Document


Table of Contents
June 30, 2021


Schedule		Page
Key Financial Data
	Consolidated Statements of Operations	4
	Consolidated Balance Sheets	5
	Funds From Operations	6
	Funds Available for Distribution	7
	Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)	8
Capital Analysis
	Long Term Debt Analysis	9
	Long Term Debt Maturities	10
	Debt Covenant Compliance	11
	Capital Analysis	12
Portfolio Analysis
	Same-Store Portfolio Net Operating Income (NOI) Growth	13
	Same-Store Portfolio Net Operating Income (NOI) Detail	14-18
	Net Operating Income (NOI) by Region	19
	Net Operating Income (NOI) - Multifamily	20
	Same-Store Operating Results - Multifamily	21
	Same-Store Operating Expenses - Multifamily	22
	Same-Store Portfolio and Overall Average Occupancy Levels by Sector	23
	Same-Store Portfolio and Overall Ending Occupancy Levels by Sector	24




Tenant Analysis

	Commercial Leasing Summary - New Leases	25
	Commercial Leasing Summary - Renewal Leases	26
	10 Largest Tenants - Based on Annualized Commercial Income	27
	Industry Diversification - Office	28
	Lease expirations	29
Appendix
	Schedule of Properties	30-32
	Supplemental Definitions	33


Consolidated Statements of Operations (In thousands, except per share data) (Unaudited)


	Six Months Ended						Three Months Ended
OPERATING RESULTS	6/30/2021			6/30/2020			6/30/2021			3/31/2021			12/31/2020			9/30/2020			6/30/2020
Real estate rental revenue	$	81,904		$	89,500		$	41,297		$	40,607		$	42,788		$	43,716		$	43,757
Real estate expenses	(32,684)			(34,046)			(16,230)			(16,454)			(17,427)			(17,654)			(16,588)
	49,220			55,454			25,067			24,153			25,361			26,062			27,169
Real estate depreciation and amortization	(34,290)			(34,619)			(17,303)			(16,987)			(17,653)			(18,064)			(17,372)
Income from real estate	14,930			20,835			7,764			7,166			7,708			7,998			9,797
Interest expense	(20,281)			(19,596)			(10,158)			(10,123)			(8,998)			(8,711)			(8,751)
Loss on interest rate derivatives	(5,760)			—			(5,760)			—			(560)			—			—

Loss on sale of real estate	—			(7,539)			—			—			(7,470)			—			(7,539)
Gain (loss) on extinguishment of debt	—			262			—			—			(296)			—			(206)
Other income	2,806			—			1,522			1,284			—			—			—

General and administrative expenses	(11,929)			(11,633)			(6,325)			(5,604)			(5,988)			(6,330)			(5,296)
Transformation costs	(3,780)			—			(3,780)			—			—			—			—

Loss from continuing operations	(24,014)			(17,671)			(16,737)			(7,277)			(15,604)			(7,043)			(11,995)
Discontinued operations:
Income from operations of properties sold or held for sale	15,875			13,984			9,745			6,130			4,567			6,087			6,589




Net loss	$	(8,139)		$	(3,687)		$	(6,992)		$	(1,147)		$	(11,037)		$	(956)		$	(5,406)


Per Share Data:
Net loss	$	(0.10)		$	(0.05)		$	(0.08)		$	(0.02)		$	(0.13)		$	(0.01)		$	(0.07)
Fully diluted weighted average shares outstanding	84,437			82,120			84,461			84,413			82,962			82,186			82,153
Percentage of Revenues:
Real estate expenses	39.9		%	38.0		%	39.3		%	40.5		%	40.7		%	40.4		%	37.9		%
General and administrative expenses	14.6		%	13.0		%	15.3		%	13.8		%	14.0		%	14.5		%	12.1		%
Ratios:
Adjusted EBITDA / Interest expense	3.9		x	4.2		x	4.0		x	3.9		x	4.1		x	4.4		x	4.7		x

Net loss / Real estate rental revenue	(9.9)		%	(4.1)		%	(16.9)		%	(2.8)		%	(25.8)		%	(2.2)		%	(12.4)		%


Consolidated Balance Sheets (In thousands, except per share data) (Unaudited)


	6/30/2021		3/31/2021		12/31/2020		9/30/2020		6/30/2020
Assets
Land	$	301,709	$	301,709	$	301,709	$	324,155	$	324,155
Income producing property	1,490,975		1,483,774		1,473,335		1,542,440		1,517,018
	1,792,684		1,785,483		1,775,044		1,866,595		1,841,173
Accumulated depreciation and amortization	(367,519)		(351,133)		(335,006)		(369,116)		(352,770)
Net income producing property	1,425,165		1,434,350		1,440,038		1,497,479		1,488,403
Properties under development or held for future development	30,065		29,718		36,494		76,359		88,044
Total real estate held for investment, net	1,455,230		1,464,068		1,476,532		1,573,838		1,576,447
Investment in real estate held for sale, net	779,121		785,763		795,687		802,203		808,681
Cash and cash equivalents	5,435		3,015		7,697		3,810		7,960
Restricted cash	595		566		593		606		621
Rents and other receivables	12,916		11,329		9,725		18,132		17,528
Prepaid expenses and other assets	28,297		28,126		29,587		39,540		36,845
Other assets related to properties sold or held for sale	86,811		87,169		89,997		94,143		94,640
Total assets	$	2,368,405	$	2,380,036	$	2,409,818	$	2,532,272	$	2,542,722
Liabilities
Notes payable, net	$	945,905	$	945,634	$	945,370	$	897,443	$	897,060

Line of credit	43,000		33,000		42,000		186,000		181,000
Accounts payable and other liabilities	47,897		44,241		44,067		81,579		74,013
Dividend payable	25,474		25,424		25,361		24,767		24,760
Advance rents	1,572		1,667		2,461		2,104		2,005
Tenant security deposits	4,374		4,256		4,221		4,731		4,706
Other liabilities related to properties sold or held for sale	23,748		26,912		25,229		28,533		30,612
Total liabilities	1,091,970		1,081,134		1,088,709		1,225,157		1,214,156
Equity
Preferred shares; $0.01 par value; 10,000 shares authorized	—		—		—		—		—
Shares of beneficial interest, $0.01 par value; 150,000 shares authorized	846		846		844		824		823
Additional paid-in capital	1,654,409		1,651,680		1,649,366		1,601,160		1,598,620
Distributions in excess of net income	(357,934)		(325,469)		(298,860)		(262,435)		(236,673)
Accumulated other comprehensive loss	(21,200)		(28,473)		(30,563)		(32,759)		(34,533)
Total shareholders' equity	1,276,121		1,298,584		1,320,787		1,306,790		1,328,237
Noncontrolling interests in subsidiaries	314		318		322		325		329
Total equity	1,276,435		1,298,902		1,321,109		1,307,115		1,328,566
Total liabilities and equity	$	2,368,405	$	2,380,036	$	2,409,818	$	2,532,272	$	2,542,722


Funds from Operations (In thousands, except per share data) (Unaudited)


	Six Months Ended				Three Months Ended
	6/30/2021		6/30/2020		6/30/2021		3/31/2021		12/31/2020		9/30/2020		6/30/2020
Funds from operations (FFO) (1)
Net loss	$	(8,139)	$	(3,687)	$	(6,992)	$	(1,147)	$	(11,037)	$	(956)	$	(5,406)
Real estate depreciation and amortization	34,290		34,619		17,303		16,987		17,653		18,064		17,372
Loss on sale of depreciable real estate	—		7,539		—		—		7,470		—		7,539


Discontinued operations:


Real estate depreciation and amortization	22,904		24,700		10,248		12,656		12,588		12,406		12,227
NAREIT funds from operations (FFO)	49,055		63,171		20,559		28,496		26,674		29,514		31,732
(Gain) loss on extinguishment of debt	—		(262)		—		—		296		—		206

Loss on interest rate derivatives	5,760		—		5,760		—		560		—		—

Severance expense	173		—		—		173		—		—		—
Transformation costs	3,780		—		3,780		—		—		—		—


Core FFO (1)	$	58,768	$	62,909	$	30,099	$	28,669	$	27,530	$	29,514	$	31,938

Allocation to participating securities (2)	(276)		(302)		(137)		(139)		(92)		(151)		(151)

NAREIT FFO per share - basic	$	0.58	$	0.77	$	0.24	$	0.34	$	0.32	$	0.36	$	0.38
NAREIT FFO per share - fully diluted	$	0.58	$	0.76	$	0.24	$	0.34	$	0.32	$	0.36	$	0.38

Core FFO per share - fully diluted	$	0.69	$	0.76	$	0.35	$	0.34	$	0.33	$	0.36	$	0.39

Common dividend per share	$	0.60	$	0.60	$	0.30	$	0.30	$	0.30	$	0.30	$	0.30

Average shares - basic	84,437		82,120		84,461		84,413		82,962		82,186		82,153
Average shares - fully diluted (for NAREIT FFO and Core FFO)	84,507		82,305		84,519		84,495		83,093		82,357		82,323
______________________________
(1) See "Supplemental Definitions" on page 33 of this supplemental for the definitions of NAREIT FFO and Core FFO.
(2) Adjustment to the numerators for FFO and Core FFO per share calculations when applying the two-class method for calculating EPS.


