Third Quarter 2013
	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 2013

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, retail, and multifamily properties and land for development.

In the third quarter WRIT announced that it has entered into four separate contracts with a single buyer to sell its medical office portfolio and two office assets comprising a total of 1.5 million square feet. The portfolio consists of 17 medical office buildings and two suburban office buildings, 6565 Arlington Boulevard and Woodholme Center, as well as a land parcel located in Alexandria, Virginia. Management projects the closing date for the first two transactions to be November 12, 2013 and the outside closing date for the second two transactions to be January 31, 2014. The combined sale price is $500,750,000, or $329 per square foot.

WRIT announced the hiring of Paul T. McDermott as the company's new President and Chief Executive Officer. Mr. McDermott assumed his responsibilities on October 1 and has succeed George F. "Skip" McKenzie, who served as President and CEO of WRIT since 2007. Mr. McDermott will also serve on the WRIT Board of Trustees.

Subsequent to quarter end, WRIT acquired The Paramount, a 135 unit apartment building located in Arlington, Virginia, for $48.2 million in an all cash transaction. The purchase price values the units at approximately $345,000 per unit, based on an average unit size of 1,015 square feet. The capitalization rate for the transaction is approximately 5.2%. The Paramount is a seventeen-story building with a two-level below grade parking garage located at 1425 South Eads Street and is within walking distance to both the Crystal City and Pentagon City Metro Stations (Blue and Yellow lines). The property was built in 1984 and is 94% occupied. WRIT funded the acquisition with its line of credit.

WRIT signed commercial leases totaling 480,495 square feet, including 202,394 square feet of new leases and 278,101 square feet of renewal leases. New leases had an average rental rate increase of 4.0% over expiring lease rates on a GAAP basis and an average lease term of 10.6 years. Commercial tenant improvement costs were $44.88 per square foot and leasing commissions and incentives were $36.56 per square foot for new leases. Renewal leases had an average rental rate increase of 11.7% over expiring lease rates on a GAAP basis and an average lease term of 6.5 years. Commercial tenant improvement costs were $10.54 per square foot and leasing commissions and incentives were $10.77 per square foot for renewal leases.

As of September 30, 2013, WRIT owned a diversified portfolio of 69 properties totaling approximately 8 million square feet of commercial space and 2,540 residential units, and land held for development. These 69 properties consist of 25 office properties, 17 medical office properties, 16 retail centers and 11 multifamily properties. WRIT shares are publicly traded on the New York Stock Exchange (NYSE: WRE).

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Company Background and Highlights

Third Quarter 2013

Net Operating Income Contribution by Sector - Third Quarter 2013

Note: Excludes held for sale properties: Medical Office Portfolio (see Supplemental Definitions on page 30 for list of properties included in the Medical Office Portfolio)

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 2012 Annual Report on Form 10-K and subsequent Quarterly Reports on 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, 2013
Schedule		Page
Key Financial Data
	Consolidated Statements of Operations	4
	Medical Office Portfolio	5
	Consolidated Balance Sheets	6
	Funds From Operations	7
	Funds Available for Distribution	8
	Adjusted Earnings Before Interest Taxes Depreciation and Amortization (EBITDA)	9
Capital Analysis
	Long-Term Debt Analysis	10
	Long-Term Debt Maturities	11
	Debt Covenant Compliance	12
	Capital Analysis	13
Portfolio Analysis
	Same-Store Portfolio Net Operating Income (NOI) Growth & Rental Rate Growth	14
	Same-Store Portfolio Net Operating Income (NOI) Detail for the Quarter	15- 16
	Net Operating Income (NOI) by Region	17
	Same-Store Portfolio & Overall Physical Occupancy Levels by Sector	18
	Same-Store Portfolio & Overall Economic Occupancy Levels by Sector	19
Growth and Strategy
	Disposition Summary	20
	Development/Re-Development Summary	21
Tenant Analysis
	Commercial Leasing Summary - New Leases	22
	Commercial Leasing Summary - Renewal Leases	23
	10 Largest Tenants - Based on Annualized Base Rent	24
	Industry Diversification	25
	Lease expirations	27
Appendix
	Schedule of Properties	28- 30
	Supplemental Definitions	31

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

	Three Months Ended
OPERATING RESULTS	9/30/2013				6/30/2013				3/31/2013				12/31/2012				9/30/2012
Real estate rental revenue	$	65,828			$	65,915			$	64,560			$	64,660			$	64,471
Real estate expenses	(23,243		)		(23,670		)		(22,554		)		(21,725		)		(22,527		)
	42,585				42,245				42,006				42,935				41,944
Real estate depreciation and amortization	(21,168		)		(21,037		)		(21,123		)		(21,514		)		(21,682		)
Income from real estate	21,417				21,208				20,883				21,421				20,262
Interest expense	(15,930		)		(15,824		)		(16,190		)		(16,644		)		(14,886		)
Other income	220				246				239				242				237
Acquisition costs	(148		)		(87		)		(213		)		(90		)		164
General and administrative	(3,850		)		(4,005		)		(3,862		)		(4,545		)		(3,173		)
Income from continuing operations	1,709				1,538				857				384				2,604
Discontinued operations:
Income from operations of properties sold or held for sale	4,131				3,725				3,283				1,174				3,233
Gain on sale of real estate	—				—				3,195				1,400				3,724
Income from discontinued operations	4,131				3,725				6,478				2,574				6,957
Net income	5,840				5,263				7,335				2,958				9,561
Less: Net income from noncontrolling interests	—				—				—				—				—
Net income attributable to the controlling interests	$	5,840			$	5,263			$	7,335			$	2,958			$	9,561
Per Share Data:
Net income	$	0.09			$	0.08			$	0.11			$	0.04			$	0.14
Fully diluted weighted average shares outstanding	66,561				66,556				66,519				66,416				66,379
Percentage of Revenues:
Real estate expenses	35.3		%		35.9		%		34.9		%		33.6		%		34.9		%
General and administrative	5.8		%		6.1		%		6.0		%		7.0		%		4.9		%
Ratios:
Adjusted EBITDA / Interest expense	2.9x				2.9x				2.8x				2.7x				3.0x
Income from continuing operations/Total real estate revenue	2.6		%		2.3		%		1.3		%		0.6		%		4.0		%
Net income /Total real estate revenue	8.9		%		8.0		%		11.4		%		4.6		%		14.8		%
Note: Certain prior quarter amounts have been reclassified to conform to the current quarter presentation.

