8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) October 26, 2005

WASHINGTON REAL ESTATE INVESTMENT TRUST

(Exact name of registrant as specified in its charter)

Maryland	1-6622	53-0261100
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification Number)

6110 Executive Boulevard, Suite 800, Rockville, Maryland	20852
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code (301) 984-9400

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition

and

Item 7.01 Regulation FD Disclosure

A press release issued by the Registrant on October 26, 2005, regarding earnings for the three and nine months ended September 30, 2005, is attached as Exhibit 99.1. Also, certain supplemental information not included in the press release is attached as Exhibit 99.2. This information is being furnished pursuant to Item 7.01 and Item 2.02 of Form 8-K. This information is not deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 and is not incorporated by reference into any Securities Act registration statements.

Item 9.01 Financial Statements and Exhibits

(c) Exhibits

Exhibit 99.1	Press release issued October 26, 2005 regarding earnings for the three and nine months ended September 30, 2005
Exhibit 99.2	Certain supplemental information not included in the press release

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

WASHINGTON REAL ESTATE INVESTMENT TRUST
(Registrant)
By:	/s/ Laura M. Franklin
	(Signature)
	Laura M. Franklin
	Senior Vice President Accounting,
	Administration and Corporate Secretary

October 26, 2005

(Date)

Exhibit Index

Exhibit Number	Description
99.1	Press release issued October 26, 2005 regarding earnings for the three and nine months ended September 30, 2005
99.2	Certain supplemental information not included in the press release

EX-99.1

Exhibit 99.1

NEWS RELEASE

CONTACT: Sara Grootwassink Chief Financial Officer Direct Dial: 301-255-0820 E-Mail: sgrootwassink@writ.com		6110 Executive Blvd., Suite 800 Rockville, Maryland 20852 Tel 301-984-9400 Fax 301-984-9610 www.writ.com
	Newspaper Quote: WRIT
Page 1 of 6	FOR IMMEDIATE RELEASE	October 26, 2005

WASHINGTON REAL ESTATE INVESTMENT TRUST ANNOUNCES RESULTS FOR

THE QUARTER ENDED SEPTEMBER 30, 2005

Washington Real Estate Investment Trust (WRIT) reported the following results today:

	For the three months Ended September 30,				For the nine months Ended September 30,
	2005		2004		2005		2004
Net Income Per Share - Diluted	$	0.32	$	0.26	$	1.58	$	0.79
Funds from Operations (“FFO”) Per Share - Diluted	$	0.53	$	0.51	$	1.53	$	1.52

• Third quarter 2005 Net Income per fully diluted share was $0.32, a $0.06 per share increase from the third quarter of 2004, due primarily to increases in occupancy, and a $3 million gain on the sale of a property. Net income per fully diluted share was $1.58 compared to $0.79 for the nine months ended September 30, 2005 and 2004, respectively. This increase was due to the $35.1 million gain on the sale of four properties in 2005 and recognition of the $1.9 million previously deferred gain from a property sale in November, 2004.

• Funds from Operations (“FFO”) per fully diluted share, a non-GAAP financial measure, for the third quarter 2005 was $0.53, a $0.02 and 3.9% increase from the third quarter of 2004 due primarily to the increase in NOI from the properties acquired in 2004 and 2005. NOI is calculated as real estate rental revenue less real estate operating expenses. FFO per fully diluted share for the nine months ended September 30, 2005 was $1.53, compared to $1.52 per fully diluted share for the nine months ended September 30, 2004.

• On October 3, 2005 we reopened our series of 5.35% senior unsecured notes due May 1, 2015 and sold an additional $100 million of notes at an effective yield of 5.49%. $93.5 million of the proceeds from the sale of these notes were used to repay borrowing under our lines of credit and the remainder may be used for the acquisition of real estate and general corporate purposes.

A reconciliation of net income to Funds from Operations is provided on the attached income statement.

“We are quite pleased with our portfolio performance this quarter,” stated Edmund B. Cronin, Jr., Chairman, President and CEO, “Overall occupancy increased 220 basis points over the same period last year, showing improvement in each of our sectors.”

Company Information

WRIT is a self-administered, self-managed, equity real estate investment trust investing in income-producing properties in the greater Washington/Baltimore metropolitan region. WRIT owns a diversified portfolio of 68 properties consisting of 12 retail centers, 28 office properties, 19 industrial properties and 9 multifamily properties.

WRIT’s dividends have increased every year for 35 consecutive years. WRIT’s FFO per share has increased every year for 32 consecutive years. WRIT shares are publicly traded on the New York Stock Exchange (symbol: WRE).

Note: WRIT’s press releases and supplemental financial information are available on the company website at www.writ.com or by contacting Investor Relations at 301-984-9400.

Certain statements in this press release and the supplemental disclosures attached hereto 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, and other risks and uncertainties detailed from time to time in our filings with the SEC, including our 2004 Form 10-K. We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

FOR IMMEDIATE RELEASE

Page 2 of 6

WASHINGTON REAL ESTATE INVESTMENT TRUST

FINANCIAL HIGHLIGHTS

(In thousands, except per share data)

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
OPERATING RESULTS	2005			2004			2005			2004
Revenue
Real estate rental revenue	$	48,939		$	43,246		$	140,788		$	127,922
Other income		335			59			655			239
		49,274			43,305			141,443			128,161
Expenses
Real estate expenses		(14,929	)		(13,148	)		(43,075	)		(38,360	)
Interest expense		(9,798	)		(8,760	)		(27,668	)		(25,949	)
Depreciation and amortization		(11,988	)		(10,017	)		(35,467	)		(29,027	)
General and administrative		(2,036	)		(1,616	)		(6,361	)		(4,572	)
		(38,751	)		(33,541	)		(112,571	)		(97,908	)
Other income from property settlement		—			—			504			—
Income from continuing operations		10,523			9,764			29,376			30,253
Discontinued operations:
Income from operations of properties sold or held for sale		(100	)		1,033			184			2,928
Gain on property disposed		3,038			—			37,011			—
Net Income	$	13,461		$	10,797		$	66,571		$	33,181
Income from continuing operations	$	10,523		$	9,764		$	29,376		$	30,253
Other income from property settlement		—			—			(504	)		—
Continuing operations real estate depreciation and amortization		11,988			10,017			35,467			29,027
Funds from continuing operations	$	22,511		$	19,781		$	64,339		$	59,280
Income from discontinued operations before gain on disposal	$	(100	)	$	1,033		$	184		$	2,928
Discontinued operations real estate depreciation and amortization		18			499			71			1,481
Funds from discontinued operations	$	(82	)	$	1,532		$	255		$	4,409
Funds from operations(1)	$	22,429		$	21,313		$	64,594		$	63,689
Tenant improvements (3)		(1,544	)		(1,561	)		(5,412	)		(6,375	)
External and internal leasing commissions capitalized		(1,111	)		(533	)		(3,268	)		(1,790	)
Recurring capital improvements		(2,129	)		(2,274	)		(6,680	)		(6,059	)
Straight-line rents, net		(982	)		(434	)		(2,340	)		(1,519	)
Rent abatement amortization		(42	)		331			(598	)		908
Non real estate depreciation & amortization		431			424			1,266			1,298
Amortization of lease intangibles		(17	)		8			—			(63	)
Amortization of restricted share compensation		368			—			835			—
Other		—			—			301			—
Funds Available for Distribution(2)	$	17,403		$	17,274		$	48,698		$	50,089

