Washington REIT Q4 Core FFO Tops Estimate

(RTTNews) - Washington Real Estate Investment Trust (WRE) reported net income for the fourth quarter of $18.9 million, or $0.28 per share, compared to $3.0 million or $0.04 per share for the year-ago quarter.

Funds from operations for the fourth quarter was $22.4 million or $0.34 per share, compared to $27.7 million or $0.42 per share in the prior year quarter.

Core FFO for the fourth quarter was $0.42 per share, compared to $0.47 per share a year earlier.

Revenue for the fourth quarter rose to $66.72 million from $64.66 million in the same quarter last year.

Analysts polled by Thomson Reuters expected the company to report FFO of $0.41 per share on revenue of $68.58 million for the fourth quarter. Analysts' estimates typically exclude special items.

Looking forward, the company projects 2014 Core FFO to be $1.56-$1.64 per share. Analysts currently expect the company to post FFO of $1.65 per share for the full year 2014.