Company profile

Ticker
WRE
Exchange
Website
CEO
Paul T. McDermott
Employees
Incorporated in
Fiscal year end
SEC CIK
IRS number
530261100

WRE stock data

(
)

Calendar

27 Apr 20
14 Jul 20
31 Dec 20

News

Company financial data Financial data

Quarter (USD) Mar 20 Dec 19 Sep 19 Jun 19
Revenue 76.79M 80.67M 80.26M 76.82M
Net income 1.72M 54.2M 332.77M 987K
Diluted EPS 0.02 0.66 4.14 0.01
Net profit margin 2.24% 67.19% 415% 1.28%
Operating income 12.1M 65.99M 5.77M 9.06M
Net change in cash 7.66M 8K 7.18M -6.27M
Cash on hand 20.6M 12.94M 12.93M 5.76M
Cost of revenue 28.64M 30.61M 30.69M 28.13M
Annual (USD) Dec 19 Dec 18 Dec 17 Dec 16
Revenue 309.18M 291.73M 280.28M 313.26M
Net income 383.55M 25.63M 19.67M 119.34M
Diluted EPS 4.75 0.32 0.25 1.65
Net profit margin 124% 8.79% 7.02% 38.10%
Operating income 82.87M 52.83M 42.63M 171.5M
Net change in cash 6.92M -3.83M -1.46M -12.52M
Cash on hand 12.94M 6.02M 9.85M 11.31M
Cost of revenue 115.58M 105.59M 105.4M 115.01M

Financial data from company earnings reports

Date Owner Security Transaction Code 10b5-1 $Price #Shares $Value #Remaining
30 Jun 20 Butcher Benjamin S Common Stock Grant Aquire A No 0 469.219 0 31,771.267
30 Jun 20 Byrnes William G Common Stock Grant Aquire A No 0 469.219 0 75,450.068
15 May 20 Butcher Benjamin S Common Stock Grant Aquire A No 0 2,652 0 31,302.048
15 May 20 Nolan Thomas H JR Common Stock Grant Aquire A No 0 2,652 0 21,854.526
15 May 20 Goitia Ellen M. Common Stock Grant Aquire A No 0 2,652 0 11,998.986
87.9% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 207 222 -6.8%
Opened positions 23 39 -41.0%
Closed positions 38 23 +65.2%
Increased positions 67 71 -5.6%
Reduced positions 68 64 +6.3%
13F shares
Current Prev Q Change
Total value 10.86B 12.44B -12.7%
Total shares 72.34M 74.45M -2.8%
Total puts 8.8K 6.3K +39.7%
Total calls 10.7K 9.2K +16.3%
Total put/call ratio 0.8 0.7 +20.1%
Largest owners
Shares Value Change
BLK BlackRock 14.28M $340.84M -0.6%
Vanguard 12.88M $307.46M +2.3%
STT State Street 4.44M $105.94M +7.7%
Victory Capital Management 3.49M $83.24M -2.1%
Renaissance Technologies 3.43M $81.92M -11.0%
FMR 3.29M $78.52M +3.0%
Thornburg Investment Management 2.73M $65.11M -13.4%
NTRS Northern Trust 2.05M $48.85M +5.1%
WFC^Z Wells Fargo & Company 1.85M $44.08M +3.6%
First Trust Advisors 1.67M $39.76M -0.2%
Largest transactions
Shares Bought/sold Change
Norges Bank 0 -1.03M EXIT
MS^L Morgan Stanley 302.72K -814.12K -72.9%
MCQEF Macquarie 1.24M -660.95K -34.8%
DB Deutsche Bank 518.15K +427.03K +468.7%
Renaissance Technologies 3.43M -423.4K -11.0%
Thornburg Investment Management 2.73M -421K -13.4%
STT State Street 4.44M +318.34K +7.7%
FRLG Goldman Sachs 579.76K +296.79K +104.9%
Vanguard 12.88M +293.56K +2.3%
N Price T Rowe Associates 1.56M +162.49K +11.6%

