this summer to buythe approximate 290,000-square-foot, West End office.
The property is fully occupied by two high-quality tenants underlong-term leases. WRIT assumed a $101.9-million loan with an annualinterest rate of 5.619%. The remaining balance was funded throughits line of credit and cash from its most recent equity offering.WRIT expects to achieve a first-year, leveraged yield of 6.7% on acash basis and 7.2% on a GAAP basis, it said.
According to WRIT's latest earning release, on October 1st, itcompleted a $60.4 million equity offering of 1.725-million commonshares at a price of $35 per share. "We believe we are now in aposition to easily fund our capital requirements over the nextyear," Sara Grootwassink, CFO and EVP, told listeners in aconference 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.
