EXHIBIT 99.2

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Second Quarter 2010

Supplemental Operating and Financial Data

for the Quarter Ended June 30, 2010


Contact:		6110 Executive Boulevard

William T. Camp		Suite 800

Executive Vice President and		Rockville, MD 20852

Chief Financial Officer		(301) 984-9400

E-mail: bcamp@writ.com		(301) 984-9610 fax

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Washington Real Estate Investment Trust (“WRIT”) is a self-administered, self-managed, equity real estate investment trust investing in income-producing properties in the greater Washington metro region. WRIT is diversified, as it invests in office, industrial/flex, medical office, retail, and multifamily properties and land for development.

Year to date, WRIT has issued 2,388,329 common shares through its Sales Agency Financing Agreement with BNY Mellon Capital Markets at an average price of $29.55 for gross proceeds of $70.5 million. WRIT used the proceeds to fund the Quantico acquisition and pay down a portion of the line of credit. At the end of the quarter, the outstanding balance on the line of credit was $107 million. Subsequent to quarter end, WRIT repurchased $7.6 million of its 3.875% convertible notes at an average price of 100.25% of par, and also prepaid a $21.7 million mortgage on The Ridges and The Crescent office properties in Gaithersburg, Maryland.

In the second quarter WRIT acquired 925 and 1000 Corporate Drive at Quantico Corporate Center in Stafford, Virginia for $68 million. The newly constructed Class A office properties total 271,000 square feet and are 100% leased to 14 tenants, primarily defense and government contractors serving Marine Corps Base Quantico including BAE Systems, General Dynamics, and MITRE Corporation. WRIT funded the acquisition using available cash and its line of credit and expects to achieve a first year unleveraged cash yield of 8.8%.

WRIT also completed the sale of three office properties and one industrial property in Rockville, Maryland totaling 229,000 square feet for $23.4 million. The Lexington Building, the Saratoga Building, Parklawn Plaza and Charleston Business Center were identified as disposition candidates as part of WRIT’s strategy of recycling capital into more modern assets inside the Beltway, near major transportation nodes, or with Base Realignment and Closure (BRAC) initiatives or other significant employment drivers in the greater metro area. Net book gain on the sale was $7.9 million.

During the second quarter, WRIT signed commercial leases for 641,000 square feet with an average lease term of 5.5 years. The average rental rate increase on new and renewal leases was 16.2% on a GAAP basis and 6.4% on a cash basis. Commercial tenant improvement costs were $11.27 per square foot and leasing costs were $8.42 per square foot for the quarter.

As of June 30, 2010, WRIT owned a diversified portfolio of 88 properties totaling approximately 11 million square feet of commercial space and 2,540 residential units. These 88 properties consist of 26 office properties, 19 industrial/flex properties, 18 medical office properties, 14 retail centers, 11 multifamily properties and land for development. WRIT shares are publicly traded on the New York Stock Exchange (NYSE:WRE).

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With investments in the multifamily, retail, industrial/flex, office and medical office segments, WRIT is uniquely diversified. This balanced portfolio provides stability during market fluctuations in specific property types.

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*	Excludes discontinued operations:

Sold Properties: Parklawn Plaza, Lexington Building, Saratoga Building and Charleston Business Center.

Certain statements in the supplemental disclosures which follow are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially. Such risks, uncertainties and other factors include, but are not limited to, the effect of the current credit and financial market conditions, the availability and cost of capital, fluctuations in interest rates, tenants’ financial conditions, the timing and pricing of lease transactions, levels of competition, the effect of government regulation, the impact of newly adopted accounting principles, changes in general and local economic and real estate market conditions, and other risks and uncertainties detailed from time to time in our filings with the SEC, including our 2009 Form 10-K and first quarter 2010 10-Q. We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

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Schedule		Page

Key Financial Data
Consolidated Statements of Operations		4
Consolidated Balance Sheets		5
Funds From Operations and Funds Available for Distribution		6
Adjusted Earnings Before Interest Taxes Depreciation and Amortization (EBITDA)		7

Capital Analysis
Long-Term Debt Analysis		8-9
Capital Analysis		10

Portfolio Analysis
Core Portfolio Net Operating Income (NOI) Growth & Rental Rate Growth		11
Core Portfolio Net Operating Income (NOI) Summary		12
Core Portfolio Net Operating Income (NOI) Detail for the Quarter		13-14
Net Operating Income (NOI) by Region		15
Core Portfolio & Overall Economic Occupancy Levels by Sector		16

Tenant Analysis
Commercial Leasing Summary		17
10 Largest Tenants—Based on Annualized Base Rent		18
Industry Diversification		19
Lease Expirations as of June 30, 2010		20

Growth and Strategy

2010 Acquisition and Disposition Summary		21

Appendix
Schedule of Properties		22-23
Supplemental Definitions		24

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	Three Months Ended
	06/30/10			03/31/10			12/31/09			09/30/09			06/30/09
OPERATING RESULTS

Real estate rental revenue	$	75,145		$	76,446		$	77,254		$	74,987		$	75,596
Real estate expenses		(24,157	)		(27,401	)		(25,844	)		(25,573	)		(25,078	)

		50,988			49,045			51,410			49,414			50,518

Real estate depreciation and amortization		(23,669	)		(23,512	)		(23,802	)		(23,484	)		(23,178	)

Income from real estate		27,319			25,533			27,608			25,930			27,340

Other income (expense)		(112	)		234			297			(54	)		(2	)
Gain from non-disposal activities		—			—			11			62			—
Gain (loss) on extinguishment of debt		—			(42	)		(1,595	)		(133	)		1,219
Interest expense		(17,013	)		(17,065	)		(17,780	)		(18,224	)		(19,316	)
General and administrative		(3,519	)		(3,783	)		(3,187	)		(3,518	)		(3,375	)

Income from continuing operations		6,675			4,877			5,354			4,063			5,866

Discontinued operations:
Income from operations of properties held for sale		404			388			422			393			602
Gain on sale of real estate		7,942			—			1,527			5,147			6,674

Income from discontinued operations		8,346			388			1,949			5,540			7,276

Net income		15,021			5,265			7,303			9,603			13,142
Less: Net income from noncontrolling interests		(27	)		(49	)		(49	)		(53	)		(52	)

Net income attributable to the controlling interests	$	14,994		$	5,216		$	7,254		$	9,550		$	13,090


Per Share Data
Net income attributable to the controlling interests	$	0.24		$	0.09		$	0.12		$	0.16		$	0.23

Fully diluted weighted average shares outstanding		61,287			60,001			59,833			58,571			56,277

Percentage of Revenues:
Real estate expenses		32.1	%		35.8	%		33.5	%		34.1	%		33.2	%
General and administrative		4.7	%		4.9	%		4.1	%		4.7	%		4.5	%

Ratios:
Adjusted EBITDA / Interest expense		2.8	x		2.7	x		2.8	x		2.6	x		2.5	x

Income from continuing operations attributable to the controlling interest/Total real estate revenue		8.8	%		6.3	%		6.9	%		5.3	%		7.7	%

Net income attributable to the controlling interest/Total real estate revenue		20.0	%		6.8	%		9.4	%		12.7	%		17.3	%

Note: Certain prior quarter amounts have been reclassified to conform to the current quarter presentation.