Funds Available for Distribution (In thousands, except per share data) (Unaudited)


	Six Months Ended				Three Months Ended
	6/30/2021		6/30/2020		6/30/2021		3/31/2021		12/31/2020		9/30/2020		6/30/2020
Funds available for distribution (FAD) (1)
NAREIT FFO	$	49,055	$	63,171	$	20,559	$	28,496	$	26,674	$	29,514	$	31,732
Non-cash (gain) loss on extinguishment of debt	—		(1,177)		—		—		296		—		204
Tenant improvements and incentives, net of reimbursements	(573)		(2,949)		(1,112)		539		(6,250)		(4,013)		(1,877)
External and internal leasing commissions capitalized	(2,406)		(1,326)		(1,868)		(538)		(1,445)		(1,081)		(797)
Recurring capital improvements	(2,023)		(1,812)		(1,156)		(867)		(2,164)		(1,068)		(824)
Straight-line rent, net	(1,173)		(1,318)		(625)		(548)		82		(522)		(655)
Non-cash fair value interest expense	—		(59)		—		—		—		—		—
Non-real estate depreciation and amortization of debt costs	2,694		1,852		1,350		1,344		987		956		910
Amortization of lease intangibles, net	572		1,001		195		377		477		464		544
Amortization and expensing of restricted share and unit compensation (2)	3,827		3,422		2,163		1,664		1,972		2,479		1,644

FAD	49,973		60,805		19,506		30,467		20,629		26,729		30,881
Cash loss on extinguishment of debt	—		915		—		—		—		—		2
Loss on interest rate derivatives	5,760		—		5,760		—		560		—		—

Non-share-based severance expense	103		—		—		103		—		—		—


Transformation costs (3)	3,703		—		3,703		—		—		—		—

Core FAD (1)	$	59,539	$	61,720	$	28,969	$	30,570	$	21,189	$	26,729	$	30,883
______________________________










(1) See "Supplemental Definitions" on page 33 of this supplemental for the definitions of FAD and Core FAD.
(2) Includes share award modifications related to transformation costs
(3) Excludes share award modifications related to transformation costs


Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) (In thousands) (Unaudited)


	Six Months Ended				Three Months Ended
	6/30/2021		6/30/2020		6/30/2021		3/31/2021		12/31/2020		9/30/2020		6/30/2020
Adjusted EBITDA (1)

Net loss	$	(8,139)	$	(3,687)	$	(6,992)	$	(1,147)	$	(11,037)	$	(956)	$	(5,406)
Add/(deduct):
Interest expense	20,281		19,596		10,158		10,123		8,998		8,711		8,751
Real estate depreciation and amortization	57,194		59,319		27,551		29,643		30,241		30,470		29,599


Non-real estate depreciation	467		479		234		233		229		234		241
Severance expense	173		—		—		173		—		—		—
Transformation costs	3,780		—		3,780		—		—		—		—



Loss on sale of depreciable real estate	—		7,539		—		—		7,470		—		7,539
(Gain) loss on extinguishment of debt	—		(262)		—		—		296		—		206
Loss on interest rate derivatives	5,760		—		5,760		—		560		—		—

Adjusted EBITDA	$	79,516	$	82,984	$	40,491	$	39,025	$	36,757	$	38,459	$	40,930
______________________________
(1) Adjusted EBITDA is earnings before interest expense, taxes, depreciation, amortization, gain/loss on sale of real estate, casualty gain/loss, real estate impairment, gain/loss on extinguishment of debt, gain/loss on interest rate derivatives, severance expense, acquisition expenses, gain from non-disposal activities and transformation costs. We consider Adjusted EBITDA to be an appropriate supplemental performance measure because it permits investors to view income from operations without the effect of depreciation, and the cost of debt or non-operating gains and losses. Adjusted EBITDA is a non-GAAP measure.


Long Term Debt Analysis ($'s in thousands)


	6/30/2021			3/31/2021			12/31/2020			9/30/2020			6/30/2020
Balances Outstanding



Unsecured
Fixed rate bonds	$	696,387		$	696,174		$	695,968		$	348,522		$	348,375
Term loans	249,518			249,460			249,402			548,921			548,685
Credit facility	43,000			33,000			42,000			186,000			181,000

Total	$	988,905		$	978,634		$	987,370		$	1,083,443		$	1,078,060

Weighted Average Interest Rates



Unsecured
Fixed rate bonds	4.3		%	4.3		%	4.3		%	4.5		%	4.5		%
Term loans (1)	2.9		%	2.9		%	2.9		%	2.6		%	2.6		%
Credit facility	1.1		%	1.1		%	1.1		%	1.1		%	1.2		%

Weighted Average	3.8		%	3.8		%	3.8		%	3.0		%	3.0		%
______________________________

(1) WashREIT entered into interest rate swaps to effectively fix the floating interest rates on its total $250.0 million aggregate principal of its term loans outstanding as of June 30, 2021 (see page 10 of this Supplemental).
Note: The current debt balances outstanding are shown net of discounts, premiums and unamortized debt costs (see page 10 of this Supplemental).


Long Term Debt Maturities (in thousands, except average interest rates)
June 30, 2021


	Future Maturities of Debt
Year	Unsecured Debt			Credit Facility			Total Debt		Avg Interest Rate
2021	$	—		$	—		$	—	—%
2022	300,000		(1)	—			300,000		4.0%
2023	250,000		(2)	43,000		(3)	293,000		2.6%
2024	—			—			—		—%
2025	—			—			—		—%
2026	—			—			—		—%
Thereafter	400,000			—			400,000		4.5%
Scheduled principal payments	$	950,000		$	43,000		$	993,000	3.8%

Net discounts/premiums	(360)			—			(360)
Loan costs, net of amortization	(3,735)			—			(3,735)
Total maturities	$	945,905		$	43,000		$	988,905	3.8%

Weighted average maturity = 4.7 years

______________________________

(1) Subsequent to the end of the 2021 Quarter, WashREIT provided notice to the holders of its $300.0 million of Senior Notes due in 2022 that it plans to redeem all $300.0 million of Senior Notes due in 2022 in the third quarter of 2021, which it intends to fund using cash available following the sale of the Office Portfolio. The Senior Notes are scheduled to mature in October 2022.

(2) WashREIT entered into interest rate swaps to effectively fix a LIBOR plus 110 basis points floating interest rate to a 2.31% all-in fixed interest rate for a $150.0 million portion of the term loan. For the remaining $100.0 million portion of the term loan, WashREIT entered into interest rate swaps to effectively fix a LIBOR plus 100 basis points floating interest rate to a 3.71% all-in fixed rate. The interest rates are fixed through the term loan maturity of July 2023. The 2018 Term Loan has an all-in fixed interest rate of 2.87%. WashREIT expects to repay $150.0 million of the 2018 Term Loan using sales proceeds from the Office Portfolio and the Retail Portfolio in the third quarter of 2021.

(3) Maturity date for credit facility of March 2023 assumes election of extension option for two additional 6-month periods.


Debt Covenant Compliance

Unsecured Public Debt Covenants

Unsecured Private Debt Covenants

Notes Payable

Line of Credit
and Term Loans

Notes Payable

Quarter Ended June 30, 2021

Covenant

Quarter Ended June 30, 2021

Covenant

Quarter Ended June 30, 2021

Covenant

% of Total Indebtedness to Total Assets(1)

38.3

≤ 65.0%

N/A

Ratio of Income Available for Debt Service to Annual Debt Service

3.8

≥ 1.5

N/A

% of Secured Indebtedness to Total Assets(1)

—

≤ 40.0%

N/A

Ratio of Total Unencumbered Assets(2) to Total Unsecured Indebtedness

2.6

≥ 1.5

N/A

% of Net Consolidated Total Indebtedness to Consolidated Total Asset Value(3)

N/A

31.6

≤ 60.0%

31.6

≤ 60.0%

Ratio of Consolidated Adjusted EBITDA(4) to Consolidated Fixed Charges(5)

N/A

4.33

≥ 1.50

4.33

≥ 1.50

% of Consolidated Secured Indebtedness to Consolidated Total Asset Value(3)

N/A

—

≤ 40.0%

—

≤ 40.0%

% of Consolidated Unsecured Indebtedness to Unencumbered Pool Value(6)

N/A

31.6

≤ 60.0%

31.6

≤ 60.0%

Ratio of Unencumbered Adjusted Net Operating Income to Consolidated Unsecured Interest Expense

N/A

4.86

≥ 1.75

4.86

≥ 1.75

______________________________

(1) Total Assets is calculated by applying a capitalization rate of 7.50% to the EBITDA(4) from the last four consecutive quarters, excluding EBITDA from acquired, disposed, and non-stabilized development properties.