Financial report summary

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Risks
  • Our performance and value are subject to risks associated with our real estate assets and with the real estate industry, which could adversely affect our cash flow and ability to pay distributions to our shareholders.
  • We are dependent upon the economic and regulatory climate of the Washington metropolitan region, which may impact our profitability and may limit our ability to meet our financial obligations when due and/or make distributions to our shareholders.
  • We face potential difficulties or delays renewing leases or re-leasing space, and as a result, our financial condition, results of operations, cash flow and our ability to satisfy our principal and interest obligations and to make distributions to our shareholders could be adversely affected.
  • Real estate investments are illiquid, and we may not be able to sell our properties on a timely basis when we determine it is appropriate to do so, which could negatively impact our profitability.
  • The composition of our portfolio by asset class may change over time, which could expose us to different asset class risks than if our portfolio composition remained static.
  • We may not be able to control our operating expenses or our operating expenses may remain constant or increase, even if our revenues do not increase, causing our financial condition, results of operations, cash flows, per share trading price of our common shares and ability to make distributions to our shareholders to be adversely affected.
  • We may be adversely affected by any significant reductions in federal government spending or actual or threatened changes to the timing of federal government spending, which could have an adverse effect on our financial condition, results of operations, cash flows and ability to make distributions to our shareholders.
  • We face risks associated with property development/redevelopment, which could have an adverse effect on our financial condition, results of operations or ability to satisfy our debt service obligations.
  • We face potential adverse effects from major tenants' bankruptcies or insolvencies, which could adversely affect our cash flow and results of operations.
  • Competition for tenants of our multifamily properties, including as a result of increased affordability of residential homes, could affect occupancy levels and market rents at our multifamily properties, which could adversely affect our results of operations and our financial condition.
  • We face risks associated with property acquisitions.
  • We face risks associated with third-party service providers, which could negatively impact our profitability.
  • We may suffer economic harm as a result of the actions of our partners in real estate joint ventures and other investments which may adversely affect our operations.
  • Our real estate taxes could increase due to property tax rate changes or reassessment, which could impact our cash flows our financial condition, results of operations, cash flows, per share market price of our common shares and our ability to satisfy our principal and interest obligations and to make distributions to our shareholders could be adversely affected.
  • Our properties face significant competition which could adversely affect our ability to lease our properties and result in lower cash flows.
  • We face risks associated with short-term liquid investments, which could adversely affect our results of operations or financial condition.
  • Compliance or failure to comply with the Americans with Disabilities Act and other laws and regulations could result in substantial costs and adversely affect our results of operations.
  • Climate change and regulation regarding climate change in the Washington metro region may adversely affect our financial condition, results of operations, cash flows, per share market price of our common shares and our ability to satisfy our principal and interest obligations and to make distributions to our shareholders.
  • Some potential losses are not covered by insurance, which could adversely affect our financial condition or cash flow.
  • Actual or threatened terrorist attacks may adversely affect our ability to generate revenues and the value of our properties.
  • Litigation could have a material adverse effect on our financial condition or results from operations.
  • Potential liability for environmental matters could result in substantial costs, which could have an adverse effect on our financial condition and results of operations.
  • We face cybersecurity risks and risks associated with security breaches which have the potential to disrupt our operations, cause material harm to our financial condition, result in misappropriation of assets, compromise confidential information and/or damage our business relationships and can provide no assurance that the steps we and our service providers take in response to these risks will be effective.
  • We are subject to risks from natural disasters and severe weather which could increase our operating costs and reduce our cash flow.
  • We may experience a decline in the fair value of our assets, which may have a material impact on our financial condition, liquidity and results of operations and adversely impact the market value of our securities.