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	June 30, 2010			March 31, 2010			December 31, 2009			September 30, 2009			June 30, 2009
Assets
Land	$	418,177		$	408,779		$	408,779		$	408,779		$	407,470
Income producing property		1,943,146			1,889,281			1,886,408			1,877,614			1,853,608

		2,361,323			2,298,060			2,295,187			2,286,393			2,261,078
Accumulated depreciation and amortization		(508,693	)		(488,387	)		(468,291	)		(448,663	)		(428,681	)

Net income producing property		1,852,630			1,809,673			1,826,896			1,837,730			1,832,397
Development in progress, including land held for development		25,952			25,561			25,031			24,611			24,140

Total real estate held for investment, net		1,878,582			1,835,234			1,851,927			1,862,341			1,856,537

Investment in real estate held for sale, net		—			14,212			14,289			16,782			24,436
Cash and cash equivalents		13,338			10,758			11,203			7,119			58,446
Restricted cash		23,132			20,465			19,170			18,072			21,038
Rents and other receivables, net of allowance for doubtful accounts		53,164			52,686			50,441			49,031			48,558
Prepaid expenses and other assets		98,624			93,020			97,605			104,160			100,537
Other assets related to properties sold or held for sale		—			601			590			892			1,260

Total assets	$	2,066,840		$	2,026,976		$	2,045,225		$	2,058,397		$	2,110,812


Liabilities and Equity
Notes payable	$	689,007		$	688,358		$	688,912		$	796,064		$	807,128
Mortgage notes payable		403,612			404,518			405,451			406,377			457,238
Lines of credit/short-term note payable		107,000			110,000			128,000			6,000			15,000
Accounts payable and other liabilities		54,901			53,628			52,580			64,370			70,933
Advance rents		10,460			9,963			11,103			9,666			9,301
Tenant security deposits		9,565			9,736			9,668			9,816			9,803
Other liabilities related to properties sold or held for sale		—			502			448			535			654

Total Liabilities		1,274,545			1,276,705			1,296,162			1,292,828			1,370,057


Equity
Shares of beneficial interest, $0.01 par value; 100,000 shares authorized		625			607			599			598			584
Additional paid-in capital		1,020,768			966,952			944,825			942,884			901,603
Distributions in excess of net income		(230,942	)		(219,094	)		(198,412	)		(179,639	)		(163,425	)
Accumulated other comprehensive income (loss)		(1,949	)		(2,004	)		(1,757	)		(2,080	)		(1,808	)

Total shareholders' equity		788,502			746,461			745,255			761,763			736,954
Noncontrolling interests in subsidiaries		3,793			3,810			3,808			3,806			3,801

Total equity		792,295			750,271			749,063			765,569			740,755

Total liabilities and equity	$	2,066,840		$	2,026,976		$	2,045,225		$	2,058,397		$	2,110,812

Total Debt / Total Market Capitalization		0.41:1			0.39:1			0.43:1			0.41:1			0.50:1

Note: Certain prior quarter amounts have been reclassified to conform to the current quarter presentation.

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	Three Months Ended
	6/30/2010			3/31/2010			12/31/2009			9/30/2009			6/30/2009
Funds from operations(1)
Net income (loss) attributable to the controlling interests	$	14,994		$	5,216		$	7,254		$	9,550		$	13,090
Real estate depreciation and amortization		23,669			23,512			23,802			23,484			23,178
Gain from non-disposal activities		—			—			(11	)		(62	)		—
Discontinued operations:
Gain on sale of real estate		(7,942	)		—			(1,527	)		(5,147	)		(6,674	)
Real estate depreciation and amortization		—			96			146			205			330

Funds From Operations (FFO)	$	30,721		$	28,824		$	29,664		$	28,030		$	29,924


FFO per share—basic	$	0.50		$	0.48		$	0.50		$	0.48		$	0.53
FFO per share—fully diluted	$	0.50		$	0.48		$	0.50		$	0.48		$	0.53

FFO per share—fully diluted, excluding gain (loss) on extinguishment of debt	$	0.50		$	0.48		$	0.52		$	0.48		$	0.51

Funds available for distribution(2)
Non-cash (gain)/loss on extinguishment of debt		—			42			595			133			(1,219	)
Tenant improvements		(2,331	)		(2,012	)		(4,425	)		(2,272	)		(4,727	)
External and internal leasing commissions capitalized		(1,767	)		(2,268	)		(1,058	)		(1,543	)		(2,186	)
Recurring capital improvements		(1,999	)		(864	)		(1,442	)		(1,756	)		(1,984	)
Straight-line rent, net		(812	)		(608	)		(1,527	)		(576	)		(612	)
Non-cash fair value interest expense		783			776			773			794			900
Non-real estate depreciation and amortization		993			993			1,037			1,122			1,177
Amortization of lease intangibles, net		(405	)		(562	)		(777	)		(559	)		(654	)
Amortization and expensing of restricted share and unit compensation		1,355			1,633			820			1,136			927

Funds Available for Distribution (FAD)	$	26,538		$	25,954		$	23,660		$	24,509		$	21,546


Total Dividends Paid	$	26,677		$	25,890		$	25,843		$	25,591		$	25,193

Average shares—basic		61,171			59,898			59,735			58,556			56,276
Average shares—fully diluted		61,287			60,001			59,833			58,571			56,277

⁽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. FFO is a non-GAAP measure.

⁽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 and adding or subtracting the 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.

