1

INVESTOR UPDATESOLID FOUNDATION FOR GROWTHMARCH 2020

2

This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities of Washington REIT, nor shall there be any sale of securities in anyjurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification of such securities under the securities law of any such jurisdiction. IfWashington REIT were to conduct an offering of securities in the future, it will be made under an effective registration statement filed with the Securities and ExchangeCommission and only by means of a prospectus supplement and accompanying prospectus. In such an event, a copy of the prospectus and the applicable preliminary prospectussupplement and final prospectus supplement, as well the final term sheet, relating to such transaction will be able to be obtained from the Securities and Exchange Commission atwww.sec.gov, by the underwriters in that offering, or by contacting Washington REIT at 202-774-3200. Before you invest in any such offering, you should read the applicableprospectus supplement related to such offering, the accompanying prospectus and the information incorporated by reference therein and other documents Washington REIT hasthen filed with the Securities and Exchange Commission for more complete information about Washington REIT and any such offering.

Forward-Looking Statements

Certain statements in this press release are "forward-looking statements" within the meaning of federal securities laws. Forward-looking statements relate to expectations, beliefs,projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identifyforward looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,”or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely tohistorical matters. Such statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements ofWashington REIT to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, butare not limited to the risks associated with the ownership of real estate in general and our real estate assets in particular, the risk of failure to enter into and/or completecontemplated acquisitions and dispositions at all, within the price ranges anticipated and on the terms and timing anticipated; the economic health of the greater WashingtonMetro region; changes in the composition of our portfolio; fluctuations in interest rates; reductions in or actual or threatened changes to the timing of federal government spending;the risks related to use of third-party providers and joint venture partners; the ability to control our operating expenses; the economic health of our tenants; the supply ofcompeting properties; shifts away from brick and mortar stores to ecommerce; the availability and terms of financing and capital and the general volatility of securities markets;compliance with applicable laws, including those concerning the environment and access by persons with disabilities; terrorist attacks or actions and/or cyber attacks; weatherconditions and natural disasters; ability to maintain key personnel; failure to qualify and maintain our qualification as a REIT and the risks of changes in laws affecting REITs; andother risks and uncertainties detailed from time to time in our filings with the SEC, including our Form 10-K for the year ended December 31, 2019 and subsequent QuarterlyReports on Form 10-Q. While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. We undertake no obligation to update ourforward-looking statements or risk factors to reflect new information, future events, or otherwise.

Use of Non-GAAP Financial Measures and other Definitions

This presentation contains certain non-GAAP financial measures and other terms that have particular definitions when used by us. The definitions and calculations of these non-GAAP financial measures and other terms may differ from those used by other REITs and, accordingly, may not be comparable. Please refer to the definitions and calculations ofthese terms and the reasons for their use, and reconciliations to the most directly comparable GAAP measures included later in this investor presentation.

Reconciliation

This presentation also includes certain forward-looking non-GAAP information. Due to the high variability and difficulty in making accurate forecasts and projections of some of theinformation excluded from these estimates, together with some of the excluded information not being ascertainable or accessible, the Company is unable to quantify certainamounts that would be required to be included in the most directly comparable GAAP financial measures without unreasonable efforts.

Market Data

Market data and industry forecasts are used in this presentation, including data obtained from publicly available sources. These sources generally state that the information theyprovide has been obtained from sources believed to be reliable, but the accuracy and completeness of the information is not assured. The Company has not independentlyverified any such information.

DISCLOSURES

3

Navigate Our Story

Growth Drivers03

Multifamily Portfolio

Office Portfolio and Strategy

Multifamily Investment Strategy

Sustainability

04

05

06

07

01 Company Overview

Transformation Highlights02

Management Team08

4COMPANY SNAPSHOT

OPERATING PORTFOLIO

MULTIFAMILY UNITS COMMERCIAL SF6,861 4M

UNDERCONSTRUCTION

198DEVELOPMENT

PIPELINE

MULTIFAMILY UNITS

767

NET DEBT / ADJ. EBITDA

5.6xCREDIT RATING

Baa2 StableBBB Stable

45%49%

6%

OfficeMultifamily*

NOI COMPOSITION

(Near-term)

* Pro forma for Q4 2019 excluding 1776 G (sold in December 2019) and John Marshall II (planned sale in Q1 2020) and including stabilized Net Operating Income from the Trove development

(LTM)

RENOVATION PIPELINE

>3,000(5-YEAR)

5

WASHREIT AT A GLANCE

STABLE CASHFLOW

Research-led investment strategy (Focused on value-oriented capital allocation)

Investing in the best submarkets(Over 65% of NOI from Northern Virginia, the regional job engine) (1)

Lower recurring CapEx (Multifamily shift reduces non-revenue generating CapEx)

No exposure to single tenant office assets(Largest tenant represents less than 4% of total NOI) (1)

Strong track record of execution($1.3B transacted in 2019; $3.6B since 2013)

Embedded opportunities for value-creation (Near and long-term opportunities to add on-site density)

(1) Pro forma for Q4 2019 excluding 1776 G and John Marshall II (planned sale in Q1 2020) and including stabilized Net Operating Income from the Trove development

6STRATEGY FOR VALUE CREATION

MULTIFAMILY OFFICE OVERALL

Unit renovation programs at value-add

Class B assets

Space+, a flexible space program that offers lower downtime and higher rent premiums compared to

traditional leases

Leasing-up iconic and irreplaceable Class A

office assets and value-oriented Class B office

product

GROWING OCCUPANCY byGROWING RENTAL INCOME through GROWING NAV by

Improving the quality of our portfolio and the

stability of its cash flows

Creating stable and sustainable long-term NOI and FAD growth

Class A development on surface parking of

existing Class B assets (covered land plays)

Ancillary revenue initiatives and operating

improvements&you, a newly launched

experiential amenity for our office tenants

Reducing non-revenue enhancing capex

7

TRANSFORMATION HIGHLIGHTS

8TRACK RECORD OF TRANSFORMATION

56%

19%

25%

NOI - Q1 2015

NOI – Q4 2019 (1)

