Washington Real Estate Investment Trust (WRE, Financial) filed Quarterly Report for the period ended 2010-06-30.
Washington Real Estate Investment Trust has a market cap of $1.91 billion; its shares were traded at around $31.44 with and P/S ratio of 6.3. The dividend yield of Washington Real Estate Investment Trust stocks is 5.5%. Washington Real Estate Investment Trust had an annual average earning growth of 3.4% over the past 10 years. GuruFocus rated Washington Real Estate Investment Trust the business predictability rank of 4.5-star.WRE is in the portfolios of Tom Gayner of Markel Gayner Asset Management Corp, Columbia Wanger of Columbia Wanger Asset Management, Columbia Wanger of Columbia Wanger Asset Management, Jim Simons of Renaissance Technologies LLC.
Subsequent to the end of the 2010 Quarter, we prepaid without penalty a $21.7 million mortgage note using proceeds from our lines of credit. Our total remaining debt maturities for the balance of 2010 and 2011 are $2.1 million and $403.4 million, respectively. We currently expect to pay these maturities with some combination of proceeds from new debt, property sales and equity issuances.
Minimum Base Rent: Minimum base rent slightly increased in the 2010 Quarter as compared to the 2009 Quarter due to the acquisition of Quantico Corporate Center ($0.7 million) and the lease-up of our development properties ($0.3 million). Minimum base rent from core properties decreased by $0.9 million due primarily to lower occupancy ($1.6 million) and higher rent abatements ($0.2 million), partially offset by higher rental rates ($1.0 million).
Minimum base rent increased by $0.2 million in the 2010 Period as compared to the 2009 Period due to the acquisition of Quantico Corporate Center ($0.7 million) and the lease-up of our development properties ($0.9 million). Minimum base rent from core properties decreased by $1.3 million due to lower occupancy ($2.7 million) and higher rent abatements ($0.3 million), partially offset by higher rental rates ($1.8 million).
Recoveries from tenants decreased by $1.3 million in the 2010 Period as compared to the 2009 Period due primarily to lower real estate tax reimbursements ($1.5 million) caused by lower property assessments across the portfolio and lower utility reimbursements ($0.4 million). These were offset by higher common area maintenance reimbursements ($0.6 million) due to costs associated with severe snow storms during the first quarter of 2010.
Provisions for doubtful accounts decreased by $0.1 million in the 2010 Period as compared to the 2009 Period due to lower provisions in the industrial segment ($0.3 million), partially offset by higher provisions in the office segment ($0.2 million).
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Washington Real Estate Investment Trust has a market cap of $1.91 billion; its shares were traded at around $31.44 with and P/S ratio of 6.3. The dividend yield of Washington Real Estate Investment Trust stocks is 5.5%. Washington Real Estate Investment Trust had an annual average earning growth of 3.4% over the past 10 years. GuruFocus rated Washington Real Estate Investment Trust the business predictability rank of 4.5-star.WRE is in the portfolios of Tom Gayner of Markel Gayner Asset Management Corp, Columbia Wanger of Columbia Wanger Asset Management, Columbia Wanger of Columbia Wanger Asset Management, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
The increases in net income and FFO also reflect a $2.3 million decrease in interest expense during the 2010 Quarter. The lower interest expense results from the paydowns of convertible notes and a $50.0 million mortgage note during 2009 and 2010 using the proceeds from equity issuances and property sales, as well as prepaying the $100.0 term loan using lower interest borrowings on our lines of credit.Subsequent to the end of the 2010 Quarter, we prepaid without penalty a $21.7 million mortgage note using proceeds from our lines of credit. Our total remaining debt maturities for the balance of 2010 and 2011 are $2.1 million and $403.4 million, respectively. We currently expect to pay these maturities with some combination of proceeds from new debt, property sales and equity issuances.
Minimum Base Rent: Minimum base rent slightly increased in the 2010 Quarter as compared to the 2009 Quarter due to the acquisition of Quantico Corporate Center ($0.7 million) and the lease-up of our development properties ($0.3 million). Minimum base rent from core properties decreased by $0.9 million due primarily to lower occupancy ($1.6 million) and higher rent abatements ($0.2 million), partially offset by higher rental rates ($1.0 million).
Minimum base rent increased by $0.2 million in the 2010 Period as compared to the 2009 Period due to the acquisition of Quantico Corporate Center ($0.7 million) and the lease-up of our development properties ($0.9 million). Minimum base rent from core properties decreased by $1.3 million due to lower occupancy ($2.7 million) and higher rent abatements ($0.3 million), partially offset by higher rental rates ($1.8 million).
Recoveries from tenants decreased by $1.3 million in the 2010 Period as compared to the 2009 Period due primarily to lower real estate tax reimbursements ($1.5 million) caused by lower property assessments across the portfolio and lower utility reimbursements ($0.4 million). These were offset by higher common area maintenance reimbursements ($0.6 million) due to costs associated with severe snow storms during the first quarter of 2010.
Provisions for doubtful accounts decreased by $0.1 million in the 2010 Period as compared to the 2009 Period due to lower provisions in the industrial segment ($0.3 million), partially offset by higher provisions in the office segment ($0.2 million).
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