(2) Total Unencumbered Assets is calculated by applying a capitalization rate of 7.50% to the EBITDA(4) from unencumbered properties from the last four consecutive quarters, excluding EBITDA from acquired, disposed, and non-stabilized development properties.

(3) Consolidated Total Asset Value is the sum of unrestricted cash plus the quotient of applying a capitalization rate to the annualized NOI from the most recently ended quarter for each asset class, excluding NOI from disposed properties, acquisitions during the past 6 quarters, development, major redevelopment and low occupancy properties. To this amount, we add the purchase price of acquisitions during the past 6 quarters plus values for development, major redevelopment and low occupancy properties.

(4) Consolidated Adjusted EBITDA is defined as earnings before noncontrolling interests, depreciation, amortization, interest expense, income tax expense, acquisition costs, extraordinary, unusual or nonrecurring transactions including sale of assets, impairment, gains and losses on extinguishment of debt and other non-cash charges.

(5) Consolidated Fixed Charges consist of interest expense excluding capitalized interest and amortization of deferred financing costs, principal payments and preferred dividends, if any.

(6) Unencumbered Pool Value is the sum of unrestricted cash plus the quotient of applying a capitalization rate to the annualized NOI from unencumbered properties from the most recently ended quarter for each asset class excluding NOI from disposed properties, acquisitions during the past 6 quarters, development, major redevelopment and low occupancy properties. To this we add the purchase price of unencumbered acquisitions during the past 6 quarters and values for unencumbered development, major redevelopment and low occupancy properties.


Capital Analysis (In thousands, except per share amounts)


							Three Months Ended
							6/30/2021			3/31/2021			12/31/2020			9/30/2020			6/30/2020
Market Data

Shares Outstanding							84,590			84,564			84,409			82,351			82,327
Market Price per Share							$	23.00		$	22.10		$	21.63		$	20.13		$	22.20
Equity Market Capitalization							$	1,945,570		$	1,868,864		$	1,825,767		$	1,657,726		$	1,827,659

Total Debt							$	988,905		$	978,634		$	987,370		$	1,083,443		$	1,078,060
Total Market Capitalization							$	2,934,475		$	2,847,498		$	2,813,137		$	2,741,169		$	2,905,719

Total Debt to Market Capitalization							0.34		:1	0.34		:1	0.35		:1	0.40		:1	0.37		:1

Earnings to Fixed Charges(1)							-0.6x			0.3x			-0.7x			0.2x			-0.3x
Debt Service Coverage Ratio(2)							4.0x			3.9x			4.1x			4.4x			4.7x

Dividend Data	Six Months Ended						Three Months Ended
	6/30/2021			6/30/2020			6/30/2021			3/31/2021			12/31/2020			9/30/2020			6/30/2020
Total Dividends Declared	$	50,935		$	49,581		$	25,473		$	25,462		$	25,388		$	24,806		$	24,761
Common Dividend Declared per Share	$	0.60		$	0.60		$	0.30		$	0.30		$	0.30		$	0.30		$	0.30
Payout Ratio (Core FFO basis)	87.0		%	78.9		%	85.7		%	88.2		%	90.9		%	83.3		%	76.9		%
Payout Ratio (Core FAD basis)	85.7		%	80.0		%
______________________________
(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 attributable to the controlling interests plus fixed charges, less capitalized interest. Fixed charges consist of interest expense, including amortized costs of debt issuance, plus interest costs capitalized. The earnings to fixed charges ratio includes (loss) gain on sale of real estate of ($15.0 million) and ($7.5 million) for the three months ended December 31, 2020 and June 30, 2020, respectively.
(2) Debt service coverage ratio is computed by dividing Adjusted EBITDA (see page 8) by interest expense and principal amortization.


Same-Store Portfolio Net Operating Income (NOI) Growth 2021 vs. 2020


	Six Months Ended June 30,						Three Months Ended June 30,
	2021		2020		% Change		2021		2020		% Change
Cash Basis:
Multifamily	$	42,403	$	44,862	(5.5)	%	$	21,612	$	22,051	(2.0)	%


Other (2)	5,257		4,992		5.3	%	2,573		2,618		(1.7)	%
Overall Same-Store Portfolio (1)	$	47,660	$	49,854	(4.4)	%	$	24,185	$	24,669	(2.0)	%

GAAP Basis:
Multifamily	$	42,393	$	44,856	(5.5)	%	$	21,607	$	22,046	(2.0)	%


Other (2)	6,195		6,206		(0.2)	%	3,037		3,184		(4.6)	%
Overall Same-Store Portfolio (1)	$	48,588	$	51,062	(4.8)	%	$	24,644	$	25,230	(2.3)	%


______________________________
(1) Non same-store properties were:


Development:
Multifamily - Trove
Sold properties:
Office - John Marshall II, Monument II and 1227 25th Street
Discontinued operations:
Office - 1901 Pennsylvania Avenue, 515 King Street, 1220 19th Street, 1600 Wilson Boulevard, Silverline Center, Courthouse Square, 2000 M Street, 1140 Connecticut Avenue, Army Navy Club, 1775 Eye Street, Fairgate at Ballston and Arlington Tower
Retail - Takoma Park, Westminster, Concord Centre, Chevy Chase Metro Plaza, 800 S. Washington Street, Randolph Shopping Center, Montrose Shopping Center and Spring Valley Village.

(2) Represents Watergate 600


Same-Store Portfolio Net Operating Income (NOI) Detail (In thousands)


	Three Months Ended June 30, 2021
	Multifamily		Corporate and Other (1)		Total
Real estate rental revenue
Same-store portfolio	$	35,532	$	4,435	$	39,967
Non same-store (1)	1,330		—		1,330
Total	36,862		4,435		41,297
Real estate expenses
Same-store portfolio	13,925		1,398		15,323
Non same-store (1)	907		—		907
Total	14,832		1,398		16,230
Net Operating Income (NOI)
Same-store portfolio	21,607		3,037		24,644
Non same-store (1)	423		—		423
Total	$	22,030	$	3,037	$	25,067

Same-store portfolio NOI (from above)	$	21,607	$	3,037	$	24,644
Straight-line revenue, net for same-store properties	3		(293)		(290)
Amortization of acquired lease assets (liabilities) for same-store properties	2		(192)		(190)
Amortization of lease intangibles for same-store properties	—		21		21
Same-store portfolio cash NOI	$	21,612	$	2,573	$	24,185
Reconciliation of NOI to net income
Total NOI	$	22,030	$	3,037	$	25,067
Depreciation and amortization	(15,302)		(2,001)		(17,303)
General and administrative expenses	—		(6,325)		(6,325)
Transformation costs	—		(3,780)		(3,780)
Interest expense	—		(10,158)		(10,158)
Other income	—		1,522		1,522
Loss on interest rate derivatives	—		(5,760)		(5,760)





Income (loss) from continuing operations	6,728		(23,465)		(16,737)
Discontinued operations:
Income from operations of properties classified as discontinued operations (1)	—		9,745		9,745


Net income (loss)	$	6,728	$	(13,720)	$	(6,992)


______________________________
(1) For a list of non-same-store and discontinued operations, see page 13 of this Supplemental.


Same-Store Portfolio Net Operating Income (NOI) Detail (In thousands)


	Three Months Ended March 31, 2021
	Multifamily		Corporate and Other (1)		Total
Real estate rental revenue
Same-store portfolio	$	35,191	$	4,440	$	39,631
Non same-store (1)	976		—		976
Total	36,167		4,440		40,607
Real estate expenses
Same-store portfolio	14,405		1,282		15,687
Non same-store (1)	767		—		767
Total	15,172		1,282		16,454
Net Operating Income (NOI)
Same-store portfolio	20,786		3,158		23,944
Non same-store (1)	209		—		209
Total	$	20,995	$	3,158	$	24,153

Same-store portfolio NOI (from above)	$	20,786	$	3,158	$	23,944
Straight-line revenue, net for same-store properties	4		(304)		(300)
Amortization of acquired lease assets (liabilities) for same-store properties	1		(191)		(190)
Amortization of lease intangibles for same-store properties	—		21		21
Same-store portfolio cash NOI	$	20,791	$	2,684	$	23,475

Reconciliation of NOI to net income
Total NOI	$	20,995	$	3,158	$	24,153
Depreciation and amortization	(14,976)		(2,011)		(16,987)
General and administrative expenses	—		(5,604)		(5,604)

Interest expense	—		(10,123)		(10,123)
Other income	—		1,284		1,284






Income (loss) from continuing operations	6,019		(13,296)		(7,277)
Discontinued operations:
Income from operations of properties classified as discontinued operations (1)	—		6,130		6,130

Net income (loss)	$	6,019	$	(7,166)	$	(1,147)


______________________________
(1) For a list of non-same-store and discontinued operations, see page 13 of this Supplemental.