45%49%

6%

1. Growing value-add Class B multifamily Acquired The Wellington, Arlington, VA in 2015

Acquired Riverside, Alexandria, VA in 2016

Acquired the Assembly Portfolio in VA and MD in 2019

Acquired Cascade at Landmark, Alexandria, VA in 2019

2. Developing on-site density at existing Class B assets Delivered Phase I of the Trove in early 2020

Approved to add 767 units at Riverside

3. De-risking the overall portfolio Sold the suburban MD office portfolio in 2016

Recycled Braddock Metro Center, Alexandria, VA into Arlington Tower, Arlington, VA in 2018

Recycled 2445 M, West End, DC, into Watergate 600,Waterfront, DC in 2017 and 2018

Sold Quantico Corporate Center and 1776 G in 2019

Sold 75% of retail NOI in 2019

Contracted to sell John Marshall II in March 2020 which eliminates single tenant office risk

(1) Pro forma for Q4 2019 excluding 1776 G (sold in December 2019) and John Marshall II (planned sale in Q1 2020) and including stabilized Net Operating Income from the Trove development

Improving, and de-risking our portfolio through capital allocation and development

Multifamily Office

Retail

92019 ACCOMPLISHMENTS

$1.3BEXECUTED $1.3B OF STRATEGIC, VALUE-ENHANCING TRANSACTIONS

• Increased multifamily from 28% to 49% of NOI

• Sold 90% of retail NOI at risk, including riskiest Big Box assets, at a combined cap rate of 6.3%

• Eliminated single tenant office risk (1)

EXPANDED OUR RENOVATION PIPELINE BY 1,700 UNITS

• We expanded our multifamily portfolio by adding value-oriented assets in strong submarkets with the potential for renovation-led value creation

• 5-year renovation pipeline is over 3,000 units

1.1M LEASED 1.1M SF OF COMMERCIAL SPACE IN 2019

• Leased over 675k of office space at assets held

• Delivered strong rental rate increases on both a cash and GAAP basis

70%ADDRESSED 70% OF 2020 COMMERCIAL LEASE EXPIRATIONS

• Sold 40% of 2020 commercial lease expirations

• Strong leasing execution during 2019 reduced our remaining commercial expirations by 50%

(1) Assumes that the previously contracted sale of John Marshall II closes as planned on March 26th, 2020  

We solidified a foundation for multiple years of value creation and de-risked our portfolio

>3,000

10

GROWTH DRIVERS

11

.

2020 WILL BE AN INFLECTION YEAR WITH MULTIPLE GROWTH DRIVERS CONTINUING THROUGH 2020 AND BEYOND

STABLE CASHFLOW

Leasing up during 2020

Expected to stabilize in late 2021

Key lease commencements expected in 1H 20

Strong rent growth at office assets along Silver Line Corridor and at Watergate 600

2020 expected same-store multifamily rent growth of 3.75%

5-year renovation pipeline of over 3,000 units

Commencements

Multifamily Rent Growth

Trove Lease-up

GROWTH DRIVERS THROUGHOUT 2020 AND BEYOND

Riverside Development

Approved for on-site density of 767 units

Expect to break ground on Phase I in 2020 (414 units)

Expect Phase I to stabilize in 2H of 2023

12MULTIFAMILY TRANSITION IMPROVES LONG-TERM FFO, FAD, AND CASH FLOW GROWTH

Leasing and Recurring Capex % of NOI

26.0%

13.0%

4.6%

4.3%

Office

Retail

NSS Multifamily

SS Multifamily

We expect our newly acquired properties to have significantly lower recurring capex than our assets sold, which strengthens our cash flow and FAD growth prospects

Our newly expanded 5-year multifamily renovation pipeline provides additional opportunity to enhance FFO growth through unit renovations with strong cash on cash returns

Renovation CapEx

2020 E 2021 E

~$9 - $10M ~$9M

13RENOVATION PROGRAMS CREATE AN IMPROVED LIVING EXPERIENCE WHILE GENERATING STRONG RETURNS

Full Renovation

Key Metrics Wellington, Riverside, Kenmore Assembly and Cascade 3801 Connecticut, Paramount,

Other

Avg. cost per unit $21,700 $12,800 $6,200

Avg. monthly premium $260 $110 $100

ROI 14%-15% 10%-11% 18%-20%

2020 Plan (700 units) 200 360 140

Renovation CapEx ($9.8M) $4.3M $4.6M $870k

BEFORE

AFTER

Renovation- Lite

142019 LEASING AND STRATEGIC ASSET SALES STRENGTHENEDAND STABILIZED OUR COMMERCIAL OUTLOOK

2Y Fwd. Commercial Expirations

0200400600800

1,0001,2001,4001,600

Q4 2018 Q4 2019

> 60%Reduction

SF (0

00s)

Our combined commercial lease expirations over the next 24 months dropped to 525K SF from 1.4M SF at Q4 2018

26%

13%7%

0%

Q1 2018 Q1 2019 Q4 2019 Q1 2020

Single Tenant Exposure (1)

% o

f Offi

ce P

ortfo

lio (S

F)

We expect to close on the sale of our final single tenant office asset in March 2020

2020 Commercial Expirations

0

200

400

600

800

1,000

Q1 2019 Q4 2019

> 70%Reduction

SF (0

00s)

Commercial leasing and asset sales reduced our 2020 expirations by over 70%

(1) Assumes sale of John Marshall II closes as planned on March 26th, 2020  

15

• Class A product for the value seeking renter

• Phase I (203 units) in lease-up

• Phase II (198 units), expected to deliver in the second half of 2020

• Expected to stabilize in low 6s in 2H 2021

• Targeting LEED Silver

• Walk Score of 84

• Amenities that surpass the competition along Columbia Pike:

- Rooftop pool

- Roof deck with grills, fire pits, & TV wall

- Roof Club Room with indoor/outdoor fireplace, entertaining kitchen, & bar

- Fitness center and yoga studio

- Co-working lounge with coffee bar

- Private courtyard with fire pit

- Bocce court

- Pet spa

THE TROVE IS ON PACE TO ACHIEVE NOI BREAKEVEN IN 2020

16

Fairfax/Merrifield/ Falls

Church26 MillionOffice SF

LOCATED NEAR AMAZON HQ2, THE TROVE IS POSITIONED TO BENEFIT FROM NORTHERN VA JOB ENGINE

Located in the Columbia Pike Corridor, where median household income has risen by 8.2% since 2010

Shuttle to Pentagon City Metro Station ~ 5 min.

