Washington Real Estate Investment Trust To Issue 2,300,000 Shares of Beneficial Interest

Apr 24, 2001, 01:00 ET from Washington Real Estate Investment Trust

    ROCKVILLE, Md., April 24 /PRNewswire Interactive News Release/ --
 Washington Real Estate Investment Trust (WRIT) announced today that it has
 completed a public offering of 2,300,000 Shares of Beneficial Interest priced
 at $22.15 per share.  Merrill Lynch & Co., Inc., Credit Suisse First Boston,
 A.G. Edwards & Sons, Inc., Legg Mason Wood Walker, Inc., and BB&T Capital
 Markets comanaged the offering.
     The $48,200,000 net proceeds from the sale of the shares will be used to
 repay $43,000,000 in borrowings under the Trust's lines of credit related to
 WRIT's acquisition of One Central Plaza on April 19, 2001, to acquire
 incomeproducing properties, to expand and/or renovate presently owned
 properties and for general corporate purposes.
     Edmund B. Cronin, Jr., Chairman, President and CEO, stated that, "Our
 investment of this $48 million of equity will be accretive to current
 earnings.  This equity strengthens WRIT's balance sheet, enabling us to make
 additional opportunistic investments while allowing us to maintain low
 leverage and high debt service coverage."
 
     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 58 properties
 consisting of 10 retail centers, 24 office properties, 15 industrial/flex
 properties and 9 multi-family properties.  WRIT shares are publicly traded on
 the New York Stock Exchange (NYSE:   WRE).
 
     Certain statements in this press release 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, the timing and pricing of lease transactions and changes
 in general and local economic and real estate market conditions.
 
     A copy of the prospectus related to the offering may be obtained from
 Merrill Lynch & Co., Inc., World Financial Center, North Tower, Tenth Floor,
 New York, NY 10281.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X97868351
 
 

SOURCE Washington Real Estate Investment Trust
    ROCKVILLE, Md., April 24 /PRNewswire Interactive News Release/ --
 Washington Real Estate Investment Trust (WRIT) announced today that it has
 completed a public offering of 2,300,000 Shares of Beneficial Interest priced
 at $22.15 per share.  Merrill Lynch & Co., Inc., Credit Suisse First Boston,
 A.G. Edwards & Sons, Inc., Legg Mason Wood Walker, Inc., and BB&T Capital
 Markets comanaged the offering.
     The $48,200,000 net proceeds from the sale of the shares will be used to
 repay $43,000,000 in borrowings under the Trust's lines of credit related to
 WRIT's acquisition of One Central Plaza on April 19, 2001, to acquire
 incomeproducing properties, to expand and/or renovate presently owned
 properties and for general corporate purposes.
     Edmund B. Cronin, Jr., Chairman, President and CEO, stated that, "Our
 investment of this $48 million of equity will be accretive to current
 earnings.  This equity strengthens WRIT's balance sheet, enabling us to make
 additional opportunistic investments while allowing us to maintain low
 leverage and high debt service coverage."
 
     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 58 properties
 consisting of 10 retail centers, 24 office properties, 15 industrial/flex
 properties and 9 multi-family properties.  WRIT shares are publicly traded on
 the New York Stock Exchange (NYSE:   WRE).
 
     Certain statements in this press release 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, the timing and pricing of lease transactions and changes
 in general and local economic and real estate market conditions.
 
     A copy of the prospectus related to the offering may be obtained from
 Merrill Lynch & Co., Inc., World Financial Center, North Tower, Tenth Floor,
 New York, NY 10281.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X97868351
 
 SOURCE  Washington Real Estate Investment Trust