Washington REIT (WRE) Misses Q1 EPS by 12c, Slight Beat on Revenues

Washington REIT (NYSE: WRE) reported Q1 EPS of ($0.06), $0.12 worse than the analyst estimate of $0.06. Revenue for the quarter came in at $83.17 million versus the consensus estimate of $82.12 million.

First Quarter 2019 Highlights

Net Income and NAREIT Funds from Operations (FFO)(1)

• Net loss attributable to controlling interests was $4.4 million, or $0.06 per diluted share, compared to net income attributable to the controlling interests of $3.3 million, or $0.04 per diluted share in the first quarter of 2018. The net loss in the first quarter of 2019 was primarily attributable to a real estate impairment of $8.4 million
• NAREIT Funds from Operations (FFO) was $33.5 million, or $0.42 per diluted share, compared to $35.2 million, or $0.45 per diluted share, in the first quarter of 2018

Core FFO(1)and Operational Performance

• Reported Core FFO of $0.44 per diluted share, compared to $0.46 per diluted share in first quarter 2018
• Grew same-store(2) Net Operating Income ("NOI") by 2.9% and cash NOI(3) by 3.8% over first quarter 2018
• Grew same-store multifamily NOI and cash NOI by 4.4% over first quarter 2018
• Grew same-store retail NOI by 4.5% and cash NOI by 6.1% over first quarter 2018
• Grew same-store office NOI by 1.3% and cash NOI by 2.3% over first quarter 2018

"We are pleased to have delivered solid commercial leasing volumes and robust multifamily rent growth in the first quarter," said Paul T. McDermott, President and Chief Executive Officer. "Moreover, we are excited to be allocating significant capital into value-add multifamily, which remains fundamentally strong in the DC Metro region, and out of select legacy commercial assets. We are working hard to accelerate our leasing and strategic capital allocation goals and expect our execution to meaningfully de-risk our long-term cash flows and generate a higher risk-adjusted return for our shareholders."

For earnings history and earnings-related data on Washington REIT (WRE) click here.

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