4

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Medical Office Portfolio (In thousands) (Unaudited)

	Three Months Ended
Income from Medical Office Portfolio (1):	9/30/2013				6/30/2013				3/31/2013				12/31/2012				9/30/2012
Real estate rental revenue	$	12,073			$	12,357			$	12,364			$	12,411			$	12,637
Real estate expenses	(4,398		)		(3,759		)		(4,537		)		(4,066		)		(4,374		)
	7,675				8,598				7,827				8,345				8,263
Real estate depreciation and amortization	(3,215		)		(4,545		)		(4,401		)		(4,617		)		(4,445		)
Interest expense	(329		)		(328		)		(328		)		(767		)		(1,099		)
Real estate impairment	—				—				—				(2,097		)		—
Income from operations of Medical Office Portfolio (1)	4,131				3,725				3,098				864				2,719
Income from operations of sold properties (2)	—				—				185				310				514
Gain on sale of real estate	—				—				3,195				1,400				3,724
Income from discontinued operations	$	4,131			$	3,725			$	6,478			$	2,574			$	6,957
	As of
Investment in Medical Office Portfolio (1):	9/30/2013				6/30/2013				3/31/2013				12/31/2012				9/30/2012
Office	$	55,049			$	54,902			$	54,794			$	54,155			$	54,062
Medical Office	409,486				409,040				408,107				406,873				407,616
Total	464,535				463,942				462,901				461,028				461,678
Less accumulated depreciation	(118,378		)		(115,796		)		(111,601		)		(107,557		)		(103,543		)
Investment in Medical Office Portfolio (1)	346,157				348,146				351,300				353,471				358,135
Investment in sold properties (2)	—				—				—				11,528				18,264
Investment in real estate sold or held for sale, net	$	346,157			$	348,146			$	351,300			$	364,999			$	376,399
Mortgage notes payable secured by Medical Office Portfolio (1)	$	23,467			$	23,627			$	23,785			$	23,945			$	78,893

(1) Medical Office Portfolio:

Office - Woodholme Center and 6565 Arlington Boulevard

Medical Office - 2440 M Street, 15001 Shady Grove Road, 15505 Shady Grove Road, 19500 at Riverside Park )formerly Lansdowne Medical Office Building), 9707 Medical Center Drive, CentreMed I and II, 8301 Arlington Boulevard, Sterling Medical Office Building, Shady Grove Medical Village II, Alexandria Professional Center, Ashburn Farm Office Park I, II and III, Woodholme Medical Office Building, Woodburn Medical Park I and II, and Prosperity Medical Center I, II and III

WRIT has entered into four separate contracts with a single buyer to sell all of the held for sale properties (collectively, the "Medical Office Portfolio") for a combined purchase price of $500.75 million. The sale will be structured as four independent transactions, each of which will close pursuant to a separate purchase and sale agreement. The projected closing date for the first two transactions is November 12, 2013 and the outside closing date for the second two transactions is January 31, 2014.

(2) Sold properties:

Office - 1700 Research Boulevard (sold on August 31, 2012) and the Atrium Building (sold on March 19, 2013)

Medical Office - Plumtree Medical Center (sold on December 20, 2012)

5

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Consolidated Balance Sheets (In thousands) (Unaudited)

	9/30/2013				6/30/2013				3/31/2013				12/31/2012				9/30/2012
Assets
Land	$	418,008			$	418,008			$	418,008			$	418,008			$	418,008
Income producing property	1,624,617				1,608,939				1,595,083				1,587,375				1,575,506
	2,042,625				2,026,947				2,013,091				2,005,383				1,993,514
Accumulated depreciation and amortization	(548,549		)		(531,197		)		(514,173		)		(497,057		)		(480,163		)
Net income producing property	1,494,076				1,495,750				1,498,918				1,508,326				1,513,351
Development in progress, including land held for development	55,580				51,397				49,041				45,270				42,144
Total real estate held for investment, net	1,549,656				1,547,147				1,547,959				1,553,596				1,555,495
Investment in real estate held for sale, net	346,157				348,146				351,300				364,999				376,399
Cash and cash equivalents	7,923				5,919				16,743				19,105				68,318
Restricted cash	7,547				10,254				9,560				13,423				13,673
Rents and other receivables, net of allowance for doubtful accounts	48,619				49,436				48,988				46,904				47,581
Prepaid expenses and other assets	110,116				101,829				102,773				107,303				112,874
Other assets related to properties sold or held for sale	18,337				18,011				18,797				19,046				24,455
Total assets	$	2,088,355			$	2,080,742			$	2,096,120			$	2,124,376			$	2,198,795
Liabilities
Notes payable	$	846,576			$	846,450			$	846,323			$	906,190			$	906,058
Mortgage notes payable	290,838				288,584				288,611				319,025				319,618
Lines of credit	85,000				75,000				70,000				—				—
Accounts payable and other liabilities	57,116				48,836				53,472				50,094				50,485
Advance rents	11,749				12,382				12,653				12,925				11,535
Tenant security deposits	7,639				7,559				7,539				7,642				7,597
Liabilities related to properties sold or held for sale	31,275				30,703				32,696				32,357				92,438
Total liabilities	1,330,193				1,309,514				1,311,294				1,328,233				1,387,731
Equity
Preferred shares; $0.01 par value; 10,000 shares authorized	—				—				—				—				—
Shares of beneficial interest, $0.01 par value; 100,000 shares authorized	665				665				665				664				662
Additional paid-in capital	1,148,837				1,147,710				1,146,683				1,145,515				1,143,554
Distributions in excess of net income	(395,816		)		(381,623		)		(366,821		)		(354,122		)		(337,151		)
Total shareholders' equity	753,686				766,752				780,527				792,057				807,065
Noncontrolling interests in subsidiaries	4,476				4,476				4,299				4,086				3,999
Total equity	758,162				771,228				784,826				796,143				811,064
Total liabilities and equity	$	2,088,355			$	2,080,742			$	2,096,120			$	2,124,376			$	2,198,795
Total Debt / Total Market Capitalization	0.43		:1		0.41		:1		0.40		:1		0.42		:1		0.42		:1

6

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

	Three Months Ended
	9/30/2013				6/30/2013				3/31/2013				12/31/2012				9/30/2012
Funds from operations(1)
Net income	$	5,840			$	5,263			$	7,335			$	2,958			$	9,561
Real estate depreciation and amortization	21,168				21,037				21,123				21,514				21,682
Discontinued operations:
Gain on sale of real estate	—				—				(3,195		)		(1,400		)		(3,724		)
Real estate depreciation and amortization	3,215				4,545				4,401				4,617				4,536
Funds from operations (FFO)	30,223				30,845				29,664				27,689				32,055
Real estate impairment	—				—				—				2,097				—
Severance expense	250				266				(183		)		1,583				—
Acquisition costs	148				87				213				90				(164		)
Core FFO (1)	$	30,621			$	31,198			$	29,694			$	31,459			$	31,891
Allocation to participating securities(2)	(109		)		(142		)		(120		)		(93		)		(125		)
FFO per share - basic	$	0.45			$	0.46			$	0.44			$	0.42			$	0.48
FFO per share - fully diluted	$	0.45			$	0.46			$	0.44			$	0.42			$	0.48
Core FFO per share - fully diluted	$	0.46			$	0.47			$	0.44			$	0.47			$	0.48
Common dividend per share	$	0.30			$	0.30			$	0.30			$	0.30			$	0.30
Average shares - basic	66,410				66,405				66,393				66,273				66,246
Average shares - fully diluted	66,561				66,556				66,519				66,416				66,379
(1)  See "Supplemental Definitions" on page 31 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.

