Exhibit 99.2

Exhibit 99.2

Third Quarter 2010

Supplemental Operating and Financial Data

for the Quarter Ended September 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

LOGO

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.

Since WRIT reported second quarter results, the company issued 1,576,940 shares at an average price of $31.13 per share through its Sales Agency Financing Agreement with BNY Mellon Capital Markets, generating approximately $49 million in proceeds. These proceeds were used to pay down a portion of the line of credit and for general corporate purposes. At the end of the third quarter, the outstanding balance on the line of credit was $100 million. Year to date, WRIT has issued 3,965,269 common shares through the Agreement with BNY Mellon for gross proceeds of approximately $120 million.

In the third quarter WRIT repurchased $7.6 million of its 3.875% convertible notes at an average price of 100.25% of par, and also prepaid without penalty a $21.7 million 5.82% mortgage note on The Ridges and The Crescent office properties in Gaithersburg, Maryland on July 12, 2010.

Also in the third quarter WRIT completed an underwritten public offering of $250 million aggregate principal amount of senior unsecured notes due October 1, 2020 under its shelf registration statement filed with the Securities and Exchange Commission. The notes have an annual coupon rate of 4.95% and were priced at 99.199% of the principal amount. Pursuant to a tender offer, WRIT used a portion of the proceeds to purchase $56.1 million aggregate principal amount of its outstanding 5.95% senior notes due June 15, 2011 and $122.8 million aggregate principal amount of its outstanding 3 7/8% convertible senior notes due 2026. The remainder of the proceeds will be used for general corporate purposes.

During the third quarter, WRIT signed commercial leases for 330,000 square feet with an average lease term of 4.4 years. The average rental rate increase on new and renewal leases was 6.8% on a GAAP basis and -2.4% on a cash basis. Commercial tenant improvement costs were $6.91 per square foot and leasing costs were $4.51 per square foot for the quarter.

As of September 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).

LOGO

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.

LOGO

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 second 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
Debt Covenant Compliance		10
Capital Analysis		11

Portfolio Analysis
Core Portfolio Net Operating Income (NOI) Growth & Rental Rate Growth		12
Core Portfolio Net Operating Income (NOI) Summary		13
Core Portfolio Net Operating Income (NOI) Detail for the Quarter		14-15
Net Operating Income (NOI) by Region		16
Core Portfolio & Overall Economic Occupancy Levels by Sector		17

Tenant Analysis
Commercial Leasing Summary		18
10 Largest Tenants - Based on Annualized Base Rent		19
Industry Diversification		20
Lease Expirations as of September 30, 2010		21

Growth and Strategy
2010 Acquisition and Disposition Summary		22

Appendix
Schedule of Properties		23-24
Supplemental Definitions		25

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

Real estate rental revenue	$	76,274		$	75,145		$	76,446		$	77,254		$	74,987
Real estate expenses		(25,152	)		(24,157	)		(27,401	)		(25,844	)		(25,573	)

		51,122			50,988			49,045			51,410			49,414

Real estate depreciation and amortization		(24,278	)		(23,669	)		(23,512	)		(23,802	)		(23,484	)

Income from real estate		26,844			27,319			25,533			27,608			25,930

Other income (expense)		301			(112	)		234			297			(54	)
Gain from non-disposal activities		4			—			—			11			62
Gain (loss) on extinguishment of debt		(238	)		—			(42	)		(1,595	)		(133	)
Interest expense		(17,100	)		(17,013	)		(17,065	)		(17,780	)		(18,224	)
General and administrative		(3,153	)		(3,519	)		(3,783	)		(3,187	)		(3,518	)

Income from continuing operations		6,658			6,675			4,877			5,354			4,063

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

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

Net income		6,658			15,021			5,265			7,303			9,603
Less: Net income from noncontrolling interests		(33	)		(27	)		(49	)		(49	)		(53	)

Net income attributable to the controlling interests	$	6,625		$	14,994		$	5,216		$	7,254		$	9,550


Per Share Data
Net income attributable to the controlling interests	$	0.10		$	0.24		$	0.09		$	0.12		$	0.16

Fully diluted weighted average shares outstanding		63,055			61,287			60,001			59,833			58,571

Percentage of Revenues:
Real estate expenses		33.0	%		32.1	%		35.8	%		33.5	%		34.1	%
General and administrative		4.1	%		4.7	%		4.9	%		4.1	%		4.7	%

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

Income from continuing operations attributable to the controlling interest/Total real estate revenue		8.7	%		8.8	%		6.3	%		6.9	%		5.3	%

Net income attributable to the controlling interest/Total real estate revenue		8.7	%		20.0	%		6.8	%		9.4	%		12.7	%

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

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	September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009			September 30, 2009
Assets
Land	$	418,195		$	418,177		$	408,779		$	408,779		$	408,779
Income producing property		1,951,606			1,943,146			1,889,281			1,886,408			1,877,614

