UPDATE 1-RESEARCH ALERT-RBC initiates Washington Real Estate

(Adds details, changes source)

March 6 (Reuters) - RBC Capital Markets initiated coverage
of Washington Real Estate Investment Trust (WRE.N) with an
"outperform" rating, saying it appears set to deliver stable
results over the next several years helped by the accretion
from its recent development and redevelopment activity.

The brokerage also upgraded Digital Realty Trust (DLR.N)
and Prologis (PLD.N) to "top pick" from "outperform" and
Corporate Office Properties (OFC.N) to "outperform" from
"sector perform."

Digital Realty's growth should well exceed real estate
peers, while Corporate Office Properties has a substantial
development pipeline and should be among the few to shine as
markets fundamentals moderate, RBC said.

It downgraded Brandywine Realty Trust (BDN.N) and Duke
Realty Corp (DRE.N) to "underperform" from "outperform."

RBC said strategic uncertainty will restrain Brandywine
Realty's performance and that its dividend is at risk either
with or without its pursuit of strategic asset sales.

On Duke Realty, the brokerage said its fundamentals are
weak and its leasing activity could be more challenging given
the weak markets.

RBC changed its ratings on the following other REITs:
COMPANY RATING

CURRENT PRIOR Boston
Properties Inc (BXP.N) Outperform Sector Perform Kilroy
Realty Corp (KRC.N) Outperform Sector Perform SL Green
Realty Corp (SLG.N) Outperform Sector Perform Biomed
Realty (BMR.N) Sector Perform Outperform First
Potomac Realty Trust (FPO.N) Underperform
Sector Perform Maguire Properties Inc (MPG.N) Underperform
Sector Perform
(Reporting by Nachiket Kelkar in Bangalore; Editing by Himani
Sarkar)