================================================================================
Washington Real Estate Investment Trust
Supplemental Information
March 31, 2002
Contact: 6110 Executive Blvd
Sara Grootwassink Suite 800
Managing Director, Finance and Capital Markets Rockville, MD 20852
Direct Dial: (301) 255-0820 (301) 984-9400
E-mail: sgrootwassink@writ.com (301) 984-9610 fax
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Washington Real Estate Investment Trust
Supplemental Information
Table of Contents
March 31, 2002
===============================================================================
Schedule Page
===============================================================================
About the Trust 1
Total Return Chart 2
Consolidated Statements of Operations 3
Consolidated Balance Sheet 4
Funds From Operations and Funds Available for Distribution 5
Long-Term Debt Analysis 6
Capital Analysis 7
Core Portfolio Operating Income (NOI) Growth & Rental Rate
Growth 8
WRIT vs. REIT Industry FFO Per Share Growth Over Last 5
Quarters (Chart) 9
WRIT vs. REIT Industry Core Portfolio NOI Growth Over Last
5 Quarters (Chart) 10
Schedule of Properties 11 & 12
Commercial Leasing Summary 13
10 Largest Tenants - Based on Annualized Rent 14
Lease Expirations as of March 31, 2002 15
Acquisition Summary as of March 31, 2002 16
Washington Real Estate Investment Trust
About the Trust
================================================================================
Mission Statement
Washington Real Estate Investment Trust, founded in 1960 and headquarted in
Rockville, Maryland, invests in a diversified range of income-producing property
types. Our purpose is to acquire and manage real estate investments in markets
we know well and protect our assets from single property-type value fluctuations
through diversified holdings. Our goal is to continue to safely increase
earnings and shareholder value.
Company Background
WRIT is a self-administered, self-managed, equity real estate investment trust
investing in income-producing properties in the greater Washington-Baltimore
region. The Trust owns a diversified portfolio of 57 properties consisting of 10
retail centers, 23 office properties, 15 industrial and 9 multifamily
properties.
WRIT has achieved 36 consecutive years of increased earnings per share and 29
consecutive years of FFO per share growth. WRIT's dividends have increased every
year for 31 consecutive years. During these 31 years, WRIT's dividends have
increased 36 times, a record unmatched by any other publicly traded real estate
investment trust. WRIT shares are publicly traded on the New York Stock Exchange
(symbol: WRE).
1
WRIT vs. Morgan Stanley REIT Index, Russell 2000 Index &
Wilshire REIT Index 12,24,36,48, and 60 Month
Total Returns for the period ended 3/31/02
Russell Wilshire
RMS 2000 REIT
WRIT Index Index Index
---- ----- ----- -----
12 Month 65.09% 22.93% -15.23% 16.90%
24 Month 63.49% 26.54% 16.49% 12.73%
36 Month 65.60% 0.82% -2.36% 6.36%
48 Month 69.49% 18.43% 38.80%
60 Month 101.21% 58.11% 45.99%
2
Washington Real Estate Investment Trust
Consolidated Statement of Operations
(In thousands, except per share data)
================================================================================
Three Months Ended
OPERATING RESULTS 03/31/02 12/31/01 09/30/01 06/30/01 03/31/01
- --------------------------------------------- -------- -------- -------- -------- --------
Real estate rental revenue $ 38,022 $ 37,755 $ 37,510 $ 37,055 $ 34,961
Real estate expenses (10,525) (10,460) (10,896) (10,812) (10,086)
-------- -------- -------- -------- --------
27,497 27,295 26,614 26,243 24,875
Real estate depreciation and amortization (6,950) (7,017) (6,777) (6,657) (6,190)
-------- -------- -------- -------- --------
Income from real estate 20,547 20,278 19,837 19,586 18,685
Other income 148 435 302 750 199
Interest expense (6,883) (6,893) (6,731) (6,771) (6,676)
