“Real estate is a local business and is much more
effectively selected and managed by owners who are
located and are experts in a region.”EDMUND B. CRONIN, JR., CHAIRMAN OF THE BOARD OF TRUSTEES AND FORMER PRESIDENT AND CEO
STAYING THE COURSE
The ’90s was the decade of the Internet, the rise of the Dulles Tech Corridor, and the resurgence of Washington’s East End. At WRIT, it marked an unbroken, 30-year record of dividend growth. WRIT was assigned top credit ratings and reached $600 million in total assets. The early ’90s were recessionary, but by the end of the decade annual inflation hit historic lows. WRIT listed on the NYSE and ended the decade by achieving 12.9% FFO per share growth, 40% greater than the industry average.
- 1992
-
RECESSION OF 1990
-
Inception of Dow Jones
REIT Composite Index -
George H. W. Bush,
U.S. President1989–1993
-
1993 Annual Report
- 1994
-
Internet takes off, giving rise to the
Dulles Tech Corridor in Northern
Virginia as a major business and
employment hub in the region -
Acquired Tycon II & III – 293,000 sf
$179 million in assets
- 1995
-
DJIA closed above the 5,000 level for the first time
-
Ed Cronin becomes
President and
Chief Executive
Officer -
1700 Research Blvd.
-
Ed Cronin
- 1996
-
U.S. President Bill Clinton
elected for his second term -
Moody’s and S&P assign WRIT with the highest
credit rating of any REIT of its size:
Baa1 and BBB+, respectively.36-year record of total portfolio occupancy above 90%.
- 1997
-
MCI Center opens
-
S&P upgrades credit
rating to A-32 consecutive years of
earnings per share growth27 consecutive years of
dividend growth -
Ammendale Technology Park II
-
1997 Annual Report
- 1998
-
Annual inflation hits low of 1.6%
-
Total assets of $559 million
WRIT enjoys second highest
total return to shareholders
among all equity REITs – 18.7% -
- 1999
-
Technology/Biotechnology
sector surpasses the
federal government as largest
employer in the region -
January 4, 1999 – WRIT is first new NYSE
listing of 199912.9% FFO
per share growth –
40% greater than the
REIT industry average -
Bill Clinton,
U.S. President1993–2001
-
600 Jefferson Plaza
-
RECESSION OF 20000
timeline color key
- WRIT HISTORY
- ECONOMIC DEVELOPMENT IN WASHINGTON DC & METRO AREA
- NATIONAL ECONOMIC/POLITICAL MILESTONES/EVENTS