Washington Real Estate Investment Trust

FOR IMMEDIATE RELEASE

Page 3 of 6

	Three Months Ended September 30,				Nine Months Ended September 30,
Per Share Data	2005		2004		2005		2004
Income from continuing operations
(Basic)	$	0.25	$	0.23	$	0.70	$	0.73
(Diluted)	$	0.25	$	0.23	$	0.70	$	0.72
Net income
(Basic)	$	0.32	$	0.26	$	1.58	$	0.80
(Diluted)	$	0.32	$	0.26	$	1.58	$	0.79
Funds from continuing operations
(Basic)	$	0.54	$	0.47	$	1.53	$	1.42
(Diluted)	$	0.53	$	0.47	$	1.52	$	1.42
Funds from operations
(Basic)	$	0.53	$	0.51	$	1.53	$	1.53
(Diluted)	$	0.53	$	0.51	$	1.53	$	1.52
Dividends paid	$	0.4025	$	0.3925	$	1.1975	$	1.1575
Weighted average shares outstanding		42,005		41,648		42,088		41,619
Fully diluted weighted average shares outstanding		42,147		41,883		42,228		41,849

⁽¹⁾ Funds From Operations (“FFO”) – The National Association of Real Estate Investment Trusts, Inc. (“NAREIT”) defines FFO (April, 2002 White Paper) as net income (computed in accordance with generally accepted accounting principles (“GAAP”)) excluding gains (or losses) from sales of property plus real estate depreciation and amortization. We consider FFO to be a standard supplemental measure for equity real estate investment trusts (“REITs”) because it facilitates an understanding of the operating performance of our properties without giving effect to real estate depreciation and amortization, which historically assumes that the value of real estate assets diminishes predictably over time. Since real estate values have instead historically risen or fallen with market conditions, we believe that FFO more accurately provides investors an indication of our ability to incur and service debt, make capital expenditures and fund other needs.

⁽²⁾ Funds Available for Distribution (“FAD”) is calculated by subtracting from FFO (1) recurring expenditures, tenant improvements and leasing costs that are capitalized and amortized and are necessary to maintain our properties and revenue stream and (2) straight line rents, then adding (3) non-real estate depreciation and amortization and (4) non-cash rent abatement amortization, and adding or subtracting amortization of lease intangibles, as appropriate. FAD is included herein, because we consider it to be a measure of a REIT’s ability to incur and service debt and to distribute dividends to its shareholders. FAD is a non-GAAP and non-standardized measure, and may be calculated differently by other REITs.

⁽³⁾ Tenant improvements for the nine months ended September 30, 2004 include payments to one tenant of $1.1 million.

FOR IMMEDIATE RELEASE

Page 4 of 6

WASHINGTON REAL ESTATE INVESTMENT TRUST

CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

	September 30, 2005			December 31, 2004 (1)
Assets
Land	$	226,217		$	204,831
Income producing property		1,014,464			895,553
Accumulated depreciation and amortization		(229,490	)		(200,375	)
Net income producing property		1,011,191			900,009
Development in progress		23,222			12,280
Total investment in real estate, net		1,034,413			912,289
Investment in real estate held for sale, net		—			36,986
Cash and cash equivalents		6,067			5,562
Restricted cash		6,645			388
Rents and other receivables, net of allowance for doubtful accounts of 2,732 and 2,636, respectively		24,077			21,402
Prepaid expenses and other assets		41,139			35,046
Other assets related to properties held for sale		—			720
Total Assets	$	1,112,341		$	1,012,393
Liabilities
Accounts payable and other liabilities	$	28,439		$	22,586
Advance rents		5,522			5,108
Tenant security deposits		7,220			5,784
Other liabilities related to properties held for sale		—			848
Mortgage notes payable		170,393			173,429
Lines of credit		93,500			117,000
Notes payable		420,000			320,000
Total Liabilities		725,074			644,755
Minority interest		1,656			1,629
Shareholders’ Equity
Shares of beneficial interest, $.01 par value; 100,000 shares authorized: 42,125 and 42,000 shares issued and outstanding, respectively		421			420
Additional paid-in capital		407,614			405,030
Distributions in excess of net income		(19,361	)		(35,545	)
Less: Deferred compensation on restricted shares		(3,063	)		(3,896	)
Total Shareholders’ Equity		385,611			366,009
Total Liabilities and Shareholders’ Equity	$	1,112,341		$	1,012,393

(1) Certain prior year amounts have been reclassified to conform to the current year presentation.

Washington Real Estate Investment Trust

FOR IMMEDIATE RELEASE

Page 5 of 6

Occupancy Levels by Core Portfolio⁽¹⁾ and All Properties

	Core Portfolio				All Properties
Sector	3rd QTR 2005		3rd QTR 2004		3rd QTR 2005		3rd QTR 2004
Multifamily	94.9	%	91.4	%	94.9	%	91.4	%
Office Buildings	90.2	%	90.7	%	90.4	%	89.2	%
Retail Centers	97.9	%	94.6	%	98.2	%	94.6	%
Industrial/Flex Centers	92.7	%	92.6	%	93.8	%	92.8	%
Overall Portfolio	92.5	%	91.6	%	92.9	%	90.7	%

⁽¹⁾ Core portfolio properties include all properties that were owned for the entirety of the current and prior year reporting periods. For Q3 2005 and Q3 2004, core portfolio properties exclude Shady Grove Medical Village II, 8301 Arlington Boulevard, Dulles Business Park, 8230 Boone Boulevard, Tycon Plaza II, Tycon Plaza III, 7700 Leesburg Pike, Frederick Crossing, DBP Coleman Building, Albemarle Point, and Pepsi Distribution Center.

