Washington Real Estate Investment Trust Amends and Extends Credit Facility
June 25 2012 - 3:10PM
Business Wire
Washington Real Estate Investment Trust (WRIT) (NYSE: WRE) has
amended one of its two unsecured credit facilities, increasing its
size from $75 million to $100 million. An accordion feature allows
WRIT to increase the facility to $200 million, subject to
additional lender commitment. The new facility matures June 25,
2015, with a one-year extension option, bears interest at a rate of
LIBOR plus a margin of 107.5 basis points based on WRIT’s current
credit rating, and eliminates the requirement for guarantees from
WRIT’s subsidiaries under certain circumstances.
SunTrust Bank is administrative agent and lender, and SunTrust
Robinson Humphrey, Inc. is sole lead arranger and bookrunner for
the facility.
“We are fortunate to have a strong, long-standing relationship
with SunTrust Bank. Expanding this line from $75 million to $100
million and extending the maturity for 3 years adds to our already
strong liquidity position. Combining our two lines of credit, WRIT
now has a total capacity of $500 million. When considering the
current balance on the lines, we still have enough capacity to
refinance all of our outstanding maturities through
2014,” said William T. Camp, Executive Vice President and
Chief Financial Officer of 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 72 properties totaling approximately 9 million square feet of
commercial space and 2,540 residential units, and land held for
development. These 72 properties consist of 27 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).
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, 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 and first quarter 2012 Form 10-Q.
We assume no obligation to update or supplement forward-looking
statements that become untrue because of subsequent events.
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