Washington Real Estate Investment Trust (WRIT), a self-administered, self-managed, equity real estate investment trust (REIT), owns and operates income-producing real properties in the greater Washington-Baltimore region. WRIT owns a diversified portfolio of 59 properties, consisting of 11 retail centers, 24 office properties, 15 industrial/flex properties and nine multi-family properties. As of December 31, 2001, WRIT's office building properties were 97% leased, retail centers were 94% leased, multi-family properties were 95% leased and industrial properties were 100% leased. The Company's principal objective is to invest in properties in prime locations, then proactively manage, lease and develop ongoing capital improvement programs to improve their economic performance.