Real Estate News

Washington Real Estate Investment Trust Acquires 6565 Arlington Blvd for $30 Million

ROCKVILLE, Md.--(BUSINESS WIRE)--Aug. 11, 2006--Washington Real Estate Investment Trust (WRIT) (NYSE:WRE) has acquired 6565 Arlington Blvd., a five-story, 139,589 SF office building located in Falls Church, Virginia for $30.0 million. Located inside the Capital Beltway and on U.S. Route 50, the property is just minutes from Washington, D.C., Tysons Corner, Arlington and the Pentagon.

The property is currently 82% occupied with four tenants and includes a detached two-story parking garage and additional surface parking. WRIT expects to achieve a first-year unleveraged yield of 6.8% on a cash basis and 7.2% on a GAAP basis. WRIT funded the acquisition through its line of credit.

6565 Arlington Blvd. is a high-quality office building that will attract a stable, diversified tenant base given its transportation access. The building provides an excellent opportunity for above-average return with aggressive lease-up while providing potential for long-term redevelopment with the additional development of approximately 80,000 SF.

WRIT is a self-administered, self-managed, equity real estate investment trust investing in income-producing properties in the greater Washington/Baltimore metropolitan region. WRIT owns a diversified portfolio of 79 properties consisting of 14 retail centers, 22 office properties, 12 medical office properties, 22 industrial/flex properties and 9 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, fluctuations in interest rates, availability of raw materials and labor costs, levels of competition, the effect of government regulation, the availability of capital, weather conditions, the timing and pricing of lease transactions, and changes in general and local economic and real estate market conditions.

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	A Rehabilitation mortgage is a mortgage that covers the costs of repairing or improving Rehabilitation mortgage is a mortgage that covers the costs of rehabilitating (repairing or Improving) a property; some rehabilitation mortgages - like the FHA's 203(k) - allow a borrower to roll the costs of rehabilitation and home purchase into one mortgage loan.