Washington Real Estate Investment Trust Reiterates Earnings Guidance for 2012 and Provides Earnings Guidance for 2013; George F. McKenzie Intends to Retire as CEO from Washington Real Estate Investment Trust
January 30, 2013 at 02:55 am IST
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Washington Real Estate Investment Trust reiterated earnings guidance for 2012 and provided earnings guidance for 2013. For 2012, the company expects quarterly core FFO per share to range between $0.45 and $0.47 for the next several quarters until the company begin landing this with some acquisitions. Therefore, the company reiterating 2012 guidance on a $1.87 to a $1.90 which will be reporting actual results on February 13.
For 2013, FFO per fully diluted share is projected to be $1.82 - $1.90. Included in this projection are all of the above strategic initiatives, with the exception of the potential Medical Office Division sale. Same-store multifamily NOI growth is projected to range from 3% to 5%, with flat same-store occupancy. Same-store retail NOI growth is projected to range from 1% to 3%, with same-store occupancy improving incrementally. Same-store office NOI is projected to decrease by 1% to 2%, with same-store occupancy improving incrementally.
George F. "Skip" McKenzie has communicated to WRIT's Board of Trustees his decision to retire as CEO from WRIT by the end of 2013. The WRIT Board has requested that Mr. McKenzie remain with WRIT in order to oversee the sale of the Medical Office Division and the reinvestment of proceeds, and Mr. McKenzie has agreed to do so.
Elme Communities is a multifamily real estate investment trust. The Company operates in a single reportable segment which includes the ownership, development, redevelopment and acquisition of apartment communities. It owns and operates approximately 9,400 apartment homes in the Washington, DC metro and the Atlanta metro regions, and owns approximately 300,000 square feet of commercial space. Its properties include Elme Alexandria, Cascade at Landmark, Clayborne, Riverside Apartments, Bennett Park, Park Adams, The Maxwell, The Paramount, The Wellington, Trove, Roosevelt Towers, Elme Dulles, Elme Herndon, The Ashby at McLean, Kenmore Apartments, Elme Watkins Mill, Elme Germantown, Elme Eagles Landing, Elme Druid Hills and Watergate 600.
Washington Real Estate Investment Trust Reiterates Earnings Guidance for 2012 and Provides Earnings Guidance for 2013; George F. McKenzie Intends to Retire as CEO from Washington Real Estate Investment Trust