JP Morgan Reports on 2Q Results for Washington Real Estate Trust

J.P. Morgan has published a research report on Washington Real Estate Investment Trust WRE reviewing the 2Q. In the report J.P. Morgan wrote, "WRE reported “core” 2Q FFO that was in-line with our estimate and a penny ahead of the Bloomberg consensus. The company's NOI was right on top of our expectations despite 1) a nearly $0.01 write off in the retail segment related to Borders and 2) no impact from the pending purchase of an asset in Tysons Corner. Overall, we think the result was a little better than expected on an apples-to-apples basis. Management did not update 2011 FFO guidance (it usually does this on the conference call), but we don't expect any major changes to the current $1.96-2.08 – if anything, we think earnings could trend toward the higher end of the range. We think the stock should perform in-line to slightly better on this report." J.P. Morgan rated Washington Real Estate Investment Trust a Neutral with a price target of $31.00. Washington Real Estate Investment Trust closed Thursday at $32.16.