Document


Supplemental Financial and Operating Data Table of Contents
December 31, 2020

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	13
	Same-Store Portfolio Net Operating Income (NOI) Detail	14-18
	Net Operating Income (NOI) by Region	19
	Net Operating Income (NOI) - Multifamily	20
	Same-Store Operating Results - Multifamily	21
	Same-Store Operating Expenses - Multifamily	22
	Same-Store Portfolio and Overall Average Occupancy Levels by Sector	23
	Same-Store Portfolio and Overall Ending Occupancy Levels by Sector	24

Growth and Strategy
	Acquisition and Disposition Summary	25
	Development Summary	26
Tenant Analysis

	Commercial Leasing Summary - New Leases	27
	Commercial Leasing Summary - Renewal Leases	28
	10 Largest Tenants - Based on Annualized Commercial Income	29
	Industry Diversification - Office	30
	Lease expirations	31
Appendix
	Schedule of Properties	32-34
	Supplemental Definitions	35


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


	Twelve Months Ended						Three Months Ended
OPERATING RESULTS	12/31/2020			12/31/2019			12/31/2020			9/30/2020			6/30/2020			3/31/2020			12/31/2019
Real estate rental revenue	$	294,118		$	309,180		$	71,229		$	73,227		$	72,870		$	76,792		$	80,667
Real estate expenses	(112,909)			(115,580)			(28,713)			(28,672)			(26,885)			(28,639)			(30,611)
	181,209			193,600			42,516			44,555			45,985			48,153			50,056
Real estate depreciation and amortization	(120,030)			(136,253)			(30,241)			(30,470)			(29,599)			(29,720)			(38,812)
Income from real estate	61,179			57,347			12,275			14,085			16,386			18,433			11,244
Interest expense	(37,305)			(53,734)			(8,998)			(8,711)			(8,751)			(10,845)			(11,788)
Loss on interest rate derivatives	(560)			—			(560)			—			—			—			—

(Loss) gain on sale of real estate	(15,009)			59,961			(7,470)			—			(7,539)			—			61,007
(Loss) gain on extinguishment of debt	(34)			—			(296)			—			(206)			468			—
Real estate impairment	—			(8,374)			—			—			—			—			—
General and administrative expenses	(23,951)			(26,068)			(5,988)			(6,330)			(5,296)			(6,337)			(6,265)


(Loss) income from continuing operations	(15,680)			29,132			(11,037)			(956)			(5,406)			1,719			54,198
Discontinued operations:
Income from properties classified as discontinued operations	—			16,158			—			—			—			—			—
Gain on sale of real estate	—			339,024			—			—			—			—			—
Loss on extinguishment of debt	—			(764)			—			—			—			—			—

Income from discontinued operations	—			354,418			—			—			—			—			—
Net (loss) income	$	(15,680)		$	383,550		$	(11,037)		$	(956)		$	(5,406)		$	1,719		$	54,198


Per Share Data:
Net (loss) income	$	(0.20)		$	4.75		$	(0.13)		$	(0.01)		$	(0.07)		$	0.02		$	0.66
Fully diluted weighted average shares outstanding	82,348			80,335			82,962			82,186			82,153			82,287			81,313
Percentage of Revenues:
Real estate expenses	38.4		%	37.4		%	40.3		%	39.2		%	36.9		%	37.3		%	37.9		%
General and administrative expenses	8.1		%	8.4		%	8.4		%	8.6		%	7.3		%	8.3		%	7.8		%
Ratios:
Adjusted EBITDA / Interest expense (includes discontinued operations)	4.2		x	3.6		x	4.1		x	4.4		x	4.7		x	3.9		x	3.8		x

Net (loss) income / Real estate rental revenue	(5.3)		%	124.1		%	(15.5)		%	(1.3)		%	(7.4)		%	2.2		%	67.2		%


Consolidated Balance Sheets (In thousands, except per share data) (Unaudited)


	12/31/2020		9/30/2020		6/30/2020		3/31/2020		12/31/2019
Assets
Land	$	551,578	$	574,025	$	574,025	$	574,025	$	566,807
Income producing property	2,432,039		2,497,017		2,467,629		2,444,525		2,392,415
	2,983,617		3,071,042		3,041,654		3,018,550		2,959,222
Accumulated depreciation and amortization	(749,014)		(772,482)		(745,692)		(719,446)		(693,610)
Net income producing property	2,234,603		2,298,560		2,295,962		2,299,104		2,265,612
Properties under development or held for future development	37,615		77,481		89,166		89,791		124,193
Total real estate held for investment, net	2,272,218		2,376,041		2,385,128		2,388,895		2,389,805
Investment in real estate held for sale, net	—		—		—		57,028		57,028
Cash and cash equivalents	7,700		3,814		7,971		20,601		12,939
Restricted cash	603		615		630		634		1,812
Rents and other receivables	58,257		67,628		67,026		64,617		65,259
Prepaid expenses and other assets	71,040		84,174		81,967		84,722		95,149
Other assets related to properties sold or held for sale	—		—		—		6,123		6,336
Total assets	$	2,409,818	$	2,532,272	$	2,542,722	$	2,622,620	$	2,628,328
Liabilities
Notes payable, net	$	945,370	$	897,443	$	897,060	$	997,075	$	996,722
Mortgage notes payable, net	—		—		—		—		47,074
Line of credit	42,000		186,000		181,000		148,000		56,000
Accounts payable and other liabilities	58,773		99,388		93,192		98,966		71,136
Dividend payable	25,361		24,767		24,760		—		24,668
Advance rents	7,215		6,979		7,375		8,681		9,353
Tenant security deposits	9,990		10,580		10,769		10,875		10,595
Other liabilities related to properties sold or held for sale	—		—		—		875		718
Total liabilities	1,088,709		1,225,157		1,214,156		1,264,472		1,216,266
Equity
Preferred shares; $0.01 par value; 10,000 shares authorized	—		—		—		—		—
Shares of beneficial interest, $0.01 par value; 100,000 shares authorized	844		824		823		823		821
Additional paid-in capital	1,649,366		1,601,160		1,598,620		1,596,242		1,592,487
Distributions in excess of net income	(298,860)		(262,435)		(236,673)		(206,506)		(183,405)
Accumulated other comprehensive (loss) income	(30,563)		(32,759)		(34,533)		(32,744)		1,823
Total shareholders' equity	1,320,787		1,306,790		1,328,237		1,357,815		1,411,726
Noncontrolling interests in subsidiaries	322		325		329		333		336
Total equity	1,321,109		1,307,115		1,328,566		1,358,148		1,412,062
Total liabilities and equity	$	2,409,818	$	2,532,272	$	2,542,722	$	2,622,620	$	2,628,328


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


	Twelve Months Ended				Three Months Ended
	12/31/2020		12/31/2019		12/31/2020		9/30/2020		6/30/2020		3/31/2020		12/31/2019
Funds from operations (FFO) (1)
Net (loss) income	$	(15,680)	$	383,550	$	(11,037)	$	(956)	$	(5,406)	$	1,719	$	54,198
Real estate depreciation and amortization	120,030		136,253		30,241		30,470		29,599		29,720		38,812
Loss (gain) on sale of depreciable real estate	15,009		(59,961)		7,470		—		7,539		—		(61,007)
Real estate impairment	—		8,374		—		—		—		—		—

Discontinued operations:
Gain on sale of depreciable real estate	—		(339,024)		—		—		—		—		—

Real estate depreciation and amortization	—		4,926		—		—		—		—		—
NAREIT funds from operations (FFO)	119,359		134,118		26,674		29,514		31,732		31,439		32,003
Loss (gain) on extinguishment of debt	34		764		296		—		206		(468)		—

Loss on interest rate derivatives	560		—		560		—		—		—		—



Restructuring expenses (2)	—		3,019		—		—		—		—		270
Core FFO (1)	$	119,953	$	137,901	$	27,530	$	29,514	$	31,938	$	30,971	$	32,273

Allocation to participating securities (3)	(545)		(477)		(92)		(151)		(151)		(151)		(81)

NAREIT FFO per share - basic	$	1.44	$	1.67	$	0.32	$	0.36	$	0.38	$	0.38	$	0.39
NAREIT FFO per share - fully diluted	$	1.44	$	1.66	$	0.32	$	0.36	$	0.38	$	0.38	$	0.39

Core FFO per share - fully diluted	$	1.45	$	1.71	$	0.33	$	0.36	$	0.39	$	0.37	$	0.40

Common dividend per share	$	1.20	$	1.20	$	0.30	$	0.30	$	0.30	$	0.30	$	0.30

Average shares - basic	82,348		80,257		82,962		82,186		82,153		82,086		81,220
Average shares - fully diluted (for NAREIT FFO and Core FFO)	82,516		80,335		83,093		82,357		82,323		82,287		81,313
______________________________
(1) See "Supplemental Definitions" on page 35 of this supplemental for the definitions of NAREIT FFO and Core FFO.
(2) Restructuring expenses include severance, accelerated share-based compensation and other expenses related to a restructuring of WashREIT personnel.
(3) Adjustment to the numerators for FFO and Core FFO per share calculations when applying the two-class method for calculating EPS.


