Washington Real Estate Investment Trust Commences $100 Million Convertible Senior Notes Offering

Strategic Insights -

Washington Real Estate Investment Trust (WRIT) has initiated a public offering of $100 million aggregate principal amount of convertible senior notes due 2026. The offering, which is underwritten by Credit Suisse Securities (USA) LLC, aims to utilize the net proceeds to repay borrowings under WRIT's lines of credit. WRIT's common shares are publicly traded on the New York Stock Exchange, with a symbol of WRE. This move is a crucial step for the self-administered, self-managed, equity real estate investment trust, which invests in income-producing properties in the greater Washington/Baltimore metropolitan region.

Key Takeaways:

  • WRIT will offer $100 million aggregate principal amount of convertible senior notes due 2026, with an option to purchase up to an additional $10 million within 30 days.
  • The notes will be senior unsecured obligations, convertible for cash or a combination of cash and WRIT's common shares.
  • WRIT intends to utilize the net proceeds from the offering to repay borrowings under its lines of credit.
  • Credit Suisse Securities (USA) LLC will serve as the sole underwriter for the offering.
  • WRIT's common shares are traded on the New York Stock Exchange, with a symbol of WRE.
  • The trust has a diverse portfolio of income-producing properties in the greater Washington/Baltimore metropolitan region.

Statistics:

  • Total offering amount: $100 million
  • Additional option amount: up to $10 million
  • Notes maturity date: 2026
  • Conversion option: cash or a combination of cash and WRIT's common shares
  • Underwriter: Credit Suisse Securities (USA) LLC

Sources:

  • Washington Real Estate Investment Trust, "WRIT Commences $100 Million Convertible Senior Notes Offering"
  • NYSE, "WRE Publication Information"