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[LOGO] Washington Real Estate Investment Trust
Supplemental Information
June 30, 2002
Contact: 6110 Executive Blvd
Sara Grootwassink Suite 800
Chief Financial Officer Rockville, MD 20852
Direct Dial: (301) 255-0820 (301) 984-9400
E-mail: sgrootwassink@writ.com (301) 984-9610 fax
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Washington Real Estate Investment Trust
Supplemental Information
Table of Contents
June 30, 2002
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Schedule Page
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About the Trust 1
Consolidated Statements of Operations 2
Consolidated Balance Sheet 3
Funds From Operations and Funds Available for Distribution 4
Long-Term Debt Analysis 5
Capital Analysis 6
Core Portfolio Operating Income (NOI) Growth & Rental Rate Growth 7
Core Portfolio & Overall Occupancy Levels by Sector 8
Schedule of Properties 9
Schedule of Properties (continued) 10
Commercial Leasing Summary 11
10 Largest Tenants - Based on Annualized Rent 12
Lease Expirations as of June 30, 2002 13
Acquisition Summary as of June 30, 2002 14
Total Return Chart 15
Washington Real Estate Investment Trust
About the Trust
================================================================================
Mission Statement
Washington Real Estate Investment Trust, founded in 1960 and headquarted in
Rockville, Maryland, invests in a diversified range of income-producing property
types. Our purpose is to acquire and manage real estate investments in markets
we know well and protect our assets from single property-type value fluctuations
through diversified holdings. Our goal is to continue to safely increase
earnings and shareholder value.
Company Background
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 11
retail centers, 23 office properties, 15 industrial and 9 multifamily
properties.
WRIT has achieved 36 consecutive years of increased earnings per share and 29
consecutive years of FFO per share growth. WRIT's dividends have increased every
year for 32 consecutive years. During these 32 years, WRIT's dividends have
increased 37 times, a record unmatched by any other publicly traded real estate
investment trust. WRIT shares are publicly traded on the New York Stock Exchange
(symbol: WRE).
1
Washington Real Estate Investment Trust
Consolidated Statement of Operations
(In thousands, except per share data)
================================================================================
Three Months Ended
OPERATING RESULTS 06/30/02 03/31/02 12/31/01 09/30/01 06/30/01
- ----------------------------------------------- -------- -------- -------- -------- --------
Real estate rental revenue $ 37,556 $ 38,022 $ 37,755 $ 37,510 $ 37,055
Real estate expenses (10,803) (10,525) (10,460) (10,896) (10,812)
------------ ------------ ------------ ------------ ------------
26,753 27,497 27,295 26,614 26,243
Real estate depreciation and amortization (7,053) (6,950) (7,017) (6,777) (6,657)
------------ ------------ ------------ ------------ ------------
Income from real estate 19,700 20,547 20,278 19,837 19,586
Other income 228 148 435 302 750
Interest expense (6,888) (6,883) (6,893) (6,731) (6,771)
General and administrative (1,227) (1,240) (1,356) (1,139) (1,416)
------------ ------------ ------------ ------------ ------------
Income from continuing operations 11,813 12,572 12,464 12,269 12,149
Income (loss) from discontinued operations - (82) (58) 259 245
Gain on sale of real estate - 3,838 - 4,296 -
------------ ------------ ------------ ------------ ------------
Net Income $ 11,813 $ 16,328 $ 12,406 $ 16,824 $ 12,394
============ ============ ============ ============ ============
Per Share Data
- --------------
Income from continuing operations (Diluted) $ 0.30 $ 0.32 $ 0.32 $ 0.32 $ 0.32
Net Income (Diluted) $ 0.30 $ 0.42 $ 0.32 $ 0.43 $ 0.33
Fully diluted weighted average shares outstanding 39,348,732 39,185,576 39,056,824 38,795,143 38,071,916
Percentage of Revenues:
Real estate expenses 28.8% 27.7% 27.7% 29.0% 29.2%
General and administrative 3.3% 3.3% 3.6% 3.0% 3.8%
Ratios:
EBITDA / Interest Expense 3.7x 3.8x 3.8x 3.8x 3.7x
Income from continuing operations /
Total revenue 31.5% 33.1% 33.0% 32.7% 32.8%
Fixed Charge Coverage 3.6x 3.7x 3.7x 3.7x 3.6x
2
Washington Real Estate Investment Trust
Consolidated Balance Sheet
(In thousands)
================================================================================
June 30, March 31, December 31, September 30, June 30,
2002 2002 2001 2001 2001
--------- --------- --------- --------- ---------
Assets
