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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Washington REIT | NYSE:WRE | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 17.57 | 0 | 01:00:00 |
From Jul 2019 to Jul 2024
Washington Real Estate Investment Trust (“WRIT” or the “Company”) (NYSE: WRE), a leading owner and operator of diversified properties in the Washington, D.C. region, reported financial and operating results today for the quarter ended March 31, 2012:
Operating Results
The Company's overall portfolio Net Operating Income (“NOI”)(2) was $50.5 million compared to $46.0 million in the same period one year ago and $50.6 million in the fourth quarter of 2011. Overall portfolio physical occupancy for the first quarter was 89.7%, compared to 88.5% in the same period one year ago and 90.8% in the fourth quarter of 2011.
Same-store(3) portfolio physical occupancy for the first quarter was 90.1%, compared to 91.8% in the same period one year ago. Sequentially, same-store physical occupancy decreased 120 basis points (bps) compared to the fourth quarter of 2011. Same-store portfolio NOI for the first quarter decreased 1.1% and rental rate growth was 1.3% compared to the same period one year ago.
Leasing Activity
During the first quarter, WRIT signed commercial leases for 217,979 square feet with an average rental rate increase of 8.6% over expiring lease rates on a GAAP basis, an average lease term of 5.7 years, tenant improvement costs of $19.08 per square foot and leasing costs of $12.56 per square foot.
Dividends
On March 30, 2012, WRIT paid a quarterly dividend of $0.43375 per share for its 201st consecutive quarterly dividend at equal or increasing rates.
Conference Call Information
The Conference Call for 1st Quarter Earnings is scheduled for Friday, April 27, 2012 at 11:00 A.M. Eastern time. Conference Call access information is as follows:
USA Toll Free Number: 1-877-407-9205 International Toll Number: 1-201-689-8054The instant replay of the Conference Call will be available until May 11, 2012 at 11:59 P.M. Eastern time. Instant replay access information is as follows:
USA Toll Free Number: 1-877-660-6853 International Toll Number: 1-201-612-7415 Account: 286 Conference ID: 390948The live on-demand webcast of the Conference Call will be available on the Investor section of WRIT's website at www.writ.com. On-line playback of the webcast will be available for two weeks following the Conference Call.
About WRIT
WRIT is a self-administered, self-managed, equity real estate investment trust investing in income-producing properties in the greater Washington metro region. WRIT owns a diversified portfolio of 71 properties totaling approximately 9 million square feet of commercial space and 2,540 residential units, and land held for development. These 71 properties consist of 26 office properties, 18 medical office properties, 16 retail centers and 11 multifamily properties. WRIT shares are publicly traded on the New York Stock Exchange (NYSE:WRE).
Note: WRIT's press releases and supplemental financial information are available on the company website at www.writ.com or by contacting Investor Relations at (301) 984-9400.
Certain statements in our earnings release and on our conference call 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, the potential for federal government budget reductions, changes in general and local economic and real estate market conditions, the timing and pricing of lease transactions, the effect of the current credit and financial market conditions, the availability and cost of capital, fluctuations in interest rates, tenants' financial conditions, levels of competition, the effect of government regulation, the impact of newly adopted accounting principles, and other risks and uncertainties detailed from time to time in our filings with the SEC, including our 2011 Form 10-K. We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
(1) Funds From Operations (“FFO”) - The National Association of Real Estate Investment Trusts, Inc. (“NAREIT”) defines FFO (April, 2002 White Paper) as net income (computed in accordance with generally accepted accounting principles (“GAAP”)) excluding gains (or losses) associated with sales of property, impairment of depreciable real estate and real estate depreciation and amortization. FFO is a non-GAAP measure and does not replace net income as a measure of performance or net cash provided by operating activities as a measure of liquidity. We consider FFO to be a standard supplemental measure for equity real estate investment trusts (“REITs”) because it facilitates an understanding of the operating performance of our properties without giving effect to real estate depreciation and amortization, which historically assumes that the value of real estate assets diminishes predictably over time. Since real estate values have instead historically risen or fallen with market conditions, we believe that FFO more accurately provides investors an indication of our ability to incur and service debt, make capital expenditures and fund other needs.
Core Funds From Operations (“Core FFO”) is calculated by adjusting FFO for the following items (which we believe are not indicative of the performance of WRIT's operating portfolio and affect the comparative measurement of WRIT's operating performance over time): (1) gains or losses on extinguishment of debt, (2) real estate impairment not already excluded from FFO and (3) costs related to the acquisition of properties, as appropriate. These items can vary greatly from period to period, depending upon the volume of our acquisition activity and debt retirements, among other factors. We believe that by excluding these items, Core FFO serves as a useful, supplementary measure of WRIT's ability to incur and service debt and to distribute dividends to its shareholders. Core FFO is a non-GAAP and non-standardized measure, and may be calculated differently by other REITs.
