Sara Grootwassink

Chief Financial Officer

Direct Dial: 301-255-0820

E-Mail: sgrootwassink@writ.com

Net income for the quarter ended March 31, 2007 was $9.4 million, or $0.21 per diluted share, compared to $10.6 million, or $0.25 per diluted share in the same period one year ago. The decrease is primarily due to depreciation and amortization associated with owning more properties. Recent acquisitions increased revenue by $9.3 million, while interest expense increased $4.1 million, as the acquisitions were funded primarily by debt.

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Funds from Operations (FFO) ⁽¹⁾ for the quarter ended March 31, 2007 was $26.2 million, or $0.58 per diluted share, an increase of $3.6 million, or $0.04 per diluted share from the prior year. Recent acquisitions increased revenue by $9.3 million, while interest expense increased $4.1 million, as the acquisitions were funded primarily by debt.

General purpose office properties’ Core NOI increased 4.7% compared to the same period one year ago and increased 3.6% from the prior quarter. The gains are primarily due to increased occupancy, 230 bps higher than the same period the prior year and 60 bps higher than the prior quarter.

Retail properties’ Core NOI increased 7.3% compared to the same period one year ago and increased 13.9% from the prior quarter. The gains are due to rental rate increases associated with the completion of The Shoppes at Foxchase, a redevelopment project completed in fourth quarter 2006.

Medical office properties’ Core NOI decreased 0.5% compared to the same period one year ago and increased 7.6% from the prior quarter. Occupancy remains high for the medical office sector at 98.8% with no change from the prior year.

Multifamily properties’ Core NOI increased 1.3% compared to the same period one year ago and decreased 6.7% from the prior quarter. The decrease from the prior quarter is primarily due to the decline in occupancy and increased operating expenses for snow removal and real estate taxes.

Industrial properties’ Core NOI decreased 3.8% compared to the same period one year ago and decreased 4.8% from the prior quarter. The decrease is primarily due to increased operating expenses for snow removal, utilities and real estate taxes.

Bennett Park, formerly Rosslyn Towers, is a ground-up development project in Arlington, VA consisting of high-rise and mid-rise class A apartment buildings with a total of 224 units and 5,900 square feet of retail space. Construction is anticipated to be complete on the high-rise building in fourth quarter 2007 and on the mid-rise in third quarter 2007. Total cost of the project is estimated to be $76.6 million.

The Clayborne Apartments, formerly South Washington Street, is a ground-up development project in Alexandria, VA, adjacent to our 800 South Washington retail property. This project is a 75-unit high-end apartment building that will include 2,600 square feet of additional retail space. Construction is anticipated to be completed on the building in second quarter 2007. Total cost of the project is estimated to be $32.7 million.

Dulles Station is a 180,000 square foot development project of office and retail space located in Herndon, VA. Phase One of the Dulles Station development is anticipated to be complete in the third quarter 2007 with an estimated cost of $52.0 million.

On February 8, 2007, WRIT acquired a portfolio of five single-story flex buildings, consisting of 157,000 square feet, within 270 Technology Park in Frederick, Maryland for $26.5 million. 270 Technology Park presents a solid investment opportunity in high-quality flex buildings ideally located with excellent visibility just south of the City of Frederick along I-270 in one of Frederick’s fast-growing development areas.

On March 1, 2007, WRIT acquired the 100% leased Monument II, a class A, 205,000 square foot, eight-story office building with a detached five-level parking garage located along the Dulles Toll Road in Herndon, Virginia for $78.2 million. Monument II was completed in 2000 as part of the Monument at Worldgate complex, a mixed-use development consisting of class A office, retail, restaurants, hotels, health clubs, and residential buildings.

On March 9, 2007, WRIT acquired 2440 M Street, a class A medical office building, consisting of 110,000 square feet, with a three-level parking garage in northwest Washington, D.C. for $50.0 million. 2440 M Street is well-positioned in the West End business district, just three blocks from George Washington University Hospital and 1 1/2 miles from Georgetown University Hospital.

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⁽¹⁾

Funds From Operations (“FFO”) – The National Association of Real Estate Investment Trusts, Inc. (“NAREIT”) defines FFO (April, 2002 White Paper) as net income (computed in accordance with generally accepted accounting principles (“GAAP”)) excluding gains (or losses) from sales of property plus real estate depreciation and amortization. We consider FFO to be a standard supplemental measure for equity real estate investment trusts (“REITs”) because it facilitates an understanding of the operating performance of our properties without giving effect to real estate depreciation and amortization, which historically assumes that the value of real estate assets diminishes predictably over time. Since real estate values have instead historically risen or fallen with market conditions, we believe that FFO more accurately provides investors an indication of our ability to incur and service debt, make capital expenditures and fund other needs.

