EXHIBIT 99.2

Exhibit 99.2

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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, medical office, industrial/flex, retail, and multifamily properties and land for development.

2010 Summary

WRIT continued to improve the quality of its property portfolio, acquiring two Class A office buildings at Quantico Corporate Center in Stafford, Virginia and a Class A retail center in Columbia, Maryland for a total of $156 million while disposing of eight lower growth office and industrial properties in suburban Maryland for a total of $74 million. WRIT executed 1.6 million square feet of commercial lease transactions, compared to 1.4 million square feet in 2009. In 2010, WRIT issued 5,644,777 common shares through its Sales Agency Financing Agreement with BNY Mellon Capital Markets at a weighted average price of $30.34 for gross proceeds of $171 million. WRIT refinanced $179 million of its 2011 debt maturities by issuing $250 million 10-year unsecured senior notes at a coupon of 4.95%.

Fourth Quarter 2010 Update

WRIT acquired Gateway Overlook, a 223,000 square foot Class A shopping center in Columbia, Maryland for $88.35 million. This transaction highlights WRIT’s continued focus on acquiring superior-located, newer assets. The property was completed in 2007 and is located immediately off of I-95 at the intersection of Little Patuxent Parkway/Route 175 and Waterloo Road/Route 108 in Howard County. It is 90% leased to 21 tenants, including national retailers Trader Joe’s, Best Buy and Office Depot, as well as Wachovia Bank and Capital One Bank. WRIT funded the acquisition using available cash and its line of credit. The expected first year unleveraged yield is 6.9% on a cash basis.

In December, WRIT sold four properties that no longer fit into its long term growth plan. The Ridges, a 104,000 square foot office building in Gaithersburg, Maryland was sold for $27.5 million. The sale generated a net book gain of $4.4 million and produced an unleveraged internal rate of return was 11% over the four year holding period. In a separate transaction, WRIT completed the sale of three industrial properties, Ammendale I and II and Amvax, totaling 305,000 square feet in Beltsville, Maryland for $23.0 million and a net book gain of $9.2 million. The unleveraged internal rate of return was 15%.

During the quarter, WRIT issued 1,679,508 shares at a weighted average price of $30.68 per share through its Sales Agency Financing Agreement with BNY Capital Markets, generating approximately $51.5 million in proceeds. These proceeds were used for general corporate purposes, including partially funding the acquisition of Gateway Overlook Shopping Center. WRIT also completed tender offers for its 5.95% senior notes due June 15, 2011 and its 3 7/8% convertible senior notes due September 15, 2026. Of the $150 million 5.95% senior notes, $56.1 million were tendered. With respect to the $125.5 million of 3 7/8% convertible senior notes outstanding, $122.8 million were tendered. The repurchases were funded with a portion of the proceeds from the $250 million 4.95% senior unsecured notes offering completed in September 2010.

WRIT signed commercial leases for 382,000 square feet with an average lease term of 5.8 years. The average rental rate increase on new and renewal leases was 11.5% on a GAAP basis and -0.7% on a cash basis. Commercial tenant improvement costs were $7.86 per square foot and leasing costs were $6.01 per square foot for the quarter.

As of December 31, 2010, WRIT owned a diversified portfolio of 85 properties totaling approximately 11 million square feet of commercial space and 2,540 residential units. These 85 properties consist of 25 office properties, 18 medical office properties, 16 industrial/flex properties, 15 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 office, medical office, industrial/flex, retail and multifamily 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: The Ridges, Ammendale I & II and Amvax.

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 third 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
Same-Store Portfolio Net Operating Income (NOI) Growth & Rental Rate Growth		12
Same-Store Portfolio Net Operating Income (NOI) Summary		13
Same-Store Portfolio Net Operating Income (NOI) Detail for the Quarter		14-15
Same-Store Portfolio Net Operating Income (NOI) Detail for the Year		16-17
Net Operating Income (NOI) by Region		18
Same-Store Portfolio & Overall Physical Occupancy Levels by Sector		19
Same-Store Portfolio & Overall Economic Occupancy Levels by Sector		20

Tenant Analysis
Commercial Leasing Summary		21
10 Largest Tenants - Based on Annualized Base Rent		22
Industry Diversification		23
Lease Expirations as of December 31, 2010		24

Growth and Strategy
2010 Acquisition and Disposition Summary		25

Appendix
Schedule of Properties		26-27
Supplemental Definitions		28

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

Real estate rental revenue	$	297,977		$	298,161		$	75,143		$	74,738		$	73,481		$	74,615		$	75,774
Real estate expenses		(98,922	)		(101,304	)		(23,957	)		(24,658	)		(23,614	)		(26,693	)		(25,319	)

		199,055			196,857			51,186			50,080			49,867			47,922			50,455

Real estate depreciation and amortization		(93,992	)		(91,668	)		(23,889	)		(23,826	)		(23,213	)		(23,064	)		(23,358	)

Income from real estate		105,063			105,189			27,297			26,254			26,654			24,858			27,097

Other income (expense)		32			417			(391	)		301			(112	)		234			297
Gain from non-disposal activities		7			73			3			4			—			—			11
Gain (loss) on extinguishment of debt		(9,176	)		5,336			(8,896	)		(238	)		—			(42	)		(1,595	)
Interest expense		(68,389	)		(74,074	)		(17,801	)		(16,965	)		(16,785	)		(16,838	)		(17,548	)
General and administrative		(14,406	)		(13,118	)		(3,951	)		(3,153	)		(3,519	)		(3,783	)		(3,187	)

Income (loss) from continuing operations		13,131			23,823			(3,739	)		6,203			6,238			4,429			5,075

Discontinued operations:
Income from operations of properties held for sale		2,829			3,777			697			455			841			836			701
Gain on sale of real estate		21,599			13,348			13,657			—			7,942			—			1,527

Income from discontinued operations		24,428			17,125			14,354			455			8,783			836			2,228

Net income		37,559			40,948			10,615			6,658			15,021			5,265			7,303
Less: Net income from noncontrolling interests		(133	)		(203	)		(24	)		(33	)		(27	)		(49	)		(49	)

Net income attributable to the controlling interests	$	37,426		$	40,745		$	10,591		$	6,625		$	14,994		$	5,216		$	7,254


Per Share Data
Net income attributable to the controlling interests	$	0.60		$	0.71		$	0.16		$	0.10		$	0.24		$	0.09		$	0.12

Fully diluted weighted average shares outstanding		62,264			56,968			64,536			63,055			61,287			60,001			59,833

Percentage of Revenues:
Real estate expenses		33.2	%		34.0	%		31.9	%		33.0	%		32.1	%		35.8	%		33.4	%
General and administrative		4.8	%		4.4	%		5.3	%		4.2	%		4.8	%		5.1	%		4.2	%

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

Income from continuing operations attributable to the controlling interest/Total real estate revenue		4.4	%		7.9	%		-5.0	%		8.3	%		8.5	%		5.9	%		6.6	%

Net income attributable to the controlling interest/Total real estate revenue		12.6	%		13.7	%		14.1	%		8.9	%		20.4	%		7.0	%		9.6	%

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

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	December 31, 2010			September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009
Assets
Land	$	440,509		$	411,693		$	411,675		$	402,277		$	402,277
Income producing property		1,976,378			1,913,140			1,904,745			1,850,980			1,848,129