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	Three Months Ended
	06/30/10			03/31/10		12/31/09			09/30/09			06/30/09
Adjusted EBITDA(1)

Net income attributable to the controlling interests	$	14,994		$	5,216	$	7,254		$	9,550		$	13,090
Add:

Interest expense		17,013			17,065		17,780			18,224			19,316
Real estate depreciation and amortization		23,669			23,608		23,948			23,689			23,508
Non-real estate depreciation		274			272		288			293			306
Less:
Gain on sale of real estate		(7,942	)		—		(1,527	)		(5,147	)		(6,674	)
Loss (gain) on extinguishment of debt		—			42		1,595			133			(1,219	)
Gain from non-disposal activities		—			—		(11	)		(62	)		—


Adjusted EBITDA	$	48,008		$	46,203	$	49,327		$	46,680		$	48,327

⁽¹⁾

Adjusted EBITDA is earnings before interest expense, taxes, depreciation, amortization, gain on sale of real estate, gain/loss on extinguishment of debt and gain from non-disposal activities. We consider Adjusted EBITDA to be an appropriate supplemental performance measure because it permits investors to view income from operations without the effect of depreciation, the cost of debt or non-operating gains and losses. Adjusted EBITDA is a non-GAAP measure.

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	June 30, 2010			March 31, 2010			December 31, 2009			September 30, 2009			June 30, 2009
Balances Outstanding

Secured
Conventional fixed rate	$	403,612		$	404,518		$	405,451		$	406,377		$	457,238

Secured total		403,612			404,518			405,451			406,377			457,238


Unsecured
Fixed rate bonds and notes		689,007			688,358			688,912			796,064			807,128
Credit facility		107,000			110,000			128,000			6,000			15,000

Unsecured total		796,007			798,358			816,912			802,064			822,128

Total	$	1,199,619		$	1,202,876		$	1,222,363		$	1,208,441		$	1,279,366


Average Interest Rates

Secured
Conventional fixed rate		5.9	%		5.9	%		5.9	%		5.9	%		6.0	%

Secured total		5.9	%		5.9	%		5.9	%		5.9	%		6.0	%


Unsecured
Fixed rate bonds		5.7	%		5.7	%		5.7	%		5.7	%		5.7	%
Credit facilities		2.4	%⁽¹⁾		2.4	%⁽¹⁾		2.8	%⁽¹⁾		0.7	%		0.7	%

Unsecured total		5.3	%		5.2	%		5.2	%		5.7	%		5.6	%

Average		5.5	%		5.5	%		5.5	%		5.7	%		5.8	%

Note: The current balances outstanding of the secured and unsecured fixed rate bonds and notes are shown net of discounts/premiums in the amount of $7,058,862 and $4,088,407, respectively.

⁽¹⁾

On December 1, 2009, we borrowed $100.0 million on a line of credit in order to prepay the $100.0 million term loan. Through February 19, 2010, the interest rate on this $100.0 million borrowing on our lines of credit is effectively fixed by an interest rate swap at 3.375%. Beginning February 20, 2010 through November 1, 2011, an interest rate swap effectively fixes the interest rate at 2.525%.

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	*Future Maturities of Debt*
Year	Secured Debt			Unsecured Debt			Credit Facilities		Total Debt		Average Interest Rate
2010	$	23,794	⁽²⁾	$	—		$	—	$	23,794	5.8	%
2011		13,349			283,095	⁽¹⁾		107,000		403,444	5.0	%
2012		21,362			50,000			—		71,362	5.0	%
2013		106,630			60,000			—		166,630	5.4	%
2014		1,516			100,000			—		101,516	5.3	%
2015		20,041			150,000			—		170,041	5.3	%
2016		82,281			—			—		82,281	5.7	%
2017		103,193			—			—		103,193	7.2	%
2018		1,402			—			—		1,402	5.4	%
Thereafter		37,102			50,000			—		87,102	6.5	%

Total maturities	$	410,670		$	693,095		$	107,000	$	1,210,765	5.5	%

Weighted average maturity = 4.0 years

⁽¹⁾

The 3.875% convertible notes due 2026 in the aggregate principal amount of $133.1 million are puttable at par in September, 2011. Due to the probability that the convertible notes will be paid off in September, 2011, that date is reflected in the future maturities schedule. The effective rate on this debt is 5.875%, which reflects our nonconvertible debt borrowing rate at the inception of the 3.875% convertible notes.

⁽²⁾	The 5.82% mortgage note payable maturing in August, 2033 in the aggregate principal amount of $21.7 million was repaid without penalty on July 12, 2010.

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	June 30, 2010			March 31, 2010			December 31, 2009			September 30, 2009			June 30, 2009
Market Data

Shares Outstanding		62,380			60,545			59,811			59,724			58,250
Market Price per Share	$	27.59		$	30.55		$	27.55		$	28.80		$	22.37
Equity Market Capitalization	$	1,721,064		$	1,849,650		$	1,647,793		$	1,720,051		$	1,303,053

Total Debt	$	1,199,619		$	1,202,876		$	1,222,363		$	1,208,441		$	1,279,366
Total Market Capitalization	$	2,920,683		$	3,052,526		$	2,870,156		$	2,928,492		$	2,582,419

Total Debt to Market Capitalization		0.41:1			0.39:1			0.43:1			0.41:1			0.50:1


Earnings to Fixed Charges⁽¹⁾		1.4 x			1.3 x			1.3 x			1.2 x			1.3 x
Debt Service Coverage Ratio⁽²⁾		2.7 x			2.5 x			2.6 x			2.4 x			2.4 x

Dividend Data

Total Dividends Paid	$	26,677		$	25,890		$	25,842		$	25,591		$	25,193
Common Dividend per Share	$	0.4325		$	0.4325		$	0.4325		$	0.4325		$	0.4325
Payout Ratio (FFO per share basis)		86.5	%		90.1	%		86.5	%		90.1	%		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.

⁽²⁾	Debt service coverage ratio is computed by dividing Adjusted EBITDA (see page 7) by interest expense and principal amortization.

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	Second Quarter⁽¹⁾
	NOI Growth		Rental Rate Growth
Cash Basis:
Multifamily	2.7	%	-1.2	%
Office Buildings	0.1	%	2.0	%
Medical Office Buildings	7.0	%	3.4	%
Retail Centers	0.5	%	1.5	%
Industrial/Flex	-13.6	%	0.3	%

Overall Core Portfolio	-0.5	%	1.5	%

	Second Quarter⁽¹⁾
	NOI Growth		Rental Rate Growth
GAAP Basis:
Multifamily	2.6	%	-1.1	%
Office Buildings	1.1	%	2.7	%
Medical Office Buildings	4.2	%	2.7	%
Retail Centers	-0.4	%	1.1	%
Industrial/Flex	-13.8	%	-0.4	%

Overall Core Portfolio	-0.6	%	1.5	%

¹	Non-core properties were:

Acquisitions: Office—Quantico Corporate Center;

Medical Office—Lansdowne Medical Office Building;

Sold properties: Multifamily—Avondale;

Office—Brandywine Center, Parklawn Plaza, Saratoga Building and Lexington Building;

Industrial—Crossroads Distribution Center, Tech 100 Industrial Park and Charleston Business Center;

Development: Multifamily—Bennett Park and Clayborne Apartments;

Office—Dulles Station, Phase I.