Acquisition Summary

	Acquisition Date	Square Feet	Leased Percentage at Acquisition		September 30, 2005 Leased Percentage			Investment
Frederick Crossing Shopping Center	03/23/05	294,724	100	%		100	%	$	44,800
Frederick, MD
Coleman Building	04/08/05	59,767	64	%		100	%	$	8,800
Chantilly, VA
Albemarle Point	07/29/05	296,105	97	%		97	%	$	67,000
Chantilly, VA
Total								$	120,600
Disposition Summary
	Disposition Date	Property Type	Square Feet		Sale Price (in thousands)			GAAP Gain
8230 Boone Blvd	11/15/04	Office	58,000		$	10,000		$	1,883	*
7700 Leesburg Pike	02/01/05	Office	147,000		$	20,150		$	8,527
Tycon Plaza II	02/01/05	Office	127,000		$	19,400		$	8,867
Tycon Plaza III	02/01/05	Office	137,000		$	27,950		$	14,696
Pepsi-Cola Distribution Center	09/08/05	Industrial	69,000		$	6,000		$	3,038
Total			538,000		$	83,500		$	37,011

* Reflects the recognition in the 2^nd Quarter, 2005, of deferred gain in conjunction with the property disposal in November 2004.

Washington Real Estate Investment Trust

FOR IMMEDIATE RELEASE

Page 6 of 6

Conference Call Information

WRIT will conduct a Conference/Webcast Call to discuss 3rd Quarter on Thursday, October 27, 2005 at 9:00 AM, Eastern Time. Conference call access information is as follows:

USA Toll Free Number:	1-888-271-8857
International Toll Number:	1-706-679-7697
Leader:	Sara Grootwassink
Conference ID:	1039867
The instant replay of the Conference Call will be available until November 11, 2005 at 11:59 PM Eastern Time. Instant Replay access information is as follows:
USA Toll Free Number:	1-800-642-1687
International Toll Number:	1-706-645-9291
Conference ID:	1039867

The live on-demand webcast of the Conference Call will also be available on WRIT’s website at www.writ.com. The on-line playback of the webcast will be available at www.writ.com for 30 days following the Conference Call.

EX-99.2

Exhibit 99.2

Supplemental Information

September 30, 2005

Contact:	6110 Executive Boulevard
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

Washington Real Estate Investment Trust

Supplemental Information

Table of Contents

September 30, 2005

Schedule	Page
About the Trust	2
Consolidated Statements of Operations	3
Consolidated Balance Sheets	4
Funds From Operations and Funds Available for Distribution	5
Earnings Before Interest Taxes Depreciation and Amortization (EBITDA)	6
Long-Term Debt Analysis	7
Capital Analysis	8
Core Portfolio Net Operating Income (NOI) Growth & Rental Rate Growth	9
Core Portfolio Net Operating Income (NOI) Summary	10
Core Portfolio Net Operating Income (NOI) Detail	11
Core Portfolio & Overall Occupancy Levels by Sector	12
Schedule of Properties	13
Schedule of Properties (continued)	14
Commercial Leasing Summary	15
10 Largest Tenants - Based on Annualized Base Rent	16
Lease Expirations as of September 30, 2005	17
2005 Acquisition and Disposition Summary	18
2005 Development Summary	19
12, 36 and 60 Month Total Returns Chart	20
Reporting Definitions	21

Washington Real Estate Investment Trust

About the Trust

Mission Statement

Washington Real Estate Investment Trust, founded in 1960 and headquartered in Rockville, Maryland, invests in a diversified range of income-producing property types. Our purpose is to acquire, develop 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

We are a self-administered, self-managed, equity real estate investment trust investing in income-producing properties in the greater Washington-Baltimore region. We own a diversified portfolio of 68 properties consisting of 12 retail centers, 28 office properties, 19 industrial/flex properties and 9 multifamily properties.

Our dividends have increased every year for 35 consecutive years and our Funds From Operations (“FFO”) per share has increased every year for 32 consecutive years. WRIT shares are publicly traded on the New York Stock Exchange (symbol: WRE).

Certain statements in the supplemental disclosures which follow 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, and other risks and uncertainties detailed from time to time in our filings with the SEC, including our 2004 Form 10-K. We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

2

Washington Real Estate Investment Trust

Consolidated Statements of Operations

(In thousands, except per share data)

(unaudited)

	Three Months Ended
	09/30/05			06/30/05			03/31/05			12/31/04			09/30/04
OPERATING RESULTS
Real estate rental revenue	$	48,939		$	46,567		$	45,282		$	43,724		$	43,246
Real estate expenses		(14,929	)		(13,957	)		(14,189	)		(12,968	)		(13,148	)
		34,010			32,610			31,093			30,756			30,098
Real estate depreciation and amortization		(11,988	)		(12,942	)		(10,537	)		(10,283	)		(10,017	)
Income from real estate		22,022			19,668			20,556			20,473			20,081
Other income		335			207			114			88			59
Other income from property settlement		—			504			—			—			—
Interest expense		(9,798	)		(9,283	)		(8,588	)		(8,551	)		(8,760	)
General and administrative		(2,036	)		(2,093	)		(2,232	)		(1,622	)		(1,616	)
Income from continuing operations		10,523			9,003			9,850			10,388			9,764
Discontinued operations:
Income (loss) from operations of properties sold or held for sale		(100	)		(11	)		295			966			1,033
Gain on sale of real estate investment		3,038			1,883			32,089			1,029			—
Income (loss) from discontinued operations		2,938			1,872			32,384			1,995			1,033
Net Income	$	13,461		$	10,875		$	42,234		$	12,383		$	10,797
Per Share Data
Net Income	$	0.32		$	0.26		$	1.01		$	0.30		$	0.26
Fully diluted weighted average shares outstanding		42,147			42,059			42,015			41,911			41,883
Percentage of Revenues:
Real estate expenses		30.5	%		30.0	%		31.3	%		29.7	%		30.4	%
General and administrative		4.2	%		4.5	%		4.9	%		3.7	%		3.7	%
Ratios:
EBITDA / Interest expense		3.3	x		3.3	x		3.4	x		3.6	x		3.4	x
Income from continuing operations/Total real estate revenue		21.5	%		19.3	%		21.8	%		23.8	%		22.6	%
Net income/Total real estate revenue		27.5	%		23.4	%		93.3	%		28.3	%		25.0	%

3

Washington Real Estate Investment Trust

Consolidated Balance Sheets

(In thousands)

(unaudited)