		2,416,887			2,324,833			2,316,420			2,253,257			2,250,406
Accumulated depreciation and amortization		(538,786	)		(518,121	)		(497,486	)		(477,570	)		(457,858	)

Net income producing property		1,878,101			1,806,712			1,818,934			1,775,687			1,792,548
Development in progress, including land held for development		26,240			26,103			25,952			25,561			25,031

Total real estate held for investment, net		1,904,341			1,832,815			1,844,886			1,801,248			1,817,579

Investment in real estate held for sale, net		—			33,373			33,696			48,198			48,636
Cash and cash equivalents		78,767			262,413			13,338			10,758			11,203
Restricted cash		21,552			19,858			21,567			19,035			17,668
Rents and other receivables, net of allowance for doubtful accounts		55,176			55,104			51,994			51,628			49,617
Prepaid expenses and other assets		108,045			104,790			97,480			91,640			95,986
Other assets related to properties sold or held for sale		—			2,626			3,879			4,469			4,536

Total assets	$	2,167,881		$	2,310,979		$	2,066,840		$	2,026,976		$	2,045,225


Liabilities and Equity
Notes payable	$	753,587		$	930,201		$	689,007		$	688,358		$	688,912
Mortgage notes payable		380,171			381,109			381,929			382,735			383,563
Lines of credit/short-term note payable		100,000			100,000			107,000			110,000			128,000
Accounts payable and other liabilities		51,130			54,017			54,685			53,397			52,324
Advance rents		12,597			10,595			10,208			9,510			10,743
Tenant security deposits		9,538			9,538			9,410			9,581			9,512
Other liabilities related to properties sold or held for sale		—			659			22,306			23,124			23,108

Total Liabilities		1,307,023			1,486,119			1,274,545			1,276,705			1,296,162


Equity
Shares of beneficial interest, $0.01 par value; 100,000 shares authorized		659			642			625			607			599
Additional paid-in capital		1,127,825			1,074,308			1,020,768			966,952			944,825
Distributions in excess of net income		(269,935	)		(251,964	)		(230,942	)		(219,094	)		(198,412	)
Accumulated other comprehensive income (loss)		(1,469	)		(1,906	)		(1,949	)		(2,004	)		(1,757	)

Total shareholders’ equity		857,080			821,080			788,502			746,461			745,255
Noncontrolling interests in subsidiaries		3,778			3,780			3,793			3,810			3,808

Total equity		860,858			824,860			792,295			750,271			749,063

Total liabilities and equity	$	2,167,881		$	2,310,979		$	2,066,840		$	2,026,976		$	2,045,225

Total Debt / Total Market Capitalization		0.38:1			0.41:1			0.41:1			0.39:1			0.43:1

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

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	Twelve Months Ended						Three Months Ended
	12/31/2010			12/31/2009			12/31/2010			9/30/2010			6/30/2010			3/31/2010			12/31/2009
Funds from operations⁽¹⁾
Net income (loss) attributable to the controlling interests	$	37,426		$	40,745		$	10,591		$	6,625		$	14,994		$	5,216		$	7,254
Real estate depreciation and amortization		93,992			91,668			23,889			23,826			23,213			23,064			23,358
Gain from non-disposal activities		(7	)		(73	)		(3	)		(4	)		—			—			(11	)
Discontinued operations:
Gain on sale of real estate		(21,599	)		(13,348	)		(13,657	)		—			(7,942	)		—			(1,527	)
Real estate depreciation and amortization		1,754			2,779			302			452			456			544			590

Funds From Operations (FFO)	$	111,566		$	121,771		$	21,122		$	30,899		$	30,721		$	28,824		$	29,664

Loss (gain) on extinguishment of debt		9,176			(5,336	)		8,896			238			—			42			1,595
Acquisition costs		1,161			788			709			(12	)		409			55			(13	)

Core FFO ⁽³⁾	$	121,903		$	117,223		$	30,727		$	31,125		$	31,130		$	28,921		$	31,246


FFO per share - basic	$	1.79		$	2.14		$	0.33		$	0.49		$	0.50		$	0.48		$	0.50
FFO per share - fully diluted	$	1.79		$	2.14		$	0.33		$	0.49		$	0.50		$	0.48		$	0.50

Core FFO per share - fully diluted	$	1.96		$	2.06		$	0.48		$	0.49		$	0.51		$	0.48		$	0.52

Funds available for distribution⁽²⁾
FFO	$	111,566		$	121,771		$	21,122		$	30,899		$	30,721		$	28,824		$	29,664
Non-cash (gain)/loss on extinguishment of debt		3,202			(6,336	)		2,922			238			—			42			595
Tenant improvements		(13,579	)		(12,490	)		(6,373	)		(2,863	)		(2,331	)		(2,012	)		(4,425	)
External and internal leasing commissions capitalized		(9,511	)		(5,845	)		(2,089	)		(3,387	)		(1,767	)		(2,268	)		(1,058	)
Recurring capital improvements		(5,938	)		(6,356	)		(1,698	)		(1,377	)		(1,999	)		(864	)		(1,442	)
Straight-line rent, net		(3,470	)		(3,379	)		(951	)		(1,099	)		(812	)		(608	)		(1,527	)
Non-cash fair value interest expense		2,664			3,595			345			760			783			776			773
Non-real estate depreciation and amortization		3,969			4,555			889			1,094			993			993			1,037
Amortization of lease intangibles, net		(1,817	)		(2,587	)		(437	)		(413	)		(405	)		(562	)		(777	)
Amortization and expensing of restricted share and unit compensation		5,852			3,460			1,553			1,311			1,355			1,633			820

Funds Available for Distribution (FAD)	$	92,938		$	96,388		$	15,283		$	25,163		$	26,538		$	25,954		$	23,660

Cash loss (gain) on extinguishment of debt		5,974			1,000			5,974			—			—			—			1,000
Acquisition costs		1,161			788			709			(12	)		409			55			(13	)

Core FAD ⁽⁴⁾	$	100,073		$	98,176		$	21,966		$	25,151		$	26,947		$	26,009		$	24,647


FAD per share - basic	$	1.49		$	1.69		$	0.24		$	0.40		$	0.43		$	0.43		$	0.40
FAD per share - fully diluted	$	1.49		$	1.69		$	0.24		$	0.40		$	0.43		$	0.43		$	0.39

Core FAD per share - fully diluted	$	1.60		$	1.72		$	0.34		$	0.40		$	0.44		$	0.43		$	0.41

Common dividend per share	$	1.73		$	1.73		$	0.4338		$	0.4325		$	0.4325		$	0.4325		$	0.4325

Average shares - basic		62,140			56,894			64,536			62,894			61,171			59,898			59,735
Average shares - fully diluted		62,264			56,968			64,536			63,055			61,287			60,001			59,833

⁽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, (4) non-cash fair value interest expense and (5) amortization of restricted share compensation, then adding or subtracting the (6) amortization of lease intangibles and (7) non-cash gain/loss on extinguishment of debt, as appropriate. FAD is included herein, because we consider it to be a measure of a REIT’s ability to incur and service debt and to distribute dividends to its shareholders. FAD is a non-GAAP and non-standardized measure, and may be calculated differently by other REITs.