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	Three Months Ended June 30,
	2010		2009		% Change
Cash Basis:
Multifamily	$	6,050	$	5,893	2.7	%
Office Buildings		20,178		20,150	0.1	%
Medical Office Buildings		7,611		7,110	7.0	%
Retail Centers		7,493		7,455	0.5	%
Industrial/Flex		6,100		7,058	-13.6	%

	$	47,432	$	47,666	-0.5	%


GAAP Basis:
Multifamily	$	6,248	$	6,087	2.6	%
Office Buildings		21,030		20,808	1.1	%
Medical Office Buildings		7,785		7,468	4.2	%
Retail Centers		7,634		7,668	-0.4	%
Industrial/Flex		6,087		7,060	-13.8	%

	$	48,784	$	49,091	-0.6	%

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	Three Months Ended June 30, 2010
	Multifamily			Office			Medical Office			Retail			Industrial/Flex			Corporate and Other			Total
Real estate rental revenue
Core portfolio	$	9,962		$	31,625		$	11,277		$	10,200		$	8,363		$	—		$	71,427
Non-core - acquired and in development ¹		1,952			1,755			11			—			—			—			3,718

Total		11,914			33,380			11,288			10,200			8,363			—			75,145
Real estate expenses
Core portfolio		3,714			10,595			3,492			2,566			2,276			—			22,643
Non-core - acquired and in development ¹		809			594			111			—			—			—			1,514

Total		4,523			11,189			3,603			2,566			2,276			—			24,157
Net Operating Income (NOI)
Core portfolio		6,248			21,030			7,785			7,634			6,087			—			48,784
Non-core - acquired and in development ¹		1,143			1,161			(100	)		—			—			—			2,204

Total	$	7,391		$	22,191		$	7,685		$	7,634		$	6,087		$	—		$	50,988


Core portfolio NOI GAAP basis (from above)	$	6,248		$	21,030		$	7,785		$	7,634		$	6,087		$	—		$	48,784
Straight-line revenue, net for core properties		(6	)		(535	)		(72	)		(72	)		51			—			(634	)
FAS 141 Min Rent		(192	)		(394	)		(106	)		(80	)		(44	)		—			(816	)
Amortization of lease intangibles for core properties		—			77			4			11			6			—			98

Core portfolio NOI, cash basis	$	6,050		$	20,178		$	7,611		$	7,493		$	6,100		$	—		$	47,432


Reconciliation of NOI to Net Income
Total NOI	$	7,391		$	22,191		$	7,685		$	7,634		$	6,087		$	—		$	50,988
Other income (expense)		—			—			—			—			—			(112	)		(112	)
Interest expense		(1,710	)		(2,584	)		(1,348	)		(322	)		(236	)		(10,813	)		(17,013	)
Depreciation and amortization		(3,446	)		(11,289	)		(3,909	)		(1,778	)		(2,911	)		(336	)		(23,669	)
General and administrative		—			—			—			—			—			(3,519	)		(3,519	)
Discontinued operations ²		—			229			—			—			175			—			404
Gain on sale of real estate		—			—			—			—			—			7,942			7,942

Net Income		2,235			8,547			2,428			5,534			3,115			(6,838	)		15,021
Net income attributable to noncontrolling interests		—			—			—			—			—			(27	)		(27	)

Net income attributable to the controlling interests	$	2,235		$	8,547		$	2,428		$	5,534		$	3,115		$	(6,865	)	$	14,994

¹	Non-core acquired and in development properties: Acquisition: Medical Office - Lansdowne Medical Office Building; Office - Quantico Corporate Center. Development - Bennett Park, Clayborne Apartments and Dulles Station.

²	Discontinued operations include sold properties: Office - Parklawn Plaza, Saratoga Building and Lexington Building; Industrial - Charleston Business Center.

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	Three Months Ended June 30, 2009
	Multifamily			Office			Medical Office			Retail			Industrial/Flex			Corporate and Other			Total
Real estate rental revenue
Core portfolio	$	9,912		$	32,226		$	11,034		$	10,233		$	9,527		$	—		$	72,932
Non-core - acquired and in development ¹		1,692			972			—			—			—			—			2,664

Total		11,604			33,198			11,034			10,233			9,527			—			75,596
Real estate expenses
Core portfolio		3,825			11,418			3,566			2,565			2,467			—			23,841
Non-core - acquired and in development ¹		871			366			—			—			—			—			1,237

Total		4,696			11,784			3,566			2,565			2,467			—			25,078
Net operating income (NOI)
Core portfolio		6,087			20,808			7,468			7,668			7,060			—			49,091
Non-core - acquired and in development ¹		821			606			—			—			—			—			1,427

Total	$	6,908		$	21,414		$	7,468		$	7,668		$	7,060		$	—		$	50,518


Core portfolio NOI GAAP basis (from above)	$	6,087		$	20,808		$	7,468		$	7,668		$	7,060		$	—		$	49,091
Straight-line revenue, net for core properties		(3	)		(220	)		(160	)		(113	)		13			—			(483	)
FAS 141 min rent		(191	)		(458	)		(198	)		(103	)		(20	)		—			(970	)
Amortization of lease intangibles for core properties		—			20			—			3			5			—			28

Core portfolio NOI, cash basis	$	5,893		$	20,150		$	7,110		$	7,455		$	7,058		$	—		$	47,666


Reconciliation of NOI to net income
Total NOI	$	6,908		$	21,414		$	7,468		$	7,668		$	7,060		$	—		$	50,518
Other income (expense)		—			—			—			—			—			(2	)		(2	)
Interest expense		(2,630	)		(2,600	)		(1,375	)		(328	)		(242	)		(12,141	)		(19,316	)
Depreciation and amortization		(3,507	)		(10,951	)		(3,758	)		(1,866	)		(2,834	)		(262	)		(23,178	)
General and administrative		—			—			—			—			—			(3,375	)		(3,375	)
Discontinued operations ²		81			252			—			—			269			—			602
Gain on sale of real estate		—			—			—			—			—			6,674			6,674
Gain on extinguishment of debt		—			—			—			—			—			1,219			1,219

Net income		852			8,115			2,335			5,474			4,253			(7,887	)		13,142
Net income attributable to noncontrolling interests		—			—			—			—			—			(52	)		(52	)

Net income attributable to the controlling interests	$	852		$	8,115		$	2,335		$	5,474		$	4,253		$	(7,939	)	$	13,090

¹	Non-core acquired and development properties were: Development - Multifamily - Bennett Park and Clayborne Apartments; Office - Dulles Station.