		2,369,801			2,361,323			2,298,060			2,295,187			2,286,393
Accumulated depreciation and amortization		(529,716	)		(508,693	)		(488,387	)		(468,291	)		(448,663	)

Net income producing property		1,840,085			1,852,630			1,809,673			1,826,896			1,837,730
Development in progress, including land held for development		26,103			25,952			25,561			25,031			24,611

Total real estate held for investment, net		1,866,188			1,878,582			1,835,234			1,851,927			1,862,341

Investment in real estate held for sale, net		—			—			14,212			14,289			16,782
Cash and cash equivalents		262,413			13,338			10,758			11,203			7,119
Restricted cash		19,858			23,132			20,465			19,170			18,072
Rents and other receivables, net of allowance for doubtful accounts		56,218			53,164			52,686			50,441			49,031
Prepaid expenses and other assets		106,302			98,624			93,020			97,605			104,160
Other assets related to properties sold or held for sale		—			—			601			590			892

Total assets	$	2,310,979		$	2,066,840		$	2,026,976		$	2,045,225		$	2,058,397


Liabilities and Equity
Notes payable	$	930,201		$	689,007		$	688,358		$	688,912		$	796,064
Mortgage notes payable		381,109			403,612			404,518			405,451			406,377
Lines of credit/short-term note payable		100,000			107,000			110,000			128,000			6,000
Accounts payable and other liabilities		54,137			54,901			53,628			52,580			64,370
Advance rents		10,969			10,460			9,963			11,103			9,666
Tenant security deposits		9,703			9,565			9,736			9,668			9,816
Other liabilities related to properties sold or held for sale		—			—			502			448			535

Total Liabilities		1,486,119			1,274,545			1,276,705			1,296,162			1,292,828


Equity
Shares of beneficial interest, $0.01 par value; 100,000 shares authorized		642			625			607			599			598
Additional paid-in capital		1,074,308			1,020,768			966,952			944,825			942,884
Distributions in excess of net income		(251,964	)		(230,942	)		(219,094	)		(198,412	)		(179,639	)
Accumulated other comprehensive income (loss)		(1,906	)		(1,949	)		(2,004	)		(1,757	)		(2,080	)

Total shareholders’ equity		821,080			788,502			746,461			745,255			761,763
Noncontrolling interests in subsidiaries		3,780			3,793			3,810			3,808			3,806

Total equity		824,860			792,295			750,271			749,063			765,569

Total liabilities and equity	$	2,310,979		$	2,066,840		$	2,026,976		$	2,045,225		$	2,058,397

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

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

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	Three Months Ended
	9/30/2010			6/30/2010			3/31/2010			12/31/2009			9/30/2009
Funds from operations⁽¹⁾
Net income (loss) attributable to the controlling interests	$	6,625		$	14,994		$	5,216		$	7,254		$	9,550
Real estate depreciation and amortization		24,278			23,669			23,512			23,802			23,484
Gain from non-disposal activities		(4	)		—			—			(11	)		(62	)
Discontinued operations:
Gain on sale of real estate		—			(7,942	)		—			(1,527	)		(5,147	)
Real estate depreciation and amortization		—			—			96			146			205

Funds From Operations (FFO)	$	30,899		$	30,721		$	28,824		$	29,664		$	28,030


FFO per share - basic	$	0.49		$	0.50		$	0.48		$	0.50		$	0.48
FFO per share - fully diluted	$	0.49		$	0.50		$	0.48		$	0.50		$	0.48

FFO per share - fully diluted, excluding gain (loss) on extinguishment of debt	$	0.49		$	0.50		$	0.48		$	0.52		$	0.48

Funds available for distribution⁽²⁾
Non-cash (gain)/loss on extinguishment of debt		238			—			42			595			133
Tenant improvements		(2,863	)		(2,331	)		(2,012	)		(4,425	)		(2,272	)
External and internal leasing commissions capitalized		(3,387	)		(1,767	)		(2,268	)		(1,058	)		(1,543	)
Recurring capital improvements		(1,377	)		(1,999	)		(864	)		(1,442	)		(1,756	)
Straight-line rent, net		(1,099	)		(812	)		(608	)		(1,527	)		(576	)
Non-cash fair value interest expense		760			783			776			773			794
Non-real estate depreciation and amortization		1,094			993			993			1,037			1,122
Amortization of lease intangibles, net		(413	)		(405	)		(562	)		(777	)		(559	)
Amortization and expensing of restricted share and unit compensation		1,311			1,355			1,633			820			1,136

Funds Available for Distribution (FAD)	$	25,163		$	26,538		$	25,954		$	23,660		$	24,509


Total Dividends Paid	$	27,485		$	26,677		$	25,890		$	25,843		$	25,591

Average shares - basic		62,894			61,171			59,898			59,735			58,556
Average shares - fully diluted		63,055			61,287			60,001			59,833			58,571
⁽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
	09/30/10			06/30/10			03/31/10		12/31/09			09/30/09
Adjusted EBITDA⁽¹⁾