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


	Twelve Months Ended				Three Months Ended
	12/31/2020		12/31/2019		12/31/2020		9/30/2020		6/30/2020		3/31/2020		12/31/2019
Funds available for distribution (FAD) (1)
NAREIT FFO	$	119,359	$	134,118	$	26,674	$	29,514	$	31,732	$	31,439	$	32,003
Non-cash (gain) loss on extinguishment of debt	(881)		(244)		296		—		204		(1,381)		—
Tenant improvements and incentives	(13,212)		(15,898)		(6,250)		(4,013)		(1,877)		(1,072)		(6,857)
External and internal leasing commissions capitalized	(3,852)		(6,371)		(1,445)		(1,081)		(797)		(529)		(2,700)
Recurring capital improvements	(5,044)		(6,746)		(2,164)		(1,068)		(824)		(988)		(4,345)
Straight-line rent, net	(1,758)		(3,266)		82		(522)		(655)		(663)		(763)
Non-cash fair value interest expense	(59)		(778)		—		—		—		(59)		(178)
Non-real estate depreciation and amortization of debt costs	3,795		5,005		987		956		910		942		1,030
Amortization of lease intangibles, net	1,942		2,183		477		464		544		457		504
Amortization and expensing of restricted share and unit compensation	7,873		7,743		1,972		2,479		1,644		1,778		1,479

FAD	108,163		115,746		20,629		26,729		30,881		29,924		20,173
Cash loss on extinguishment of debt	915		1,008		—		—		2		913		—
Loss on interest rate derivatives	560		—		560		—		—		—		—



Restructuring expenses (excluding accelerated share-based compensation)	—		1,822		—		—		—		—		270


Core FAD (1)	$	109,638	$	118,576	$	21,189	$	26,729	$	30,883	$	30,837	$	20,443
______________________________










(1) See "Supplemental Definitions" on page 35 of this supplemental for the definitions of FAD and Core FAD.


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


	Twelve Months Ended				Three Months Ended
	12/31/2020		12/31/2019		12/31/2020		9/30/2020		6/30/2020		3/31/2020		12/31/2019
Adjusted EBITDA (1)

Net (loss) income	$	(15,680)	$	383,550	$	(11,037)	$	(956)	$	(5,406)	$	1,719	$	54,198
Add:
Interest expense	37,305		54,047		8,998		8,711		8,751		10,845		11,788
Real estate depreciation and amortization	120,030		141,179		30,241		30,470		29,599		29,720		38,812

Real estate impairment	—		8,374		—		—		—		—		—
Non-real estate depreciation	942		1,019		229		234		241		238		276


Restructuring expenses	—		3,019		—		—		—		—		270
Less:
Loss (gain) on sale of depreciable real estate	15,009		(398,985)		7,470		—		7,539		—		(61,007)
Loss (gain) on extinguishment of debt	34		764		296		—		206		(468)		—
Loss on interest rate derivatives	560		—		560		—		—		—		—

Adjusted EBITDA	$	158,200	$	192,967	$	36,757	$	38,459	$	40,930	$	42,054	$	44,337
______________________________
(1) Adjusted EBITDA is earnings before interest expense, taxes, depreciation, amortization, gain/loss on sale of real estate, casualty gain/loss, real estate impairment, gain/loss on extinguishment of debt, gain/loss on interest rate derivatives, restructuring expenses (which include severance, accelerated share-based compensation and other expenses related to a restructuring of corporate personnel), acquisition expenses, gain from non-disposal activities and loss/gain on interest rate derivatives. 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, and the cost of debt or non-operating gains and losses. Adjusted EBITDA is a non-GAAP measure.


Long Term Debt Analysis ($'s in thousands)


	12/31/2020			9/30/2020			6/30/2020			3/31/2020			12/31/2019
Balances Outstanding

Secured
Mortgage note payable, net (1)	$	—		$	—		$	—		$	—		$	47,074
Unsecured
Fixed rate bonds	695,968			348,522			348,375			598,028			597,781
Term loans	249,402			548,921			548,685			399,047			398,941
Credit facility	42,000			186,000			181,000			148,000			56,000
Unsecured total	987,370			1,083,443			1,078,060			1,145,075			1,052,722
Total	$	987,370		$	1,083,443		$	1,078,060		$	1,145,075		$	1,099,796

Weighted Average Interest Rates

Secured
Mortgage note payable, net (1)	—		%	—		%	—		%	—		%	3.8		%
Unsecured
Fixed rate bonds	4.3		%	4.5		%	4.5		%	4.7		%	4.7		%
Term loans (2)	2.9		%	2.6		%	2.6		%	2.8		%	2.8		%
Credit facility	1.1		%	1.1		%	1.2		%	1.8		%	2.7		%
Unsecured total	3.8		%	3.0		%	3.0		%	3.7		%	3.9		%
Weighted Average	3.8		%	3.0		%	3.0		%	3.7		%	3.9		%
______________________________
(1) In January 2020, WashREIT prepaid the existing mortgage note associated with Yale West, resulting in a gain on extinguishment of debt of $0.5 million.
(2) WashREIT entered into interest rate swaps to effectively fix the floating interest rates on its total $250.0 million aggregate principal of its term loans outstanding as of December 31, 2020 (see page 10 of this Supplemental).
Note: The current debt balances outstanding are shown net of discounts, premiums and unamortized debt costs (see page 10 of this Supplemental).


Long Term Debt Maturities (in thousands, except average interest rates)
December 31, 2020


	Future Maturities of Debt
Year	Unsecured Debt			Credit Facility			Total Debt		Avg Interest Rate

2021	$	—		$	—		$	—	—%
2022	300,000			—			300,000		4.0%
2023	250,000		(1)	42,000		(2)	292,000		2.6%
2024	—			—			—		—%
2025	—			—			—		—%
Thereafter	400,000		(3)	—			400,000		4.5%
Scheduled principal payments	$	950,000		$	42,000		$	992,000	3.8%

Net discounts/premiums	(456)			—			(456)
Loan costs, net of amortization	(4,174)			—			(4,174)
Total maturities	$	945,370		$	42,000		$	987,370	3.8%

Weighted average maturity = 5.2 years

______________________________

(1) WashREIT entered into interest rate swaps to effectively fix a LIBOR plus 110 basis points floating interest rate to a 2.31% all-in fixed interest rate for $150.0 million portion of the term loan. For the remaining $100.0 million portion of the term loan, WashREIT entered into interest rate swaps to effectively fix a LIBOR plus 100 basis points floating interest rate to a 3.71% all-in fixed interest rate. The interest rates are fixed through the term loan maturity of July 2023. The 2018 Term Loan has an all-in fixed interest rate of 2.87%.

(2) Maturity date for credit facility of March 2023 assumes election of extension option for two additional 6-month periods.

(3) The closing and full funding of the $350 million 10-year 3.44% Green Bonds occurred on December 17, 2020. The Green Bonds have an all-in fixed interest rate of 4.09%.


Debt Covenant Compliance

Unsecured Public Debt Covenants

Unsecured Private Debt Covenants

Notes Payable

Line of Credit
and Term Loans

Notes Payable

Quarter Ended December 31, 2020

Covenant

Quarter Ended December 31, 2020

Covenant

Quarter Ended December 31, 2020

Covenant

% of Total Indebtedness to Total Assets(1)

38.8

≤ 65.0%

N/A

Ratio of Income Available for Debt Service to Annual Debt Service

4.0

≥ 1.5

N/A

% of Secured Indebtedness to Total Assets(1)

—

≤ 40.0%

N/A

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

2.6

≥ 1.5

N/A

% of Net Consolidated Total Indebtedness to Consolidated Total Asset Value(3)

N/A

33.7

≤ 60.0%

33.7

≤ 60.0%

Ratio of Consolidated Adjusted EBITDA(4) to Consolidated Fixed Charges(5)

N/A

4.22

≥ 1.50

4.22

≥ 1.50

% of Consolidated Secured Indebtedness to Consolidated Total Asset Value(3)

N/A

—

≤ 40.0%

—

≤ 40.0%

% of Consolidated Unsecured Indebtedness to Unencumbered Pool Value(6)

N/A

33.7

≤ 60.0%

33.7

≤ 60.0%

Ratio of Unencumbered Adjusted Net Operating Income to Consolidated Unsecured Interest Expense

N/A

4.79

≥ 1.75

4.79

≥ 1.75

______________________________

(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) Consolidated Total Asset Value is the sum of unrestricted cash plus the quotient of applying a capitalization rate to the annualized NOI from the most recently ended quarter for each asset class, excluding NOI from disposed properties, acquisitions during the past 6 quarters, development, major redevelopment and low occupancy properties. To this amount, we add the purchase price of acquisitions during the past 6 quarters plus values for development, major redevelopment and low occupancy properties.

