Washington REIT CEO to retire by 2013 end George F. “Skip” McKenzie has communicated to WRIT’s Board of Trustees his decision to retire from WRIT by the end of 2013. The WRIT Board has requested that Mr. McKenzie remain with WRIT in order to oversee the sale of the Medical Office Division and the reinvestment of proceeds, and Mr. McKenzie has agreed to do so. The WRIT Board intends to commence a search for a successor chief executive promptly, with the goal of announcing a selection in the coming months.
Washington REIT sees FY15 core FFO $1.66-$1.74, consensus $1.69 FY15 same-store NOI growth is projected to range from 0%-2%, with same-store occupancy improving modestly. FY15 same-store office NOI growth is projected to range from 0%-2% excluding the redevelopment project at Silverline Center. FY15 same-store multifamily NOI growth is projected to range from 0%-1%. The Maxwell development is expected to contribute NOI of 2c-3c per share. FY15 same-store retail NOI growth is projected to range from 1%-3%.