Washington Real Estate Investment Trust 1st Quarter 2001 Funds From Operation Up 14%

Apr 23, 2001, 01:00 ET from Washington Real Estate Investment Trust

    ROCKVILLE, Md., April 23 /PRNewswire Interactive News Release/ --
 Washington Real Estate Investment Trust  (WRIT) reported today that Funds From
 Operations (FFO) increased 14.1% to $16,942,000 for the quarter ended March
 31, 2001 from $14,842,000 for the quarter ended March 31, 2000.  FFO per share
 increased 11.9% to $0.47 in the first quarter of 2001 from $0.42 in the first
 quarter of 2000.  FFO is the primary performance measure for the REIT
 industry.
     Edmund B. Cronin, Jr., Chairman, President and CEO, stated that, "WRIT's
 strong FFO growth is due to the excellent performance of recent acquisitions,
 combined with the strong core portfolio net operating income increase of 8.6%
 for the quarter ended March 31, 2001."  WRIT's core portfolio excludes
 properties not owned for the entirety of both periods being compared.
     WRIT is a self-administered, self-managed, equity real estate investment
 trust investing in income-producing properties in the greater Washington-
 Baltimore region.  The Trust owns a diversified portfolio of 59 properties
 consisting of 10 retail centers, 24 office properties, 15 industrial
 properties and 10 multifamily properties.
     WRIT's streak of 35 consecutive years of increased earnings per share and
 28 consecutive years of increased FFO per share growth spans 4 recessions.
 WRIT's dividends have increased every year for 30 consecutive years.  During
 these 30 years, WRIT's dividends have increased 36 times, a record unmatched
 by any other publicly traded real estate investment trust.  WRIT shares are
 publicly traded on the New York Stock Exchange (NYSE:   WRE).
 
     Certain statements in this press release and the supplemental disclosures
 attached hereto 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, fluctuations in interest rates, availability
 of raw materials and labor costs, levels of competition, the effect of
 government regulation, the availability of capital, weather conditions and
 changes in general and local economic and real estate market conditions and
 the timing and pricing of lease transactions.
 
 
                    WASHINGTON REAL ESTATE INVESTMENT TRUST
                              FINANCIAL HIGHLIGHTS
                      (in thousands except per share data)
 
                                                      Quarter Ended March 31,
     OPERATING RESULTS                                 2001            2000
 
     Real estate rental revenue                       $35,324        $31,935
     Real estate expenses                             (10,239)        (9,372)
                                                       25,085         22,563
     Real estate depreciation and amortization         (6,214)        (5,430)
     Income from real estate                          $18,871        $17,133
 
     Other income                                         199            149
     Interest expense                                  (6,676)        (6,090)
     General and administrative                        (1,666)        (1,780)
 
     Income before gain on sale of real estate        $10,728         $9,412
 
     Gain on sale of real estate                         --            1,498
 
     Net Income                                       $10,728        $10,910
 
     Income before gain on
      real estate per share
      (Basic)                                           $0.30          $0.26
     Income before gain on
      real estate per share
      (Diluted)                                         $0.30          $0.26
     Net income per share (Basic)                       $0.30          $0.31
     Net income per share (Diluted)                     $0.30          $0.31
 
     Income before gain on sale of real estate        $10,728         $9,412
     Real estate depreciation and amortization          6,214          5,430
 
     Funds from operations                            $16,942        $14,842
 
     Funds from operations per share (Basic)            $0.47          $0.42
 
     Funds from operations per share (Diluted)          $0.47          $0.42
     Dividends paid per share                          $.3125        $0.2925
     Weighted average shares outstanding           35,777,563     35,733,793
     Fully diluted weighted average
      shares outstanding                           36,163,873     35,763,470
 
 
                                                       As of          As of
     BALANCE SHEET DATA                               March 31,    December 31,
                                                        2001           2000
     Cash and temporary investments                    $5,075         $6,426
     Real estate assets, at cost (1)                  702,157        698,513
     Total assets, at cost (1)                        736,404        732,953
     Lines of credit payable                                0              0
     Mortgage notes payable                            86,057         86,260
     Notes payable                                    265,000        265,000
     Total liabilities                                369,240        371,833
     Shareholders' equity                             258,967        258,656
     Shareholders' equity, at cost (1)                365,593        359,562
 
          (1) At cost means adding back accumulated depreciation
 
 
     WRIT Continues to Produce Significantly Higher FFO Per Share Growth
     Than the REIT Industry
 
     As reflected in the following graph, WRIT's FFO per share growth, as
 compared to the corresponding quarter in the preceding calendar year,
 continues to significantly outperform the industry.
 