(4) Consolidated Adjusted EBITDA is defined as earnings before noncontrolling interests, depreciation, amortization, interest expense, income tax expense, acquisition costs, extraordinary, unusual or nonrecurring transactions including sale of assets, impairment, gains and losses on extinguishment of debt and other non-cash charges.

(5) Consolidated Fixed Charges consist of interest expense excluding capitalized interest and amortization of deferred financing costs, principal payments and preferred dividends, if any.

(6) Unencumbered Pool Value is the sum of unrestricted cash plus the quotient of applying a capitalization rate to the annualized NOI from unencumbered properties from the most recently ended quarter for each asset class excluding NOI from disposed properties, acquisitions during the past 6 quarters, development, major redevelopment and low occupancy properties. To this we add the purchase price of unencumbered acquisitions during the past 6 quarters and values for unencumbered development, major redevelopment and low occupancy properties.


Capital Analysis (In thousands, except per share amounts)


							Three Months Ended
							12/31/2020			9/30/2020			6/30/2020			3/31/2020			12/31/2019
Market Data

Shares Outstanding							84,409			82,351			82,327			82,315			82,099
Market Price per Share							$	21.63		$	20.13		$	22.20		$	23.87		$	29.18
Equity Market Capitalization							$	1,825,767		$	1,657,726		$	1,827,659		$	1,964,859		$	2,395,649

Total Debt							$	987,370		$	1,083,443		$	1,078,060		$	1,145,075		$	1,099,796
Total Market Capitalization							$	2,813,137		$	2,741,169		$	2,905,719		$	3,109,934		$	3,495,445

Total Debt to Market Capitalization							0.35		:1	0.40		:1	0.37		:1	0.37		:1	0.31		:1

Earnings to Fixed Charges(1)							-0.2x			0.8x			0.4x			1.1x			5.2x
Debt Service Coverage Ratio(2)							4.1x			4.4x			4.7x			3.9x			3.7x

Dividend Data	Twelve Months Ended						Three Months Ended
	12/31/2020			12/31/2019			12/31/2020			9/30/2020			6/30/2020			3/31/2020			12/31/2019
Total Dividends Declared	$	99,775		$	96,964		$	25,388		$	24,806		$	24,761		$	24,820		$	24,625
Common Dividend Declared per Share	$	1.20		$	1.20		$	0.30		$	0.30		$	0.30		$	0.30		$	0.30
Payout Ratio (Core FFO basis)	82.8		%	70.2		%	90.9		%	83.3		%	76.9		%	81.1		%	75.0		%
Payout Ratio (Core FAD basis)	90.9		%	81.6		%
______________________________
(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. The earnings to fixed charges ratio includes (loss) gain on sale of real estate of ($15.0 million), ($7.5 million) and $61.0 million for the three months ended December 31, 2020, June 30, 2020 and December 31, 2019, respectively.
(2) Debt service coverage ratio is computed by dividing Adjusted EBITDA (see page 8) by interest expense and principal amortization.


Same-Store Portfolio Net Operating Income (NOI) Growth 2020 vs. 2019


	Twelve Months Ended December 31,						Three Months Ended December 31,
	2020		2019		% Change		2020		2019		% Change
Cash Basis:
Multifamily	$	60,099	$	60,677	(1.0)	%	$	14,378	$	15,513	(7.3)	%
Office	74,590		79,703		(6.4)	%	17,486		20,040		(12.7)	%

Other (2)	11,016		12,813		(14.0)	%	2,404		3,097		(22.4)	%
Overall Same-Store Portfolio (1)	$	145,705	$	153,193	(4.9)	%	$	34,268	$	38,650	(11.3)	%

GAAP Basis:
Multifamily	$	60,078	$	60,638	(0.9)	%	$	14,373	$	15,485	(7.2)	%
Office	75,409		81,205		(7.1)	%	17,680		20,244		(12.7)	%

Other (2)	11,404		13,468		(15.3)	%	2,497		3,235		(22.8)	%
Overall Same-Store Portfolio (1)	$	146,891	$	155,311	(5.4)	%	$	34,550	$	38,964	(11.3)	%


______________________________
(1) Non same-store properties were:
Acquisitions:
Multifamily - Assembly Alexandria, Assembly Manassas, Assembly Dulles, Assembly Leesburg, Assembly Herndon, Assembly Germantown, Assembly Watkins Mill and Cascade at Landmark
Development:
Multifamily - Trove
Sold properties:
Office - Quantico Corporate Center, 1776 G Street, John Marshall II, Monument II and 1227 25th Street
Discontinued operations:
Retail - Wheaton Park, Bradlee Shopping Center, Shoppes at Foxchase, Gateway Overlook, Olney Village Center, Frederick County Square, Centre at Hagerstown and Frederick Crossing

(2) Consists of retail centers not classified as discontinued operations: Takoma Park, Westminster, Concord Centre, Chevy Chase Metro Plaza, 800 S. Washington Street, Randolph Shopping Center, Montrose Shopping Center and Spring Valley Village.


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


	Three Months Ended December 31, 2020
	Multifamily		Office		Corporate and Other (1)		Total
Real estate rental revenue
Same-store portfolio	$	24,002	$	28,980	$	3,902	$	56,884
Non same-store (1)	12,161		2,184		—		14,345
Total	36,163		31,164		3,902		71,229
Real estate expenses
Same-store portfolio	9,629		11,300		1,405		22,334
Non same-store (1)	5,403		976		—		6,379
Total	15,032		12,276		1,405		28,713
Net Operating Income (NOI)
Same-store portfolio	14,373		17,680		2,497		34,550
Non same-store (1)	6,758		1,208		—		7,966
Total	$	21,131	$	18,888	$	2,497	$	42,516

Same-store portfolio NOI (from above)	$	14,373	$	17,680	$	2,497	$	34,550
Straight-line revenue, net for same-store properties	4		(567)		16		(547)
Amortization of acquired lease assets (liabilities) for same-store properties	1		42		(126)		(83)
Amortization of lease intangibles for same-store properties	—		331		17		348
Same-store portfolio cash NOI	$	14,378	$	17,486	$	2,404	$	34,268
Reconciliation of NOI to net income
Total NOI	$	21,131	$	18,888	$	2,497	$	42,516
Depreciation and amortization	(14,636)		(14,157)		(1,448)		(30,241)
General and administrative expenses	—		—		(5,988)		(5,988)

Interest expense	—		—		(8,998)		(8,998)
Loss on interest rate derivatives	—		—		(560)		(560)

Loss on sale of real estate	—		—		(7,470)		(7,470)

Loss on extinguishment of debt	—		—		(296)		(296)






Net income (loss)	$	6,495	$	4,731	$	(22,263)	$	(11,037)


______________________________
(1) For a list of non-same-store and other properties, see page 13 of this Supplemental.


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


	Three Months Ended September 30, 2020
	Multifamily		Office		Corporate and Other (1)		Total
Real estate rental revenue
Same-store portfolio	$	24,240	$	29,682	$	4,382	$	58,304
Non same-store (1)	12,026		2,897		—		14,923
Total	36,266		32,579		4,382		73,227
Real estate expenses
Same-store portfolio	9,779		11,011		1,342		22,132
Non same-store (1)	5,209		1,331		—		6,540
Total	14,988		12,342		1,342		28,672
Net Operating Income (NOI)
Same-store portfolio	14,461		18,671		3,040		36,172
Non same-store (1)	6,817		1,566		—		8,383
Total	$	21,278	$	20,237	$	3,040	$	44,555

Same-store portfolio NOI (from above)	$	14,461	$	18,671	$	3,040	$	36,172
Straight-line revenue, net for same-store properties	3		(498)		(6)		(501)
Amortization of acquired lease assets (liabilities) for same-store properties	1		41		(127)		(85)
Amortization of lease intangibles for same-store properties	—		406		17		423
Same-store portfolio cash NOI	$	14,465	$	18,620	$	2,924	$	36,009

Reconciliation of NOI to net income
Total NOI	$	21,278	$	20,237	$	3,040	$	44,555
Depreciation and amortization	(14,602)		(14,307)		(1,561)		(30,470)
General and administrative expenses	—		—		(6,330)		(6,330)

Interest expense	—		—		(8,711)		(8,711)










Net income (loss)	$	6,676	$	5,930	$	(13,562)	$	(956)


______________________________
(1) For a list of non-same-store, discontinued operations and other properties, see page 13 of this Supplemental.


