WASHINGTON, July 28, 2022 (GLOBE NEWSWIRE) -- Washington Real Estate Investment Trust (“WashREIT” or the “Company”) (NYSE: WRE), a multifamily REIT with properties in the Washington metro area and the Southeast, reported financial and operating results today for the quarter ended June 30, 2022:
Financial Results
Net loss was $8.9 million, or $0.10 per diluted shareNAREIT FFO was $15.2 million, or $0.17 per diluted shareCore FFO was $18.2 million, or $0.21 per diluted shareNet Operating Income (NOI) was $32.8 millionOperational Highlights
Same-store multifamily NOI increased by 5.1% compared to the prior year period and continues to build for the second half of 2022Effective new Lease Rate Growth was 11.7%, effective renewal Lease Rate Growth was 10.9%, and effective blended Lease Rate Growth was 11.2% during the quarter for our same-store portfolioEffective new Lease Rate Growth was 17.7%, effective renewal Lease Rate Growth was 16.3%, and effective blended Lease Rate Growth was 16.9% during the quarter for our Atlanta portfolioEffective new Lease Rate Growth continued to increase post quarter end; for July move ins, we have achieved blended effective Lease Rate Growth of 17.0% for our Atlanta portfolio and 11.3% for our same-store portfolioSame-store retention increased to 63% compared to 57% in the second quarter of 2021Same-store multifamily Average Occupancy increased 70 basis points from the second quarter of 2021 to 95.8%Transformation Update
Completed the acquisitions of Alder Park in Smyrna, GA and Marietta Crossing in Marietta, GA for $178 million in aggregate on May 5, 2022, including the assumption of two mortgage notes totaling $76.6 million in the aggregate, each securing one of the properties.