Washington Real Estate Investment Trust

From the April 28, 1997 Washington Post

	'96 (in $ 000s)	% Change From '95
Revenue	65,541	24.6
Net Income	27,964	7.1
Rank Last Year: 82

Description:
Washington Real Estate Investment Trust, better known as WRIT, owns and operates shopping centers, office buildings, apartment complexes and industrial properties in the Washington-Baltimore region.

Business Resume: Contact Info -- 10400 Connecticut Ave. Kensington, Md. 20895 301-929-5900 Main Business -- Real estate investment trust Founded -- 1960 Chairperson -- Arthur A. Birney President -- Edmund B. Cronin Jr. (CEO) Employees -- 36 D.C.-Area Employees -- 36

Developments:
WRIT spent $70 million in 1996 to acquire two apartment buildings, two office buildings and two industrial properties, all in the Washington area, a total of 573,000 square feet of commercial space and 446 apartment units.

In August the company completed a public offering of $100 million in unsecured debt. It was the first time WRIT received public ratings on its debt; both Moody's Investors Service Inc. and Standard & Poor's Corp. gave the securities investment-grade ratings.

As with other real estate investment trusts, investors and analysts usually evaluate WRIT's financial results not by net income but by funds from operations, a measure that takes into account such real-estate-related items as depreciation and amortization. In 1996 funds from operations rose to $1.13 per share from $1.05 per share in 1995, an 8 percent increase.