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


	Three Months Ended December 31, 2019
	Multifamily		Office		Corporate and Other (1)		Total
Real estate rental revenue
Same-store portfolio	$	24,923	$	32,009	$	4,653	$	61,585
Non same-store (1)	11,196		7,886		—		19,082
Total	36,119		39,895		4,653		80,667

Real estate expenses
Same-store portfolio	9,438		11,765		1,418		22,621
Non same-store (1)	4,769		3,221		—		7,990
Total	14,207		14,986		1,418		30,611

Net Operating Income (NOI)
Same-store portfolio	15,485		20,244		3,235		38,964
Non same-store (1)	6,427		4,665		—		11,092
Total	$	21,912	$	24,909	$	3,235	$	50,056

Same-store portfolio NOI (from above)	$	15,485	$	20,244	$	3,235	$	38,964
Straight-line revenue, net for same-store properties	28		(577)		(23)		(572)
Amortization of acquired lease liabilities for same-store properties	—		(96)		(126)		(222)
Amortization of lease intangibles for same-store properties	—		469		11		480
Same-store portfolio cash NOI	$	15,513	$	20,040	$	3,097	$	38,650

Reconciliation of NOI to net income
Total NOI	$	21,912	$	24,909	$	3,235	$	50,056
Depreciation and amortization (2)	(20,991)		(16,459)		(1,362)		(38,812)
General and administrative expenses	—		—		(6,265)		(6,265)

Interest expense	(516)		—		(11,272)		(11,788)


Gain on sale of real estate	—		—		61,007		61,007








Net income	$	405	$	8,450	45,343		$	54,198


______________________________
(1) For a list of non-same-store, discontinued operations and other properties, see page 13 of this Supplemental.
(2) Depreciation and amortization includes $3.9 million amortization of intangible lease assets at the Assembly Portfolio, which have a weighted average useful life of seven months.


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


	Twelve Months Ended December 31, 2020
	Multifamily		Office		Corporate and Other (1)		Total
Real estate rental revenue
Same-store portfolio	$	97,894	$	119,264	$	16,746	$	233,904
Non same-store (1)	47,151		13,063		—		60,214
Total	145,045		132,327		16,746		294,118
Real estate expenses
Same-store portfolio	37,816		43,855		5,342		87,013
Non same-store (1)	20,299		5,597		—		25,896
Total	58,115		49,452		5,342		112,909
Net Operating Income (NOI)
Same-store portfolio	60,078		75,409		11,404		146,891
Non same-store (1)	26,852		7,466		—		34,318
Total	$	86,930	$	82,875	$	11,404	$	181,209

Same-store portfolio NOI (from above)	$	60,078	$	75,409	$	11,404	$	146,891
Straight-line revenue, net for same-store properties	17		(2,469)		50		(2,402)
Amortization of acquired lease assets (liabilities) for same-store properties	4		94		(506)		(408)
Amortization of lease intangibles for same-store properties	—		1,556		68		1,624
Same-store portfolio cash NOI	$	60,099	$	74,590	$	11,016	$	145,705
Reconciliation of NOI to net income
Total NOI	$	86,930	$	82,875	$	11,404	$	181,209
Depreciation and amortization	(57,257)		(56,994)		(5,779)		(120,030)
General and administrative	—		—		(23,951)		(23,951)

Interest expense	(172)		—		(37,133)		(37,305)
Loss on interest rate derivatives	—		—		(560)		(560)

Loss on sale of real estate	—		—		(15,009)		(15,009)

Loss on extinguishment of debt	—		—		(34)		(34)






Net income (loss)	$	29,501	$	25,881	$	(71,062)	$	(15,680)


______________________________
(1) For a list of non-same-store, discontinued operations and other properties, see page 13 of this Supplemental.


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


	Twelve Months Ended December 31, 2019
	Multifamily		Office		Corporate and Other (1)		Total
Real estate rental revenue
Same-store portfolio	$	98,455	$	127,996	$	18,990	$	245,441
Non same-store (1)	27,676		36,063		—		63,739
Total	126,131		164,059		18,990		309,180
Real estate expenses
Same-store portfolio	37,817		46,791		5,522		90,130
Non same-store (1)	11,318		14,132		—		25,450
Total	49,135		60,923		5,522		115,580
Net Operating Income (NOI)
Same-store portfolio	60,638		81,205		13,468		155,311
Non same-store (1)	16,358		21,931		—		38,289
Total	$	76,996	$	103,136	$	13,468	$	193,600

Same-store portfolio NOI (from above)	$	60,638	$	81,205	$	13,468	$	155,311
Straight-line revenue, net for same-store properties	36		(2,999)		(176)		(3,139)
Amortization of acquired lease assets (liabilities) for same-store properties	3		(455)		(523)		(975)
Amortization of lease intangibles for same-store properties	—		1,952		44		1,996
Same-store portfolio cash NOI	$	60,677	$	79,703	$	12,813	$	153,193
Reconciliation of NOI to net income
Total NOI	$	76,996	$	103,136	$	13,468	$	193,600
Depreciation and amortization (2)	(64,274)		(66,406)		(5,573)		(136,253)
General and administrative	—		—		(26,068)		(26,068)
Interest expense	(2,074)		—		(51,660)		(53,734)


Gain on sale of real estate	—		—		59,961		59,961
Real estate impairment	—		—		(8,374)		(8,374)


Income (loss) from continuing operations	10,648		36,730		(18,246)		29,132
Discontinued operations:
Income from operations of properties classified as discontinued operations (1)	—		—		16,158		16,158
Gain on sale of real estate	—		—		339,024		339,024
Loss on extinguishment of debt	—		—		(764)		(764)
Net income	$	10,648	$	36,730	$	336,172	$	383,550


______________________________
(1) For a list of non-same-store, discontinued operations and other properties, see page 13 of this Supplemental.
(2) Depreciation and amortization includes $14.9 million amortization of intangible lease assets at the Assembly Portfolio, which have a weighted average useful life of seven months.


Net Operating Income (NOI) by Region



	Percentage of NOI

	Q4 2020		YTD 2020
DC
Multifamily	6.7	%	6.7	%
Office	20.3	%	21.3	%
Other	1.5	%	2.0	%
	28.5	%	30.0	%
Maryland
Multifamily	4.3	%	4.1	%
Other	2.9	%	2.8	%
	7.2	%	6.9	%
Virginia
Multifamily	38.8	%	37.2	%
Office	24.1	%	24.4	%
Other	1.4	%	1.5	%
	64.3	%	63.1	%

Total Portfolio	100.0	%	100.0	%


Net Operating Income (NOI) - Multifamily (Dollars In thousands)


	Apartment Units as of 12/31/2020	Twelve Months Ended						Three Months Ended
		12/31/2020			12/31/2019			12/31/2020			9/30/2020			6/30/2020			3/31/2020			12/31/2019
Rental and other property revenues
Same-store (1)	4,268	$	97,894		$	98,455		$	24,002		$	24,240		$	24,548		$	25,104		$	24,923
Non same-store
Acquisitions (2)	2,390	45,757			27,641			11,463			11,581			11,276			11,437			11,174
Development (3)	401	1,394			35			698			445			214			37			22
Total rental and other property revenues	7,059	145,045			126,131			36,163			36,266			36,038			36,578			36,119

Property operating expenses
Same-store		37,816			37,817			9,629			9,779			9,181			9,227			9,438
Non same-store
Acquisitions		18,564			11,241			4,675			4,753			4,625			4,511			4,717
Development		1,735			77			728			456			304			247			52
Total property operating expenses		58,115			49,135			15,032			14,988			14,110			13,985			14,207

Net Operating Income (NOI)
Same-store		60,078			60,638			14,373			14,461			15,367			15,877			15,485
Non same-store
Acquisitions		27,193			16,400			6,788			6,828			6,651			6,926			6,457
Development		(341)			(42)			(30)			(11)			(90)			(210)			(30)
Total NOI		$	86,930		$	76,996		$	21,131		$	21,278		$	21,928		$	22,593		$	21,912

Same-store metrics
Retention (4)		54		%	55		%	47		%	55		%	59		%	55		%	55		%

______________________________

(1) Includes properties that were owned for the entirety of the years being compared, and exclude properties under redevelopment or development and properties acquired, sold or classified as held for sale during the years being compared.

(2) Includes properties that were acquired within the years being compared. The property is categorized as same-store when it has been ready for its intended use for the entirety of the years being compared.

(3) Include development properties as those for which we have planned or ongoing major construction activities on existing or acquired land pursuant to an authorized development plan. We consider a property's development activities to be complete when the property is ready for its intended use. The property is categorized as same-store when it has been ready for its intended use for the entirety of the years being compared. As of December 31, 2020, 374 of the 401 units in development were delivered.

(4) Represents the percentage of Same-store property leases renewed that were set to expire in the period presented.


