watch
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.
W. Drew Hammond, Vice President, Chief Accounting Officer and Controller
Mr. Drew Hammond joined Washington REIT in October 2012 as Controller. In July 2015, he was named Vice President, Chief Accounting Officer and Controller. In this capacity, he has overall responsibility for accounting operations, including accounts payable, payroll, property accounting and lease administration. He also oversees financial reporting, technical accounting, accounting policy and income taxes. Prior to joining Washington REIT, he held various roles at CapitalSource, Inc., a commercial financial lending company, from 2003 – 2012. He served as Controller beginning in 2007, where he had primary oversight of accounting operations, accounts payable, expense reporting, financial reporting, equity accounting, payroll and accounting for debt, equity investments and derivatives. Prior to serving as Controller, he served as Assistant Controller and Manager of Financial Reporting. Prior to joining CapitalSource in 2003, Mr. Hammond was a Senior Manager at Ernst & Young LLP from May 2002 to December 2003, and held various positions in the assurance practice at Arthur Andersen LLP from 1995 to 2002. Mr. Hammond earned a Bachelor of Science in Business Administration and Accounting from Washington and Lee University and is a certified public accountant.
Stephen E. Riffee, Executive Vice President & Chief Financial Officer
Mr. Stephen E. Riffee joined Washington REIT as Executive Vice President and Chief Financial Officer-elect on February 17, 2015. Mr. Riffee then was elected Chief Financial Officer on March 4, 2015. Prior to joining Washington REIT, Mr. Riffee served as Executive Vice President and Chief Financial Officer for Corporate Office Properties Trust (COPT), an NYSE office REIT, from 2006 to February 2015. In this role he oversaw all financial functions, including accounting, financial planning and analysis, tax, treasury, capital markets and investor relations. Additionally, Mr. Riffee oversaw the legal department and information technology at COPT. Between 2002 and 2006, he served as Executive Vice President and Chief Financial Officer for CarrAmerica Realty Corporation, a national NYSE public office REIT.
Michael T. McDonald, Managing Director, Real Estate Services
Mr. Michael T. McDonald is Managing Director, Real Estate Services, responsible for project management, engineering, energy, and environmental services. He joined Washington REIT in January 2007 as Director of Engineering. Prior to joining Washington REIT, Mr. McDonald served as President for EMCOR Services (Combustioneer), a mechanical services subsidiary of EMCOR Group. From 1999 to 2005, he was Vice President & Regional Manager for Building Technology Engineers, where he managed National Accounts and was responsible for Mid-Atlantic regional services. Over his thirteen years with Fidelity Investments, he held a number of roles, including Director of Real Estate. He has also held positions as an engineering officer in the merchant marine (Department of Defense), and LTJG with the Unites States Naval Reserve. He holds a Master of Business Administration from Boston University and a Bachelor of Science in Marine Engineering from Massachusetts Maritime Academy.
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.

News & Analysis