⁽³⁾

Core Funds From Operations (“Core FFO”) is calculated by adjusting FFO for the following items (which we believe are not indicative of the performance of WRIT’s operating portfolio and affect the comparative measurement of WRIT’s operating performance over time): (1) gains or losses on extinguishment of debt, (2) costs related to the acquisition of properties and (3) property impairments, as appropriate. These items can vary greatly from period to period, depending upon the volume of our acquisition activity and debt retirements, among other factors. We believe that by excluding these items, Core FFO serves as a useful, supplementary measure of WRIT’s ability to incur and service debt, and distribute dividends to its shareholders. Core FFO is a non-GAAP and non-standardized measure, and may be calculated differently by other REITs.

⁽⁴⁾

Core Funds Available for Distribution (“Core FAD”) is calculated by adjusting FAD for the following items (which we believe are not indicative of the performance of WRIT’s operating portfolio and affect the comparative measurement of WRIT’s operating performance over time): (1) gains or losses on extinguishment of debt, (2) costs related to the acquisition of properties and (3) property impairments, as appropriate. These items can vary greatly from period to period, depending upon the volume of our acquisition activity and debt retirements, among other factors. We believe that by excluding these items, Core FFO serves as a useful, supplementary measure of WRIT’s ability to incur and service debt, and distribute dividends to its shareholders. Core FFO is a non-GAAP and non-standardized measure, and may be calculated differently by other REITs.

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

Net income attributable to the controlling interests	$	37,426		$	40,745		$	10,591		$	6,625		$	14,994		$	5,216	$	7,254
Add:
Interest expense		68,979			75,001			17,801			17,100			17,013			17,065		17,780
Real estate depreciation and amortization		95,746			94,447			24,191			24,278			23,669			23,608		23,948
Non-real estate depreciation		1,102			1,192			279			277			274			272		288
Less:
Gain on sale of real estate		(21,599	)		(13,348	)		(13,657	)		—			(7,942	)		—		(1,527	)
Loss (gain) on extinguishment of debt		9,176			(5,336	)		8,896			238			—			42		1,595
Gain from non-disposal activities		(7	)		(73	)		(3	)		(4	)		—			—		(11	)


Adjusted EBITDA	$	190,823		$	192,628		$	48,098		$	48,514		$	48,008		$	46,203	$	49,327

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

Secured
Conventional fixed rate	$	380,171		$	381,109		$	403,612	⁽¹⁾	$	404,518	⁽¹⁾	$	405,451	⁽¹⁾

Secured total		380,171			381,109			403,612			404,518			405,451


Unsecured
Fixed rate bonds and notes		753,587			930,201			689,007			688,358			688,912
Credit facility		100,000			100,000			107,000			110,000			128,000

Unsecured total		853,587			1,030,201			796,007			798,358			816,912

Total	$	1,233,758		$	1,411,310		$	1,199,619		$	1,202,876		$	1,222,363


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		5.4	%		5.5	%		5.7	%		5.7	%		5.7	%
Credit facilities		2.5	%⁽²⁾		2.5	%⁽²⁾		2.4	%⁽²⁾		2.4	%⁽²⁾		2.8	%⁽²⁾

Unsecured total		5.1	%		5.2	%		5.3	%		5.2	%		5.2	%

Average		5.4	%		5.4	%		5.5	%		5.5	%		5.5	%

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 $6.7 million and $2.9 million, respectively.

⁽¹⁾	Balance includes the $22.5 million mortgage note payable secured by The Ridges, a property we sold on December 21, 2010, which has been reclassified to “Other liabilities related to properties sold or held for sale.” We repaid this mortgage note payable without penalty on July 12, 2010.

⁽²⁾

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
2011	$	13,349	$	96,521	⁽¹⁾	$	100,000	$	209,870		4.3	%
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	%
2019		32,061		—			—		32,061		5.4	%
Thereafter		5,041		300,000			—		305,041		5.4	%

Total maturities	$	386,876	$	756,521		$	100,000	$	1,243,397		5.4	%

Weighted average maturity = 5.3 years

⁽¹⁾

The 3.875% convertible notes due 2026 in the aggregate principal amount of $2.7 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.

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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 December 31, 2010			Covenant			Quarter Ended December 31, 2010			Covenant			Quarter Ended December 31, 2010			Covenant
% of Total Indebtedness to Total Assets⁽¹⁾		42.1	%		£ 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⁾		13.0	%		£ 40.0	%		N/A			N/A			N/A			N/A
Ratio of Total Unencumbered Assets⁽²⁾ to Total Unsecured Indebtedness		2.4			³ 1.5			N/A			N/A			N/A			N/A
Tangible Net Worth		N/A			N/A		$	1.1 billion			$808.6 million		$	1.1 billion			$808.6 million
% of Total Liabilities to Gross Asset Value⁽⁴⁾		N/A			N/A			50.4	%		£ 60.0	%		48.9	%		£ 60.0	%
% of Secured Indebtedness to Gross Asset Value⁽⁴⁾		N/A			N/A			14.6	%		£ 35.0	%		14.2	%		£ 35.0	%
Ratio of EBITDA⁽³⁾ to Fixed Charges⁽⁵⁾		N/A			N/A			2.43			³ 1.75			2.43			³ 1.75
Ratio of Unencumbered Pool Value⁽⁷⁾ to Unsecured Indebtedness		N/A			N/A			2.43			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			3.02			³ 2.00
% of Development in Progress to Gross Asset Value⁽⁴⁾		N/A			N/A			1.0	%		£ 30.0	%		1.0	%		£ 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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	December 31, 2010			September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009
Market Data

Shares Outstanding		65,870			64,093			62,380			60,545			59,811
Market Price per Share	$	30.99		$	31.73		$	27.59		$	30.55		$	27.55
Equity Market Capitalization	$	2,041,311		$	2,033,671		$	1,721,064		$	1,849,650		$	1,647,793
Total Debt	$	1,233,758		$	1,411,310		$	1,199,619	⁽³⁾	$	1,202,876	⁽³⁾	$	1,222,363	⁽³⁾
Total Market Capitalization	$	3,275,069		$	3,444,981		$	2,920,683		$	3,052,526		$	2,870,156
Total Debt to Market Capitalization		0.38:1			0.41:1			0.41:1			0.39:1			0.43:1

Earnings to Fixed Charges⁽¹⁾		0.8	x		1.4	x		1.3	x		1.2	x		1.3	x
Debt Service Coverage Ratio⁽²⁾		2.5	x		2.7	x		2.7	x		2.5	x		2.6	x

Dividend Data
Total Dividends Paid	$	28,438		$	27,485		$	26,677		$	25,890		$	25,843
Common Dividend per Share	$	0.4338		$	0.4325		$	0.4325		$	0.4325		$	0.4325
Payout Ratio (Core FFO per share basis)		90.4	%		88.3	%		84.8	%		90.1	%		83.2	%
Payout Ratio (Core FAD per share basis)		127.6	%		108.1	%		98.3	%		100.6	%		105.5	%
Payout Ratio (FAD per share basis)		180.7	%		108.1	%		100.6	%		100.6	%		110.9	%

⁽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.