⁽²⁾

Funds Available for Distribution (“FAD”) is calculated by subtracting from FFO (1) recurring expenditures, tenant improvements and leasing costs that are capitalized and amortized and are necessary to maintain our properties and revenue stream and (2) straight line rents, then adding (3) non-real estate depreciation and amortization, (4) amortization of restricted share and unit compensation, and adding or subtracting amortization of lease intangibles, as appropriate. FAD is included herein, because we consider it to be a measure of a REIT’s ability to incur

and service debt and to distribute dividends to its shareholders. FAD is a non-GAAP and non-standardized measure, and may be calculated differently by other REITs.

⁽³⁾

For purposes of evaluating comparative operating performance, we categorize our properties as “core” or “non-core”. Core Operating NOI is calculated as real estate rental revenue less real estate operating expenses for those properties owned for the entirety of the periods being evaluated. Core Operating NOI is a non-GAAP measure.

Economic Occupancy Levels by Core Portfolio ⁽ⁱ⁾ and All Properties

Sector

1ST QTR

2007

1ST QTR

2006

1ST QTR

2007

1ST QTR

2006

Multifamily

Office Buildings

Medical Office

Retail Centers

Industrial/Flex Centers

Overall Portfolio

⁽ⁱ⁾

Core portfolio properties include all properties that were owned for the entirety of the current and prior year reporting periods. For Q1 2007 and Q1 2006, core portfolio properties exclude: Office Acquisitions: Monument II, 6565 Arlington Blvd, West Gude Office Park and The Ridges; Medical Office Acquisitions: 2440 M Street, Alexandria Professional Center, 9707 Medical Center Drive, 15001 Shady Grove Rd, Plumtree Medical Center, 15005 Shady Grove Rd and The Crescent; Retail Acquisitions: Randolph Shopping Center and Montrose Shopping Center, and Industrial Acquisitions: 270 Technology Park, Hampton Overlook, Hampton South and 9950 Business Parkway.

⁽ⁱⁱ⁾

Multifamily occupancy level for Q107 is 91.3% without the impact of units off-line for planned renovations. The overall portfolio occupancy is 94.4% without this impact.

⁽ⁱⁱⁱ⁾

Montrose Shopping Center was 58% leased when purchased in May 2006.

OPERATING RESULTS

Revenue

Real estate rental revenue

Expenses

Real estate expenses

Depreciation and amortization

General and administrative

Other (expense) income:

Interest expense

Other income

Income from continuing operations

Discontinued operations:

Income from operations of properties sold or held for sale

Net Income

Income from continuing operations

Continuing operations real estate depreciation and amortization

Funds from continuing operations

Income from discontinued operations before gain on disposal

Discontinued operations real estate depreciation and amortization

Funds from discontinued operations

Funds from operations⁽¹⁾

Tenant improvements

External and internal leasing commissions capitalized

Recurring capital improvements

Straight-line rents, net

Non real estate depreciation & amortization of debt costs

Amortization of lease intangibles, net

Amortization and expensing of restricted share and unit compensation

Funds Available for Distribution ⁽²⁾

Certain prior year amounts have been reclassified to conform to the current presentation.

Per Share Data

Income from continuing operations

(Basic)

(Diluted)

Net income

(Basic)

(Diluted)

Funds from continuing operations

(Basic)

(Diluted)

Funds from operations

(Basic)

(Diluted)

Dividends paid

Weighted average shares outstanding

Fully diluted weighted average shares outstanding

Assets

Land

Income producing property

Accumulated depreciation and amortization

Net income producing property

Development in progress ⁽⁴⁾

Total investment in real estate, net

Investment in real estate sold or held for sale

Cash and cash equivalents

Restricted cash

Rents and other receivables, net of allowance for doubtful accounts of $3,735 and $3,464, respectively

Prepaid expenses and other assets

Other assets related to properties sold or held for sale

Total Assets

Liabilities

Notes payable

Mortgage notes payable

Lines of credit

Accounts payable and other liabilities

Advance rents

Tenant security deposits

Other liabilities related to property sold or held for sale

Total Liabilities

Minority interest

Shareholders’ Equity

Shares of beneficial interest, $.01 par value; 100,000 shares authorized: 45,045 and 45,042 shares issued and outstanding, respectively

Additional paid-in capital

Distributions in excess of net income

Total Shareholders’ Equity

Total Liabilities and Shareholders’ Equity

⁽⁴⁾

Includes cost of land acquired for development.