Washington Real Estate Investment Trust (WRE)
2012 Annual Shareholders Meeting Conference Call
May 24, 2012 11:00 am ET
John P. McDaniel – Chairman
David Osnos – Director
Laura M. Franklin – Executive Vice President, Accounting and Administration, and Corporate Secretary
George F. McKenzie – President and Chief Executive Officer
Thomas C. Morey – Senior Vice President and General Counsel
John P. McDaniel
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Well, I’d like to welcome you to this Annual Meeting. I will call it to order of the Washington Real Estate Investment Trust. I’m Chairman of the Board, John McDaniel, and I'm delighted to have each and every one of you here today. It looks like a great turnout, and that’s what we were hoping for.
This is our 2012 Annual Shareholders Meeting. And over the last year, since we last met in this room as shareholders, as investors; the company has moved forward with its strategic plan, which has been executed, I think fairly well by the executive team.
We’ve had an exceptionally active year, if you have read the Annual Report, and looked into the details associated with that, it’s been an active year, and a successful year as well. The sale of our industrial division, we’ve had several key acquisitions in the office, in the retail sector, Skip, will go into that in greater depth. And I think a very promising commencement of two multifamily development projects. And so, we’re excited to share those developments with you, and we look forward to a successful 2012 remainder.
We’ve undertook as the Board’s request a significant portfolio realignment, that was designed to improve the quality of our assets, and the quality of our earnings over the longer period of time. Management team will at the end welcome the opportunity to demonstrate what has been accomplished overall; I’ll explain to you that at this point, and just move forward with the rest of the meeting to get it kicked off.
We’re now in our 52
year, and the Board would like to congratulate all of you as investors and the management team, the employees, the officers on a very successful run. 52 years is a long time, we are the second or first oldest depending on how you count, I guess, REIT in the country. David, are we the oldest or the second oldest?
One or the other.
John P. McDaniel
You’re the – directly from a guy that’s been with us almost all that period of time. So never argue with Counsels. David Osnos, CEO, Counsel to the Board, you can see why he is.
Well, I would like to take just a few minutes speaking of the Board and introduce you to the Board members to our trustees; and some of our distinguished guests that are here today, and later in the meeting, Skip; I think you’re going to be introducing the Company’s officers and some of your key people.
Turning alphabetically, and I will go alphabetically. It’s Bill Burns, who is currently, Bill stand up please, currently Managing Member of the Wolverine Partners. I don’t think that had much to do with you going to Michigan, but his colors are nascent blue if you look at [his letter yet]. And he operates mutual fund research business bills and 17 years with Alex Brown & Sons and most recently as the Managing Director and Head of the Financial Institutions Investment Banking Group.
Ed Civera. Ed is a resident CPA and financial person, as I think most, if not all, our Directors are. Ed is retired Chairman of the Board of Catalyst Health Solutions, a publicly traded pharmacy benefits management, PBM company. It’s just gone through a merger acquisition that you have certainly read about. And he is also Chairman or just retired Chairman of MedStar Health, which is the region’s largest multi-institutional healthcare system in the Baltimore, Washington area. And he was Chairman there, I think from '97 through this year. So we welcome Ed. He is by the way the Chairman of our Compensation Committee. So if you have any issues or questions related to that, Ed is glad to see after the meeting. And he brings perhaps experience not only as a CEO, but as I said, as a Certified Public Accountant with PricewaterhouseCoopers for a number of years and has a lot of business experience in the Baltimore, Washington area.
The next member alphabetically is Terry Golden. Terry, please stand. Terry is Chairman of Bailey Capital Corporation, a private investment, private equity group in Washington since about 2000, I think Terry [has been in that flow]. And he is former President and CEO of Host Marriot Corporation and it’s now known as Host Hotels and Resorts. Terry is the Chairman of our Finance Committee, a new committee that we established at the Board about a year ago to do deeper dives into financial activities and help us create a long-term financial plan for the company. And so, Terry, we welcome you here this morning.
I will jump to Skip at the end, our CEO. Tuck Nason. Tuck is a retired Chairman and Chief Executive Officer of Acacia Group. That includes Acacia Life Insurance, Acacia Federal Savings Bank and the Calvert Group. And Tuck is past Chairman of the Greater Washington Board of Trade. So he brings a lot of experience and knowledge in the area and he is Chairman of our Audit Committee and it’s important to note that Tuck is up for reelection. I don’t know what to vote [is] Tuck, but it maybe a close one. So we’ll wait and see what the results are, but Tuck is up for reelection as completing his three-year term.