⁽³⁾	“Total Debt” balance includes a $22.5 million mortgage notes payable secured by The Ridges, a property we sold on December 21, 2010, that has been reclassified to “Other liabilities related to properties sold or held for sale.” We repaid this mortgage note payable without penalty on July 12, 2010.

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	Fourth Quarter⁽¹⁾						Year⁽²⁾
	NOI Growth			Rental Rate Growth			NOI Growth			Rental Rate Growth
Cash Basis:

Multifamily		9.9	%		2.4	%		4.7	%		-0.1	%
Office Buildings		-2.1	%		1.7	%		-2.1	%		1.8	%
Medical Office Buildings		3.8	%		3.4	%		3.8	%		3.4	%
Retail Centers		-8.3	%		1.5	%		-2.8	%		1.7	%
Industrial/Flex		-3.8	%		5.1	%		-7.4	%		3.2	%

Overall Same-Store Portfolio		-0.8	%		2.4	%		-1.1	%		1.9	%

	Fourth Quarter⁽¹⁾						Year⁽²⁾
	NOI Growth			Rental Rate Growth			NOI Growth			Rental Rate Growth
GAAP Basis:
Multifamily		9.7	%		2.4	%		4.6	%		-0.1	%
Office Buildings		-6.7	%		-0.5	%		-2.5	%		1.8	%
Medical Office Buildings		5.1	%		3.4	%		3.0	%		3.1	%
Retail Centers		-7.3	%		1.4	%		-3.0	%		1.2	%
Industrial/Flex		-5.5	%		3.2	%		-8.2	%		1.8	%

Overall Same-Store Portfolio		-2.7	%		1.2	%		-1.6	%		1.6	%

¹	Non same-store properties were:

Acquisitions:

Office - Quantico Corporate Center;

Retail - Gateway Overlook;

Medical Office - Lansdowne Medical Office Building.

Sold properties:

Office - Parklawn Plaza, Saratoga Building, Lexington Building and the Ridges;

Industrial - Crossroads Distribution Center, Charleston Business Center, Ammendale I&II and Amvax.

²	Non same-store properties were:

Acquisitions:

Office - Quantico Corporate Center;

Retail - Gateway Overlook;

Medical Office - Lansdowne Medical Office Building.

Development:

Office - Dulles Station I;

Multifamily - Bennett Park and Clayborne.


Sold properties:		Multifamily - Avondale;
		Office - Brandywine Center, Parklawn Plaza, Saratoga Building, Lexington Building and the Ridges;
		Industrial - Crossroads Distribution Center, Tech 100 Industrial Park, Charleston Business Center, Ammendale I&II and Amvax.

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	Three Months Ended December 31,							Twelve Months Ended December 31,
	2010		2009		% Change			2010		2009		% Change
Cash Basis:
Multifamily	$	7,385	$	6,717		9.9	%	$	23,907	$	22,833		4.7	%
Office Buildings		19,705		20,127		-2.1	%		76,022		77,618		-2.1	%
Medical Office Buildings		7,643		7,361		3.8	%		29,924		28,839		3.8	%
Retail Centers		7,353		8,020		-8.3	%		29,808		30,661		-2.8	%
Industrial/Flex		5,795		6,025		-3.8	%		22,914		24,739		-7.4	%

	$	47,881	$	48,250		-0.8	%	$	182,575	$	184,690		-1.1	%

GAAP Basis:
Multifamily	$	7,588	$	6,919		9.7	%	$	24,699	$	23,620		4.6	%
Office Buildings		20,467		21,948		-6.7	%		79,721		81,728		-2.5	%
Medical Office Buildings		7,877		7,492		5.1	%		30,744		29,860		3.0	%
Retail Centers		7,507		8,101		-7.3	%		30,196		31,141		-3.0	%
Industrial/Flex		5,746		6,082		-5.5	%		22,856		24,904		-8.2	%

	$	49,185	$	50,542		-2.7	%	$	188,216	$	191,253		-1.6	%

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	Three Months Ended December 31, 2010
	Multifamily			Office			Medical Office			Retail			Industrial/Flex			Corporate and Other			Total
Real estate rental revenue
Same-store portfolio	$	12,407		$	30,889		$	11,279		$	9,810		$	7,939		$	—		$	72,324
Non same-store - acquired and in development¹		—			2,137			54			628			—			—			2,819

Total		12,407			33,026			11,333			10,438			7,939			—			75,143

Real estate expenses
Same-store portfolio		4,819			10,422			3,402			2,303			2,193			—			23,139
Non same-store - acquired and in development¹		—			565			123			130			—			—			818

Total		4,819			10,987			3,525			2,433			2,193			—			23,957

Net Operating Income (NOI)
Same-store portfolio		7,588			20,467			7,877			7,507			5,746			—			49,185
Non same-store - acquired and in development¹		—			1,572			(69	)		498			—			—			2,001

Total	$	7,588		$	22,039		$	7,808		$	8,005		$	5,746		$	—		$	51,186


Same-store portfolio NOI GAAP basis (from above)	$	7,588		$	20,467		$	7,877		$	7,507		$	5,746		$	—		$	49,185
Straight-line revenue, net for same-store properties		(12	)		(715	)		(145	)		(89	)		188			—			(773	)
FAS 141 Min Rent		(191	)		(359	)		(98	)		(80	)		(145	)		—			(873	)
Amortization of lease intangibles for same-store properties		—			312			9			15			6			—			342

Same-store portfolio NOI, cash basis	$	7,385		$	19,705		$	7,643		$	7,353		$	5,795		$	—		$	47,881


Reconciliation of NOI to Net Income
Total NOI	$	7,588		$	22,039		$	7,808		$	8,005		$	5,746		$	—		$	51,186
Other income (expense)		—			—			—			—			—			(391	)		(391	)
Interest expense		(1,725	)		(2,270	)		(1,347	)		(322	)		(234	)		(11,903	)		(17,801	)
Depreciation and amortization		(3,312	)		(11,778	)		(3,939	)		(1,971	)		(2,564	)		(325	)		(23,889	)
General and administrative		—			—			—			—			—			(3,951	)		(3,951	)
Discontinued operations²		—			331			—			—			366			—			697
Gain from non-disposal activities		—			—			—			—			—			3			3
Gain on sale of real estate		—			—			—			—			—			13,657			13,657
Gain (loss) on extinguishment of debt		—			—			—			—			—			(8,896	)		(8,896	)

Net Income		2,551			8,322			2,522			5,712			3,314			(11,806	)		10,615
Net income attributable to noncontrolling interests		—			—			—			—			—			(24	)		(24	)

Net income attributable to the controlling interests	$	2,551		$	8,322		$	2,522		$	5,712		$	3,314		$	(11,830	)	$	10,591

¹Non same-store acquired and in development properties:


Acquisitions:		Office - Quantico Corporate Center;
		Retail - Gateway Overlook;
		Medical Office - Lansdowne Medical Office Building.


² Discontinued operations include sold properties: Office - The Ridges;
		Industrial - Ammendale I&II and Amvax.

