	(125		)		(176		)		(188		)		(186		)		(385		)
FAD per share - basic	$	0.37			$	0.39			$	0.37			$	0.35			$	0.36
FAD per share - fully diluted	$	0.37			$	0.39			$	0.37			$	0.35			$	0.36
Core FAD per share - fully diluted	$	0.37			$	0.39			$	0.37			$	0.37			$	0.38
Common dividend per share	$	0.30000			$	0.43375			$	0.43375			$	0.43375			$	0.43375
Average shares - basic	66,246				66,241				66,194				66,069				66,017
Average shares - fully diluted	66,379				66,380				66,328				66,069				66,064
(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
	9/30/2012				6/30/2012				3/31/2012				12/31/2011				9/30/2011
Net income attributable to the controlling interests	$	9,561			$	6,008			$	5,181			$	30,689			$	63,008
Add:
Interest expense, including discontinued operations	16,049				15,533				15,895				15,985				16,739
Real estate depreciation and amortization, including discontinued operations	26,218				25,591				25,994				25,398				24,422
Income tax expense (benefit)	17				158				13				—				(27		)
Real estate impairment	—				—				—				14,526				—
Non-real estate depreciation	254				261				268				242				243
Less:
Gain on sale of real estate	(3,724		)		—				—				(40,852		)		(56,639		)
Loss (gain) on extinguishment of debt	—				—				—				976				—
Gain from non-disposal activities	—				—				—				—				—
Adjusted EBITDA (1)	$	48,375			$	47,551			$	47,351			$	46,964			$	47,746
(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)

	9/30/2012				6/30/2012				3/31/2012				12/31/2011				9/30/2011
Balances Outstanding
Secured
Conventional fixed rate	$	402,857			$	425,268			$	426,485			$	427,710			$	446,715
Secured total	402,857				425,268				426,485				427,710				446,715
Unsecured
Fixed rate bonds and notes	906,058				607,653				657,562				657,470				657,378
Credit facility	—				221,000				109,000				99,000				193,000
Unsecured total	906,058				828,653				766,562				756,470				850,378
Total	$	1,308,915			$	1,253,921			$	1,193,047			$	1,184,180			$	1,297,093
Average Interest Rates
Secured
Conventional fixed rate	6.0		%		5.9		%		5.9		%		5.9		%		5.9		%
Secured total	6.0		%		5.9		%		5.9		%		5.9		%		5.9		%
Unsecured
Fixed rate bonds	4.9		%		5.4		%		5.4		%		5.4		%		5.4		%
Credit facilities	—		%		1.3		%		0.9		%		0.9		%		2.1		%
Unsecured total	4.9		%		4.3		%		4.7		%		4.8		%		4.6		%
Average	5.3		%		4.9		%		5.2		%		5.2		%		5.1		%

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 $3.8 million and $3.9 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	$	60,139			$	—			—				$	60,139			5.4%
2013	33,313				60,000				—				93,313				5.4%
2014	3,519				100,000				—				103,519				5.3%
2015	22,173				150,000				—				172,173				5.4%
2016	134,715				—				—				134,715				5.7%
2017	104,712				—				—				104,712				7.2%
2018	3,024				—				—				3,024				5.1%
2019	33,792				—				—				33,792				5.3%
2020	2,536				250,000				—				252,536				5.1%
2021	2,699				—				—				2,699				5.0%
2022	2,873				300,000				—				302,873				4.0%
Thereafter	3,163				50,000				—				53,163				7.2%
Total maturities	$	406,658			$	910,000			$	—			$	1,316,658			5.3%

Weighted average maturity = 6.0 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 September 30, 2012

Covenant

Quarter Ended September 30, 2012

Covenant

Quarter Ended September 30, 2012

Covenant

% of Total Indebtedness to Total Assets(1)

44.2

%

≤ 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)

13.5

%

≤ 40.0%

N/A

N/A

N/A

N/A

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

2.2

≥ 1.5

N/A

N/A

N/A

N/A

Tangible Net Worth(3)

N/A

N/A

$837.9 million

≥ $673.4 million

$839.2 million

≥ $671.9 million

% of Total Liabilities to Gross Asset Value(5)

N/A

N/A

51.6

%

≤ 60.0%

51.6

%

≤ 60.0%

% of Secured Indebtedness to Gross Asset Value(5)