	September 30, 2005			June 30, 2005			March 31, 2005			December 31, 2004			September 30, 2004
Assets
Land	$	226,217		$	218,733		$	217,590		$	204,831		$	198,639
Income producing property		1,014,464			949,622			936,188			895,553			837,810
Accumulated depreciation and amortization		(229,490	)		(219,175	)		(209,442	)		(200,375	)		(190,985	)
Net income producing property		1,011,191			949,180			944,336			900,009			845,464
Development in progress		23,222			17,428			15,313			12,280			10,942
Total investment in real estate, net		1,034,413			966,608			959,649			912,289			856,406
Investment in real estate sold or held for sale, net		—			2,790			2,813			36,986			43,949
Cash and cash equivalents		6,067			18,673			5,491			5,562			3,061
Restricted cash		6,645			4,261			12,515			388			66
Rents and other receivables, net of allowance for doubtful accounts		24,077			22,515			21,365			21,402			21,086
Prepaid expenses and other assets		41,139			34,163			34,960			35,046			32,878
Other assets related to properties sold or held for sale		—			38			38			720			756
Total Assets	$	1,112,341		$	1,049,048		$	1,036,831		$	1,012,393		$	958,202
Liabilities and Shareholders’ Equity
Accounts payable and other liabilities	$	28,439		$	30,140		$	23,285		$	22,586		$	21,164
Advance rents		5,522			5,179			5,551			5,108			4,882
Tenant security deposits		7,220			6,305			5,990			5,784			5,718
Other liabilities related to properties sold or held for sale		—			—			—			848			1,214
Mortgage notes payable		170,393			196,960			197,775			173,429			150,904
Lines of credit/short-term note payable		93,500			—			90,500			117,000			30,850
Notes payable		420,000			420,000			320,000			320,000			375,000
Total Liabilities		725,074			658,584			643,101			644,755			589,732
Minority interest		1,656			1,646			1,642			1,629			1,624
Shareholders’ Equity
Shares of beneficial interest, $0.01 par value; 100,000 shares authorized	$	421		$	421		$	420		$	420		$	418
Additional paid-in capital		407,614			407,572			405,119			405,029			401,006
Distributions in excess of net income		(19,361	)		(15,878	)		(9,796	)		(35,544	)		(31,444	)
Less: Deferred Compensation on restricted shares		(3,063	)		(3,297	)		(3,655	)		(3,896	)		(3,134	)
Total Shareholders’ Equity		385,611			388,818			392,088			366,009			366,846
Total Liabilities and Shareholders’ Equity	$	1,112,341		$	1,049,048		$	1,036,831		$	1,012,393		$	958,202
Total Debt / Total Market Capitalization		0.34:1			0.32:1			0.34:1			0.30:1			0.31:1

Note: Certain prior quarter amounts have been reclassified to conform to the current quarter presentation.

4

Washington Real Estate Investment Trust

Funds From Operations and Funds Available for Distribution

(In thousands, except per share data)

(unaudited)

	Three Months Ended
	09/30/05			06/30/05			03/31/05			12/31/04			09/30/04
Funds From Operations(1)
Net Income	$	13,461		$	10,875		$	42,234		$	12,383		$	10,797
Real estate depreciation and amortization		11,988			12,942			10,537			10,283			10,017
Discontinued operations:
Gain on property disposed		(3,038	)		(1,883	)		(32,089	)		(1,029	)		—
Other income from property settlement		—			(504	)		—			—			—
Real estate depreciation and amortization		18			25			28			302			498
Funds From Operations (FFO)		22,429			21,455			20,710			21,939			21,312
FFO per share - basic	$	0.53		$	0.51		$	0.49		$	0.53		$	0.51
FFO per share - fully diluted	$	0.53		$	0.51		$	0.49		$	0.52		$	0.51
Funds Available for Distribution(2)
Tenant Improvements		(1,544	)		(2,063	)		(1,805	)		(3,057	)		(1,561	)
External and Internal Leasing Commissions Capitalized		(1,111	)		(1,094	)		(1,063	)		(923	)		(533	)
Recurring Capital Improvements		(2,129	)		(2,360	)		(2,192	)		(3,009	)		(2,274	)
Straight-Line Rent, Net		(982	)		(661	)		(697	)		(610	)		(434	)
Rent abatement amortization		(42	)		(892	)		336			308			331
Non-real estate depreciation and amortization		431			428			407			400			424
Amortization of lease intangibles-FAS 141		(17	)		(33	)		50			51			8
Amortization of restricted share compensation		368			467			—			—			—
Other		—			301			—			—			—
Funds Available for Distribution (FAD)	$	17,403		$	15,548		$	15,746		$	15,099		$	17,273
Total Dividends Paid	$	16,955		$	16,956		$	16,486		$	16,483		$	16,401
Average shares - basic		42,005			41,932			41,866			41,711			41,648
Average shares - fully diluted		42,147			42,059			42,015			41,911			41,883

⁽¹⁾ Funds From Operations (“FFO”) – The National Association of Real Estate Investment Trusts, Inc. (“NAREIT”) defines FFO (April, 2002 White Paper) as net income (computed in accordance with generally accepted accounting principles (“GAAP”)) excluding gains (or losses) from sales of property plus real estate depreciation and amortization. We consider FFO to be a standard supplemental measure for equity real estate investment trusts (“REITs”) because it facilitates an understanding of the operating performance of our properties without giving effect to real estate depreciation and amortization, which historically assumes that the value of real estate assets diminishes predictably over time. Since real estate values have instead historically risen or fallen with market conditions, we believe that FFO more accurately provides investors an indication of our ability to incur and service debt, make capital expenditures and fund other needs. FFO is a non-GAAP measure.

⁽²⁾ Funds Available for Distribution (“FAD”) is calculated by subtracting from FFO (1) recurring expenditures, tenant improvements and leasing costs, that are capitalized and amortized and are necessary to maintain our properties and revenue stream and (2) straight line rents, (3) cash rent abatements, then adding (4) non-real estate depreciation and amortization and (5) non-cash amortization of rent abatements, and adding or subtracting the amortization of lease intangibles as appropriate. FAD is included herein, because we consider it to be a measure of a REIT’s ability to incur and service debt and to distribute dividends to its shareholders. FAD is a non-GAAP and non-standardized measure, and may be calculated differently by other REITs.

5

Washington Real Estate Investment Trust

Earnings Before Interest Taxes Depreciation and Amortization (EBITDA)

(In thousands)

(unaudited)

	Three Months Ended
	09/30/05			06/30/05			03/31/05			12/31/04			09/30/04
EBITDA(1)
Net income	$	13,461		$	10,875		$	42,234		$	12,383		$	10,797
Add:
Interest expense		9,798			9,283			8,588			8,551			8,760
Real estate depreciation and amortization		12,006			12,967			10,565			10,585			10,515
Non-real estate depreciation		75			80			84			95			103
Less:
Gain on sale of real estate		(3,038	)		(1,883	)		(32,089	)		(1,029	)		—
Other income		(335	)		(207	)		(114	)		(88	)		(59	)
Other income from property settlement		—			(504	)		—			—			—
EBITDA	$	31,967		$	30,611		$	29,268		$	30,497		$	30,116

⁽¹⁾ EBITDA is earnings before interest, taxes, depreciation and amortization. We consider EBITDA to be an appropriate supplemental performance measure because it eliminates depreciation, interest and the gain (loss) from property dispositions, which permits investors to view income from operations without the effect of non-cash depreciation or the cost of debt. EBITDA is a non-GAAP measure.