                                                                       REIT
                                                        WRIT*        INDUSTRY**
     Q2 1999                                            11.7%           8.8%
     Q3 1999                                            11.8%           8.2%
     Q4 1999                                            13.6%           7.9%
     Q1 2000                                            12.2%           8.4%
     Q2 2000                                            10.6%           8.5%
     Q3 2000                                            15.8%           7.9%
     Q4 2000                                            15.0%           7.5%
     Q1 2001                                            12.5%            N/A
     Average                                            12.9%           8.2%
 
     *WRIT growth is shown excluding accounting change to straight-line rents
      in Q4 1999. The Q1 2001 straight-line rents were $0.6 million net of
      reserves.
 
     **REIT Industry data for Q4 1999 through Q4 2000 is actual FFO per share
       growth per Credit Suisse First Boston Equity REIT Research.  Q1 2001
       Industry data is not yet available and, therefore, the industry average
       is the seven quarter average from Q2 1999 through Q4 2000.
 
 
     Core Portfolio Operating Income (NOI) Growth and Rental Rate Growth -
     Q1 2001 vs. Q1 2000
 
                               Including Straight        Excluding Straight
                                   Line Rents            Line Rents
                                          Rental Rate              Rental Rate
                            NOI Growth      Growth     NOI Growth     Growth
     Sector
 
     Apartments                7.5%          7.8%         7.3%          7.7%
     Office Buildings          6.4%          5.2%         5.8%          4.9%
     Retail Centers            9.1%          6.8%         8.0%          5.8%
     Industrial/Flex Centers  17.1%         10.6%        13.1%          7.2%
 
     Overall Core Portfolio    8.6%          6.6%         7.5%          5.9%
 
     Core portfolio operating expenses increased 5.9% in Q1 2001 vs. Q1 2000.
 
 
     Core Portfolio & Overall Occupancy Levels By Sector
 
                                 Core Portfolio            All Properties
                              1st QTR      1st QTR      1st QTR       1st QTR
     Sector                    2001         2000          2001          2000
 
     Apartments               94.9%         97.1%        94.9%         97.1%
     Office Buildings         98.3%         97.2%        98.0%         97.2%
     Retail Centers           96.0%         94.9%        96.0%         94.6%
     Industrial/Flex Centers  98.4%         95.4%        98.4%         95.4%
 
     Overall Portfolio        97.3%         96.7%        97.2%         96.6%
 
 
     WRIT Continues to Produce Significantly Higher Core Portfolio NOI Growth
     Than the REIT Industry
 
     As reflected in the following graph, WRIT's core portfolio NOI growth, as
 compared to the corresponding quarter in the preceding calendar year,
 continues to significantly outperform the industry.
                                                                        REIT
                                                        WRIT*        INDUSTRY**
     Q2 1999                                             8.6%           5.3%
     Q3 1999                                             6.8%           5.4%
     Q4 1999                                             7.4%           5.6%
     Q1 2000                                             9.3%           6.2%
     Q2 2000                                             7.4%           6.3%
     Q3 2000                                            10.4%           6.8%
     Q4 2000                                             8.2%           6.8%
     Q1 2001                                             7.5%            N/A
     Average                                             8.2%           6.1%
 
     *WRIT growth is shown excluding accounting change to straight-line rents
      in Q4 1999.  The Q1 2001 core portfolio straight-line rents were $0.6
      million net of reserves.
 
     **REIT Industry Same Store NOI growth data is per Salomon Smith Barney
       Equity REIT Research.  Q1 2001 Industry data is not yet available and,
       therefore, the industry average is the seven quarter average from Q2
       1999 through Q4 2000.
 