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	Three Months Ended December 31, 2009
	Multifamily			Office			Medical Office			Retail			Industrial/Flex			Corporate and Other			Total
Real estate rental revenue
Same-store portfolio	$	11,864		$	33,346		$	11,293		$	10,825		$	8,446		$	—		$	75,774
Non same-store - acquired and in development ¹		—			—			—			—			—			—			—

Total		11,864			33,346			11,293			10,825			8,446			—			75,774

Real estate expenses
Same-store portfolio		4,945			11,398			3,801			2,724			2,364			—			25,232
Non same-store - acquired and in development ¹		—			—			87			—			—			—			87

Total		4,945			11,398			3,888			2,724			2,364			—			25,319

Net operating income (NOI)
Same-store portfolio		6,919			21,948			7,492			8,101			6,082			—			50,542
Non same-store - acquired and in development ¹		—			—			(87	)		—			—			—			(87	)

Total	$	6,919		$	21,948		$	7,405		$	8,101		$	6,082		$	—		$	50,455


Same-store portfolio NOI GAAP basis (from above)	$	6,919		$	21,948		$	7,492		$	8,101		$	6,082		$	—		$	50,542
Straight-line revenue, net for same-store properties		(10	)		(1,461	)		(33	)		82			(42	)		—			(1,464	)
FAS 141 Min Rent		(192	)		(638	)		(99	)		(166	)		(20	)		—			(1,115	)
Amortization of lease intangibles for same-store properties		—			278			1			3			5			—			287

Same-store portfolio NOI, cash basis	$	6,717		$	20,127		$	7,361		$	8,020		$	6,025		$	—		$	48,250


Reconciliation of NOI to net income
Total NOI	$	6,919		$	21,948		$	7,405		$	8,101		$	6,082		$	—		$	50,455
Other income (expense)		—			—			—			—			—			297			297
Interest expense		(1,731	)		(2,385	)		(1,376	)		(329	)		(239	)		(11,488	)		(17,548	)
Depreciation and amortization		(3,466	)		(11,133	)		(3,695	)		(1,897	)		(2,858	)		(309	)		(23,358	)
General and administrative		—			—			—			—			—			(3,187	)		(3,187	)
Discontinued operations²		—			200			—			—			501			—			701
Gain from non-disposal activities		—			11			—			—			—			—			11
Gain on sale of real estate		—			—			—			—			—			1,527			1,527
Gain (loss) on extinguishment of debt		—			—			—			—			—			(1,595	)		(1,595	)

Net income		1,722			8,641			2,334			5,875			3,486			(14,755	)		7,303
Net income attributable to noncontrolling interests		—			—			—			—			—			(49	)		(49	)

Net income attributable to the controlling interests	$	1,722		$	8,641		$	2,334		$	5,875		$	3,486		$	(14,804	)	$	7,254

¹Non same-store acquired and in development properties:


Acquisitions:		Medical Office - Lansdowne Medical Office Building.


² Discontinued operations include sold properties:
		Office - Parklawn Plaza, Saratoga Building, Lexington Building and the Ridges;
		Industrial - Crossroads Distribution Center, Charleston Business Center, Ammendale I&II and Amvax.

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	Twelve Months Ended December 31, 2010
	Multifamily			Office			Medical Office			Retail			Industrial/Flex			Corporate and Other			Total
Real estate rental revenue
Same-store portfolio	$	40,567		$	121,783		$	44,949		$	40,376		$	32,190		$	—		$	279,865
Non same-store - acquired and in development ¹		8,032			9,374			79			627			—			—			18,112

Total		48,599			131,157			45,028			41,003			32,190			—			297,977

Real estate expenses
Same-store portfolio		15,868			42,062			14,205			10,180			9,334			—			91,649
Non same-store - acquired and in development ¹		3,375			3,258			510			130			—			—			7,273

Total		19,243			45,320			14,715			10,310			9,334			—			98,922

Net Operating Income (NOI)
Same-store portfolio		24,699			79,721			30,744			30,196			22,856			—			188,216
Non same-store - acquired and in development ¹		4,657			6,116			(431	)		497			—			—			10,839

Total	$	29,356		$	85,837		$	30,313		$	30,693		$	22,856		$	—		$	199,055


Same-store portfolio NOI GAAP basis (from above)	$	24,699		$	79,721		$	30,744		$	30,196		$	22,856		$	—		$	188,216
Straight-line revenue, net for same-store properties		(26	)		(2,208	)		(447	)		(109	)		297			—			(2,493	)
FAS 141 Min Rent		(766	)		(1,672	)		(401	)		(323	)		(262	)		—			(3,424	)
Amortization of lease intangibles for same-store properties		—			181			28			44			23			—			276

Same-store portfolio NOI, cash basis	$	23,907		$	76,022		$	29,924		$	29,808		$	22,914		$	—		$	182,575

Reconciliation of NOI to Net Income
Total NOI	$	29,356		$	85,837		$	30,313		$	30,693		$	22,856		$	—		$	199,055
Other income (expense)		—			—			—			—			—			32			32
Interest expense		(6,853	)		(9,255	)		(5,391	)		(1,287	)		(944	)		(44,659	)		(68,389	)
Depreciation and amortization		(13,635	)		(45,586	)		(15,514	)		(7,314	)		(10,641	)		(1,302	)		(93,992	)
General and administrative		—			—			—			—			—			(14,406	)		(14,406	)
Discontinued operations²		—			1,100			—			—			1,729			—			2,829
Gain from non-disposal activities		—			—			—			—			—			7			7
Gain on sale of real estate		—			—			—			—			—			21,599			21,599
Gain (loss) on extinguishment of debt		—			—			—			—			—			(9,176	)		(9,176	)

Net Income		8,868			32,096			9,408			22,092			13,000			(47,905	)		37,559
Net income attributable to noncontrolling interests		—			—			—			—			—			(133	)		(133	)

Net income attributable to the controlling interests	$	8,868		$	32,096		$	9,408		$	22,092		$	13,000		$	(48,038	)	$	37,426


¹ Non same-store acquired and in development properties:

Acquisitions:

Office - Quantico Corporate Center;

Retail - Gateway Overlook;

Medical Office - Lansdowne Medical Office Building.


² Discontinued operations include sold properties: Office - Parklawn Plaza, Saratoga Building, Lexington Building and the Ridges;
		Industrial - Charleston Business Center, Ammendale I&II and Amvax.

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	Twelve Months Ended December 31, 2009
	Multifamily			Office			Medical Office			Retail			Industrial/Flex			Corporate and Other			Total
Real estate rental revenue
Same-store portfolio	$	39,507		$	126,725		$	44,911		$	41,821		$	34,288		$	—		$	287,252
Non same-store - acquired and in development ¹		6,963			3,946			—			—			—			—			10,909

Total		46,470			130,671			44,911			41,821			34,288			—			298,161

Real estate expenses
Same-store portfolio		15,887			44,997			15,051			10,680			9,384			—			95,999
Non same-store - acquired and in development ¹		3,607			1,531			167			—			—			—			5,305

Total		19,494			46,528			15,218			10,680			9,384			—			101,304

Net operating income (NOI)
Same-store portfolio		23,620			81,728			29,860			31,141			24,904			—			191,253
Non same-store - acquired and in development ¹		3,356			2,415			(167	)		—			—			—			5,604

