Key Developments: Washington Real Estate Investment Trust (WRE)
27.06USD
18 Jun 2013
$0.31 (+1.16%)
$26.75
$26.70
$27.26
$26.54
335,729
400,609
$30.58
$23.94
Latest Key Developments (Source: Significant Developments)
Washington Real Estate Investment Trust Announces Chairman Transition
Washington Real Estate Investment Trust announced the election of Charles T. Tuck Nason as Chairman of WRIT. Mr. Nason will succeed John P. McDaniel, who has completed a three-year term of service as Chairman. John P. McDaniel Stepping Down as Chairman Full Article
Washington Real Estate Investment Trust Reiterates FY 2013 FFO Guidance
Washington Real Estate Investment Trust reiterated its fiscal 2013 Core FFO per fully diluted share guidance of $1.82 - $1.90, excluding any acquisition and disposition activity, including the potential Medical Office Division sale. According to I/B/E/S Estimates, analysts are expecting the Company to report FFO of $1.83 for fiscal 2013. Full Article
Washington Real Estate Investment Trust Announces Quarterly Dividend
Washington Real Estate Investment Trust announced that quarterly dividend of $0.30 per share to be paid on June 28, 2013 to shareholders of record on June 14, 2013. Full Article
Washington Real Estate Investment Trust Completes Sale of Atrium Building for $15.75 Million
Washington Real Estate Investment Trust announced that it has completed the sale of Atrium Building, an 80,000 square foot office building located in Rockville, Maryland for $15.75 million. The Atrium Building, located at 6101 Executive Boulevard, was built in 1980 and acquired by WRIT in 2002. WRIT achieved a net book gain of approximately $3.6 million and an unleveraged internal rate of return of 11% over the ten year holding period. The buyer is an entity that plans to relocate its headquarters to the property. Full Article
Washington Real Estate Investment Trust Declares Quarterly Dividend
Washington Real Estate Investment Trust announced a quarterly dividend of $0.30 per share to be paid on March 29, 2013 to shareholders of record on March 15, 2013. Full Article
Washington Real Estate Investment Trust Announces 2013 Strategic Initiatives
Washington Real Estate Investment Trust announced several developments, as follows. WRIT is exploring a 2013 disposition of its Medical Office Division. The disposition will simplify WRIT`s business model to focus on its core office, multifamily and retail sectors. Upon the completion of the transaction, WRIT`s business will consist entirely of properties where people work, live and shop in one of the strongest real estate markets in the world.The portfolio has very low leverage, with only three encumbered properties totaling approximately $24 million in mortgage debt. Breaking ground on two previously announced apartment joint ventures 650 N. Glebe Road, Arlington, Virginia: 163 unit project with a $49.5 million budget, expected to break ground first quarter 2013 with substantial completion on or about fourth quarter 2014 1219 First Street, Alexandria, Virginia: 270 unit project with a $95.3 million budget, expected to break ground first quarter 2013 with substantial completion on or about first quarter 2015 Continuing to upgrade existing properties, including lobby and common area renovations at 1901 Pennsylvania Avenue, 1220 19th Street, 1140 Connecticut Avenue, 1600 Wilson Boulevard, 6110 Executive Boulevard and 51 Monroe Street, and multifamily unit renovations upon turnover Continuing to sell non-strategic assets, including an anticipated sale of the Atrium office building in Rockville, Maryland, in the first quarter. Full Article
Washington Real Estate Investment Trust Expects CEO Retirement at End of 2013
Washington Real Estate Investment Trust announced that George F. Skip McKenzie has communicated to WRIT`s Board of Trustees his decision to retire from WRIT by the end of 2013. The WRIT Board has requested that Mr. McKenzie remain with WRIT in order to oversee the sale of the Medical Office Division and the reinvestment of proceeds, and Mr. McKenzie has agreed to do so. The WRIT Board intends to commence a search for a successor chief executive promptly, with the goal of announcing a selection in the coming months. Full Article
Washington Real Estate Investment Trust Completes Sale of Plumtree Professional Center for $8.75 Million
Washington Real Estate Investment Trust announced that it has completed the sale of Plumtree Professional Center, a 33,000 square foot medical office building in Bel Air, Maryland for $8.75 million. Plumtree Professional Center, located at 104 Plumtree Road in Harford County, was built in 1991 and acquired by WRIT in 2006 as part of a portfolio acquisition of four medical office buildings. Full Article
Washington Real Estate Investment Trust Narrows FY 2012 FFO Guidance
Washington Real Estate Investment Trust announced that for fiscal 2012, it is narrowing core FFO guidance range to $1.87 - $1.90 from $1.87 - $1.97. Full Article
Washington Real Estate Investment Trust Prices Offering of $300 Million of Senior Unsecured Notes Due 2022
Washington Real Estate Investment Trust announced that it has priced an underwritten public offering of $300 million aggregate principal amount of senior unsecured notes due October 15, 2022. The notes have an annual coupon rate of 3.95% and were priced at 99.438% of the principal amount. The sale of the notes is expected to close on September 17, 2012, subject to customary closing conditions. WRIT intends to utilize the net proceeds from the offering to repay borrowings under WRIT’s lines of credit and the remainder for general corporate purposes. J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Wells Fargo Securities, LLC and Credit Suisse Securities (USA) LLC are the Joint Book-Running Managers for the offering. Merrill Lynch, Pierce, Fenner & Smith Incorporated, Raymond James & Associates, Inc., Stifel, Nicolaus & Company, Incorporated, and SunTrust Robinson Humphrey, Inc. are Senior Co-Managers. Full Article
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