²	Discontinued operations include sold properties: Multifamily - Avondale; Office - Brandywine Center, Parklawn Plaza, Saratoga Building and Lexington Building; Industrial - Crossroads Distribution Center, Tech 100 Industrial Park and Charleston Business Center.

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	Percentage of Q2 2010 GAAP NOI		Percentage of YTD 2010 GAAP NOI
DC
Multifamily	3.5	%	3.5	%
Office	15.3	%	15.4	%
Medical Office Buildings	1.7	%	1.8	%
Retail	0.7	%	0.6	%
Industrial/Flex	0.0	%	0.0	%

	21.2	%	21.3	%

Maryland
Multifamily	2.1	%	1.9	%
Office	12.6	%	12.8	%
Medical Office Buildings	4.5	%	4.5	%
Retail	8.6	%	8.5	%
Industrial/Flex	4.2	%	4.3	%

	32.0	%	32.0	%

Virginia
Multifamily	8.8	%	8.6	%
Office	15.7	%	15.3	%
Medical Office Buildings	8.8	%	8.9	%
Retail	5.6	%	5.7	%
Industrial/Flex	7.9	%	8.2	%

	46.8	%	46.7	%

Total Portfolio ¹	100.0	%	100.0	%

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	Percentage of Q2 2010 GAAP NOI		Percentage of YTD 2010 GAAP NOI
Inside the Beltway
Multifamily	13.6	%	13.4	%
Office	21.0	%	21.2	%
Medical Office Buildings	2.9	%	2.9	%
Retail	6.0	%	6.1	%
Industrial/Flex	2.2	%	2.3	%

	45.7	%	45.9	%

Outside the Beltway
Multifamily	0.9	%	0.8	%
Office	22.5	%	22.3	%
Medical Office Buildings	12.2	%	12.2	%
Retail	8.9	%	8.8	%
Industrial/Flex	9.8	%	10.0	%

	54.3	%	54.1	%

Total Portfolio ¹	100.0	%	100.0	%

¹	Excludes discontinued operations: Sold Properties - Parklawn Plaza, Saratoga Building, Lexington Building and Charleston Business Center.

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GAAP Basis


	Core Portfolio				All Properties
Sector	2nd QTR 2010		2nd QTR 2009		2nd QTR 2010		2nd QTR 2009

Multifamily	94.0	%	92.4	%	93.7	%	90.6	%
Office Buildings	91.5	%	93.8	%	91.3	%	93.0	%
Medical Office Buildings	95.7	%	95.9	%	91.0	%	95.9	%
Retail Centers	92.0	%	95.0	%	92.0	%	95.0	%
Industrial / Flex	82.3	%	90.6	%	82.8	%	90.2	%


Overall Portfolio	91.4	%	93.7	%	90.7	%	92.9	%

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	2nd Quarter 2010						1st Quarter 2010						4th Quarter 2009						3rd Quarter 2009						2nd Quarter 2009
Gross Leasing Square Footage
Office Buildings		149,296						198,868						133,548						181,625						301,397
Medical Office Buildings		92,041						23,951						33,386						37,202						56,752
Retail Centers		113,878						5,805						95,037						12,358						21,339
Industrial Centers		285,628						45,616						44,503						94,805						174,241

Total		640,843						274,240						306,474						325,990						553,729

Weighted Average Term (yrs)
Office Buildings		6.7						5.6						5.2						3.4						4.7
Medical Office Buildings		5.4						9.0						7.2						6.3						3.3
Retail Centers		5.7						5.0						5.2						1.9						4.5
Industrial Centers		4.9						3.3						4.9						2.3						4.3

Total		5.5						5.5						5.4						3.4						4.4


	GAAP			CASH			GAAP			CASH			GAAP			CASH			GAAP			CASH			GAA P			CASH
Rental Rate Increases:
Rate on expiring leases
Office Buildings	$	29.71		$	30.35		$	26.85		$	27.91		$	29.87		$	31.85		$	27.08		$	28.83		$	34.96		$	35.57
Medical Office Buildings		32.29			34.30			32.18			33.92			30.67			31.66			33.33			34.84			31.57			32.61
Retail Centers		16.10			16.38			25.83			27.42			13.69			14.12			23.39			25.08			31.37			33.42
Industrial Centers		10.05			10.46			9.29			9.93			9.33			9.62			8.43			8.63			8.26			8.50

Total	$	18.90		$	19.57		$	24.37		$	25.43		$	21.96		$	23.10		$	22.23		$	23.50		$	26.07		$	26.66

Rate on new leases
Office Buildings	$	31.49		$	28.84		$	30.97		$	28.86		$	29.90		$	28.19		$	29.06		$	27.98		$	41.13		$	39.27
Medical Office Buildings		39.30			36.44			40.38			35.27			39.40			35.95			39.59			36.63			34.02			32.75
Retail Centers		16.30			16.03			31.31			29.97			13.67			13.00			21.37			21.11			32.90			31.29
Industrial Centers		13.62			13.50			9.47			9.20			9.02			8.41			8.66			8.45			8.01			7.61

Total	$	21.95		$	20.82		$	28.22		$	26.18		$	22.87		$	21.45		$	24.04		$	23.03		$	29.66		$	28.33

Percentage Increase
Office Buildings		6.00	%		-5.00	%		15.34	%		3.43	%		0.11	%		-11.48	%		7.31	%		-2.94	%		17.66	%		10.41	%
Medical Office Buildings		21.73	%		6.26	%		25.48	%		3.98	%		28.46	%		13.53	%		18.78	%		5.13	%		7.77	%		0.45	%
Retail Centers		1.24	%		-2.15	%		21.21	%		9.30	%		-0.15	%		-7.93	%		-8.64	%		-15.83	%		4.88	%		-6.38	%
Industrial Centers		35.57	%		29.11	%		1.90	%		-7.38	%		-3.29	%		-12.61	%		2.70	%		-2.03	%		-3.09	%		-10.42	%

Total		16.15	%		6.39	%		15.79	%		2.92	%		4.16	%		-7.14	%		8.13	%		-2.00	%		13.77	%		6.26	%


