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WRE > SEC Filings for WRE > Form 8-K on 26-Nov-2013All Recent SEC Filings

Show all filings for WASHINGTON REAL ESTATE INVESTMENT TRUST | Request a Trial to NEW EDGAR Online Pro



Completion of Acquisition or Disposition of Assets, Finan

Item 2.01 Completion of Acquisition or Disposition of Assets.

On October 3, 2013, Washington Real Estate Investment Trust ("WRIT") reported in a Current Report on Form 8-K that it had entered into four separate purchase and sale agreements with Harrison Street Real Estate Capital, LLC to effectuate the sale of WRIT's entire medical office portfolio, consisting of 17 medical office assets, and two office assets, 6565 Arlington Boulevard and Woodholme Center (both of which have significant medical office tenancy), encompassing in total approximately 1.5 million square feet. The assets to be sold also included land held for development at 4661 Kenmore Avenue.The sales prices under the four agreements aggregate to $500,750,000.

On November 21, 2013, WRIT closed on the first two of the four purchase and sale agreements. The sales prices under the two agreements aggregate to $307,189,438. The projected closing date under both of the remaining purchase and sale agreements is on or before January 31, 2014.

The properties, purchase prices and actual/projected closing dates under each of the purchase and sale agreements are as follows:

Purchase and Sale Agreement #1 ($303,354,090; closed on November 21, 2013, except Woodholme Medical Office Building, which closed on November 22, 2013):
1. 2440 M Street
2. Alexandria Professional Center
3. 8301 Arlington Boulevard
4. 6565 Arlington Boulevard
5. Ashburn Farm Office Park I
6. Ashburn Farm Office Park II
7. Ashburn Farm Office Park III
8. CentreMed I and II 9. Sterling Medical Office Building 10. 19500 at Riverside Office Park (formerly Lansdowne Medical Office Building)
11. Shady Grove Medical Village II 12. 9707 Medical Center Drive 13. 15001 Shady Grove Road 14. 15005 Shady Grove Road
15. Woodholme Center
16. Woodholme Medical Office Building

Purchase and Sale Agreement #2 ($3,835,348; closed on November 21, 2013):
1. 4661 Kenmore Avenue (undeveloped land)

Purchase and Sale Agreement #3 ($78,998,212; expected to close by January 31, 2014):
1. Woodburn Medical Park I
2. Woodburn Medical Park II

Purchase and Sale Agreement #4 ($114,562,350; expected to close by January 31, 2014):
1. Prosperity Medical Center I & II
2. Prosperity Medical Center III

The foregoing description of the purchase and sale agreements does not purport to be complete and is qualified in its entirety by reference to the purchase and sale agreements, copies of which were filed as Exhibits to the Current Report on Form 8-K filed on October 3, 2013.

ITEM 9.01. Financial Statements and Exhibits.
(b) Pro Forma Financial Information. The following pro forma financial statements reflecting the disposition of the properties included in all four of the purchase and sale agreements listed above are attached as Exhibit 99.1:
1. WRIT Unaudited Pro Forma Consolidated Balance Sheet as of September 30, 2013.

2. WRIT Unaudited Pro Forma Condensed Consolidated Statements of Income for the years ended December 31, 2012, 2011 and 2010.

(d) Exhibits The following exhibits are furnished with this report on Form 8-K:
Exhibit Number Description

99.1             Unaudited pro forma condensed consolidated financial statements of
                 Washington Real Estate Investment Trust
99.2             Press release issued November 25, 2013 regarding the completion of
                 the sale of the first phase of the medical office portfolio

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