General and administrative (1,240) (1,356) (1,139) (1,416) (1,665)
-------- -------- -------- -------- --------
Income from continuing operations 12,572 12,464 12,269 12,149 10,543
Income (loss) from discontinued
operations (82) (58) 259 245 185
Gain on sale of real estate 3,838 -- 4,296 -- --
-------- -------- -------- -------- --------
Net Income $ 16,328 $ 12,406 $ 16,824 $ 12,394 $ 10,728
======== ======== ======== ======== ========
Per Share Data
- --------------
Income from continuing operations (Diluted) $ 0.32 $ 0.32 $ 0.32 $ 0.32 $ 0.29
Net Income (Diluted) $ 0.42 $ 0.32 $ 0.43 $ 0.33 $ 0.30
Fully diluted weighted average shares
outstanding 39,185,576 39,056,824 38,795,143 38,071,916 36,163,873
Percentage of Revenues:
Real estate expenses 27.7% 27.7% 29.0% 29.2% 28.8%
General and administrative 3.3% 3.6% 3.0% 3.8% 4.8%
Ratios:
EBITDA / Interest Expense 3.8x 3.8x 3.8x 3.7x 3.5x
Income from continuing operations /
Total revenue 33.1% 33.0% 32.7% 32.8% 30.2%
Fixed Charge Coverage 3.7x 3.7x 3.7x 3.6x 3.4x
3
Washington Real Estate Investment Trust
Consolidated Balance Sheet
(In thousands)
================================================================================
March 31, December 31, September 30, June 30, March 31,
2002 2001 2001 2001 2001
--------- ------------ ------------- --------- ---------
Assets
Land $ 152,835 $ 151,782 $ 148,977 $ 149,199 $ 143,719
Building 625,374 622,804 597,881 599,752 558,438
--------- --------- --------- --------- ---------
Total real estate, at cost 778,209 774,586 746,858 748,951 702,157
Accumulated depreciation (126,788) (122,625) (116,463) (112,757) (106,626)
--------- --------- --------- --------- ---------
Total investment in real estate, net 651,421 651,961 630,395 636,194 595,531
Cash and cash equivalents 30,509 26,441 32,953 22,445 5,075
Rents and other receivables
net of allowance for doubtful accounts 11,088 10,523 10,705 11,982 9,555
Prepaid expenses and other assets 18,248 19,010 20,748 17,764 19,617
--------- --------- --------- --------- ---------
Total Assets $ 711,266 $ 707,935 $ 694,801 $ 688,385 $ 629,778
========= ========= ========= ========= =========
Liabilities
Accounts payable and other liabilities $ 11,564 $ 13,239 $ 11,776 $ 14,660 $ 10,818
Advance rents 2,953 3,604 2,791 3,256 1,839
Tenant security deposits 6,184 6,148 6,071 6,108 5,526
Mortgage notes payable 94,445 94,726 85,641 85,851 86,057
Notes payable 265,000 265,000 265,000 265,000 265,000
--------- --------- --------- --------- ---------
Total Liabilities 380,146 382,717 371,279 374,875 369,240
--------- --------- --------- --------- ---------
Minority interest 1,658 1,611 1,594 1,584 1,571
--------- --------- --------- --------- ---------
Shareholders' Equity
Shares of beneficial interest, $.01 par value;
100,000 shares authorized $ 390 $ 388 $ 387 $ 383 $ 358
Additional paid-in capital 325,741 323,257 321,079 315,051 261,767
Retained earnings (deficit) 3,331 (38) 462 (3,508) (3,158)
--------- --------- --------- --------- ---------
Total Shareholders' Equity 329,462 323,607 321,928 311,926 258,967
--------- --------- --------- --------- ---------
Total Liabilities and Shareholders' Equity $ 711,266 $ 707,935 $ 694,801 $ 688,385 $ 629,778
--------- --------- --------- --------- ---------
Total Debt / Total Market Capitalization 0.24:1 0.27:1 0.28:1 0.28:1 0.30:1
========= ========= ========= ========= =========
4
Washington Real Estate Investment Trust
Funds From Operations and Funds Available for Distribution
(In thousands, except per share data)
================================================================================
March 31, December 31, September 30, June 30, March 31,
2002 2001 2001 2001 2001
--------- ------------ ------------- --------- ---------
Funds From Operations
Net Income $16,328 $12,406 $16,824 $12,394 $10,728
Gain on Sale of Real Estate (3,838) -- (4,296) -- --