Same-Store Portfolio Net Operating Income (NOI) Detail (In thousands)


	Three Months Ended June 30, 2020
	Multifamily		Corporate and Other (1)		Total
Real estate rental revenue
Same-store portfolio	$	35,852	$	4,365	$	40,217
Non same-store (1)	214		3,326		3,540
Total	36,066		7,691		43,757

Real estate expenses
Same-store portfolio	13,806		1,181		14,987
Non same-store (1)	304		1,297		1,601
Total	14,110		2,478		16,588

Net Operating Income (NOI)
Same-store portfolio	22,046		3,184		25,230
Non same-store (1)	(90)		2,029		1,939
Total	$	21,956	$	5,213	$	27,169

Same-store portfolio NOI (from above)	$	22,046	$	3,184	$	25,230
Straight-line revenue, net for same-store properties	4		(395)		(391)
Amortization of acquired lease liabilities for same-store properties	1		(192)		(191)
Amortization of lease intangibles for same-store properties	—		21		21
Same-store portfolio cash NOI	$	22,051	$	2,618	$	24,669

Reconciliation of NOI to net income
Total NOI	$	21,956	$	5,213	$	27,169
Depreciation and amortization	(14,056)		(3,316)		(17,372)
General and administrative expenses	—		(5,296)		(5,296)

Interest expense	—		(8,751)		(8,751)



Loss on sale of real estate	—		(7,539)		(7,539)
Loss on extinguishment of debt	—		(206)		(206)


Income (loss) from continuing operations	7,900		(19,895)		(11,995)
Discontinued operations:
Income from operations of properties classified as discontinued operations (1)	—		6,589		6,589


Net income (loss)	$	7,900	(13,306)		$	(5,406)


______________________________
(1) For a list of non-same-store and discontinued operations, see page 13 of this Supplemental.


Same-Store Portfolio Net Operating Income (NOI) Detail (In thousands)


	Six Months Ended June 30, 2021
	Multifamily		Corporate and Other (1)		Total
Real estate rental revenue
Same-store portfolio	$	70,723	$	8,875	$	79,598
Non same-store (1)	2,306		—		2,306
Total	73,029		8,875		81,904
Real estate expenses
Same-store portfolio	28,330		2,680		31,010
Non same-store (1)	1,674		—		1,674
Total	30,004		2,680		32,684
Net Operating Income (NOI)
Same-store portfolio	42,393		6,195		48,588
Non same-store (1)	632		—		632
Total	$	43,025	$	6,195	$	49,220

Same-store portfolio NOI (from above)	$	42,393	$	6,195	$	48,588
Straight-line revenue, net for same-store properties	7		(597)		(590)
Amortization of acquired lease assets (liabilities) for same-store properties	3		(383)		(380)
Amortization of lease intangibles for same-store properties	—		42		42
Same-store portfolio cash NOI	$	42,403	$	5,257	$	47,660
Reconciliation of NOI to net income
Total NOI	$	43,025	$	6,195	$	49,220
Depreciation and amortization	(30,278)		(4,012)		(34,290)
General and administrative	—		(11,929)		(11,929)
Transformation costs	—		(3,780)		(3,780)
Interest expense	—		(20,281)		(20,281)
Other income	—		2,806		2,806
Loss on interest rate derivatives	—		(5,760)		(5,760)





Income (loss) from continuing operations	12,747		(36,761)		(24,014)
Discontinued operations:
Income from operations of properties classified as discontinued operations (1)	—		15,875		15,875


Net income (loss)	$	12,747	$	(20,886)	$	(8,139)


______________________________
(1) For a list of non-same-store and discontinued operations, see page 13 of this Supplemental.


Same-Store Portfolio Net Operating Income (NOI) Detail (In thousands)


	Six Months Ended June 30, 2020
	Multifamily		Corporate and Other (1)		Total
Real estate rental revenue
Same-store portfolio	$	72,400	$	8,867	$	81,267
Non same-store (1)	251		7,982		8,233
Total	72,651		16,849		89,500
Real estate expenses
Same-store portfolio	27,544		2,661		30,205
Non same-store (1)	551		3,290		3,841
Total	28,095		5,951		34,046
Net Operating Income (NOI)
Same-store portfolio	44,856		6,206		51,062
Non same-store (1)	(300)		4,692		4,392
Total	$	44,556	$	10,898	$	55,454

Same-store portfolio NOI (from above)	$	44,856	$	6,206	$	51,062
Straight-line revenue, net for same-store properties	4		(880)		(876)
Amortization of acquired lease assets (liabilities) for same-store properties	2		(383)		(381)
Amortization of lease intangibles for same-store properties	—		49		49
Same-store portfolio cash NOI	$	44,862	$	4,992	$	49,854
Reconciliation of NOI to net income
Total NOI	$	44,556	$	10,898	$	55,454
Depreciation and amortization	(28,016)		(6,603)		(34,619)
General and administrative	—		(11,633)		(11,633)

Interest expense	(172)		(19,424)		(19,596)



Loss on sale of real estate	—		(7,539)		(7,539)


Gain on extinguishment of debt	—		262		262
Income (loss) from continuing operations	16,368		(34,039)		(17,671)
Discontinued operations:
Income from operations of properties classified as discontinued operations (1)	—		13,984		13,984


Net income (loss)	$	16,368	$	(20,055)	$	(3,687)


______________________________
(1) For a list of non-same-store and discontinued operations, see page 13 of this Supplemental.


Net Operating Income (NOI) by Region



	Percentage of NOI

	Q2 2021		YTD 2021
Multifamily
DC	12.2	%	12.2	%




Maryland	8.3	%	8.4	%



Virginia	79.5	%	79.4	%


Total Multifamily	100.0	%	100.0	%







______________________________
Note: Watergate 600 is located in Washington DC and contributed to 12.1% and 12.6% of total portfolio NOI for Q2 2021 and YTD 2021, respectively.


Net Operating Income (NOI) - Multifamily (Dollars In thousands)


	Apartment Units as of 06/30/2021	Six Months Ended						Three Months Ended
		6/30/2021			6/30/2020			06/30/2021			3/31/2021			12/31/2020			9/30/2020			6/30/2020
Rental and other property revenues
Same-store (1)	6,658	$	70,723		$	72,400		$	35,532		$	35,191		$	35,498		$	35,846		$	35,852
Non same-store

Development (2)	401	2,306			251			1,330			976			698			445			214
Total rental and other property revenues	7,059	73,029			72,651			36,862			36,167			36,196			36,291			36,066

Property operating expenses
Same-store		28,330			27,544			13,925			14,405			14,304			14,532			13,806
Non same-store

Development		1,674			551			907			767			728			456			304
Total property operating expenses		30,004			28,095			14,832			15,172			15,032			14,988			14,110

Net Operating Income (NOI)
Same-store		42,393			44,856			21,607			20,786			21,194			21,314			22,046
Non same-store

Development		632			(300)			423			209			(30)			(11)			(90)
Total NOI		$	43,025		$	44,556		$	22,030		$	20,995		$	21,164		$	21,303		$	21,956

Same-store metrics
Retention (3)		54		%	59		%	57		%	51		%	51		%	58		%	61		%

______________________________

(1) Includes properties that were owned for the entirety of the years being compared, and exclude properties under redevelopment or development and properties acquired, sold or classified as held for sale during the years being compared.

(2) Includes development properties as those for which we have planned or ongoing major construction activities on existing or acquired land pursuant to an authorized development plan. We consider a property's development activities to be complete when the property is ready for its intended use. The property is categorized as same-store when it has been ready for its intended use for the entirety of the years being compared.

(3) Represents the percentage of Same-store property leases renewed that were set to expire in the period presented.


Same-Store Operating Results - Multifamily (Dollars in thousands, except Average Effective Monthly Rent per Unit)


		Rental and Other Property Revenue						Property Operating Expenses						Net Operating Income						Average Occupancy						Average Effective Monthly Rent per Unit
Quarter-to-Date Comparison	Apt Units	Q2 2021		Q2 2020		% Change		Q2 2021		Q2 2020		% Change		Q2 2021		Q2 2020		% Change		Q2 2021		Q2 2020		% Change		Q2 2021		Q2 2020		% Change



Total/Weighted Average	6,658	$	35,532	$	35,852	(0.9)	%	$	13,925	$	13,806	0.9	%	$	21,607	$	22,046	(2.0)	%	95.1	%	94.5	%	0.6	%	$	1,665	$	1,741	(4.4)	%


		Rental and Other Property Revenue						Property Operating Expenses						Net Operating Income						Average Occupancy						Average Effective Monthly Rent per Unit
Sequential Comparison	Apt Units	Q2 2021		Q1 2021		% Change		Q2 2021		Q1 2021		% Change		Q2 2021		Q1 2021		% Change		Q2 2021		Q1 2021		% Change		Q2 2021		Q1 2021		% Change



Total/Weighted Average	6,658	$	35,532	$	35,191	1.0	%	$	13,925	$	14,405	(3.3)	%	$	21,607	$	20,786	3.9	%	95.1	%	94.3	%	0.8	%	$	1,665	$	1,682	(1.0)	%


