Washington REIT closes first sale of suburban MD office portfolio

• The sale totaled properties with 692K square feet for total proceeds of $111.5M. The companies remaining MD office assets are under contract to be sold, with the deals expected to close late in Q3.
• The sales are part of the company plan to get out of low-barrier suburban office properties, and into value-add, urban in-fill, multifamily with higher growth potential, lower leasing capital requirements, and greater cash-flow stability.
• NYSE:WRE remains near its 2016 high, down 0.4% today to $29.87.