2 stops from Washington, DC

Proximate to some of the largest employers in the region:

• The Pentagon• Amazon HQ2• Deloitte

The Pentagon25,000 employees

Fairfax/Merrifield/ Falls

Church26 MillionOffice SF

Washington, DC138 Million Office SF

National Science Foundation

4,200 employees

Patent and TadeOffice

10,000 employees

AMAZON HQ225,000 employees

Deloitte9,400 employeesRosslyn-Ballston

Corridor25 MillionOffice SF

Foreign Service Institute

1,300 employees

Dept. of DefenceHQ Services

9,000 employees

Crystal CityPentagon13 MillionOffice SF

Pentagon City Metro

TROVE

17

• Class A product for value seeking renter• Well amenitized and transit-oriented• Walkable to Metro and over 10 bus routes• 767 units; 5 new buildings• Phase I (414 units) is expected to deliver in

2022• Expected to stabilize in low 6s in 2H 2023• Targeting LEED Silver

WE PLAN TO BREAK GROUND ON RIVERSIDE MULTIFAMILY DEVELOPMENT IN THE SECOND HALF OF 2020

Phase I

Phase IPhase II

18RIVERSIDE’S TRANSIT-ORIENTED LOCATION IS PROXIMATE TO SOME OF THE LARGEST EMPLOYERS IN THE REGION

5 Metro stops from Amazon HQ2 & Virginia Tech Innovation Campus

2 stops from Old Town Alexandria

Proximate to some of the largest employers in the region:

• National Harbor• MGM• National Science

Foundation• Patent and Trademark

Office• Fort Belvoir• The Pentagon

National Geospatial Agency

9,000 employees

Washington, DC138 Million Office SF

The Pentagon25,000 employeesFairfax/

Merrifield/ Falls Church

26 MillionOffice SF

Rosslyn-BallstonCorridor25 MillionOffice SF

AMAZON HQ225,000 employees

Dept. of DefenceHQ Services

9,000 employees

Crystal CityPentagon13 MillionOffice SF

MGM Resorts at National Harbor4,000 employees

Fort Belvoir 51,000 employees

National Science Foundation

4,200 employees

RIVERSIDE

Huntington Metro

Patent and TadeOffice

10,000 employees

19

MULTIFAMILYINVESTMENT

STRATEGY

20

10%

12%

14%

16%

18%

20%

22%

24%

26%

$900

$1,100

$1,300

$1,500

$1,700

$1,900

$2,100

$2,300

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Effe

ctiv

e R

ent

Class A R

ent Premium

%

Source: Delta Associates, WashREIT Research; May 2019.

WashREIT’s proprietary research maximizes Class B rental growth by uncovering submarkets offering a wider than average differential, i.e. “affordability gap,” between Class A and Class B unit rents. These provide an opportunity for Class B unit renovations with a mid-to-high teens return on investment.

Rent Expansion:Widest Set of Value-Add Opportunities

Rent Compression:Increased Selectivity

AFFORDABILITY GAP STRATEGY

TOTAL CLASS A EFF RENT TOTAL CLASS B EFF RENT CLASS A PREMIUM

AFFORDABILITY STRATEGY OVERVIEW

21

Value-add Class B multifamily portfolio

SuburbanUrban In-fill

Renters who can’t afford Class A urban in-fill multifamily

Renters who can’t afford homeownership or urban in-fill rents

and prefer the suburbs

Value-add unit renovations at assets located in submarkets

with large affordability gaps, i.e. wider than market average

differentials between Class A and Class B rents

Appropriately scoped unit renovations to upgrade well-

located, accessible and desirable communities

TARGET

IMPLEMENT

TARGET

IMPLEMENT

NEED FOR QUALITY AFFORDABLE

HOUSING IN THE DC METRO

ABILITY TO GROW RENTS ACROSS THE

PORTFOLIO

AFFORDABILITY DRIVES OUR CLASS B MULTIFAMILY GROWTH AND INVESTMENT STRATEGY

22DC METRO’S LARGEST RENTER COHORT NEEDS AFFORDABLE APARTMENTSDC Metro region’s largest renter cohort, comprising 25% of all market renters, earns $50,000 to $75,000 per annum. This creates strong demand for units with average monthly rents between $1,250 and $1,875 that is largely met by Class B suburban and urban in-fill multifamily product.

Source:  2017 1‐Year American Housing Survey, US Census, WashREIT Research; September 2019.

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

Less than$5,000

$5,000 to$9,999

$10,000 to$14,999

$15,000 to$19,999

$20,000 to$24,999

$25,000 to$34,999

$35,000 to$49,999

$50,000 to$74,999

$75,000 to$99,999

$100,000to

$149,999

$150,000or more

Market Rate Rental Housing

At 30% monthly outlay, DC Metro’s largest renter cohort can afford average monthly rents between $1,250 and $1,875

Ren

ter H

ouse

hold

s, W

ashi

ngto

n M

etro

Reg

ion

Household Income Level, Washington Metro Region

23

Source: CoStar Portfolio Strategy. *Assumes 25% of income needed.These Costar Portfolio Strategy and CoStar Risk Analytics materials contain financial and other information from a variety of public and proprietary sources. CoStar Group, Inc. and its affiliates (collectively, “CoStar”) have assumed and relied upon, without independent verification, the accuracy andcompleteness of such third party information in preparing these materials. The modeling, calculations, forecasts, projections, evaluations, analyses, simulations, or other forward‐looking information prepared by CoStar and presented herein (the “Materials”) are based on various assumptions concerningfuture events and circumstances, which are speculative, uncertain and subject to change without notice. You should not rely upon the Materials as predictions of future results or events, as actual results and events may differ materially. All Materials speak only as of the date referenced with respect to suchdata and may have materially changed since such date. CoStar has no obligation to update any of the Materials included in this document. You should not construe any of the data provided herein as investment, tax, accounting or legal advice. CoStar does not represent, warrant or guaranty the accuracy orcompleteness of the information provided herein and shall not be held responsible for any errors in such information. Any user of the information provided herein accepts the information “AS IS” without any warranties whatsoever. To the maximum extent permitted by law, CoStar disclaims any and allliability in the event any information provided herein proves to be inaccurate, incomplete or unreliable. © 2018 CoStar Realty Information, Inc. No reproduction or distribution without permission.