Divestiture Sharing Distribution -- -- (22) (515) --
Real estate depreciation and amortization 6,961 7,041 6,800 6,680 6,214
------- ------- ------- ------- -------
Funds From Operations (FFO) 19,451 19,447 19,306 18,559 16,942
------- ------- ------- ------- -------
FFO per share - basic $ 0.50 $ 0.50 $ 0.50 $ 0.49 $ 0.47
FFO per share - fully diluted $ 0.50 $ 0.50 $ 0.50 $ 0.49 $ 0.47
Funds Available for Distribution
Tenant Improvements (1,015) (578) (820) (851) (938)
Recurring Capital Improvements (2,430) (3,140) (1,643) (2,112) (2,151)
Leasing Commissions Capitalized (283) (306) (182) (223) (290)
Major Renovations, Expansions & Development (2,163) (1,877) (237) (74) (98)
S/L Rent, Net (539) (550) (526) (642) (635)
Non RE Depreciation & Amortization 515 449 430 453 457
Divestiture Sharing Distribution -- -- 22 515 --
------- ------- ------- ------- -------
Funds Available for Distribution (FAD) $13,536 $13,445 $16,350 $15,625 $13,287
======= ======= ======= ======= =======
FAD per share - basic/1/ $ 0.35 $ 0.35 $ 0.43 $ 0.41 $ 0.37
FAD per share - fully diluted $ 0.35 $ 0.34 $ 0.42 $ 0.41 $ 0.37
Average shares - basic 38,898,988 38,748,217 38,460,018 37,667,843 35,777,563
Average shares - fully diluted 39,185,576 39,056,824 38,795,143 38,071,916 36,163,873
/1/ Comparing Q1 2002 to Q1 2001, the 5.4% decline in FAD per share is
primarily attributable to a $2.2 million increase in Major Renovations,
Expansions and Development in Q1 2002. This $2.2 million includes
renovation projects at two office buildings: 1901 Pennsylvania Avenue,
N.W. - a complete facade renovation and 51 Monroe Street, Rockville, MD -
a lobby renovation and at Westminster Shopping Center, Westminster, MD for
renovation and re-tenanting. Project completion is expected in Q2 2002.
5
Washington Real Estate Investment Trust
Long-Term Debt Analysis
(In thousands, except per share amounts)
===============================================================================
March 31, December 31, September 30, June 30, March 31,
2002 2001 2001 2001 2001
--------- ------------ ------------- --------- ---------
Balances Outstanding
Secured
Conventional fixed rate $ 94,445 $ 94,726 $ 85,641 $ 85,851 $ 86,057
-------- -------- -------- -------- --------
Secured total 94,445 94,726 85,641 85,851 86,057
-------- -------- -------- -------- --------
Unsecured
Fixed rate bonds and notes 265,000 265,000 265,000 265,000 265,000
Credit facility ** - - - - -
-------- -------- -------- -------- --------
Unsecured total 265,000 265,000 265,000 265,000 265,000
-------- -------- -------- -------- --------
Total $359,445 $359,726 $350,641 $350,851 $351,057
======== ======== ======== ======== ========
Average Interest Rates
Secured
Conventional fixed rate 7.4% 7.4% 7.5% 7.5% 7.5%
-------- -------- -------- -------- --------
Secured total 7.4% 7.4% 7.5% 7.5% 7.5%
-------- -------- -------- -------- --------
Unsecured
Fixed rate bonds 7.4% 7.4% 7.4% 7.4% 7.4%
Credit facilities ** 0.0% 0.0% 0.0% 0.0% 0.0%
-------- -------- -------- -------- --------
Unsecured total 7.4% 7.4% 7.4% 7.4% 7.4%
-------- -------- -------- -------- --------
Average 7.4% 7.4% 7.4% 7.4% 7.4%
======== ======== ======== ======== ========
Maturity Schedule
Future Maturities of Debt
--------------------------------- Average
Year Secured Debt Unsecured Debt Total Debt Interest Rate
------------ -------------- ---------- -------------
2002 $ 875 $ - $ 875 7.8%
2003 7,639 50,000 57,639 7.3%
2004 1,110 55,000 56,110 7.8%
2005 26,645 - 26,645 7.7%
2006 331 50,000 50,331 7.2%
2007 7,845 - 7,845 6.8%
2008 - 60,000 60,000 6.7%
2009 50,000 - 50,000 7.1%
2010 - - -
2011 - - -
Thereafter - 50,000 50,000 7.3%
------- -------- -------- ---
Total maturities $94,445 $265,000 $359,445 7.3%
======= ======== ======== ===
Weighted average maturity = 7.31 years
** The only draw on WRIT's credit facilities was $43 million outstanding for
eight days in the second quarter of 2001.