Total	$	26,976		$	84,143		$	29,693		$	31,141		$	24,904		$	—		$	196,857


Same-store portfolio NOI GAAP basis (from above)	$	23,620		$	81,728		$	29,860		$	31,141		$	24,904		$	—		$	191,253
Straight-line revenue, net for same-store properties		(21	)		(2,193	)		(399	)		(28	)		(109	)		—			(2,750	)
FAS 141 Min Rent		(766	)		(2,026	)		(623	)		(465	)		(75	)		—			(3,955	)
Amortization of lease intangibles for same-store properties		—			109			1			13			19			—			142

Same-store portfolio NOI, cash basis	$	22,833		$	77,618		$	28,839		$	30,661		$	24,739		$	—		$	184,690


Reconciliation of NOI to net income
Total NOI	$	26,976		$	84,143		$	29,693		$	31,141		$	24,904		$	—		$	196,857
Other income (expense)		—			—			—			—			—			417			417
Interest expense		(8,466	)		(9,496	)		(5,503	)		(1,312	)		(963	)		(48,334	)		(74,074	)
Depreciation and amortization		(13,921	)		(43,591	)		(14,814	)		(7,416	)		(10,826	)		(1,100	)		(91,668	)
General and administrative		—			—			—			—			—			(13,118	)		(13,118	)
Discontinued operations²		392			970			—			—			2,415			—			3,777
Gain from non-disposal activities		—			71			2			—			—			—			73
Gain on sale of real estate		—			—			—			—			—			13,348			13,348
Gain (loss) on extinguishment of debt		—			—			—			—			—			5,336			5,336

Net income		4,981			32,097			9,378			22,413			15,530			(43,451	)		40,948
Net income attributable to noncontrolling interests		—			—			—			—			—			(203	)		(203	)

Net income attributable to the controlling interests	$	4,981		$	32,097		$	9,378		$	22,413		$	15,530		$	(43,654	)	$	40,745


¹ Non same-store acquired and in development properties:


Acquisition:		Medical Office - Lansdowne Medical Office Building.

² Discontinued operations include sold properties: Multifamily - Avondale;

Office - Brandywine Center, Parklawn Plaza, Saratoga Building, Lexington Building and the Ridges;

Industrial - Crossroads Distribution Center, Tech 100 Industrial Park, Charleston Business Center, Ammendale I&II and Amvax.

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WRIT Portfolio

Maryland/Virginia/DC


	Percentage of Q4 2010 GAAP NOI			Percentage of YTD 2010 GAAP NOI

DC
Multifamily		3.5	%		3.7	%
Office		15.9	%		15.6	%
Medical Office Buildings		1.8	%		1.7	%
Retail		0.7	%		0.7	%
Industrial/Flex		0.0	%		0.0	%

		21.9	%		21.7	%

Maryland
Multifamily		2.3	%		2.1	%
Office		11.8	%		11.8	%
Medical Office Buildings		4.5	%		4.5	%
Retail		9.3	%		9.0	%
Industrial/Flex		3.0	%		3.2	%

		30.9	%		30.6	%

Virginia
Multifamily		9.0	%		8.9	%
Office		15.5	%		15.8	%
Medical Office Buildings		8.9	%		9.0	%
Retail		5.6	%		5.7	%
Industrial/Flex		8.2	%		8.3	%

		47.2	%		47.7	%

Total Portfolio¹		100.0	%		100.0	%

WRIT Portfolio

Inside & Outside the Beltway


	Percentage of Q4 2010 GAAP NOI			Percentage of YTD 2010 GAAP NOI

Inside the Beltway
Multifamily		14.0	%		14.0	%
Office		21.5	%		21.4	%
Medical Office Buildings		3.0	%		2.9	%
Retail		6.0	%		6.1	%
Industrial/Flex		2.7	%		2.6	%

		47.2	%		47.0	%

Outside the Beltway
Multifamily		0.8	%		0.8	%
Office		21.6	%		21.7	%
Medical Office Buildings		12.3	%		12.3	%
Retail		9.6	%		9.3	%
Industrial/Flex		8.5	%		8.9	%

		52.8	%		53.0	%

Total Portfolio¹		100.0	%		100.0	%

¹	Excludes discontinued operations: Sold Properties - Parklawn Plaza, Saratoga Building, Lexington Building, Charleston Business Center, the Ridges, Ammendale I&II and Amvax.

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	Physical Occupancy - Same-Store Properties ⁽¹⁾
Sector	December 31, 2010			September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009

Multifamily		95.7	%		96.4	%		95.0	%		94.6	%		94.4	%
Office Buildings		88.6	%		88.6	%		90.0	%		90.2	%		91.4	%
Medical Office Buildings		93.8	%		93.3	%		94.1	%		93.8	%		94.2	%
Retail Centers		92.5	%		92.2	%		94.4	%		93.2	%		93.6	%
Industrial / Flex		78.6	%		79.7	%		79.3	%		83.0	%		84.8	%


Overall Portfolio		88.6	%		88.9	%		89.4	%		90.1	%		91.0	%

	Physical Occupancy - All Properties
Sector	December 31, 2010			September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009

Multifamily		95.7	%		96.4	%		95.0	%		94.6	%		94.4	%
Office Buildings		89.4	%		89.6	%		90.8	%		89.7	%		90.8	%
Medical Office Buildings		88.5	%		87.8	%		88.0	%		87.7	%		87.9	%
Retail Centers		92.1	%		92.2	%		94.4	%		93.2	%		93.6	%
Industrial / Flex		78.6	%		79.5	%		79.2	%		82.8	%		84.4	%


Overall Portfolio		88.3	%		88.4	%		88.9	%		89.1	%		89.9	%

¹	Non same-store properties were:


Acquisitions:		Office - Quantico Corporate Center;
		Retail - Gateway Overlook;
		Medical Office - Lansdowne Medical Office Building.


Sold properties:		Office - Parklawn Plaza, Saratoga Building, Lexington Building and the Ridges;
		Industrial - Crossroads Distribution Center, Charleston Business Center, Ammendale I&II and Amvax.

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	Economic Occupancy - Same-Store Properties⁽¹⁾
Sector	December 31, 2010			September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009

Multifamily		95.5	%		95.6	%		93.7	%		94.1	%		94.1	%
Office Buildings		89.1	%		89.2	%		91.3	%		91.9	%		93.1	%
Medical Office Buildings		94.5	%		94.8	%		95.7	%		95.9	%		95.9	%
Retail Centers		91.4	%		91.7	%		92.0	%		91.3	%		94.4	%
Industrial / Flex		81.6	%		83.1	%		82.4	%		85.9	%		88.8	%


Overall Portfolio		90.4	%		90.7	%		91.4	%		92.1	%		93.4	%

	Economic Occupancy - All Properties
Sector	December 31, 2010			September 30, 2010			June 30, 2010			March 31, 2010			December 31, 2009

Multifamily		95.5	%		95.6	%		93.7	%		94.1	%		94.1	%
Office Buildings		90.0	%		90.1	%		91.3	%		91.6	%		92.6	%
Medical Office Buildings		90.3	%		90.3	%		91.0	%		91.1	%		91.1	%
Retail Centers		91.4	%		91.7	%		92.0	%		91.3	%		94.4	%
Industrial / Flex		81.9	%		83.0	%		82.8	%		85.7	%		87.3	%


Overall Portfolio		90.2	%		90.3	%		90.7	%		91.2	%		92.2	%

¹	Non same-store properties were:


Acquisitions:		Office - Quantico Corporate Center;
		Retail - Gateway Overlook;
		Medical Office - Lansdowne Medical Office Building.


