The property is fully occupied by two high-quality tenants under long-term leases. WRIT assumed a $101.9-million loan with an annual interest rate of 5.619%. The remaining balance was funded through its line of credit and cash from its most recent equity offering. WRIT expects to achieve a first-year, leveraged yield of 6.7% on a cash basis and 7.2% on a GAAP basis, it said.
According to WRIT's latest earning release, on October 1st, it completed a $60.4 million equity offering of 1.725-million common shares at a price of $35 per share. "We believe we are now in a position to easily fund our capital requirements over the next year," Sara Grootwassink, CFO and EVP, told listeners in a conference call.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
