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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Washington REIT | NYSE:WRE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 17.57 | 0 | 01:00:00 |
|
☒
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Maryland
|
|
53-0261100
|
(State of incorporation)
|
|
(IRS Employer Identification Number)
|
Title of each class
|
Trading Symbol
|
Name of each exchange on which registered
|
Shares of Beneficial Interest
|
WRE
|
NYSE
|
Large accelerated filer
|
☒
|
Accelerated filer
|
☐
|
Non-accelerated filer
|
☐
|
Smaller reporting company
|
☐
|
|
|
Emerging growth company
|
☐
|
|
|
Incorporated by Reference
|
|
|
||||||
Exhibit
Number |
Exhibit Description
|
Form
|
|
File
Number |
|
Exhibit
|
|
Filing Date
|
|
Filed
Herewith |
3.1
|
DEF 14A
|
|
001-06622
|
|
B
|
|
4/1/2011
|
|
|
|
3.2
|
8-K
|
|
001-06622
|
|
3.1
|
|
6/7/2017
|
|
|
|
3.3
|
10-Q
|
|
001-06622
|
|
3.2
|
|
7/31/2017
|
|
|
|
4.1
|
8-K
|
|
001-06622
|
|
(c)
|
|
8/13/1996
|
|
|
|
4.2
|
8-K
|
|
001-06622
|
|
99.1
|
|
2/25/1998
|
|
|
|
4.3
|
8-K
|
|
001-06622
|
|
4.1
|
|
7/5/2007
|
|
|
|
4.4
|
8-K
|
|
001-06622
|
|
4.1
|
|
9/30/2010
|
|
|
|
4.5
|
8-K
|
|
001-06622
|
|
4.2
|
|
9/30/2010
|
|
|
|
4.6
|
8-K
|
|
001-06622
|
|
4.1
|
|
9/17/2012
|
|
|
|
4.7
|
8-K
|
|
001-06622
|
|
4.2
|
|
9/17/2012
|
|
|
|
4.8
|
10-K
|
|
001-06622
|
|
4.8
|
|
2/19/2020
|
|
|
|
10.1*
|
10-Q
|
|
001-06622
|
|
10(j)
|
|
11/14/2002
|
|
|
|
10.2*
|
10-Q
|
|
001-06622
|
|
10(k)
|
|
11/14/2002
|
|
|
|
10.3*
|
10-K
|
|
001-06622
|
|
10(p)
|
|
3/16/2006
|
|
|
|
10.4*
|
DEF 14A
|
|
001-06622
|
|
B
|
|
4/9/2007
|
|
|
|
10.5*
|
10-K
|
|
001-06622
|
|
10(gg)
|
|
2/29/2008
|
|
|
|
10.6*
|
10-K
|
|
001-06622
|
|
10(hh)
|
|
2/29/2008
|
|
|
|
|
Incorporated by Reference
|
|
|
||||||
Exhibit
Number |
Exhibit Description
|
Form
|
|
File
Number |
|
Exhibit
|
|
Filing Date
|
|
Filed
Herewith |
10.7*
|
8-K
|
|
001-06622
|
|
10(nn)
|
|
7/27/2009
|
|
|
|
10.8*
|
8-K
|
|
001-06622
|
|
10.31
|
|
11/2/2010
|
|
|
|
10.9*
|
8-K
|
|
001-06622
|
|
10.32
|
|
11/2/2010
|
|
|
|
10.10*
|
10-K
|
|
001-06622
|
|
10.37
|
|
2/27/2013
|
|
|
|
10.11*
|
10-Q
|
|
001-06622
|
|
10.45
|
|
5/9/2013
|
|
|
|
10.12*
|
10-Q
|
|
001-06622
|
|
10.46
|
|
5/9/2013
|
|
|
|
10.13*
|
10-Q
|
|
001-06622
|
|
10.47
|
|
5/9/2013
|
|
|
|
10.14*
|
10-Q
|
|
001-06622
|
|
10.53
|
|
11/1/2013
|
|
|
|
10.15*
|
10-Q
|
|
001-06622
|
|
10.54
|
|
11/1/2013
|
|
|
|
10.16*
|
10-K
|
|
001-06622
|
|
10.44
|
|
3/3/2014
|
|
|
|
10.17*
|
10-K
|
|
001-06622
|
|
10.45
|
|
3/3/2014
|
|
|
|
10.18*
|
10-K
|
|
001-06622
|
|
10.46
|
|
3/3/2014
|
|
|
|
10.19*
|
10-Q
|
|
001-06622
|
|
10.47
|
|
5/7/2014
|
|
|
|
10.20*
|
10-Q
|
|
001-06622
|
|
10.50
|
|
8/5/2014
|
|
|
|
10.21*
|
10-Q
|
|
001-06622
|
|
10.51
|
|
8/5/2014
|
|
|
|
10.22*
|
10-Q
|
|
001-06622
|
|
10.54
|
|
10/30/2014
|
|
|
|
10.23*
|
10-K
|
|
001-06622
|
|
10.52
|
|
3/2/2015
|
|
|
|
10.24*
|
10-K
|
|
001-06622
|
|
10.54
|
|
3/2/2015
|
|
|
|
10.25*
|
10-K
|
|
001-06622
|
|
10.55
|
|
3/2/2015
|
|
|
|
10.26*
|
10-K
|
|
001-06622
|
|
10.56
|
|
3/2/2015
|
|
|
|
10.27*
|
10-Q
|
|
001-06622
|
|
10.57
|
|
5/5/2015
|
|
|
|
10.28*
|
10-Q
|
|
001-06622
|
|
10.58
|
|
5/5/2015
|
|
|
|
10.29*
|
10-Q
|
|
001-06622
|
|
10.60
|
|
11/4/2015
|
|
|
|
10.30*