  • Rent control or rent stabilization legislation and other regulatory restrictions may limit our ability to increase rents and pass through new or increased operating costs to our tenants.
  • We are dependent on key personnel and the loss of such personnel could adversely affect our results of operations and financial condition.
  • We face risks associated with the use of debt, including refinancing risk.
  • Rising interest rates would increase our interest costs which could adversely affect our cash flow and ability to pay distributions.
  • Failure to effectively hedge against interest rate changes may adversely affect our financial condition, results of operations, cash flow, per share market price of our common shares and ability to make distributions to our shareholders and the future of the reference rate used in our existing hedging arrangements is uncertain, which could hinder our ability to maintain effective hedges.
  • The future of the reference rate used in our existing floating rate debt instruments and hedging arrangements is uncertain, which could hinder our ability to maintain effective hedges and could adversely impact our business operations and financial results.
  • Disruptions in the financial markets could affect our ability to obtain financing or have other adverse effects on us or the market price of our common shares.
  • Mortgage debt obligations expose us to the possibility of foreclosure, which could result in the loss of our investment in a property or group of properties subject to mortgage debt.
  • Our charter and Maryland law contain provisions that may delay, defer or prevent a change in control of WashREIT, even if such a change in control may be in the best interest of our shareholders, and as a result may depress the market price of our common shares.
  • The stock ownership limits imposed by the Code for REITs and imposed by our charter may restrict our business combination opportunities that might involve a premium price for our common shares or otherwise be in the best interest of our shareholders.
  • Our rights and the rights of our shareholders to take action against our trustees and officers are limited, which could limit your recourse in the event of actions that you do not believe are in your best interests.
  • We cannot assure you we will continue to pay dividends at current rates.
  • The market value of our securities can be adversely affected by many factors.
  • The loss of our tax status as a REIT would have significant adverse consequences to us and the value of our common shares.
  • Complying with the REIT requirements may cause us to forego and/or liquidate otherwise attractive investments.
  • The requirements necessary to maintain our REIT status limit our ability to earn fee income at the REIT level, which causes us to conduct certain fee-generating activities through TRSs.
  • Our ability to own stock and securities of TRSs is limited and our transactions with our TRSs will cause us to be subject to a 100% penalty tax on certain income or deductions if those transactions are not conducted on arm's-length terms.
  • Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.
  • Dividends payable by REITs do not qualify for the reduced tax rates available for some dividends.
  • Gains from sales of properties are potentially subject to the "prohibited transactions" tax or corporate-level income tax and could require us to make additional distributions to our shareholders that would reduce our capital available for investment in other properties or require us to obtain additional funds to pay such taxes or make such distributions.
  • The REIT distribution requirements could require us to borrow funds during unfavorable market conditions or subject us to tax, which would reduce the cash available for distribution to our shareholders.
  • The ability of our board of trustees to revoke our REIT qualification without shareholder approval may cause adverse consequences to our shareholders.
  • Even if we qualify as a REIT, we may face other tax liabilities that reduce our cash flow.
  • Legislative changes to our ability to deduct for tax purposes compensation paid to our executives could require us to increase our distributions to stockholders in order to maintain REIT status or to avoid entity-level taxes.
  • There is a risk of changes in the tax law applicable to REITs which may adversely affect our taxation as a REIT and taxation of our shareholders.
Management Discussion
  • Real estate rental revenue is comprised of (a) minimum base rent, which includes rental revenues recognized on a straight-line basis, (b) revenue from the recovery of operating expenses from our tenants, (c) credit losses on lease related receivables, (d) revenue from the collection of lease termination fees and (e) parking and other tenant charges such as percentage rents.
  • Real estate rental revenue from acquisitions increased due to the acquisitions of Assembly Portfolio ($9.8 million) during the second quarter of 2019 and Cascade at Landmark ($1.6 million) during the third quarter of 2019.
  • Real estate rental revenue from held for sale and sold properties classified as continuing operations decreased due to the sale of 1776 G Street ($3.5 million) during the fourth quarter of 2019, Quantico Corporate Center ($1.4 million) during the second quarter of 2019 and due to lower real estate rental income at John Marshall II ($0.1 million).
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