N/A

N/A

14.8

%

≤ 35.0%

14.8

%

≤ 35.0%

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

N/A

N/A

2.69

≥ 1.50

2.69

≥ 1.50

Ratio of Unencumbered Pool Value(7) to Unsecured Indebtedness

N/A

N/A

2.09

≥ 1.67

2.09

≥ 1.67

Ratio of Unencumbered Net Operating Income to Unsecured Interest Expense

N/A

N/A

3.52

≥ 2.00

3.52

≥ 2.00

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

N/A

N/A

1.8

%

≤ 15.0%

1.8

%

≤ 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)

	9/30/2012				6/30/2012				3/31/2012				12/31/2011				9/30/2011
Market Data
Shares Outstanding	66,325				66,321				66,309				66,265				66,066
Market Price per Share	$	26.82			$	28.45			$	29.70			$	27.35			$	28.18
Equity Market Capitalization	$	1,778,837			$	1,886,832			$	1,969,377			$	1,812,348			$	1,861,740
Total Debt	$	1,308,915			$	1,253,921			$	1,193,047			$	1,184,180			$	1,297,093
Total Market Capitalization	$	3,087,752			$	3,140,753			$	3,162,424			$	2,996,528			$	3,158,833
Total Debt to Market Capitalization	0.42		:1		0.40		:1		0.38		:1		0.40		:1		0.41		:1
Earnings to Fixed Charges(1)	1.3x				1.3x				1.3x				0.3x				1.1x
Debt Service Coverage Ratio(2)	2.8x				2.8x				2.7x				2.7x				2.7x
Dividend Data
Total Dividends Paid	$	19,998			$	28,772			$	28,746			$	28,669			$	28,641
Common Dividend per Share	$	0.30000			$	0.43375			$	0.43375			$	0.43375			$	0.43375
Payout Ratio (Core FFO per share basis)	62.5		%		90.4		%		92.3		%		92.3		%		90.4		%
Payout Ratio (Core FAD per share basis)	81.1		%		111.2		%		117.2		%		117.2		%		114.1		%
Payout Ratio (FAD per share basis)	81.1		%		111.2		%		117.2		%		123.9		%		120.5		%
(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 September 30,
	2012				2011				% Change			Rental Rate Growth
Cash Basis:
Multifamily	$	7,807			$	7,519			3.8	%		3.4	%
Office Buildings	20,180				21,114				(4.4	)%		1.4	%
Medical Office Buildings	7,079				7,221				(2.0	)%		1.6	%
Retail Centers	9,446				8,787				7.5	%		2.2	%
Overall Same-Store Portfolio (1)	$	44,512			$	44,641			(0.3	)%		1.9	%
GAAP Basis:
Multifamily	$	7,992			$	7,714			3.6	%		3.4	%
Office Buildings	20,337				21,558				(5.7	)%		0.7	%
Medical Office Buildings	7,271				7,500				(3.1	)%		1.4	%
Retail Centers	9,595				9,061				5.9	%		0.9	%
Overall Same-Store Portfolio (1)	$	45,195			$	45,833			(1.4	)%		1.3	%

(1)  Non same-store properties were:

Acquisitions:

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

Retail - Olney Village Center

Medical Office - 19500 at Riverside Office Park (formerly Lansdowne Medical Office Building)

Held for sale and sold properties:

Office - 1700 Research Boulevard and the Atrium Building

Medical Office - Plumtree Medical Center

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

13

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

	Three Months Ended September 30, 2012
	Multifamily				Office				Medical Office				Retail				Corporate and Other				Total
Real estate rental revenue
Same-store portfolio	$	13,390			$	32,800			$	11,015			$	12,321			—				$	69,526
Non same-store - acquired and in development (1)	—				6,032				267				1,283				—				7,582
Total	13,390				38,832				11,282				13,604				—				77,108
Real estate expenses
Same-store portfolio	5,398				12,463				3,744				2,726				—				24,331
Non same-store - acquired and in development (1)	—				2,130				151				289				—				2,570
Total	5,398				14,593				3,895				3,015				—				26,901
Net Operating Income (NOI)
Same-store portfolio	7,992				20,337				7,271				9,595				—				45,195
Non same-store - acquired and in development (1)	—				3,902				116				994				—				5,012
Total	$	7,992			$	24,239			$	7,387			$	10,589			—				$	50,207
Same-store portfolio NOI GAAP basis (from above)	$	7,992			$	20,337			$	7,271			$	9,595			—				$	45,195
Straight-line revenue, net for same-store properties	—				(259		)		(131		)		(101		)		—				(491		)
FAS 141 Min Rent	(185		)		1				(73		)		(100		)		—				(357		)
Amortization of lease intangibles for same-store properties	—				101				12				52				—				165
Same-store portfolio NOI, cash basis	$	7,807			$	20,180			$	7,079			$	9,446			—				$	44,512
Reconciliation of NOI to net income
Total NOI	$	7,992			$	24,239			$	7,387			$	10,589			—				$	50,207
Depreciation and amortization	(3,315		)		(15,271		)		(3,826		)		(3,451		)		(264		)		(26,127		)
General and administrative	—				—				—				—				(3,173		)		(3,173		)
Interest expense	(1,711		)		(3,064		)		(1,099		)		(370		)		(9,741		)		(15,985		)
Other income	—				—				—				—				237				237
Acquisition costs	—				—				—				—				164				164
Discontinued operations:
Income from operations of properties sold or held for sale (1)	—				426				88				—				—				514
Gain on sale of real estate	—				—				—				—				3,724				3,724
Net Income	2,966				6,330				2,550				6,768				(9,053		)		9,561
Net income attributable to noncontrolling interests	—				—				—				—				—				—
Net income attributable to the controlling interests	$	2,966			$	6,330			$	2,550			$	6,768			$	(9,053	)		$	9,561
(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 September 30, 2011
	Multifamily				Office				Medical Office				Retail				Industrial/Flex				Corporate and Other				Total
Real estate rental revenue
Same-store portfolio	$	12,871			$	33,100			$	10,969			$	12,027			$	—			—				$	68,967
Non same-store - acquired and in development (1)	—				926				184				473				—				—				1,583
Total	12,871				34,026				11,153				12,500				—				—				70,550
Real estate expenses
Same-store portfolio	5,157				11,542				3,469				2,966				—				—				23,134
Non same-store - acquired and in development (1)	—				175				147				101				—				—				423
Total	5,157				11,717				3,616				3,067				—				—				23,557
Net Operating Income (NOI)
Same-store portfolio	7,714				21,558				7,500				9,061				—				—				45,833
Non same-store - acquired and in development (1)	—				751				37				372				—				—				1,160
Total	$	7,714			$	22,309			$	7,537			$	9,433			$	—			—				$	46,993
Same-store portfolio NOI GAAP basis (from above)	$	7,714			$	21,558			$	7,500			$	9,061			$	—			—				$	45,833
Straight-line revenue, net for same-store properties	(3		)		(412		)		(192		)		(189		)		—				—				(796		)
FAS 141 Min Rent	(192		)		(158		)		(97		)		(104		)		—				—				(551		)
Amortization of lease intangibles for same-store properties	—				126				10				19				—				—				155
Same-store portfolio NOI, cash basis	$	7,519			$	21,114			$	7,221			$	8,787			$	—			—				$	44,641
Reconciliation of NOI to net income
Total NOI	$	7,714			$	22,309			$	7,537			$	9,433			$	—			—				$	46,993
Depreciation and amortization	(3,175		)		(12,481		)		(3,748		)		(3,170		)		—				(534		)		(23,108		)
General and administrative	—				—				—				—				—				(3,837		)		(3,837		)
Interest expense	(1,719		)		(2,405		)		(1,186		)		(420		)		—				(10,713		)		(16,443		)
Other income	—				—				—				—				—				270				270
Acquisition costs	—				—				—				—				—				(1,600		)		(1,600		)
Discontinued operations:
Income from operations of properties sold or held for sale (1)	—				749				13				—				3,325				—				4,087
Gain on sale of real estate	—				—				—				—				—				56,639				56,639
Income tax expense	—				—				—				—				—				35				35
Net income	2,820				8,172				2,616				5,843				3,325				40,260				63,036
Net income attributable to noncontrolling interests	—				—				—				—				—				(28		)		(28		)
Net income attributable to the controlling interests	$	2,820			$	8,172			$	2,616			$	5,843			$	3,325			$	40,232			$	63,008
(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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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
	Q3 2012			YTD 2012				Q3 2012			YTD 2012
DC							Inside the Beltway
Multifamily	3.9	%		3.8	%		Multifamily	15.0	%		15.1	%
Office	16.7	%		17.1	%		Office	28.3	%		27.7	%
Medical Office	1.7	%		1.8	%		Medical Office	1.7	%		1.8	%
Retail	0.7	%		0.7	%		Retail	7.5	%		7.5	%
	23.0	%		23.4	%			52.5	%		52.1	%
Maryland							Outside the Beltway
Multifamily	2.4	%		2.4	%		Multifamily	0.9	%		0.9	%
Office	9.8	%		10.0	%		Office	20.0	%		20.5	%
Medical Office	3.9	%		3.8	%		Medical Office	11.7	%		11.8	%
Retail	14.9	%		14.8	%		Retail	14.9	%		14.7	%
	31.0	%		31.0	%			47.5	%		47.9	%
Virginia
Multifamily	9.6	%		9.8	%		Total Portfolio	100.0	%		100.0	%
Office	21.7	%		21.1	%
Medical Office	9.2	%		9.2	%
Retail	5.5	%		5.5	%
	46.0	%		45.6	%
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	9/30/2012			6/30/2012			3/31/2012			12/31/2011			9/30/2011
Multifamily	94.8	%		94.8	%		95.2	%		94.9	%		94.0	%
Office Buildings	85.3	%		85.0	%		85.3	%		88.5	%		87.7	%
Medical Office	88.0	%		89.7	%		90.5	%		90.5	%		91.2	%
Retail Centers	92.7	%		92.7	%		92.4	%		92.7	%		91.6	%
Industrial / Flex	—	%		—	%		—	%		—	%		—	%
Overall Portfolio	89.5	%		89.6	%		89.8	%		91.1	%		90.5	%
	Physical Occupancy - All Properties
Sector	9/30/2012			6/30/2012			3/31/2012			12/31/2011			9/30/2011
Multifamily	94.8	%		94.8	%		95.2	%		94.9	%		94.0	%
Office Buildings	86.2	%		85.8	%		86.3	%		89.0	%		88.6	%
Medical Office	85.0	%		86.4	%		87.1	%		86.5	%		87.2	%
Retail Centers	92.8	%		93.3	%		92.9	%		93.3	%		92.3	%
Industrial / Flex	—	%		—	%		—	%		—	%		75.4	%
Overall Portfolio	89.2	%		89.3	%		89.7	%		90.8	%		89.0	%