|
10-Q
|
|
001-06622
|
|
10.61
|
|
11/4/2015
|
|
|
|
10.31*
|
DEF 14A
|
|
001-06622
|
|
Annex A
|
|
3/23/2016
|
|
|
|
10.32*
|
10-K
|
|
001-06622
|
|
10.49
|
|
2/20/2018
|
|
|
|
10.33*
|
10-K
|
|
001-06622
|
|
10.50
|
|
2/20/2018
|
|
|
|
10.34*
|
10-Q
|
|
001-06622
|
|
10.1
|
|
7/31/2017
|
|
|
|
10.35
|
10-K
|
|
001-06622
|
|
10.52
|
|
2/20/2018
|
|
|
|
10.36
|
10-Q
|
|
001-06622
|
|
10.53
|
|
5/1/2018
|
|
|
|
10.37*
|
10-Q
|
|
001-06622
|
|
10.54
|
|
4/30/2018
|
|
|
|
10.38*
|
10-Q
|
|
001-06622
|
|
10.1
|
|
4/29/2019
|
|
|
|
10.39*
|
10-Q
|
|
001-06622
|
|
10.2
|
|
4/29/2019
|
|
|
|
10.40*
|
10-Q
|
|
001-06622
|
|
10.3
|
|
4/29/2019
|
|
|
|
10.41
|
10-Q
|
|
001-06622
|
|
10.1
|
|
7/29/2019
|
|
|
|
10.42
|
10-Q
|
|
001-06622
|
|
10.2
|
|
7/29/2019
|
|
|
|
10.43
|
8-K
|
|
001-06622
|
|
10.1
|
|
5/1/2019
|
|
|
|
10.44
|
8-K
|
|
001-06622
|
|
10.1
|
|
7/26/2019
|
|
|
|
|
Incorporated by Reference
|
|
|
||||||
Exhibit
Number |
Exhibit Description
|
Form
|
|
File
Number |
|
Exhibit
|
|
Filing Date
|
|
Filed
Herewith |
10.45*
|
10-K
|
|
001-06622
|
|
10.45
|
|
2/19/2020
|
|
|
|
10.46*
|
10-K
|
|
001-06622
|
|
10.46
|
|
2/19/2020
|
|
|
|
21
|
10-K
|
|
001-06622
|
|
21
|
|
2/19/2020
|
|
|
|
23.1
|
10-K
|
|
001-06622
|
|
23
|
|
2/19/2020
|
|
|
|
23.2
|
|
|
|
|
|
|
|
|
X
|
|
24
|
10-K
|
|
001-06622
|
|
24
|
|
2/19/2020
|
|
|
|
31.1
|
10-K
|
|
001-06622
|
|
31.1
|
|
2/19/2020
|
|
|
|
31.2
|
10-K
|
|
001-06622
|
|
31.2
|
|
2/19/2020
|
|
|
|
31.3
|
10-K
|
|
001-06622
|
|
31.3
|
|
2/19/2020
|
|
|
|
31.4
|
|
|
|
|
|
|
|
|
X
|
|
31.5
|
|
|
|
|
|
|
|
|
X
|
|
31.6
|
|
|
|
|
|
|
|
|
X
|
|
32.1
|
10-K
|
|
001-06622
|
|
32
|
|
2/19/2020
|
|
|
|
32.2
|
|
|
|
|
|
|
|
|
X
|
|
101.INS
|
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
|
|
|
|
|
|
|
|
|
X
|
101.SCH
|
Inline XBRL Taxonomy Extension Schema Document
|
|
|
|
|
|
|
|
|
X
|
101.CAL
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
|
|
|
|
|
X
|
101.DEF
|
Inline XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
|
|
|
|
|
X
|
101.LAB
|
Inline XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
|
|
|
|
|
X
|
101.PRE
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
|
|
|
|
|
X
|
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document and contained in Exhibit 101)
|
|
|
|
|
|
|
|
|
|
|
Impairment Assessment of Income Producing Properties
|
|
|
Description of the Matter
|
The Company had net income producing property of $2.3 billion as of December 31, 2019 and recognized an impairment charge of $8.4 million on real estate during the year ended December 31, 2019 as disclosed in Note 3 to the consolidated financial statements. As discussed in Note 2 to the consolidated financial statements, real estate is evaluated for recoverability based on estimated cash flows if there are indicators of potential impairment.
Auditing the Company's impairment analysis involved a high degree of subjectivity due to the uncertainty around the Company’s estimated cash flows used in the impairment assessment. Estimated future cash flows are based on assumptions, including the projected annual and residual cash flows and the estimated holding period for individual properties, that are forward looking and could be affected by future economic and market conditions.
