WashREIT Completes the Sale of Two Office Properties for $106.5 Million

Rhea-AI Summary

WashREIT (NYSE: WRE) has completed the sale of 1227 25^th Street, NW and Monument II for a total of $106.5 million. Monument II, located in Herndon, VA, closed on December 2, 2020, while the sale of 1227 25^th Street in Washington, DC, was finalized on December 17, 2020. These transactions are intended to strengthen WashREIT's balance sheet and align with its strategy of reducing office asset exposure, enhancing long-term shareholder value. The company's portfolio includes 43 properties and an enterprise value of approximately $3 billion.

Positive

• Completed sale of 1227 25th Street and Monument II for $106.5 million, enhancing liquidity.
• Sales align with strategy to reduce exposure to office assets, potentially increasing long-term shareholder value.
• Strong performance reflects the quality of office tenants and resilience of the DC Metro economy.

Negative

• None.

WASHINGTON, Dec. 17, 2020 (GLOBE NEWSWIRE) -- WashREIT (NYSE: WRE) announced that it has completed the sale of 1227 25^th Street, NW and Monument II for a combined $106.5 million. The sale of Monument II, located in Herndon, VA, closed on December 2, 2020 and the sale of 1227 25^th Street, located in Washington, DC, closed on December 17, 2020.

“These sales further strengthen our balance sheet ahead of the post-vaccine recovery and align with our strategy to reduce our exposure to office assets, allowing us to de-risk our portfolio and improve our ability to create long-term shareholder value,” said Paul T. McDermott, President and CEO of WashREIT. “We are pleased with the execution of these sales, which is a testament to the quality of our office tenants and the resilience of the DC Metro economy.”

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 of 43 properties includes approximately 3.4 million square feet of commercial space and 6,863 multifamily apartment units. These 43 properties consist of 22 multifamily properties, 13 office properties, and 8 retail centers. 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.

Contact: Amy Hopkins
Phone: 202-774-3253
E-mail: ahopkins@washreit.com

FAQ

What was the total value of the WashREIT property sales?

WashREIT completed property sales totaling $106.5 million.

When did the sales of 1227 25th Street and Monument II close?

The sale of Monument II closed on December 2, 2020, and 1227 25th Street closed on December 17, 2020.

What strategy is WashREIT following with its recent property sales?

WashREIT is reducing its exposure to office assets to improve its balance sheet and long-term shareholder value.

What is the current enterprise value of WashREIT?

WashREIT has an enterprise value of approximately $3 billion.