EXISTING SUPPLY REMAINS UNAFFORDABLE FOR THE MAJORITY OF MARKET RATE RENTERS

60%

96% 99%

21%

56%

81%

0%

20%

40%

60%

80%

100%

120%

All Apartments Built since 2013 Under Construction

Requiring Income of > $75,000 Requiring Income of > $100,000

PERCENTAGE OF UNITS IN WASHINGTON METRO*

There is a significant dearth of quality, affordable multifamily supply in the DC Metro region. Particularly for households earning $50,000 to $75,000 per year who comprise the largest pool of market rate renters in the region.

24

$440 $310 $360 Affordability Gap

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

$2,200

$2,400

$2,600

South Arlington East Alexandria Northwest DC

Class A Class B

AFFORDABILITY GAP BY SUBMARKET WASHINGTON METRO | Q4 2019

WashREIT selects submarkets with outsized affordability gaps, accessible transit and walkable amenities to implement its unit renovation program in urban settings.

Renovations are highly tailored to individual properties and submarkets to meet the market where it is.

Post-renovation rent gaps vs Class A product are $200+, providing an excellent value proposition for renters, and downside cushion if Class A rents retrench.

AFFORDABILITY GAP: URBAN IN-FILL VALUE-ADD

Source: RealPage

25

We expect the population of 35 to 44-year-old renters to grow strongly as:

1 2

MILLENNIALS AGE

HOME OWNERSHIP REMAINS UNAFFORDABLE

POPULATION GROWTH BY AGE COHORTWASHINGTON METRO

$440,000DC METRO MEDIAN HOME PRICE

$88,00020% FULL DOWN PAYMENT

$13,2003% FHA DOWN PAYMENT (UNDERWRITING IS TIGHTENING)

VS.

$9,000AVERAGE MILLENNIAL SAVING (OF THOSE WHO ARE SAVING)

>375% growth per annum over the next 5 years

vs. the past 8

Source: ESRI February 2020; National Association of Realtors 

GROWTH IN REGIONAL MULTIFAMILY DEMAND TO BE LED BY OLDER MILLENNIAL RENTERS

8,335

4,659

10,452

17,811

25 - 34 35 - 44

Annual Growth '10 - '19 Annual Growth '19 - '24

26DC METRO MILLENNIALS ARE RENTING FOR LONGER

Source: NMHC tabulations of Current Population Survey microdata, Annual Social and Economic Supplement, US Census Bureau 

As millennials age, it’s becoming evident that they are renting for much longer than the generations that preceded them and growth in new rental households in the Washington region will be led by those in their late 30s and 40s.

0%10%20%30%40%50%60%70%80%90%

100%

18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70

Boomers Gen X Millennials SilentRENTERSHIP RATE BY AGE OF HOUSEHOLDER

-5

0

5

10

15

20

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

15-24 25-34 35-44 45-54 55-64 65+

Over the next decade, the 35-44 age cohort is projected to grow from 29% to 70% of new rental households.

NEW RENTAL HOUSEHOLDS BY AGE COHORTWASHINGTON, DC METRO | 2016-2030

Source: NAA, NMHC “U.S. Apartment Demand – A Forward Look”, WashREIT Research; April 2019.

27

WashREIT targets suburban assets that are well-located and near major employment concentrations in the region including: Downtown Washington, DC; Crystal City; Tysons; Reston; Route 28 South and the I-270 Corridor.

ASSEMBLY PORTFOLIO DAYTIME WORKER POPULATION BY CENSUS TRACT | 2018

Source: ESRI, WashREIT Research; March 2019

SUBURBAN VALUE-ADD CLASS B: EXCELLENT ACCESS TO JOBS

Median ~425,000 jobs within a 30 min commute of assets within the Assembly

portfolio

Green areas represent job concentrations

28

WashREIT’s suburban portfolio is relatively insulated from recent multifamily supplyincreases that have been concentrated in the District. Even within Northern Virginia, theportfolio doesn’t directly compete with the supply pipeline in Arlington or Tysons.

ACQUISITION PORTFOLIO AND NUMBER OF UNITS UNDER CONSTRUCTION | Q4 2019

5,778

6,7882,222

1,612

OUR SUBURBAN PORTFOLIO IS INSULATED FROM NEW SUPPLY

32,171U/C

63%Highlighted Submarkets

37%Remainder of Market

1,980

1,744

Source: Real Page, WashREIT Research; February 2020. 

29CLASS B TRACK RECORD OF OUTPERFORMANCE

WASHINGTON METRO CLASS B VS. CLASS A NET EFFECTIVE RENT HISTORICAL CAGR

3.1% 3.2%

2.8% 2.8%3.0%

2.2%2.3% 2.3%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

15-Year CAGR 10-Year CAGR 5-Year CAGR 1-Year CAGR

Class B Class A

Q4’18 – Q4’19Q4’14 – Q4’19Q4’09 – Q4’19Q4’04 – Q4’19

In the DC Metro region, Class B multifamily rent CAGR has outperformed that of Class A except during periods with relatively lower levels of new Class A supply.

Source: RealPage Washington Metro Class B vs. Class A data. WashREIT research. February 2020.