6
Washington Real Estate Investment Trust
Capital Analysis
(In thousands, except per share amounts)
================================================================================
March 31, December 31, September 30, June 30, March 31,
2002 2001 2001 2001 2001
---------- ------------ ------------- -------- ---------
Market Data
Shares Outstanding 38,988 38,829 38,693 38,329 35,781
Market Price per Share $ 28.75 $ 24.89 $ 23.72 $ 23.64 $ 23.34
Equity Market Capitalization $1,120,905 $ 966,454 $ 917,798 $ 906,098 $ 835,129
Total Debt $ 359,445 $ 359,726 $ 350,641 $ 350,851 $ 351,057
Total Market Capitalization $1,480,350 $1,326,180 $1,268,439 $1,256,949 $1,186,186
Total Debt to Market Capitalization 0.24:1 0.27:1 0.28:1 0.28:1 0.30:1
========== ========== ========== ========== ==========
Earnings to Fixed Charges 3.7x 3.7x 3.7x 3.6x 3.4x
Debt Service Coverage Ratio 3.7x 3.7x 3.7x 3.6x 3.4x
Dividend Data
Common Dividend per Share $ 0.3325 $ 0.3325 $ 0.3325 $ 0.3325 $ 0.3125
Payout Ratio (FFO per share basis) 67.0% 66.0% 66.0% 68.0% 67.0%
Payout Ratio (FAD per share basis) 95.0% 98.0% 79.0% 81.0% 84.0%
7
Washington Real Estate Investment Trust
Core Portfolio Operating Income (NOI) Growth & Rental Rate Growth
Q1 2002 vs. Q1 2001
================================================================================
Cash Basis
NOI Rental Rate
Sector Growth Growth
----------------------------- ------ -----------
Multifamily 5.6% 7.4%
Office Buildings (1) -0.2% 7.5%
Retail Centers (2) 19.6% 8.4%
Industrial / Flex Properties 5.8% 5.1%
Overall Core Portfolio 4.7% 7.2%
GAAP Basis
NOI Rental Rate
Sector Growth Growth
----------------------------- ------ -----------
Multifamily 5.5% 7.4%
Office Buildings (1) -1.3% 6.6%
Retail Centers (2) 18.6% 7.9%
Industrial / Flex Properties 4.3% 2.8%
Overall Core Portfolio 3.7% 6.4%
(1) NOI and Rental Rate Growth Q1 2002 vs. Q1 2001 excluding the 156,000 square
feet of vacant space at 7900 Westpark Drive: 6.0% and 7.5% - Cash Basis and
6.0% and 6.6% - GAAP basis .
(2) NOI Growth Q1 2002 vs. Q1 2001 excluding $400,000 lease termination fee
received in Q1 2002 from TGI Friday's at Chevy Chase Metro Plaza: 8.5% -
Cash Basis and 7.8% - GAAP Basis. TGI Friday's terminated their 9,700
square foot lease in Q1.
8
WRIT vs. REIT INDUSTRY FFO PER SHARE
GROWTH OVER THE LAST 5 QUARTERS
WRIT REIT Industry*
Q1 2001 11.9% 6.9%
Q2 2001 11.4% 5.7%
Q3 2001 8.7% 5.1%
Q4 2001 4.2% 4.2%
Q1 2002 6.4%
Average 8.5% 5.5%
* REIT industry data for Q1 2001-Q1 2002 is actual FFO per
share growth per Credit Suisse First Boston Equity REIT
Research. Q1 2002 industry data is not yet available and,
therefore, the industry average is the average over Q1
2001-Q4 2001.