	Total Dollars			Dollars per Square Foot			Total Dollars			Dollars per Square Foot			Total Dollars			Dollars per Square Foot			Total Dollars			Dollars per Square Foot			Total Dollars			Dollars per Square Foot
Tenant Improvements
Office Buildings	$	4,512,498		$	30.23		$	3,473,255		$	17.47		$	1,430,285		$	10.71		$	1,747,491		$	9.62		$	3,890,858		$	12.91
Medical Office Buildings		1,610,073			17.49			595,969			24.88			665,314			19.93			678,100			18.23			484,933			8.54
Retail Centers		587,775			5.16			—			—			711,150			7.48			—			—			5,000			0.23
Industrial Centers		513,745			1.80			64,327			1.41			64,692			1.45			69,072			0.73			253,524			1.46

Subtotal	$	7,224,091		$	11.27		$	4,133,551		$	15.07		$	2,871,441		$	9.37		$	2,494,663		$	7.65		$	4,634,315		$	8.37

Leasing Costs
Office Buildings	$	3,316,582		$	22.21		$	2,064,933		$	10.38		$	1,713,899		$	12.83		$	894,657		$	4.93		$	2,303,430		$	7.64
Medical Office Buildings		959,827			10.43			400,746			16.73			677,283			20.29			330,462			8.88			321,542			5.67
Retail Centers		195,025			1.71			7,808			1.35			416,159			4.38			20,213			1.64			99,117			4.64
Industrial Centers		921,870			3.23			97,391			2.14			119,606			2.69			43,071			0.45			711,484			4.08

Subtotal	$	5,393,304		$	8.42		$	2,570,878		$	9.37		$	2,926,947		$	9.55		$	1,288,403		$	3.95		$	3,435,573		$	6.20

Tenant Improvements and Leasing Costs
Office Buildings	$	7,829,080		$	52.44		$	5,538,188		$	27.85		$	3,144,184		$	23.54		$	2,642,148		$	14.55		$	6,194,288		$	20.55
Medical Office Buildings		2,569,900			27.92			996,715			41.61			1,342,597			40.21			1,008,562			27.11			806,475			14.21
Retail Centers		782,800			6.87			7,808			1.35			1,127,309			11.86			20,213			1.64			104,117			4.88
Industrial Centers		1,435,615			5.03			161,718			3.55			184,298			4.14			112,143			1.18			965,008			5.54

Total	$	12,617,395		$	19.69		$	6,704,429		$	24.45		$	5,798,388		$	18.92		$	3,783,066		$	11.60		$	8,069,888		$	14.57

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Tenant	Number of Buildings	Weighted Average Remaining Lease Term in Months	Percentage of Aggregate Portfolio Annualized Rent		Aggregate Rentable Square Feet	Percentage of Aggregate Occupied Square Feet
World Bank	1	60	4.40	%	210,354	2.28	%
Advisory Board Company	1	107	2.76	%	180,925	1.96	%
General Services Administration	9	42	2.52	%	262,698	2.85	%
INOVA Health System	7	46	1.92	%	113,041	1.23	%
IBM Corporation	2	104	1.91	%	134,598	1.46	%
Patton Boggs LLP	1	82	1.90	%	110,566	1.20	%
URS Corporation	2	44	1.70	%	119,778	1.30	%
Sunrise Assisted Living, Inc.	1	39	1.57	%	115,289	1.25	%
General Dynamics	2	26	1.34	%	88,359	0.96	%
Lafarge North America, Inc	1	1	1.30	%	80,610	0.88	%

Total/Weighted Average		59	21.32	%	1,416,218	15.37	%

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Industry Classification (NAICS)	Annualized Base Rental Revenue		Percentage of Aggregate Annualized Rent		Aggregate Rentable Square Feet	Percentage of Aggregate Square Feet
Professional, Scientific and Technical Services	$	64,887,201	29.86	%	2,394,441	25.88	%
Ambulatory Health Care Services		39,492,281	18.17	%	1,204,367	13.02	%
Credit Intermediation and Related Activities		13,918,593	6.41	%	333,399	3.60	%
Executive, Legislative & Other General Government		10,412,850	4.79	%	454,136	4.91	%
Educational Services		6,762,162	3.11	%	247,172	2.67	%
Religious, Grantmaking, Civic, Professional		6,465,460	2.98	%	197,798	2.14	%
Food Services and Drinking Places		5,652,152	2.60	%	218,456	2.36	%
Administrative and Support Services		4,569,436	2.10	%	306,431	3.31	%
Food and Beverage Stores		4,149,029	1.91	%	255,416	2.76	%
Nursing and Residential Care Facilities		3,952,383	1.82	%	145,010	1.57	%
Broadcasting (except Internet)		3,680,691	1.69	%	108,414	1.17	%
Nonmetallic Mineral Product Manufacturing		3,209,127	1.48	%	119,474	1.29	%
Furniture and Home Furnishing Stores		3,173,716	1.46	%	203,536	2.20	%
Miscellaneous Store Retailers		2,886,229	1.33	%	189,479	2.05	%
Merchant Wholesalers-Durable Goods		2,857,764	1.32	%	284,365	3.07	%
Personal and Laundry Services		2,824,880	1.30	%	100,329	1.09	%
Health and Personal Care Services		2,192,498	1.01	%	63,100	0.68	%
Hospitals		2,049,577	0.94	%	62,281	0.67	%
Clothing and Clothing Accessories Stores		2,032,087	0.94	%	124,935	1.35	%
Sporting Goods/Books/Hobby/Music Stores		2,014,633	0.93	%	144,171	1.56	%
Miscellaneous Manufacturing		1,927,624	0.89	%	181,959	1.97	%
Merchant Wholesalers-Non Durable Goods		1,912,688	0.88	%	205,868	2.23	%
Real Estate		1,749,828	0.81	%	63,640	0.69	%
Specialty Trade Contractors		1,627,123	0.75	%	170,908	1.85	%
Construction of Buildings		1,540,083	0.71	%	96,169	1.04	%
General Merchandise Stores		1,443,781	0.66	%	201,452	2.18	%
Amusement, Gambling and Recreation industries		1,403,909	0.65	%	106,464	1.15	%
Computer & Electronic Product Manufacturing		1,386,351	0.64	%	76,602	0.83	%
Insurance Carriers and Related Activities		1,273,557	0.59	%	50,651	0.55	%
Printing and Related Support Activities		1,235,925	0.57	%	64,775	0.70	%
Data Processing & Hosting Services		1,080,001	0.50	%	31,376	0.34	%
Other		13,551,681	6.20	%	843,988	9.12	%

