WRE - Washington Real Estate Investment Trust: DC Metro Stability And Redevelopments Will Fuel Long-Term Growth

• Washington DC is the most stable sector in the country, as the federal government is the largest employer.
• Management has prudently recycled capital by transitioning to a multifamily-dominated portfolio.
• Multifamily will benefit from the metro area's solid population growth, rent-attractive characteristics, and large delta between Class A and Class B rents. Significant multifamily renovations in the pipeline.
• Very attractive earnings multiple and NAV discount.
• Big risks remain in the office and retail sector. Long lease durations and coming lease commencements will boost occupancy and display stability in the sector.

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