"Our investment of this $48 million of equity will be accretive to current earnings. This equity strengthens WRIT's balance sheet, enabling us to make additional opportunistic investments while allowing us to maintain low leverage and high debt service coverage," WRIT president Edmund B. Cronin, Jr. says.
Merrill Lynch, Credit Suisse First Boston, A.G. Edwards & Sons, Legg Mason Wood Walker, and BB&T Capital Markets co-managed the offering.
WRIT is a real estate investment trust that invests in income-producing properties in the greater Washington-Baltimore region. Its 58-property portfolio includes 10 retail centers, 24 office properties, 15 industrial/flex properties and nine multi-family developments.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
