Washington REIT (WRE) Tops Q1 EPS by 3c

Washington REIT (NYSE: WRE) reported Q1 EPS of ($0.02), $0.03 better than the analyst estimate of ($0.05). Revenue for the quarter came in at $69.63 million versus the consensus estimate of $69.43 million.

"We are pleased with the early signs of recovery that we are seeing across our multifamily and commercial portfolios," said Paul T. McDermott, President and CEO. "In multifamily, we believe improving lease rates and declining concessions, combined with stable occupancy point toward continued NOI growth over the course of the year. In commercial, touring and proposal activity increased during the quarter, renewal activity has picked up, and collections remain strong. Looking ahead, we remain focused on optimizing our multifamily pricing, capturing new commercial leases as confidence and visibility returns, and pursuing opportunities for transformation led by our research-driven multifamily investment strategy."

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

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