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Last $25.18 USD
Change Today -0.13 / -0.51%
Volume 358.0K
WRE On Other Exchanges
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New York
Berlin
As of 8:04 PM 08/28/15 All times are local (Market data is delayed by at least 15 minutes).

washington reit (WRE) Key Developments

Washington Real Estate Investment Trust Announces Quarterly Dividend Payable on September 30, 2015

Washington Real Estate Investment Trust announced that its Board of Trustees has declared a quarterly dividend of $0.30 per share to be paid on September 30, 2015 to shareholders of record on September 15, 2015.

Washington Real Estate Investment Trust Reports Unaudited Consolidated Financial Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Earnings Guidance for the Year 2015; Announces Impairment Charges for the Second Quarter Ended June 30, 2015

Washington Real Estate Investment Trust reported unaudited consolidated financial results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported real estate rental revenue of $74,226,000 against $72,254,000 a year ago. Real estate operating income was $11,741,000 against $16,134,000 a year ago. Loss from continuing operations was $2,886,000 against income from continuing operations of $1,368,000 a year ago. Net loss was $2,886,000 against net income of $1,080,000 a year ago. Funds from continuing operations were $22,617,000 against $25,199,000 a year ago. NAREIT funds from operations were $22,617,000 against $25,199,000 a year ago. Net loss per basic and diluted share was $0.04 against net income per basic and diluted share of $0.02 a year ago. Net loss from continuing operations per basic and diluted share was $0.04 against net income from continuing operations per basic and diluted share of $0.02 a year ago. Funds from continuing operations per basic and diluted share were $0.33 against $0.38 a year ago. NAREIT funds from operations per basic and diluted share were $0.33 against $0.38 a year ago. Core funds from operations were $28,481,000 against $27,708,000 a year ago. Core FFO per basic and diluted share was $0.42 against $0.41 a year ago. The decline in FFO is primarily driven by the recognition of a real estate impairment loss of $5.9 million, or $0.09 per diluted share, on an undeveloped parcel of land in the quarter ended June 30, 2015. Operational performance in the second quarter has strongly rebounded from the first quarter unimpeded by the adverse weather-related expenses experienced last quarter and boosted by a slight increase in office and multifamily occupancy. For the six months, the company reported real estate rental revenue of $149,082,000 against $140,865,000 a year ago. Real estate operating income was $56,295,000 against $28,176,000 a year ago. Income from continuing operations was $26,512,000 against loss of $897,000 a year ago. Net income was $26,512,000 against $105,634,000 a year ago. Funds from continuing operations were $47,013,000 against $45,687,000 a year ago. NAREIT funds from operations were $47,013,000 against $46,233,000 a year ago. Net income per basic and diluted share was $0.39 against $1.58 a year ago. Net income from continuing operations per basic and diluted share was $0.39 against net loss from continuing operations per basic and diluted share of $0.01 a year ago. Funds from continuing operations per basic and diluted share were $0.69 against $0.68 a year ago. NAREIT funds from operations per basic and diluted share were $0.69 against $0.68 a year ago. Core funds from operations were $54,176,000 against $51,835,000 a year ago. Core FFO per basic and diluted share was $0.79 against $0.77 a year ago. The company reported real estate impairment of $5,909,000 for the second quarter ended June 30, 2015. The company tightened 2015 Core FFO guidance to $1.68 to $1.72 from $1.66 to $1.74 per fully diluted share. The following assumptions are incorporated into the tightened guidance range: same-store NOI growth remains projected to range from negative 0.5% to 2%, with same-store occupancy improving modestly; same-store office NOI growth remains projected to range from 0% to 2%, excluding the redevelopment project at Silverline Center; same-store retail NOI growth is projected to range from negative 1% to 1% primarily due to adverse weather-related expenses at the beginning of the year, and the postponement of a few rent commencement dates to 2016 and Interest expense is projected to be approximately $60 to $60.5 million.

