Washington Real Estate Investment Trust (WRIT) (NYSE:WRE) has completed
the sale of Maryland Trade Center I & II for $58 million. WRIT acquired
the office properties on May 17, 1996 for $28 million and achieved a net
book gain of $25 million. The unlevered internal rate of return was
16.9% over the WRIT ownership period. Proceeds from the sale will be
reinvested in a 1031 exchange.
Maryland Trade Center I is a 16-story, office tower consisting of
190,000 net rentable square feet. Maryland Trade Center II is a
12-story, office tower consisting of 160,000 net rentable square feet.
The properties are located proximate to NASA Goddard Space Center in
Greenbelt, MD and major tenants include Lockheed Corporation and Bank of
America.
WRIT is a self-administered, self-managed, equity real estate investment
trust investing in income-producing properties in the greater Washington
metro region. WRIT’s dividends have increased
every year for 37 consecutive years. WRIT’s
FFO per share has increased every year for 34 consecutive years. WRIT
owns a diversified portfolio of 87 properties consisting of 14 retail
centers, 24 general purpose office properties, 17 medical office
properties, 23 industrial/flex properties, 9 multi-family properties and
land for development. WRIT shares are publicly traded on the New York
Stock Exchange (NYSE:WRE).
Certain statements in this press release are "forward–looking
statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements involve
known and unknown risks, uncertainties, and other factors that may cause
actual results to differ materially. Such risks, uncertainties
and other factors include, but are not limited to, fluctuations in
interest rates, availability of raw materials and labor costs, levels of
competition, the effect of government regulation, the availability of
capital, weather conditions, the timing and pricing of lease
transactions, and changes in general and local economic and real estate
market conditions.
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