Net income attributable to the controlling interests	$	6,625		$	14,994		$	5,216	$	7,254		$	9,550
Add:
Interest expense		17,100			17,013			17,065		17,780			18,224
Real estate depreciation and amortization		24,278			23,669			23,608		23,948			23,689
Non-real estate depreciation		277			274			272		288			293
Less:
Gain on sale of real estate		—			(7,942	)		—		(1,527	)		(5,147	)
Loss (gain) on extinguishment of debt		238			—			42		1,595			133
Gain from non-disposal activities		(4	)		—			—		(11	)		(62	)


Adjusted EBITDA	$	48,514		$	48,008		$	46,203	$	49,327		$	46,680

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

Secured
Conventional fixed rate	$	381,109		$	403,612		$	404,518		$	405,451		$	406,377

Secured total		381,109			403,612			404,518			405,451			406,377


Unsecured
Fixed rate bonds and notes		930,201			689,007			688,358			688,912			796,064
Credit facility		100,000			107,000			110,000			128,000			6,000

Unsecured total		1,030,201			796,007			798,358			816,912			802,064

Total	$	1,411,310		$	1,199,619		$	1,202,876		$	1,222,363		$	1,208,441


Average Interest Rates

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

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

Unsecured
Fixed rate bonds		5.5	%		5.7	%		5.7	%		5.7	%		5.7	%
Credit facilities		2.5	%⁽¹⁾		2.4	%⁽¹⁾		2.4	%⁽¹⁾		2.8	%⁽¹⁾		0.7	%

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

Average		5.4	%		5.5	%		5.5	%		5.5	%		5.7	%

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 $6.9 million and $5.3 million, 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	$	1,115	$	—		$	—	$	1,115	5.4%
2011		13,349		275,495	^(1),(2)		100,000		388,844	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		300,000			—		337,102	5.4%

Total maturities	$	387,991	$	935,495		$	100,000	$	1,423,486	5.4%

Weighted average maturity = 4.9 years

⁽¹⁾

The 3.875% convertible notes due 2026 in the aggregate principal amount of $125.5 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 the our nonconvertible debt borrowing rate at the inception of the 3.875% convertible notes.

⁽²⁾	Subsequent to the end of the quarter, we used a portion of the proceeds from our 4.95% senior notes due in 2020 to purchase $56.1 million of our outstanding 5.95% senior notes due in 2011 and $122.8 million of our 3.875% convertible notes that are puttable at par in 2011.

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	Unsecured Notes Payable						Unsecured Line of Credit #1 ($75.0 million)						Unsecured Line of Credit #2 ($262.0 million)
	Quarter Ended September 30, 2010			Covenant			Quarter Ended September 30, 2010			Covenant			Quarter Ended September 30, 2010			Covenant
% of Total Indebtedness to Total Assets⁽¹⁾		45.2	%		£ 65.0	%		N/A			N/A			N/A			N/A
Ratio of Income Available for Debt Service to Annual Debt Service		3.0			³ 1.5			N/A			N/A			N/A			N/A
% of Secured Indebtedness to Total Assets⁽¹⁾		12.2	%		£ 40.0	%		N/A			N/A			N/A			N/A
Ratio of Total Unencumbered Assets⁽²⁾ to Total Unsecured Indebtedness		1.9			³ 1.5			N/A			N/A			N/A			N/A
Tangible Net Worth		N/A			N/A		$	1,035,577,608		³	$767,825,267		$	1,079,516,399		³	$767,825,267
% of Total Liabilities to Gross Asset Value⁽⁴⁾		N/A			N/A			53.6	%		£ 60.0	%		52.0	%		£ 60.0	%
% of Secured Indebtedness to Gross Asset Value⁽⁴⁾		N/A			N/A			13.7	%		£ 35.0	%		13.3	%		£ 35.0	%
Ratio of EBITDA⁽³⁾ to Fixed Charges⁽⁵⁾		N/A			N/A			2.54			³ 1.75			2.54			³ 1.75
Ratio of Unencumbered Pool Value⁽⁷⁾ to Unsecured Indebtedness		N/A			N/A			1.96			³ 1.67			N/A			N/A
Ratio of Unencumbered Net Operating Income to Unsecured Interest Expense		N/A			N/A			N/A			N/A			3.47			³ 2.00
% of Development in Progress to Gross Asset Value⁽⁴⁾		N/A			N/A			0.9	%		£ 30.0	%		0.9	%		£ 20.0	%
% of Non-Wholly Owned Assets⁽⁶⁾ to Gross Asset Value⁽⁴⁾		N/A			N/A			1.3	%		£ 15.0	%		1.3	%		£ 15.0	%

⁽¹⁾	Total Assets is calculated by applying a capitalization rate of 7.50% to the EBITDA⁽³⁾ 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⁽³⁾ from unencumbered properties from the last four consecutive quarters, excluding EBITDA from acquired, disposed, and non-stabilized development properties.

