WashREIT Provides Collection Details and Operating Update
October 05 2020 - 8:00AM
WashREIT (NYSE: WRE) today released an update on its collection
performance and portfolio operations.
“We are pleased with our continued trend of very
strong cash rent collections, which reflects the resilience of the
Washington Metro region and the credit quality of our portfolio,”
said Paul T. McDermott, President and CEO of WashREIT. “Our
suburban multifamily portfolio, where the vast majority of our
renovation opportunities reside, is performing very well and we
remain confident in our ability to effectively manage through the
COVID-19 environment while preserving the embedded growth within
our portfolio.”
Multifamily
- Collected
approximately 99% of cash rent and 99% of contractual rent due
during July and August. We expect to update collections through
September when we report third quarter results later this
month.
- Agreed to provide
$0.1 million of rent relief through payment deferral programs
year-to-date
Commercial
- Collected 97% of
cash rent and 99% of contractual rent due from office tenants
during July and August
- Agreed to defer $1.5
million of rent due from office tenants through payment deferral
programs year-to-date
- Collected 87% of
cash rent and 95% of contractual rent due from retail tenants
during July and August
- Agreed to defer $1.1
million of rent due from retail tenants through payment deferral
programs year-to-date
- We expect to update
collections through September when we report third quarter results
later this month
Additional information about recent collection
performance and operational updates can be found in the
October 2020 Investor Presentation located in the
investor section of the Company’s website (www.ir.washreit.com)
under Investor Presentations.
About WashREIT
WashREIT owns and operates uniquely positioned real
estate assets in the Washington Metro market. Backed by decades of
experience, expertise and ambition, we create value by transforming
insights into strategy and strategy into action. As of October 5,
2020, the Company's portfolio of 45 properties includes
approximately 3.7 million square feet of commercial space and 6,861
multifamily apartment units. These 45 properties consist of 22
multifamily properties,15 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.
Certain statements in this press release are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements relate to expectations, beliefs, projections, future
plans and strategies, anticipated events or trends and similar
expressions concerning matters that are not historical facts. In
some cases, you can identify forward looking statements by the use
of forward-looking terminology such as “may,” “will,” “should,”
“expects,” “intends,” “plans,” “anticipates,” “believes,”
“estimates,” “predicts,” or “potential” or the negative of these
words and phrases or similar words or phrases which are predictions
of or indicate future events or trends and which do not relate
solely to historical matters. Such statements involve known and
unknown risks, uncertainties, and other factors which may cause the
actual results, performance, or achievements of Washington REIT to
be materially different from future results, performance or
achievements expressed or implied by such forward-looking
statements. Currently, one of the most significant factors is the
adverse effect of the COVID-19 virus and ensuing economic turmoil
on the financial condition, results of operations, cash flows and
performance of WashREIT, particularly the impact of our ability to
collect rent on schedule or at all, our ability to lease or release
our commercial spaces, and increased credit losses, on the
performance of our tenants generally, and on the global economy and
financial markets. The extent to which COVID-19 impacts WashREIT
and its tenants will depend on future developments, which are
highly uncertain and cannot be predicted with confidence, including
the scope, severity and duration of the pandemic, the actions taken
to contain the pandemic or mitigate its impact, and the direct and
indirect economic effects of the pandemic and containment measures,
among others. Moreover, investors are cautioned to interpret many
of the risks identified in the risk factors discussed in our Annual
Report on Form 10-K for the year ended December 31, 2019, as
amended by Amendment No. 1 to the Annual Report on Form 10-K, and
our Quarterly Reports on Form 10-Q for the quarters ended March 31,
2020 and June 30, 3030, as being heightened as a result of the
ongoing and numerous adverse impacts of COVID-19. Additional
factors which may cause the actual results, performance, or
achievements of WashREIT to be materially different from future
results, performance or achievements expressed or implied by such
forward-looking statements are detailed from time to time in our
filings with the SEC. While forward-looking statements reflect our
good faith beliefs, they are not guarantees of future performance.
We undertake no obligation to update our forward-looking statements
or risk factors to reflect new information, future events, or
otherwise.
Contact: Amy
HopkinsPhone:
202-774-3253E-mail: ahopkins@washreit.com
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