Same-Store Operating Results - Multifamily (Dollars in thousands, except Average Effective Monthly Rent per Unit)


		Rental and Other Property Revenue						Property Operating Expenses						Net Operating Income						Average Occupancy						Average Effective Monthly Rent per Unit
Quarter-to-Date Comparison	Apt Units	Q4 2020		Q4 2019		% Change		Q4 2020		Q4 2019		% Change		Q4 2020		Q4 2019		% Change		Q4 2020		Q4 2019		% Change		Q4 2020		Q4 2019		% Change



Total/Weighted Average	4,268	$	24,002	$	24,923	(3.7)	%	$	9,629	$	9,438	2.0	%	$	14,373	$	15,485	(7.2)	%	93.3	%	94.9	%	(1.7)	%	$	1,773	$	1,822	(2.7)	%


		Rental and Other Property Revenue						Property Operating Expenses						Net Operating Income						Average Occupancy						Average Effective Monthly Rent per Unit
Sequential Comparison	Apt Units	Q4 2020		Q3 2020		% Change		Q4 2020		Q3 2020		% Change		Q4 2020		Q3 2020		% Change		Q4 2020		Q3 2020		% Change		Q4 2020		Q3 2020		% Change



Total/Weighted Average	4,268	$	24,002	$	24,240	(1.0)	%	$	9,629	$	9,779	(1.5)	%	$	14,373	$	14,461	(0.6)	%	93.3	%	93.5	%	(0.2)	%	$	1,773	$	1,800	(1.5)	%


		Rental and Other Property Revenue						Property Operating Expenses						Net Operating Income						Average Occupancy						Average Effective Monthly Rent per Unit
Year-to-Date Comparison	Apt Units	YTD 2020		YTD 2019		% Change		YTD 2020		YTD 2019		% Change		YTD 2020		YTD 2019		% Change		YTD 2020		YTD 2019		% Change		YTD 2020		YTD 2019		% Change



Total/Weighted Average	4,268	$	97,894	$	98,455	(0.6)	%	$	37,816	$	37,817	—	%	$	60,078	$	60,638	(0.9)	%	94.1	%	95.2	%	(1.2)	%	$	1,809	$	1,795	0.8	%


Same-Store Operating Expenses - Multifamily (In thousands)


Quarter-to-Date Comparison	Q4 2020		Q4 2019		$ Change		% Change		% of Q4 2020 Total
Controllable (1)	$	4,845	$	4,740	$	105	2.2	%	50.3	%
Non-Controllable (2)	4,783		4,698		85		1.8	%	49.7	%
Total same-store operating expenses	$	9,628	$	9,438	$	190	2.0	%	100.0	%


Sequential Comparison	Q4 2020		Q3 2020		$ Change		% Change		% of Q4 2020 Total
Controllable	$	4,845	$	4,847	$	(2)	—	%	50.3	%
Non-Controllable	4,783		4,932		(149)		(3.0)	%	49.7	%
Total same-store operating expenses	$	9,628	$	9,779	$	(151)	(1.5)	%	100.0	%


Year-to-Date Comparison	YTD 2020		YTD 2019		$ Change		% Change		% of YTD 2020 Total
Controllable	$	18,640	$	18,897	(257)		(1.4)	%	49.3	%
Non-Controllable	19,175		18,920		255		1.3	%	50.7	%
Total same-store operating expenses	$	37,815	$	37,817	$	(2)	—	%	100.0	%


______________________________
(1) Controllable operating expenses consist of:
Payroll, Repairs & Maintenance, Marketing, Administrative and other
(2) Non-Controllable operating expenses consist of:
Third-party Fees, Utilities, Insurance and Real Estate Taxes


Same-Store Portfolio and Overall Average Occupancy Levels by Sector


	Average Occupancy - Same-Store Properties(1) (2)
Sector	12/31/2020		09/30/2020		6/30/2020		3/31/2020		12/31/2019
Multifamily	93.3	%	93.5	%	94.2	%	95.6	%	94.9	%


Office	85.6	%	86.1	%	86.0	%	86.7	%	87.8	%
Other (3)	86.6	%	85.8	%	87.2	%	91.0	%	89.6	%

Overall Portfolio	89.8	%	90.0	%	90.4	%	91.7	%	91.6	%

	Average Occupancy - All Properties (2)
Sector	12/31/2020		9/30/2020		6/30/2020		3/31/2020		12/31/2019
Multifamily (4)	94.0	%	94.3	%	94.5	%	95.4	%	94.8	%


Office	86.0	%	86.5	%	86.8	%	88.1	%	89.5	%
Other (3) and discontinued operations	86.6	%	85.8	%	87.2	%	91.0	%	89.6	%

Overall Portfolio (4) (5)	91.1	%	91.3	%	91.5	%	92.7	%	92.6	%


______________________________
(1) Non same-store properties were:
Acquisitions:
Multifamily - Assembly Alexandria, Assembly Manassas, Assembly Dulles, Assembly Leesburg, Assembly Herndon, Assembly Germantown, Assembly Watkins Mill and Cascade at Landmark
Development:
Multifamily - Trove
Sold properties:
Office - Quantico Corporate Center, 1776 G Street, John Marshall II, Monument II and 1227 25th Street
Discontinued operations:
Retail - Wheaton Park, Bradlee Shopping Center, Shoppes at Foxchase, Gateway Overlook, Olney Village Center, Frederick County Square, Centre at Hagerstown and Frederick Crossing

(2) Average occupancy is based on monthly occupied net rentable square footage as a percentage of total net rentable square footage, except for the rows labeled "Multifamily," on which average occupancy is based on average monthly occupied units as a percentage of total units. The square footage for multifamily properties only includes residential space. The occupied square footage for office and other properties includes short-term lease agreements.
(3) Consists of retail centers not classified as discontinued operations: Takoma Park, Westminster, Concord Centre, Chevy Chase Metro Plaza, 800 S. Washington Street, Randolph Shopping Center, Montrose Shopping Center and Spring Valley Village.
(4) Average occupancy excludes the addition of the total rentable units at Trove, which began to lease-up in the first quarter of 2020. Including Trove, multifamily average occupancy was 90.2%, 89.9%, 89.5%, and 90.0% and overall portfolio average occupancy was 89.2%, 89.1%, 89.0% and 90.0% for each of the quarters ended December 31, September 30, 2020, June 30, 2020 and March 31, 2020, respectively.
(5) Average occupancy based on monthly occupied net rentable square footage excludes the Assembly Portfolio and Cascade at Landmark for the 2019 period.


Same-Store Portfolio and Overall Ending Occupancy Levels by Sector


	Ending Occupancy - Same-Store Properties (1) (2)
Sector	12/31/2020		9/30/2020		6/30/2020		3/31/2020		12/31/2019
Multifamily	93.7	%	94.0	%	93.8	%	95.3	%	95.0	%


Office	85.7	%	86.0	%	86.4	%	86.8	%	88.4	%
Other (3)	86.5	%	86.8	%	84.0	%	91.1	%	90.9	%

Overall Portfolio	90.1	%	90.2	%	90.0	%	91.6	%	92.0	%

	Ending Occupancy - All Properties (2)
Sector	12/31/2020		9/30/2020		6/30/2020		3/31/2020		12/31/2019
Multifamily (4)	94.3	%	94.6	%	94.3	%	95.1	%	94.9	%


Office	85.7	%	86.6	%	86.8	%	88.1	%	89.6	%
Other (3)	86.5	%	86.8	%	84.0	%	91.1	%	90.9	%

Overall Portfolio (4)	91.4	%	91.6	%	91.7	%	92.5	%	92.8	%


______________________________
(1) Non same-store properties were:
Acquisitions:
Multifamily - Assembly Alexandria, Assembly Manassas, Assembly Dulles, Assembly Leesburg, Assembly Herndon, Assembly Germantown, Assembly Watkins Mill and Cascade at Landmark
Development:
Multifamily - Trove
Sold properties:
Office - Quantico Corporate Center, 1776 G Street, John Marshall II, Monument II and 1227 25th Street



(2) Ending occupancy is calculated as occupied square footage as a percentage of total square footage as of the last day of that period, except for the rows labeled "Multifamily," on which ending occupancy is calculated as occupied units as a percentage of total available units as of the last day of that period. The occupied square footage for office and other properties includes short-term lease agreements.
(3) Consists of retail centers not classified as discontinued operations: Takoma Park, Westminster, Concord Centre, Chevy Chase Metro Plaza, 800 S. Washington Street, Randolph Shopping Center, Montrose Shopping Center and Spring Valley Village.
(4) Ending occupancy excludes the addition of the total rentable units at Trove, which began to lease-up in the first quarter of 2020. Including Trove, multifamily ending occupancy was 90.9%, 90.5%, 89.8%, and 89.9% and overall portfolio ending occupancy was 89.7%, 89.5%, 89.4% and 89.9% as of December 31, 2020, September 30, 2020, June 30, 2020 and March 31, 2020, respectively.