⁽³⁾	EBITDA is defined in our debt covenants as earnings before interest income, interest expense, taxes, depreciation, amortization, gain on sale of real estate, gain/loss on extinguishment of debt and gain from non-disposal activities.

⁽⁴⁾

Gross Asset Value is calculated by applying a capitalization rate to the annualized EBITDA⁽³⁾ from the most recently ended quarter, excluding EBITDA from disposed properties and current quarter acquisitions. To this amount, the purchase price of current quarter acquisitions, cash and cash equivalents and development in progress is added.

⁽⁵⁾	Fixed Charges consist of interest expense, principal payments, ground lease payments and replacement reserve payments.

⁽⁶⁾	Non-Wholly Owned Assets is calculated by applying a capitalization rate of 7.50% to the EBITDA⁽³⁾ from properties subject to a joint operating agreement (i.e. NVIP I&II). We add to this amount the development in progress subject to a joint operating agreement (i.e. 4661 Kenmore Avenue).

⁽⁷⁾	Unencumbered Pool Value is calculated by applying a capitalization rate of 7.75% to the net operating income from unencumbered properties owned for the entire quarter. To this we add the purchase price of unencumbered acquisitions during the current quarter and development in progress.

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

Shares Outstanding		64,093			62,380			60,545			59,811			59,724
Market Price per Share	$	31.73		$	27.59		$	30.55		$	27.55		$	28.80
Equity Market Capitalization	$	2,033,671		$	1,721,064		$	1,849,650		$	1,647,793		$	1,720,051
Total Debt	$	1,411,310		$	1,199,619		$	1,202,876		$	1,222,363		$	1,208,441
Total Market Capitalization	$	3,444,981		$	2,920,683		$	3,052,526		$	2,870,156		$	2,928,492
Total Debt to Market Capitalization		0.41:1			0.41:1			0.39:1			0.43:1			0.41:1

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

Dividend Data
Total Dividends Paid	$	27,485		$	26,677		$	25,890		$	25,842		$	25,591
Common Dividend per Share	$	0.4325		$	0.4325		$	0.4325		$	0.4325		$	0.4325
Payout Ratio (FFO per share basis)		88.3	%		86.5	%		90.1	%		86.5	%		90.1	%
Payout Ratio (FAD per share basis)		108.1	%		100.6	%		100.6	%		110.9	%		103.0	%

⁽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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	Third Quarter⁽¹⁾
	NOI Growth			Rental Rate Growth
Cash Basis:

Multifamily		11.4	%		1.1	%
Office Buildings		-4.4	%		1.9	%
Medical Office Buildings		2.1	%		3.5	%
Retail Centers		2.6	%		2.1	%
Industrial/Flex		-4.6	%		4.9	%

Overall Core Portfolio		-0.2	%		2.4	%

	Third Quarter⁽¹⁾
	NOI Growth			Rental Rate Growth
GAAP Basis:
Multifamily		11.2	%		1.2	%
Office Buildings		-3.0	%		2.6	%
Medical Office Buildings		1.8	%		3.6	%
Retail Centers		2.2	%		1.4	%
Industrial/Flex		-3.6	%		4.7	%

Overall Core Portfolio		0.4	%		2.6	%

¹	Non-core properties were:


Acquisitions:		Office - Quantico Corporate Center;
		Medical Office - Lansdowne Medical Office Building;


Sold properties:
		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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	Three Months Ended September 30,
	2010		2009		% Change
Cash Basis:
Multifamily	$	7,432	$	6,669		11.4	%
Office Buildings		19,537		20,426		-4.4	%
Medical Office Buildings		7,272		7,126		2.1	%
Retail Centers		7,698		7,500		2.6	%
Industrial/Flex		6,264		6,563		-4.6	%

	$	48,203	$	48,284		-0.2	%

GAAP Basis:
Multifamily	$	7,636	$	6,869		11.2	%
Office Buildings		20,409		21,051		-3.0	%
Medical Office Buildings		7,480		7,347		1.8	%
Retail Centers		7,837		7,665		2.2	%
Industrial/Flex		6,327		6,562		-3.6	%

	$	49,689	$	49,494		0.4	%

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	Three Months Ended September 30, 2010
	Multifamily			Office			Medical Office			Retail			Industrial/Flex			Corporate and Other			Total
Real estate rental revenue
Core portfolio	$	12,434		$	32,308		$	10,979		$	9,865		$	8,539		$	—		$	74,125
Non-core - acquired and in development ¹		—			2,135			14			—			—			—			2,149

Total		12,434			34,443			10,993			9,865			8,539			—			76,274

Real estate expenses
Core portfolio		4,798			11,899			3,499			2,028			2,212			—			24,436
Non-core - acquired and in development ¹		—			580			136			—			—			—			716