Land $ 165,863 $ 152,835 $ 151,782 $ 148,977 $ 149,199
Building 660,314 625,374 622,804 597,881 599,752
--------- --------- --------- --------- ---------
Total real estate, at cost 826,177 778,209 774,586 746,858 748,951
Accumulated depreciation (133,219) (126,788) (122,625) (116,463) (112,757)
--------- --------- --------- --------- ---------
Total investment in real estate, net 692,958 651,421 651,961 630,395 636,194
Cash and cash equivalents 24,129 30,509 26,441 32,953 22,445
Rents and other receivables
net of allowance for doubtful accounts 12,481 11,088 10,523 10,705 11,982
Prepaid expenses and other assets 16,604 18,248 19,010 20,748 17,764
--------- --------- --------- --------- ---------
Total Assets $ 746,172 $ 711,266 $ 707,935 $ 694,801 $ 688,385
========= ========= ========= ========= =========
Liabilities
Accounts payable and other liabilities $ 14,522 $ 11,564 $ 13,239 $ 11,776 $ 14,660
Advance rents 3,006 2,953 3,604 2,791 3,256
Tenant security deposits 6,302 6,184 6,148 6,071 6,108
Mortgage notes payable 94,159 94,445 94,726 85,641 85,851
Line of credit payable 32,000 - - - -
Notes payable 265,000 265,000 265,000 265,000 265,000
--------- --------- --------- --------- ---------
Total Liabilities 414,989 380,146 382,717 371,279 374,875
--------- --------- --------- --------- ---------
Minority interest 1,542 1,658 1,611 1,594 1,584
--------- --------- --------- --------- ---------
Shareholders' Equity
Shares of beneficial interest, $.01 par value;
100,000 shares authorized $ 391 $ 390 $ 388 $ 387 $ 383
Additional paid-in capital 327,893 325,741 323,257 321,079 315,051
Retained earnings (deficit) 1,357 3,331 (38) 462 (3,508)
--------- --------- --------- --------- ---------
Total Shareholders' Equity 329,641 329,462 323,607 321,928 311,926
--------- --------- --------- --------- ---------
Total Liabilities and Shareholders' Equity $ 746,172 $ 711,266 $ 707,935 $ 694,801 $ 688,385
========= ========= ========= ========= =========
Total Debt / Total Market Capitalization 0.26:1 0.24:1 0.27:1 0.28:1 0.28:1
========= ========= ========= ========= =========
3
Washington Real Estate Investment Trust
Funds From Operations and Funds Available for Distribution
(In thousands, except per share data)
================================================================================
June 30, March 31, December 31, September 30, June 30,
2002 2002 2001 2001 2001
------------ ------------ ------------ ------------ ------------
Funds From Operations
Net Income $ 11,813 $ 16,328 $ 12,406 $ 16,824 $ 12,394
Gain on Sale of Real Estate - (3,838) - (4,296) -
Divestiture Sharing Distribution - - - (22) (515)
Real estate depreciation and amortization 7,053 6,961 7,041 6,800 6,680
------------ ------------ ------------ ------------ ------------
Funds From Operations (FFO) 18,866 19,451 19,447 19,306 18,559
------------ ------------ ------------ ------------ ------------
FFO per share - basic $ 0.48 $ 0.50 $ 0.50 $ 0.50 $ 0.49
FFO per share - fully diluted $ 0.48 $ 0.50 $ 0.50 $ 0.50 $ 0.49
Funds Available for Distribution
Accretive:
Tenant Improvements (1,280) (1,015) (578) (820) (851)
Leasing Commissions Capitalized (381) (283) (306) (182) (223)
Major Renovations, Expansions & Development (3,090) (1,920) (1,213) (321) (75)
Acquisition - Related (441) (398) (1,547) (1,111) (326)
Non-Accretive:
Recurring Capital Improvements (1,647) (1,814) (1,463) (1,234) (1,001)
Straight-Line Rent, Net (487) (539) (550) (526) (641)
Non RE Depreciation & Amortization 488 515 449 430 453
Divestiture Sharing Distribution - - - 22 515
------------ ------------ ------------ ------------ ------------
Funds Available for Distribution (FAD) $ 12,028 $ 13,998 $ 14,239 $ 15,565 $ 16,411
============ ============ ============ ============ ============
FAD per share - basic/1/ $ 0.31 $ 0.36 $ 0.37 $ 0.40 $ 0.44
FAD per share - fully diluted/2/ $ 0.31 $ 0.36 $ 0.36 $ 0.40 $ 0.43
Average shares - basic 39,055,523 38,898,988 38,748,217 38,460,018 37,667,843
Average shares - fully diluted 39,348,732 39,185,576 39,056,824 38,795,143 38,071,916
/1/ Comparing Q2 2002 to Q2 2001, the 28% decline in FAD per share is primarily
attributable to a $3.0 million increase in Major Renovations, Expansions and
Development in Q2 2002. These major renovations include projects at three office
buildings: 1901 Pennsylvania Avenue, N. W. - a complete facade renovation, 51
Monroe Street, Rockville, MD - a lobby renovation, 7900 Westpark Drive - a
lobby/hallway renovation and at Westminster Shopping Center, Westminster, MD for
renovation and re-tenanting. Project completion is expected in 2002.