Acquisition and Disposition Summary





Dispositions
	Location	Disposition Date	Property Type	Square Feet	Contract Sales Price (in thousands)		GAAP (Loss) gain on Sale (in thousands)
John Marshall II	Tysons, VA	April 21, 2020	Office	223,000	$	57,000	$	(6,855)
Monument II	Herndon, VA	December 2, 2020	Office	207,000	53,000		(8,595)
1227 25th Street NW	Washington, DC	December 17, 2020	Office	135,000	53,500		1,125
				565,000	$	163,500	$	(14,325)


Development Summary
December 31, 2020

Development

Property and Location

Total Rentable Square Feet or # of Units

Anticipated Total Cash Cost (1)

(in thousands)

Cash Cost to Date (1) (in thousands)

Initial Occupancy

Trove (Wellington land parcel), Arlington, VA

401 units

123,000

118,301

Phase I - first quarter 2020 (2)

Phase II - fourth quarter 2020 (2)

______________________________

(1) Represents anticipated/actual cash expenditures and excludes allocations of capitalized corporate overhead costs and interest.

(2) This development project has two phases: Phase I consists of 205 units and a ten-level garage. In February 2020, leasing commenced with the first deliveries of Phase I units and the completion of the ten-level garage. Phase II consists of 196 units. In October 2020, leasing commenced with the first deliveries of Phase II units.


Commercial Leasing Summary - New Leases


	4th Quarter 2020						3rd Quarter 2020						2nd Quarter 2020						1st Quarter 2020						4th Quarter 2019
Gross Leasing Square Footage
Office Buildings	9,437						19,159						19,795						45,976						46,286
Retail Centers	7,824						5,900						420						15,392						8,466
Total	17,261						25,059						20,215						61,368						54,752
Weighted Average Term (years)
Office Buildings	4.5						5.3						8.3						4.4						7.8
Retail Centers	5.5						12.1						5.0						5.5						14.9
Total	4.9						6.9						8.3						4.7						8.9
Weighted Average Free Rent Period (months)
Office Buildings	3.5						6.2						7.3						1.1						6.9
Retail Centers	1.8						5.2						—						1.1						6.4
Total	3.2						6.1						7.3						1.1						6.8

Rental Rate Increases:	GAAP			CASH			GAAP			CASH			GAAP			CASH			GAAP			CASH			GAAP			CASH
Rate on expiring leases
Office Buildings	$	48.83		$	50.20		$	41.57		$	44.81		$	54.47		$	50.74		$	43.39		$	43.12		$	43.09		$	43.81
Retail Centers	12.59			14.79			18.87			16.11			15.93			15.00			17.96			17.90			60.79			50.44
Total	$	32.40		$	34.15		$	36.23		$	38.06		$	53.67		$	50.00		$	37.01		$	36.80		$	45.83		$	44.83

Rate on new leases
Office Buildings	$	46.32		$	45.93		$	45.74		$	43.06		$	54.89		$	49.55		$	47.20		$	45.37		$	57.63		$	52.52
Retail Centers	14.22			14.79			18.87			16.10			15.93			15.00			21.31			19.36			61.86			51.03
Total	$	31.77		$	31.81		$	39.41		$	36.72		$	54.08		$	48.83		$	40.71		$	38.85		$	58.28		$	52.29

Percentage Increase
Office Buildings	(5.1)		%	(8.5)		%	10.0		%	(3.9)		%	0.8		%	(2.3)		%	8.8		%	5.2		%	33.7		%	19.9		%
Retail Centers	12.9		%	—		%	—		%	(0.1)		%	—		%	—		%	18.7		%	8.2		%	1.8		%	1.2		%
Total	(1.9)		%	(6.9)		%	8.8		%	(3.5)		%	0.8		%	(2.3)		%	10.0		%	5.6		%	27.2		%	16.6		%

	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	$	297,484		$	31.52		$	895,267		$	46.73		$	1,667,073		$	84.22		$	480,677		$	10.45		$	3,234,510		$	69.88
Retail Centers	100,840			12.89			164,406			27.87			3,000			7.14			9,000			0.58			1,075,385			127.02
Subtotal	$	398,324		$	23.08		$	1,059,673		$	42.29		$	1,670,073		$	82.62		$	489,677		$	7.98		$	4,309,895		$	78.71
Leasing Commissions
Office Buildings	$	107,674		$	11.41		$	229,690		$	11.99		$	464,719		$	23.48		$	240,732		$	5.24		$	1,172,922		$	25.34
Retail Centers	29,586			3.78			8,665			1.47			1,338			3.19			95,055			6.18			360,543			42.59
Subtotal	$	137,260		$	7.95		$	238,355		$	9.51		$	466,057		$	23.06		$	335,787		$	5.47		$	1,533,465		$	28.01
Tenant Improvements and Leasing Commissions
Office Buildings	$	405,158		$	42.93		$	1,124,957		$	58.72		$	2,131,792		$	107.70		$	721,409		$	15.69		$	4,407,432		$	95.22
Retail Centers	130,426			16.67			173,071			29.34			4,338			10.33			104,055			6.76			1,435,928			169.61
Total	$	535,584		$	31.03		$	1,298,028		$	51.80		$	2,136,130		$	105.68		$	825,464		$	13.45		$	5,843,360		$	106.72

______________________________

Note: This table excludes short-term lease agreements and activity at properties sold during the quarter. The cost of landlord build-out on Space+ leases that are excluded from Tenant Improvements in the table above totaled $0.3 million and $1.6 million for leases executed in Q4 2020 and YTD 2020, respectively.


Commercial Leasing Summary - Renewal Leases


	4th Quarter 2020						3rd Quarter 2020						2nd Quarter 2020						1st Quarter 2020						4th Quarter 2019
Gross Leasing Square Footage
Office Buildings	22,014						39,955						15,359						42,574						56,811
Retail Centers	3,488						7,635						—						19,350						8,193
Total	25,502						47,590						15,359						61,924						65,004
Weighted Average Term (years)
Office Buildings	7.8						7.2						1.7						3.7						8.7
Retail Centers	3.2						1.8						—						7.1						5.0
Total	7.2						6.3						1.7						4.8						8.2
Weighted Average Free Rent Period (months)
Office Buildings	9.0						6.9						4.5						1.2						6.5
Retail Centers	2.0						5.4						—						0.1						1.1
Total	8.2						6.7						4.5						1.0						5.8

Rental Rate Increases:	GAAP			CASH			GAAP			CASH			GAAP			CASH			GAAP			CASH			GAAP			CASH
Rate on expiring leases
Office Buildings	$	44.93		$	44.89		$	33.30		$	35.00		$	43.93		$	50.65		$	43.46		$	44.70		$	37.12		$	37.67
Retail Centers	40.10			41.38			35.45			39.62			—			—			19.88			20.96			36.13			38.30
Total	$	44.27		$	44.41		$	33.65		$	35.74		$	43.93		$	50.65		$	36.09		$	37.28		$	37.00		$	37.75

Rate on new leases
Office Buildings	$	54.70		$	48.45		$	39.15		$	36.18		$	52.44		$	51.62		$	46.39		$	45.00		$	47.03		$	42.21
Retail Centers	41.43			41.43			41.27			40.92			—			—			21.73			20.64			39.33			38.06
Total	$	52.89		$	47.49		$	39.49		$	36.94		$	52.44		$	51.62		$	38.69		$	37.39		$	46.06		$	41.69

Percentage Increase
Office Buildings	21.7		%	7.9		%	17.6		%	3.4		%	19.4		%	1.9		%	6.7		%	0.7		%	26.7		%	12.1		%
Retail Centers	3.3		%	0.1		%	16.4		%	3.3		%	—		%	—		%	9.3		%	(1.5)		%	8.9		%	(0.6)		%
Total	19.5		%	6.9		%	17.4		%	3.4		%	19.4		%	1.9		%	7.2		%	0.3		%	24.5		%	10.4		%

	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	$	602,748		$	27.38		$	912,553		$	22.84		$	—		$	—		$	79,005		$	1.86		$	2,101,721		$	36.99
Retail Centers	—			—			—			—			—			—			125,447			6.48			—			—
Subtotal	$	602,748		$	23.64		$	912,553		$	19.18		$	—		$	—		$	204,452		$	3.30		$	2,101,721		$	32.33
Leasing Commissions
Office Buildings	$	493,368		$	22.41		$	207,400		$	5.19		$	41,780		$	2.72		$	209,309		$	4.92		$	1,144,764		$	20.15
Retail Centers	9,482			2.72			—			—			—			—			34,498			1.78			20,099			2.45
Subtotal	$	502,850		$	19.72		$	207,400		$	4.36		$	41,780		$	2.72		$	243,807		$	3.94		$	1,164,863		$	17.92
Tenant Improvements and Leasing Commissions
Office Buildings	$	1,096,116		$	49.79		$	1,119,953		$	28.03		$	41,780		$	2.72		$	288,314		$	6.78		$	3,246,485		$	57.14
Retail Centers	9,482			2.72			—			—			—			—			159,945			8.26			20,099			2.45
Total	$	1,105,598		$	43.36		$	1,119,953		$	23.54		$	41,780		$	2.72		$	448,259		$	7.24		$	3,266,584		$	50.25

______________________________

Note: This table excludes short-term lease agreements and activity at properties sold during the quarter.


