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    Washington Real Estate Investment Trust
    list rank

    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

    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
    • Main Business --
      Real estate investment trust
    • Founded --
    • Chairperson --
      Arthur A. Birney
    • President --
      Edmund B. Cronin Jr. (CEO)
    • Employees --
    • D.C.-Area Employees --
    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.

    Copyright 1997 The Washington Post

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