/2/ FAD per share - fully diluted, excluding $3.0 million of Renovations,
Expansions and Development for Q2 2002 is $0.38. This amounts to an (11.3%)
decline when compared to Q2 2001.
4
Washington Real Estate Investment Trust
Long-Term Debt Analysis
(In thousands, except per share amounts)
================================================================================
June 30, March 31, December 31, September 30, June 30,
2002 2002 2001 2001 2001
---------- ---------- ---------- ---------- ----------
Balances Outstanding
Secured
Conventional fixed rate $ 94,159 $ 94,445 $ 94,726 $ 85,641 $ 85,851
---------- ---------- ---------- ---------- ----------
Secured total 94,159 94,445 94,726 85,641 85,851
---------- ---------- ---------- ---------- ----------
Unsecured
Fixed rate bonds and notes 265,000 265,000 265,000 265,000 265,000
Credit facility 32,000 - - - -
---------- ---------- ---------- ---------- ----------
Unsecured total 297,000 265,000 265,000 265,000 265,000
---------- ---------- ---------- ---------- ----------
Total $ 391,159 $ 359,445 $ 359,726 $ 350,641 $ 350,851
========== ========== ========== ========== ==========
Average Interest Rates
Secured
Conventional fixed rate 7.4% 7.4% 7.4% 7.5% 7.5%
---------- ---------- ---------- ---------- ----------
Secured total 7.4% 7.4% 7.4% 7.5% 7.5%
---------- ---------- ---------- ---------- ----------
Unsecured
Fixed rate bonds 7.4% 7.4% 7.4% 7.4% 7.4%
Credit facilities 2.6% 0.0% 0.0% 0.0% 0.0%
---------- ---------- ---------- ---------- ----------
Unsecured total 6.9% 7.4% 7.4% 7.4% 7.4%
---------- ---------- ---------- ---------- ----------
Average 7.3% 7.4% 7.4% 7.4% 7.4%
========== ========== ========== ========== ==========
Maturity Schedule
Future Maturities of Debt Average
----------------------------
Year Secured Debt Unsecured Debt Total Debt Interest Rate
------------ -------------- ---------- -------------
2002 $ 589 $ 32,000 $ 32,589 2.7%
2003 7,639 50,000 57,639 7.6%
2004 1,110 55,000 56,110 7.9%
2005 26,645 - 26,645 7.7%
2006 331 50,000 50,331 7.5%
2007 7,845 - 7,845 6.8%
2008 - 60,000 60,000 6.7%
2009 50,000 - 50,000 7.1%
2010 - - - 0.0%
2011 - - - 0.0%
Thereafter - 50,000 50,000 7.4%
--------- --------- --------- -----
Total maturities $ 94,159 $ 297,000 $ 391,159 7.3%
========= ========= ========= =====
Weighted average maturity = 7.08 years
5
Washington Real Estate Investment Trust
Capital Analysis
(In thousands, except per share amounts)
================================================================================
June 30, March 31, December 31, September 30, June 30,
2002 2002 2001 2001 2001
----------- ----------- ----------- ----------- -----------
Market Data
Shares Outstanding 39,114 38,988 38,829 38,693 38,329
Market Price per Share $ 28.90 $ 28.75 $ 24.89 $ 23.72 $ 23.64
Equity Market Capitalization 1,130,395 $ 1,120,905 $ 966,454 $ 917,798 $ 906,098
Total Debt 391,159 $ 359,445 $ 359,726 $ 350,641 $ 350,851
Total Market Capitalization 1,521,554 $ 1,480,350 $ 1,326,180 $ 1,268,439 $ 1,256,949
Total Debt to Market Capitalization 0.26:1 0.24:1 0.27:1 0.28:1 0.28:1
=========== =========== =========== =========== ===========
Earnings to Fixed Charges 3.6x 3.7x 3.7x 3.7x 3.6x
Debt Service Coverage Ratio 3.6x 3.7x 3.7x 3.7x 3.6x
Dividend Data
Common Dividend per Share $ 0.3525 $ 0.3325 $ 0.3325 $ 0.3325 $ 0.3325
Payout Ratio (FFO per share basis) 73.4% 67.0% 66.8% 66.8% 68.2%
Payout Ratio (FAD per share basis)/1/ 113.7% 93.1% 91.2% 82.9% 77.1%