 
     Straight Line Rents
 
     The following disclosure is provided to improve comparability between Q1
 2001 and prior quarters (all amounts except per share amounts are in $000's):
 
                              Including Straight       Excluding Straight
                                  Line Rents                  Line Rents
                             1st QTR      1st QTR       1st QTR       1st QTR
                               2001         2000          2001          2000
     Straight Line Rent
      Adjustment                635           367          N/A           N/A
     FFO                     16,942        14,842       16,307        14,475
     FFO Per Share           $0.473        $0.415       $0.456        $0.405
     Nominal FFO Per
      Share Growth            11.9%                      12.5%
     Unrounded FFO Per
      Share Growth            14.0%                      12.6%
     Core Portfolio
      Operating Income
      (NOI) Growth             8.6%                       7.5%
 
 
     Q1 2001 Commercial Leasing Activity
 
     In Q1 2001, WRIT executed leases for 162,000 square feet of commercial
 space at a weighted average increase over the prior rent in place of 21.1% on
 a straight line basis and 14.0% on a cash basis.  Details by sector are as
 follows:
                               Cash Basis    Cash Basis     Cash       Straight
                                Previous        New         Basis        Line
     Sector      Square Feet    Face Rent    Face Rent   % Increase  % Increase
 
     Office         87,015       $23.20       $26.36        13.6%       22.6%
     Retail         26,720        10.20        12.17        19.3%       19.2%
     Industrial/
      Flex          48,185         5.69         6.35        11.6%       12.8%
 
     Overall       161,920       $15.84       $18.07        14.0%       21.1%
 
                    Avg Term    Avg Tenant
     Sector          (Years)      Imp/SF
 
     Office            3.7        $4.49
     Retail            1.8          .56
     Industrial/Flex   2.5          .48
 
     Overall           3.0        $2.65
 
 
     Capital Improvements Summary
 
     During Q1 2001, WRIT invested $3.2 million in real estate capital
 improvements.  A breakdown of these improvements is as follows (in 000's):
 
     Accretive Capital Improvements
               Acquisition Related                      $544
               Expansions & Major Renovations             18
               Tenant Improvements                       938
     Total Accretive Capital Improvements              1,500
               Recurring Capital Improvements          1,705
     Total Capital Improvements                       $3,205
 
     Leasing Commissions Capitalized                    $290
 
 
     March 31, 2001 Debt Summary
 
     At March 31, 2001, WRIT's debt was as follows (in $millions):
 
                                               Wtd Avg            Wtd Avg
                               Amount       Maturity (Yrs)     Interest Rate
 
     Secured                   $86.1             6.6               7.5%
 
     Senior Notes & MTNs      $265.0             9.1               7.4%
 
     Subtotal                 $351.1             8.5               7.4%
     Lines of Credit*              0
 
     Total Debt               $351.1             8.5               7.4%
 
 
     *WRIT's Lines of Credit total $75 million of capacity at LIBOR+ 70bp.
 
     On April 19, 2001 WRIT borrowed $43 million under its line of credit for
 the acquisition of One Central Plaza ($44.4 million purchase price).
 
     No more than $60 million of debt matures in any one year and less than $1
 million matures in each year until 2003.
 
 
     Supplemental Debt Information at March 31, 2001
 
     Debt to Total Market Capitalization:     29.4%
 
     Earnings to Fixed Charges Ratio:         3.42x
 
     Debt Service Coverage Ratio:             3.42x
 
 
     REIT Industry Issues
 
     In light of recent issues raised in the REIT industry, WRIT makes the
 following disclosures:
 
     1.  WRIT has no non-income producing land held for development.
     2.  WRIT has only one theatre lease in its portfolio.  This lease runs
         through 6/30/02 at rent that WRIT estimates to be less than 1/3 of
         current market rent.
 
 
     Conference Call Information
 
     WRIT will conduct a Conference Call to discuss 1st Quarter Earnings on
 Tuesday, April 24, 2001 at 11:00 A.M. Eastern Daylight Time.  Conference Call
 access information is as follows:
 
     USA Toll Free Number:               888-928-9529
     International Toll Number:          312-470-0116
     Pass Code:                          Washington REIT
     Conference Leader:                  Mr. Larry Finger
 
     A replay of the Conference Call will be available for two weeks commencing
 one hour after the Conference Call concludes until May 8, 2001 at 5:00 P.M.
 Eastern Daylight Time.  Instant Replay access information is as follows:
 
     USA Toll Free Number:               800-627-3229
     International Toll Number:          402-220-0226
 
     A live on-demand webcast of the Conference Call will also be available on
 WRIT's website at http://www.writ.com .  An on-line playback of the webcast
 will be available at www.writ.com for 30 days following the Conference Call.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X53622248
 