(1)  Non same-store properties were:

Acquisitions:

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

Retail - Olney Village Center

Medical Office - 19500 at Riverside Office Park (formerly Lansdowne Medical Office Building)

Held for sale and sold properties:

Office - 1700 Research Boulevard and the Atrium Building

Medical Office - Plumtree Medical Center

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	9/30/2012			6/30/2012			3/31/2012			12/31/2011			9/30/2011
Multifamily	94.1	%		94.1	%		94.0	%		94.2	%		94.1	%
Office Buildings	86.5	%		86.4	%		86.9	%		88.9	%		88.3	%
Medical Office Buildings	91.6	%		92.3	%		93.5	%		92.4	%		92.8	%
Retail Centers	94.0	%		93.2	%		94.0	%		92.3	%		92.1	%
Industrial / Flex	—	%		—	%		—	%		—	%		—	%
Overall Portfolio	90.0	%		89.9	%		90.4	%		91.0	%		90.7	%
	Economic Occupancy - All Properties
Sector	9/30/2012			6/30/2012			3/31/2012			12/31/2011			9/30/2011
Multifamily	94.1	%		94.1	%		94.0	%		94.2	%		94.1	%
Office Buildings	87.1	%		87.1	%		87.8	%		89.4	%		88.5	%
Medical Office Buildings	89.3	%		90.0	%		90.8	%		89.5	%		89.9	%
Retail Centers	94.3	%		93.7	%		94.3	%		93.0	%		92.3	%
Industrial / Flex	—	%		—	%		—	%		79.3	%		80.8	%
Overall Portfolio	89.8	%		89.8	%		90.3	%		90.8	%		89.5	%

(1)  Non same-store properties were:

Acquisitions:

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

Retail - Olney Village Center

Medical Office - 19500 at Riverside Office Park (formerly Lansdowne Medical Office Building)