/1/ As discussed per page 5 of this supplemental, excluding $3.0 million of
Major Renovations, Expansions and Development in Q2 2002, the Payout Ratio (FAD
per share basis) for Q2 2002 is 92.3%.
6
Washington Real Estate Investment Trust
Core Portfolio Operating Income (NOI) Growth & Rental Rate Growth
Q2 2002 vs. Q2 2001
================================================================================
Cash Basis
NOI Rental Rate
Sector Growth Growth
----------------------------- -------- -------------
Multifamily 8.5% 6.0%
Office Buildings (1) -4.3% 6.0%
Retail Centers 11.6% 6.2%
Industrial / Flex Properties -10.5% 5.7%
Overall Core Portfolio -0.6% 6.0%
GAAP Basis
NOI Rental Rate
Sector Growth Growth
----------------------------- -------- -------------
Multifamily 8.4% 6.0%
Office Buildings (1) -4.9% 5.4%
Retail Centers 11.8% 5.7%
Industrial / Flex Properties -12.0% 3.3%
Overall Core Portfolio -1.2% 5.3%
(1) NOI and Rental Rate Growth Q2 2002 vs. Q2 2001 excluding the 156,000
square feet of vacant space at 7900 Westpark Drive: 3.2% and 6.0% -
Cash Basis and 2.4% and 5.4% - GAAP basis.
7
Washington Real Estate Investment Trust
Core Portfolio & Overall Occupancy Levels by Sector
Q2 2002 vs. Q2 2001
================================================================================
GAAP Basis
Core Portfolio All Properties
------------------- --------------------
2nd QTR 2nd QTR 2nd QTR 2nd QTR
Sector 2002 2001 2002 2001
---------------------------- --------- --------- --------- ---------
Multifamily 95.3% 94.6% 95.3% 94.6%
Office Buildings (1) 88.6% 98.3% 89.3% 98.2%
Retail Centers 94.8% 95.1% 94.9% 95.1%
Industrial / Flex Properties 92.1% 99.0% 93.2% 99.1%
----- ----- ----- -----
Overall Portfolio 91.3% 97.2% 91.7% 97.2%
(1) Occupancy for the Core Portfolio and All Properties excluding the
156,000 square feet of vacant space at 7900 Westpark Drive is 93.7% and
94.0 %
8
Washington Real Estate Investment Trust
Schedule of Properties
June 30, 2002
YEAR YEAR NET RENTABLE*
PROPERTIES LOCATION ACQUIRED CONSTRUCTED SQUARE FEET
- ------------------------------- --------------------- ---------- ------------- --------------
Office Buildings
- ----------------
1901 Pennsylvania Avenue Washington, DC 1977 1960 97,000
51 Monroe Street Rockville, MD 1979 1975 210,000
7700 Leesburg Pike Falls Church, VA 1990 1976 145,000
515 King Street Alexandria, VA 1992 1966 78,000
The Lexington Building Rockville, MD 1993 1970 47,000
The Saratoga Building Rockville, MD 1993 1977 59,000
Brandywine Center Rockville, MD 1993 1969 35,000
Tycon Plaza II Vienna, VA 1994 1981 131,000
Tycon Plaza III Vienna, VA 1994 1978 152,000
6110 Executive Boulevard Rockville, MD 1995 1971 199,000
1220 19th Street Washington, DC 1995 1976 104,000
Maryland Trade Center I Greenbelt, MD 1996 1981 191,000
Maryland Trade Center II Greenbelt, MD 1996 1984 159,000
1600 Wilson Boulevard Arlington, VA 1997 1973 167,000
7900 Westpark Drive McLean, VA 1997 1972/1986/1999/1/ 527,000
8230 Boone Boulevard Vienna, VA 1998 1981 58,000
Woodburn Medical Park I Annandale, VA 1998 1984 71,000
Woodburn Medical Park II Annandale, VA 1998 1988 96,000
600 Jefferson Plaza Rockville, MD 1999 1985 115,000
1700 Research Boulevard Rockville, MD 1999 1982 103,000
Parklawn Plaza Rockville, MD 1999 1986 40,000
Wayne Plaza Silver Spring, MD 2000 1970 91,000
Courthouse Square Alexandria, VA 2000 1979 113,000
One Central Plaza Rockville, MD 2001 1974 274,000
-----------
Subtotal 3,262,000
===========
Retail Centers
- --------------
Takoma Park Takoma Park, MD 1963 1962 59,000
