Washington Real Estate Investment Trust Announces Results of Tender Offer for Its 5.95% Senior Notes Due June 15, 2011
ROCKVILLE, Md.--(BUSINESS WIRE)-- Washington Real Estate Investment Trust (WRIT) (NYSE: WRE) announced today the final results of its cash tender offer to purchase up to $150,000,000 of its 5.95% Senior Notes due June 15, 2011 (the "Notes"). The tender offer expired at 5:00 pm, New York City time, on October 1, 2010. As of the expiration time, $56.1 million aggregate principal amount of the Notes were validly tendered and not validly withdrawn. WRIT has accepted for payment all Notes validly tendered and not validly withdrawn pursuant to the tender offer. WRIT expects that the payment of the aggregate consideration of approximately $59.3 million (including accrued and unpaid interest) for the Notes purchased pursuant to the tender offer will be made in same-day funds on October 4, 2010.
Citi and Wells Fargo Securities were the Dealer Managers of the tender offer for the Notes.
The tender offer for the Notes was made pursuant to the Offer to Purchase dated September 23, 2010 and the related Letter of Transmittal.
The previously announced tender offer for WRIT's outstanding 3 7/8% Convertible Senior Notes due September 15, 2026 (the "Convertible Notes") is not affected by the completion of the tender offer for the Notes and continues in accordance with its terms as set forth in the Offer to Purchase dated September 23, 2010 and the related Letter of Transmittal.
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 88 properties, totaling approximately 11 million square feet of commercial space and 2,540 residential units, and land held for development. These 88 properties consist of 26 office properties, 19 industrial/flex properties, 18 medical office properties, 14 retail centers, 11 multifamily properties and land for development. WRIT shares are publicly traded on the New York Stock Exchange.
Certain statements in this press release are "forward-looking statements." 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 2009 Form 10-K and second quarter 2010 10-Q. We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
Source: Washington Real Estate Investment Trust (WRIT)
Released October 4, 2010