 

SOURCE Washington Real Estate Investment Trust
    ROCKVILLE, Md., April 23 /PRNewswire Interactive News Release/ --
 Washington Real Estate Investment Trust  (WRIT) reported today that Funds From
 Operations (FFO) increased 14.1% to $16,942,000 for the quarter ended March
 31, 2001 from $14,842,000 for the quarter ended March 31, 2000.  FFO per share
 increased 11.9% to $0.47 in the first quarter of 2001 from $0.42 in the first
 quarter of 2000.  FFO is the primary performance measure for the REIT
 industry.
     Edmund B. Cronin, Jr., Chairman, President and CEO, stated that, "WRIT's
 strong FFO growth is due to the excellent performance of recent acquisitions,
 combined with the strong core portfolio net operating income increase of 8.6%
 for the quarter ended March 31, 2001."  WRIT's core portfolio excludes
 properties not owned for the entirety of both periods being compared.
     WRIT is a self-administered, self-managed, equity real estate investment
 trust investing in income-producing properties in the greater Washington-
 Baltimore region.  The Trust owns a diversified portfolio of 59 properties
 consisting of 10 retail centers, 24 office properties, 15 industrial
 properties and 10 multifamily properties.
     WRIT's streak of 35 consecutive years of increased earnings per share and
 28 consecutive years of increased FFO per share growth spans 4 recessions.
 WRIT's dividends have increased every year for 30 consecutive years.  During
 these 30 years, WRIT's dividends have increased 36 times, a record unmatched
 by any other publicly traded real estate investment trust.  WRIT shares are
 publicly traded on the New York Stock Exchange (NYSE:   WRE).
 
     Certain statements in this press release and the supplemental disclosures
 attached hereto 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, fluctuations in interest rates, availability
 of raw materials and labor costs, levels of competition, the effect of
 government regulation, the availability of capital, weather conditions and
 changes in general and local economic and real estate market conditions and
 the timing and pricing of lease transactions.
 
 
                    WASHINGTON REAL ESTATE INVESTMENT TRUST
                              FINANCIAL HIGHLIGHTS
                      (in thousands except per share data)
 
                                                      Quarter Ended March 31,
     OPERATING RESULTS                                 2001            2000
 
     Real estate rental revenue                       $35,324        $31,935
     Real estate expenses                             (10,239)        (9,372)
                                                       25,085         22,563
     Real estate depreciation and amortization         (6,214)        (5,430)
     Income from real estate                          $18,871        $17,133
 
     Other income                                         199            149
     Interest expense                                  (6,676)        (6,090)
     General and administrative                        (1,666)        (1,780)
 
     Income before gain on sale of real estate        $10,728         $9,412
 
     Gain on sale of real estate                         --            1,498
 
     Net Income                                       $10,728        $10,910
 
     Income before gain on
      real estate per share
      (Basic)                                           $0.30          $0.26
     Income before gain on
      real estate per share
      (Diluted)                                         $0.30          $0.26
     Net income per share (Basic)                       $0.30          $0.31
     Net income per share (Diluted)                     $0.30          $0.31
 
     Income before gain on sale of real estate        $10,728         $9,412
     Real estate depreciation and amortization          6,214          5,430
 
     Funds from operations                            $16,942        $14,842
 
     Funds from operations per share (Basic)            $0.47          $0.42
 
     Funds from operations per share (Diluted)          $0.47          $0.42
     Dividends paid per share                          $.3125        $0.2925
     Weighted average shares outstanding           35,777,563     35,733,793
     Fully diluted weighted average
      shares outstanding                           36,163,873     35,763,470
 
 
                                                       As of          As of
     BALANCE SHEET DATA                               March 31,    December 31,
                                                        2001           2000
     Cash and temporary investments                    $5,075         $6,426
     Real estate assets, at cost (1)                  702,157        698,513
     Total assets, at cost (1)                        736,404        732,953
     Lines of credit payable                                0              0
     Mortgage notes payable                            86,057         86,260
     Notes payable                                    265,000        265,000
     Total liabilities                                369,240        371,833
     Shareholders' equity                             258,967        258,656
     Shareholders' equity, at cost (1)                365,593        359,562
 
          (1) At cost means adding back accumulated depreciation
 
 
     WRIT Continues to Produce Significantly Higher FFO Per Share Growth
     Than the REIT Industry
 
     As reflected in the following graph, WRIT's FFO per share growth, as
 compared to the corresponding quarter in the preceding calendar year,
 continues to significantly outperform the industry.
 