Total	$	217,315,300	100.00	%	9,250,562	100.00	%

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Year	Number of Leases	Rentable Square Feet	Percent of Rentable Square Feet		Annualized Rent *		Average Rental Rate		Percent of Annualized Rent *
Office:
2010	54	246,498	6.40	%	$	7,457,391	$	30.25	5.57	%
2011	109	489,936	12.71	%		15,737,616		32.12	11.75	%
2012	85	427,385	11.09	%		13,129,982		30.72	9.80	%
2013	76	500,914	13.00	%		15,563,974		31.07	11.62	%
2014	70	724,114	18.79	%		23,974,238		33.11	17.89	%
2015 and thereafter	157	1,465,310	38.01	%		58,128,943		39.67	43.37	%

	551	3,854,157	100.00	%	$	133,992,144	$	34.77	100.00	%


Medical Office:
2010	33	108,894	9.36	%	$	3,673,449	$	33.73	8.33	%
2011	71	196,793	16.92	%		6,721,380		34.15	15.24	%
2012	46	151,802	13.05	%		5,511,216		36.31	12.50	%
2013	49	144,730	12.45	%		5,050,796		34.90	11.45	%
2014	37	114,172	9.82	%		4,439,892		38.89	10.07	%
2015 and thereafter	111	446,555	38.40	%		18,698,022		41.87	42.41	%

	347	1,162,946	100.00	%	$	44,094,755	$	37.92	100.00	%


Retail:
2010	27	112,535	6.56	%	$	2,393,132	$	21.27	7.19	%
2011	44	198,662	11.58	%		3,450,933		17.37	10.37	%
2012	40	138,573	8.07	%		3,185,305		22.99	9.57	%
2013	37	286,002	16.66	%		4,347,732		15.20	13.06	%
2014	19	90,016	5.25	%		2,008,704		22.31	6.04	%
2015 and thereafter	91	890,553	51.88	%		17,894,719		20.09	53.77	%

	258	1,716,341	100.00	%	$	33,280,525	$	19.39	100.00	%


Industrial/Flex:
2010	26	196,352	7.60	%	$	2,402,281	$	12.23	7.68	%
2011	59	508,651	19.70	%		5,164,377		10.15	16.52	%
2012	36	487,934	18.89	%		5,568,131		11.41	17.81	%
2013	35	444,126	17.20	%		5,127,897		11.55	16.40	%
2014	19	430,893	16.69	%		5,656,341		13.13	18.09	%
2015 and thereafter	35	514,620	19.92	%		7,351,974		14.29	23.50	%

	210	2,582,576	100.00	%	$	31,271,001	$	12.11	100.00	%

Total:
2010	140	664,279	7.13	%	$	15,926,253	$	23.98	6.56	%
2011	283	1,394,042	14.96	%		31,074,306		22.29	12.81	%
2012	207	1,205,694	12.94	%		27,394,634		22.72	11.29	%
2013	197	1,375,772	14.77	%		30,090,399		21.87	12.40	%
2014	145	1,359,195	14.59	%		36,079,175		26.54	14.87	%
2015 and thereafter	394	3,317,038	35.61	%		102,073,658		30.77	42.07	%

	1,366	9,316,020	100.00	%	$	242,638,425	$	26.05	100.00	%

*	Annualized Rent is equal to the rental rate effective at lease expiration (cash basis) multiplied by 12.

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Acquisition Summary

Acquisition Date

Square Feet

Leased
Percentage at
Acquisition

June 30, 2010
Leased
Percentage

Investment

925 Corporate Drive

Stafford, VA

June 3, 2010

135,000

100%

34,000

1000 Corporate Drive

Stafford, VA

June 3, 2010

136,000

100%

34,000

Disposition Summary

Disposition Date

Property Type

Square
Feet

Sale Price

GAAP Gain

Parklawn Plaza

Rockville, MD

June 18, 2010

Office

40,000

Lexington Building

Rockville, MD

June 18, 2010

Office

46,000

Saratoga Building

Rockville, MD

June 18, 2010

Office

58,000

Charleston Business Center

Rockville, MD

June 18, 2010

Industrial

85,000

Total

229,000

23,430

7,942

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PROPERTIES	LOCATION	YEAR ACQUIRED	YEAR CONSTRUCTED	NET RENTABLE SQUARE FEET*
Office Buildings
1901 Pennsylvania Avenue	Washington, DC	1977	1960	97,000
51 Monroe Street	Rockville, MD	1979	1975	210,000
515 King Street	Alexandria, VA	1992	1966	76,000
6110 Executive Boulevard	Rockville, MD	1995	1971	198,000
1220 19th Street	Washington, DC	1995	1976	102,000
1600 Wilson Boulevard	Arlington, VA	1997	1973	166,000
7900 Westpark Drive	McLean, VA	1997	1972/1986/1999	523,000
600 Jefferson Plaza	Rockville, MD	1999	1985	112,000
1700 Research Boulevard	Rockville, MD	1999	1982	101,000
Wayne Plaza	Silver Spring, MD	2000	1970	91,000
Courthouse Square	Alexandria, VA	2000	1979	113,000
One Central Plaza	Rockville, MD	2001	1974	267,000
The Atrium Building	Rockville, MD	2002	1980	80,000
1776 G Street	Washington, DC	2003	1979	263,000
Albemarle Point	Chantilly, VA	2005	2001	89,000
6565 Arlington Boulevard	Falls Church, VA	2006	1967/1998	140,000
West Gude Drive	Rockville, MD	2006	1984/1986/1988	276,000
The Ridges	Gaithersburg, MD	2006	1990	104,000
The Crescent	Gaithersburg, MD	2006	1989	49,000
Monument II	Herndon, VA	2007	2000	205,000
Woodholme Center	Pikesville, MD	2007	1989	73,000
2000 M Street	Washington, DC	2007	1971	227,000
Dulles Station	Herndon, VA	2005	2007	180,000
2445 M Street	Washington, DC	2008	1986	290,000
925 Corporate Drive	Stafford, VA	2010	2007	135,000
1000 Corporate Drive	Stafford, VA	2010	2009	136,000