|
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Assets
|
|
|
|
||||
Land
|
$
|
566,807
|
|
|
$
|
526,572
|
|
Income producing property
|
2,392,415
|
|
|
2,055,349
|
|
||
|
2,959,222
|
|
|
2,581,921
|
|
||
Accumulated depreciation and amortization
|
(693,610
|
)
|
|
(669,281
|
)
|
||
Net income producing property
|
2,265,612
|
|
|
1,912,640
|
|
||
Properties under development or held for future development
|
124,193
|
|
|
87,231
|
|
||
Total real estate held for investment, net
|
2,389,805
|
|
|
1,999,871
|
|
||
Investment in real estate held for sale, net
|
57,028
|
|
|
203,410
|
|
||
Cash and cash equivalents
|
12,939
|
|
|
6,016
|
|
||
Restricted cash
|
1,812
|
|
|
1,624
|
|
||
Rents and other receivables
|
65,259
|
|
|
63,962
|
|
||
Prepaid expenses and other assets
|
95,149
|
|
|
123,670
|
|
||
Other assets related to properties sold or held for sale
|
6,336
|
|
|
18,551
|
|
||
Total assets
|
$
|
2,628,328
|
|
|
$
|
2,417,104
|
|
Liabilities
|
|
|
|
||||
Notes payable, net
|
$
|
996,722
|
|
|
$
|
995,397
|
|
Mortgage notes payable, net
|
47,074
|
|
|
48,277
|
|
||
Line of credit
|
56,000
|
|
|
188,000
|
|
||
Accounts payable and other liabilities
|
71,136
|
|
|
57,946
|
|
||
Dividend payable
|
24,668
|
|
|
24,022
|
|
||
Advance rents
|
9,353
|
|
|
9,965
|
|
||
Tenant security deposits
|
10,595
|
|
|
9,501
|
|
||
Other liabilities related to properties sold or held for sale
|
718
|
|
|
15,518
|
|
||
Total liabilities
|
1,216,266
|
|
|
1,348,626
|
|
||
Equity
|
|
|
|
||||
Shareholders’ equity
|
|
|
|
||||
Preferred shares; $0.01 par value; 10,000 shares authorized; no shares issued or outstanding
|
—
|
|
|
—
|
|
||
Shares of beneficial interest, $0.01 par value; 100,000 shares authorized; 82,099 and 79,910 shares issued and outstanding, as of December 31, 2019 and December 31, 2018 respectively
|
821
|
|
|
799
|
|
||
Additional paid in capital
|
1,592,487
|
|
|
1,526,574
|
|
||
Distributions in excess of net income
|
(183,405
|
)
|
|
(469,085
|
)
|
||
Accumulated other comprehensive income
|
1,823
|
|
|
9,839
|
|
||
Total shareholders’ equity
|
1,411,726
|
|
|
1,068,127
|
|
||
Noncontrolling interests in subsidiaries
|
336
|
|
|
351
|
|
||
Total equity
|
1,412,062
|
|
|
1,068,478
|
|
||
Total liabilities and equity
|
$
|
2,628,328
|
|
|
$
|
2,417,104
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Revenue
|
|
|
|
|
|
||||||
Real estate rental revenue
|
$
|
309,180
|
|
|
$
|
291,730
|
|
|
$
|
280,281
|
|
Expenses
|
|
|
|
|
|
||||||
Real estate expenses
|
115,580
|
|
|
105,592
|
|
|
105,400
|
|
|||
Depreciation and amortization
|
136,253
|
|
|
111,826
|
|
|
101,430
|
|
|||
Real estate impairment
|
8,374
|
|
|
1,886
|
|
|
33,152
|
|
|||
General and administrative expenses
|
24,370
|
|
|
22,089
|
|
|
22,580
|
|
|||
Lease origination expenses
|
1,698
|
|
|
—
|
|
|
—
|
|
|||
|
286,275
|
|
|
241,393
|
|
|
262,562
|
|
|||
Other operating income
|
|
|
|
|
|
||||||
Gain on sale of real estate
|
59,961
|
|
|
2,495
|
|
|
24,915
|
|
|||
Real estate operating income
|
82,866
|
|
|
52,832
|
|
|
42,634
|
|
|||
Other income (expense)
|
|
|
|
|
|
||||||
Interest expense
|
(53,734
|
)
|
|
(50,501
|
)
|
|
(46,793
|
)
|
|||
Other income
|
—
|
|
|
—
|
|
|
507
|
|
|||
Loss on extinguishment of debt
|
—
|
|
|
(1,178
|
)
|
|
—
|
|
|||
Income tax benefit
|
—
|
|
|
—
|
|
|
84
|
|
|||
|
(53,734
|
)
|
|
(51,679
|
)
|
|
(46,202
|
)
|
|||
Income (loss) from continuing operations
|
29,132
|
|
|
1,153
|
|
|
(3,568
|
)
|
|||
Discontinued operations:
|
|
|
|
|
|
||||||
Income from operations of properties sold or held for sale
|
16,158
|
|
|
24,477
|
|
|
23,180
|
|
|||
Gain on sale of real estate
|
339,024
|
|
|
—
|
|
|
—
|
|
|||
Loss on extinguishment of debt
|
(764
|
)
|
|
—
|
|
|
—
|
|
|||
Income from discontinued operations
|
354,418
|
|
|
24,477
|
|
|
23,180
|
|
|||
Net income
|
383,550
|
|
|
25,630
|
|
|
19,612
|
|
|||
Less: Net loss attributable to noncontrolling interests in subsidiaries
|
—
|
|
|
—
|
|
|
56
|
|
|||
Net income attributable to the controlling interests
|
$
|
383,550
|
|
|
$
|
25,630
|
|
|
$
|
19,668
|
|
Basic net income (loss) attributable to the controlling interests per share
|
|
|
|
|
|
||||||
Continuing operations
|
$
|
0.36