Westminster Westminster, MD 1972 1969 165,000
Concord Centre Springfield, VA 1973 1960 76,000
Wheaton Park Wheaton, MD 1977 1967 71,000
Bradlee Alexandria, VA 1984 1955 168,000
Chevy Chase Metro Plaza Washington, DC 1985 1975 51,000
Montgomery Village Center Gaithersburg, MD 1992 1969 196,000
Shoppes of Foxchase Alexandria, VA 1994 1960 128,000
Frederick County Square Frederick, MD 1995 1973 233,000
800 S. Washington Street Alexandria, VA 1998 1955/1959 51,000
Centre at Hagarstown Hagerstown, MD 2002 2000 327,000
-----------
Subtotal 1,525,000
===========
Multifamily Buildings / # units
- -------------------------------
3801 Connecticut Avenue / 307 Washington, DC 1963 1951 166,000
Roosevelt Towers / 190 Falls Church, VA 1965 1964 156,000
Country Club Towers / 227 Arlington, VA 1969 1965 157,000
Park Adams / 200 Arlington, VA 1969 1959 158,000
Munson Hill Towers / 279 Falls Church, VA 1970 1963 258,000
The Ashby at McLean / 250 McLean, VA 1996 1982 349,000
Walker House Apartments / 196 Gaithersburg, MD 1996 1971 148,000
Bethesda Hills Apartments / 194 Bethesda, MD 1997 1986 226,000
Avondale / 236 Laurel, MD 1999 1987 162,000
-----------
Subtotal (2,079 units) 1,780,000
===========
/1/ A 49,000 square foot addition to 7900 Westpark Drive was completed in
September 1999.
* Multifamily buildings are presented in gross square feet.
9
Washington Real Estate Investment Trust
Schedule of Properties (Cont.)
June 30, 2002
YEAR YEAR NET RENTABLE
PROPERTIES LOCATION ACQUIRED CONSTRUCTED SQUARE FEET
- ----------------------------------------- --------------- -------- ----------- ------------
Industrial Distribution / Flex Properties
- -----------------------------------------
Fullerton Business Center Springfield, VA 1985 1980 103,000
Pepsi-Cola Distribution Center Forestville, MD 1987 1971 69,000
Charleston Business Center Rockville, MD 1993 1973 85,000
Tech 100 Industrial Park Elkridge, MD 1995 1990 167,000
Crossroads Distribution Center Elkridge, MD 1995 1987 85,000
The Alban Business Center Springfield, VA 1996 1981/1982 87,000
The Earhart Building Chantilly, VA 1996 1987 92,000
Ammendale Technology Park I Beltsville, MD 1997 1985 167,000
Ammendale Technology Park II Beltsville, MD 1997 1986 108,000
Pickett Industrial Park Alexandria, VA 1997 1973 246,000
Northern Virginia Industrial Park Lorton, VA 1998 1968/1991 790,000
8900 Telegraph Road Lorton, VA 1998 1985 32,000
Dulles South IV Chantilly, VA 1999 1988 83,000
Sully Square Chantilly, VA 1999 1986 95,000
Amvax Beltsville, MD 1999 1986 31,000
Sullyfield Center Chantilly, VA 2001 1985 248,000
-----------
Subtotal 2,488,000
===========
TOTAL 9,055,000
===========
10
Washington Real Estate Investment Trust
Commercial Leasing Summary
Three months ended June 30, 2002
================================================================================
2nd Quarter 2002 YTD 2002
-------------------------------------- --------------------------------------
Gross Leasing Square Footage
Office Buildings 183,136 328,519
Retail Centers 62,712 76,433
Industrial Centers 119,542 152,416
-------------------------------------- --------------------------------------
Total 365,390 557,368
====================================== ======================================
Weighted Average Term (yrs)
Office Buildings 3.3 3.6
Retail Centers 4.4 4.8
Industrial Centers 6.2 5.5
-------------------------------------- --------------------------------------
Total 4.4 4.3
-------------------------------------- --------------------------------------
