ROCKVILLE, MD-Washington Real Estate Investment Trust has not completed its acquisition spree of the last several months. The REIT, which has closed on $133.4 million in acquisitions this quarter, still has one deal pending, according to statements made during a recent earnings call and according to filings made with the Securities and Exchange Commission.

CFO Sara Grootwassink tells these are office assets. She also says the company has offers out for additional acquisitions–although she will not say in which asset classes–and hopes to make more closings this year. The first half of 2006 has been particularly strong, she says, in large part because of timing. “Many of these deals we were working on for well over a year.”

The $94-million acquisition, which is still pending based on the assumption of two mortgages, consists of two properties, in Rockville and Gaithersburg. According to Edmund B. Cronin, Jr., Chairman and CEO, this transaction is expected to close in August.

WRIT has made $156.5 million in acquisitions this year, the vast majority of which occurred in Q2. These deals included four medical office properties, two retail centers and one industrial/flex property. They were financed with the assumption of some mortgages and borrowings on the company’s line of credit that were later repaid with the proceeds from the firm’s recent debt and equity offerings.

WRIT, though, has taken a hit in profits this quarter; it is a result, it says, of charges related to senior executive severance pay of $1.4 million and the full expensing of second quarter 2006 share grants issued to Cronin. In June, Washington Real Estate Investment Trust announced that George F. McKenzie would become president and chief operating officer, in anticipation of Cronin’s retirement in May 2007. McKenzie joined the firm in 1996, most recently serving as executive vice president, real estate.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.