7

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

	Three Months Ended
	9/30/2013				6/30/2013				3/31/2013				12/31/2012				9/30/2012
Funds available for distribution(1)
FFO	$	30,223			$	30,845			$	29,664			$	27,689			$	32,055
Tenant improvements	(3,957		)		(5,918		)		(3,975		)		(4,901		)		(5,216		)
Leasing commissions and incentives	(3,746		)		(2,342		)		(2,606		)		(2,334		)		(2,144		)
Recurring capital improvements	(1,917		)		(2,311		)		(721		)		(1,414		)		(1,362		)
Straight-line rent, net	(578		)		(483		)		(343		)		(738		)		(847		)
Non-cash fair value interest expense	255				255				254				253				216
Non-real estate depreciation and amortization	939				933				958				911				987
Amortization of lease intangibles, net	129				86				41				41				(32		)
Amortization and expensing of restricted share and unit compensation	1,215				1,355				1,018				1,842				1,206
Real estate impairment	—				—				—				2,097				—
Funds available for distribution (FAD)	22,563				22,420				24,290				23,446				24,863
Non-share-based severance expense	—				—				—				850				—
Acquisition costs	148				87				213				90				(164		)
Core FAD (1)	$	22,711			$	22,507			$	24,503			$	24,386			$	24,699
Allocation to participating securities(2)	(109		)		(142		)		(120		)		(93		)		(125		)
FAD per share - basic	$	0.34			$	0.34			$	0.36			$	0.35			$	0.37
FAD per share - fully diluted	$	0.34			$	0.33			$	0.36			$	0.35			$	0.37
Core FAD per share - fully diluted	$	0.34			$	0.34			$	0.37			$	0.37			$	0.37
Common dividend per share	$	0.30			$	0.30			$	0.30			$	0.30			$	0.30
Average shares - basic	66,410				66,405				66,393				66,273				66,246
Average shares - fully diluted	66,561				66,556				66,519				66,416				66,379
(1)  See "Supplemental Definitions" on page 31 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.

8

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

	Three Months Ended
	9/30/2013				6/30/2013				3/31/2013				12/31/2012				9/30/2012
Adjusted EBITDA (1)
Net income	$	5,840			$	5,263			$	7,335			$	2,958			$	9,561
Add:
Interest expense, including discontinued operations	16,259				16,152				16,518				17,481				16,049
Real estate depreciation and amortization, including discontinued operations	24,383				25,582				25,524				26,131				26,218
Income tax expense	6				24				—				57				17
Real estate impairment	—				—				—				2,097				—
Non-real estate depreciation	203				215				196				131				254
Less:
Gain on sale of real estate	—				—				(3,195		)		(1,400		)		(3,724		)
Adjusted EBITDA	$	46,691			$	47,236			$	46,378			$	47,455			$	48,375
(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.

9

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Long Term Debt Analysis ($'s in thousands)

	9/30/2013				6/30/2013				3/31/2013				12/31/2012				9/30/2012
Balances Outstanding
Secured (1)
Conventional fixed rate	$	314,305			$	312,211			$	312,396			$	342,970			$	402,857
Unsecured
Fixed rate bonds and notes	846,576				846,450				846,323				906,190				906,058
Credit facility	85,000				75,000				70,000				—				—
Unsecured total	931,576				921,450				916,323				906,190				906,058
Total	$	1,245,881			$	1,233,661			$	1,228,719			$	1,249,160			$	1,308,915
Average Interest Rates
Secured
Conventional fixed rate	6.1		%		6.1		%		6.1		%		6.1		%		6.0		%
Unsecured
Fixed rate bonds	4.9		%		4.9		%		4.9		%		4.9		%		4.9		%
Credit facilities	1.4		%		1.4		%		1.4		%		—		%		—		%
Unsecured total	4.6		%		4.6		%		4.7		%		4.9		%		4.9		%
Average	5.0		%		5.0		%		5.0		%		5.3		%		5.3		%

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 $2.8 million and $3.4 million, respectively.

⁽¹⁾ The secured balances outstanding include the mortgage notes payable which have been reclassified to 'Liabilities related to properties sold or held for sale' on the consolidated balance sheet, the mortgage notes payable are secured by Woodholme Medical Center, Ashburn Farm Office Park I, Ashburn Farm Office Park III totaling $23.5 million. In addition, the secured prior period 9/30/2012 balance includes mortgage notes which have since been repaid, without penalty, including: Plumtree Professional Center (repaid on December 11, 2012), 9707 Medical Center (repaid on November 1, 2012), 8501-8503 and 8505 Arlington Boulevard (repaid on November 30, 2012), 15005 Shady Grove Road (repaid on October 11, 2012) and West Gude Drive (repaid on January 11, 2013).

    

10

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Long Term Debt Maturities (in thousands, except average interest rates)

, except per share data)

	Future Maturities of Debt
Year	Secured Debt (1)				Unsecured Debt				Credit Facilities				Total Debt				Avg Interest Rate
2013	$	—			$	—			$	—			$	—
2014	—				100,000				—				100,000				5.3%
2015	18,510				150,000				25,000				193,510				5.1%
2016	134,798				—				60,000				194,798				4.4%
2017	101,866				—				—				101,866				7.3%
2018	—				—				—				—
2019	31,280				—				—				31,280				5.4%
2020	—				250,000				—				250,000				5.1%
2021	—				—				—				—
2022	—				300,000				—				300,000				4.0%
2023	—				—				—				—
Thereafter	—				50,000				—				50,000				7.4%
Scheduled principal payments	$	286,454			$	850,000			$	85,000			$	1,221,454			5.0%
Scheduled amortization payments	30,636				—				—				30,636				5.2%
Net discounts/premiums	(2,785		)		(3,424		)		—				(6,209		)
Total maturities (1)	$	314,305			$	846,576			$	85,000			$	1,245,881			5.0%

Weighted average maturity =5.5 years

⁽¹⁾ The total maturities includes the mortgage notes payable reclassified to 'Liabilities related to properties sold or held for sale' on the consolidated balance sheet, totaling $23.5 million as of September 30, 2013.

11

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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, 2013

Covenant

Quarter Ended September 30, 2013

Covenant

Quarter Ended September 30, 2013

Covenant

% of Total Indebtedness to Total Assets(1)

43.9

%

≤ 65.0%

N/A

N/A

N/A

N/A

Ratio of Income Available for Debt Service to Annual Debt Service

3.0

≥ 1.5

N/A

N/A

N/A

N/A

% of Secured Indebtedness to Total Assets(1)

11.1

%

≤ 40.0%

N/A

N/A

N/A

N/A

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

2.4

≥ 1.5

N/A

N/A

N/A

N/A

Tangible Net Worth(3)

N/A

N/A

$758.2 million

≥ $673.4 million

$758.2 million

≥ $671.9 million

% of Total Liabilities to Gross Asset Value(5)

N/A

N/A

51.8

%

≤ 60.0%

51.8

%

≤ 60.0%

% of Secured Indebtedness to Gross Asset Value(5)

N/A

N/A

12.2

%

≤ 35.0%

12.2

%

≤ 35.0%

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

N/A

N/A

2.62

≥ 1.50

2.62

≥ 1.50

Ratio of Unencumbered Pool Value(7) to Unsecured Indebtedness

N/A

N/A

2.24

≥ 1.67

2.24

≥ 1.67

Ratio of Unencumbered Net Operating Income to Unsecured Interest Expense

N/A

N/A

3.40

≥ 2.00

3.40

≥ 2.00

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

N/A

N/A

3.3

%

≤ 15.0%

3.3

%

≤ 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.