Washington Real Estate Investment Trust Acquires Multifamily Community on Columbia Pike in Arlington, VA

Washington Real Estate Investment Trust announced that it has acquired The Wellington, an apartment community in Arlington, VA consisting of 711 units and on-site density to develop approximately 360 additional units, for $167 million. The currently 97% occupied Wellington is ideally located on the eastern end of Columbia Pike, which features walkable restaurant and retail amenities, is proximate to Interstate-395, Route 50, the GW Parkway and Washington Blvd.

Washington Real Estate Investment Trust Enters Credit Agreement

Washington Real Estate Investment Trust (Washington REIT) entered into a Credit Agreement (the Credit Agreement), dated as of June 23, 2015 with Wells Fargo Bank, National Association, as administrative agent (the Agent), and the financial institutions party thereto as lenders (the Lenders) and agents, which provides for aggregate revolving loan commitments of $600 million. The Credit Agreement will replace the borrowing capacity under that certain Amended and Restated Credit Agreement (the Prior Wells Credit Agreement), dated as of May 17, 2012, among Washington REIT, Wells Fargo Bank, National Association, as administrative agent, and the financial institutions party thereto as lenders and agents, which provided for aggregate revolving loan commitments of $400 million. The Credit Agreement will also replace the borrowing capacity under that certain Amended and Restated Credit Agreement (the Prior SunTrust Credit Agreement), dated as of June 25, 2012, among Washington REIT, SunTrust Bank, as administrative agent, and the financial institutions party thereto as lenders and agents, which provided for aggregate revolving loan commitments of $100 million. The Credit Agreement includes the option to increase the revolving loan commitments or add term loans under the Credit Agreement to up to $1 billion in the aggregate to the extent the lenders (from the syndicate or otherwise) agree to provide additional revolving loan commitments or term loans. The Credit Agreement will mature on June 22, 2019, unless extended pursuant to one or both of the two six-month extension options provided therein. The exercise of each extension option requires the payment of a fee of 0.075% on the extended revolving loan commitments and is subject to certain other customary conditions. The Credit Agreement also provides Washington REIT with an ability to obtain letters of credit of up to $60 million in the aggregate. As of June 23, 2015, revolving loans to Washington REIT in an aggregate principal amount of approximately $185 million were outstanding under the Credit Agreement. No subsidiaries of Washington REIT are currently required to guarantee Washington REIT's obligations under the Credit Agreement. Subsidiaries of Washington REIT may in the future be required to guarantee Washington REIT's obligations under the Credit Agreement if any such subsidiary (a) guarantees the indebtedness of Washington REIT or another subsidiary of Washington REIT (excluding, among other things, guarantees of certain indebtedness in an aggregate principal amount not in excess of $200 million) or (b) owns a property included in the determination of Washington REIT's unencumbered pool value and incurs any recourse indebtedness. Revolving loan borrowings under the Credit Agreement will bear interest, at Washington REIT's option, at a rate of either LIBOR plus a margin ranging from 0.875% to 1.55% (depending on Washington REIT's credit rating) or the base rate plus a margin ranging from 0.0% to 0.55% (based upon Washington REIT's credit rating). The base rate is the Agent's prime rate, the federal funds rate plus 0.50% and the LIBOR market index rate plus 1.0%. In addition, the Credit Agreement requires the payment of a facility fee equal to 0.125% to 0.30% (depending on Washington REIT's credit rating) on the $600 million committed capacity, without regard to usage. The Credit Agreement contains representations, financial and other affirmative and negative covenants that are similar to the Prior Wells Credit Agreement and generally customary for credit facilities of this type. The Credit Agreement requires that Washington REIT comply with various covenants, including covenants restricting liens on properties included in the determination of Washington REIT's unencumbered pool value, investments, mergers, affiliate transactions, asset sales and the payment of dividends following an event of default.

Washington Real Estate Investment Trust to Report Q2, 2015 Results on Jul 23, 2015

Washington Real Estate Investment Trust announced that they will report Q2, 2015 results at 5:00 PM, Eastern Standard Time on Jul 23, 2015

 

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