Jefferies Notes After WRE Roadshow

Jefferies recently went on the road with the Washington Real Estate WRE management team and issued a report on their insight into the company.

According to Jefferies, "We are maintaining our 2011 and 2012 FFO/sh estimates of $2.02 and $2.12. Our $35 12- month PT is derived via our dividend discount model (DDM) and implies that one year from now, WRE will trade at 17.3x and 16.5x our 2012 and 2013 FFO/share estimates, respectively. The key risks to WRE are: a) office supply growth in Greater Washington, D.C., b) its above average lease expirations through 2013, and c) its lack of geographical diversification."

WRE has a Buy Rating and a $35 PT.

WRE closed at $29.09 yesterday.