6

Washington Real Estate Investment Trust

Long-Term Debt Analysis

(In thousands, except per share amounts)

	September 30, 2005			June 30, 2005			March 31, 2005			December 31, 2004			September 30, 2004
Balances Outstanding
Secured
Conventional fixed rate	$	170,393		$	196,960		$	197,775		$	173,429		$	150,904
Secured total		170,393			196,960			197,775			173,429			150,904
Unsecured
Fixed rate bonds and notes		420,000			420,000			320,000			320,000			375,000
Credit facility		93,500			—			90,500			117,000			30,850
Unsecured total		513,500			420,000			410,500			437,000			405,850
Total	$	683,893		$	616,960		$	608,275		$	610,429		$	556,754
Average Interest Rates
Secured
Conventional fixed rate		5.9	%		6.2	%		6.2	%		6.6	%		6.6	%
Secured total		5.9	%		6.2	%		6.2	%		6.6	%		6.6	%
Unsecured
Fixed rate bonds		6.0	%		6.0	%		6.2	%		6.2	%		6.5	%
Credit facilities		4.5	%		0.0	%		3.4	%		3.1	%		2.4	%
Unsecured total		5.7	%		6.0	%		5.6	%		5.4	%		6.2	%
Average		5.8	%		6.0	%		5.8	%		5.7	%		6.3	%
Maturity Schedule
	Future Maturities of Debt												Average Interest Rate
Year	Secured Debt			Unsecured Debt			Credit Facilities			Total Debt
2005	$	614		$	—		$	—		$	614			5.5	%
2006		8,660			50,000			—			58,660			7.2	%
2007		9,981			—			30,500			40,481			4.9	%
2008		2,242			60,000			63,000			125,242			5.6	%
2009		52,369			—			—			52,369			7.1	%
2010		2,496			—			—			2,496			5.2	%
2011		11,673			—			—			11,673			5.3	%
2012		19,261			50,000			—			69,261			5.0	%
2013		63,097			60,000			—			123,097			5.3	%
Thereafter		—			200,000			—			200,000			5.9	%
Total maturities	$	170,393		$	420,000		$	93,500		$	683,893			5.8	%

Weighted average maturity = 6.8 years

7

Washington Real Estate Investment Trust

Capital Analysis

(In thousands, except per share amounts)

	September 30, 2005			June 30, 2005			March 31, 2005			December 31, 2004			September 30, 2004
Market Data
Shares Outstanding		42,125			42,123			42,004			42,000			41,786
Market Price per Share	$	31.11		$	31.20		$	28.75		$	33.87		$	30.30
Equity Market Capitalization	$	1,310,509		$	1,314,238		$	1,207,615		$	1,422,540		$	1,266,116
Total Debt	$	683,893		$	616,960		$	608,275		$	610,429		$	556,754
Total Market Capitalization	$	1,994,402		$	1,931,198		$	1,815,890		$	2,032,969		$	1,822,870
Total Debt to Market Capitalization		0.34:1			0.32:1			0.34:1			0.30:1			0.31:1
Earnings to Fixed Charges(1)		2.0 x			1.9 x			2.1 x			2.2 x			2.1 x
Debt Service Coverage Ratio(2)		3.0 x			3.0 x			3.2 x			3.3 x			3.3 x
Dividend Data
Total Dividends Paid	$	16,955		$	16,956		$	16,486		$	16,483		$	16,401
Common Dividend per Share	$	0.4025		$	0.4025		$	0.3925		$	0.3925		$	0.3925
Payout Ratio (FFO per share basis)		75.6	%		78.9	%		79.6	%		75.0	%		77.1	%

⁽¹⁾ The ratio of earnings to fixed charges is computed by dividing earnings by fixed charges. For this purpose, earnings consist of income from continuing operations plus fixed charges, less capitalized interest. Fixed charges consist of interest expense, including amortized costs of debt issuance, plus interest costs capitalized.

⁽²⁾ Debt service coverage ratio is computed by dividing earnings before interest income and expense, depreciation, amortization and gain on sale of real estate by interest expense and principal amortization.

8

Washington Real Estate Investment Trust

Core Portfolio Net Operating Income (NOI) Growth & Rental Rate Growth

Q3 2005 vs. Q3 2004

Cash Basis

Sector	NOI Growth		Rental Rate Growth
Multifamily	3.7	%	3.9	%
Office Buildings	-4.6	%	-1.0	%
Retail Centers	8.9	%	0.9	%
Industrial / Flex Properties	6.2	%	3.3	%
Overall Core Portfolio	0.7	%	0.7	%

GAAP Basis

Sector	NOI Growth		Rental Rate Growth
Multifamily	3.9	%	4.0	%
Office Buildings	-1.2	%	-1.3	%
Retail Centers	7.1	%	0.8	%
Industrial / Flex Properties	9.9	%	4.9	%
Overall Core Portfolio	2.7	%	0.7	%

9

Washington Real Estate Investment Trust

Core Portfolio Net Operating Income (NOI) Summary

(In Thousands)

	Three Months Ended September 30,
	2005		2004		% Change
Cash Basis:
Multifamily	$	4,438	$	4,279	3.7	%
Office Buildings		14,691		15,393	-4.6	%
Retail Centers		5,649		5,188	8.9	%
Industrial/Flex		4,886		4,602	6.2	%
	$	29,664	$	29,462	0.7	%
GAAP Basis:
Multifamily	$	4,444	$	4,277	3.9	%
Office Buildings		15,583		15,771	-1.2	%
Retail Centers		5,647		5,271	7.1	%
Industrial/Flex		5,025		4,573	9.9	%
	$	30,699	$	29,892	2.7	%

10

Washington Real Estate Investment Trust

Core Portfolio Net Operating Income (NOI) Detail

(In Thousands)