		Rental and Other Property Revenue						Property Operating Expenses						Net Operating Income						Average Occupancy						Average Effective Monthly Rent per Unit
Year-to-Date Comparison	Apt Units	YTD 2021		YTD 2020		% Change		YTD 2021		YTD 2020		% Change		YTD 2021		YTD 2020		% Change		YTD 2021		YTD 2020		% Change		YTD 2021		YTD 2020		% Change
Total/Weighted Average	6,658	$	70,723	$	72,400	(2.3)	%	$	28,330	$	27,544	2.9	%	$	42,393	$	44,856	(5.5)	%	94.7	%	94.9	%	(0.2)	%	$	1,674	$	1,737	(3.6)	%


Same-Store Operating Expenses - Multifamily (In thousands)


Quarter-to-Date Comparison	Q2 2021		Q2 2020		$ Change		% Change		% of Q2 2021 Total
Controllable (1)	$	6,833	$	6,638	$	195	2.9	%	49.1	%
Non-Controllable (2)	7,092		7,168		(76)		(1.1)	%	50.9	%
Total same-store operating expenses	$	13,925	$	13,806	$	119	0.9	%	100.0	%


Sequential Comparison	Q2 2021		Q1 2021		$ Change		% Change		% of Q2 2021 Total
Controllable	$	6,833	$	6,671	$	162	2.4	%	49.1	%
Non-Controllable	7,092		7,734		(642)		(8.3)	%	50.9	%
Total same-store operating expenses	$	13,925	$	14,405	$	(480)	(3.3)	%	100.0	%


Year-to-Date Comparison	YTD 2021		YTD 2020		$ Change		% Change		% of YTD 2021 Total
Controllable	$	13,504	$	12,945	559		4.3	%	47.7	%
Non-Controllable	14,826		14,599		227		1.6	%	52.3	%
Total same-store operating expenses	$	28,330	$	27,544	$	786	2.9	%	100.0	%


______________________________
(1) Controllable operating expenses consist of:
Payroll, Repairs & Maintenance, Marketing, Administrative and other
(2) Non-Controllable operating expenses consist of:
Third-party Fees, Utilities, Insurance and Real Estate Taxes


Same-Store Portfolio and Overall Average Occupancy Levels by Sector


	Average Occupancy - Same-Store Properties(1) (2)
Sector	6/30/2021		3/31/2021		12/31/2020		9/30/2020		6/30/2020
Multifamily	95.1	%	94.3	%	94.0	%	94.3	%	94.5	%







	Average Occupancy - All Properties (2)
Sector	6/30/2021		3/31/2021		12/31/2020		9/30/2020		6/30/2020
Multifamily (3)	95.1	%	94.3	%	94.0	%	94.3	%	94.5	%


Office (4)	83.8	%	84.2	%	86.0	%	86.5	%	86.8	%
Other (4)	88.8	%	87.4	%	86.6	%	85.8	%	87.2	%

Overall Portfolio (3)	91.5	%	91.1	%	91.1	%	91.3	%	91.5	%


______________________________
(1) Non same-store properties were:


Sold properties:
Office - John Marshall II, Monument II and 1227 25th Street
Discontinued operations:
Office - 1901 Pennsylvania Avenue, 515 King Street, 1220 19th Street, 1600 Wilson Boulevard, Silverline Center, Courthouse Square, 2000 M Street, 1140 Connecticut Avenue, Army Navy Club, 1775 Eye Street, Fairgate at Ballston and Arlington Tower
Retail - Takoma Park, Westminster, Concord Centre, Chevy Chase Metro Plaza, 800 S. Washington Street, Randolph Shopping Center, Montrose Shopping Center and Spring Valley Village.

(2) Average occupancy is based on monthly occupied net rentable square footage as a percentage of total net rentable square footage, except for the rows labeled "Multifamily," on which average occupancy is based on average monthly occupied units as a percentage of total units. The square footage for multifamily properties only includes residential space. The occupied square footage for office and other properties includes short-term lease agreements.
(3) Average occupancy excludes the addition of the total rentable units at Trove, which began to lease-up in the first quarter of 2020. Including Trove, multifamily average occupancy was 92.5%, 91.1%, 90.2%, 89.9% and 89.5% and overall portfolio average occupancy was 90.2%, 89.4%, 89.2%, 89.1%, and 89.0% for each of the quarters ended June 30, 2021, March 31, 2021, December 31 2020, September 30, 2020 and June 30, 2020, respectively.
(4) Includes properties classified as Discontinued operations.


Same-Store Portfolio and Overall Ending Occupancy Levels by Sector


	Ending Occupancy - Same-Store Properties (1) (2)
Sector	6/30/2021		03/31/2021		12/31/2020		9/30/2020		6/30/2020
Multifamily	95.2	%	94.9	%	94.3	%	94.6	%	94.3	%







	Ending Occupancy - All Properties (2)
Sector	6/30/2021		03/31/2021		12/31/2020		9/30/2020		6/30/2020
Multifamily (3)	95.2	%	94.9	%	94.3	%	94.6	%	94.3	%


Office (4)	83.9	%	83.3	%	85.7	%	86.6	%	86.8	%
Other (4)	89.3	%	87.4	%	86.5	%	86.8	%	84.0	%

Overall Portfolio (3)	91.6	%	90.9	%	91.4	%	91.6	%	91.7	%


______________________________
(1) Non same-store properties were:


Development:
Multifamily - Trove
Sold properties:
Office - John Marshall II, Monument II and 1227 25th Street
Discontinued operations:
Office - 1901 Pennsylvania Avenue, 515 King Street, 1220 19th Street, 1600 Wilson Boulevard, Silverline Center, Courthouse Square, 2000 M Street, 1140 Connecticut Avenue, Army Navy Club, 1775 Eye Street, Fairgate at Ballston and Arlington Tower
Retail - Takoma Park, Westminster, Concord Centre, Chevy Chase Metro Plaza, 800 S. Washington Street, Randolph Shopping Center, Montrose Shopping Center and Spring Valley Village.

(2) Ending occupancy is calculated as occupied square footage as a percentage of total square footage as of the last day of that period, except for the rows labeled "Multifamily," on which ending occupancy is calculated as occupied units as a percentage of total available units as of the last day of that period. The occupied square footage for office and other properties includes short-term lease agreements.
(3) Ending occupancy excludes the addition of the total rentable units at Trove, which began to lease-up in the first quarter of 2020. Including Trove, multifamily ending occupancy was 93.8%, 92.0%, 90.9%, 90.5% and 89.8% and overall portfolio ending occupancy was 91.0%, 89.5%, 89.7%, 89.5% and 89.4% as of June 30, 2021, March 31, 2021, December 31, 2020, September 30, 2020 and June 30, 2020, respectively.
(4) Includes properties classified as Discontinued operations.


Commercial Leasing Summary - New Leases


	2nd Quarter 2021						1st Quarter 2021						4th Quarter 2020						3rd Quarter 2020						2nd Quarter 2020
Gross Leasing Square Footage
Office Buildings	23,810						29,065						9,437						19,159						19,795
Retail Centers	2,152						—						7,824						5,900						420
Total	25,962						29,065						17,261						25,059						20,215
Weighted Average Term (years)
Office Buildings	5.4						6.7						4.5						5.3						8.3
Retail Centers	7.4						—						5.5						12.1						5.0
Total	5.5						6.7						4.9						6.9						8.3
Weighted Average Free Rent Period (months)
Office Buildings	8.2						3.9						3.5						6.2						7.3
Retail Centers	4.9						—						1.8						5.2						—
Total	8.0						3.9						3.2						6.1						7.3

Rental Rate Increases:	GAAP			CASH			GAAP			CASH			GAAP			CASH			GAAP			CASH			GAAP			CASH
Rate on expiring leases
Office Buildings	$	51.51		$	50.08		$	55.80		$	57.71		$	48.83		$	50.20		$	41.57		$	44.81		$	54.47		$	50.74
Retail Centers	35.14			38.04			—			—			12.59			14.79			18.87			16.11			15.93			15.00
Total	$	50.15		$	49.09		$	55.80		$	57.71		$	32.40		$	34.15		$	36.23		$	38.06		$	53.67		$	50.00

Rate on new leases
Office Buildings	$	51.46		$	48.05		$	58.22		$	51.28		$	46.32		$	45.93		$	45.74		$	43.06		$	54.89		$	49.55
Retail Centers	40.57			37.50			—			—			14.22			14.79			18.87			16.10			15.93			15.00
Total	$	50.56		$	47.18		$	58.22		$	51.28		$	31.77		$	31.81		$	39.41		$	36.72		$	54.08		$	48.83