12

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Capital Analysis (In thousands, except per share amounts)

	9/30/2013				6/30/2013				3/31/2013				12/31/2012				9/30/2012
Market Data
Shares Outstanding	66,500				66,500				66,485				66,437				66,325
Market Price per Share	$	25.27			$	26.91			$	27.84			$	26.15			$	26.82
Equity Market Capitalization	$	1,680,455			$	1,789,515			$	1,850,942			$	1,737,328			$	1,778,837
Total Debt	$	1,245,881			$	1,233,661			$	1,228,719			$	1,249,160			$	1,308,915
Total Market Capitalization	$	2,926,336			$	3,023,176			$	3,079,661			$	2,986,488			$	3,087,752
Total Debt to Market Capitalization	0.43		:1		0.41		:1		0.40		:1		0.42		:1		0.42		:1
Earnings to Fixed Charges(1)	1.1x				1.1x				1.0x				1.0x				1.1x
Debt Service Coverage Ratio(2)	2.7x				2.8x				2.7x				2.6x				2.8x
Dividend Data
Total Dividends Paid	$	20,033			$	20,065			$	20,034			$	19,928			$	19,998
Common Dividend per Share	$	0.30			$	0.30			$	0.30			$	0.30			$	0.30
Payout Ratio (Core FFO per share basis)	65.2		%		63.8		%		68.2		%		63.8		%		62.5		%
Payout Ratio (Core FAD per share basis)	88.2		%		88.2		%		81.1		%		81.1		%		81.1		%
Payout Ratio (FAD per share basis)	88.2		%		90.9		%		83.3		%		85.7		%		81.1		%
(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 9) by interest expense and principal amortization.

13

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Same-Store Portfolio Net Operating Income (NOI) Growth & Rental Growth 2013 vs. 2012

	Three Months Ended September 30,
	2013				2012				% Change			Rental Rate Growth
Cash Basis:
Multifamily	$	7,975			$	7,807			2.2	%		2.6	%
Office	23,727				23,072				2.8	%		2.5	%
Retail	10,681				10,427				2.4	%		3.4	%
Overall Same-Store Portfolio (1)	$	42,383			$	41,306			2.6	%		2.7	%
GAAP Basis:
Multifamily	$	8,098			$	7,992			1.3	%		2.6	%
Office	23,758				23,410				1.5	%		1.7	%
Retail	10,783				10,589				1.8	%		3.3	%
Overall Same-Store Portfolio (1)	$	42,639			$	41,991			1.5	%		2.2	%

(1)  Non same-store properties were:

Acquisitions: none

Held for sale and sold properties:

Office - 1700 Research Boulevard and the Atrium Building

Medical Office/Office - Plumtree Medical Center and the Medical Office Portfolio (see Supplemental Definitions on page 31 for list of properties included in the Medical Office Portfolio)

14

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

	Three Months Ended September 30, 2013
	Multifamily				Office				Medical Office				Retail				Corporate and Other				Total
Real estate rental revenue
Same-store portfolio	$	13,617			$	38,221			$	—			$	13,990			$	—			$	65,828
Non same-store - acquired and in development (1)	—				—				—				—				—				—
Total	13,617				38,221				—				13,990				—				65,828
Real estate expenses
Same-store portfolio	5,519				14,463				—				3,207				—				23,189
Non same-store - acquired and in development (1)	—				54				—				—				—				54
Total	5,519				14,517				—				3,207				—				23,243
Net Operating Income (NOI)
Same-store portfolio	8,098				23,758				—				10,783				—				42,639
Non same-store - acquired and in development (1)	—				(54		)		—				—				—				(54		)
Total	$	8,098			$	23,704			$	—			$	10,783			$	—			$	42,585
Same-store portfolio NOI GAAP basis (from above)	$	8,098			$	23,758			$	—			$	10,783			$	—			$	42,639
Straight-line revenue, net for same-store properties	(2		)		(273		)		—				(97		)		—				(372		)
FAS 141 Min Rent	(121		)		56				—				(70		)		—				(135		)
Amortization of lease intangibles for same-store properties	—				186				—				65				—				251
Same-store portfolio NOI, cash basis	$	7,975			$	23,727			$	—			$	10,681			$	—			$	42,383
Reconciliation of NOI to net income
Total NOI	$	8,098			$	23,704			$	—			$	10,783			—				$	42,585
Depreciation and amortization	(2,987		)		(14,556		)		—				(3,352		)		(273		)		(21,168		)
General and administrative	—				—				—				—				(3,850		)		(3,850		)
Interest expense	(1,703		)		(2,582		)		—				(266		)		(11,379		)		(15,930		)
Other income	—				—				—				—				220				220
Acquisition costs	—				—				—				—				(148		)		(148		)
Discontinued operations:
Income from operations of properties sold or held for sale (1)	—				311				3,820				—				—				4,131
Gain on sale of real estate	—				—				—				—				—				—
Net income (loss)	3,408				6,877				3,820				7,165				(15,430		)		5,840
Net income attributable to noncontrolling interests	—				—				—				—				—				—
Net income (loss) attributable to the controlling interests	$	3,408			$	6,877			$	3,820			$	7,165			$	(15,430	)		$	5,840
(1)  For a list of non-same-store properties and held for sale and sold properties, see page 14 of this Supplemental.