(2) Net Operating Income (“NOI”), defined as real estate rental revenue less real estate expenses, is a non-GAAP measure. NOI is calculated as net income, less non-real estate revenue and the results of discontinued operations (including the gain on sale, if any), plus interest expense, depreciation and amortization and general and administrative expenses. We provide NOI as a supplement to net income calculated in accordance with GAAP. As such, it should not be considered an alternative to net income as an indication of our operating performance. It is the primary performance measure we use to assess the results of our operations at the property level.
(3) For purposes of evaluating comparative operating performance, we categorize our properties as “same-store” or “non-same-store”. A same-store property is one that was owned for the entirety of the periods being evaluated. A non-same-store property is one that was acquired or placed into service during either of the periods being evaluated.
(4) Funds Available for Distribution (“FAD”) is a non-GAAP measure. It is calculated by subtracting from FFO (1) recurring expenditures, tenant improvements and leasing costs that are capitalized and amortized and are necessary to maintain our properties and revenue stream and (2) straight-line rents, then adding (3) non-real estate depreciation and amortization, (4) amortization of restricted share and unit compensation, and adding or subtracting amortization of lease intangibles, as appropriate. We consider FAD to be a measure of a REIT's ability to incur and service debt and to distribute dividends to its shareholders. FAD is a non-standardized measure and may be calculated differently by other REITs.
Physical Occupancy Levels by Same-Store Properties (i) and All Properties
Physical Occupancy Same-Store Properties All Properties 1st QTR 1st QTR 1st QTR 1st QTR Segment 2012 2011 2012 2011 Multifamily 95.2 % 95.3 % 95.2 % 95.3 % Office 85.9 % 89.3 % 86.3 % 89.1 % Medical Office 90.7 % 93.5 % 87.1 % 88.3 % Retail 92.4 % 92.0 % 92.9 % 92.0 % Industrial — % — % — % 80.2 % Overall Portfolio 90.1 % 91.8 % 89.7 % 88.5 %(i) Same-Store properties include all stabilized properties that were owned for the entirety of the current and prior year reporting periods. For Q1 2012 and Q1 2011, same-store properties exclude:Residential Acquisitions: none;Office Acquisitions: 1140 Connecticut Ave, 1227 25th Street, Braddock Metro Center and John Marshall II;Medical Office Acquisition: Lansdowne Medical Office Building;Retail Acquisition: Olney Village Center.
Also excluded from Same-Store Properties in Q1 2012 and Q1 2011 are:Held for Sale and Sold Properties: Dulles Station, Phase I and the Industrial Portfolio (all industrial properties and the Crescent and Albemarle Point).
WASHINGTON REAL ESTATE INVESTMENT TRUST FINANCIAL HIGHLIGHTS (In thousands, except per share data) (Unaudited) Three Months Ended March 31, OPERATING RESULTS 2012 2011 Revenue Real estate rental revenue $ 76,499 $ 69,204 Expenses Real estate expenses 26,013 23,253 Depreciation and amortization 25,994 21,894 General and administrative 3,606 3,702 55,613 48,849 Real estate operating income 20,886 20,355 Other income (expense): Interest expense (15,895 ) (16,893 ) Other income 244 306 Acquisition costs (54 ) (1,649 ) (15,705 ) (18,236 ) Income from continuing operations 5,181 2,119 Discontinued operations: Income (loss) from operations of properties sold or held for sale — 2,569 Net income 5,181 4,688 Less: Net income attributable to noncontrolling interests in subsidiaries — (23 ) Net income attributable to the controlling interests $ 5,181 $ 4,665 Income from continuing operations attributable to the controlling interests 5,181 2,119 Continuing operations real estate depreciation and amortization 25,994 21,894 Funds from continuing operations(1) $ 31,175 $ 24,013 Income (loss) from operations of properties sold or held for sale attributable to the controlling interests — 2,546 Real estate impairment — 599 Discontinued operations real estate depreciation and amortization — 3,355 Funds from discontinued operations — 6,500 Funds from operations(1) $ 31,175 $ 30,513 Tenant improvements (4,066 ) (2,370 ) External and internal leasing commissions capitalized (2,557 ) (2,232 ) Recurring capital improvements (1,539 ) (691 ) Straight-line rents, net (992 ) (657 ) Non-cash fair value interest expense 228 179 Non real estate depreciation & amortization of debt costs 1,008 874 Amortization of lease intangibles, net — (278 ) Amortization and expensing of restricted share and unit compensation 1,405 1,257 Funds available for distribution(4) $ 24,662 $ 26,595 Note: Certain prior period