Percentage Increase
Office Buildings	(0.1)		%	(4.1)		%	4.3		%	(11.1)		%	(5.1)		%	(8.5)		%	10.0		%	(3.9)		%	0.8		%	(2.3)		%
Retail Centers	15.5		%	(1.4)		%	—		%	—		%	12.9		%	—		%	—		%	(0.1)		%	—		%	—		%
Total	0.8		%	(3.9)		%	4.3		%	(11.1)		%	(1.9)		%	(6.9)		%	8.8		%	(3.5)		%	0.8		%	(2.3)		%

	Total Dollars			$ per Sq Ft			Total Dollars			$ per Sq Ft			Total Dollars			$ per Sq Ft			Total Dollars			$ per Sq Ft			Total Dollars			$ per Sq Ft
Tenant Improvements
Office Buildings	$	628,168		$	26.38		$	465,345		$	16.01		$	297,484		$	31.52		$	895,267		$	46.73		$	1,667,073		$	84.22
Retail Centers	107,600			50.00			—			—			100,840			12.89			164,406			27.87			3,000			7.14
Subtotal	$	735,768		$	28.34		$	465,345		$	16.01		$	398,324		$	23.08		$	1,059,673		$	42.29		$	1,670,073		$	82.62
Leasing Commissions
Office Buildings	$	330,634		$	13.89		$	553,522		$	19.04		$	107,674		$	11.41		$	229,690		$	11.99		$	464,719		$	23.48
Retail Centers	36,832			17.12			—			—			29,586			3.78			8,665			1.47			1,338			3.19
Subtotal	$	367,466		$	14.15		$	553,522		$	19.04		$	137,260		$	7.95		$	238,355		$	9.51		$	466,057		$	23.06
Tenant Improvements and Leasing Commissions
Office Buildings	$	958,802		$	40.27		$	1,018,867		$	35.05		$	405,158		$	42.93		$	1,124,957		$	58.72		$	2,131,792		$	107.70
Retail Centers	144,432			67.12			—			—			130,426			16.67			173,071			29.34			4,338			10.33
Total	$	1,103,234		$	42.49		$	1,018,867		$	35.05		$	535,584		$	31.03		$	1,298,028		$	51.80		$	2,136,130		$	105.68

______________________________

Note: This table excludes short-term lease agreements and activity at properties sold during the quarter. The cost of landlord build-out on Space+ leases that are excluded from Tenant Improvements in the table above totaled $0.4 million and $0.6 million for leases executed in Q2 2021 and YTD 2021, respectively.


Commercial Leasing Summary - Renewal Leases


	2nd Quarter 2021						1st Quarter 2021						4th Quarter 2020						3rd Quarter 2020						2nd Quarter 2020
Gross Leasing Square Footage
Office Buildings	87,586						56,602						22,014						39,955						15,359
Retail Centers	27,040						68,293						3,488						7,635						—
Total	114,626						124,895						25,502						47,590						15,359
Weighted Average Term (years)
Office Buildings	6.5						3.6						7.8						7.2						1.7
Retail Centers	2.1						5.8						3.2						1.8						—
Total	5.5						4.8						7.2						6.3						1.7
Weighted Average Free Rent Period (months)
Office Buildings	8.4						2.1						9.0						6.9						4.5
Retail Centers	4.3						0.2						2.0						5.4						—
Total	7.9						1.5						8.2						6.7						4.5

Rental Rate Increases:	GAAP			CASH			GAAP			CASH			GAAP			CASH			GAAP			CASH			GAAP			CASH
Rate on expiring leases
Office Buildings	$	30.13		$	32.59		$	53.64		$	56.24		$	44.93		$	44.89		$	33.30		$	35.00		$	43.93		$	50.65
Retail Centers	17.14			16.79			19.37			21.70			40.10			41.38			35.45			39.62			—			—
Total	$	27.07		$	28.86		$	34.91		$	37.36		$	44.27		$	44.41		$	33.65		$	35.74		$	43.93		$	50.65

Rate on new leases
Office Buildings	$	41.24		$	34.34		$	57.45		$	55.64		$	54.70		$	48.45		$	39.15		$	36.18		$	52.44		$	51.62
Retail Centers	17.14			14.75			21.81			21.50			41.43			41.43			41.27			40.92			—			—
Total	$	35.56		$	29.72		$	37.96		$	36.97		$	52.89		$	47.49		$	39.49		$	36.94		$	52.44		$	51.62

Percentage Increase
Office Buildings	36.9		%	5.4		%	7.1		%	(1.1)		%	21.7		%	7.9		%	17.6		%	3.4		%	19.4		%	1.9		%
Retail Centers	—		%	(12.2)		%	12.6		%	(0.9)		%	3.3		%	0.1		%	16.4		%	3.3		%	—		%	—		%
Total	31.4		%	3.0		%	8.7		%	(1.0)		%	19.5		%	6.9		%	17.4		%	3.4		%	19.4		%	1.9		%

	Total Dollars			$ per Sq Ft			Total Dollars			$ per Sq Ft			Total Dollars			$ per Sq Ft			Total Dollars			$ per Sq Ft			Total Dollars			$ per Sq Ft
Tenant Improvements
Office Buildings	$	4,798,220		$	54.78		$	58,515		$	1.03		$	602,748		$	27.38		$	912,553		$	22.84		$	—		$	—
Retail Centers	—			—			—			—			—			—			—			—			—			—
Subtotal	$	4,798,220		$	41.86		$	58,515		$	0.47		$	602,748		$	23.64		$	912,553		$	19.18		$	—		$	—
Leasing Commissions
Office Buildings	$	1,255,427		$	14.33		$	178,680		$	3.16		$	493,368		$	22.41		$	207,400		$	5.19		$	41,780		$	2.72
Retail Centers	7,011			0.26			95,252			1.39			9,482			2.72			—			—			—			—
Subtotal	$	1,262,438		$	11.01		$	273,932		$	2.19		$	502,850		$	19.72		$	207,400		$	4.36		$	41,780		$	2.72
Tenant Improvements and Leasing Commissions
Office Buildings	$	6,053,647		$	69.11		$	237,195		$	4.19		$	1,096,116		$	49.79		$	1,119,953		$	28.03		$	41,780		$	2.72
Retail Centers	7,011			0.26			95,252			1.39			9,482			2.72			—			—			—			—
Total	$	6,060,658		$	52.87		$	332,447		$	2.66		$	1,105,598		$	43.36		$	1,119,953		$	23.54		$	41,780		$	2.72

______________________________

Note: This table excludes short-term lease agreements and activity at properties sold during the quarter.


10 Largest Tenants - Based on Annualized Commercial Income
June 30, 2021


Tenant	Number of Buildings	Weighted Average Remaining Lease Term in Months	Percentage of Aggregate Portfolio Annualized Commercial Income		Aggregate Rentable Square Feet	Percentage of Aggregate Occupied Square Feet
Atlantic Media, Inc.	1	76	6.3	%	134,714	4.7	%
Capital One, N.A.	3	10	4.6	%	143,090	5.0	%
EIG Management Company, LLC	1	195	2.5	%	51,358	1.8	%
B. Riley Financial, Inc.	1	40	2.5	%	54,540	1.9	%
Hughes Hubbard & Reed LLP	1	140	2.3	%	47,788	1.6	%
Morgan Stanley Smith Barney Financing	1	111	2.1	%	42,316	1.5	%
Promontory Interfinancial Network, LLC	1	65	1.9	%	36,867	1.3	%
Raytheon BBN Technologies Corporation	1	21	1.8	%	43,277	1.5	%
Graham Holdings Company	1	41	1.8	%	33,815	1.1	%
Sunrise Senior Living, LLC	1	85	1.8	%	73,526	2.5	%
Total/Weighted Average		70	27.6	%	661,291	22.9	%

______________________________

Note: This table includes all properties owned as of June 30, 2021, including those classified as discontinued operations. This table excludes short-term lease agreements.


Industry Diversification - Office
June 30, 2021


Industry Classification (NAICS)	Annualized Base Rental Revenue		Percentage of Aggregate Annualized Rent		Aggregate Rentable Square Feet	Percentage of Aggregate Square Feet
Office:
Professional, Scientific, and Technical Services	$	25,581,156	23.04	%	535,196	24.17	%
Finance and Insurance	24,369,567		21.95	%	453,826	20.50	%
Other Services (except Public Administration)	19,553,143		17.61	%	380,572	17.19	%
Information	14,076,876		12.68	%	249,321	11.26	%
Legal Services	8,453,223		7.61	%	158,430	7.16	%
Health Care and Social Assistance	7,151,220		6.44	%	184,375	8.33	%
Real Estate and Rental and Leasing	3,525,683		3.17	%	76,960	3.48	%
Accommodation and Food Services	2,120,709		1.91	%	55,280	2.50	%
Miscellaneous:
Retail Trade	1,962,364		1.77	%	26,735	1.21	%
Transportation and Warehousing	816,170		0.73	%	18,306	0.83	%
Other	3,436,820		3.09	%	74,904	3.37	%
Total	$	111,046,931	100.00	%	2,213,905	100.00	%

______________________________

Note: This table includes all properties owned as of June 30, 2021, including those classified as discontinued operations.


