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Financial: Washington Real Estate Investment Q3 Earnings Rise; In Line With Estimates; Lifts FY09 View - Update (RTTNews) - Thursday, Washington Real Estate Investment Trust (WRE), a self-administered, self-managed, equity real estate investment trust, reported an increase in earnings for the third quarter, which came in line with analysts' forecast, as revenue increased. The company lifted its outlook for fiscal 2009. Separately the company also announced a quarterly dividend of $.4325 per share to be paid on December 31, to shareholders of record on December 17. Funds From Operations or FFO for the quarter rose to $28 million or $0.48 per share from $26.1 million or $0.53 per share in the same period last year. Share count increased to 58.57 million from 49.73 million in the year-ago quarter. On average, eight analysts polled by Thomson Reuters expected the company to report earnings of $0.48 per share for the quarter. Analysts' estimates typically exclude special items. Funds available for distribution increased to $24.5 million from R22.6 million in the same period last year. Net income for the quarter rose to $9.6 million from $4.6 million in the same period last year. Earning rose to $0.16 per share from $0.09 per share in the corresponding period last year. Included in the net income for the quarter is a gain of $5.1 million or $0.09 per share related to the sale of real estate. Also included in the third quarter 2009 and third quarter 2008 net income are respective charges of $0.02 and $0.03 per share from the adoption of an accounting pronouncement impacting the accounting of the company's 3.875% convertible notes. Real estate and rental revenue increased to $75.6 million from $69.8 million in the year-ago period. Street analysts expected the company to report revenue of $75.39 million for the quarter. Overall portfolio economic occupancy for the quarter was 93.0%, compared to 91.1% a year earlier. Overall portfolio Net Operating Income was $50.0 million compared to $47.0 million in the comparable period last year. The company completed the sale of Tech 100 Industrial Park in Elkridge, Maryland for a net book gain of $4.1 million, and Brandywine Center, in Rockville, Maryland for a net book gain of $1.0 million. The company acquired Lansdowne Medical Office Building, a newly-constructed 87,400 square foot property across the street from Inova Loudoun Hospital for $19.9 million. The projected stabilized yield on the property is between 8.0% and 8.5%. For the nine-month period, FFO rose to $92.1 million or $1.61 per share from $69.8 million or $1.35 per share in the year-ago period. Net income advanced to $33.6 million or $0.60 per share from $21.9 million or $0.45 per share in the same period last year. Revenue increased to $229 million from $206.4 million a year earlier. Looking ahead, for 2009, the company lifted its FFO estimate to a range of $1.97 to 2.02 per share from $1.95 to $2.15 per share. The projection does not include gains related to the repurchase of convertible debt, which total $0.12 per share through the end of third quarter 2009. Street analysts currently expect the company to report earnings of $2.12 per share for 2009. WRE rose $0.66 or 2.43% and closed Thursday's regular trading at $27.79. |
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