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WRIT NET INCOME UP 18 PERCENT; ALL DEBT PAID OFF -- CONSERVATISM PREVAILS

 BETHESDA, Md., May 13 /PRNewswire/ -- The Washington Real Estate Investment Trust (WRIT) (AMEX: WRE) reported net income up 18 percent for the first quarter of 1993 of $5,770,868 compared with $4,901,906 for the first quarter of 1992. Quarterly net income per share increased from 19 cents to 20 cents. Funds from operations (net income plus depreciation) was $6,669,810 up 16 percent from the first quarter of 1992 of $5,736,386.
 The trust's growth is primarily attributable to its two new office buildings and one shopping center, yielding 10-11 percent when acquired, which were purchased with equity costing 5 percent. This spread gives WRIT a tremendous advantage. The shareholders also have benefited by receiving total returns at compound annual rates of 16-19 percent over 5, 10, 15 and 20 year periods (19 percent in 1992).
 The new properties that made this possible:
 -- The 57,000-square-foot, five-story Arlington Financial Center at 4420 North Fairfax Drive in the Ballston area of Arlington, Va., was 98 percent leased and yielding 11 percent when purchased last summer, is now 100 percent leased and yielding 12 percent,.
 -- The 78,600-square-foot, five-story building at 515 King Street in the Old Town section of Alexandria, Va., was 94 percent leased and yielding 11 percent when also purchased last summer; and is now 98 percent leased and yielding 14 percent, also due in part to changes in the garage parking operation.
 -- The 170,000-square-foot Montgomery Village Shopping Center in Gaithersburg, Md., with the Village Quarters, 30,000 square feet of office condominium units was purchased in December 1992. WRIT immediately "de-condominimized" the Village Quarters, saving real estate taxes and other expenses, and has leased eight of the 14 vacant units. The Shopping Center and Village Quarters had a combined occupancy of 93 percent and yielded 10 percent when purchased last winter. Today it is 95 percent leased and is yielding 11 percent.
 WRIT has been somewhat unique in attaining high occupancy levels in its office buildings. Examples of this are the 444 North Frederick Ave., Gaithersburg, and the 7700 Leesburg Pike, Tysons Corner, Va., office buildings which were acquired in 1989 and 1990 at 60 percent occupancy and are now 100 percent and 92 percent leased. Kahn said that "Our strong leasing and management team is responsible for this achievement."
 DEBT GONE; CONSERVATISM PREVAILS
 In April WRIT paid off its last mortgage to become one of the very few, if not the only, REIT that is debt free. WRIT, operating under a consistently conservative philosophy, has steadily reduced its debt over the last 25 years. WRIT has approximately $33.5 million available for additional acquisitions and currently has several properties under consideration.
 DIVIDEND DECLARED
 WRIT's second quarter 1993 dividend of 22 cents will be paid on June 30, 1993, to shareholders of record on June 16, 1993. This is the 127th consecutive dividend at equal to or increasing rates. Over the 23-year period, including 1993, dividends have increased 27 times, and the dividend rate has increased by a multiple of 11 times after adjusting for stock splits.
 WASHINGTON REAL ESTATE INVESTMENT TRUST
 Financial Highlights
 (Unaudited)
 Three Months Ended March 31, 1993 1992
 Real estate rental revenue $9,758,105 $8,478,402
 Operating expenses
 and real estate taxes (2,899,415) (2,489,386)
 Depreciation (898,942) (834,480)
 Income from real estate 5,959,748 5,154,536
 General and administrative expense
 and interest expense (709,711) (990,139)
 Investment income 520,831 737,509
 Net income $5,770,868 $4,901,906
 Net income per share $0.20 $0.19
 Net income $5,770,868 $4,901,906
 Depreciation 898,942 834,480
 Funds from operations $6,669,810 $5,736,386
 Cash dividends paid $6,209,585 $5,289,582
 Cash dividends paid per share $0.22 $0.21
 Average number of shares
 outstanding 28,214,298(A) 25,594,491(B)
 As of March 31
 Cash and marketable securities $33,580,286 $31,434,564
 Real estate assets, at cost(C) 156,923,855 118,367,298
 Total assets, at cost(C) 195,870,569 154,473,651
 Mortgage notes payable 1,087,924 2,270,919
 Shareholders' equity 158,758,700 119,562,521
 Shareholders' equity, at cost(C) 190,109,805 147,739,442
 (A) Additional 2,497,000 shares sold to public June 23, 1992.
 (B) Adjusted for 3-for-2 stock split May 29, 1992.
 (C) At cost means adding back accumulated depreciation.
 -0- 5/13/93
 /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: REA SU: ERN DIV

KD-TW -- DC029 -- 8367 05/13/93 18:09 EDT
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Date:May 13, 1993
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