Held for sale and sold properties:

Office - 1700 Research Boulevard and the Atrium Building

Medical Office - Plumtree Medical Center

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

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Acquisition and Disposition Summary September 30, 2012 ($'s in thousands)

0, 2012

Acquisition Summary
		Acquisition Date		Square Feet			Leased Percentage at Acquisition			September 30, 2012 Leased Percentage			Investment
Fairgate at Ballston	Arlington, VA	June 21, 2012		147,000			82	%		83	%		$	52,250

Disposition Summary

Disposition Date

Property Type

Square Feet

Contract Sales Price

GAAP Gain

1700 Research Blvd

Rockville, MD

August 31, 2012

Office

101,000

$

14,250

$

3,724

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Commercial Leasing Summary

	3rd Quarter 2012								2nd Quarter 2012								1st Quarter 2012								4th Quarter 2011								3rd Quarter 2011
Gross Leasing Square Footage
Office Buildings	145,452								118,302								136,234								175,032								152,900
Medical Office Buildings	43,766								31,811								69,171								65,162								29,070
Retail Centers	32,126								97,326								12,574								23,375								59,910
Total	221,344								247,439								217,979								263,569								241,880
Weighted Average Term (yrs)
Office Buildings	4.8								6.5								5.6								4.8								4.3
Medical Office Buildings	6.9								5.8								5.3								4.4								4.9
Retail Centers	4.7								7.2								8.3								5.9								5.9
Total	5.2								6.7								5.7								4.8								4.7
Rental Rate Increases:	GAAP				CASH				GAAP				CASH				GAAP				CASH				GAAP				CASH				GAAP				CASH
Rate on expiring leases
Office Buildings	$	32.55			$	34.18			$	32.54			$	34.16			$	28.97			$	30.31			$	30.22			$	31.94			$	36.04			$	37.87
Medical Office Buildings	31.52				32.92				35.39				38.27				28.31				29.70				34.70				37.70				34.63				36.79
Retail Centers	34.81				35.81				20.73				21.15				14.13				14.13				22.12				23.02				14.14				17.39
Total	$	32.67			$	34.17			$	27.99			$	29.29			$	27.90			$	29.18			$	30.61			$	32.57			$	30.19			$	32.41
Rate on new leases
Office Buildings	$	36.35			$	34.20			$	38.88			$	35.85			$	31.87			$	29.73			$	31.38			$	29.66			$	39.53			$	37.76
Medical Office Buildings	33.30				30.74				38.61				35.92				29.94				27.98				38.91				37.13				37.76				35.79
Retail Centers	40.50				38.84				22.21				20.61				15.13				14.24				28.89				26.86				18.56				21.96
Total	$	36.35			$	34.19			$	31.99			$	29.59			$	30.29			$	28.28			$	33.02			$	31.26			$	33.71			$	33.24
Percentage Increase
Office Buildings	11.7		%		0.1		%		19.5		%		4.9		%		10.0		%		(1.9		)%		3.8		%		(7.2		)%		9.7		%		(0.3		)%
Medical Office Buildings	5.7		%		(6.6		)%		9.1		%		(6.2		)%		5.8		%		(5.8		)%		12.1		%		(1.5		)%		9.0		%		(2.7		)%
Retail Centers	16.3		%		8.5		%		7.1		%		(2.5		)%		7.1		%		0.8		%		30.6		%		16.7		%		31.3		%		26.3		%
Total	11.3		%		0.1		%		14.3		%		1.0		%		8.6		%		(3.1		)%		7.9		%		(4.0		)%		11.7		%		2.6		%

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Commercial Leasing Summary Tenant Improvements and Leasing Costs

