Washington Real Estate Investment (WRE) Q2 2021 Earnings Call Transcript fool.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fool.com Daily Mail and Mail on Sunday newspapers.
Source: GlobeNewswire (MIL-OSI)
WASHINGTON, July 26, 2021 (GLOBE NEWSWIRE) WashREIT (NYSE: WRE) has completed the previously announced sale of 12 office assets, representing the entire office portfolio excluding Watergate 600, for gross proceeds of $766 million. WashREIT plans to use the net proceeds of the sale to fund the expansion of its multifamily platform and to reduce leverage by repaying outstanding debt, starting with the redemption of all $300 million of senior unsecured notes due 2022 on or about August 26, 2021 in accordance with their terms. Additional progress on its multifamily transformation and expansion into targeted Southeastern markets will be discussed during the company’s second quarter earnings call on July 30, 2021.
WashREIT Completes Office Portfolio Sale
Continues to Progress Multifamily Transformation and Planned Southeast Expansion Washington Real Estate Investment Trust Washington, District of Columbia, UNITED STATES
WASHINGTON, July 26, 2021 (GLOBE NEWSWIRE) WashREIT (NYSE: WRE) has completed the previously announced sale of 12 office assets, representing the entire office portfolio excluding Watergate 600, for gross proceeds of $766 million. WashREIT plans to use the net proceeds of the sale to fund the expansion of its multifamily platform and to reduce leverage by repaying outstanding debt, starting with the redemption of all $300 million of senior unsecured notes due 2022 on or about August 26, 2021 in accordance with their terms. Additional progress on its multifamily transformation and expansion into targeted Southeastern markets will be discussed during the company’s second quarter earnings call on July 30, 2021.
WashREIT Announces First Quarter 2021 Results
WASHINGTON, April 28, 2021 (GLOBE NEWSWIRE) Washington Real Estate Investment Trust (“WashREIT” or the “Company”) (NYSE: WRE), a leading owner and operator of multifamily and commercial properties in the Washington, DC area, reported financial and operating results today for the quarter ended March 31, 2021:
Financial Results
NAREIT FFO
Core FFO was $0.34 per diluted share
First Quarter Operational Highlights
3
) NOI declined 6.5% and cash NOI declined 6.0% compared to the first quarter of 2020, due to decreases in office and multifamily revenues of 7.8% and 3.8%, respectively, primarily due to the negative impact of COVID-19, as well as higher multifamily operating expenses and lower lease termination fees, partially offset by lower commercial operating expenses