                                                                       REIT
                                                        WRIT*        INDUSTRY**
     Q2 1999                                            11.7%           8.8%
     Q3 1999                                            11.8%           8.2%
     Q4 1999                                            13.6%           7.9%
     Q1 2000                                            12.2%           8.4%
     Q2 2000                                            10.6%           8.5%
     Q3 2000                                            15.8%           7.9%
     Q4 2000                                            15.0%           7.5%
     Q1 2001                                            12.5%            N/A
     Average                                            12.9%           8.2%
 
     *WRIT growth is shown excluding accounting change to straight-line rents
      in Q4 1999. The Q1 2001 straight-line rents were $0.6 million net of
      reserves.
 
     **REIT Industry data for Q4 1999 through Q4 2000 is actual FFO per share
       growth per Credit Suisse First Boston Equity REIT Research.  Q1 2001
       Industry data is not yet available and, therefore, the industry average
       is the seven quarter average from Q2 1999 through Q4 2000.
 
 
     Core Portfolio Operating Income (NOI) Growth and Rental Rate Growth -
     Q1 2001 vs. Q1 2000
 
                               Including Straight        Excluding Straight
                                   Line Rents            Line Rents
                                          Rental Rate              Rental Rate
                            NOI Growth      Growth     NOI Growth     Growth
     Sector
 
     Apartments                7.5%          7.8%         7.3%          7.7%
     Office Buildings          6.4%          5.2%         5.8%          4.9%
     Retail Centers            9.1%          6.8%         8.0%          5.8%
     Industrial/Flex Centers  17.1%         10.6%        13.1%          7.2%
 
     Overall Core Portfolio    8.6%          6.6%         7.5%          5.9%
 
     Core portfolio operating expenses increased 5.9% in Q1 2001 vs. Q1 2000.
 
 
     Core Portfolio & Overall Occupancy Levels By Sector
 
                                 Core Portfolio            All Properties
                              1st QTR      1st QTR      1st QTR       1st QTR
     Sector                    2001         2000          2001          2000
 
     Apartments               94.9%         97.1%        94.9%         97.1%
     Office Buildings         98.3%         97.2%        98.0%         97.2%
     Retail Centers           96.0%         94.9%        96.0%         94.6%
     Industrial/Flex Centers  98.4%         95.4%        98.4%         95.4%
 
     Overall Portfolio        97.3%         96.7%        97.2%         96.6%
 
 
     WRIT Continues to Produce Significantly Higher Core Portfolio NOI Growth
     Than the REIT Industry
 
     As reflected in the following graph, WRIT's core portfolio NOI growth, as
 compared to the corresponding quarter in the preceding calendar year,
 continues to significantly outperform the industry.
                                                                        REIT
                                                        WRIT*        INDUSTRY**
     Q2 1999                                             8.6%           5.3%
     Q3 1999                                             6.8%           5.4%
     Q4 1999                                             7.4%           5.6%
     Q1 2000                                             9.3%           6.2%
     Q2 2000                                             7.4%           6.3%
     Q3 2000                                            10.4%           6.8%
     Q4 2000                                             8.2%           6.8%
     Q1 2001                                             7.5%            N/A
     Average                                             8.2%           6.1%
 
     *WRIT growth is shown excluding accounting change to straight-line rents
      in Q4 1999.  The Q1 2001 core portfolio straight-line rents were $0.6
      million net of reserves.
 
     **REIT Industry Same Store NOI growth data is per Salomon Smith Barney
       Equity REIT Research.  Q1 2001 Industry data is not yet available and,
       therefore, the industry average is the seven quarter average from Q2
       1999 through Q4 2000.
 
