CONTACT:

Sara Grootwassink

Executive Vice President and

6110 Executive Blvd., Suite 800

Rockville, Maryland 20852

Tel 301-984-9400

Chief Financial Officer

E-Mail: sgrootwassink@writ.com

•

Funds from operations (FFO)⁽¹⁾ per diluted share grew 1.8% to $0.56 in second quarter 2008 from $0.55 in second quarter 2007.

Net income for the quarter ending June 30, 2008 was $0.44 per diluted share, compared to $0.18 per diluted share in the same period one year ago. Net income this quarter included a $15.3 million gain on disposed assets, related to the sale of Sullyfield Commerce Center and The Earhart Building. Net income in the second quarter 2007 included $2 million of non-recurring administrative charges.

Second quarter 2008 core net operating income increased 1.3% and core occupancy increased 30 bps to 94.8% compared to the same period one year ago.

Rent increases on commercial lease rollovers in second quarter 2008 were 18.0%. Residential rental rates increased 1.1% over the same period.

Guidance for 2008 FFO per diluted share remains unchanged at $2.11 to $2.21, and $2.29 to $2.39 excluding non-recurring items.

Multifamily properties’ core NOI for the second quarter increased 2.1% compared to the same period one year ago. Core rental rate growth was 1.1% while core economic occupancy increased 250 bps to 93.3%.

Retail properties’ core NOI for the second quarter increased 2.0% compared to the same period one year ago. Core rental rate growth was 4.1% and core economic occupancy increased 10 bps to 95.1%.

Office properties’ core NOI for the second quarter increased 1.8% compared to the same period one year ago. Core economic occupancy decreased 30 bps to 94.8% and core rental rate growth for the office sector was 0.7%.

Medical office properties’ core NOI for the second quarter increased 1.6%. Core economic occupancy increased 140 bps to 97.6%. Core rental rate growth for the sector was 0.6%.

Industrial properties’ core NOI for the second quarter decreased 1.1% compared to the same period one year ago. Core rental rate growth was 2.0% and core economic occupancy decreased 150 bps to 93.4%.

Rental rates for new and renewed retail leases increased 28.3%, with $0.26 per square foot in tenant improvement costs.

Rental rates for new and renewed medical office leases increased 28.2%, with $18.26 per square foot in tenant improvement costs.

Rental rates for new and renewed office leases increased 14.3%, with $6.28 per square foot in tenant improvement costs.

Rental rates for new and renewed industrial/flex leases increased 11.3%, with $0.78 per square foot in tenant improvement costs.

On May 21, 2008, WRIT acquired Sterling Medical Office Building, a 36,000 square foot medical office building located in Sterling, Virginia for $6.5 million. Demand for medical office space in the area is driven by its proximity to Inova Loudoun Hospital and Reston Hospital Center. WRIT expects to achieve a first-year, unleveraged yield of 7.6% on a cash basis and 7.9% on a GAAP basis. The acquisition was funded with cash from operations.

On June 6, 2008, WRIT completed the sale of Sullyfield Commerce Center and The Earhart Building, totaling 336,000 square feet for $41.1 million. The industrial/flex properties, located in Chantilly, VA, were acquired in 2001 and 1996, respectively. WRIT achieved a net book gain of $15.3 million on the sale of the properties and a combined 13.0% unlevered internal rate of return during the ownership periods. Proceeds from the sale will be reinvested in a 1031 exchange.

On June 16, 2008, WRIT entered into a purchase agreement to acquire 2445 M Street, a 290,000 square foot office building located in Washington DC, for approximately $182 million. The property is 100% leased and strategically positioned between Georgetown and the Central Business District in the West End submarket of Washington, DC. WRIT anticipates the closing of the acquisition will take place no later than the fourth quarter of 2008.

⁽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⁾

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.

⁽³⁾

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.

Sector

Residential

Office

Medical Office

Retail

Industrial

Overall Portfolio

⁽ⁱ⁾

Core portfolio properties include all properties that were owned for the entirety of the current and prior year reporting periods. For Q2 2008 and Q2 2007, core portfolio properties exclude:

⁽ⁱⁱ⁾

Residential occupancy for all properties decreased from 90.8% to 81.0%, primarily due to the completion of Bennett Park and Clayborne Apartments. At 6/30/08, 123 of 224 units were leased at Bennett Park and 27 of 74 units were leased at Clayborne Apartments.

OPERATING RESULTS

Revenue

Real estate rental revenue

Expenses

Real estate expenses

Depreciation and amortization

General and administrative

Real Estate Operating Income

Other income/(expense):

Interest expense

Loss on Extinguishment of Debt

Other income

Other income from life insurance proceeds

Income from continuing operations

Discontinued operations:

Income from operations of properties held for sale

Gain on property disposed

Net Income

Income from continuing operations

Other income from life insurance proceeds

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

Other

Funds Available for Distribution ⁽³⁾

Per Share Data

Income from continuing operations

(Diluted)

Net income

(Diluted)

Funds from continuing operations

(Diluted)

Funds from operations

(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

Total real estate held for investment, 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 $5,585 and $4,227

Prepaid expenses and other assets

Other assets related to property 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, $0.01 par value; 100,000 shares authorized; 49,461 and 46,682 shares issued and outstanding, respectively

Additional paid-in capital

Distributions in excess of net income

Accumulated other comprehensive income

Total Shareholders’ Equity

Total Liabilities and Shareholders’ Equity