|
|
|
$
|
0.01
|
|
|
$
|
(0.05
|
)
|
Discontinued operations, including gain on sale of real estate
|
4.39
|
|
|
0.31
|
|
|
0.30
|
|
|||
Net income attributable to the controlling interests per share
|
$
|
4.75
|
|
|
$
|
0.32
|
|
|
$
|
0.25
|
|
Diluted net income (loss) attributable to the controlling interests per share
|
|
|
|
|
|
||||||
Continuing operations
|
$
|
0.36
|
|
|
$
|
0.01
|
|
|
$
|
(0.05
|
)
|
Discontinued operations, including gain on sale of real estate
|
4.39
|
|
|
0.31
|
|
|
0.30
|
|
|||
Net income attributable to the controlling interests per share
|
$
|
4.75
|
|
|
$
|
0.32
|
|
|
$
|
0.25
|
|
Weighted average shares outstanding – basic
|
80,257
|
|
|
78,960
|
|
|
76,820
|
|
|||
Weighted average shares outstanding – diluted
|
80,335
|
|
|
79,042
|
|
|
76,820
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Net income
|
$
|
383,550
|
|
|
$
|
25,630
|
|
|
$
|
19,612
|
|
Other comprehensive income:
|
|
|
|
|
|
||||||
Unrealized (loss) gain on interest rate hedges
|
(8,016
|
)
|
|
420
|
|
|
1,808
|
|
|||
Comprehensive income
|
375,534
|
|
|
26,050
|
|
|
21,420
|
|
|||
Less: Net loss attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
56
|
|
|||
Comprehensive income attributable to the controlling interests
|
$
|
375,534
|
|
|
$
|
26,050
|
|
|
$
|
21,476
|
|
|
Shares
|
|
Shares of
Beneficial
Interest at
Par Value
|
|
Additional
Paid in
Capital
|
|
Distributions in Excess
of Net Income
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Total
Shareholders’
Equity
|
|
Non- controlling
Interests in
Subsidiary
|
|
Total
Equity
|
|||||||||||||||
Balance, December 31, 2016
|
74,606
|
|
|
$
|
746
|
|
|
$
|
1,368,636
|
|
|
$
|
(326,047
|
)
|
|
$
|
7,611
|
|
|
$
|
1,050,946
|
|
|
$
|
1,116
|
|
|
$
|
1,052,062
|
|
Net income attributable to the controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
19,668
|
|
|
—
|
|
|
19,668
|
|
|
—
|
|
|
19,668
|
|
|||||||
Net loss attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(56
|
)
|
|
(56
|
)
|
|||||||
Unrealized gain on interest rate hedges
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,808
|
|
|
1,808
|
|
|
—
|
|
|
1,808
|
|
|||||||
Distributions to noncontrolling interests
|
—
|
|
|
—
|
|
|
(3,128
|
)
|
|
—
|
|
|
—
|
|
|
(3,128
|
)
|
|
(1,071
|
)
|
|
(4,199
|
)
|
|||||||
Contributions from noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
376
|
|
|
376
|
|
|||||||
Dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
(92,834
|
)
|
|
—
|
|
|
(92,834
|
)
|
|
|
|
|
(92,834
|
)
|
|||||||
Equity offerings, net of issuance costs
|
3,587
|
|
|
36
|
|
|
113,158
|
|
|
—
|
|
|
—
|
|
|
113,194
|
|
|
—
|
|
|
113,194
|
|
|||||||
Shares issued under Dividend Reinvestment Program
|
80
|
|
|
1
|
|
|
2,575
|
|
|
—
|
|
|
—
|
|
|
2,576
|
|
|
—
|
|
|
2,576
|
|
|||||||
Share grants, net of forfeitures and tax withholdings
|
237
|
|
|
2
|
|
|
2,739
|
|
|
—
|
|
|
—
|
|
|
2,741
|
|
|
—
|
|
|
2,741
|
|
|||||||
Balance, December 31, 2017
|
78,510
|
|
|
785
|
|
|
1,483,980
|
|
|
(399,213
|
)
|
|
9,419
|
|
|
1,094,971
|
|
|
365
|
|
|
1,095,336
|
|
|||||||
Net income attributable to the controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
25,630
|
|
|
—
|
|
|
25,630
|
|
|
—
|
|
|
25,630
|
|
|||||||
Unrealized gain on interest rate hedges
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
420
|
|
|
420
|
|
|
—
|
|
|
420
|
|
|||||||
Distributions to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14
|
)
|
|
(14
|
)
|
|||||||
Dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
(95,502
|
)
|
|
—
|
|
|
(95,502
|
)
|
|
—
|
|
|
(95,502
|
)
|
|||||||
Equity offerings, net of issuance costs
|
1,165
|
|
|
11
|
|
|
35,461
|
|
|
—
|
|
|
—
|
|
|
35,472
|
|
|
—
|
|
|
35,472
|
|
|||||||
Shares issued under Dividend Reinvestment Program
|
81
|
|
|
1
|
|
|
1,972
|
|
|
—
|
|
|
—
|
|
|
1,973
|
|
|
—
|
|
|
1,973
|
|
|||||||
Share grants, net of forfeitures and tax withholdings
|
154
|
|
|
2
|
|
|
5,161
|
|
|
—
|
|
|
—
|
|
|
5,163
|
|
|
—
|
|
|
5,163
|
|
|||||||
Balance, December 31, 2018
|
79,910
|
|
|
799
|
|
|
1,526,574
|
|
|
(469,085
|
)
|
|
9,839
|
|
|
1,068,127
|
|
|
351
|
|
|
1,068,478
|
|
|||||||
Cumulative effect of change in accounting principle (see note 4)
|
—
|
|
|
