WashREIT Enters Contracts to Sell Eight Retail Assets, Acquire an Additional Multifamily Asset and Provides Updated 2019 Earnings Guidance
Washington Real Estate Investment Trust (WRE)
Last washington real estate investment trust earnings: 4/22 04:16 pm
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washreit.com
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Source: GlobeNewswire
WASHINGTON, June 26, 2019 (GLOBE NEWSWIRE) -- WashREIT (NYSE: WRE) (the “Company” or “WashREIT”) has announced that it has entered into two definitive agreements with separate institutional buyers to sell a total of eight retail assets, including all three of its power centers. The Company has also updated its 2019 earnings guidance and provided a blended estimated capitalization rate (1) of approximately 6.2% for the sale of its eight retail assets. “Our 2019 strategic capital allocation plan marks a watershed moment for WashREIT as it is expected to grow the percentage of NOI (2) contributed by our multifamily portfolio to approximately 45% and reduce our retail portfolio to approximately 6% of NOI on a proforma basis, assuming we complete the dispositions and acquisitions assumed in our 2019 guidance," said Paul T. McDermott, President and CEO of WashREIT. “By year-end, we expect to have significantly de-risked and strengthened our cash flows and recycled approximately 75% of th
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