Washington Real Estate Investment Trust (WRE) said Tuesday that it is exploring a 2013 disposition of its Medical Office Division to simplify its business model to focus on its core office, multifamily and retail sectors.
The company's Medical Office Division totals about 1.3 million square feet and 17 properties and, as of third quarter 2012, contributed 15% of the company's total net operating income.
Other 2013 strategic initiatives include breaking ground on two previously announced apartment joint ventures, continuing to upgrade existing properties and continuing to sell non-strategic assets, including an anticipated sale of the Atrium office building in Rockville, Maryland, in the first quarter.
Washington Real Estate Investment Trust also said that chief executive officer George McKenzie has decided to retire from the company by the end of 2013.
The Washington Real Estate Investment Trust's Board of Trustees has requested McKenzie to remain with the company in order to oversee the sale of the Medical Office Division and the reinvestment of proceeds, and McKenzie has agreed to do so.
Washington Real Estate Investment Trust plans to commence a search for a successor CEO promptly, with the goal of announcing a selection in the coming months.
Additionally, Washington Real Estate Investment Trust said it expects 2013 core FFO to be in the range of $1.82 to $1.90 per share.
Analysts polled by Thomson Reuters currently expect the company to report FFO of $1.90 per share for the full year 2013. Analysts' estimates typically exclude special items.
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