—
|
|
|
—
|
|
|
(906
|
)
|
|
—
|
|
|
(906
|
)
|
|
—
|
|
|
(906
|
)
|
|||||||
Net income attributable to the controlling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
383,550
|
|
|
—
|
|
|
383,550
|
|
|
—
|
|
|
383,550
|
|
|||||||
Unrealized loss on interest rate hedges
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,016
|
)
|
|
(8,016
|
)
|
|
—
|
|
|
(8,016
|
)
|
|||||||
Distributions to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15
|
)
|
|
(15
|
)
|
|||||||
Dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
(96,964
|
)
|
|
—
|
|
|
(96,964
|
)
|
|
—
|
|
|
(96,964
|
)
|
|||||||
Equity offerings, net of issuance costs
|
1,859
|
|
|
18
|
|
|
54,898
|
|
|
—
|
|
|
—
|
|
|
54,916
|
|
|
—
|
|
|
54,916
|
|
|||||||
Shares issued under Dividend Reinvestment Program
|
173
|
|
|
2
|
|
|
4,753
|
|
|
—
|
|
|
—
|
|
|
4,755
|
|
|
—
|
|
|
4,755
|
|
|||||||
Share grants, net of forfeitures and tax withholdings
|
157
|
|
|
2
|
|
|
6,262
|
|
|
—
|
|
|
—
|
|
|
6,264
|
|
|
—
|
|
|
6,264
|
|
|||||||
Balance, December 31, 2019
|
82,099
|
|
|
$
|
821
|
|
|
$
|
1,592,487
|
|
|
$
|
(183,405
|
)
|
|
$
|
1,823
|
|
|
$
|
1,411,726
|
|
|
$
|
336
|
|
|
$
|
1,412,062
|
|
WASHINGTON REAL ESTATE INVESTMENT TRUST AND SUBSIDIARIES
|
|||||||||||
|
|
|
|
|
|
||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|||||||||||
(IN THOUSANDS)
|
|||||||||||
|
|
|
|
|
|
||||||
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Cash flows from operating activities
|
|
|
|
|
|
||||||
Net income
|
$
|
383,550
|
|
|
$
|
25,630
|
|
|
$
|
19,612
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Gain on sale of real estate
|
(398,985
|
)
|
|
(2,495
|
)
|
|
(24,915
|
)
|
|||
Depreciation and amortization
|
141,179
|
|
|
121,228
|
|
|
112,056
|
|
|||
Credit (gains) losses on lease related receivables
|
(10
|
)
|
|
2,136
|
|
|
882
|
|
|||
Deferred tax benefit
|
—
|
|
|
—
|
|
|
(84
|
)
|
|||
Real estate impairment
|
8,374
|
|
|
1,886
|
|
|
33,152
|
|
|||
Share-based compensation expense
|
7,743
|
|
|
6,746
|
|
|
4,771
|
|
|||
Amortization of debt premiums, discounts and deferred issuance costs
|
3,195
|
|
|
2,101
|
|
|
1,897
|
|
|||
Loss on extinguishment of debt
|
764
|
|
|
1,178
|
|
|
—
|
|
|||
Changes in other assets
|
(10,086
|
)
|
|
(8,674
|
)
|
|
(20,199
|
)
|
|||
Changes in other liabilities
|
(4,801
|
)
|
|
(2,367
|
)
|
|
3,454
|
|
|||
Net cash provided by operating activities
|
130,923
|
|
|
147,369
|
|
|
130,626
|
|
|||
Cash flows from investing activities
|
|
|
|
|
|
||||||
Real estate acquisitions, net
|
(528,589
|
)
|
|
(106,400
|
)
|
|
(138,371
|
)
|
|||
Capital improvements to real estate
|
(68,456
|
)
|
|
(71,070
|
)
|
|
(60,515
|
)
|
|||
Development in progress
|
(47,492
|
)
|
|
(34,806
|
)
|
|
(18,150
|
)
|
|||
Net cash received from sale of real estate
|
706,064
|
|
|
174,297
|
|
|
30,798
|
|
|||
Real estate deposits, net
|
—
|
|
|
—
|
|
|
(6,250
|
)
|
|||
Non-real estate capital improvements
|
(491
|
)
|
|
(963
|
)
|
|
(3,866
|
)
|
|||
Net cash provided by (used in) investing activities
|
61,036
|
|
|
(38,942
|
)
|
|
(196,354
|
)
|
|||
Cash flows from financing activities
|
|
|
|
|
|
||||||
Line of credit (repayments) borrowings, net
|
(132,000
|
)
|
|
22,000
|
|
|
46,000
|
|
|||
Principal payments – mortgage notes payable
|
(12,724
|
)
|
|
(170,081
|
)
|
|
(52,571
|
)
|
|||
Proceeds from dividend reinvestment program
|
4,755
|
|
|
1,973
|
|
|
2,576
|
|
|||
Repayments of unsecured term loan debt
|
(450,000
|
)
|
|
(150,000
|
)
|
|
—
|
|
|||
Proceeds from term loan
|
450,000
|
|
|
250,000
|
|
|
50,000
|
|
|||
Payment of financing costs
|
(1,303
|
)
|
|
(5,650
|
)
|
|
(319
|
)
|
|||
Dividends paid
|
(96,361
|
)
|
|
(95,059
|
)
|
|
(91,666
|
)
|
|||
Distributions to noncontrolling interests
|
(15
|
)
|
|
(14
|
)
|
|
(4,199
|
)
|
|||
Net proceeds from equity offerings
|
54,916
|
|
|
35,472
|
|
|
113,194
|
|
|||
Payment of tax withholdings for restricted share awards
|
(2,116
|
)
|
|
(2,051
|
)
|
|
(2,286
|
)
|
|||
Net cash (used in) provided by financing activities
|
(184,848
|
)
|
|
(113,410
|
)
|
|
60,729
|
|
|||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
7,111
|
|
|
(4,983
|
)
|
|
(4,999
|
)
|
|||
