Washington Real Estate Investment Trust / WRE

About Washington Real Estate Investment Trust

6110 Executive Blvd., Suite 800, Rockville, Md. 20852
www.writ.com | 301-984-9400 | Founded: 1960

Industry: Real Estate | Category: Public Companies

The company is preparing for a change of leadership. In June, it named George F. McKenzie president and chief operating officer. McKenzie joined the company in 1996 and had most recently served as executive vice president of real estate. He is slated to become chief executive this month, when Edmund B. Cronin Jr. steps down.
In the past year, Washington Real Estate Investment Trust spent $12 million redeveloping the Shoppes at Foxchase in Alexandria. It paid $303 million to buy 14 properties, including office buildings, medical office properties and shopping centers in the Maryland and Virginia suburbs and the District. Among its more well-known purchases were the Montrose Shopping Center and the Randolph Shopping Center in Rockville.
It is building several projects, including Bennett Park, a $76.6 million apartment building in Arlington; Clayborne Apartments, a $32.7 million project in Alexandria; and Dulles Station, an office and retail center expected to cost $52 million.
Washington Real Estate Investment Trust reported that funds from operations, a common measurement of the performance of real estate investment trusts, for the year was $92.8 million, compared with $87.4 million in 2005.

President and CEO: George F. McKenzie

2006 Financial Data

Revenues: $219,662,000 | Net Income: $38,661,000
Asssets: $1,531,265,000 | Earnings Per Share: $0.88
Stockholder Equity: $441,931,000 | Annual Dividend: $1.64
Total employees: 282 | Local employees: 282