Washington Real Estate Investment Trust Earnings: Here’s Why the Stock is Down Now
Washington Real Estate Investment Trust (NYSE:WRE) delivered a profit and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 0.63%.
Washington Real Estate Investment Trust Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 6.38% to $0.44 in the quarter versus EPS of $0.47 in the year-earlier quarter.
Revenue: Rose 0.27% to $76.9 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Washington Real Estate Investment Trust reported adjusted EPS income of $0.44 per share. By that measure, the company missed the mean analyst estimate of $0.46. It beat the average revenue estimate of $76.54 million.
Quoting Management: “This quarter we commenced the marketing of our medical office portfolio, and as expected we are seeing strong interest from potential investors. Operationally, we saw an increase in same-store portfolio occupancy from the fourth quarter, particularly in our office sector, and we are hopeful that this is the beginning of a sustainable improvement in our markets,” said George F. “Skip” McKenzie, President and Chief Executive Officer of WRIT.
Key Stats (on next page)…