30

MULTIFAMILY PORTFOLIO

31MULTIFAMILY PORTFOLIO COMPOSITION

MULTIFAMILY PORTFOLIOUNIT DISTRIBUTION (1)

Class A 15%

Value-Add Class B Urban Infill 52%

Value-Add Class B Suburban 33%

100% or 1,078 units within a 5-mile radius of Amazon HQ2 and 93% or 1,004 units within one mile of Metro

93% or 3,417 units within one mile of Metro and 69% or 2,545 units within 5-mile radius of Amazon HQ2

Over 400k jobs within a 30-min commute

(1) Pro forma for fully delivered Trove 

32

Class A

Class B Urban

Class B Suburban

Legend

Location Mix

NoVA DC SubMD

Product Type

Garden Low-RiseMid-Rise High-Rise

Multifamily NOI: 66% within 35 minutes of Amazon HQ2 by public transit81% of portfolio is Metro-served

MULTIFAMILY UNIT DISTRIBUTION MAP

Approximately 80% of our multifamily units are located in Northern Virginia

Source: ESRI, WashREIT Research. NOI percentages include Trove at stabilization.

33

ACCENT IMAGEPlace and image in this space. Resize and use the crop tool

to fit on top of this box.

2,113 suburban garden units with value-add potential

WHAT?

Closed in two tranches in Q2 2019

WHERE?

Acquisition price of $461M, ~ 8% below current replacement costs

HOW MUCH?

NEW, SUBURBAN, VALUE-ADDAssembly Portfolio

GROWTH POTENTIAL?

WHEN?

Well located, amenity-rich suburbs in Northern VA (80%) and suburban MD (20%). Over 400K jobs within a 30-minute commute.

Scope to improve rents through unit renovations at ~80% of units

34

ACCENT IMAGEPlace and image in this space. Resize and use the crop tool

to fit on top of this box.

Cascade at Landmark Apartments, a high-rise, urban infill, value-add multifamily asset

WHAT?

Alexandria, VA, a 10-minute drive from Amazon HQ2 and surrounded by major employers including DoD’s Mark Center, Inova Alexandria Hospital, and The Pentagon

WHERE?

Acquisition price of $70M, ~29% below current replacement costs

HOW MUCH?

NEW, URBAN INFILL, VALUE-ADD Cascade at Landmark

GROWTH POTENTIAL?Scope to improve rents through unit renovations at ~60% of units

WHEN?Closed in July 2019

35

ACCENT IMAGEPlace and image in this space. Resize and use the crop tool

to fit on top of this box.

Discounted price point from adjacent submarkets- S. Arlington vs. Crystal City /

Pentagon City ~ $300- Huntington vs. Carlyle ~ $185

Value Submarkets

Covered land plays Wood-frame construction GMP construction contracts

Value Development & Construction

Local Expertise 20+ Years In-market Experience

In-House Development Team

MULTIFAMILY DEVELOPMENTTrove and Riverside

36

OFFICE PORTFOLIO

AND STRATEGY

37OFFICE PORTFOLIO COMPOSITION

OFFICE PORTFOLIOSQUARE FOOTAGE DISTRIBUTION (1)

DC Class A 13%

Virginia Class A 31%

Virginia Class B 24%

100% within a 3-mile radius of Amazon HQ2 and within half mile of Metro

100% within a mile of Metro

DC Class B 32%

100% within a mile of Metro and 100% within a 5-mile radius of Amazon HQ2

100% within a mile of Metro

(1) Pro forma for Q4 2019 excluding 1776 G (sold in December 2019) and John Marshall II (planned sale in Q1 2020)

38NORTHERN VIRGINIA OFFICE: IN THE CORRIDOR OF GROWTH

WashREIT NoVA Office Source: JLL; WashREIT Research; February 2020; Pro forma for Q4 2019 excluding 1776 G (sold in December 2019) and John Marshall II (planned sale in Q1 2020)

73% of future occupancy gains are projected to be driven by tech demand

57%

NoVA Share of WashREIT Office

(NOI)

60% of our 2019 NoVA office leasing volume was driven by tech and

cybersecurity

The Dulles Tech Corridor captures 37% of all federal technology contracts.

Northern Virginia comprises almost 70% of the 28M SF of occupied tech space in the Washington region.

86% of regional office leasing volume over the last 5 years took place in Northern VA

39

As buildings have been repositioned, Class B/C supply levels in the core have declined by 4.3 million SF since 2014 and will decline by 0.9 million SF through 2022.

DC OFFICE: CORE CLASS B/C OFFICE SUPPLY

Source: JLL, WashREIT Research; February 2020Note: JLL‐defined Core consists of CBD, East End, and Capitol Hill submarkets

39

40

41

42

43

44

45

46

47

48

2014 2015 2016 2017 2018 2019 2020 2021 2022

SF (i

n m

illion

s)

4.3 MILLION SF DECLINE SINCE 2014

0.9 MILLION SF DECLINE PROJECTED

40

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

35-39 40-44 45-49 50-54 55-59 60-64 65-69 70-74 75-79

70% of our DC Office portfolio is between $45 - $60 PSF with opportunity for rent growth as ~50% is between $45 – $55 PSF

Q4 2019 AVG. ASK. RENT PSF CBD EAST END CAP HILL

Class B Office $54.00 $52.50 $49.44

Class A Office $74.26 $67.82 $72.57

Tota

l SF

of L

ease

Act

ivity

Gross Rents per SF

70% of leasing volume in the DC core submarkets takes place between $45 - $60 PSF

WashREIT’s research supports the view that Class B office in Washington, DC is a product type that attracts the greatest volume of tenant demand

DC OFFICE: DEMAND FOR VALUE OFFICE PRODUCT

Source: Comstak Data, West End, CBD and East End submarkets, JLL Research Q4 2019; February 2020.