Subtotal				4,303,000


Medical Office Buildings
Woodburn Medical Park I	Annandale, VA	1998	1984	71,000
Woodburn Medical Park II	Annandale, VA	1998	1988	96,000
Prosperity Medical Center I	Merrifield, VA	2003	2000	92,000
Prosperity Medical Center II	Merrifield, VA	2003	2001	88,000
Prosperity Medical Center III	Merrifield, VA	2003	2002	75,000
Shady Grove Medical Village II	Rockville, MD	2004	1999	66,000
8301 Arlington Boulevard	Fairfax, VA	2004	1965	49,000
Alexandria Professional Center	Alexandria, VA	2006	1968	113,000
9707 Medical Center Drive	Rockville, MD	2006	1994	38,000
15001 Shady Grove Road	Rockville, MD	2006	1999	51,000
Plumtree Medical Center	Bel Air, MD	2006	1991	33,000
15005 Shady Grove Road	Rockville, MD	2006	2002	52,000
2440 M Street	Washington, DC	2007	1986/2006	110,000
Woodholme Medical Office Building	Pikesville, MD	2007	1996	125,000
Ashburn Office Park	Ashburn, VA	2007	1998/2000/2002	75,000
CentreMed I & II	Centreville, VA	2007	1998	52,000
Sterling Medical Office Building	Sterling, VA	2008	1986/2000	36,000
Lansdowne Medical Office Building	Leesburg, VA	2009	2009	87,000

Subtotal				1,309,000


Retail Centers
Takoma Park	Takoma Park, MD	1963	1962	51,000
Westminster	Westminster, MD	1972	1969	151,000
Concord Centre	Springfield, VA	1973	1960	76,000
Wheaton Park	Wheaton, MD	1977	1967	72,000
Bradlee	Alexandria, VA	1984	1955	168,000
Chevy Chase Metro Plaza	Washington, DC	1985	1975	49,000
Montgomery Village Center	Gaithersburg, MD	1992	1969	198,000
Shoppes of Foxchase⁽¹⁾	Alexandria, VA	1994	1960	134,000
Frederick County Square	Frederick, MD	1995	1973	227,000
800 S. Washington Street	Alexandria, VA	1998/2003	1955/1959	44,000
Centre at Hagerstown	Hagerstown, MD	2002	2000	332,000
Frederick Crossing	Frederick, MD	2005	1999/2003	295,000
Randolph Shopping Center	Rockville, MD	2006	1972	82,000
Montrose Shopping Center	Rockville, MD	2006	1970	143,000

Subtotal				2,022,000

⁽¹⁾	Development on approximately 60,000 square feet of the center was completed in December 2006.

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PROPERTIES	LOCATION	YEAR ACQUIRED	YEAR CONSTRUCTED	NET RENTABLE SQUARE FEET*
Multifamily Buildings * / # units
3801 Connecticut Avenue / 308	Washington, DC	1963	1951	179,000
Roosevelt Towers / 191	Falls Church, VA	1965	1964	170,000
Country Club Towers / 227	Arlington, VA	1969	1965	163,000
Park Adams / 200	Arlington, VA	1969	1959	173,000
Munson Hill Towers / 279	Falls Church, VA	1970	1963	259,000
The Ashby at McLean / 256	McLean, VA	1996	1982	252,000
Walker House Apartments / 212	Gaithersburg, MD	1996	1971/2003⁽²⁾	159,000
Bethesda Hill Apartments / 195	Bethesda, MD	1997	1986	226,000
Bennett Park / 224	Arlington, VA	2007	2007	268,000
Clayborne / 74	Alexandria, VA	2008	2008	87,000
Kenmore Apartments / 374	Washington, DC	2008	1948	270,000

Subtotal (2,540 units)				2,206,000


Industrial Distribution / Flex Properties
Fullerton Business Center	Springfield, VA	1985	1980	104,000
The Alban Business Center	Springfield, VA	1996	1981/1982	87,000
Ammendale Technology Park I	Beltsville, MD	1997	1985	167,000
Ammendale Technology Park II	Beltsville, MD	1997	1986	107,000
Pickett Industrial Park	Alexandria, VA	1997	1973	246,000
Northern Virginia Industrial Park	Lorton, VA	1998	1968/1991	787,000
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
Fullerton Industrial Center	Springfield, VA	2003	1980	137,000
8880 Gorman Road	Laurel, MD	2004	2000	141,000
Dulles Business Park Portfolio	Chantilly, VA	2004/2005	1999-2005	324,000
Albemarle Point	Chantilly, VA	2005	2001/2003/2005	207,000
Hampton Overlook	Capital Heights, MD	2006	1989	134,000
Hampton South	Capital Heights, MD	2006	1989/2005	168,000
9950 Business Parkway	Lanham, MD	2006	2005	102,000
270 Technology Park	Frederick, MD	2007	1986-1987	157,000
6100 Columbia Park Road	Landover, MD	2008	1969	150,000

Subtotal				3,259,000

TOTAL				13,099,000

*	Multifamily buildings are presented in gross square feet.

⁽²⁾	A 16 unit addition referred to as The Gardens at Walker House was completed in October 2003.

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Annualized base rent (ABR) is calculated as monthly base rent (cash basis) per the lease, as of the reporting period, multiplied by 12.

Debt to total market capitalization is total debt from the balance sheet divided by the sum of total debt from the balance sheet plus the market value of shares outstanding at the end of the period.

Adjusted EBITDA (a non-GAAP measure) is earnings attributable to the controlling interest before interest expense, taxes, depreciation, amortization, gain on sale of real estate, gain/loss on extinguishment of debt and gain/loss from non-disposal activities.

Ratio of earnings to fixed charges 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, including amortized costs of debt issuance, plus interest costs capitalized.

Debt service coverage ratio is computed by dividing earnings attributable to the controlling interest before interest expense, taxes, depreciation, amortization, gain on sale of real estate, gain/loss on extinguishment of debt and gain/loss from non-disposal activities by interest expense and principal amortization.

Funds from operations (FFO) - The National Association of Real Estate Investment Trusts, Inc. (NAREIT) defines FFO (April, 2002 White Paper) as net income attributable to the controlling interest (computed in accordance with generally accepted accounting principles (GAAP)) excluding gains (or losses) from sales of property plus real estate depreciation and amortization. FFO is a non-GAAP measure.

Funds Available for Distribution (FAD), a non-GAAP measure, is calculated by subtracting from FFO recurring expenditures, tenant improvements, leasing incentives and leasing costs, that are capitalized and amortized and are necessary to maintain our properties and revenue stream, non-cash gain/loss from extinguishment of debt and straight line rents, then adding non-real estate depreciation and amortization, non-cash fair value interest expense, adding or subtracting amortization of lease intangibles and amortization of restricted share compensation, as appropriate.

Recurring capital expenditures represents 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.

Core portfolio properties include all properties that were owned for the entirety of the current and prior year reporting periods.

Core portfolio net operating income (NOI) growth is the change in the NOI of the core portfolio properties from the prior reporting period to the current reporting period.