Washington Real Estate Investment Trust Announces New Quarterly Dividend Rate
July 26 2012 - 4:07PM
Business Wire
WRIT’s Board of Trustees announced today a quarterly dividend of
$0.30 per share to be paid on September 28, 2012 to shareholders of
record on September 14, 2012. The new quarterly dividend rate
represents a 31% decrease from WRIT’s second quarter 2012 dividend
of $0.43375 per share.
This is WRIT’s 203rd consecutive quarterly dividend.
“We estimate that our new dividend rate will provide additional
cash flow of approximately $35 million per year. This action will
allow us to retain more capital to invest in property acquisitions,
development projects and improvements to our existing assets – or
reduce debt – all of which are critical components of our long-term
strategy,” said George F. “Skip” McKenzie, President and Chief
Executive Officer of WRIT. “We expect aligning our dividend payment
to more closely approximate taxable income will create a catalyst
for successful execution of our strategic plan. We believe this
alignment will position us to enhance future growth to our
shareholders while we continue to operate our business from a
position of balance sheet strength.”
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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