19%WRE

30%WRE

21%WRE

41

THE DC METRO REGIONWhere to be in DC

TRACK RECORD OF VALUE CREATION THROUGH LEASING

WATERGATE 600 - WATERFRONT, WASHINGTON, DC

Iconic DC office building with panoramic river and monument views

Acquired in April 2017 for $135 million, or $437 per sq ft

Renovations include a new state of the art fitness facility, roof deck, conference center and updated lobby and entrance

94% leased as of December 2019

ARMY NAVY BUILDING - CBD, WASHINGTON, DC Boutique CBD office asset

overlooking Farragut Park and adjacent to 2 major Metro stops

Acquired in May 2014 for $79 million at ~50% leased

Renovations include modernized entryway, lobby and common areas

Broke up full floors and targeted small/mid size tenants with a highly-amenitized spec suite strategy

100% leased as of December 2019

42

Source: WashREIT and NKGF 3Q 2018

SPACE+ ACHIEVES KEY STRATEGIC OBJECTIVES

A strategy that solves for tenant needs of speed, flexibility and amenities AND a landlord’s need for:

CASH FLOW MARGIN REUSABLE CAPEX

DOWNTIME MONTHS

2019 Avg. for Space + 3.0

2019 Avg. for Traditional - WRE 10.0

Market Avg. for Traditional 16.5

Reduced downtime to lease commencement

8%-10% rent premiums to the market

Higher rents => higher margins

TI’s $/SF

WRE Space+ Initial $85

Market Avg. Initial for Traditional $105+

Lower initial capex that is re-utilized for 2nd Gen

43

SUSTAINABILITY

44

YEARS

2.5M

SUSTAINABILITY METRICS AND PROGRAMS

SF of LEED-certified space

Resource Conservation

We installed solar panels on our 1775 Eye Stbuilding. We are giving back to the localcommunity by donating all the electricityproduced by the solar panels to low-incomehouseholds.

3.8M 2.5k

Urban Ecology

We have an entire food system housed inone building – from the bees pollinating thegarden to the restaurant harvesting theproduce and the building compost completingthe circle.

Composting

We implemented composting programs. Thewaste is turned into nutrient rich soil at anearby farm and the soil is being used for ourlandscaping needs.

ENERGY STAR-certified space

WashREIT’s ESG mission is to transform environmentally and socially responsiblestrategies into sustainable actions that deliver value to our tenants, shareholders,and communities.

Company-sponsored community service hours

in 2019

45

YEARS

Recognition and Partnerships

60%Waste

Diversion

SUSTAINABILITY ACCOMPLISHMENTS AND GOALS

Continuously demonstrating ESG performance improvement

20%Reduction in

Greenhouse Gas Emissions

SUSTAINABILITY TARGETS (2015-2025)

20%Reduction in

Energy Usage

45 742014 2019

46

MANAGEMENTTEAM

47

DISPOSITIONS VALUE

Medical Office Portfolio $500.8M

Atrium Building $15.7M

5740 Columbia Road $1.6M

2013-2014 Dispositions $518.1M

Country Club Towers $38M

Munson Hill Towers $57M

Interest in Land 1225 $15M

Montgomery Village $28M

2015 Dispositions $138M

Land $12M

Suburban MD office $240M

2016 Dispositions $252M

Walker House Apartments $32.2M

2017 Dispositions $32.2M

Braddock Metro Center $79M

2445 M St $101.6M

2018 Dispositions $180.6M

Quantico Corporate Center $33M

Retail Tranche 1 (5 Shopping Centers) $485M

Retail Tranche 2 (3 Power Centers) $77M

1776 G Street $129.5M

2019 Dispositions $724.5M

John Marshall II $63.4

2020 Dispositions(1) $63.4

TOTAL DISPOSITIONS(1) $1.91 BILLION

ACQUISITIONS VALUE

Paramount $48.2M

Yale West $73M

Army Navy Building $79M

1775 Eye St $104.5M

Spring Valley Village $40.5M

2013-2014 Acquisitions $345.2M

The Wellington $167M

2015 Acquisitions $167M

Riverside Apartments $244.8M

2016 Acquisitions $244.8M

Watergate 600 $135M

2017 Acquisitions $135M

Arlington Tower $250M

2018 Acquisitions $250M

Assembly Northern Virginia (5 assets) $379.1M

Assembly Maryland (2 assets) $82.1M

Cascade at Landmark $69.8M

2019 Acquisitions $531M

TOTAL ACQUISITIONS $1.67 BILLION

A TRACK RECORD OF: ASSET RECYCLING 2013 – 2020

(1) Assumes John Marshall II disposition in Q1 2020

TOTAL TRANSACTION VOLUME: ~$3.6 BILLION

48

PAUL MCDERMOTTPRESIDENT AND

CHIEF EXECUTIVE OFFICER>35 Years Real Estate

Experience

STEVE RIFFEEEXECUTIVE VICE PRESIDENT

AND CHIEF FINANCIAL OFFICER

>24 Years Real Estate Experience, 40 Years of

Corporate Finance Experience

STRONG SENIOR LEADERSHIP TEAM

TARYN FIELDER SENIOR VICE PRESIDENT GENERAL COUNSEL AND CORPORATE SECRETARY

>16 Years Real Estate Experience

ED MURNMANAGING DIRECTOR

MULTIFAMILY AND DEVELOPMENT DIVISION

>20 Years Real Estate Experience

ANTHONY CHANGVICE PRESIDENT

ASSET MANAGEMENT>20 Years Real Estate

Experience

ANDREW LEAHYVICE PRESIDENT

INVESTMENTS>18 Years Real Estate

Experience

AMY HOPKINSVICE PRESIDENT

INVESTOR RELATIONS>14 Years Finance and Capital

Markets Experience

GRANT MONTGOMERYVICE PRESIDENT

RESEARCH>23 Years Real Estate

Experience

49

SUSAN GEROCKVICE PRESIDENT

INFORMATION TECHNOLOGY AND CHIEF INFORMATION

OFFICER>20 Years Real Estate

Experience

BRIAN GUTTMANVICE PRESIDENT

HUMAN RESOURCES>17 Years Real Estate

Experience

STRONG SENIOR LEADERSHIP TEAM

DREW HAMMONDVICE PRESIDENT CHIEF

ACCOUNTING OFFICER AND TREASURER

>15 Years Real Estate Experience

DAN CHAPPELLSENIOR DIRECTOR

INVESTMENTS>15 Years Real Estate

Experience

NICOLE MORRILLSENIOR DIRECTOR

DEVELOPMENT>19 Years Real Estate

Experience

MATT PRASKEDIRECTOR SUSTAINABILITY

>10 Years Real Estate Experience

STEVEN FREISHTATSENIOR DIRECTOR

FINANCE>18 Years Finance and Capital

Markets Experience

TABITHA BRITTAINVICE PRESIDENT

PROPERTY MANAGEMENT >23 Years Real Estate

Experience

50

APPENDIX

51

* Pro forma for Q4 2019 excluding 1776 G (sold in December 2019) and John Marshall II (planned sale in Q1 2020) and including stabilized Net Operating Income from the Trove development