	3rd Quarter 2012								2nd Quarter 2012								1st Quarter 2012								4th Quarter 2011								3rd 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	$	3,014,897			$	20.73			$	4,279,003			$	36.17			$	2,938,313			$	21.57			$	3,691,099			$	21.09			$	2,067,782			$	13.52
Medical Office Buildings	1,210,182				27.65				783,528				24.63				1,220,567				17.65				788,535				12.10				112,145				3.86
Retail Centers	120,000				3.74				1,469,054				15.09				—				—				25,740				1.10				1,424,151				23.77
Subtotal	$	4,345,079			$	19.63			$	6,531,585			$	26.40			$	4,158,880			$	19.08			$	4,505,374			$	17.09			$	3,604,078			$	14.90
Leasing Commissions and Incentives
Office Buildings	$	2,161,240			$	14.86			$	2,854,636			$	24.13			$	2,363,552			$	17.35			$	2,133,927			$	12.19			$	1,596,565			$	10.44
Medical Office Buildings	432,079				9.87				232,123				7.30				365,614				5.29				400,976				6.15				206,298				7.10
Retail Centers	95,203				2.96				257,096				2.64				9,232				0.73				178,127				7.62				504,673				8.42
Subtotal	$	2,688,522			$	12.15			$	3,343,855			$	13.51			$	2,738,398			$	12.56			$	2,713,030			$	10.29			$	2,307,536			$	9.54
Tenant Improvements and Leasing Commissions and Incentives
Office Buildings	$	5,176,137			$	35.59			$	7,133,639			$	60.30			$	5,301,865			$	38.92			$	5,825,026			$	33.28			$	3,664,347			$	23.96
Medical Office Buildings	1,642,261				37.52				1,015,651				31.93				1,586,181				22.94				1,189,511				18.25				318,443				10.96
Retail Centers	215,203				6.70				1,726,150				17.73				9,232				0.73				203,867				8.72				1,928,824				32.19
Total	$	7,033,601			$	31.78			$	9,875,440			$	39.91			$	6,897,278			$	31.64			$	7,218,404			$	27.38			$	5,911,614			$	24.44

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10 Largest Tenants - Based on Annualized Rent September 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		33			5.06	%		210,354			2.92	%
Advisory Board Company	1		80			2.91	%		180,925			2.51	%
General Services Administration	6		28			2.55	%		152,439			2.12	%
Booz Allen Hamilton, Inc.	1		40			2.32	%		222,989			3.10	%
Engility Corporation	1		60			2.27	%		140,400			1.95	%
Patton Boggs LLP	1		55			2.07	%		110,566			1.54	%
INOVA Health System	7		41			1.99	%		110,422			1.53	%
Sunrise Assisted Living, Inc.	1		12			1.67	%		115,289			1.60	%
General Dynamics	2		21			1.20	%		88,359			1.23	%
Epstein, Becker & Green, P.C.	1		51			1.12	%		53,427			0.74	%
Total/Weighted Average			43			23.16	%		1,385,170			19.24	%

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Industry Diversification September 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	$	70,493,334			32.54	%		2,219,063			30.56	%
Ambulatory Health Care Services	39,492,576				18.23	%		1,149,693			15.83	%
Credit Intermediation and Related Activities	16,898,451				7.80	%		332,228			4.58	%
Food Services and Drinking Places	8,348,435				3.85	%		266,479			3.67	%
Executive, Legislative, and Other General Government Support	8,109,988				3.74	%		244,522			3.37	%
Religious, Grantmaking, Civic, Professional, and Similar Organizations	7,584,961				3.50	%		216,331			2.98	%
Food and Beverage Stores	6,038,776				2.79	%		335,817			4.62	%
Educational Services	6,037,081				2.79	%		203,867			2.81	%
Administrative and Support Services	4,402,950				2.03	%		122,553			1.69	%
Nursing and Residential Care Facilities	3,601,773				1.66	%		115,289			1.59	%
Health and Personal Care Stores	3,521,929				1.63	%		104,364			1.44	%
Clothing and Clothing Accessories Stores	3,184,098				1.47	%		163,764			2.26	%
Broadcasting (except Internet)	3,176,289				1.47	%		89,083			1.23	%
Miscellaneous Store Retailers	3,136,620				1.45	%		168,468			2.32	%
Electronics and Appliance Stores	2,923,603				1.35	%		166,345			2.29	%
Furniture and Home Furnishings Stores	2,820,037				1.30	%		136,906			1.89	%
Sporting Goods, Hobby, Book, and Music Stores	2,718,728				1.25	%		166,094			2.29	%
Personal and Laundry Services	2,615,910				1.21	%		83,996			1.16	%
Hospitals	1,919,549				0.89	%		51,715			0.71	%
General Merchandise Stores	1,863,527				0.86	%		221,502			3.05	%
Amusement, Gambling, and Recreation Industries	1,377,112				0.64	%		79,635			1.10	%
Real Estate	1,350,137				0.62	%		42,287			0.58	%
Publishing Industries (except Internet)	1,304,508				0.60	%		44,909			0.62	%
Securities, Commodity Contracts, and Other Financial Investments and Related Activities	1,227,949				0.57	%		43,541			0.60	%
Computer and Electronic Product Manufacturing	1,176,104				0.54	%		40,684			0.56	%
Printing and Related Support Activities	1,160,611				0.54	%		48,775			0.67	%