Cash, cash equivalents and restricted cash at beginning of year
|
7,640
|
|
|
12,623
|
|
|
17,622
|
|
|||
Cash, cash equivalents and restricted cash at end of year
|
$
|
14,751
|
|
|
$
|
7,640
|
|
|
$
|
12,623
|
|
|
|
|
|
|
|
WASHINGTON REAL ESTATE INVESTMENT TRUST AND SUBSIDIARIES
|
|||||||||||
|
|
|
|
|
|
||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|||||||||||
(IN THOUSANDS)
|
|||||||||||
|
|
|
|
|
|
||||||
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
||||||
Cash paid for interest, net of capitalized interest expense
|
$
|
50,999
|
|
|
$
|
49,058
|
|
|
$
|
45,730
|
|
Cash paid for income taxes
|
—
|
|
|
—
|
|
|
17
|
|
|||
Change in accrued capital improvements and development costs
|
7,908
|
|
|
(2,769
|
)
|
|
3,264
|
|
|||
Dividend payable
|
24,668
|
|
|
24,022
|
|
|
23,581
|
|
|||
Operating partnership units issued with acquisition
|
—
|
|
|
—
|
|
|
376
|
|
|||
|
|
|
|
|
|
||||||
Reconciliation of cash, cash equivalents and restricted cash:
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
$
|
12,939
|
|
|
$
|
6,016
|
|
|
$
|
9,847
|
|
Restricted cash
|
1,812
|
|
|
1,624
|
|
|
2,776
|
|
|||
Cash, cash equivalents and restricted cash
|
$
|
14,751
|
|
|
$
|
7,640
|
|
|
$
|
12,623
|
|
Disposition Date
|
Property
|
Type
|
(Loss) Gain on Sale
|
||
June 26, 2019
|
Quantico Corporate Center (1)
|
Office
|
$
|
(1,046
|
)
|
July 23, 2019
|
Shopping Center Portfolio (2)
|
Retail
|
333,023
|
|
|
August 21, 2019
|
Frederick Crossing and Frederick County Square
|
Retail
|
9,507
|
|
|
August 27, 2019
|
Centre at Hagerstown
|
Retail
|
(3,506
|
)
|
|
December 19, 2019
|
1776 G Street
|
Office
|
61,007
|
|
|
|
|
Total 2019
|
$
|
398,985
|
|
|
|
|
|
||
January 19, 2018
|
Braddock Metro Center
|
Office
|
$
|
—
|
|
June 28, 2018
|
2445 M Street
|
Office
|
2,495
|
|
|
|
|
Total 2018
|
$
|
2,495
|
|
|
|
|
|
||
October 23, 2017
|
Walker House Apartments
|
Multifamily
|
$
|
23,838
|
|
|
|
Total 2017
|
$
|
23,838
|
|
(1)
|
Consists of 925 and 1000 Corporate Drive.
|
(2)
|
Consists of five retail properties: Gateway Overlook, Wheaton Park, Olney Village Center, Bradlee Shopping Center and Shoppes of Foxchase.
|
|
2019
|
|
2018
|
|
2017
|
|||
Ordinary income/Section 199A dividends
|
80
|
%
|
|
29
|
%
|
|
76
|
%
|
Return of capital
|
20
|
%
|
|
71
|
%
|
|
—
|
%
|
Qualified dividends
|
—
|
%
|
|
—
|
%
|
|
2
|
%
|
Unrecaptured Section 1250 gain
|
—
|
%
|
|
—
|
%
|
|
8
|
%
|
Capital gain
|
—
|
%
|
|
—
|
%
|
|
14
|
%
|
Standard/Description
|
Effective Date and Adoption Considerations
|
Effect on Financial Statements or Other significant Matters
|
ASU 2016-13, Measurement of Credit Losses on Financial Instruments. This standard requires financial assets measured at an amortized cost basis, including trade receivables, to be presented at the net amount expected to be collected. This standard does not apply to receivables arising from operating leases accounted for in accordance with Topic 842.
|
We adopted the new standard as of January 1, 2020.
|
The adoption of the new standard did not have a material impact on our consolidated financial statements.
|
ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software. This standard requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance to determine which implementation costs to capitalize as assets.
|
We adopted the new standard as of January 1, 2020.
|
The adoption of the new standard did not have a material impact on our consolidated financial statements.
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Total interest incurred
|
$
|
56,948
|
|
|
$
|
52,592
|
|
|
$
|
47,757
|
|
Capitalized interest
|
(3,214
|
)
|
|
(2,091
|
)
|
|
(964
|
)
|
|||
Interest expense, net of capitalized interest
|
$
|
53,734
|
|
|
$
|
50,501
|
|
|
$
|
46,793
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Multifamily
|
$
|
1,469,011
|
|
|
$
|
919,285
|
|
Office
|
1,329,722
|
|
|
1,507,986
|
|
||
Other (1)
|
160,489
|
|
|
154,650
|
|
||
|
$
|
2,959,222
|
|
|
$
|
2,581,921
|
|
(1)
|
Consists of the retail properties not classified as discontinued operations: Takoma Park, Westminster, Concord Centre, Chevy Chase Metro Plaza, 800 S. Washington Street, Randolph Shopping Center, Montrose Shopping Center and Spring Valley Village.