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Same-Store 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			$	37,477			$	—			$	13,604			$	—			$	64,471
Non same-store - acquired and in development (1)	—				—				—				—				—				—
Total	13,390				37,477				—				13,604				—				64,471
Real estate expenses
Same-store portfolio	5,398				14,067				—				3,015				—				22,480
Non same-store - acquired and in development (1)	—				47				—				—				—				47
Total	5,398				14,114				—				3,015				—				22,527
Net Operating Income (NOI)
Same-store portfolio	7,992				23,410				—				10,589				—				41,991
Non same-store - acquired and in development (1)	—				(47		)		—				—				—				(47		)
Total	$	7,992			$	23,363			$	—			$	10,589			$	—			$	41,944
Same-store portfolio NOI GAAP basis (from above)	$	7,992			$	23,410			$	—			$	10,589			$	—			$	41,991
Straight-line revenue, net for same-store properties	—				(521		)		—				(126		)		—				(647		)
FAS 141 Min Rent	(185		)		99				—				(88		)		—				(174		)
Amortization of lease intangibles for same-store properties	—				84				—				52				—				136
Same-store portfolio NOI, cash basis	$	7,807			$	23,072			$	—			$	10,427			$	—			$	41,306
Reconciliation of NOI to net income
Total NOI	$	7,992			$	23,363			$	—			$	10,589			$	—			$	41,944
Depreciation and amortization	(3,315		)		(14,652		)		—				(3,451		)		(264		)		(21,682		)
General and administrative	—				—				—				—				(3,173		)		(3,173		)
Interest expense	(1,711		)		(3,064		)		—				(370		)		(9,741		)		(14,886		)
Other income	—				—				—				—				237				237
Acquisition costs	—				—				—				—				164				164
Discontinued operations:
Income from operations of properties sold or held for sale (1)	—				683				2,550				—				—				3,233
Gain on sale of real estate	—				—				—				—				3,724				3,724
Net income (loss)	2,966				6,330				2,550				6,768				(9,053		)		9,561
Net income attributable to noncontrolling interests	—				—				—				—				—				—
Net income (loss) 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 14 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 2013			YTD 2013				Q3 2013			YTD 2013
DC							Inside the Beltway
Multifamily	4.0	%		4.3	%		Multifamily	17.9	%		17.8	%
Office	22.0	%		22.4	%		Office	33.0	%		33.2	%
Retail	0.8	%		0.9	%		Retail	7.7	%		7.4	%
	26.8	%		27.6	%			58.6	%		58.4	%
Maryland							Outside the Beltway
Multifamily	3.0	%		2.9	%		Multifamily	1.1	%		1.1	%
Office	10.8	%		10.5	%		Office	22.7	%		22.9	%
Retail	17.8	%		17.7	%		Retail	17.6	%		17.6	%
	31.6	%		31.1	%			41.4	%		41.6	%
Virginia
Multifamily	12.0	%		11.7	%		Total Portfolio	100.0	%		100.0	%
Office	22.9	%		23.1	%
Retail	6.7	%		6.5	%
	41.6	%		41.3	%
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		9/30/2013			6/30/2013			3/31/2013			12/31/2012			9/30/2012
Multifamily		94.1	%		93.1	%		93.8	%		94.1	%		94.8	%
Office		86.4	%		86.1	%		85.2	%		85.2	%		86.3	%
Retail		91.4	%		93.2	%		92.4	%		91.2	%		92.8	%
Overall Portfolio		89.6	%		89.6	%		89.2	%		88.9	%		90.0	%
		Physical Occupancy - All Properties
Sector		9/30/2013			6/30/2013			3/31/2013			12/31/2012			9/30/2012
Multifamily		94.1	%		93.1	%		93.8	%		94.1	%		94.8	%
Office		86.1	%		86.3	%		85.4	%		84.5	%		86.2	%
Medical Office		84.6	%		84.8	%		85.2	%		85.6	%		85.0	%
Retail		91.4	%		93.2	%		92.4	%		91.2	%		92.8	%
Overall Portfolio		88.7	%		89.1	%		88.6	%		88.1	%		89.2	%

(1)  Non same-store properties were:

Acquisitions: None

Held for sale and sold properties:

Office - 1700 Research Boulevard and the Atrium Building

Medical Office/Office - Plumtree Medical Center and the Medical Office Portfolio (see Supplemental Definitions on page 31 for list of properties included in the Medical Office Portfolio)

18

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Same-Store Portfolio and Overall Economic Occupancy Levels by Sector

		Economic Occupancy - Same-Store Properties(1)
Sector		9/30/2013			6/30/2013			3/31/2013			12/31/2012			9/30/2012
Multifamily		93.5	%		92.7	%		93.1	%		93.5	%		94.1	%
Office		87.1	%		86.3	%		85.9	%		86.5	%		87.1	%
Retail		91.5	%		92.8	%		91.6	%		92.9	%		94.3	%
Overall Portfolio		89.3	%		88.9	%		88.5	%		89.2	%		89.9	%
		Economic Occupancy - All Properties
Sector		9/30/2013			6/30/2013			3/31/2013			12/31/2012			9/30/2012
Multifamily		93.5	%		92.7	%		93.1	%		93.5	%		94.1	%
Office		86.7	%		86.5	%		85.6	%		86.0	%		87.1	%
Medical Office		87.1	%		87.2	%		87.6	%		88.7	%		89.3	%
Retail		91.5	%		92.8	%		91.6	%		92.9	%		94.3	%
Overall Portfolio		88.7	%		88.7	%		88.2	%		88.8	%		89.8	%

(1)  Non same-store properties were:

Acquisitions: None

Held for sale and sold properties:

Office - 1700 Research Boulevard and the Atrium Building

Medical Office/Office - Plumtree Medical Center and the Medical Office Portfolio (see Supplemental Definitions on page 31 for list of properties included in the Medical Office Portfolio)

19

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Disposition Summary
September 30, 2013
(in thousands)

0, 2012

Disposition Summary

Disposition Date

Property Type

Square Feet

Contract Sales Price

GAAP Gain

The Atrium Building

March 19, 2013

Office

79,000

$

15,750

$

3,195

20

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Development/Re-Development Summary
September 30, 2013
(in thousands)

Property and Location	Total Rentable Square Feet or # of Units	Anticipated Total Cost			Cash Cost to Date			Draws on Construction Loan to Date			Anticipated Construction Completion Date
Development Summary
650 N. Glebe Road, Arlington, VA	163 units & 2,200 square feet retail	$	49,904		$	24,185		$	3,033		fourth quarter 2014
Re-Development Summary
7900 Westpark Drive, McLean, VA	530,000 square feet	$	35,000		$	2,725		N/A			first quarter 2015

21

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Commercial Leasing Summary - New Leases

