Last $28.71 USD
Change Today -0.62 / -2.11%
Volume 507.2K
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As of 8:04 PM 01/30/15 All times are local (Market data is delayed by at least 15 minutes).

washington reit (WRE) Key Developments

Washington Real Estate Investment Trust Appoints Thomas H. Nolan as Trustee

On January 22, 2015, the Board of Trustees of Washington Real Estate Investment Trust announced that it has elected Thomas H. Nolan, Jr., as a trustee of the company to the class of trustees whose term of office expires at the 2015 annual meeting of shareholders. Mr. Nolan, age 57, currently serves as Chairman of the Board of Directors and Chief Executive Officer of Spirit Realty Capital Inc., positions he has held since September 2011. Mr. Nolan previously worked for General Growth Properties Inc. or GGP, serving as Chief Operating Officer from March 2009 to December 2010 and as President from October 2008 to December 2010. He also served as a member of the board of directors of GGP from 2005 to 2010. GGP filed for protection under Chapter 11 of the U.S. Bankruptcy Code in April 2009 and emerged from bankruptcy in November 2010. Mr. Nolan was a member of the senior management team that led GGP's reorganization and emergence from bankruptcy, which included the restructuring of $15.0 billion in project-level debt, payment in full of all of GGP's pre-petition creditors and the securing of $6.8 billion in equity commitments. From July 2004 to February 2008, Mr. Nolan served as a Principal and Chief Financial Officer of Loreto Bay Company, the developer of the Loreto Bay master planned community in Baja, California. From October 1984 to July 2004, Mr. Nolan held various financial positions with AEW Capital Management, L.P. and from 1998 to 2004, he served as Head of Equity Investing and as President and Senior Portfolio Manager of The AEW Partners Funds.

Washington REIT Appoints Stephen E. Riffee as Executive Vice President and Chief Financial Officer-Elect, Effective on February 17, 2015

Washington REIT (Washington Real Estate Investment Trust) announced the appointment of Stephen E. Riffee as Executive Vice President and Chief Financial Officer-elect, effective on February 17, 2015. Mr. Riffee will succeed Bill Camp who, as previously disclosed, is stepping down as CFO after Washington REIT's year-end reporting period. Prior to joining Washington REIT, Mr. Riffee served as Executive Vice President and Chief Financial Officer for Corporate Office Properties Trust.

Washington Real Estate Investment Trust Announces Resignation of William T. Camp as Chief Financial Officer, Effective March 2, 2015

In connection with the previously announced resignation of William T. Camp, Washington REIT and Mr. Camp entered into a Separation Agreement and General Release dated December 17, 2014. Mr. Camp's employment with Washington REIT will cease on March 2, 2015, with his resignation as Chief Financial Officer effective as of such date or such earlier date determined by Washington REITs Chief Executive Officer.

Washington Real Estate Investment Trust Seeks Acquisitions

Washington Real Estate Investment Trust (NYSE:WRE) is seeking acquisitions. Washington Real Estate Investment Trust said, "Going forward, we will build on this momentum and drive shareholder value by continuing to improve our internal operations, aggressively filling vacancies, increasing tenant retention and selectively acquiring and additional high-quality assets in the DC and Greater Washington region."

Washington Real Estate Investment Trust Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Narrows Earnings Guidance for 2014

Washington Real Estate Investment Trust reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, real estate rental revenue was $73.413 million against $65.828 million a year ago. Real estate operating income was $18.553 million against $17.419 million a year ago. Income from continuing operations was $3.658 million or $0.05 per basic and diluted share against $1.709 million or $0.03 per basic and diluted share a year ago. Net income was $3.658 million or $0.05 per basic and diluted share against $5.840 million or $0.09 per basic and diluted share a year ago. Funds from continuing operations was $28.022 million or $0.42 per basic and diluted share against $22.877 million or $0.45 per basic and diluted share a year ago. Funds from operations was $28.022 million or $0.42 per diluted share against $30.223 million or $0.45 per diluted share a year ago. Core funds from operations was $28.485 million or $0.43 per basic and diluted share against $30.621 million or $0.46 per basic and diluted share a year ago. For the nine months, real estate rental revenue was $214.278 million against $196.303 million a year ago. Real estate operating income was $46.729 million against $51.343 million a year ago. Income from continuing operations was $2.761 million or $0.04 per basic and diluted share against $4.104 million or $0.06 per basic and diluted share a year ago. Net income was $109.292 million or $1.63 per basic and diluted share against $18.438 million or $0.27 per basic and diluted share a year ago. Funds from continuing operations was $73.716 million or $1.11 per basic and diluted share against $67.432 million or $1.01 per basic and diluted share a year ago. Funds from operations was $74.262 million or $1.11 per diluted share against $90.732 million or $1.36 per diluted share a year ago. Core funds from operations was $80.327 million or $1.20 per basic and diluted share against $91.513 million or $1.37 per basic and diluted share a year ago. Management is narrowing its 2014 core FFO guidance from $1.56 to $1.64 to $1.60 to $1.63. The improvement in range reflects stronger than expected same-store NOI growth in the office and retail divisions.

 

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