amounts have been reclassified to conform to the current presentation. Three Months Ended March 31, Per share data attributable to the controlling interests: 2012 2011 Income from continuing operations (Basic) $ 0.08 $ 0.03 (Diluted) $ 0.08 $ 0.03 Net income (Basic) $ 0.08 $ 0.07 (Diluted) $ 0.08 $ 0.07 Funds from continuing operations (Basic) $ 0.47 $ 0.36 (Diluted) $ 0.47 $ 0.36 Funds from operations (Basic) $ 0.47 $ 0.46 (Diluted) $ 0.47 $ 0.46 Dividends paid $ 0.4338 $ 0.4338 Weighted average shares outstanding 66,194 65,885 Fully diluted weighted average shares outstanding 66,328 65,907 WASHINGTON REAL ESTATE INVESTMENT TRUST CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) (Unaudited) March 31, 2012 December 31, 2011 Assets Land $ 472,196 $ 472,196 Income producing property 1,947,630 1,934,587 2,419,826 2,406,783 Accumulated depreciation and amortization (556,833 ) (535,732 ) Net income producing property 1,862,993 1,871,051 Development in progress 44,236 43,089 Total real estate held for investment, net 1,907,229 1,914,140 Cash and cash equivalents 17,809 12,765 Restricted cash 21,922 19,424 Rents and other receivables, net of allowance for doubtful accounts of $9,653 and $8,921 respectively 54,727 53,828 Prepaid expenses and other assets 114,859 120,601 Total assets $ 2,116,546 $ 2,120,758 Liabilities Notes payable $ 657,562 $ 657,470 Mortgage notes payable 426,485 427,710 Lines of credit 109,000 99,000 Accounts payable and other liabilities 57,766 51,145 Advance rents 15,065 13,739 Tenant security deposits 8,949 8,862 Total liabilities 1,274,827 1,257,926 Equity Shareholders' equityShares of beneficial interest, $0.01 par value; 100,000 shares authorized; 66,310 and 66,265 shares issued and 66,309 and 66,265 shares outstanding at March 31, 2012 and December 31, 2011, respectively
662 662 Additional paid-in capital 1,141,062 1,138,478 Distributions in excess of net income (303,815 ) (280,096 ) Total shareholders' equity 837,909 859,044 Noncontrolling interests in subsidiaries 3,810 3,788 Total equity 841,719 862,832 Total liabilities and equity $ 2,116,546 $ 2,120,758 Note: Certain prior year amounts have been reclassified to conform to the current year presentation. The following tables contain reconciliations of net income to same-store net operating income for the periods presented:Medical
Quarter Ended March 31, 2012 Multifamily OfficeOffice
Retail Total Same-store net operating income(3) $ 8,065 $ 19,778 $ 7,618 $ 8,962 $ 44,423 Add: Net operating income from non-same-store properties(3) — 4,957 66 1,040 6,063 Total net operating income(2) $ 8,065 $ 24,735 $ 7,684 $ 10,002 $ 50,486 Add/(deduct): Other income 244 Acquisition costs (54 ) Interest expense (15,895 ) Depreciation and amortization (25,994 ) General and administrative expenses (3,606 ) Income (loss) from operations of properties sold or held for sale — Net income 5,181 Less: Net income attributable to noncontrolling interests in subsidiaries — Net income attributable to the controlling interests $ 5,181Medical
Quarter Ended March 31, 2011 Multifamily OfficeOffice
Retail Total Same-store net operating income(3) $ 7,665 $ 21,123 $ 7,505 $ 8,605 $ 44,898 Add: Net operating income from non-same-store properties(3) — 1,096 (43 ) — 1,053 Total net operating income(2) $ 7,665 $ 22,219 $ 7,462 $ 8,605 $ 45,951 Add/(deduct): Other income 306 Acquisition costs (1,649 ) Interest expense (16,893 ) Depreciation and amortization (21,894 ) General and administrative expenses (3,702 ) Income (loss) from operations of properties sold or held for sale 2,569 Net income 4,688 Less: Net income attributable to noncontrolling interests in subsidiaries (23 ) Net income attributable to the controlling interests $ 4,665The following table contains a reconciliation of net income attributable to the controlling interests to core funds from operations for the periods presented:
Three Months Ended March 31, 2012 2011 Net income attributable to the controlling interests $ 5,181 $ 4,665 Add/(deduct): Real estate depreciation and amortization 25,994 21,894 Discontinued operations: Real estate impairment — 599 Real estate depreciation and amortization — 3,355 Funds from operations(1) 31,175 30,513 Add/(deduct): Acquisition costs 54 1,649 Core funds from operations(1) $ 31,229 $ 32,162 Three Months Ended March 31, Per share data attributable to the controlling interests: 2012 2011 Funds from operations (Basic) $ 0.47 $ 0.46 (Diluted) $ 0.47 $ 0.46 Core FFO (Basic) $ 0.47 $ 0.49 (Diluted) $ 0.47 $ 0.49 Weighted average shares outstanding 66,194 65,885 Fully diluted weighted average shares outstanding 66,328 65,907
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