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WRIT FIRST QUARTER NET INCOME UP 19 PERCENT; CASH FLOW INCREASES 16 PERCENT

 WRIT FIRST QUARTER NET INCOME UP 19 PERCENT;
 CASH FLOW INCREASES 16 PERCENT
 BETHESDA, Md., April 28 /PRNewswire/ -- The Washington Real Estate Investment Trust (WRIT) (AMEX: WRE) reported net income up 19 percent for the first quarter of 1992 of $4,901,906 compared with $4,129,175 for the first quarter of 1991. Quarterly net income per share increased from 27 cents to 29 cents. Cash flow (funds from operations) was $5,736,386 up 16 percent from the first quarter of 1991 of $4,942,631. Cash flow per share increased from 32 cents to 34 cents.
 The average occupancy rate for the first quarter of 1992 was 94 percent. At the end of the first quarter, WRIT prepaid two mortgages of $8,708,000 resulting in $227,000 net savings of interest for the remainder of 1992, and to the normal maturity dates in 1993 of $130,000. WRIT's cash balance at the end of the quarter was $31.4 million available for property acquisitions. WRIT presently has several properties under review for acquisition.
 Within the last 60 days Merrill Lynch, Alex. Brown & Sons, A.G. Edwards and Sons, Inc., and Dean Witter have issued Buy and Strong Buy recommendations on the Washington Real Estate Investment Trust. Copies of these research reports are available directly from these brokers and WRIT, 301-652-4300.
 WASHINGTON REAL ESTATE INVESTMENT TRUST
 Financial Highlights
 (Unaudited)
 Three Months Ended March 31, 1992 1991
 Real estate revenue $ 8,478,402 $ 8,001,203
 Real estate taxes and operating
 expenses other than depreciation (2,489,386) (2,464,320)
 Income from real estate before
 depreciation 5,989,016 5,536,883
 General and administrative expense
 and interest expense (990,139) (909,148)
 Interest income 737,509 314,896
 Income before depreciation 5,736,386 4,942,631
 Depreciation (834,480) (813,456)
 Net income $ 4,901,906 $ 4,129,175
 Net income per share $0.29 $0.27
 Funds from operations(A) $ 5,736,386 $ 4,942,631
 Funds from operations per share $0.34 $0.32
 Cash dividends paid $ 5,289,582 $ 4,490,224
 Cash dividends paid per share $0.31 $0.29
 Average number of shares outstanding 17,062,994(C) 15,483,530
 As of March 31, 1992 1991
 Cash and temporary investments $31,434,564 $12,822,985
 Real estate assets, at cost(B) 118,367,298 114,490,797
 Total assets, at cost(B) 154,473,651 131,573,578
 Mortgage notes payable 2,270,919 12,235,301
 Shareholders' equity 119,562,521 90,260,204
 Shareholders' equity, at cost(B) 147,739,442 115,493,311
 (A) Funds from operations is net income plus depreciation.
 (B) At cost means adding back accumulated depreciation.
 (C) Additional 1.5 million shares sold to public May 16, 1991.
 -0- 4/28/92
 /CONTACT: Howard E. Cochran, vice president - finance, Washington Real Estate Investment Trust, 301-652-4300/
 (WRE) CO: Washington Real Estate Investment Trust ST: Maryland IN: SU: ERN


TW -- DC013 -- 3815 04/28/92 12:39 EDT
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Date:Apr 28, 1992
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