	3rd Quarter 2013								2nd Quarter 2013									1st Quarter 2013								4th Quarter 2012								3rd Quarter 2012
Gross Leasing Square Footage
Office Buildings	147,194								94,191									65,566								76,252								46,351
Medical Office Buildings	5,804								3,082									15,629								15,083								17,105
Retail Centers	49,396								6,240									46,100								14,419								7,857
Total	202,394								103,513							103,513		127,295								105,754								71,313
Weighted Average Term (yrs)
Office Buildings	11.1								7.8									8.5								8.6								6.6
Medical Office Buildings	5.2								5.4									7.2								9.3								9.1
Retail Centers	9.8								7.1									7.3								8.0								8.4
Total	10.6								7.6									7.9								8.6								7.4
Rental Rate Increases:	GAAP				CASH				GAAP				CASH					GAAP				CASH				GAAP				CASH				GAAP				CASH
Rate on expiring leases
Office Buildings	$	32.66			$	33.28			$	28.28			$	29.07				$	29.14			$	30.36			$	30.72			$	31.19			$	32.63			$	33.45
Medical Office Buildings	39.59				41.07				31.53				34.17					33.53				35.53				30.85				32.40				26.10				26.59
Retail Centers	19.86				20.06				31.31				31.71					10.26				10.26				18.49				18.59				21.39				21.74
Total	$	29.73			$	30.28			$	28.56			$	29.38				$	22.84			$	23.72			$	29.22			$	29.79			$	29.83			$	30.51
Rate on new leases
Office Buildings	$	33.06			$	28.74			$	30.34			$	27.53				$	31.96			$	28.86			$	35.41			$	31.66			$	37.20			$	33.72
Medical Office Buildings	40.01				37.73				30.97				29.12					36.67				33.94				31.30				27.69				27.46				24.79
Retail Centers	23.45				22.02				33.54				31.98					19.12				19.04				16.74				15.35				33.21				30.17
Total	$	30.91			$	27.36			$	30.55			$	27.84				$	27.89			$	25.93			$	32.61			$	29.22			$	34.43			$	31.18
Percentage Increase
Office Buildings	1.2		%		(13.7		)%		7.3		%		(5.3		)%			9.7		%		(4.9		)%		15.3		%		1.5		%		14.0		%		0.8		%
Medical Office Buildings	1.1		%		(8.1		)%		(1.8		)%		(14.8		)%			9.4		%		(4.5		)%		1.5		%		(14.5		)%		5.2		%		(6.8		)%
Retail Centers	18.1		%		9.8		%		7.1		%		0.8		%			86.3		%		85.5		%		(9.5		)%		(17.4		)%		55.2		%		38.8		%
Total	4.0		%		(9.7		)%		7.0		%		(5.3		)%			22.1		%		9.3		%		11.6		%		(1.9		)%		15.4		%		2.2		%
	Total Dollars				$ per Sq Ft				Total Dollars				$ per Sq Ft					Total Dollars				$ per Sq Ft				Total Dollars				$ per Sq Ft				Total Dollars				$ per Sq Ft
Tenant Improvements
Office Buildings	$	8,230,229			$	55.91			$	3,285,080			$	34.88				$	2,941,901			$	44.87			$	3,186,650			$	41.79			$	1,858,979			$	40.11
Medical Office Buildings	101,630				17.51				67,248				21.82					513,774				32.87				652,831				43.28				863,148				50.46
Retail Centers	751,184				15.21				119,800				19.20					2,307,500				50.05				168,500				11.69				120,000				15.27
Subtotal	$	9,083,043			$	44.88			$	3,472,128			$	33.55				$	5,763,175			$	45.27			$	4,007,981			$	37.90			$	2,842,127			$	39.85
Leasing Commissions and Incentives
Office Buildings	$	6,781,162			$	46.07			$	2,173,271			$	23.08				$	2,041,020			$	31.13			$	1,569,078			$	20.58			$	1,113,305			$	24.02
Medical Office Buildings	99,930				17.22				42,827				13.90					223,311				14.29				327,649				21.72				212,409				12.42
Retail Centers	517,974				10.49				71,769				11.50					303,796				6.59				64,839				4.50				72,182				9.19
Subtotal	$	7,399,066			$	36.56			$	2,287,867			$	22.10				$	2,568,127			$	20.18			$	1,961,566			$	18.55			$	1,397,896			$	19.60
Tenant Improvements and Leasing Commissions and Incentives
Office Buildings	$	15,011,391			$	101.98			$	5,458,351			$	57.96				$	4,982,921			$	76.00			$	4,755,728			$	62.37			$	2,972,284			$	64.13
Medical Office Buildings	201,560				34.73				110,075				35.72					737,085				47.16				980,480				65.00				1,075,557				62.88
Retail Centers	1,269,158				25.70				191,569				30.70					2,611,296				56.64				233,339				16.19				192,182				24.46
Total	$	16,482,109			$	81.44			$	5,759,995			$	55.65				$	8,331,302			$	65.45			$	5,969,547			$	56.45			$	4,240,023			$	59.45

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Commercial Leasing Summary - Renewal Leases

	3rd Quarter 2013								2nd Quarter 2013								1st Quarter 2013								4th Quarter 2012								3rd Quarter 2012
Gross Leasing Square Footage
Office Buildings	140,894								92,245								192,943								76,772								99,101
Medical Office Buildings	24,471								49,383								21,294								27,997								26,661
Retail Centers	112,736								172,474								46,124								59,969								24,269
Total	278,101								314,102								260,361								164,738								150,031
Weighted Average Term (yrs)
Office Buildings	6.6								3.5								2.7								3.9								3.9
Medical Office Buildings	3.0								10.4								5.0								6.2								5.5
Retail Centers	7.3								5.3								4.8								5.0								3.5
Total	6.5								5.6								3.3								4.7								4.1
Rental Rate Increases:	GAAP				CASH				GAAP				CASH				GAAP				CASH				GAAP				CASH				GAAP				CASH
Rate on expiring leases
Office Buildings	$	38.86			$	40.53			$	30.72			$	32.10			$	29.74			$	31.56			$	29.50			$	30.46			$	32.51			$	34.52
Medical Office Buildings	27.49				29.14				31.60				34.20				37.92				40.11				34.83				37.61				35.00				36.98
Retail Centers	20.07				20.74				7.78				7.89				28.27				29.13				19.73				19.97				39.16				40.36
Total	$	30.25			$	31.50			$	18.27			$	19.14			$	30.15			$	31.83			$	26.85			$	27.85			$	34.03			$	35.90
Rate on new leases
Office Buildings	$	42.04			$	39.42			$	32.51			$	31.62			$	31.81			$	31.40			$	31.94			$	30.90			$	35.95			$	34.43
Medical Office Buildings	29.48				28.82				35.23				32.72				39.34				37.20				37.04				34.30				37.04				34.56
Retail Centers	24.43				22.89				8.74				8.53				30.40				29.32				21.48				21.15				42.86				41.65
Total	$	33.80			$	31.79			$	19.88			$	19.11			$	32.18			$	31.51			$	29.00			$	27.93			$	37.26			$	35.62
Percentage Increase
Office Buildings	8.2		%		(2.7		)%		5.8		%		(1.5		)%		7.0		%		(0.5		)%		8.3		%		1.5		%		10.6		%		(0.3		)%
Medical Office Buildings	7.2		%		(1.1		)%		11.5		%		(4.3		)%		3.7		%		(7.2		)%		6.4		%		(8.8		)%		5.9		%		(6.6		)%
Retail Centers	21.7		%		10.4		%		12.3		%		8.1		%		7.5		%		0.7		%		8.9		%		6.0		%		9.5		%		3.2		%
Total	11.7		%		0.9		%		8.9		%		(0.1		)%		6.7		%		(1.0		)%		8.0		%		0.3		%		9.5		%		(0.8		)%
	Total Dollars				$ per Sq Ft				Total Dollars				$ per Sq Ft				Total Dollars				$ per Sq Ft				Total Dollars				$ per Sq Ft				Total Dollars				$ per Sq Ft
Tenant Improvements
Office Buildings	$	2,788,460			$	19.79			$	565,393			$	6.12			$	1,035,279			$	5.37			$	801,452			$	10.44			$	1,155,918			$	11.66
Medical Office Buildings	114,252				4.67				639,396				12.94				189,280				8.89				520,981				18.61				347,034				13.02
Retail Centers	28,600				0.25				65,261				0.38				—				—				—				—				—				—
Subtotal	$	2,931,312			$	10.54			$	1,270,050			$	4.04			$	1,224,559			$	4.70			$	1,322,433			$	8.03			$	1,502,952			$	10.02
Leasing Commissions and Incentives
Office Buildings	$	2,747,403			$	19.50			$	220,889			$	2.40			$	454,823			$	2.35			$	377,421			$	4.92			$	1,047,935			$	10.57
Medical Office Buildings	68,973				2.82				125,662				2.55				125,097				5.87				290,596				10.38				219,670				8.24
Retail Centers	176,809				1.57				82,993				0.48				75,176				1.63				29,104				0.49				23,021				0.95
Subtotal	$	2,993,185			$	10.77			$	429,544			$	1.37			$	655,096			$	2.52			$	697,121			$	4.23			$	1,290,626			$	8.60
Tenant Improvements and Leasing Commissions and Incentives
Office Buildings	$	5,535,863			$	39.29			$	786,282			$	8.52			$	1,490,102			$	7.72			$	1,178,873			$	15.36			$	2,203,853			$	22.23
Medical Office Buildings	183,225				7.49				765,058				15.49				314,377				14.76				811,577				28.99				566,704				21.26
Retail Centers	205,409				1.82				148,254				0.86				75,176				1.63				29,104				0.49				23,021				0.95
Total	$	5,924,497			$	21.31			$	1,699,594			$	5.41			$	1,879,655			$	7.22			$	2,019,554			$	12.26			$	2,793,578			$	18.62