Total		4,798			12,479			3,635			2,028			2,212			—			25,152

Net Operating Income (NOI)
Core portfolio		7,636			20,409			7,480			7,837			6,327			—			49,689
Non-core - acquired and in development ¹		—			1,555			(122	)		—			—			—			1,433

Total	$	7,636		$	21,964		$	7,358		$	7,837		$	6,327		$	—		$	51,122


Core portfolio NOI GAAP basis (from above)	$	7,636		$	20,409		$	7,480		$	7,837		$	6,327		$	—		$	49,689
Straight-line revenue, net for core properties		(12	)		(735	)		(121	)		(71	)		(37	)		—			(976	)
FAS 141 Min Rent		(192	)		(383	)		(98	)		(79	)		(32	)		—			(784	)
Amortization of lease intangibles for core properties		—			246			11			11			6			—			274

Core portfolio NOI, cash basis	$	7,432		$	19,537		$	7,272		$	7,698		$	6,264		$	—		$	48,203


Reconciliation of NOI to Net Income
Total NOI	$	7,636		$	21,964		$	7,358		$	7,837		$	6,327		$	—		$	51,122
Other income (expense)		—			—			—			—			—			301			301
Interest expense		(1,726	)		(2,425	)		(1,354	)		(324	)		(236	)		(11,035	)		(17,100	)
Depreciation and amortization		(3,435	)		(11,966	)		(3,804	)		(1,771	)		(2,982	)		(320	)		(24,278	)
General and administrative		—			—			—			—			—			(3,153	)		(3,153	)
Discontinued operations²		—			—			—			—			—			—			—
Gain from non-disposal activities		—			—			—			—			—			4			4
Gain on sale of real estate		—			—			—			—			—			—			—
Gain (loss) on extinguishment of debt		—			—			—			—			—			(238	)		(238	)

Net Income		2,475			7,573			2,200			5,742			3,109			(14,441	)		6,658
Net income attributable to noncontrolling interests		—			—			—			—			—			(33	)		(33	)

Net income attributable to the controlling interests	$	2,475		$	7,573		$	2,200		$	5,742		$	3,109		$	(14,474	)	$	6,625


¹Non-core acquired and in development properties:

Acquisition:

Medical Office - Lansdowne Medical Office Building;

Office - Quantico Corporate Center.


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

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	Three Months Ended September 30, 2009
	Multifamily			Office			Medical Office			Retail			Industrial/Flex			Corporate and Other			Total
Real estate rental revenue
Core portfolio	$	11,833		$	32,912		$	11,099		$	10,182		$	8,961		$	—		$	74,987
Non-core - acquired and in development ¹		—			—			—			—			—			—			—

Total		11,833			32,912			11,099			10,182			8,961			—			74,987

Real estate expenses
Core portfolio		4,964			11,861			3,752			2,517			2,399			—			25,493
Non-core - acquired and in development ¹		—			—			80			—			—			—			80

Total		4,964			11,861			3,832			2,517			2,399			—			25,573

Net operating income (NOI)
Core portfolio		6,869			21,051			7,347			7,665			6,562			—			49,494
Non-core - acquired and in development ¹		—			—			(80	)		—			—			—			(80	)

Total	$	6,869		$	21,051		$	7,267		$	7,665		$	6,562		$	—		$	49,414


Core portfolio NOI GAAP basis (from above)	$	6,869		$	21,051		$	7,347		$	7,665		$	6,562		$	—		$	49,494
Straight-line revenue, net for core properties		(8	)		(477	)		(48	)		(72	)		16			—			(589	)
FAS 141 min rent		(192	)		(465	)		(173	)		(96	)		(20	)		—			(946	)
Amortization of lease intangibles for core properties		—			317			—			3			5			—			325

Core portfolio NOI, cash basis	$	6,669		$	20,426		$	7,126		$	7,500		$	6,563		$	—		$	48,284


Reconciliation of NOI to net income
Total NOI	$	6,869		$	21,051		$	7,267		$	7,665		$	6,562		$	—		$	49,414
Other income (expense)		—			—			—			—			—			(54	)		(54	)
Interest expense		(1,764	)		(2,623	)		(1,383	)		(330	)		(240	)		(11,884	)		(18,224	)
Depreciation and amortization		(3,483	)		(11,335	)		(3,720	)		(1,845	)		(2,834	)		(267	)		(23,484	)
General and administrative		—			—			—			—			—			(3,518	)		(3,518	)
Discontinued operations²		—			182			—			—			211			—			393
Gain from non-disposal activities		—			60			2			—			—			—			62
Gain on sale of real estate		—			—			—			—			—			5,147			5,147
Gain (loss) on extinguishment of debt		—			—			—			—			—			(133	)		(133	)

Net income		1,622			7,335			2,166			5,490			3,699			(10,709	)		9,603
Net income attributable to noncontrolling interests		—			—			—			—			—			(53	)		(53	)

Net income attributable to the controlling interests	$	1,622		$	7,335		$	2,166		$	5,490		$	3,699		$	(10,762	)	$	9,550


¹Non-core acquired and development properties were:


Acquisition:		Medical Office - Lansdowne Medical Office Building.