10 Largest Tenants - Based on Annualized Commercial Income
December 31, 2020


Tenant	Number of Buildings	Weighted Average Remaining Lease Term in Months	Percentage of Aggregate Portfolio Annualized Commercial Income		Aggregate Rentable Square Feet	Percentage of Aggregate Occupied Square Feet
Atlantic Media, Inc.	1	82	5.8	%	134,084	4.2	%
Capital One, N.A.	3	16	4.2	%	143,090	4.5	%
B. Riley Financial, Inc.	1	24	2.3	%	54,540	1.7	%
EIG Management Company, LLC	1	201	2.2	%	51,358	1.6	%
Hughes Hubbard & Reed LLP	1	146	2.1	%	47,788	1.5	%
Morgan Stanley Smith Barney Financing	1	117	1.9	%	42,316	1.3	%
Promontory Interfinancial Network, LLC	1	71	1.7	%	36,867	1.2	%
Graham Holdings Company	1	47	1.6	%	33,815	1.1	%
Raytheon BBN Technologies Corporation	1	27	1.6	%	43,277	1.4	%
Sunrise Senior Living, LLC	1	9	1.6	%	66,810	2.1	%
Total/Weighted Average		66	25.0	%	653,945	20.6	%

______________________________

Note: This table excludes short-term lease agreements.


Industry Diversification - Office
December 31, 2020


Industry Classification (NAICS)	Annualized Base Rental Revenue		Percentage of Aggregate Annualized Rent		Aggregate Rentable Square Feet	Percentage of Aggregate Square Feet
Office:
Finance and Insurance	$	24,694,487	22.61	%	462,966	20.87	%
Professional, Scientific, and Technical Services	22,823,775		20.90	%	497,255	22.41	%
Other Services (except Public Administration)	20,419,812		18.70	%	405,267	18.26	%
Information	14,170,393		12.98	%	253,772	11.44	%
Legal Services	8,578,083		7.86	%	160,950	7.25	%
Health Care and Social Assistance	7,129,765		6.53	%	179,056	8.07	%
Real Estate and Rental and Leasing	3,240,316		2.97	%	73,417	3.31	%
Retail Trade	2,362,978		2.16	%	34,851	1.57	%
Miscellaneous:
Accommodation and Food Services	1,740,772		1.59	%	55,280	2.49	%
Transportation and Warehousing	816,170		0.75	%	18,306	0.83	%
Other	3,219,572		2.95	%	77,722	3.50	%
Total	$	109,196,123	100.00	%	2,218,842	100.00	%


Lease Expirations
December 31, 2020


Year	Number of Leases	Rentable Square Feet	Percent of Rentable Square Feet		Annualized Rent (1)		Average Rental Rate		Percent of Annualized Rent (1)
Office:
2021	49	205,717	9.23	%	$	8,644,044	$	42.02	6.88	%
2022	46	375,218	16.83	%	18,663,170		49.74		14.86	%
2023	55	317,740	14.25	%	16,100,905		50.67		12.82	%
2024	52	257,568	11.55	%	14,187,912		55.08		11.30	%
2025	43	190,367	8.54	%	10,461,481		54.95		8.33	%
2026 and thereafter	110	882,457	39.60	%	57,553,460		65.22		45.81	%
	355	2,229,067	100.00	%	$	125,610,972	56.35		100.00	%
Other:
2021	11	70,127	11.79	%	$	1,367,582	$	19.50	9.19	%
2022	14	92,934	15.63	%	1,933,834		20.81		13.00	%
2023	18	65,858	11.08	%	1,630,053		24.75		10.96	%
2024	17	134,586	22.63	%	3,171,848		23.57		21.32	%
2025	11	79,292	13.34	%	1,476,234		18.62		9.92	%
2026 and thereafter	29	151,811	25.53	%	5,299,233		34.91		35.61	%
	100	594,608	100.00	%	$	14,878,784	25.02		100.00	%
Total:
2021	60	275,844	9.77	%	$	10,011,626	$	36.29	7.13	%
2022	60	468,152	16.58	%	20,597,004		44.00		14.66	%
2023	73	383,598	13.59	%	17,730,958		46.22		12.62	%
2024	69	392,154	13.89	%	17,359,760		44.27		12.36	%
2025	54	269,659	9.55	%	11,937,715		44.27		8.50	%
2026 and thereafter	139	1,034,268	36.62	%	62,852,693		60.77		44.73	%
	455	2,823,675	100.00	%	$	140,489,756	49.75		100.00	%
______________________________
Note: This table excludes short-term temporary license agreements and office space managed by WashREIT.
(1) Annualized Rent is equal to the rental rate effective at lease expiration (cash basis) multiplied by 12.


Schedule of Properties
December 31, 2020


PROPERTIES	LOCATION	YEAR ACQUIRED	YEAR CONSTRUCTED	# OF UNITS	NET RENTABLE SQUARE FEET	LEASED % (1)		ENDING OCCUPANCY (1)
Multifamily Buildings / # units
Clayborne	Alexandria, VA	2003	2008	74	60,000	98.6	%	98.6	%
Riverside Apartments	Alexandria, VA	2016	1971	1,222	1,001,000	96.0	%	94.6	%
Assembly Alexandria	Alexandria, VA	2019	1990	532	437,000	96.6	%	95.7	%
Cascade at Landmark	Alexandria, VA	2019	1988	277	273,000	95.7	%	93.5	%
Park Adams	Arlington, VA	1969	1959	200	173,000	95.5	%	95.0	%
Bennett Park	Arlington, VA	2001	2007	224	215,000	96.0	%	95.1	%
The Maxwell	Arlington, VA	2011	2014	163	116,000	96.9	%	94.5	%
The Paramount	Arlington, VA	2013	1984	135	141,000	98.5	%	95.6	%
The Wellington	Arlington, VA	2015	1960	711	600,000	96.1	%	94.5	%
Roosevelt Towers	Falls Church, VA	1965	1964	191	170,000	96.9	%	92.7	%
The Ashby at McLean	McLean, VA	1996	1982	256	274,000	96.5	%	94.9	%
Assembly Dulles	Herndon, VA	2019	2000	328	361,000	96.6	%	93.9	%
Assembly Herndon	Herndon, VA	2019	1991	283	221,000	95.4	%	94.3	%
Assembly Manassas	Manassas, VA	2019	1986	408	390,000	97.3	%	96.6	%
Assembly Leesburg	Leesburg, VA	2019	1986	134	124,000	96.3	%	96.3	%
Bethesda Hill Apartments	Bethesda, MD	1997	1986	195	225,000	96.9	%	96.9	%
Assembly Germantown	Germantown, MD	2019	1990	218	211,000	97.7	%	97.2	%
Assembly Watkins Mill	Gaithersburg, MD	2019	1975	210	193,000	96.7	%	96.2	%
3801 Connecticut Avenue	Washington, DC	1963	1951	307	178,000	88.3	%	86.3	%
Kenmore Apartments	Washington, DC	2008	1948	374	268,000	90.4	%	89.0	%
Yale West	Washington, DC	2014	2011	216	173,000	96.8	%	94.0	%
Subtotal Stabilized Properties				6,658	5,804,000	95.7	%	94.3	%
Trove (2)	Arlington, VA	2015	2020	401	293,000	36.2	%	34.7	%
Subtotal All Properties				7,059	6,097,000

______________________________

(1) Leased percentage and ending occupancy calculations are based on units for multifamily buildings.

(2) This development project consists of 401 units with 374 units delivered in 2020. See page 26 for further information.


Schedule of Properties (continued)
December 31, 2020


PROPERTIES	LOCATION	YEAR ACQUIRED	YEAR CONSTRUCTED	NET RENTABLE SQUARE FEET	LEASED % (1)		ENDING OCCUPANCY (1)
Office Buildings
515 King Street	Alexandria, VA	1992	1966	75,000	81.5	%	81.5	%
Courthouse Square	Alexandria, VA	2000	1979	121,000	80.8	%	80.8	%
1600 Wilson Boulevard	Arlington, VA	1997	1973	171,000	86.5	%	86.5	%
Fairgate at Ballston	Arlington, VA	2012	1988	144,000	87.8	%	86.3	%
Arlington Tower	Arlington, VA	2018	1980/2014	390,000	92.7	%	90.1	%
Silverline Center	Tysons, VA	1997	1972/1986/1999/2015	552,000	81.1	%	81.1	%
1901 Pennsylvania Avenue	Washington, DC	1977	1960	101,000	86.4	%	82.0	%
1220 19th Street	Washington, DC	1995	1976	103,000	87.6	%	82.7	%
2000 M Street	Washington, DC	2007	1971	233,000	82.2	%	81.6	%
1140 Connecticut Avenue	Washington, DC	2011	1966	184,000	88.6	%	88.6	%
Army Navy Building	Washington, DC	2014	1912/1987/2017	108,000	100.0	%	98.3	%
1775 Eye Street, NW	Washington, DC	2014	1964	189,000	86.6	%	86.6	%
Watergate 600	Washington, DC	2017	1972/1997	294,000	89.2	%	89.1	%
Subtotal				2,665,000	86.6	%	85.7	%
______________________________

(1) The leased and occupied square footage for office and retail properties includes short-term lease agreements.