|
Acquisition Date
|
|
Property
|
|
Type
|
|
# of units (unaudited)
|
|
Rentable
Square Feet
(unaudited)
|
|
Contract
Purchase Price
(in thousands)
|
|||
April 30, 2019
|
|
Assembly Portfolio - Virginia (1)
|
|
Multifamily
|
|
1,685
|
|
|
N/A
|
|
$
|
379,100
|
|
June 27, 2019
|
|
Assembly Portfolio - Maryland (2)
|
|
Multifamily
|
|
428
|
|
|
N/A
|
|
82,070
|
|
|
July 23, 2019
|
|
Cascade at Landmark
|
|
Multifamily
|
|
277
|
|
|
N/A
|
|
69,750
|
|
|
|
|
|
|
|
|
2,390
|
|
|
|
|
$
|
530,920
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
January 18, 2018
|
|
Arlington Tower
|
|
Office
|
|
N/A
|
|
391,000
|
|
$
|
250,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
April 4, 2017
|
|
Watergate 600
|
|
Office
|
|
N/A
|
|
293,000
|
|
$
|
135,000
|
|
(1)
|
Consists of Assembly Alexandria, Assembly Manassas, Assembly Dulles, Assembly Leesburg, and Assembly Herndon.
|
(2)
|
Consists of Assembly Germantown and Assembly Watkins Mill. The Assembly Portfolio - Virginia and Assembly Portfolio - Maryland properties are collectively the “Assembly Portfolio.”
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Real estate rental revenue
|
$
|
27,641
|
|
|
$
|
22,389
|
|
|
$
|
14,518
|
|
Net (loss) income
|
(10,167
|
)
|
|
3,623
|
|
|
2,226
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Land
|
$
|
92,391
|
|
|
$
|
63,970
|
|
|
$
|
45,981
|
|
Buildings and improvements
|
423,663
|
|
|
142,900
|
|
|
66,241
|
|
|||
Tenant origination costs
|
—
|
|
|
13,625
|
|
|
12,084
|
|
|||
Leasing commissions/absorption costs
|
15,474
|
|
|
27,465
|
|
|
23,161
|
|
|||
Net lease intangible assets
|
—
|
|
|
3,142
|
|
|
498
|
|
|||
Net lease intangible liabilities
|
—
|
|
|
(545
|
)
|
|
(9,585
|
)
|
|||
Deferred tax liability
|
—
|
|
|
—
|
|
|
(560
|
)
|
|||
Total
|
$
|
531,528
|
|
|
$
|
250,557
|
|
|
$
|
137,820
|
|
|
December 31,
|
||||||||||||||||||||||
|
2019
|
|
2018
|
||||||||||||||||||||
|
Gross Carrying Value
|
|
Accumulated Amortization
|
|
Net
|
|
Gross Carrying Value
|
|
Accumulated Amortization
|
|
Net
|
||||||||||||
Tenant origination costs
|
$
|
50,155
|
|
|
$
|
33,364
|
|
|
$
|
16,791
|
|
|
$
|
57,897
|
|
|
$
|
36,570
|
|
|
$
|
21,327
|
|
Leasing commissions/absorption costs
|
122,348
|
|
|
92,401
|
|
|
29,947
|
|
|
114,354
|
|
|
77,194
|
|
|
37,160
|
|
||||||
Net lease intangible assets
|
15,183
|
|
|
11,964
|
|
|
3,219
|
|
|
16,353
|
|
|
11,947
|
|
|
4,406
|
|
||||||
Net lease intangible liabilities
|
29,836
|
|
|
20,854
|
|
|
8,982
|
|
|
31,124
|
|
|
20,016
|
|
|
11,108
|
|
||||||
Below-market ground lease intangible asset
|
12,080
|
|
|
2,282
|
|
|
9,798
|
|
|
12,080
|
|
|
2,093
|
|
|
9,987
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Depreciation and amortization expense
|
$
|
27,123
|
|
|
$
|
22,361
|
|
|
$
|
13,996
|
|
Real estate rental revenue increase, net
|
(924
|
)
|
|
(1,225
|
)
|
|
(776
|
)
|
|||
|
$
|
26,199
|
|
|
$
|
21,136
|
|
|
$
|
13,220
|
|
|
Depreciation and amortization expense
|
|
Real estate rental revenue, net increase
|
|
Total
|
||||||
2020
|
$
|
9,975
|
|
|
$
|
(406
|
)
|
|
$
|
9,569
|
|
2021
|
8,576
|
|
|
(547
|
)
|
|
8,029
|
|
|||
2022
|
8,078
|
|
|
(736
|
)
|
|
7,342
|
|
|||
2023
|
6,032
|
|
|
(974
|
)
|
|
5,058
|
|
|||
2024
|
5,264
|
|
|
(862
|
)
|
|
4,402
|
|
|||
Thereafter
|
18,611
|
|
|
(2,238
|
)
|
|
16,373
|
|
Disposition Date
|
|
Property
|
|
Type
|
|
# of units (unaudited)
|
|
Rentable
Square Feet (unaudited) |
|
Contract
Sale Price (in thousands) |
|
(Loss) Gain on Sale
(in thousands) |
||||||
June 26, 2019
|
|
Quantico Corporate Center (1)
|
|
Office
|
|
N/A
|
|
|
272,000
|
|
|
$
|