	Three Months Ended September 30, 2005
	Multifamily			Office			Retail			Industrial			Corporate and Other			Total
Real estate rental revenue
Core Portfolio	$	7,829		$	23,196		$	7,160		$	6,430		$	—		$	44,615
Non-core- acquired 1		—			1,169			1,119			2,036			—			4,324
Total		7,829			24,365			8,279			8,466			—			48,939
Real estate expenses
Core Portfolio		3,385			7,613			1,513			1,405			—			13,916
Non-core- acquired 1		—			335			185			493			—			1,013
Total		3,385			7,948			1,698			1,898			—			14,929
Net Operating Income (NOI)
Core Portfolio		4,444			15,583			5,647			5,025			—			30,699
Non-core- acquired 1		—			834			934			1,543			—			3,311
Total	$	4,444		$	16,417		$	6,581		$	6,568		$	—		$	34,010
Core Portfolio NOI GAAP Basis (from above)	$	4,444		$	15,583		$	5,647		$	5,025		$	—		$	30,699
Straight-line revenue, net for core properties		(6	)		(804	)		(27	)		(169	)		—			(1,006	)
Amortization of lease intangibles for core properties		—			(88	)		29			30			—			(29	)
Core portfolio NOI, Cash Basis	$	4,438		$	14,691		$	5,649		$	4,886		$	—		$	29,664
Reconciliation of NOI to Net Income
Total NOI	$	4,444		$	16,417		$	6,581		$	6,568		$	—		$	34,010
Other revenue		—			—			—			—			335			335
Other income from property settlement		—			—			—			—			—			—
Interest expense		(986	)		(1,112	)		(353	)		(506	)		(6,841	)		(9,798	)
Depreciation and amortization		(1,272	)		(6,355	)		(1,871	)		(2,380	)		(110	)		(11,988	)
General and administrative		—			—			—			—			(2,036	)		(2,036	)
Discontinued Operations 2		—						—			2,938			—			2,938
Net Income	$	2,186		$	8,950		$	4,357		$	6,620		$	(8,652	)	$	13,461
	Three Months Ended September 30, 2004
	Multifamily			Office			Retail			Industrial			Corporate and Other			Total
Real estate rental revenue
Core Portfolio	$	7,288		$	23,073		$	6,714		$	5,908		$	—		$	42,983
Non-core- acquired 1		—			263			—			—			—			263
Total		7,288			23,336			6,714			5,908			—			43,246
Real estate expenses
Core Portfolio		3,011			7,302			1,443			1,335			—			13,091
Non-core- acquired 1		—			57			—			—			—			57
Total		3,011			7,359			1,443			1,335			—			13,148
Net Operating Income (NOI)
Core Portfolio		4,277			15,771			5,271			4,573			—			29,892
Non-core- acquired 1		—			206			—			—			—			206
Total	$	4,277		$	15,977		$	5,271		$	4,573		$	—		$	30,098
Core Portfolio NOI GAAP Basis (from above)	$	4,277		$	15,771		$	5,271		$	4,573		$	—		$	29,892
Straight-line revenue, net for core properties		2			(303	)		(113	)		(1	)		—			(415	)
Amortization of lease intangibles for core properties		—			(75	)		30			30			—			(15	)
Core portfolio NOI, Cash Basis	$	4,279		$	15,393		$	5,188		$	4,602		$	—		$	29,462
Reconciliation of NOI to Net Income
Total NOI	$	4,277		$	15,977		$	5,271		$	4,573		$	—		$	30,098
Other revenue		—			—			—			—			59			59
Non-Disposal Gain		—			—			—			—			—			—
Interest expense		(1,066	)		(1,146	)		—			(250	)		(6,298	)		(8,760	)
Depreciation and amortization		(1,238	)		(6,050	)		(926	)		(1,387	)		(416	)		(10,017	)
General and administrative		—			—			—			—			(1,616	)		(1,616	)
Discontinued Operations 2		—			979			—			54			—			1,033
Net Income	$	1,973		$	9,760		$	4,345		$	2,990		$	(8,271	)	$	10,797

¹ Non-core acquired properties for Q3 2005 and Q3 2004 were Shady Grove Medical Village II, 8301 Arlington Boulevard, Dulles Business Park, Frederick Crossing, the Coleman Building and Albemarle Point.

² Discontinued operations consists of: 8230 Boone Boulevard, 7700 Leesburg, Tycon Plaza II, Tycon Plaza III and the Pepsi Distribution Center.

11

Washington Real Estate Investment Trust

Core Portfolio & Overall Occupancy Levels by Sector

Q3 2005 vs. Q3 2004

GAAP Basis

	Core Portfolio				All Properties
Sector	3nd QTR 2005		3nd QTR 2004		3nd QTR 2005		3nd QTR 2004
Multifamily	94.9	%	91.4	%	94.9	%	91.4	%
Office Buildings	90.2	%	90.7	%	90.4	%	89.2	%
Retail Centers	97.9	%	94.6	%	98.2	%	94.6	%
Industrial / Flex Properties	92.7	%	92.6	%	93.8	%	92.8	%
Overall Portfolio	92.5	%	91.6	%	92.9	%	90.7	%

12

Washington Real Estate Investment Trust

Schedule of Properties

September 30, 2005

PROPERTIES	LOCATION	YEAR ACQUIRED	YEAR CONSTRUCTED	NET RENTABLE SQUARE FEET
Office Buildings
1901 Pennsylvania Avenue	Washington, DC	1977	1960	97,000
51 Monroe Street	Rockville, MD	1979	1975	208,000
515 King Street	Alexandria, VA	1992	1966	78,000
The Lexington Building	Rockville, MD	1993	1970	46,000
The Saratoga Building	Rockville, MD	1993	1977	59,000
Brandywine Center	Rockville, MD	1993	1969	35,000
6110 Executive Boulevard	Rockville, MD	1995	1971	199,000
1220 19th Street	Washington, DC	1995	1976	102,000
Maryland Trade Center I	Greenbelt, MD	1996	1981	190,000
Maryland Trade Center II	Greenbelt, MD	1996	1984	158,000
1600 Wilson Boulevard	Arlington, VA	1997	1973	166,000
7900 Westpark Drive	McLean, VA	1997	1972/1986/19991	521,000
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	267,000
The Atrium Building	Rockville, MD	2002	1980	81,000
1776 G Street	Washington, DC	2003	1979	262,000
Prosperity Medical Center I	Merrifield, VA	2003	2000	92,000
Prosperity Medical Center II	Merrifield, VA	2003	2001	88,000
Prosperity Medical Center III	Merrifield, VA	2003	2002	75,000
Shady Grove Medical Village II	Rockville, MD	2004	1999	66,000
8301 Arlington Boulevard	Fairfax, VA	2004	1965	50,000
Albemarle Point	Chantilly, VA	2005	2001	90,000
Subtotal				3,559,000
Retail Centers
Takoma Park	Takoma Park, MD	1963	1962	51,000
Westminster	Westminster, MD	1972	1969	146,000
Concord Centre	Springfield, VA	1973	1960	76,000
Wheaton Park	Wheaton, MD	1977	1967	72,000
Bradlee	Alexandria, VA	1984	1955	168,000
Chevy Chase Metro Plaza	Washington, DC	1985	1975	50,000
Montgomery Village Center	Gaithersburg, MD	1992	1969	198,000
Shoppes of Foxchase2	Alexandria, VA	1994	1960	128,000
Frederick County Square	Frederick, MD	1995	1973	227,000
800 S. Washington Street3	Alexandria, VA	1998/2003	1955/1959	45,000
Centre at Hagerstown	Hagerstown, MD	2002	2000	334,000
Frederick Crossing	Frederick, MD	2005	1999/2003	295,000
Subtotal				1,790,000

¹ A 49,000 square foot addition to 7900 Westpark Drive was completed in September 1999.