²Discontinued operations include sold properties:

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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WRIT Portfolio

Maryland/Virginia/DC


	Percentage of Q3 2010 GAAP NOI			Percentage of YTD 2010 GAAP NOI

DC
Multifamily		3.9	%		3.6	%
Office		14.7	%		15.2	%
Medical Office Buildings		1.5	%		1.7	%
Retail		0.7	%		0.7	%
Industrial/Flex		0.0	%		0.0	%

		20.8	%		21.2	%

Maryland
Multifamily		2.2	%		2.0	%
Office		12.5	%		12.7	%
Medical Office Buildings		4.2	%		4.4	%
Retail		9.1	%		8.7	%
Industrial/Flex		4.2	%		4.2	%

		32.2	%		32.0	%

Virginia
Multifamily		8.9	%		8.7	%
Office		15.7	%		15.4	%
Medical Office Buildings		8.7	%		8.8	%
Retail		5.5	%		5.7	%
Industrial/Flex		8.2	%		8.2	%

		47.0	%		46.8	%

Total Portfolio¹		100.0	%		100.0	%

WRIT Portfolio

Inside & Outside the Beltway


	Percentage of Q3 2010 GAAP NOI			Percentage of YTD 2010 GAAP NOI

Inside the Beltway
Multifamily		14.2	%		13.6	%
Office		20.2	%		20.9	%
Medical Office Buildings		2.8	%		2.8	%
Retail		6.0	%		6.1	%
Industrial/Flex		2.7	%		2.5	%

		45.9	%		45.9	%

Outside the Beltway
Multifamily		0.8	%		0.8	%
Office		22.8	%		22.4	%
Medical Office Buildings		11.7	%		12.0	%
Retail		9.3	%		9.0	%
Industrial/Flex		9.5	%		9.9	%

		54.1	%		54.1	%

Total Portfolio¹		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	3rd QTR 2010			3rd QTR 2009			3rd QTR 2010			3rd QTR 2009

Multifamily		95.6	%		93.9	%		95.6	%		93.9	%
Office Buildings		89.4	%		92.9	%		90.1	%		92.3	%
Medical Office Buildings		94.8	%		96.0	%		90.3	%		96.0	%
Retail Centers		91.7	%		94.0	%		91.7	%		94.0	%
Industrial / Flex		83.0	%		89.6	%		83.0	%		89.6	%


Overall Portfolio		90.7	%		93.3	%		90.3	%		93.0	%

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	3rd Quarter 2010						2nd Quarter 2010						1st Quarter 2010						4th Quarter 2009						3rd Quarter 2009
Gross Leasing Square Footage
Office Buildings		103,428						149,296						198,868						133,548						181,625
Medical Office Buildings		70,426						92,041						23,951						33,386						37,202
Retail Centers		52,501						113,878						5,805						95,037						12,358
Industrial Centers		103,800						285,628						45,616						44,503						94,805

Total		330,155						640,843						274,240						306,474						325,990

Weighted Average Term (yrs)
Office Buildings		3.8						6.7						5.6						5.2						3.4
Medical Office Buildings		5.3						5.4						9.0						7.2						6.3
Retail Centers		6.2						5.7						5.0						5.2						1.9
Industrial Centers		3.4						4.9						3.3						4.9						2.3

Total		4.4						5.5						5.5						5.4						3.4


	GAAP			CASH			GAAP			CASH			GAAP			CASH			GAAP			CASH			GAAP			CASH

Rental Rate Increases:
Rate on expiring leases
Office Buildings	$	27.65		$	28.50		$	29.71		$	30.35		$	26.85		$	27.91		$	29.87		$	31.85		$	27.08		$	28.83
Medical Office Buildings		30.40			32.62			32.29			34.30			32.18			33.92			30.67			31.66			33.33			34.84
Retail Centers		26.01			26.71			16.10			16.38			25.83			27.42			13.69			14.12			23.39			25.08
Industrial Centers		10.36			10.73			10.05			10.46			9.29			9.93			9.33			9.62			8.43			8.63

Total	$	22.54		$	23.51		$	18.90		$	19.57		$	24.37		$	25.43		$	21.96		$	23.10		$	22.23		$	23.50


Rate on new leases
Office Buildings	$	28.29		$	27.09		$	31.49		$	28.84		$	30.97		$	28.86		$	29.90		$	28.19		$	29.06		$	27.98
Medical Office Buildings		34.94			32.78			39.30			36.44			40.38			35.27			39.40			35.95			39.59			36.63
Retail Centers		30.57			29.36			16.30			16.03			31.31			29.97			13.67			13.00			21.37			21.11
Industrial Centers		9.23			8.92			13.62			13.50			9.47			9.20			9.02			8.41			8.66			8.45