Lease Expirations
June 30, 2021


Year	Number of Leases	Rentable Square Feet	Percent of Rentable Square Feet		Annualized Rent (1)		Average Rental Rate		Percent of Annualized Rent (1)
Office:
2021	26	76,200	3.46	%	$	2,784,620	$	36.54	2.22	%
2022	42	328,332	14.92	%	15,894,783		48.41		12.65	%
2023	53	306,617	13.93	%	15,406,844		50.25		12.26	%
2024	54	267,141	12.14	%	14,652,661		54.85		11.66	%
2025	45	195,503	8.88	%	10,854,135		55.52		8.64	%
2026 and thereafter	124	1,026,605	46.67	%	66,039,624		64.33		52.57	%
	344	2,200,398	100.00	%	$	125,632,667	57.10		100.00	%
Other:
2021	4	14,582	2.46	%	$	156,107	$	10.71	1.04	%
2022	13	61,994	10.47	%	1,423,240		22.96		9.46	%
2023	18	39,136	6.61	%	1,539,896		39.35		10.24	%
2024	18	167,534	28.31	%	3,195,010		19.07		21.24	%
2025	11	79,292	13.40	%	1,476,234		18.62		9.81	%
2026 and thereafter	35	229,302	38.75	%	7,251,880		31.63		48.21	%
	99	591,840	100.00	%	$	15,042,367	25.42		100.00	%
Total:
2021	30	90,782	3.25	%	$	2,940,727	$	32.39	2.09	%
2022	55	390,326	13.98	%	17,318,023		44.37		12.31	%
2023	71	345,753	12.38	%	16,946,740		49.01		12.05	%
2024	72	434,675	15.57	%	17,847,671		41.06		12.69	%
2025	56	274,795	9.84	%	12,330,369		44.87		8.77	%
2026 and thereafter	159	1,255,907	44.98	%	73,291,504		58.36		52.09	%
	443	2,792,238	100.00	%	$	140,675,034	50.38		100.00	%
______________________________
(1) Annualized Rent is equal to the rental rate effective at lease expiration (cash basis) multiplied by 12.
Note: This table includes all properties owned as of June 30, 2021, including those classified as discontinued operations. This table excludes short-term temporary license agreements
and office space managed by WashREIT.


Schedule of Properties
June 30, 2021


PROPERTIES	LOCATION	YEAR ACQUIRED	YEAR CONSTRUCTED	# OF UNITS	NET RENTABLE SQUARE FEET	LEASED % (1)		ENDING OCCUPANCY (1)
Multifamily Buildings / # units
Clayborne	Alexandria, VA	2003	2008	74	60,000	94.6	%	93.2	%
Riverside Apartments	Alexandria, VA	2016	1971	1,222	1,001,000	97.1	%	94.6	%
Assembly Alexandria	Alexandria, VA	2019	1990	532	437,000	97.6	%	95.7	%
Cascade at Landmark	Alexandria, VA	2019	1988	277	273,000	97.1	%	94.9	%
Park Adams	Arlington, VA	1969	1959	200	173,000	98.5	%	95.5	%
Bennett Park	Arlington, VA	2001	2007	224	215,000	98.7	%	95.5	%
The Maxwell	Arlington, VA	2011	2014	163	116,000	99.4	%	98.2	%
The Paramount	Arlington, VA	2013	1984	135	141,000	98.5	%	95.6	%
The Wellington	Arlington, VA	2015	1960	711	600,000	97.6	%	94.0	%
Roosevelt Towers	Falls Church, VA	1965	1964	191	170,000	99.0	%	96.9	%
The Ashby at McLean	McLean, VA	1996	1982	256	274,000	97.3	%	95.7	%
Assembly Dulles	Herndon, VA	2019	2000	328	361,000	97.6	%	95.4	%
Assembly Herndon	Herndon, VA	2019	1991	283	221,000	98.6	%	96.1	%
Assembly Manassas	Manassas, VA	2019	1986	408	390,000	97.8	%	96.1	%
Assembly Leesburg	Leesburg, VA	2019	1986	134	124,000	100.0	%	97.0	%
Bethesda Hill Apartments	Bethesda, MD	1997	1986	195	225,000	99.0	%	96.9	%
Assembly Germantown	Germantown, MD	2019	1990	218	211,000	96.8	%	95.0	%
Assembly Watkins Mill	Gaithersburg, MD	2019	1975	210	193,000	97.6	%	96.7	%
3801 Connecticut Avenue	Washington, DC	1963	1951	307	178,000	98.4	%	94.8	%
Kenmore Apartments	Washington, DC	2008	1948	374	268,000	97.1	%	92.2	%
Yale West	Washington, DC	2014	2011	216	173,000	97.7	%	94.9	%
Subtotal Stabilized Properties				6,658	5,804,000	97.7	%	95.2	%
Trove	Arlington, VA	2015	2020	401	293,000	74.6	%	70.3	%
Subtotal				7,059	6,097,000

______________________________

(1) Leased percentage and ending occupancy calculations are based on units for multifamily buildings.


Schedule of Properties (continued)
June 30, 2021


PROPERTIES	LOCATION	YEAR ACQUIRED	YEAR CONSTRUCTED	NET RENTABLE SQUARE FEET	LEASED % (1)		ENDING OCCUPANCY (1)
Office Buildings
Continuing operations:
Watergate 600	Washington, DC	2017	1972/1997	295,000	88.8	%	88.8	%

Discontinued operations (2):
515 King Street	Alexandria, VA	1992	1966	75,000	77.6	%	77.6	%
Courthouse Square	Alexandria, VA	2000	1979	121,000	85.9	%	82.3	%
1600 Wilson Boulevard	Arlington, VA	1997	1973	171,000	84.9	%	84.9	%
Fairgate at Ballston	Arlington, VA	2012	1988	144,000	83.0	%	79.2	%
Arlington Tower	Arlington, VA	2018	1980/2014	389,000	86.4	%	86.4	%
Silverline Center	Tysons, VA	1997	1972/1986/1999/2015	552,000	82.8	%	81.1	%
1901 Pennsylvania Avenue	Washington, DC	1977	1960	101,000	84.3	%	81.0	%
1220 19th Street	Washington, DC	1995	1976	103,000	89.5	%	85.2	%
2000 M Street	Washington, DC	2007	1971	234,000	78.8	%	78.8	%
1140 Connecticut Avenue	Washington, DC	2011	1966	184,000	84.7	%	81.6	%
Army Navy Building	Washington, DC	2014	1912/1987/2017	108,000	97.2	%	97.2	%
1775 Eye Street, NW	Washington, DC	2014	1964	188,000	88.5	%	87.0	%
				2,370,000	84.8	%	83.3	%

Subtotal				2,665,000	85.2	%	83.9	%
______________________________

(1) The leased and occupied square footage for office and retail properties includes short-term lease agreements.

(2) Properties classified as discontinued operations were sold subsequent to the end of the second quarter of 2021.


Schedule of Properties (continued)
June 30, 2021


PROPERTIES	LOCATION	YEAR ACQUIRED	YEAR CONSTRUCTED	NET RENTABLE SQUARE FEET	LEASED % (1)		ENDING OCCUPANCY (1)
Retail Centers
Discontinued operations:
800 S. Washington Street	Alexandria, VA	1998/2003	1955/1959	46,000	86.3	%	84.0	%
Concord Centre	Springfield, VA	1973	1960	75,000	90.2	%	90.2	%
Randolph Shopping Center	Rockville, MD	2006	1972	83,000	97.4	%	97.4	%
Montrose Shopping Center	Rockville, MD	2006	1970	149,000	74.3	%	74.3	%
Takoma Park	Takoma Park, MD	1963	1962	51,000	100.0	%	100.0	%
Westminster	Westminster, MD	1972	1969	150,000	94.2	%	94.2	%
Chevy Chase Metro Plaza	Washington, DC	1985	1975	49,000	83.0	%	83.0	%
Spring Valley Village	Washington, DC	2014	1941/1950/2018	90,000	100.0	%	97.9	%
Subtotal				693,000	89.7	%	89.3	%

TOTAL PORTFOLIO				9,455,000
______________________________

(1) The leased and occupied square footage for office and retail properties includes short-term lease agreements.