Rental Rate Increases: GAAP CASH GAAP CASH
-------------------------------------- --------------------------------------
Rate on expiring leases
Office Buildings $ 23.57 $ 24.14 $ 22.94 $ 23.39
Retail Centers $ 14.63 $ 14.85 $ 15.30 $ 15.48
Industrial Centers $ 6.53 $ 6.66 $ 6.52 $ 6.60
-------------------------------------- --------------------------------------
Total $ 16.46 $ 16.82 $ 17.40 $ 17.71
-------------------------------------- --------------------------------------
Rate on new and renewal leases
Office Buildings $ 26.11 $ 25.10 $ 25.46 $ 24.38
Retail Centers $ 18.10 $ 17.06 $ 19.16 $ 17.91
Industrial Centers $ 7.53 $ 6.76 $ 7.63 $ 6.97
-------------------------------------- --------------------------------------
Total $ 18.66 $ 17.72 $ 19.72 $ 18.73
-------------------------------------- --------------------------------------
Percentage Increase
Office Buildings 10.78% 3.98% 10.99% 4.23%
Retail Centers 23.72% 14.88% 25.23% 15.70%
Industrial Centers 15.31% 1.50% 17.02% 5.61%
-------------------------------------- --------------------------------------
-------------------------------------- --------------------------------------
Total Percentage Increase 13.37% 5.35% 13.33% 5.76%
-------------------------------------- --------------------------------------
Total Dollars Square Foot Total Dollars Square Foot
-------------------------------------- --------------------------------------
Tenant Improvements and Leasing Costs
Office Buildings $ 1,713,548 $ 9.36 $ 2,980,808 $ 9.07
Retail Centers $ 235,861 $ 3.76 $ 326,722 $ 4.27
Industrial Centers $ 597,123 $ 5.00 $ 662,152 $ 4.34
-------------------------------------- --------------------------------------
Total $ 2,546,532 $ 6.97 $ 3,969,682 $ 7.12
-------------------------------------- --------------------------------------
11
Washington Real Estate Investment Trust
10 Largest Tenants - Based on Annualized Rent
June 30, 2002
================================================================================
Weighted Percentage Percentage
Average of Aggregate of Aggregate
Remaining Portfolio Aggregate Occupied
Number of Lease Term Annualized Rentable Square
Tenant Buildings in Months Rent Square Feet Feet
- ---------------------------------- ----------- ------------ -------------- ------------- --------------
Lockheed Corporation 2 15 3.86% 189,375 2.87%
SunTrust Bank 4 32 2.58% 104,291 1.58%
Sun Microsystems, Inc. 1 54 2.54% 110,184 1.67%
Xerox Corporation 1 26 2.54% 90,994 1.38%
General Services Administration 6 24 1.91% 229,999 3.49%
INOVA Health Systems 2 84 1.41% 53,196 0.81%
United Communications Group 1 71 1.39% 60,087 0.91%
Sunrise Assisted Living 1 109 1.19% 48,775 0.74%
TRW, Inc. 2 28 1.07% 65,739 1.00%
R.O.W. Sciences, Inc. 1 7 1.02% 57,198 0.87%
------- ----------- --------
Total/Weighted Average 19.50% 1,009,838 15.31%
======= =========== ========
12
Washington Real Estate Investment Trust
Lease Expirations
June 30, 2002
================================================================================
Percent of Average Percent of
Number of Rentable Rentable Annualized Rental Annualized
Year Leases Square Feet Square Feet Rent * Rate Rent *
---- --------- ------------- ------------- ---------- ------- ----------
Office:
2002 69 333,354 11.6% $ 8,165,626 $ 24.50 10.4%
2003 151 553,040 19.2% 13,416,248 24.26 17.0%
2004 111 677,811 23.5% 17,904,600 26.42 22.7%
2005 93 292,773 10.1% 8,167,959 27.90 10.4%
2006 74 460,813 16.0% 13,619,741 29.56 17.3%