9
WRIT vs. REIT INDUSTRY CORE PORTFOLIO
NOI GROWTH OVER THE LAST 5 QUARTERS
WRIT REIT Industry*
Q1 2001 8.7% 6.1%
Q2 2001 8.2% 5.9%
Q3 2001 6.5% 4.3%
Q4 2001 2.8% 2.7%
Q1 2002 3.7%
Average 6.0% 4.8%
* REIT Industry Same Store NOI growth data is per Salomon
Smith Barney Equity REIT Research. Q1 2002 industry data
is not yet available and, therefore, the industry average
is the average over Q1 2001-Q4 2001.
10
Washington Real Estate Investment Trust
Schedule of Properties
March 31, 2002
YEAR YEAR NET RENTABLE*
PROPERTIES LOCATION ACQUIRED CONSTRUCTED SQUARE FEET
- ----------------------------------------- ----------------- -------- ----------- -------------
Office Buildings
- ----------------
1901 Pennsylvania Avenue Washington, DC 1977 1960 97,000
51 Monroe Street Rockville, MD 1979 1975 210,000
7700 Leesburg Pike Falls Church, VA 1990 1976 145,000
515 King Street Alexandria, VA 1992 1966 78,000
The Lexington Building Rockville, MD 1993 1970 47,000
The Saratoga Building Rockville, MD 1993 1977 59,000
Brandywine Center Rockville, MD 1993 1969 35,000
Tycon Plaza II Vienna, VA 1994 1981 131,000
Tycon Plaza III Vienna, VA 1994 1978 152,000
6110 Executive Boulevard Rockville, MD 1995 1971 199,000
1220 19th Street Washington, DC 1995 1976 104,000
Maryland Trade Center I Greenbelt, MD 1996 1981 191,000
Maryland Trade Center II Greenbelt, MD 1996 1984 159,000
1600 Wilson Boulevard Arlington, VA 1997 1973 167,000
7900 Westpark Drive McLean, VA 1997 1972/1986/1999/1/ 527,000
8230 Boone Boulevard Vienna, VA 1998 1981 58,000
Woodburn Medical Park I Annandale, VA 1998 1984 71,000
Woodburn Medical Park II Annandale, VA 1998 1988 96,000
600 Jefferson Plaza Rockville, MD 1999 1985 115,000
1700 Research Boulevard Rockville, MD 1999 1982 103,000
Parklawn Plaza Rockville, MD 1999 1986 40,000
Wayne Plaza Silver Spring, MD 2000 1970 91,000
Courthouse Square Alexandria, VA 2000 1979 113,000
One Central Plaza Rockville, MD 2001 1974 274,000
---------
Subtotal 3,262,000
=========
Retail Centers
- --------------
Concord Centre Springfield, VA 1973 1960 76,000
Bradlee Alexandria, VA 1984 1955 168,000
Chevy Chase Metro Plaza Washington, DC 1985 1975 51,000
Takoma Park Takoma Park, MD 1963 1962 59,000
Westminster Westminster, MD 1972 1969 165,000
Wheaton Park Wheaton, MD 1977 1967 71,000
Montgomery Village Center Gaithersburg, MD 1992 1969 196,000
Shoppes of Foxchase Alexandria, VA 1994 1960 128,000
Frederick County Square Frederick, MD 1995 1973 233,000
800 S. Washington Street Alexandria, VA 1998 1955/1959 51,000
---------
Subtotal 1,198,000
=========
Multifamily Buildings / # units
- -------------------------------
Country Club Towers / 227 Arlington, VA 1969 1965 157,000
Munson Hill Towers / 279 Falls Church, VA 1970 1963 258,000
Park Adams / 200 Arlington, VA 1969 1959 158,000
Roosevelt Towers / 190 Falls Church, VA 1965 1964 156,000
3801 Connecticut Avenue / 307 Washington, DC 1963 1951 166,000
The Ashby at McLean / 250 McLean, VA 1996 1982 349,000
Walker House Apartments / 196 Gaithersburg, MD 1996 1971 148,000
Bethesda Hills Apartments / 194 Bethesda, MD 1997 1986 226,000
Avondale / 236 Laurel, MD 1999 1987 162,000
---------
Subtotal (2,079 units) 1,780,000
=========
/1/ A 49,000 square foot addition to 7900 Westpark Drive was completed in
September 1999.