Net Debt to Adjusted EBITDA

7.6x

Q3 2015 Q4 2019

45%

49%

6%

Office

Other

49%

16%

21%

14%

Multifamily

NOI as of Q1 2013

TRANSFORMATION HIGHLIGHTS

STRATEGY PORTFOLIO BALANCE SHEET PEOPLE & PROCESSES

MOB

Research-driven Streamlined Deleveraged Restructured

Retail

Office

NOI as of Q4 2019 (1)

Multifamily

• Shifted to Portfolio Management model from Property Management model, creating accountability and alignment

• Implemented improved technological reporting systems and organizational processes for efficient data collection and reporting

5.6x

14.9%

1.5%

Q3 2015 Q4 2019

Secured Debt to Total Assets

Capitalize on the long-term NOI growth trajectory of:

• Value-oriented Urban Infill and Suburban multifamily properties

• Strategically located Northern VA office properties

• Iconic and irreplaceable buildings

• Well-amenitized, value-oriented Class B office properties

52

• Tracking to maintain our target of mid-to-low 6s Net Debt to Adjusted EBITDA

• 3.7x Debt Service Coverage Ratio• Baa2 Stable and BBB Stable

investment grade ratings from Moody’s and S&P respectively

Deleveraged and unencumbered to further de-risk the company and create greater flexibility

• Paid off $46M secured loan in Q1 2020 toimprove an already manageable debt maturityladder

• Today, we have 0% Secured Debt• $700M Line of Credit

% SECURED INDEBTEDNESS TO TOTAL ASSETS NET DEBT TO ADJUSTED EBITDA

14.9%

0.0%

Q3 2015 Current

7.6x

5.6x

Q3 2015 Q4 2019

BALANCE SHEET: CONTINUED STRENGTH

Unencumbered

Deleveraged

53

DEBT MATURITY LADDERas of 12/31/2019

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

2020 2021 2022 2023 2024 2025 Thereafter

Secured Debt Unsecured Debt Credit Facility

2.7%

4.9% 4.0% 2.8%

7.4%

BALANCE SHEET: DEBT MATURITY LADDER

Opportunities to extend our debt ladder in 2020 and beyond in what looks to befavorable debt markets. Provides opportunity to access public bond markets inmultiple years.

Thou

sand

s $

54FINANCIALS FROM Q4 2019 SUPPLEMENTAL

(1) See “Definitions” for the definitions of NAREIT FFO and Core FFO.(2) Restructuring expenses include severance, accelerated share-based compensation and other expenses related to a restructuring of corporate personnel.(3) Adjustments to the numerators for FFO and Core FFO per share calculations when applying the two-class method for calculating EPS.

55FINANCIALS FROM Q4 2019 SUPPLEMENTAL

(1) See “Definitions” for the definitions of FAD and Core FAD.

56SAME-STORE PORTFOLIO FROM Q4 2019 SUPPLEMENTAL

57FINANCIALS FROM Q4 2019 SUPPLEMENTAL

(1) For a list of non same‐store, discontinued operations and other properties, see “Same‐Store Portfolio Net Operating Income (NOI) Growth 2019 vs 2018”(2) Depreciation and amortization includes $14.9 million amortization of intangible lease assets at newly acquired multifamily properties, which have average useful life of seven months

58FINANCIALS FROM Q4 2019 SUPPLEMENTAL

(1) For a list of non same‐store, discontinued operations and other properties, see “Same‐Store Portfolio Net Operating Income (NOI) Growth 2019 vs 2018”(2) Depreciation and amortization includes $3.9 million amortization of intangible lease assets at newly acquired multifamily properties, which have average useful life of seven months

59DEFINITIONS

Adjusted EBITDA (a non-GAAP measure) is earnings before interest expense, taxes, depreciation, amortization, gain/loss on sale of real estate, casualty gain/loss, real estate impairment, gain/loss on extinguishment of debt, restructuringexpenses (which include severance, accelerated share-based compensation and other expenses related to a restructuring of corporate personnel), acquisition expenses and gain from non-disposal activities.

Annualized base rent ("ABR") is calculated as monthly base rent (cash basis) per the lease, as of the reporting period, multiplied by 12.

Average occupancy is based on monthly occupied net rentable square footage as a percentage of total net rentable square footage, except for the rows labeled "Multifamily (calculated on a unit basis)," on which average occupancy is based on average monthly occupied units as a percentage of total units. The square footage for multifamily properties only includes residential space. The occupied square footage for office and retail properties includes temporary lease agreements.

Debt service coverage ratio is computed by dividing earnings attributable to the controlling interest before interest expense, taxes, depreciation, amortization, real estate impairment, gain on sale of real estate, gain/loss on extinguishment of debt,severance expense, relocation expense, acquisition and structuring expenses and gain/loss from non-disposal activities by interest expense (including interest expense from discontinued operations) and principal amortization.

Debt to total market capitalization is total debt divided by the sum of total debt plus the market value of shares outstanding at the end of the period.

Earnings to fixed charges ratio is computed by dividing earnings attributable to the controlling interest by fixed charges. For this purpose, earnings consist of income from continuing operations (or net income if there are no discontinuedoperations) plus fixed charges, less capitalized interest. Fixed charges consist of interest expense (excluding interest expense from discontinued operations), including amortized costs of debt issuance, plus interest costs capitalized.

Ending Occupancy is calculated as occupied square footage as a percentage of total square footage as of the last day of that period. Multifamily unit basis ending occupancy is calculated as occupied units as a percentage of total units as of thelast day of that period.

