WashREIT Completes Office Portfolio Sale
July 26 2021 - 5:39PM
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.
“The successful sale of our office portfolio represents a
significant milestone in our multi-year strategic transformation
into a multifamily REIT,” said Paul T. McDermott, President and CEO
of WashREIT. “We are pleased with the execution of this sale, which
provides significant capital to continue our growth as we
geographically diversify into targeted Southeastern markets.”
WashREIT owns and operates uniquely positioned real estate
assets in the Washington D.C. market. Backed by decades of
experience, expertise and ambition, we create value by transforming
insights into strategy and strategy into action. Our portfolio
includes approximately 7,059 multifamily apartment units and 1
million square feet of commercial space. Our shares trade on the
NYSE and our company currently has an enterprise value of
approximately $3 billion. With a track record of driving returns
and delivering satisfaction, we are a trusted authority in one of
the nation's most competitive real estate markets.
Statements in this press release are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995 and involve risks and uncertainties.
Forward-looking statements relate to expectations, beliefs,
projections, future plans and strategies, anticipated events or
trends and similar expressions concerning matters that are not
historical facts. In some cases, you can identify forward looking
statements by the use of forward-looking terminology such as “may,”
“will,” “should,” “expects,” “intends,” “plans,” “anticipates,”
“believes,” “estimates,” “predicts,” or “potential” or the negative
of these words and phrases or similar words or phrases which are
predictions of or indicate future events or trends and which do not
relate solely to historical matters. Such statements involve known
and unknown risks, uncertainties, and other factors which may cause
the actual results, performance, or achievements of WashREIT to be
materially different from future results, performance or
achievements expressed or implied by such forward-looking
statements. Factors which may cause the actual results,
performance, or achievements of WashREIT to be materially different
from future results, performance or achievements expressed or
implied by such forward-looking statements include, but are not
limited to, the risks associated with the failure to enter into
and/or complete contemplated acquisitions or dispositions
(including the expected retail asset sales) within the price ranges
anticipated and on the terms and timing anticipated, or at all; our
ability to execute on our strategies, including new strategies with
respect to our operations and our portfolio, including the
acquisition of multifamily properties in the Southeastern markets,
the repayment of debt and termination of interest rate swaps, on
the terms and timing anticipated; and other risks and uncertainties
detailed from time to time in our filings with the SEC, including
our 2020 Form 10-K filed on February 16, 2021. While
forward-looking statements reflect our good faith beliefs, they are
not guarantees of future performance. We undertake no obligation to
update our forward-looking statements or risk factors to reflect
new information, future events, or otherwise.
Contact: Amy HopkinsPhone:
202-774-3253E-mail: ahopkins@washreit.com
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