Total	$	24.08		$	22.95		$	21.95		$	20.82		$	28.22		$	26.18		$	22.87		$	21.45		$	24.04		$	23.03


Percentage Increase
Office Buildings		2.34	%		-4.93	%		6.00	%		-5.00	%		15.34	%		3.43	%		0.11	%		-11.48	%		7.31	%		-2.94	%
Medical Office Buildings		14.95	%		0.51	%		21.73	%		6.26	%		25.48	%		3.98	%		28.46	%		13.53	%		18.78	%		5.13	%
Retail Centers		17.51	%		9.91	%		1.24	%		-2.15	%		21.21	%		9.30	%		-0.15	%		-7.93	%		-8.64	%		-15.83	%
Industrial Centers		-10.91	%		-16.89	%		35.57	%		29.11	%		1.90	%		-7.38	%		-3.29	%		-12.61	%		2.70	%		-2.03	%

Total		6.84	%		-2.36	%		16.15	%		6.39	%		15.79	%		2.92	%		4.16	%		-7.14	%		8.13	%		-2.00	%


	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	$	1,296,481		$	12.54		$	4,512,498		$	30.23		$	3,473,255		$	17.47		$	1,430,285		$	10.71		$	1,747,491		$	9.62
Medical Office Buildings		859,930			12.21			1,610,073			17.49			595,969			24.88			665,314			19.93			678,100			18.23
Retail Centers		22,500			0.43			587,775			5.16			—			—			711,150			7.48			—			—
Industrial Centers		102,112			0.98			513,745			1.80			64,327			1.41			64,692			1.45			69,072			0.73

Subtotal	$	2,281,023		$	6.91		$	7,224,091		$	11.27		$	4,133,551		$	15.07		$	2,871,441		$	9.37		$	2,494,663		$	7.65


Leasing Costs
Office Buildings	$	781,922		$	7.56		$	3,316,582		$	22.21		$	2,064,933		$	10.38		$	1,713,899		$	12.83		$	894,657		$	4.93
Medical Office Buildings		362,586			5.15			959,827			10.43			400,746			16.73			677,283			20.29			330,462			8.88
Retail Centers		120,850			2.30			195,025			1.71			7,808			1.35			416,159			4.38			20,213			1.64
Industrial Centers		222,983			2.15			921,870			3.23			97,391			2.14			119,606			2.69			43,071			0.45

Subtotal	$	1,488,341		$	4.51		$	5,393,304		$	8.42		$	2,570,878		$	9.37		$	2,926,947		$	9.55		$	1,288,403		$	3.95


Tenant Improvements and Leasing Costs
Office Buildings	$	2,078,403		$	20.10		$	7,829,080		$	52.44		$	5,538,188		$	27.85		$	3,144,184		$	23.54		$	2,642,148		$	14.55
Medical Office Buildings		1,222,516			17.36			2,569,900			27.92			996,715			41.61			1,342,597			40.21			1,008,562			27.11
Retail Centers		143,350			2.73			782,800			6.87			7,808			1.35			1,127,309			11.86			20,213			1.64
Industrial Centers		325,095			3.13			1,435,615			5.03			161,718			3.55			184,298			4.14			112,143			1.18

Total	$	3,769,364		$	11.42		$	12,617,395		$	19.69		$	6,704,429		$	24.45		$	5,798,388		$	18.92		$	3,783,066		$	11.60

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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		57		4.46	%		210,354		2.30	%
Advisory Board Company		1		104		2.79	%		180,925		1.97	%
General Services Administration		9		39		2.61	%		269,740		2.94	%
INOVA Health System		7		49		1.93	%		113,041		1.23	%
Patton Boggs LLP		1		79		1.91	%		110,566		1.21	%
IBM Corporation		1		111		1.74	%		123,138		1.34	%
URS Corporation		2		41		1.70	%		119,778		1.31	%
Sunrise Assisted Living, Inc.		1		36		1.62	%		115,289		1.26	%
General Dynamics		2		23		1.34	%		88,359		0.96	%
Children’s Hospital		3		68		1.19	%		77,858		0.85	%