 
     Straight Line Rents
 
     The following disclosure is provided to improve comparability between Q1
 2001 and prior quarters (all amounts except per share amounts are in $000's):
 
                              Including Straight       Excluding Straight
                                  Line Rents                  Line Rents
                             1st QTR      1st QTR       1st QTR       1st QTR
                               2001         2000          2001          2000
     Straight Line Rent
      Adjustment                635           367          N/A           N/A
     FFO                     16,942        14,842       16,307        14,475
     FFO Per Share           $0.473        $0.415       $0.456        $0.405
     Nominal FFO Per
      Share Growth            11.9%                      12.5%
     Unrounded FFO Per
      Share Growth            14.0%                      12.6%
     Core Portfolio
      Operating Income
      (NOI) Growth             8.6%                       7.5%
 
 
     Q1 2001 Commercial Leasing Activity
 
     In Q1 2001, WRIT executed leases for 162,000 square feet of commercial
 space at a weighted average increase over the prior rent in place of 21.1% on
 a straight line basis and 14.0% on a cash basis.  Details by sector are as
 follows:
                               Cash Basis    Cash Basis     Cash       Straight
                                Previous        New         Basis        Line
     Sector      Square Feet    Face Rent    Face Rent   % Increase  % Increase
 
     Office         87,015       $23.20       $26.36        13.6%       22.6%
     Retail         26,720        10.20        12.17        19.3%       19.2%
     Industrial/
      Flex          48,185         5.69         6.35        11.6%       12.8%
 
     Overall       161,920       $15.84       $18.07        14.0%       21.1%
 
                    Avg Term    Avg Tenant
     Sector          (Years)      Imp/SF
 
     Office            3.7        $4.49
     Retail            1.8          .56
     Industrial/Flex   2.5          .48
 
     Overall           3.0        $2.65
 
 
     Capital Improvements Summary
 
     During Q1 2001, WRIT invested $3.2 million in real estate capital
 improvements.  A breakdown of these improvements is as follows (in 000's):
 
     Accretive Capital Improvements
               Acquisition Related                      $544
               Expansions & Major Renovations             18
               Tenant Improvements                       938
     Total Accretive Capital Improvements              1,500
               Recurring Capital Improvements          1,705
     Total Capital Improvements                       $3,205
 
     Leasing Commissions Capitalized                    $290
 
 
     March 31, 2001 Debt Summary
 
     At March 31, 2001, WRIT's debt was as follows (in $millions):
 
                                               Wtd Avg            Wtd Avg
                               Amount       Maturity (Yrs)     Interest Rate
 
     Secured                   $86.1             6.6               7.5%
 
     Senior Notes & MTNs      $265.0             9.1               7.4%
 
     Subtotal                 $351.1             8.5               7.4%
     Lines of Credit*              0
 
     Total Debt               $351.1             8.5               7.4%
 
 
     *WRIT's Lines of Credit total $75 million of capacity at LIBOR+ 70bp.
 
     On April 19, 2001 WRIT borrowed $43 million under its line of credit for
 the acquisition of One Central Plaza ($44.4 million purchase price).
 
     No more than $60 million of debt matures in any one year and less than $1
 million matures in each year until 2003.
 
 
     Supplemental Debt Information at March 31, 2001
 
     Debt to Total Market Capitalization:     29.4%
 
     Earnings to Fixed Charges Ratio:         3.42x
 
     Debt Service Coverage Ratio:             3.42x
 
 
     REIT Industry Issues
 
     In light of recent issues raised in the REIT industry, WRIT makes the
 following disclosures:
 
     1.  WRIT has no non-income producing land held for development.
     2.  WRIT has only one theatre lease in its portfolio.  This lease runs
         through 6/30/02 at rent that WRIT estimates to be less than 1/3 of
         current market rent.
 
 
     Conference Call Information
 
     WRIT will conduct a Conference Call to discuss 1st Quarter Earnings on
 Tuesday, April 24, 2001 at 11:00 A.M. Eastern Daylight Time.  Conference Call
 access information is as follows:
 
     USA Toll Free Number:               888-928-9529
     International Toll Number:          312-470-0116
     Pass Code:                          Washington REIT
     Conference Leader:                  Mr. Larry Finger
 
     A replay of the Conference Call will be available for two weeks commencing
 one hour after the Conference Call concludes until May 8, 2001 at 5:00 P.M.
 Eastern Daylight Time.  Instant Replay access information is as follows:
 
     USA Toll Free Number:               800-627-3229
     International Toll Number:          402-220-0226
 
     A live on-demand webcast of the Conference Call will also be available on
 WRIT's website at http://www.writ.com .  An on-line playback of the webcast
 will be available at www.writ.com for 30 days following the Conference Call.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X53622248
 
 SOURCE  Washington Real Estate Investment Trust