ROCKVILLE, MD-Washington Real Estate Investment Trust is launching an offering of $250 million in senior unsecured notes with a maturity date of 2020. The REIT plans to use the proceeds from the offering to purchase outstanding convertible senior notes that are due in 2011 and 2026. The remaining proceeds, if any, will be used to repay borrowings under WRIT's lines of credit or for general corporate purposes.
WRIT has embarked on a larger strategy to recycle capital into more modern assets--those that are located near transportation centers or affiliated with BRAC trends, according to earlier comments made by CEO George McKenzie. For instance, earlier this year the REIT acquired two office buildings within Quantico Corporate Center for $68 million.
In the past quarter it has also sold a 229,000-square-foot office and industrial portfolio for $23.4 million, booking a net gain of $7.9 million for the transaction.
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