Washington Real Estate Investment Trust Announces Selection of Paul T.
McDermott as New Chief Executive Officer
ROCKVILLE, Md., Aug. 20, 2013
ROCKVILLE, Md., Aug. 20, 2013 /PRNewswire/ --The Board of Trustees of
Washington Real Estate Investment Trust (WRIT) (NYSE:WRE) today announced the
appointment of Paul T. McDermott as the company's new President and Chief
Executive Officer. He will also serve on the WRIT Board of Trustees. Mr.
McDermott will succeed George F. "Skip" McKenzie, who has served as President
and CEO of WRIT since 2007. In January 2013, Mr. McKenzie announced his
intention to retire pending the appointment of a successor.
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Mr. McDermott comes to WRIT from The Rockefeller Group, a wholly owned
subsidiary of Mitsubishi Estate Co., Ltd., where he served as Senior Vice
President and Managing Director and headed up the domestic acquisitions team
for Rockefeller Group Investment Management Corp., the investment management
arm of this leading developer, owner and operator of global real estate. His
responsibilities also included product development and portfolio strategy, as
well as interfacing with private equity clients.
"We are pleased to have found an exceptional individual to assume leadership
of WRIT as its fourth CEO in a 53-year history," said Charles T. "Tuck" Nason,
Chairman of the WRIT Board of Trustees. "Paul not only has a deep knowledge of
our industry and the DC regional market, but he also brings a broad skill set
to the table. He has experience in all aspects of commercial real estate, in
all asset classes WRIT owns and in capital markets, as well as strong
institutional relationships and a background in risk management. We believe he
is uniquely qualified to lead WRIT successfully into the future and to build
value for our shareholders over the long term."
A native of the region, Mr. McDermott has been based in Washington, DC
throughout his entire 29-year career. Prior to joining The Rockefeller Group,
he served from 2006 to 2010 as Principal and Chief Transaction Officer at PNC
Realty Investors, where he led the company's acquisition, disposition,
development and capital markets efforts nationally, across multiple asset
classes. Between 2002 and 2006, he held two primary officer roles at Freddie
Mac – Chief Credit Officer of the Multifamily Division and Head of Multifamily
Structured Finance and Affordable Housing. From 1997 to 2002, he served as
Head of the Washington, DC Region for Lend Lease Real Estate Investments, then
the largest real estate advisory firm in the nation.
Age 51, Mr. McDermott holds a BS in Business Administration from Shepherd
University and an MBA in Finance from American University.
The appointment follows an extensive search process conducted by Ferguson
Partners Ltd., a leading executive search firm. "Paul was the top choice from
a group of highly qualified candidates," said John P. McDaniel, Chairman of
the Board's CEO Search Committee. "He possesses the critical leadership
attributes we identified as part of our selection process – strong DC real
estate experience, substantial experience in a variety of disciplines and the
ability to lead an integrated, diversified public REIT."
"It is an honor to be joining this storied franchise," said Mr. McDermott. "I
look forward to working with a dedicated employee base to enhance WRIT's value
proposition by expanding the 'Live, Work, Shop' strategy and continuing to
enhance the quality of the portfolio – in order to drive value creation for
Mr. McDermott will assume his responsibilities on October 1. At that point,
Mr. McKenzie will officially resign from the Board, although he will continue
to play an advisory role during the transition. "Paul is a great leader who is
widely known and respected in the DC commercial real estate community," said
Mr. McKenzie. "I'm delighted with the Board's decision and confident that Paul
will deliver strong leadership to WRIT and its employees in the days and years
WRIT is a self-administered, self-managed, equity real estate investment trust
investing in income-producing properties in the greater Washington metro
region. WRIT owns a diversified portfolio of 69 properties totaling
approximately 8 million square feet of commercial space and 2,540 multifamily
units, and land held for development. These 69 properties consist of 25 office
properties, 17 medical office properties, 16 retail centers and 11 multifamily
properties. WRIT shares are publicly traded on the New York Stock Exchange
Certain statements in our earnings release and on our conference call are
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. Such statements involve known and unknown
risks, uncertainties, and other factors that may cause actual results to
differ materially. Such risks, uncertainties and other factors include, but
are not limited to, the potential for federal government budget reductions,
changes in general and local economic and real estate market conditions, the
timing and pricing of lease transactions, the availability and cost of
capital, fluctuations in interest rates, tenants' financial conditions, levels
of competition, the effect of government regulation, the impact of newly
adopted accounting principles, and other risks and uncertainties detailed from
time to time in our filings with the SEC, including our 2012 Form 10-K, First
Quarter 2013 Form 10-Q and Second Quarter Form 10-Q. We assume no obligation
to update or supplement forward-looking statements that become untrue because
of subsequent events.
William T. Camp
Executive Vice President and
Chief Financial Officer
SOURCE Washington Real Estate Investment Trust
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