Sold properties:		Office - Parklawn Plaza, Saratoga Building, Lexington Building and the Ridges;
		Industrial - Crossroads Distribution Center, Charleston Business Center, Ammendale I&II and Amvax.

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	4th Quarter 2010						3rd Quarter 2010						2nd Quarter 2010						1st Quarter 2010						4th Quarter 2009
Gross Leasing Square Footage
Office Buildings		125,367						103,428						149,296						198,868						133,548
Medical Office Buildings		7,136						70,426						92,041						23,951						33,386
Retail Centers		97,055						52,501						113,878						5,805						95,037
Industrial Centers		152,563						103,800						285,628						45,616						44,503

Total		382,121						330,155						640,843						274,240						306,474

Weighted Average Term (yrs)
Office Buildings		5.4						3.8						6.7						5.6						5.2
Medical Office Buildings		3.9						5.3						5.4						9.0						7.2
Retail Centers		8.4						6.2						5.7						5.0						5.2
Industrial Centers		4.5						3.4						4.9						3.3						4.9

Total		5.8						4.4						5.5						5.5						5.4


	GAAP			CASH			GAAP			CASH			GAAP			CASH			GAAP			CASH			GAAP			CASH
Rental Rate Increases:
Rate on expiring leases
Office Buildings	$	28.72		$	30.30		$	27.65		$	28.50		$	29.71		$	30.35		$	26.85		$	27.91		$	29.87		$	31.85
Medical Office Buildings		35.53			37.37			30.40			32.62			32.29			34.30			32.18			33.92			30.67			31.66
Retail Centers		15.50			16.13			26.01			26.71			16.10			16.38			25.83			27.42			13.69			14.12
Industrial Centers		10.82			11.45			10.36			10.73			10.05			10.46			9.29			9.93			9.33			9.62

Total	$	18.34		$	19.31		$	22.54		$	23.51		$	18.90		$	19.57		$	24.37		$	25.43		$	21.96		$	23.10


Rate on new leases
Office Buildings	$	31.39		$	29.41		$	28.29		$	27.09		$	31.49		$	28.84		$	30.97		$	28.86		$	29.90		$	28.19
Medical Office Buildings		37.41			36.05			34.94			32.78			39.30			36.44			40.38			35.27			39.40			35.95
Retail Centers		21.79			20.41			30.57			29.36			16.30			16.03			31.31			29.97			13.67			13.00
Industrial Centers		9.80			9.19			9.23			8.92			13.62			13.50			9.47			9.20			9.02			8.41

Total	$	20.44		$	19.18		$	24.08		$	22.95		$	21.95		$	20.82		$	28.22		$	26.18		$	22.87		$	21.45


Percentage Increase
Office Buildings		9.31	%		-2.93	%		2.34	%		-4.93	%		6.00	%		-5.00	%		15.34	%		3.43	%		0.11	%		-11.48	%
Medical Office Buildings		5.28	%		-3.53	%		14.95	%		0.51	%		21.73	%		6.26	%		25.48	%		3.98	%		28.46	%		13.53	%
Retail Centers		40.57	%		26.50	%		17.51	%		9.91	%		1.24	%		-2.15	%		21.21	%		9.30	%		-0.15	%		-7.93	%
Industrial Centers		-9.41	%		-19.73	%		-10.91	%		-16.89	%		35.57	%		29.11	%		1.90	%		-7.38	%		-3.29	%		-12.61	%

Total		11.47	%		-0.69	%		6.84	%		-2.36	%		16.15	%		6.39	%		15.79	%		2.92	%		4.16	%		-7.14	%


	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	$	2,461,273		$	19.63		$	1,296,481		$	12.54		$	4,512,498		$	30.23		$	3,473,255		$	17.47		$	1,430,285		$	10.71
Medical Office Buildings		86,938			12.18			859,930			12.21			1,610,073			17.49			595,969			24.88			665,314			19.93
Retail Centers		288,110			2.97			22,500			0.43			587,775			5.16			—			—			711,150			7.48
Industrial Centers		166,689			1.09			102,112			0.98			513,745			1.80			64,327			1.41			64,692			1.45

Subtotal	$	3,003,010		$	7.86		$	2,281,023		$	6.91		$	7,224,091		$	11.27		$	4,133,551		$	15.07		$	2,871,441		$	9.37


Leasing Costs
Office Buildings	$	1,478,644		$	11.79		$	781,922		$	7.56		$	3,316,582		$	22.21		$	2,064,933		$	10.38		$	1,713,899		$	12.83
Medical Office Buildings		21,703			3.04			362,586			5.15			959,827			10.43			400,746			16.73			677,283			20.29
Retail Centers		423,791			4.37			120,850			2.30			195,025			1.71			7,808			1.35			416,159			4.38
Industrial Centers		371,620			2.44			222,983			2.15			921,870			3.23			97,391			2.14			119,606			2.69

Subtotal	$	2,295,758		$	6.01		$	1,488,341		$	4.51		$	5,393,304		$	8.42		$	2,570,878		$	9.37		$	2,926,947		$	9.55


Tenant Improvements and Leasing Costs
Office Buildings	$	3,939,917		$	31.43		$	2,078,403		$	20.10		$	7,829,080		$	52.44		$	5,538,188		$	27.85		$	3,144,184		$	23.54
Medical Office Buildings		108,641			15.22			1,222,516			17.36			2,569,900			27.92			996,715			41.61			1,342,597			40.21
Retail Centers		711,901			7.34			143,350			2.73			782,800			6.87			7,808			1.35			1,127,309			11.86
Industrial Centers		538,309			3.53			325,095			3.13			1,435,615			5.03			161,718			3.55			184,298			4.14

Total	$	5,298,768		$	13.87		$	3,769,364		$	11.42		$	12,617,395		$	19.69		$	6,704,429		$	24.45		$	5,798,388		$	18.92

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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		54		4.87	%		210,354		2.33	%
Advisory Board Company		1		101		2.77	%		180,925		2.01	%
General Services Administration		9		36		2.59	%		269,740		2.99	%
INOVA Health System		7		46		1.96	%		114,208		1.27	%
Patton Boggs LLP		1		76		1.89	%		110,566		1.23	%
IBM Corporation		1		108		1.77	%		123,138		1.37	%
Sunrise Assisted Living, Inc.		1		33		1.59	%		115,289		1.28	%
General Dynamics		2		20		1.33	%		88,359		0.98	%
Children’s Hospital		3		90		1.04	%		69,230		0.77	%
George Washington University		2		60		1.03	%		69,775		0.77	%