² Approximately 60,000 square feet of the center is under redevelopment

³ South Washington Street includes 718 Jefferson Street, acquired in May 2003 to complete the ownership of the entire block of 800 S. Washington Street.

13

Washington Real Estate Investment Trust

Schedule of Properties (Cont.)

September 30, 2005

PROPERTIES	LOCATION	YEAR ACQUIRED	YEAR CONSTRUCTED	NET RENTABLE* SQUARE FEET
Multifamily Buildings * / # units
3801 Connecticut Avenue / 307	Washington, DC	1963	1951	177,000
Roosevelt Towers / 190	Falls Church, VA	1965	1964	168,000
Country Club Towers / 227	Arlington, VA	1969	1965	159,000
Park Adams / 200	Arlington, VA	1969	1959	172,000
Munson Hill Towers / 279	Falls Church, VA	1970	1963	259,000
The Ashby at McLean / 250	McLean, VA	1996	1982	244,000
Walker House Apartments / 212	Gaithersburg, MD	1996	1971/2003 4	154,000
Bethesda Hill Apartments / 194	Bethesda, MD	1997	1986	226,000
Avondale / 236	Laurel, MD	1999	1987	170,000
Subtotal (2,095 units)				1,729,000
Industrial Distribution / Flex Properties
Fullerton Business Center	Springfield, VA	1985	1980	104,000
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	93,000
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	788,000
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	245,000
Fullerton Industrial Center	Springfield, VA	2003	1980	137,000
8880 Gorman Road	Laurel, MD	2004	2000	141,000
Dulles Business Park Portfolio	Chantilly, VA	2004/2005	1999-2005	325,000
Albemarle Point	Chantilly, VA	2005	2001/2003/2005	206,000
Subtotal				3,225,000
TOTAL				10,303,000

* Multifamily buildings are presented in gross square feet.

⁴ A 16 unit addition referred to as The Gardens at Walker House was completed in October 2003.

14

Washington Real Estate Investment Trust

Commercial Leasing Summary

Three and nine months ended 09/30/05

	Three months ended 30-Sep-05	Nine months ended 30-Sep-05
Gross Leasing Square Footage
Office Buildings	156,333	581,400
Retail Centers	52,129	136,124
Industrial Centers	234,168	611,810
Total	442,630	1,329,334
Weighted Average Term (yrs)
Office Buildings	5.1	5.2
Retail Centers	6.0	5.8
Industrial Centers	3.6	4.1
Total	4.4	4.8

	GAAP			CASH			GAAP			CASH
Rental Rate Increases:
Rate on expiring leases
Office Buildings	$	26.79		$	27.72		$	29.86		$	30.52
Retail Centers		14.63			18.11			22.64			23.04
Industrial Centers		7.68			7.90			8.14			8.29
Total	$	15.25		$	16.10		$	19.12		$	19.53
Rate on new and renewal leases
Office Buildings	$	26.80		$	25.29		$	30.97		$	29.47
Retail Centers		17.60			20.41			27.99			26.09
Industrial Centers		9.59			8.87			9.12			8.48
Total	$	16.61		$	16.03		$	20.61		$	19.46
% Increase
Office Buildings		0.04	%		-8.77	%		3.72	%		-3.44	%
Retail Centers		20.30	%		12.70	%		23.63	%		13.24	%
Industrial Centers		24.87	%		12.28	%		12.04	%		2.29	%
Total		8.92	%		-0.43	%		7.79	%		-0.36	%
	Total Dollars			Dollars per Square Foot			Total Dollars			Dollars per Square Foot
Tenant Improvements and Leasing Costs
Office Buildings	$	3,372,567		$	21.57		$	10,620,165		$	18.27
Retail Centers		276,794			5.31			1,308,920			9.62
Industrial Centers		333,992			1.43			2,180,694			3.56
Total	$	3,983,353		$	9.00		$	14,109,779		$	10.61

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Washington Real Estate Investment Trust

10 Largest Tenants - Based on Annualized Rent

September 30, 2005

Tenant	Number of Buildings	Weighted Average Remaining Lease Term in Months	Percentage of Aggregate Portfolio Annualized Rent		Aggregate Rentable Square Feet	Percentage of Aggregate Occupied Square Feet
World Bank**	1	53	4.18	%	149,284	1.89	%
Sunrise Senior Living, Inc.	1	96	3.33	%	180,066	2.29	%
General Services Administration	7	42	2.46	%	248,511	3.15	%
Sun Microsystems, Inc.	1	15	2.09	%	110,184	1.40	%
INOVA Health Care Services	4	59	1.88	%	83,631	1.06	%
International Monetary Fund**	1	3	1.63	%	59,146	0.75	%
George Washington University	2	34	1.44	%	66,066	0.84	%
IQ Solutions	1	56	1.30	%	58,473	0.74	%
United Communications Group	1	32	1.18	%	63,189	0.80	%
Lockheed Corporation	2	12	1.16	%	73,770	0.94	%
Total/Weighted Average		46	20.65	%	1,092,320	13.86	%

** World Bank has an executed lease for expansion into the International Monetary Fund space effective 1/1/06 for a term of 60 months - World Bank’s percentage of aggregate rent will be 6.13% and 2.80% of aggregate square feet.

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Washington Real Estate Investment Trust