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Industry Diversification (continued) September 30, 2012

Industry Classification (NAICS)	Annualized Base Rental Revenue			Percentage of Aggregate Annualized Rent			Aggregate Rentable Square Feet			Percentage of Aggregate Square Feet
Insurance Carriers and Related Activities	796,450			0.37	%		28,922			0.40	%
Transportation Equipment Manufacturing	769,417			0.36	%		28,851			0.40	%
Building Material and Garden Equipment and Supplies Dealers	739,905			0.34	%		32,009			0.44	%
Merchant Wholesalers, Durable Goods	739,032			0.34	%		41,421			0.57	%
Construction of Buildings	702,517			0.32	%		24,070			0.33	%
Social Assistance	581,813			0.27	%		19,241			0.26	%
Motor Vehicle and Parts Dealers	539,345			0.25	%		32,256			0.44	%
Merchant Wholesalers, Nondurable Goods	450,766			0.20	%		27,786			0.37	%
Other	4,854,039			2.23	%		169,314			2.32	%
Total	216,658,320			100.00	%		7,261,780			100.00	%

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Lease Expirations September 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		22			122,448			3.05	%		$	3,847,659			$	31.42			2.61	%
2013		96			453,838			11.29	%		14,287,249				31.48				9.71	%
2014		100			785,990			19.56	%		27,116,700				34.50				18.42	%
2015		88			544,433			13.55	%		22,196,064				40.77				15.08	%
2016		79			577,274			14.37	%		18,087,282				31.33				12.29	%
2017 and thereafter		173			1,534,096			38.18	%		61,670,255				40.20				41.89	%
		558			4,018,079			100.00	%		$	147,205,209			$	36.64			100.00	%
Medical Office:
2012		15			39,322			3.55	%		$	1,473,812			$	37.48			3.35	%
2013		63			174,732			15.78	%		6,124,594				35.05				13.90	%
2014		48			144,290			13.03	%		5,662,857				39.25				12.86	%
2015		29			84,473			7.63	%		3,409,553				40.36				7.74	%
2016		45			155,811			14.08	%		5,850,842				37.55				13.28	%
2017 and thereafter		133			508,404			45.93	%		21,524,896				42.34				48.87	%
		333			1,107,032			100.00	%		$	44,046,554			$	39.79			100.00	%
Retail:
2012		16			44,894			2.18	%		$	1,058,747			$	23.58			2.34	%
2013		57			393,073			19.05	%		6,195,156				15.76				13.72	%
2014		36			135,635			6.57	%		3,102,851				22.88				6.87	%
2015		40			322,439			15.63	%		6,656,244				20.64				14.74	%
2016		23			197,043			9.55	%		4,120,516				20.91				9.12	%
2017 and thereafter		116			970,034			47.02	%		24,035,138				24.78				53.21	%
		288			2,063,118			100.00	%		$	45,168,652			$	21.89			100.00	%
Total:
2012		53			206,664			2.88	%		$	6,380,218			$	30.87			2.70	%
2013		216			1,021,643			14.21	%		26,606,999				26.04				11.25	%
2014		184			1,065,915			14.83	%		35,882,408				33.66				15.18	%
2015		157			951,345			13.23	%		32,261,861				33.91				13.65	%
2016		147			930,128			12.94	%		28,058,640				30.17				11.87	%
2017 and thereafter		422			3,012,534			41.91	%		107,230,289				35.59				45.35	%
		1,179			7,188,229			100.00	%		$	236,420,415			$	32.89			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 September 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
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								4,839,000

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Schedule of Properties (continued) September 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
19500 at Riverside Office Park (formerly Lansdowne Medical Office Building)		Leesburg, VA		2009		2009		85,000
Subtotal								1,311,000

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Schedule of Properties (continued) September 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								10,738,000
(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 September 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 divided by the sum of total debt 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.

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."

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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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