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Washington Real Estate Investment Trust

Washington Real Estate Investment Trust

Sector: Real Estate Investment Trusts Region: MD, United States


: | New York Stock Exchange: WRE


Washington Real Estate Investment Trust is a self-administered, self-managed, equity real estate investment trust founded in 1960, making it the oldest publicly traded REIT in the country. WRIT owns and operates income-producing real estate properties in the greater Washington, D.C. region. We invest in a diversified portfolio that includes office, medical office, retail and residential properties and land for development. This strategy has proven successful through five decades of established performance in the nation's capital.

The Washington, D.C. regional economy is one of the best—and most resilient—real estate markets in the country, populated by a highly educated and diverse workforce. In recent years, we have been repositioning our portfolio by acquiring high quality properties inside the Capital Beltway, which encompasses Washington, D.C.´s central business district and close–in suburbs, as well as in strategic locations in the region with strong demographics near major transportation nodes and regional health care centers.

As the only REIT focused exclusively on the greater Washington, D.C. region with a diverse portfolio of investments, the company enjoys a unique perspective on the market. WRIT knows Washington: Our people are experts in every aspect of real estate investing and property management in the communities in which they live and work. That experience, portfolio diversity and local focus combine to put WRIT in the perfect position to respond to shifts in the market and identify future opportunities as they arise.

WRIT has a storied history of building value for its shareholders as the oldest existing publicly-traded REIT in the United States: an investment of $10,000 in WRIT in December 1971, with dividends reinvested, would be worth $3.2 million as of December 2012.

