Washington REIT (WRE) Misses Q4 EPS by 9c

February 11, 2021 4:23 PM EST
Get Alerts WRE Hot Sheet
Price: $22.75 -0.57%

EPS Growth %: -119.7%

Financial Fact:
Other income: 83K

Today's EPS Names:
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Washington REIT (NYSE: WRE) reported Q4 EPS of ($0.13), $0.09 worse than the analyst estimate of ($0.04). Revenue for the quarter came in at $71.23 million versus the consensus estimate of $71.18 million.

Fourth Quarter 2020 Financial and Operational Results

  • Net loss was $11.0 million, or $0.13 per diluted share, including net losses on the sale of real estate of $7.5 million
  • NAREIT FFO was $26.7 million, or $0.32 per diluted share
  • Core FFO was $0.33 per diluted share
  • Net Operating Income (NOI)(2) was $42.5 million
  • Cash collections improved from the third quarter of 2020
  • Same-store NOI and cash NOI declined 11.3% compared to the fourth quarter of 2019 due primarily to lower rental income and higher credit losses on certain tenants impacted by COVID-19
  • Multifamily lease rates(4) declined 3.6% and 5.7%, respectively, on a gross blended and effective blended basis during the fourth quarter

"We successfully navigated through a challenging and unexpected year, and we expect to enter the recovery phase of this pandemic with a stronger balance sheet, a reaffirmed strategic direction, and a portfolio that is on the path to growth once demand returns," said Paul T. McDermott, President and CEO. "We have no exposure to co-working operators or tenants, and no single-tenant risk. Additionally, we have manageable near-term commercial lease expirations and our multifamily fundamentals continue to hold up well. As we continue to manage through uncertain, but improving, market conditions, we remain committed to maintaining our financial strength and positioning our portfolio for long-term growth."

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

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