Lease Expirations

September 30, 2005

Year	Number of Leases	Rentable Square Feet	Percent of Rentable Square Feet		Annualized Rent *		Average Rental Rate		Percent of Annualized Rent *
Office:
2005	28	87,689	2.7	%	$	2,363,616	$	26.95	2.7	%
2006	120	480,358	15.0	%		12,793,284		26.63	14.4	%
2007	87	300,749	9.4	%		7,923,240		26.35	8.9	%
2008	90	404,389	12.7	%		11,576,344		28.63	13.1	%
2009	82	426,222	13.3	%		11,600,024		27.22	13.1	%
2010 and thereafter	195	1,494,290	46.9	%		42,331,823		28.33	47.8	%
	602	3,193,697	100.0	%	$	88,588,331	$	27.74	100.0	%
Retail:
2005	9	29,951	1.7	%	$	494,002	$	16.49	1.8	%
2006	46	140,276	7.9	%		2,762,397		19.69	9.9	%
2007	55	163,878	9.2	%		3,459,303		21.11	12.4	%
2008	31	178,755	10.1	%		1,751,440		9.80	6.3	%
2009	33	141,799	8.0	%		2,799,337		19.74	10.1	%
2010 and thereafter	112	1,121,545	63.1	%		16,535,559		14.74	59.5	%
	286	1,776,204	100.0	%	$	27,802,038	$	15.65	100.0	%
Industrial:
2005	18	109,303	3.7	%	$	932,420	$	8.53	3.3	%
2006	55	518,253	17.7	%		4,680,178		9.03	16.5	%
2007	34	353,849	12.1	%		3,000,072		8.48	10.5	%
2008	45	557,782	19.1	%		5,394,083		9.67	19.0	%
2009	35	514,331	17.6	%		4,900,957		9.53	17.2	%
2010 and thereafter	54	868,173	29.8	%		9,517,437		10.96	33.5	%
	241	2,921,691	100.0	%	$	28,425,147	$	9.73	100.0	%
Total:
2005	55	226,943	2.9	%	$	3,790,038	$	16.70	2.6	%
2006	221	1,138,887	14.4	%		20,235,859		17.77	14.0	%
2007	176	818,476	10.4	%		14,382,615		17.57	9.9	%
2008	166	1,140,926	14.5	%		18,721,867		16.41	13.0	%
2009	150	1,082,352	13.7	%		19,300,318		17.83	13.3	%
2010 and thereafter	361	3,484,008	44.1	%		68,384,819		19.63	47.2	%
	1,129	7,891,592	100.0	%	$	144,815,516	$	18.35	100.0	%

* Annualized Rent is as of September 30, 2005 rental revenue (cash basis) multiplied by 12.

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Washington Real Estate Investment Trust

2005 Acquisition and Disposition Summary

as of September 30, 2005

($’s in thousands)

Acquisition Summary
	Acquisition Date	Square Feet	Leased Percentage at Acquisition		September 30, 2005 Leased Percentage			Investment
Frederick Crossing Shopping Center	03/23/05	294,724	100	%		100	%	$	44,800
Frederick, MD
Coleman Building	04/08/05	59,767	64	%		100	%	$	8,800
Chantilly, VA
Albemarle Point	07/29/05	296,105	97	%		97	%	$	67,000
Chantilly, VA
Total								$	120,600
Disposition Summary
	Disposition Date	Property Type	Square Feet		Sale Price (in thousands)			GAAP Gain
8230 Boone Blvd	11/15/04	Office	58,000		$	10,000		$	1,883	*
7700 Leesburg Pike	02/01/05	Office	147,000		$	20,150		$	8,527
Tycon Plaza II	02/01/05	Office	127,000		$	19,400		$	8,867
Tycon Plaza III	02/01/05	Office	137,000		$	27,950		$	14,696
Pepsi-Cola Distribution Center	09/08/05	Industrial	69,000		$	6,000		$	3,038
Total			538,000		$	83,500		$	37,011

* Reflects the recognition of deferred gain in conjunction with property disposal in November 2004.

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Washington Real Estate Investment Trust

2005 Development Summary

as of September 30, 2005

($’s in thousands)

Property and Location	Total Rentable Square Feet or # of Units	Percentage Leased or Committed		Anticipated Total Cash Cost		Cash Cost to Date		Anticipated Construction Completion Date
Development
Rosslyn Towers 1
(High Rise)	178 units & 1,600 sq ft. retail	0	%					1Q 07
(Medium Rise)	46 units & 4,300 sq ft. retail	0	%					4Q 06
Arlington, VA				$	63,600	$	16,9583
South Washington Street 2	75 units & 2,600 sq ft. retail	0	%					1Q 07
Alexandria, VA				$	32,200	$	5,5843
Total				$	95,800	$	22,542
Re-development
Foxchase Shopping Center 4	60,600 sq ft.	97	%					4Q 06
Alexandria, VA				$	10,000	$	1,725

¹ Rosslyn Towers, formerly known as WRIT Rosslyn Center, is a planned 224 unit multifamily property. 1620 Wilson Boulevard was acquired in conjunction with the overall development plan for Rosslyn Towers.

² 718 E. Jefferson Street was acquired to complete our ownership of the entire block of 800 S. Washington Street. The surface parking lot on this block is now in the preliminary stages of development. We refer to this development project as South Washington Street.

³ Includes land cost.

⁴ Redevelopment in connection with a lease executed in September 2004 with a regional grocery store chain.

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WRIT vs. Morgan Stanley REIT Index & NAREIT All Equity Index & Russell 2000

12, 36, and 60 Month Total Returns

September 30, 2005

20

Washington Real Estate Investment Trust

Reporting Definitions

September 30, 2005

Annualized base rent (ABR) is calculated as monthly base rent (cash basis) per the lease, as of the reporting period, multiplied by 12.

Debt to total market capitalization is total debt from the balance sheet divided by the sum of total debt from the balance sheet plus the market value of shares outstanding at the end of the period.

EBITDA (a non-GAAP measure) is earnings before interest, taxes, depreciation and amortization.

Ratio of earnings to fixed charges is computed by dividing earnings by fixed charges. For this purpose, earnings consist of income from continuing operations (or net income if there are no discontinued operations) plus fixed charges, less capitalized interest. Fixed charges consist of interest expense, including amortized costs of debt issuance, plus interest costs capitalized.

Debt service coverage ratio is computed by dividing earnings before interest income and expense, depreciation, amortization and gain on sale of real estate by interest expense and principal amortization.

Funds from operations (FFO) - The National Association of Real Estate Investment Trusts, Inc. (NAREIT) defines FFO (April, 2002 White Paper) as net income (computed in accordance with generally accepted accounting principles (GAAP)) excluding gains (or losses) from sales of property plus real estate depreciation and amortization. FFO is a non-GAAP measure.

Funds Available for Distribution (FAD), a non-GAAP measure, is calculated by subtracting from FFO recurring expenditures, tenant improvements and leasing costs, that are capitalized and amortized and are necessary to maintain our properties and revenue stream and straight line rents, then adding non-real estate depreciation and amortization and rent abatement amortization, and adding or subtracting amortization of lease intangibles, as appropriate.

Recurring capital expenditures represents non-accretive building improvements and leasing costs required to maintain current revenues. Recurring capital expenditures do not include acquisition capital that was taken into consideration when underwriting the purchase of a building or which are incurred to bring a building up to “operating standard.”

Rent increases on renewals and rollovers are calculated as the difference, weighted by square feet, of the net ABR due the first month after a term commencement date and the net ABR due the last month prior to the termination date of the former tenant’s term.

Core portfolio properties include all properties that were owned for the entirety of the current and prior year reporting periods.

Core portfolio net operating income (NOI) growth is the change in the NOI of the core portfolio properties from the prior reporting period to the current reporting period.

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