Investor Calendar

Executives

Paul T. McDermott , President and Chief Executive Officer
Mr. Paul T. McDermott was elected to the Board of Trustees and named President and Chief Executive Officer of WRIT in October 2013. Prior to joining WRIT, he was Senior Vice President and Managing Director for Rockefeller Group Investment Management Corp., a wholly owned subsidiary of Mitsubishi Estate Co., Ltd. Prior to joining The Rockefeller Group, he served from 2006 to 2010 as Principal and Chief Transaction Officer at PNC Realty Investors. Between 2002 and 2006, Mr. McDermott held two primary officer roles at Freddie Mac – Chief Credit Officer of the Multifamily Division and Head of Multifamily Structured Finance and Affordable Housing. From 1997 to 2002, he served as Head of the Washington, DC Region for Lend Lease Real Estate Investments. Mr. McDermott received a Bachelors of Science in Business Administration from Shepherd University and holds a Masters in Business Administration in Finance from American University.
Thomas Q. Bakke, Executive Vice President and Chief Operating Officer
Mr. Thomas Q. Bakke was named Executive Vice President and Chief Operating Officer of WRIT in April 2014. Prior to joining WRIT, he was Senior Managing Director at Cushman & Wakefield where he was the Market Leader for Northern Virginia. From February 2007 to January 2012, Mr. Bakke held the position of Market Managing Director for Boston at Equity Office Properties, a national commercial real estate owner and a subsidiary of The Blackstone Group. Over his 20 plus years at Equity Office Properties, Mr. Bakke held a variety of other senior positions with the company and its predecessors including Senior Vice President, National Leasing and Senior Vice President, Field Operations. Prior to joining Equity Office Properties in 1991, Mr. Bakke held positions with The Staubach Company and Coldwell Banker Commercial Real Estate Services (predecessor of CBRE). Mr. Bakke served in the U.S. Naval Reserve for 14 years and was a former F-14 aviator, attaining more than 1000 flight hours with direct involvement in such world crisis situations as the Iranian hostage rescue effort and the Iran-Iraq war. Mr. Bakke is a graduate of the United States Naval Academy and has a MBA in Finance, attending MIT’s Sloan School of Management and Golden Gate University.
Laura M. Franklin , Executive Vice President, Accounting and Administration
Ms. Laura M. Franklin joined WRIT in August 1993 as Assistant Vice President, Finance. In 1995, she was named Vice President, Chief Accounting Officer and Corporate Secretary of WRIT. Ms. Franklin was named Senior Vice President, Accounting, Administration and Corporate Secretary in May 2002 and was promoted to Executive Vice President in June 2007. Prior to joining WRIT, she was employed by The Reznick Group, specializing in audit and tax services for real estate clients. Ms. Franklin formerly served on the NAREIT Best Financial Practices Council and was a director of KEEN USA and KEEN Greater DC, a non-profit organization that provides recreational opportunities for children and young adults with mental and physical disabilities. Ms. Franklin received a BS in Accounting from the University of Maryland and is a CPA.
William T. "Bill" Camp, Executive Vice President & Chief Financial Officer
Mr. William T. "Bill" Camp joined WRIT in November 2008 as Executive Vice President and Chief Financial Officer - Elect and was elected to Executive Vice President and Chief Financial Officer on March 3, 2009. Prior to joining WRIT, he was Vice President, Assistant Director of Equities at Wachovia Securities, LLC where he was one of the lead portfolio managers overseeing the investment of approximately $7 billion. Prior to the merger between Wachovia Securities, LLC and A.G. Edwards & Sons, Inc. in October 2007, Mr. Camp served as Assistant Director of Equity and Fixed Income Research at A.G. Edwards from 2004. Previously, Mr. Camp served five years as Vice President, REIT Research Group Leader and seven years as a Senior Public Finance Investment Banker, also with A.G. Edwards. Mr. Camp has a Bachelors of Science in Mathematics and a Bachelors and Masters of Science in Engineering Mechanics from the University of Wisconsin. He also earned his Masters of Business Administration from Washington University in St. Louis.
Thomas C. Morey, Senior Vice President, General Counsel and Corporate Secretary
Mr. Thomas C. Morey joined WRIT in October 2008 as Senior Vice President and General Counsel. Prior to joining WRIT, he served in a business role as Chief Operating Officer of Medical Funding Services, Inc., a provider of financial and administrative services to healthcare companies, from February 2006 to September 2008. Previously, Mr. Morey was a corporate partner with Hogan & Hartson LLP, a multi-national law firm (now known as Hogan Lovells), where he focused on capital market transactions, mergers and acquisitions, strategic investments and general business matters for national and regional office, retail, residential, lodging and other REITs. From 1997 to 1998, Mr. Morey was a corporate attorney with Jones Day in Dallas, Texas. Mr. Morey is a member of the Board of Directors of the Maryland Chamber of Commerce and also serves on the Executive Committee of the Maryland Chamber of Commerce. He received an AB in Economics from Princeton University and a JD from Duke University School of Law.
Thomas L. Regnell, Senior Vice President
Mr. Thomas L. Regnell joined WRIT in January 1995 as Vice President, Acquisitions. Mr. Regnell was named Managing Director, Acquisitions in 2001 and was promoted to Senior Vice President, Acquisitions in October 2007. From 1992 through 1994, Mr. Regnell served as an Investment (Acquisitions) Officer with Federal Realty Investment Trust. Previously, Mr. Regnell was a Vice President with Spaulding & Slye Company, a real estate development, brokerage and management company. Mr. Regnell is a member of the Urban Land Institute (ULI), the International Council of Shopping Centers (ICSC), the National Association of Industrial and Office Parks (NAIOP) and serves as a director and executive committee member of the Northern Virginia NAIOP. He also is an Advisory Board Member for the Center for Real Estate Development, Kenan-Flagler Business School, University of North Carolina-Chapel Hill. Mr. Regnell received a BA from George Washington University and a MBA from the University of North Carolina-Chapel Hill.
Paul S. Weinschenk , Managing Director and Vice President
Mr. Weinschenk joined WRIT in February 2013 as Managing Director and Vice President, Head of Retail Division. Prior to joining WRIT, he was Vice President, Retail at The Peterson Companies. During his 16 years there, he oversaw development of several of its most significant projects in the Washington metro region, including Fairfax Corner, Virginia Gateway, Frederick Crossing, and East Market at Fair Lakes, in total containing more than 1.9 million square feet of leasable area. Mr. Weinschenk's work at Peterson also included anchor sales and leasing responsibilities for the shopping centers he developed, and he completed transactions in excess of 1.4 million square feet. Before the Peterson Cos., Mr. Weinschenk worked for Apple South, Inc. acquiring real estate for the company in a five-state area and for the Chase Manhattan Bank, N.A. in its Owned Real Estate Department. Mr. Weinschenk's professional career began as an architect working on a variety of projects for Dewberry. He holds a Masters in Business Administration from the Kenan-Flager Business School at the University of North Carolina and a Bachelor of Science in architecture from the University of Virginia. Mr. Weinschenk is an active member of the International Council of Shopping Centers (ICSC), currently serving as State Director for Maryland, Northern Virginia and the District of Columbia.
Edward J. Murn , Managing Director
Mr. Murn joined WRIT in April 2013 as Managing Director, Head of Residential Division. Prior to joining WRIT, he was Director of Development at The Tower Companies, where he was responsible for metro DC area projects including The Blairs, White Flint Mall, and Tower Oaks. His previous experience was as Vice President of Multifamily Development and Team Leader at Kettler, Inc.; as Director of Acquisitions & Development, Northeast Investment Group at Archstone-Smith Trust (now Archstone); and as Director of Capital Markets at Charles E. Smith Residential Realty, Inc. Mr. Murn began his professional career as a banker with Citizens Bank of Maryland and First Horizon Construction Lending. He holds a Master of Science in Real Estate from Johns Hopkins University, a Master of Business Administration from Loyola College, and a Bachelor of Science in Business Administration from the University of Richmond. Mr. Murn is an active member of the Urban Land Institute and Johns Hopkins Real Estate Forum.

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