2012 Q4 Form 10-Q Financial Statement

#000010489412000118 Filed on November 07, 2012

View on sec.gov

Income Statement

Concept 2012 Q4 2012 Q3 2011 Q3
Revenue $64.66M $64.47M $70.55M
YoY Change -14.26% -8.62% 8.49%
Cost Of Revenue $21.73M $22.53M $23.56M
YoY Change -15.35% -4.37% 7.53%
Gross Profit $42.94M $41.94M $46.99M
YoY Change -13.69% -10.75% 8.97%
Gross Profit Margin 66.41% 65.05% 66.61%
Selling, General & Admin $4.550M $3.170M $3.840M
YoY Change 9.9% -17.45% 22.29%
% of Gross Profit 10.6% 7.56% 8.17%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $26.10M $26.20M $24.40M
YoY Change 2.76% 7.38% 0.41%
% of Gross Profit 60.78% 62.47% 51.93%
Operating Expenses $26.05M $24.85M $26.94M
YoY Change -10.67% -7.76% 15.28%
Operating Profit $16.89M $17.25M $18.45M
YoY Change -17.97% -6.48% -6.59%
Interest Expense -$16.64M $14.89M $16.44M
YoY Change 3.1% -9.47% -198.34%
% of Operating Profit -98.52% 86.28% 89.13%
Other Income/Expense, Net $240.0K -$14.65M -$16.17M
YoY Change -7.69% -9.42% -5676.9%
Pretax Income $380.0K $2.600M $2.280M
YoY Change -103.51% 14.04% -26.21%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0% 0.0% 0.0%
Net Earnings $2.958M $9.561M $63.01M
YoY Change -90.36% -84.83% 851.06%
Net Earnings / Revenue 4.57% 14.83% 89.31%
Basic Earnings Per Share $0.04 $0.14 $0.95
Diluted Earnings Per Share $0.04 $0.14 $0.95
COMMON SHARES
Basic Shares Outstanding 66.32M shares 66.25M shares 66.02M shares
Diluted Shares Outstanding 66.38M shares 66.06M shares

Balance Sheet

Concept 2012 Q4 2012 Q3 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.10M $68.40M $40.80M
YoY Change 49.22% 67.65% -84.45%
Cash & Equivalents $19.11M $68.40M $40.75M
Short-Term Investments
Other Short-Term Assets $107.3M $120.5M $125.7M
YoY Change -10.66% -4.14% 35.31%
Inventory
Prepaid Expenses
Receivables $46.90M $57.70M $52.40M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $173.3M $246.6M $218.9M
YoY Change -6.88% 12.65% -45.88%
LONG-TERM ASSETS
Property, Plant & Equipment $1.554B $1.914B $1.921B
YoY Change -17.65% -0.37% 7.28%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $397.5M $38.60M $96.80M
YoY Change 724.69% -60.12% -16.55%
Total Long-Term Assets $1.951B $1.952B $2.017B
YoY Change 0.85% -3.23% 5.82%
TOTAL ASSETS
Total Short-Term Assets $173.3M $246.6M $218.9M
Total Long-Term Assets $1.951B $1.952B $2.017B
Total Assets $2.124B $2.199B $2.236B
YoY Change 0.17% -1.68% -3.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $50.10M $54.90M $55.90M
YoY Change -1.96% -1.79% 3.71%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $193.0M
YoY Change -100.0% -100.0% 93.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $57.70M $64.70M $257.7M
YoY Change -63.66% -74.89% 57.81%
LONG-TERM LIABILITIES
Long-Term Debt $1.225B $1.305B $1.086B
YoY Change 13.36% 20.1% -17.16%
Other Long-Term Liabilities $45.30M $18.50M $32.60M
YoY Change 146.2% -43.25% 183.48%
Total Long-Term Liabilities $1.271B $1.323B $1.119B
YoY Change 15.58% 18.25% -15.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $57.70M $64.70M $257.7M
Total Long-Term Liabilities $1.271B $1.323B $1.119B
Total Liabilities $1.328B $1.388B $1.382B
YoY Change 5.59% 0.45% -7.28%
SHAREHOLDERS EQUITY
Retained Earnings -$354.1M -$337.2M
YoY Change 26.43%
Common Stock $664.0K $662.0K
YoY Change 0.3%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $792.1M $807.1M $854.8M
YoY Change
Total Liabilities & Shareholders Equity $2.124B $2.199B $2.236B
YoY Change 0.17% -1.68% -3.23%