Total/Weighted Average				61		21.29	%		1,409,048		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	$	64,793,027		30.04	%		2,387,639		26.06	%
Ambulatory Health Care Services		39,438,091		18.29	%		1,194,318		13.03	%
Credit Intermediation and Related Activities		14,457,769		6.70	%		343,220		3.75	%
Executive, Legislative & Other General Government		10,687,473		4.96	%		475,214		5.19	%
Religious, Grantmaking, Civic, Professional		7,145,716		3.31	%		212,133		2.32	%
Educational Services		5,775,535		2.68	%		217,552		2.37	%
Food Services and Drinking Places		5,565,465		2.58	%		205,705		2.25	%
Administrative and Support Services		4,696,111		2.18	%		307,170		3.35	%
Nursing and Residential Care Facilities		4,026,673		1.87	%		145,010		1.58	%
Food and Beverage Stores		3,982,715		1.85	%		226,700		2.47	%
Broadcasting (except Internet)		3,712,090		1.72	%		108,414		1.18	%
Furniture and Home Furnishing Stores		3,063,958		1.42	%		198,536		2.17	%
Miscellaneous Store Retailers		2,905,299		1.35	%		197,620		2.16	%
Personal and Laundry Services		2,877,629		1.33	%		103,512		1.13	%
Merchant Wholesalers-Durable Goods		2,790,462		1.29	%		279,954		3.06	%
Hospitals		2,381,433		1.10	%		70,909		0.77	%
Health and Personal Care Services		2,210,424		1.03	%		63,100		0.69	%
Clothing and Clothing Accessories Stores		2,032,087		0.94	%		124,935		1.36	%
Sporting Goods/Books/Hobby/Music Stores		2,014,633		0.93	%		144,171		1.57	%
Miscellaneous Manufacturing		1,974,864		0.92	%		181,959		1.99	%
Merchant Wholesalers-Non Durable Goods		1,830,382		0.85	%		199,923		2.18	%
Construction of Buildings		1,654,729		0.77	%		108,119		1.18	%
Specialty Trade Contractors		1,589,700		0.74	%		174,481		1.90	%
Real Estate		1,569,909		0.73	%		56,542		0.62	%
Computer & Electronic Product Manufacturing		1,548,032		0.72	%		85,457		0.93	%
General Merchandise Stores		1,443,781		0.67	%		201,452		2.20	%
Amusement, Gambling and Recreation industries		1,405,205		0.65	%		106,464		1.16	%
Printing and Related Support Activities		1,235,925		0.57	%		64,775		0.71	%
Data Processing & Hosting Services		1,179,751		0.55	%		34,226		0.37	%
Insurance Carriers and Related Activities		1,073,975		0.50	%		40,547		0.44	%
Other		14,598,865		6.76	%		903,778		9.86	%

Total	$	215,661,708		100.00	%		9,163,535		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		30		93,845		2.45	%	$	2,503,377	$	26.68		1.87	%
2011		117		503,294		13.11	%		16,174,052		32.14		12.09	%
2012		87		433,062		11.28	%		13,273,483		30.65		9.92	%
2013		81		512,126		13.34	%		15,914,176		31.07		11.90	%
2014		71		726,132		18.92	%		24,040,943		33.11		17.97	%
2015 and thereafter		173		1,570,465		40.90	%		61,850,663		39.38		46.25	%

		559		3,838,924		100.00	%	$	133,756,694	$	34.84		100.00	%


Medical Office:
2010		17		52,325		4.41	%	$	1,646,938	$	31.48		3.62	%
2011		73		196,645		16.57	%		6,662,318		33.88		14.65	%
2012		46		151,802		12.79	%		5,511,216		36.31		12.12	%
2013		54		160,780		13.55	%		5,685,665		35.36		12.51	%
2014		37		114,172		9.62	%		4,439,892		38.89		9.77	%
2015 and thereafter		122		510,790		43.06	%		21,517,298		42.13		47.33	%

		349		1,186,514		100.00	%	$	45,463,327	$	38.32		100.00	%


Retail:
2010		10		25,726		1.54	%	$	676,871	$	26.31		2.04	%
2011		50		206,309		12.31	%		3,608,207		17.49		10.90	%
2012		41		144,736		8.63	%		3,464,355		23.94		10.46	%
2013		35		278,994		16.64	%		4,149,820		14.87		12.53	%
2014		21		93,653		5.59	%		2,175,704		23.23		6.57	%
2015 and thereafter		99		926,874		55.29	%		19,039,334		20.54		57.50	%

		256		1,676,292		100.00	%	$	33,114,291	$	19.75		100.00	%


Industrial/Flex:
2010		7		66,343		2.58	%	$	776,841	$	11.71		2.51	%
2011		58		508,851		19.78	%		5,158,246		10.14		16.64	%
2012		40		507,087		19.71	%		5,723,503		11.29		18.46	%
2013		44		492,565		19.15	%		5,621,649		11.41		18.13	%
2014		20		440,399		17.12	%		5,730,611		13.01		18.49	%
2015 and thereafter		41		557,053		21.66	%		7,990,785		14.34		25.77	%

		210		2,572,298		100.00	%	$	31,001,635	$	12.05		100.00	%


Total:
2010		64		238,239		2.57	%	$	5,604,027	$	23.52		2.30	%
2011		298		1,415,099		15.26	%		31,602,823		22.33		12.99	%
2012		214		1,236,687		13.34	%		27,972,557		22.62		11.50	%
2013		214		1,444,465		15.58	%		31,371,310		21.72		12.89	%
2014		149		1,374,356		14.82	%		36,387,150		26.48		14.95	%
2015 and thereafter		435		3,565,182		38.43	%		110,398,080		30.97		45.37	%

		1,374		9,274,028		100.00	%	$	243,335,947	$	26.24		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

September 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.