Supplemental Definitions
June 30, 2021


Adjusted EBITDA (a non-GAAP measure) is earnings before interest expense, taxes, depreciation, amortization, gain/loss on sale of real estate, casualty gain/loss, real estate impairment, gain/loss on extinguishment of debt, gain/loss on interest rate derivatives, severance expense, acquisition expenses and gain from non-disposal activities and transformation costs.
Annualized base rent ("ABR") is calculated as monthly base rent (cash basis) per the lease, as of the reporting period, multiplied by 12.
Average Effective Rent per Unit represents the average of gross rent amounts, divided by the average occupancy (in units) for the period presented.
Average occupancy is based on monthly occupied net rentable square footage as a percentage of total net rentable square footage, except for the rows labeled "Multifamily (calculated on a unit basis)," on which average occupancy is based on average monthly occupied units as a percentage of total units. The square footage for multifamily properties only includes residential space. The occupied square footage for office and retail properties includes temporary lease agreements.
Debt service coverage ratio is computed by dividing earnings attributable to the controlling interest before interest expense, taxes, depreciation, amortization, real estate impairment, gain on sale of real estate, gain/loss on extinguishment of debt, severance expense, relocation expense, acquisition and structuring expenses and gain/loss from non-disposal activities by interest expense (including interest expense from discontinued operations) and principal amortization.
Debt to total market capitalization is total debt divided by the sum of total debt plus the market value of shares outstanding at the end of the period.
Earnings to fixed charges ratio is computed by dividing earnings attributable to the controlling interest 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 (excluding interest expense from discontinued operations), including amortized costs of debt issuance, plus interest costs capitalized.
Ending Occupancy is calculated as occupied square footage as a percentage of total square footage as of the last day of that period, except Multifamily, on which ending occupancy is calculated as occupied units as a percentage of total available units as of the last day of that period.
NAREIT Funds from operations ("NAREIT FFO") is defined by 2018 National Association of Real Estate Investment Trusts, Inc. (“NAREIT”) FFO White Paper Restatement, as net income (computed in accordance with generally accepted accounting principles (“GAAP”)) excluding gains (or losses) associated with the sale of property, impairment of depreciable real estate and real estate depreciation and amortization. We consider NAREIT 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 NAREIT FFO more accurately provides investors an indication of our ability to incur and service debt, make capital expenditures and fund other needs. Our FFO may not be comparable to FFO reported by other real estate investment trusts. These other REITs may not define the term in accordance with the current NAREIT definition or may interpret the current NAREIT definition differently. NAREIT FFO is a non-GAAP measure.
Core Funds From Operations ("Core FFO") is calculated by adjusting NAREIT FFO for the following items (which we believe are not indicative of the performance of Washington REIT’s operating portfolio and affect the comparative measurement of Washington REIT’s operating performance over time): (1) gains or losses on extinguishment of debt and gains or losses on interest rate derivatives, (2) expenses related to acquisition and structuring activities, (3) executive transition costs, severance expenses and other expenses related to corporate restructuring and executive retirements or resignations, (4) property impairments, casualty gains and losses, and gains or losses on sale not already excluded from NAREIT FFO, as appropriate, (5) relocation expense and (6) transformation costs. These items can vary greatly from period to period, depending upon the volume of our acquisition activity and debt retirements, among other factors. We believe that by excluding these items, Core FFO serves as a useful, supplementary measure of Washington REIT’s ability to incur and service debt, and distribute dividends to its shareholders. Core FFO is a non-GAAP and non-standardized measure, and may be calculated differently by other REITs.
Funds Available for Distribution ("FAD") is calculated by subtracting from NAREIT FFO (1) recurring expenditures, tenant improvements and leasing costs that are capitalized and amortized and are necessary to maintain our properties and revenue stream (excluding items contemplated prior to acquisition or associated with development / redevelopment of a property) and (2) straight line rents, then adding (3) non-real estate depreciation and amortization, (4) non-cash fair value interest expense and (5) amortization of restricted share compensation, then adding or subtracting the (6) amortization of lease intangibles, (7) real estate impairment and (8) non-cash gain/loss on extinguishment of debt, as appropriate. FAD is included herein because we consider it to be a performance 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.


Core Funds Available for Distribution ("Core FAD") is calculated by adjusting FAD for the following items (which we believe are not indicative of the performance of Washington REIT’s operating portfolio and affect the comparative measurement of Washington REIT’s operating performance over time): (1) gains or losses on extinguishment of debt and gains or losses on interest rate derivatives, (2) costs related to the acquisition of properties, (3) non-share-based executive transition costs, severance expenses and other expenses related to corporate restructuring and executive retirements or resignations, (4) property impairments, casualty gains and losses, and gains or losses on sale not already excluded from FAD, as appropriate, (5) relocation expense and (6) transformation costs. These items can vary greatly from period to period, depending upon the volume of our acquisition activity and debt retirements, among other factors. We believe that by excluding these items, Core FAD serves as a useful, supplementary performance measure of Washington REIT’s ability to incur and service debt, and distribute dividends to its shareholders. Core FAD is a non-GAAP and non-standardized measure, and may be calculated differently by other REITs.
Net Operating Income (“NOI”) is a non-GAAP measure defined as real estate rental revenue less real estate expenses. NOI is calculated as net income, less non-real estate revenue and the results of discontinued operations (including the gain or loss on sale, if any), plus interest expense, depreciation and amortization, general and administrative expenses, acquisition costs, real estate impairment, casualty gains and losses, and gain or loss on extinguishment of debt. We also present NOI on a cash basis ("Cash NOI") which is calculated as NOI less the impact of straightlining of rent and amortization of market intangibles. We provide each of NOI and cash NOI as a supplement to net income calculated in accordance with GAAP. As such, neither should be considered an alternative to net income as an indication of our operating performance. They are the primary performance measures we use to assess the results of our operations at the property level.
Recurring capital expenditures represent 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. Beginning in Q4 2018, in cases where the space has been remeasured in accordance with criteria set by the Building Owners and Managers Association ("BOMA"), the square feet former tenant's space is adjusted to be equivalent to the square feet of the new/renewing tenant's space.
Retention represents the percentage of leases renewed that were set to expire in the period presented.
Same-store portfolio properties include properties that were owned for the entirety of the years being compared, and exclude properties under redevelopment or development and properties acquired, sold or classified as held for sale during the years being compared. We categorize our properties as "same-store" or non-"same-store" for purposes of evaluating comparative operating performance. We define development properties as those for which we have planned or ongoing major construction activities on existing or acquired land pursuant to an authorized development plan. We consider a property's development activities to be complete when the property is ready for its intended use. The property is categorized as same-store when it has been ready for its intended use for the entirety of the years being compared. We define redevelopment properties as those for which have planned or ongoing significant development and construction activities on existing or acquired buildings pursuant to an authorized plan, which has an impact on current operating results, occupancy and the ability to lease space with the intended result of a higher economic return on the property. We categorize a redevelopment property as same-store when redevelopment activities have been complete for the majority of each year being compared.
Same-store portfolio NOI growth is the change in the NOI of the same-store portfolio properties from the prior reporting period to the current reporting period.
Transformation costs includes costs related to the strategic transformation, including consulting, advisory and termination benefits.


Short-term leases are commercial leases with a term of less than 12 months.
Certain statements in our earnings release and on our conference call are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. Such statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of WashREIT to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Currently, one of the most significant factors continues to be the adverse effect of the COVID-19 virus, including any variants and mutations thereof, the actions taken to contain the pandemic or mitigate the impact of COVID-19, and the direct and indirect economic effects of the pandemic and containment measures. The extent to which COVID-19 continues to impact WashREIT and its tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, the continued speed and success of the vaccine distribution, effectiveness and willingness of people to take COVID-19 vaccines, and the duration of associated immunity and their efficacy against emerging variants of COVID-19, among others. Moreover, investors are cautioned to interpret many of the risks identified in the risk factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2020 filed on February 16, 2021, as being heightened as a result of the ongoing and numerous adverse impacts of COVID-19. Additional factors which may cause the actual results, performance, or achievements of WashREIT to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements include, but are not limited to the risks associated with the failure to enter into and/or complete contemplated acquisitions or dispositions (including the expected retail asset sales) within the price ranges anticipated and on the terms and timing anticipated, or at all; our ability to execute on our strategies, including new strategies with respect to our operations and our portfolio, including the acquisition of multifamily properties in the Southeastern markets and the repayment of debt, on the terms anticipated, or at all, and to realize any anticipated benefits, including the performance of any acquired multifamily properties at the levels anticipated; our ability to lease up Trove on the timing anticipated; our ability to reduce actual net leverage to levels consistent with our targeted net leverage range, the risks associated with ownership of real estate in general and our real estate assets in particular; the economic health of the greater Washington, DC metro region and the larger Southeastern region; changes in the composition and geographic location of our portfolio; fluctuations in interest rates; reductions in or actual or threatened changes to the timing of federal government spending; the risks related to use of third-party providers; the economic health of our tenants; shifts away from brick and mortar stores to e-commerce; the availability and terms of financing and capital and the general volatility of securities markets; compliance with applicable laws, including those concerning the environment and access by persons with disabilities; the risks related to not having adequate insurance to cover potential losses; the risks related to our organizational structure and limitations of stock ownership; changes in the market value of securities; terrorist attacks or actions and/or cyber-attacks; failure to qualify and maintain our qualification as a REIT and the risks of changes in laws affecting REITs; and other risks and uncertainties detailed from time to time in our filings with the SEC, including our 2020 Form 10-K filed on February 16, 2021. While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. We undertake no obligation to update our forward-looking statements or risk factors to reflect new information, future events, or otherwise.