“Ours is a steady, unchanging beat
of sound basic principles. We follow our own
instincts, not defiantly, but quietly.”

B. FRANKLIN KAHN, CO-FOUNDER AND FORMER PRESIDENT AND CEO

CHALLENGE AND OPPORTUNITY

An Age of Aquarius, the 1960s in Washington was symbolized by the arrival of a youthful and charismatic President, a bold landscape and much opportunity. In Washington everything seemed possible. Dulles Airport and RFK Stadium opened to much acclaim, the Beatles arrived and the Capital Beltway took shape. Frank Kahn and Art Birney found a local investment house to back Washington Real Estate Investment Trust, the first of the new Congress-approved investment trusts.

1959: Congress passes the REIT status; Frank Kahn
1960: John F. Kennedy,
U.S. President

1961–1963; RECESSION OF 1960–61
1961: RFK Stadium opens; WRIT trades OTC as a public company
1962: Dulles
Airport opens; Buys General Electric building in Bethesda
1963: Bought 3801 Connecticut Avenue
1964: $12 million in assets, 7 properties; I-495 Beltway is completed

Beatles perform at Washington Coliseum; 1964 Annual Report
1965: Housing and Urban Development Act enacted; Lyndon B. Johnson,
U.S. President

1963–1969
1966: $18 million in assets
1967: Annual dividend rate of $0.40; Walter Washington
appointed first mayor of
Washington DC
1968: Buys second shopping center –
Prince William Plaza in Woodbridge, VA
1969: 784,380 shares outstanding

$28 million in assets; 4901 Battery Lane; RECESSION OF 1969–70

timeline color key

WRIT HISTORY
ECONOMIC DEVELOPMENT IN WASHINGTON DC & METRO AREA
NATIONAL ECONOMIC/POLITICAL MILESTONES/EVENTS