WRE - Washington Real Estate Investment Trust: Short-Term Pain Is Long-Term Gain

• Washington Real Estate Investment Trust has historically been diversified among multiple real estate sectors. They are now completing their transition to become a pure play multifamily REIT.
• The sale of office and retail properties will be dilutive in the short term but will enhance the company's long-term growth prospects given multifamily is much more attractive.
• WashREIT trades at a modest relative valuation discount.
• The Southeast is the fastest-growing region of the country and should outperform WashREIT's traditional DC multifamily assets.
• Post-transaction, WRE should garner a higher valuation, have less leverage, and have better long-term NAV growth.

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