2007 and thereafter 102 567,424 19.7% 17,523,299 30.88 22.2%
--------- ------------- ----------- --------------- -------------- ---------
600 2,885,215 100.0% $ 78,797,473 $ 27.31 100.0%
========= ============== =========== =============== ============= =========
Retail:
2002 18 67,574 4.9% $ 936,927 $ 13.87 4.2%
2003 41 237,886 17.2% 2,427,002 10.20 10.8%
2004 37 153,278 11.1% 2,140,852 13.97 9.5%
2005 40 206,403 14.9% 3,691,465 17.88 16.4%
2006 32 101,762 7.3% 2,142,811 21.06 9.5%
2007 and thereafter 88 618,573 44.6% 11,113,881 17.97 49.5%
--------- ------------- ----------- --------------- ------------- ---------
256 1,385,476 100.0% $ 22,452,938 $ 16.21 100.0%
========= ============== =========== =============== ============= =========
Industrial:
2002 45 340,543 14.7% $ 2,347,417 $ 6.89 12.4%
2003 42 488,915 21.0% 3,807,858 7.79 20.1%
2004 38 372,326 16.0% 2,713,058 7.29 14.3%
2005 31 402,459 17.3% 2,857,304 7.10 15.1%
2006 25 327,006 14.1% 3,387,416 10.36 17.9%
2007 and thereafter 24 392,264 16.9% 3,796,251 9.68 20.1%
--------- ------------- ----------- --------------- -------------- ---------
205 2,323,513 100.0% $ 18,909,303 $ 8.14 100.0%
========= ============== =========== =============== ============= =========
Total:
2002 132 741,471 11.2% $ 11,449,970 $ 15.44 9.5%
2003 234 1,279,841 19.4% 19,651,108 15.35 16.4%
2004 186 1,203,415 18.2% 22,758,510 18.91 18.9%
2005 164 901,635 13.7% 14,716,728 16.32 12.2%
2006 131 889,581 13.5% 19,149,968 21.53 15.9%
2007 and thereafter 214 1,578,261 23.9% 32,433,432 20.55 27.0%
--------- ------------- ----------- --------------- -------------- ---------
1,061 6,594,204 100.0% $ 120,159,715 $ 18.22 100.0%
========= ============== =========== =============== ============= =========
* Annualized Rent is as of June 30, 2002 rental revenue (cash basis) multiplied
by 12.
13
Washington Real Estate Investment Trust
2002 Acquisition Summary
(Dollars in thousands)
=============================================================================================================
June 30,
Occupied Occupancy 2002
Acquisition Square Sq. Ft. at Percentage at Occupancy
Date Feet Acquisition Acquisition Percentage Investment
------------ --------- --------------- ---------------- -------------- -------------
Centre at Hagerstown 6/21/2002 326,846 320,309 98% 98% $41,700,000
2002 Disposition Summary
(Dollars in thousands)
================================================================================
Disposition Square Gross Sales Cash
Date Feet Proceeds Proceeds
------------- --------- -------------- -----------
1501 South Capitol Street 2/28/2002 145,000 $6,200 $5,800
14
WRIT vs. Morgan Stanley REIT Index, Russell 2000 Index & Wilshire REIT Index
12, 24, 36, 48 and 60 Month Total Returns
through June 30, 2002
- -------------------------------------------------------------------------------
WRIT RMS Index Russell 2000 Index Wilshire REIT Index
- -------------------------------------------------------------------------------
12 Month 29% 16% -8% 8%
- -------------------------------------------------------------------------------
24 Month 80% 43% -8% 27%
- -------------------------------------------------------------------------------
36 Month 104% 48% 5% 23%
- -------------------------------------------------------------------------------
48 Month 113% 36% 7% 26%
- -------------------------------------------------------------------------------
60 Month 122% 45% 25% 26%
- -------------------------------------------------------------------------------
15