Cashflow Statement

Concept 2012 Q4 2012 Q3 2011 Q3
OPERATING ACTIVITIES
Net Income $2.958M $9.561M $63.01M
YoY Change -90.36% -84.83% 851.06%
Depreciation, Depletion And Amortization $26.10M $26.20M $24.40M
YoY Change 2.76% 7.38% 0.41%
Cash From Operating Activities $38.60M $25.70M $26.40M
YoY Change 22.54% -2.65% 22.22%
INVESTING ACTIVITIES
Capital Expenditures $15.10M $14.90M $162.8M
YoY Change 2.03% -90.85% 2807.14%
Acquisitions
YoY Change
Other Investing Activities $6.400M $11.10M $230.8M
YoY Change -93.54% -95.19% -115500.0%
Cash From Investing Activities -$8.700M -$3.800M $68.00M
YoY Change -110.32% -105.59% -1272.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -79.00M 32.20M -96.50M
YoY Change -45.06% -133.37% -141.36%
NET CHANGE
Cash From Operating Activities 38.60M 25.70M 26.40M
Cash From Investing Activities -8.700M -3.800M 68.00M
Cash From Financing Activities -79.00M 32.20M -96.50M
Net Change In Cash -49.10M 54.10M -2.100M
YoY Change 75.36% -2676.19% -100.84%
FREE CASH FLOW
Cash From Operating Activities $38.60M $25.70M $26.40M
Capital Expenditures $15.10M $14.90M $162.8M
Free Cash Flow $23.50M $10.80M -$136.4M
YoY Change 40.72% -107.92% -952.5%

Facts In Submission

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us-gaap Comparability Of Prior Year Financial Data
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Reclassifications</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During the second quarter of 2012, we identified certain immaterial classification errors in our consolidated statements of income and have determined that in this Quarterly Report on Form 10-Q and future periodic reports we will correct these reclassification errors by including within the subtotal &#8220;real estate operating income&#8221; impairment charges and acquisition costs, which had previously been included in &#8220;other income (expense).&#8221; These reclassifications totaled </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$1.6 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$3.6 million</font><font style="font-family:inherit;font-size:10pt;"> for the 2011 Quarter and Period, respectively. These reclassifications decrease &#8220;real estate operating income&#8221; and increase &#8220;other income (expense)&#8221; by an equal and offsetting amount. As a result, these reclassifications did not change income from continuing operations, net income, cash flows or any other operating measure for the periods affected.</font></div><div style="line-height:120%;padding-top:6px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In addition, certain prior year amounts have also been reclassified to conform to the current year presentation due to the reclassification of certain properties as discontinued operations (see note 3 to the consolidated financial statements).</font></div></div>
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us-gaap Repayments Of Secured Debt
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us-gaap Share Based Compensation
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CY2011 us-gaap Square Footage Of Real Estate Property
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CY2012Q3 us-gaap Square Footage Of Real Estate Property
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us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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us-gaap Undistributed Earnings Allocated To Participating Securities
UndistributedEarningsAllocatedToParticipatingSecurities
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CY2012Q3 us-gaap Undistributed Earnings Allocated To Participating Securities
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CY2011Q3 us-gaap Undistributed Earnings Allocated To Participating Securities
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us-gaap Undistributed Earnings Allocated To Participating Securities
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us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates in the Financial Statements</font></div><div style="line-height:120%;padding-top:6px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></div></div>
CY2011Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2011Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2012Q3 wre Adjusted Income Loss From Continuing Operations
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CY2011Q3 wre Adjusted Income Loss From Continuing Operations
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CY2011Q3 wre Adjusted Net Income Attributable To Controlling Interests Income Numerator
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wre Adjusted Net Income Attributable To Controlling Interests Income Numerator
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wre Adjusted Net Income Attributable To Controlling Interests Income Numerator
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CY2012Q3 wre Adjusted Net Income Attributable To Controlling Interests Income Numerator
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wre Credits Received At Settlement
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CY2011Q3 wre Disposal Group Including Discontinued Operation Depreciation And Amortization
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CY2011Q4 wre Fair Value Assets Measured On Recurring Basis Supplemental Executive Retirement Program
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CY2012Q3 wre Fair Value Assets Measured On Recurring Basis Supplemental Executive Retirement Program
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CY2012Q3 wre Incremental Common Shares Attributable To Operating Partnership Units
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CY2011Q3 wre Incremental Common Shares Attributable To Operating Partnership Units
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IncrementalCommonSharesAttributableToOperatingPartnershipUnits
0 shares
CY2012Q3 wre Number Of Reportable Segments
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CY2011Q3 wre Operating Income Loss Net
OperatingIncomeLossNet
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CY2012Q3 wre Operating Income Loss Net
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CY2011Q2 wre Percentage Of Capital Contribution Through Debt
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CY2012Q3 wre Restricted Cash Fair Value
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wre Undistributed Earnings Allocated To Participating Securites Discontinued Operations
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CY2012Q3 wre Undistributed Earnings Allocated To Participating Securites Discontinued Operations
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CY2011Q3 wre Undistributed Earnings Allocated To Participating Securites Discontinued Operations
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dei Amendment Flag
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false
dei Current Fiscal Year End Date
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dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
dei Document Period End Date
DocumentPeriodEndDate
2012-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000104894
CY2012Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
66324676 shares
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
WASHINGTON REAL ESTATE INVESTMENT TRUST

Files In Submission

Name View Source Status
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wre-20120930_def.xml Edgar Link unprocessable
wre-20120930_lab.xml Edgar Link unprocessable
wre-20120930_pre.xml Edgar Link unprocessable
wre-9302012x10xq.htm Edgar Link pending
wre-9302012xexhibit311.htm Edgar Link pending
wre-9302012xexhibit312.htm Edgar Link pending
wre-9302012xexhibit313.htm Edgar Link pending
wre-9302012xexhibit32.htm Edgar Link pending