Washington REIT Q3 FFO Declines

(RTTNews) - Washington Real Estate Investment Trust (WRE) reported net income for the third quarter of $5.8 million, or $0.09 per share, compared to $9.6 million, or $0.14 per share, for the year-ago quarter.

Funds from Operations for the quarter was $30.2 million, or $0.45 per share, compared to $32.1 million, or $0.48 per share, in the prior year quarter.

Core Funds from Operations, defined as Funds from Operations excluding acquisition expense, gains or losses on extinguishment of debt, severance expense and impairment, was $30.6 million, or $0.46 per share, for the third quarter, compared to $31.9 million, or $0.48 per share, in the third quarter of last year.

Revenue for the third quarter grew to $65.83 million from $64.47 million a year ago.

Analysts polled by Thomson Reuters expected the company to post FFO of $0.46 per share on revenue of $75.83 million for the third quarter. Analysts' estimates typically exclude special items.

Looking forward, the company expects fourth quarter Core FFO per share projected to be $0.39-$0.41.

The company now expects 2013 Core FFO per share to be $1.76-$1.78. In April, the company projected full year Core FFO per share of $1.82 to $1.90.

Analysts currently expect the company to report FFO of $0.44 per share for the fourth quarter and $1.81 per share for the full year 2013.