Total/Weighted Average				61		20.84	%		1,351,584		15.00	%

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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	$	62,653,569		28.82	%		2,263,353		25.11	%
Ambulatory Health Care Services		38,621,843		17.77	%		1,156,168		12.83	%
Credit Intermediation and Related Activities		15,963,326		7.34	%		343,898		3.82	%
Executive, Legislative & Other General Government		10,713,393		4.93	%		477,776		5.30	%
Religious, Grantmaking, Civic, Professional		6,991,883		3.22	%		207,318		2.30	%
Food Services and Drinking Places		6,487,937		2.99	%		235,157		2.61	%
Educational Services		5,869,450		2.70	%		220,458		2.45	%
Food and Beverage Stores		4,764,876		2.19	%		271,247		3.01	%
Administrative and Support Services		4,734,030		2.18	%		295,322		3.28	%
Nursing and Residential Care Facilities		4,028,026		1.85	%		145,010		1.61	%
Broadcasting (except Internet)		3,819,088		1.76	%		111,319		1.24	%
Miscellaneous Store Retailers		3,627,989		1.67	%		221,591		2.46	%
Furniture and Home Furnishing Stores		3,359,752		1.55	%		207,438		2.30	%
Personal and Laundry Services		2,679,987		1.23	%		90,655		1.01	%
Health and Personal Care Services		2,639,607		1.21	%		76,120		0.85	%
Merchant Wholesalers-Durable Goods		2,633,967		1.21	%		258,880		2.87	%
Sporting Goods/Books/Hobby/Music Stores		2,605,761		1.20	%		166,443		1.85	%
Clothing and Clothing Accessories Stores		2,370,988		1.09	%		135,454		1.50	%
Electronics/Appliance Stores		2,221,495		1.02	%		146,602		1.63	%
Hospitals		2,070,825		0.95	%		62,281		0.69	%
Merchant Wholesalers-Non Durable Goods		1,924,997		0.89	%		214,290		2.38	%
Real Estate		1,675,417		0.77	%		59,682		0.66	%
General Merchandise Stores		1,672,527		0.77	%		209,452		2.32	%
Construction of Buildings		1,561,871		0.72	%		98,526		1.09	%
Amusement, Gambling and Recreation industries		1,474,733		0.68	%		106,464		1.18	%
Miscellaneous Manufacturing		1,472,313		0.68	%		149,604		1.66	%
Printing and Related Support Activities		1,188,679		0.55	%		47,770		0.53	%
Data Processing & Hosting Services		1,179,751		0.54	%		34,226		0.38	%
Insurance Carriers and Related Activities		1,076,737		0.50	%		40,547		0.45	%
Specialty Trade Contractors		981,006		0.45	%		108,522		1.20	%
Other		14,308,941		6.57	%		851,723		9.43	%

Total	$	217,374,764		100.00	%		9,013,296		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:
2011		121		502,078		13.49	%	$	16,187,436	$	32.24		12.40	%
2012		89		436,841		11.74	%		13,336,101		30.53		10.21	%
2013		83		429,878		11.55	%		13,173,267		30.64		10.09	%
2014		73		743,311		19.98	%		24,773,940		33.33		18.97	%
2015		58		392,536		10.55	%		16,674,063		42.48		12.77	%
2016 and thereafter		127		1,216,222		32.69	%		46,447,960		38.19		35.56	%

		551		3,720,866		100.00	%	$	130,592,767	$	35.10		100.00	%


Medical Office:
2011		71		176,256		15.47	%	$	5,979,335	$	33.92		13.62	%
2012		46		151,802		13.32	%		5,511,216		36.31		12.56	%
2013		56		163,812		14.37	%		5,812,076		35.48		13.24	%
2014		37		115,148		10.10	%		4,483,834		38.94		10.21	%
2015		28		95,161		8.35	%		3,627,483		38.12		8.26	%
2016 and thereafter		99		437,456		38.39	%		18,483,790		42.25		42.11	%

		337		1,139,635		100.00	%	$	43,897,734	$	38.52		100.00	%


Retail:
2011		55		176,294		9.25	%	$	3,455,992	$	19.60		8.52	%
2012		42		146,706		7.70	%		3,482,163		23.74		8.58	%
2013		37		287,441		15.09	%		4,304,350		14.97		10.61	%
2014		22		95,661		5.02	%		2,248,107		23.50		5.54	%
2015		32		294,831		15.48	%		5,733,472		19.45		14.13	%
2016 and thereafter		93		904,091		47.46	%		21,342,296		23.61		52.62	%

		281		1,905,024		100.00	%	$	40,566,380	$	21.29		100.00	%


Industrial/Flex:
2011		46		379,333		16.10	%	$	3,751,194	$	9.89		13.15	%
2012		42		489,926		20.79	%		5,531,163		11.29		19.39	%
2013		40		443,815		18.83	%		5,047,945		11.37		17.69	%
2014		22		454,048		19.27	%		5,825,170		12.83		20.42	%
2015		29		383,891		16.29	%		5,798,340		15.10		20.32	%
2016 and thereafter		13		205,489		8.72	%		2,578,437		12.55		9.03	%

		192		2,356,502		100.00	%	$	28,532,249	$	12.11		100.00	%


Total:
2011		293		1,233,961		13.53	%	$	29,373,957	$	23.80		12.06	%
2012		219		1,225,275		13.43	%		27,860,643		22.74		11.44	%
2013		216		1,324,946		14.53	%		28,337,638		21.39		11.63	%
2014		154		1,408,168		15.44	%		37,331,051		26.51		15.33	%
2015		147		1,166,419		12.79	%		31,833,358		27.29		13.07	%
2016 and thereafter		332		2,763,258		30.28	%		88,852,483		32.15		36.47	%

		1,361		9,122,027		100.00	%	$	243,589,130	$	26.70		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		December 31, 2010 Leased Percentage		Investment
925 Corporate Drive	Stafford, VA		June 3, 2010	135,000		100%		100%	$	34,000
1000 Corporate Drive	Stafford, VA		June 3, 2010	136,000		100%		100%		34,000
Gateway Overlook	Columbia, MD		December 1, 2010	223,000		90%		90%		88,350

			Total	494,000					$	156,350

Disposition Summary

		Disposition Date		Property Type	Square Feet		Sale Price		GAAP Gain
Parklawn Portfolio:
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

				Subtotal		229,000	$	23,430	$	7,942

The Ridges	Gaithersburg, MD		December 21, 2010	Office		104,000		27,500		4,441

Ammendale Properties:
Ammendale I	Beltsville, MD		December 22, 2010	Industrial		167,000
Ammendale II	Beltsville, MD		December 22, 2010	Industrial		107,000
Amvax	Beltsville, MD		December 22, 2010	Industrial		31,000


				Subtotal		305,000		23,000		9,216

				Total		638,000	$	73,930	$	21,599

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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 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								4,199,000


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
Gateway Overlook		Columbia, MD		2010		2007		223,000

Subtotal								2,245,000

⁽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
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
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								2,954,000


TOTAL								12,913,000

*	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 (excluding interest expense from discontinued operations), 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 (including interest expense from discontinued operations) 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 atributable 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.

Core Funds From Operations (Core FFO), a non-GAAP measure, is calculated by adjusting FFO for (1) gains or losses on extinguishment of debt, (2) costs related to the acquisition of properties and (3) property impairments, as appropriate.

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.

Core Funds Available for Distribution (Core FAD), a non-GAAP measure, is calculated by adjusting FAD for (1) cash gains or losses on extinguishment of debt, (2) costs related to the acquisition of properties and (3) property impairments, 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.

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

Same-store portfolio net operating income (NOI) growth is the change in the NOI of the same-store portfolio properties from the prior reporting period to the current reporting period.