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Washington Real Estate Investment Trust

THE BALTIMORE SUN

This Bethesda-based developer and operator of commercial real estate said its income for the second quarter rose 4.5 percent as it used proceeds from a stock offering to buy office buildings in Northern Virginia.

The company said money raised through the offering carries a dividend yield of about 5 percent and was used to buy assets yielding up to 11 percent returns on the company's purchase prices.

"By paying all cash, we were able to purchase superbly located office buildings at far lower prices and higher yields than available a couple of years ago," company President B. Franklin Kahn said. "This yield spread is at least double most of our competition, and we end up with no mortgages to choke us."

The company said it has $58 million remaining to buy more property.

Three months ended 6/30/92

... ... ... ..Revenue... ... ... ... ...Net... ... ... Share

'92... ... 8,834,978... ... ... 4,766,036... ... ... 0.19

'91... ... 8,860,277... ... ... 4,559,442... ... ... 0.19

% change... ... -0.29... ... ... ... + 4.5... ... ... .+00.0

Six months ended 6/30/92

... ... ... ..Revenue... ... ... ... .. Net... ... ... Share

'92... .. 18,050,889... ... ... 9,667,942... ... ... 0.38

'91... .. 17,176,376... ... ... 8,688,617... ... ... 0.36

% change... ... + 5.1... ... ... ... +11.3... ... ... .+ 5.6

Note: Revenue figures include real estate revenue and interest income.

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