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Washington REIT 2001 Income Statement
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We used information provided in the third-quarter earnings release, in Washington REIT s 2001 Annual Report, and on financial Web sites to develop our valuation inputs. Revenues. The principal operating revenue source for WRE is real estate rental revenue. Other nonoperating revenue sources are other income and gains on sale of real estate. According to the 2001 income statement, the most recent annual revenue for WRE was $148.4 million. Revenue Growth Rate. The historic revenue growth of WRE has been good, growing by 13 percent from $119 million in 1999 to $135 million in 2000, and then increasing by 10 percent in 2001 to $148 million. Total revenues were up 2 percent in the third quarter of 2002 when compared to the third quarter of 2001. WRE s adjusted income from real estate grew 14 percent from 1999 to 2000, and by 11 percent between 2000 and 2001. During the third quarter of 2002, adjusted in-
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come from real estate was down 1 percent from the level in the third quarter of 2001. What is WRE s growth potential We compared information from two Web sites, Multex Investor and Yahoo Finance, to find analyst consensus growth estimates. Multex polled four analysts and found an average growth rate of 5.5 percent, with a high rate of 8 percent and a low of 3 percent. Yahoo Finance had a consensus analyst expectation of EPS growth of 8 percent over the next five years. Zacks polled the eight analysts that cover WRE. One rated it a buy, six rated it a hold, and one rated it a strong sell. For our valuation of WRE, we used a 5.5-percent growth rate. The growth rate of WRE has been decelerating, particularly in 2002. We think that a 5.5-percent rate is in line with the probable growth in the
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Washington REIT 2001 Cash Flow Statement
real estate markets, and would give us a realistic and conservative valuation for WRE. Excess Return Period. We consider WRE a well-managed real estate investment trust and we used a 10-year excess return period in our valuation. NOPM Estimate. In order of magnitude, WRE s operating expenses are: real estate taxes, utilities, repairs and maintenance, operating services and supplies, management fees, and administrative. To calculate operating income or adjusted income from real estate for WRE, we
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took total real estate rental revenue and subtracted total real estate expenses and general and administrative expenses. To arrive at WRE s NOPM, we divided adjusted income from real estate by real estate rental revenue. Over the past three fiscal years, NOPMs were 48.7 percent in 1999, 49.1 percent in 2000, and 49.5 percent in 2001, for an average of 49.09 percent. During the third quarter ending September 30th, WRE s NOPM slipped slightly to 48.4 percent. We used the 49.09-percent three-year average for our NOPM estimate. Income Tax Rates. As previously discussed, the income tax rate for most REITs, including WRE, is 0. New Investment and Depreciation. To fuel growth, WRE actively purchases, renovates, and sells properties. Net real estate acquisitions and improvements totaled $71.5 million, $42.8 million, and $73.2 million in 1999, 2000, and 2001 respectively, for an average new investment of 47.11 percent of real estate rental revenue. We used 47.11 percent for the investment rate input. WRE had depreciation charges that average 17.11 percent of yearly real estate rental revenue over the past three years, which we used as our depreciation rate input. Incremental Working Capital. Real estate investment trusts often benefit from a positive working capital basis. Typically, security deposits and advance rental payments may be required. Accounts payable, advance rents, and security deposits exceeded rents and other receivables by $12.1 million in 2000 and $12.5 million in 2001 for an average of 8.05 percent of real estate rental revenues. Our entry for working capital was 8.05 percent. Short-Term Assets. The third-quarter balance sheet of WRE lists short-term assets cash, rents, and other receivables, and prepaid expenses totaling $49.5 million, which was our short-term asset entry. Short-Term Liabilities. The third-quarter balance sheet of WRE lists short-term liabilities accounts payable, advance rents, and security deposits totaling $22.5 million, which was our short-term liability entry. Stock Price. WRE s closing stock price for its shares on December 20, 2002 was $25.55. Shares Outstanding. The third-quarter balance sheet notes that 39.358 million fully diluted average shares were outstanding on September 30, 2002.
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