* Multifamily buildings are presented in gross square feet.
11
Washington Real Estate Investment Trust
Schedule of Properties (Cont.)
March 31, 2002
YEAR YEAR NET RENTABLE*
PROPERTIES LOCATION ACQUIRED CONSTRUCTED SQUARE FEET
- ----------------------------------------- ----------------- -------- ----------- -------------
Industrial Distribution / Flex Properties
- -----------------------------------------
Pepsi-Cola Distribution Center Forestville, MD 1987 1971 69,000
Fullerton Business Center Springfield, VA 1985 1980 103,000
Charleston Business Center Rockville, MD 1993 1973 85,000
Tech 100 Industrial Park Elkridge, MD 1995 1990 167,000
Crossroads Distribution Center Elkridge, MD 1995 1987 85,000
The Alban Business Center Springfield, VA 1996 1981/1982 87,000
The Earhart Building Chantilly, VA 1996 1987 92,000
Ammendale Technology Park I Beltsville, MD 1997 1985 167,000
Ammendale Technology Park II Beltsville, MD 1997 1986 108,000
Pickett Industrial Park Alexandria, VA 1997 1973 246,000
Northern Virginia Industrial Park Lorton, VA 1998 1968/1991 790,000
8900 Telegraph Road Lorton, VA 1998 1985 32,000
Dulles South IV Chantilly, VA 1999 1988 83,000
Sully Square Chantilly, VA 1999 1986 95,000
Amvax Beltsville, MD 1999 1986 31,000
Sullyfield Center Chantilly, VA 2001 1985 248,000
---------
Subtotal 2,488,000
=========
TOTAL 8,728,000
=========
12
Washington Real Estate Investment Trust
Commercial Leasing Summary
Three months ended March 31, 2002
================================================================================
1st Quarter 2002
------------------------------------
Gross Leasing Square Footage
Office Buildings 145,383
Retail Centers 13,721
Industrial Centers 32,874
------------------------------------
Total 191,978
====================================
Weighted Average Term (yrs)
Office Buildings 3.9
Retail Centers 6.9
Industrial Centers 3.1
------------------------------------
Total 4.0
====================================
Rental Rate Increases: GAAP CASH
------------------------------------
Rate on expiring leases
Office Buildings $ 22.15 $ 22.44
Retail Centers $ 18.35 $ 18.38
Industrial Centers $ 6.45 $ 6.41
------------------------------------
Total $ 19.19 $ 19.41
------------------------------------
Rate on new and renewal leases
Office Buildings $ 24.65 $ 23.48
Retail Centers $ 23.97 $ 21.80
Industrial Centers $ 7.98 $ 7.74
------------------------------------
Total $ 21.74 $ 20.66
------------------------------------
Percentage Increase
Office Buildings 11.29% 4.63%
Retail Centers 30.63% 18.61%
Industrial Centers 23.72% 20.75%
------------------------------------
------------------------------------
Total Percentage Increase 13.29% 6.44%
------------------------------------
Total Dollars Square Foot
------------------------------------
Tenant Improvements and Leasing Costs
Office Buildings $1,267,260 $ 8.72
Retail Centers $ 90,861 $ 6.62
Industrial Centers $ 65,029 $ 1.98
------------------------------------
Total $1,423,150 $ 7.41
------------------------------------
13
Washington Real Estate Investment Trust
10 Largest Tenants - Based on Annualized Rent
March 31, 2002
===============================================================================
Weighted Percentage Percentage
Average of Aggregate of Aggregate
Remaining Portfolio Aggregate Occupied
Number of Lease Term Annualized Rentable Square
Tenant Buildings in Months Rent Square Feet Feet
------ --------- --------- ---- ----------- ----
