Washington Real Estate Investment Trust
) carried out a leasing activity for one of the buildings at
Braddock Metro Center in Alexandria, Va. The leasing deal penned
with Alexandria City School Board is for 85,000 square feet of
space and a term of 15 years starting Jun 1, 2014.
The building - located at 1340 Braddock Place - will be wholly
occupied by the School Board. Following this lease deal, Braddock
Metro Center is 98.6% leased. As a matter of fact, the Braddock
Metro Center - an office campus consisting of 4 office buildings
- is positioned advantageously, just next to the Braddock Road
Metro Station. Acquired in 2011, this office campus has undergone
We believe that the long-term leasing deal will help shield
Washington Real Estate from short-term market headwinds and aid
in enjoying a steady source of revenue for a considerable period
The Alexandria City School Board is in charge of implementing
policies for Alexandria City Public Schools (ACPS) - that has 19
schools and caters to the education needs of over 13,500
Washington Real Estate invests in income-producing properties in
the greater Washington metro region. Improving real estate
fundamentals and renovations made to Washington Real Estate's
portfolio have helped the company experience steady progress in
leasing volume, rental rate growth, and enhanced occupancy.
The company reported core funds from operations (FFO) of 47 cents
per share, in line with the Zacks Consensus Estimate and up 5%
sequentially. It signed commercial leases totaling 417,615 square
feet (103,513 square feet of new leases and 314,102 square feet
of renewal leases) during the quarter. The leasing volume depicts
the steady demand for the company's properties.
Washington Real Estate currently carries a Zacks Rank #3 (Hold).
REIT's that are performing better and are worth a look include
Highwoods Properties Inc.
SL Green Realty Corp.
). All the stocks carry a Zacks Rank #2 (Buy).
FFO, a widely accepted and reported measure of the
performance of REITs is derived by adding depreciation,
amortization and other non-cash expenses to net income.
CUBESMART (CUBE): Free Stock Analysis Report
HIGHWOODS PPTYS (HIW): Free Stock Analysis
SL GREEN REALTY (SLG): Free Stock Analysis
WASHINGTON REIT (WRE): Free Stock Analysis
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