Washington Real Estate Investment Trust Completes Sale of Crossroads Distribution Center for a Gain of $1.6 Million

Business Wire

posted: 10 DAYS 7 HOURS AGO

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Washington Real Estate Investment Trust (WRIT) (NYSE: WRE) has completed the sale of the Crossroads Distribution Center for $4.375 million. The 85,000 square foot industrial property, located in Elkridge, Maryland, was acquired in 1995.

WRIT achieved a net book gain of $1.6 million on the sale of the property and an 11.3% unlevered internal rate of return during the 14-year ownership period.

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 90 properties totaling approximately 11 million square feet of commercial space and 2,536 residential units. These 90 properties consist of 27 office properties, 20 industrial/flex properties, 18 medical office properties, 14 retail centers, 11 multi-family properties and land for development. 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 effect of the current credit and financial market conditions, the availability and cost of capital, fluctuations in interest rates, tenants' financial conditions, the timing and pricing of lease transactions, levels of competition, the effect of government regulation, the impact of newly adopted accounting principles, changes in general and local economic and real estate market conditions, and other risks and uncertainties detailed from time to time in our filings with the SEC, including our 2008 Form 10-K, our third quarter 2009 10-Q and our Form 8-K filed July 10, 2009. We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.