SunTrust Bank 4 35 2.64% 104,291 1.64%
Sun Microsystems, Inc. 1 57 2.61% 110,184 1.73%
Xerox Corporation 1 29 2.60% 90,994 1.43%
OAO Corporation 1 22 2.20% 109,794 1.72%
General Services Administration 6 27 1.95% 229,999 3.61%
Lockheed Corporation 1 6 1.46% 65,688 1.03%
INOVA Health Systems 2 87 1.45% 53,196 0.84%
United Communications Group 1 74 1.39% 60,087 0.94%
Sunrise Assisted Living 1 112 1.22% 48,775 0.77%
TRW, Inc. 3 30 1.13% 68,224 1.07%
------ ------- ------
Total/Weighted Average 15.72% 941,232 12.87%
====== ======= ======
14
Washington Real Estate Investment Trust
Lease Expirations
March 31, 2002
================================================================================
Percent of Average Percent of
Number of Rentable Rentable Annualized Rental Annualized
Year Leases Square Feet Square Feet Rent * Rate Rent *
---- ------ ----------- ----------- ------ ---- ------
Office:
2002 101 407,898 14.1% $ 9,971,429 $24.45 12.6%
2003 151 563,406 19.4% 13,713,574 24.34 17.4%
2004 105 653,688 22.5% 17,275,076 26.43 21.9%
2005 88 288,413 9.9% 8,047,554 27.90 10.2%
2006 73 452,172 15.6% 13,303,662 29.42 16.9%
2007 and thereafter 93 536,592 18.5% 16,541,682 30.83 21.0%
------ --------- ------ ------------ ------ ------
611 2,902,169 100.0% $ 78,852,977 $27.17 100.0%
====== ========= ====== ============ ====== ======
Retail:
2002 27 86,397 8.2% $ 1,296,057 $15.00 7.3%
2003 41 238,724 22.8% 2,443,434 10.24 13.8%
2004 37 153,278 14.6% 2,140,852 13.97 12.1%
2005 33 193,339 18.4% 3,388,612 17.53 19.1%
2006 28 84,310 8.0% 1,849,446 21.94 10.4%
2007 and thereafter 57 292,402 27.9% 6,608,251 22.60 37.3%
------ --------- ------ ------------ ------ ------
223 1,048,450 100.0% $ 17,726,650 $16.91 100.0%
====== ========= ====== ============ ====== ======
Industrial:
2002 56 432,920 18.4% $ 3,060,509 $7.07 16.1%
2003 40 482,199 20.5% 3,758,021 7.79 19.7%
2004 41 414,776 17.6% 3,040,340 7.33 15.9%
2005 29 395,259 16.8% 2,801,948 7.09 14.7%
2006 25 327,006 13.9% 3,387,416 10.36 17.8%
2007 and thereafter 18 302,564 12.8% 3,014,170 9.96 15.8%
------ --------- ------ ------------ ------ ------
209 2,354,724 100.0% $ 19,062,403 $8.10 100.0%
====== ========= ====== ============ ====== ======
Total:
2002 184 927,215 14.7% $ 14,327,995 $15.45 12.4%
2003 232 1,284,329 20.4% 19,915,029 15.51 17.2%
2004 183 1,221,742 19.4% 22,456,268 18.38 19.4%
2005 150 877,011 13.9% 14,238,113 16.23 12.3%
2006 126 863,488 13.7% 18,540,523 21.47 16.0%
2007 and thereafter 168 1,131,558 17.9% 26,164,102 23.12 22.6%
------ --------- ------ ------------ ------ ------
1,043 6,305,343 100.0% $115,642,030 $18.34 100.0%
====== ========= ====== ============ ====== ======
* Annualized Rent is as of March 31, 2002 rental revenue (cash basis)
multiplied by 12.
15
Washington Real Estate Investment Trust
Acquisition Summary
March 31, 2002
(Dollars in thousands)
================================================================================
March 31,
Occupied Occupancy 2002
Acquisition Square Sq. Ft. at Percentage at Occupancy
Date Feet Acquisition Acquisition Percentage Investment
------------ ------- ------------ ------------- ---------- ----------
NONE
Disposition Summary
March 31, 2002
(Dollars in thousands)
================================================================================
Disposition Square Gross Sales Cash
Date Feet Proceeds Proceeds
------------ -------- ----------- --------
1501 South Capitol Street 2/28/2002 145,000 $6,200 $5,800
16