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WRIT BURNS FINAL MORTGAGE TO BECOME DEBT FREE

 BETHESDA, Md., April 21 /PRNewswire/ -- The Washington Real Estate Investment Trust (WRIT) (AMEX: WRE) paid off and burned its last remaining mortgage in a mini-bonfire ceremony. The trust's counsel, Benjamin Dorsey, reported that the Environmental Protection Agency and the Bethesda Fire Department suggested using the stove in WRIT's kitchen for the bonfire. WRIT's fire insurance carrier, who was also consulted, supplied some symbolic marshmallows. The most notable quote from WRIT's President Benjamin Franklin Kahn's mini-bonfire, mini-ceremonial speech was, "WRIT did not invent conservatism. Conservatism invented WRIT. As Benjamin Franklin once said, `Pay what you owe, and you'll know what is your own.'"
 WRIT now has all of its 32 properties free of debt. There are no other long- or short-term debts on the balance sheet. As Kirstin Downey Grimsley in the Washington Post of March 2, 1993, observed, "In an era when most real estate entities are laboring under heavy loads of debt and fending off foreclosures ... a certain smugness seems entirely appropriate."
 After this final mortgage payment, WRIT has approximately $34 million cash available for additional property acquisitions.
 WRIT, operating under a consistently conservative philosophy, has steadily reduced its debt over the years.
 DEBT AS A PERCENTAGE OF ASSETS: FROM 87 PERCENT TO 0
 (A SYMBOLIC MARSHMALLOW)
 Dec. 31, 1966 87 pct.
 Dec. 31, 1971 61 pct.
 Dec. 31, 1976 47 pct.
 Dec. 31, 1981 37 pct.
 Dec. 31, 1986 17 pct.
 Dec. 31, 1991 8 pct.
 Dec. 31, 1992 1 pct.
 April 19, 1993 0 pct.
 The year 1992 was the 27th consecutive year that net income from operations increased. During 1992 WRIT split its stock 3-for-2, sold an additional 2,497,000 shares of stock for $42,450,000 and acquired two office buildings and one shopping center. In February 1993 WRIT announced a 5 percent dividend increase to an indicated annual rate of 88 cents per share, the 23rd consecutive year of dividend increases.
 -0- 4/21/93
 /CONTACT: Howard E. Cochran, vice president-finance, Washington Real Estate Investment Trust, 301-652-4300, or fax 301-652-4303/
 (WRE)


CO: Washington Real Estate Investment Trust ST: Maryland IN: FIN SU:

MH-KD -- DC013 -- 8612 04/21/93 10:16 EDT
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Date:Apr 21, 1993
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