23

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10 Largest Tenants - Based on Annualized Rent
September 30, 2013

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		39			5.05	%		210,354			2.95	%
Advisory Board Company	1		68			2.90	%		180,925			2.54	%
Booz Allen Hamilton, Inc.	1		28			2.35	%		222,989			3.13	%
INOVA Health System (1)	8		49			2.33	%		128,647			1.81	%
Engility Corporation	1		48			2.30	%		140,400			1.97	%
Patton Boggs LLP	1		43			2.10	%		110,566			1.55	%
Sunrise Assisted Living, Inc.	1		12			1.24	%		81,987			1.15	%
General Dynamics	2		9			1.22	%		88,359			1.24	%
Epstein, Becker & Green, P.C.	1		39			1.14	%		53,427			0.75	%
General Services Administration	3		62			1.13	%		52,282			0.73	%
Total/Weighted Average			41			21.76	%		1,269,936			17.82	%

⁽¹⁾ Of the 8 buildings occupied by this tenant, 7 are included in the Medical Office Portfolio, which is classified as held for sale.

 

24

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Industry Diversification
September 30, 2013

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	$	70,275,196			31.87	%		2,175,089			30.12	%
Ambulatory Health Care Services	40,379,663				18.31	%		1,161,591			16.09	%
Credit Intermediation and Related Activities	17,394,063				7.89	%		332,595			4.61	%
Religious, Grantmaking, Civic, Professional, and Similar Organizations	9,943,439				4.51	%		278,758			3.86	%
Food Services and Drinking Places	9,128,731				4.14	%		282,902			3.92	%
Educational Services	6,337,146				2.87	%		205,724			2.85	%
Food and Beverage Stores	6,139,725				2.78	%		320,717			4.44	%
Executive, Legislative, and Other General Government Support	5,727,556				2.60	%		166,037			2.30	%
Administrative and Support Services	4,268,926				1.94	%		117,194			1.62	%
Nursing and Residential Care Facilities	3,850,985				1.75	%		121,649			1.68	%
Health and Personal Care Stores	3,663,364				1.66	%		105,454			1.46	%
Broadcasting (except Internet)	3,283,136				1.49	%		90,810			1.26	%
Miscellaneous Store Retailers	3,118,576				1.41	%		169,038			2.34	%
Sporting Goods, Hobby, Book, and Music Stores	3,037,386				1.38	%		194,094			2.69	%
Furniture and Home Furnishings Stores	3,020,577				1.37	%		154,727			2.14	%
Personal and Laundry Services	2,952,441				1.34	%		94,267			1.31	%
Electronics and Appliance Stores	2,927,461				1.33	%		166,290			2.30	%
Clothing and Clothing Accessories Stores	2,785,831				1.26	%		139,623			1.93	%
Amusement, Gambling, and Recreation Industries	1,982,321				0.90	%		99,338			1.38	%
Hospitals	1,917,519				0.87	%		50,376			0.70	%
General Merchandise Stores	1,875,727				0.85	%		221,503			3.07	%
Publishing Industries (except Internet)	1,648,142				0.75	%		56,144			0.78	%
Telecommunications	1,535,564				0.70	%		41,334			0.57	%
Real Estate	1,413,609				0.64	%		44,374			0.61	%
Computer and Electronic Product Manufacturing	1,236,267				0.56	%		41,689			0.58	%
Securities, Commodity Contracts, and Other Financial Investments and Related Activities	1,215,264				0.55	%		41,231			0.57	%

25

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Industry Diversification (continued)
September 30, 2013

Industry Classification (NAICS)	Annualized Base Rental Revenue				Percentage of Aggregate Annualized Rent			Aggregate Rentable Square Feet				Percentage of Aggregate Square Feet
Printing and Related Support Activities	1,207,035				0.55	%		52,725				0.73	%
Construction of Buildings	766,337				0.35	%		25,554				0.35	%
Insurance Carriers and Related Activities	691,538				0.31	%		23,173				0.32	%
Social Assistance	598,850				0.27	%		19,241				0.27	%
Motor Vehicle and Parts Dealers	596,610				0.27	%		36,832				0.51	%
Merchant Wholesalers, Durable Goods	544,603				0.25	%		20,923				0.29	%
Transportation Equipment Manufacturing	526,793				0.24	%		19,864				0.28	%
Repair and Maintenance	446,683				0.20	%		20,813				0.29	%
Other	4,054,933				1.84	%		128,824				1.78	%
Total	$	220,491,997			100.00	%		$	7,220,497			100.00	%

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Lease Expirations
September 30, 2013