Schedule of Properties (continued)
December 31, 2020


PROPERTIES	LOCATION	YEAR ACQUIRED	YEAR CONSTRUCTED	NET RENTABLE SQUARE FEET	LEASED % (1)		ENDING OCCUPANCY (1)
Retail Centers
800 S. Washington Street	Alexandria, VA	1998/2003	1955/1959	46,000	86.3	%	86.3	%
Concord Centre	Springfield, VA	1973	1960	75,000	90.2	%	90.2	%
Randolph Shopping Center	Rockville, MD	2006	1972	83,000	97.4	%	86.4	%
Montrose Shopping Center	Rockville, MD	2006	1970	151,000	73.0	%	73.0	%
Takoma Park	Takoma Park, MD	1963	1962	51,000	100.0	%	100.0	%
Westminster	Westminster, MD	1972	1969	150,000	94.2	%	94.2	%
Chevy Chase Metro Plaza	Washington, DC	1985	1975	49,000	83.0	%	83.0	%
Spring Valley Village	Washington, DC	2014	1941/1950/2018	94,000	93.8	%	87.6	%
Subtotal				699,000	89.0	%	86.5	%
TOTAL PORTFOLIO				9,461,000
______________________________

(1) The leased and occupied square footage for office and retail properties includes short-term lease agreements.


Supplemental Definitions
December 31, 2020


Adjusted EBITDA (a non-GAAP measure) is earnings before interest expense, taxes, depreciation, amortization, gain/loss on sale of real estate, casualty gain/loss, real estate impairment, gain/loss on extinguishment of debt, gain/loss on interest rate derivatives, restructuring expenses (which include severance, accelerated share-based compensation and other expenses related to a restructuring of corporate personnel), acquisition expenses and gain 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.
Average Effective Rent per Unit represents the average of gross rent amounts, divided by the average occupancy (in units) for the period presented.
Average occupancy is based on monthly occupied net rentable square footage as a percentage of total net rentable square footage, except for the rows labeled "Multifamily (calculated on a unit basis)," on which average occupancy is based on average monthly occupied units as a percentage of total units. The square footage for multifamily properties only includes residential space. The occupied square footage for office and retail properties includes temporary lease agreements.
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, severance expense, relocation expense, acquisition and structuring expenses 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.
Ending Occupancy is calculated as occupied square footage as a percentage of total square footage as of the last day of that period, except Multifamily, on which ending occupancy is calculated as occupied units as a percentage of total available units as of the last day of that period.
NAREIT Funds from operations ("NAREIT FFO") is defined by 2018 National Association of Real Estate Investment Trusts, Inc. (“NAREIT”) FFO White Paper Restatement, as net income (computed in accordance with generally accepted accounting principles (“GAAP”)) excluding gains (or losses) associated with the sale of property, impairment of depreciable real estate and real estate depreciation and amortization. We consider NAREIT 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 NAREIT FFO more accurately provides investors an indication of our ability to incur and service debt, make capital expenditures and fund other needs. Our FFO may not be comparable to FFO reported by other real estate investment trusts. These other REITs may not define the term in accordance with the current NAREIT definition or may interpret the current NAREIT definition differently. NAREIT FFO is a non-GAAP measure.
Core Funds From Operations ("Core FFO") is calculated by adjusting NAREIT FFO for the following items (which we believe are not indicative of the performance of Washington REIT’s operating portfolio and affect the comparative measurement of Washington REIT’s operating performance over time): (1) gains or losses on extinguishment of debt and gains or losses on interest rate derivatives, (2) expenses related to acquisition and structuring activities, (3) executive transition costs, severance expenses and other expenses related to corporate restructuring and executive retirements or resignations, (4) property impairments, casualty gains and losses, and gains or losses on sale not already excluded from NAREIT FFO, as appropriate, and (5) relocation expense. 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 Washington REIT’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 NAREIT FFO (1) recurring expenditures, tenant improvements and leasing costs that are capitalized and amortized and are necessary to maintain our properties and revenue stream (excluding items contemplated prior to acquisition or associated with development / redevelopment of a property) 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 performance 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 Washington REIT’s operating portfolio and affect the comparative measurement of Washington REIT’s operating performance over time): (1) gains or losses on extinguishment of debt and gains or losses on interest rate derivatives, (2) costs related to the acquisition of properties, (3) non-share-based executive transition costs, severance expenses and other expenses related to corporate restructuring and executive retirements or resignations, (4) property impairments, casualty gains and losses, and gains or losses on sale not already excluded from FAD, as appropriate, and (5) relocation expense. 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 performance measure of Washington REIT’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.


Net Operating Income (“NOI”) is a non-GAAP measure defined as real estate rental revenue less real estate expenses. NOI is calculated as net income, less non-real estate revenue and the results of discontinued operations (including the gain or loss on sale, if any), plus interest expense, depreciation and amortization, general and administrative expenses, acquisition costs, real estate impairment, casualty gains and losses, and gain or loss on extinguishment of debt. We also present NOI on a cash basis ("Cash NOI") which is calculated as NOI less the impact of straightlining of rent and amortization of market intangibles. We provide each of NOI and cash NOI as a supplement to net income calculated in accordance with GAAP. As such, neither should be considered an alternative to net income as an indication of our operating performance. They are the primary performance measures we use to assess the results of our operations at the property level.
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. Beginning in Q4 2018, in cases where the space has been remeasured in accordance with criteria set by the Building Owners and Managers Association ("BOMA"), the square feet former tenant's space is adjusted to be equivalent to the square feet of the new/renewing tenant's space.
Retention represents the percentage of leases renewed that were set to expire in the period presented.
Same-store portfolio properties include properties that were owned for the entirety of the years being compared, and exclude properties under redevelopment or development and properties acquired, sold or classified as held for sale during the years being compared. We define development properties as those for which we have planned or ongoing major construction activities on existing or acquired land pursuant to an authorized development plan. We consider a property's development activities to be complete when the property is ready for its intended use. The property is categorized as same-store when it has been ready for its intended use for the entirety of the years being compared. We define redevelopment properties as those for which have planned or ongoing significant development and construction activities on existing or acquired buildings pursuant to an authorized plan, which has an impact on current operating results, occupancy and the ability to lease space with the intended result of a higher economic return on the property. We categorize a redevelopment property as same-store when redevelopment activities have been complete for the majority of each year being compared.
Same-store portfolio NOI growth is the change in the NOI of the same-store portfolio properties from the prior reporting period to the current reporting period.
Short-term leases are commercial leases with a term of less than 12 months.
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. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. Such statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of WashREIT to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Currently, one of the most significant factors is the adverse effect of the COVID-19 virus and ensuing economic turmoil on the financial condition, results of operations, cash flows and performance of WashREIT, particularly the impact of our ability to collect rent on schedule or at all, our ability to lease or release our commercial spaces, and increased credit losses, on the performance of our tenants generally, and on the global economy and financial markets. The extent to which COVID-19 impacts WashREIT and its tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, the speed of the vaccine rollout, effectiveness and willingness of people to take COVID-19 vaccines, and the duration of associated immunity and their efficacy against emerging variants of COVID-19, among others. Moreover, investors are cautioned to interpret many of the risks identified in the risk factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2019, as amended by Amendment No. 1 to the Annual Report on Form 10-K, filed on March 6, 2020, and our Quarterly Report on Form 10-Q, as being heightened as a result of the ongoing and numerous adverse impacts of COVID-19. Additional factors which may cause the actual results, performance, or achievements of WashREIT to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements include, but are not limited to the risks associated with the ownership of real estate in general and our real estate assets in particular; the economic health of the greater Washington metro region; our ability to finalize negotiations and enter into new or renewed leases with our tenants; the risk of failure to enter into/and or complete acquisitions and dispositions at all, within the price ranges anticipated and on the terms and timing anticipated; changes in the composition of our portfolio; fluctuations in interest rates; reductions in or actual or threatened changes to the timing of federal government spending; the risks related to use of third-party providers; shifts away from brick and mortar stores to e-commerce; the availability and terms of financing and capital and the general volatility of securities markets; compliance with applicable laws, including those concerning the environment and access by persons with disabilities; the adequacy of our insurance coverage; terrorist attacks or actions and/or cyber-attacks; weather conditions, natural disasters and pandemics; failure to qualify and maintain our qualification as a REIT and the risks of changes in laws affecting REITs; and other risks and uncertainties detailed from time to time in our filings with the SEC, including our 2019 Form 10-K, as amended by Amendment No. 1 to the Annual Report on Form 10-K, filed on March 6, 2020, and subsequent Quarterly Reports on Form 10-Q. While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. We undertake no obligation to update our forward-looking statements or risk factors to reflect new information, future events, or otherwise.