NAREIT Funds from operations ("NAREIT FFO") is defined by National Association of Real Estate Investment Trusts, Inc. (“NAREIT”) in its NAREIT FFO White Paper – 2018 Restatement, as net income (computed in accordance with generallyaccepted accounting principles (“GAAP”) excluding gains (or losses) associated with sales of property, impairment of depreciable real estate and real estate depreciation and amortization. We consider NAREIT FFO to be a standard supplementalmeasure for equity real estate investment trusts (“REITs”) because it facilitates an understanding of the operating performance of our properties without giving effect to real estate depreciation and amortization, which historically assumes that thevalue of real estate assets diminishes predictably over time. Since real estate values have instead historically risen or fallen with market conditions, we believe that NAREIT FFO more accurately provides investors an indication of our ability toincur and service debt, make capital expenditures and fund other needs. Our FFO may not be comparable to FFO reported by other real estate investment trusts. These other REITs may not define the term in accordance with the current NAREITdefinition or may interpret the current NAREIT definition differently. NAREIT FFO is a non-GAAP measure.

Core Funds From Operations ("Core FFO") is calculated by adjusting NAREIT FFO for the following items (which we believe are not indicative of the performance of Washington REIT’s operating portfolio and affect the comparativemeasurement of Washington REIT’s operating performance over time): (1) gains or losses on extinguishment of debt, (2) expenses related to acquisition and structuring activities, (3) executive transition costs, severance expenses and otherexpenses related to corporate restructuring and related to executive retirements or resignations, (4) property impairments, casualty gains and losses, and gains or losses on sale not already excluded from NAREIT FFO, as appropriate, and (5)relocation expense. These items can vary greatly from period to period, depending upon the volume of our acquisition activity and debt retirements, among other factors. We believe that by excluding these items, Core FFO serves as a useful,supplementary measure of Washington REIT’s ability to incur and service debt, and distribute dividends to its shareholders. Core FFO is a non-GAAP and non-standardized measure, and may be calculated differently by other REITs.

Funds Available for Distribution ("FAD") is calculated by subtracting from NAREIT FFO (1) recurring expenditures, tenant improvements and leasing costs, that are capitalized and amortized and are necessary to maintain our properties andrevenue stream (excluding items contemplated prior to acquisition or associated with development / redevelopment of a property) and (2) straight line rents, then adding (3) non-real estate depreciation and amortization, (4) non-cash fair valueinterest expense and (5) amortization of restricted share compensation, then adding or subtracting the (6) amortization of lease intangibles, (7) real estate impairment and (8) non-cash gain/loss on extinguishment of debt, as appropriate. FAD isincluded herein, because we consider it to be a performance measure of a REIT’s ability to incur and service debt and to distribute dividends to its shareholders. FAD is a non-GAAP and non-standardized measure, and may be calculateddifferently by other REITs.

Core Funds Available for Distribution ("Core FAD") is calculated by adjusting FAD for the following items (which we believe are not indicative of the performance of Washington REIT’s operating portfolio and affect the comparativemeasurement of Washington REIT’s operating performance over time): (1) gains or losses on extinguishment of debt, (2) costs related to the acquisition of properties, (3) non-share-based executive transition costs, severance expenses and otherexpenses related to corporate restructuring and related to executive retirements or resignations, (4) property impairments, casualty gains and losses, and gains or losses on sale not already excluded from FAD, as appropriate, and (5) relocationexpense. These items can vary greatly from period to period, depending upon the volume of our acquisition activity and debt retirements, among other factors. We believe that by excluding these items, Core FAD serves as a useful, supplementaryperformance measure of Washington REIT’s ability to incur and service debt, and distribute dividends to its shareholders. Core FAD is a non-GAAP and non-standardized measure, and may be calculated differently by other REITs.

Net Operating Income (“NOI”) is a non-GAAP measure defined as real estate rental revenue less real estate expenses. NOI is calculated as net income, less non-real estate revenue and the results of discontinued operations (including the gainor loss on sale, if any), plus interest expense, depreciation and amortization, general and administrative expenses, acquisition costs, real estate impairment, casualty gains and losses, and gain or loss on extinguishment of debt. We also presentNOI on a cash basis ("Cash NOI") which is calculated as NOI less the impact of straightlining of rent and amortization of market intangibles. We provide each of NOI and cash NOI as a supplement to net income calculated in accordance withGAAP. As such, neither should be considered an alternative to net income as an indication of our operating performance. They are the primary performance measures we use to assess the results of our operations at the property level.

Recurring capital expenditures represent non-accretive building improvements and leasing costs required to maintain current revenues. Recurring capital expenditures do not include acquisition capital that was taken into consideration whenunderwriting the purchase of a building or which are incurred to bring a building up to "operating standard."

Rent increases on renewals and rollovers are calculated as the difference, weighted by square feet, of the net ABR due the first month after a term commencement date and the net ABR due the last month prior to the termination date of theformer tenant's term. Beginning in Q4 2018, in cases where the space has been remeasured in accordance with criteria set by the Building Owners and Managers Association ("BOMA"), the square feet former tenant's space is adjusted to beequivalent to the square feet of the new/renewing tenant's space.

Same-store portfolio properties include properties that were owned for the entirety of the years being compared, and exclude properties under redevelopment or development and properties acquired, sold or classified as held for sale during theyears being compared. We define development properties as those for which we have planned or ongoing major construction activities on existing or acquired land pursuant to an authorized development plan. We consider a property'sdevelopment activities to be complete when the property is ready for its intended use. The property is categorized as same-store when it has been ready for its intended use for the entirety of the years being compared. We define redevelopmentproperties as those for which have planned or ongoing significant development and construction activities on existing or acquired buildings pursuant to an authorized plan, which has an impact on current operating results, occupancy and theability to lease space with the intended result of a higher economic return on the property. We categorize a redevelopment property as same-store when redevelopment activities have been complete for the majority of each year being compared.

Same-store portfolio NOI growth is the change in the NOI of the same-store portfolio properties from the prior reporting period to the current reporting period.