Full Description

Washington Real Estate Investment Trust (WREIT) is a self-administered, self-managed, equity real estate investment trust (REIT). The business consists of the ownership and operation of income-producing real properties in the greater Washington metro region. WREIT owns a portfolio of office buildings, medical office buildings, industrial/flex properties, multifamily buildings and retail centers. WREIT operates in five business segments: regional office, medical office, retail, multifamily and industrial/flex properties. In September 2008, WRIT acquired The Kenmore, a 374-unit, 270,000 square foot apartment building located in Washington, DC.

Office buildings provide office space for various types of businesses and professions. Medical office buildings provide offices and facilities for a range of medical services. Retail centers are typically neighborhood grocery store or drug store anchored retail centers. Multifamily properties provide rental housing for families throughout the Washington metropolitan area. Industrial/flex centers are used for flex-office, warehousing, services and distribution type facilities.

During the year ended December 31, 2008, WREIT owned a portfolio of 93 properties consisting of 28 office properties, 17 medical office properties, 14 retail centers, 12 multifamily properties, 22 industrial/flex properties and land under development. In 2008, WREIT completed the development of Dulles Station Phase I, Bennett Park and Clayborne Apartments. The Company sold two industrial properties in 2008. During the year ended December 31, 2007, the Company sold two office properties.