Year		Number of Leases			Rentable Square Feet			Percent of Rentable Square Feet			Annualized Rent *				Average Rental Rate				Percent of Annualized Rent *
Office:
2013		21			43,039			1.03	%		$	1,467,791			$	34.10			0.93	%
2014		96			774,787			18.46	%		25,545,265				32.97				16.21	%
2015		95			555,579			13.23	%		22,710,863				40.88				14.41	%
2016		98			612,047			14.58	%		19,408,244				31.71				12.32	%
2017		69			510,216			12.15	%		20,089,182				39.37				12.75	%
2018 and thereafter		224			1,702,318			40.55	%		68,339,491				40.14				43.38	%
		603			4,197,986			100.00	%		$	157,560,836			37.53				100.00	%
Medical Office:
2013		15			47,669			4.36	%		$	1,790,980			37.57				4.05	%
2014		64			178,779			16.36	%		6,823,944				38.17				15.43	%
2015		32			88,185			8.07	%		3,559,891				40.37				8.05	%
2016		46			144,527			13.22	%		5,691,529				39.38				12.87	%
2017		43			129,193			11.82	%		5,184,773				40.13				11.73	%
2018 and thereafter		133			504,759			46.17	%		21,168,853				41.94				47.87	%
		333			1,093,112			100.00	%		$	44,219,970			40.45				100.00	%
Retail:
2013		8			16,190			0.76	%		$	555,105			34.29				1.14	%
2014		45			111,291			5.23	%		2,816,656				25.31				5.80	%
2015		49			366,996			17.26	%		7,346,390				20.02				15.12	%
2016		25			199,264			9.37	%		4,199,335				21.07				8.64	%
2017		39			219,364			10.32	%		6,401,737				29.18				13.17	%
2018 and thereafter		132			1,213,481			57.06	%		27,279,752				22.48				56.13	%
		298			2,126,586			100.00	%		$	48,598,975			22.85				100.00	%
Total:
2013		44			106,898			1.44	%		$	3,813,876			35.68				1.52	%
2014		205			1,064,857			14.36	%		35,185,865				33.04				14.05	%
2015		176			1,010,760			13.63	%		33,617,144				33.26				13.43	%
2016		169			955,838			12.89	%		29,299,108				30.65				11.70	%
2017		151			858,773			11.58	%		31,675,692				36.88				12.65	%
2018 and thereafter		489			3,420,558			46.10	%		116,788,096				34.14				46.65	%
		1,234			7,417,684			100.00	%		$	250,379,781			33.75				100.00	%
* 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, 2013

PROPERTIES		LOCATION		YEAR ACQUIRED		YEAR CONSTRUCTED		NET RENTABLE SQUARE FEET
Office Buildings
1901 Pennsylvania Avenue		Washington, DC		1977		1960		101,000
51 Monroe Street		Rockville, MD		1979		1975		220,000
515 King Street		Alexandria, VA		1992		1966		75,000
6110 Executive Boulevard		Rockville, MD		1995		1971		200,000
1220 19th Street		Washington, DC		1995		1976		104,000
1600 Wilson Boulevard		Arlington, VA		1997		1973		168,000
7900 Westpark Drive		McLean, VA		1997		1972/1986/1999		530,000
600 Jefferson Plaza		Rockville, MD		1999		1985		114,000
Wayne Plaza		Silver Spring, MD		2000		1970		96,000
Courthouse Square		Alexandria, VA		2000		1979		115,000
One Central Plaza		Rockville, MD		2001		1974		266,000
1776 G Street		Washington, DC		2003		1979		263,000
6565 Arlington Boulevard (1)		Falls Church, VA		2006		1967/1998		142,000
West Gude Drive		Rockville, MD		2006		1984/1986/1988		277,000
Monument II		Herndon, VA		2007		2000		207,000
Woodholme Center (1)		Pikesville, MD		2007		1989		74,000
2000 M Street		Washington, DC		2007		1971		230,000
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		188,000
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		142,000
Subtotal								4,772,000

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Schedule of Properties (continued)
September 30, 2013

PROPERTIES		LOCATION		YEAR ACQUIRED		YEAR CONSTRUCTED		NET RENTABLE SQUARE FEET
Medical Office Buildings (1)
Woodburn Medical Park I		Annandale, VA		1998		1984		77,000
Woodburn Medical Park II		Annandale, VA		1998		1988		97,000
Prosperity Medical Center I		Merrifield, VA		2003		2000		91,000
Prosperity Medical Center II		Merrifield, VA		2003		2001		88,000
Prosperity Medical Center III		Merrifield, VA		2003		2002		75,000
Shady Grove Medical Village II		Rockville, MD		2004		1999		67,000
8301 Arlington Boulevard		Fairfax, VA		2004		1965		53,000
Alexandria Professional Center		Alexandria, VA		2006		1968		119,000
9707 Medical Center Drive		Rockville, MD		2006		1994		38,000
15001 Shady Grove Road		Rockville, MD		2006		1999		52,000
15005 Shady Grove Road		Rockville, MD		2006		2002		52,000
2440 M Street		Washington, DC		2007		1986/2006		116,000
Woodholme Medical Office Building		Pikesville, MD		2007		1996		131,000
Ashburn Office Park		Ashburn, VA		2007		1998/2000/2002		74,000
CentreMed I & II		Centreville, VA		2007		1998		52,000
Sterling Medical Office Building		Sterling, VA		2008		1986/2000		35,000
19500 at Riverside Office Park (formerly Lansdowne Medical Office Building)		Leesburg, VA		2009		2009		87,000
Subtotal								1,304,000

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Schedule of Properties (continued)
September 30, 2013

PROPERTIES		LOCATION		YEAR ACQUIRED		YEAR CONSTRUCTED		NET RENTABLE SQUARE FEET (2)
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 Shopping Center		Alexandria, VA		1984		1955		168,000
Chevy Chase Metro Plaza		Washington, DC		1985		1975		49,000
Montgomery Village Center		Gaithersburg, MD		1992		1969		197,000
Shoppes of Foxchase		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		199,000
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		157,000
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)								2,138,000
TOTAL								10,663,000
(1) Classified as held for sale. (2) Multifamily buildings are presented in gross square feet.

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Supplemental Definitions
September 30, 2013

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, (3) severance expense related to corporate reorganization and related to the CEO's retirement and (4) 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, (3) non-share-based severance expense related to corporate reorganization and related to the CEO's retirement not already excluded from FAD and (4) 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 Medical Office Portfolio consists of every medical property, as well as undeveloped land, 4661 Kenmore Ave, and two office properties, Woodholme Center and 6565 Arlington Boulevard. We entered into four separate purchase and sale agreements. Phase I of the Medical Office Portfolio sale and purchase agreement consists of medical office properties (2440 M Street, 15001 Shady Grove Road, 15505 Shady Grove Road, 19500 at Riverside Park formerly Lansdowne Medical Office Building, 9707 Medical Center Drive, CentreMed I and II, 8301 Arlington Boulevard, Sterling Medical Office Building, Shady Grove Medical Village II, Alexandria Professional Center, Ashburn Farm Office Park I, Ashburn Farm Office Park II, Ashburn Farm Office Park III and Woodholme Medical Office Building) and two office properties (6565 Arlington Boulevard and Woodholme Center).  Phase II of the Medical Office Portfolio purchase and sale agreement consist of undeveloped land (4661 Kenmore Ave). Phase III of the Medical Office Portfolio purchase and sale agreement consists of medical office properties ( Woodburn Medical Park I and Woodburn Medical Park II, ).  Phase IV of the Medical Office Portfolio purchase and sale agreement consist of a medical office property (Prosperity Medical Center I and II, and Prosperity Medical Center III).

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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