Washington REIT "outperform," target price raised - update

04/30/08 - RBC Capital Markets

NEW YORK, April 30 (newratings.com) - Analysts at RBC Capital Markets reiterate their "outperform" rating on Washington REIT (WRE), while raising their estimates for the company. The 12-month target price has been raised from $36 to $39.

In a research note published this morning, the analysts mention that the company has posted its 1Q08 net operating income ahead of expectations. The analysts express their optimism regarding Washington REIT’s ability to generate 5% earnings growth from 2009 onwards, aided by the successful leasing activity and limited debt maturities in the near term. The operating FFO per share estimate for 2008 has been raised from $2.15 to $2.18, reflecting higher net operating income and lower interest expenses.