Washington Real Estate Investment Trust Completes Sale of Avondale Apartments for a Gain of $7 Million

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ROCKVILLE, Md.--(BUSINESS WIRE)-- Washington Real Estate Investment Trust (WRIT) (NYSE:WRE) has completed the sale of Avondale Apartments for $19.75 million. The 237-unit Class B property, located in Laurel, Maryland, was acquired in 1999.

WRIT achieved a net book gain of $7 million on the sale of the property and an 11% unlevered internal rate of return during the ownership period. Drew White and Mike Marshall of Cushman and Wakefield represented WRIT in the transaction.

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 92 properties consisting of 28 office properties, 22 industrial/flex properties, 17 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 and our first quarter 2009 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 May 13, 2009