33,000
|
|
|
$
|
(1,046
|
)
|
July 23, 2019
|
|
Shopping Center Portfolio (2)
|
|
Retail
|
|
N/A
|
|
|
800,000
|
|
|
485,250
|
|
|
333,023
|
|
||
August 21, 2019
|
|
Frederick Crossing and Frederick County Square
|
|
Retail
|
|
N/A
|
|
|
520,000
|
|
|
57,500
|
|
|
9,507
|
|
||
August 27, 2019
|
|
Centre at Hagerstown
|
|
Retail
|
|
N/A
|
|
|
330,000
|
|
|
23,500
|
|
|
(3,506
|
)
|
||
December 19, 2019
|
|
1776 G Street
|
|
Office
|
|
N/A
|
|
|
262,000
|
|
|
129,500
|
|
|
61,007
|
|
||
N/A
|
|
John Marshall II
|
|
Office
|
|
N/A
|
|
|
223,000
|
|
|
63,350
|
|
|
N/A
|
|
||
|
|
|
|
Total 2019
|
|
|
|
2,407,000
|
|
|
$
|
792,100
|
|
|
$
|
398,985
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
January 19, 2018
|
|
Braddock Metro Center
|
|
Office
|
|
N/A
|
|
|
356,000
|
|
|
$
|
93,000
|
|
|
$
|
—
|
|
June 28, 2018
|
|
2445 M Street
|
|
Office
|
|
N/A
|
|
|
292,000
|
|
|
101,600
|
|
|
2,495
|
|
||
|
|
|
|
Total 2018
|
|
|
|
648,000
|
|
|
$
|
194,600
|
|
|
$
|
2,495
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
October 23, 2017
|
|
Walker House Apartments
|
|
Multifamily
|
|
212
|
|
|
N/A
|
|
|
$
|
32,200
|
|
|
$
|
23,838
|
|
|
|
|
|
Total 2017
|
|
|
|
|
|
$
|
32,200
|
|
|
$
|
23,838
|
|
(1)
|
Consists of 925 and 1000 Corporate Drive.
|
(2)
|
Consists of five retail properties: Gateway Overlook, Wheaton Park, Olney Village Center, Bradlee Shopping Center and Shoppes of Foxchase.
|
|
2019
|
|
2018
|
|
2017
|
||||||
Real estate rental revenue
|
$
|
28,200
|
|
|
$
|
45,160
|
|
|
$
|
44,797
|
|
Real estate expenses
|
(6,803
|
)
|
|
(10,638
|
)
|
|
(10,251
|
)
|
|||
Depreciation and amortization
|
(4,926
|
)
|
|
(9,402
|
)
|
|
(10,626
|
)
|
|||
Interest expense
|
(313
|
)
|
|
(643
|
)
|
|
(740
|
)
|
|||
Loss on extinguishment of debt
|
(764
|
)
|
|
—
|
|
|
—
|
|
|||
Gain on sale of real estate
|
339,024
|
|
|
—
|
|
|
—
|
|
|||
Income from discontinued operations
|
$
|
354,418
|
|
|
$
|
24,477
|
|
|
$
|
23,180
|
|
|
|
|
|
|
|
||||||
Basic net income per share
|
$
|
4.39
|
|
|
$
|
0.31
|
|
|
$
|
0.30
|
|
Diluted net income per share
|
$
|
4.39
|
|
|
$
|
0.31
|
|
|
$
|
0.30
|
|
|
|
|
|
|
|
||||||
Capital expenditures
|
$
|
809
|
|
|
$
|
2,138
|
|
|
$
|
1,601
|
|
Land
|
$
|
88,087
|
|
Income producing property
|
216,577
|
|
|
|
304,664
|
|
|
Accumulated depreciation and amortization
|
(101,254
|
)
|
|
Income producing property, net
|
203,410
|
|
|
Rents and other receivables
|
9,898
|
|
|
Prepaid expenses and other assets
|
8,653
|
|
|
Total assets
|
$
|
221,961
|
|
Mortgage notes payable, net
|
$
|
11,515
|
|
Accounts payable and other liabilities
|
1,620
|
|
|
Advance rents
|
1,771
|
|
|
Tenant security deposits
|
612
|
|
|
Liabilities related to properties sold or held for sale
|
$
|
15,518
|
|
2020
|
|
$
|
139,053
|
|
2021
|
|
133,907
|
|
|
2022
|
|
120,491
|
|
|
2023
|
|
102,877
|
|
|
2024
|
|
91,253
|
|
|
Thereafter
|
|
301,974
|
|
|
|
|
$
|
889,555
|
|
2020
|
|
$
|
260
|
|
2021
|
|
260
|
|
|
2022
|
|
260
|
|
|
2023
|
|
260
|
|
|
2024
|
|
260
|
|
|
Thereafter
|
|
11,895
|
|
|
|
|
13,195
|
|
|
Imputed interest
|
|
(9,225
|
)
|
|
Lease liability
|
|
$
|
3,970
|
|
|
|
|
|
|
|
December 31,
|
|
|
|||||||
Properties
|
|
Assumption/Issuance Date (1)
|
|
Effective Interest Rate (2)
|
|
2019
|
|
2018
|
|
Payoff Date
|
|||||
Yale West (3)
|
|
2/21/2014
|
|
3.75
|
%
|
|
$
|
45,654
|
|
|
$
|
46,155
|
|
|
1/31/2020
|
Premiums and discounts, net
|
|
|
|
|
|
1,470
|
|
|
2,187
|
|
|
|
|||
Debt issuance costs, net
|
|
|
|
(50
|
)
|
|
(65
|
)
|
|
|
|||||
|
|
|
|
|
|
$
|
47,074
|
|
|
$
|
48,277
|
|
|
|
(1)
|
This mortgage was assumed with the acquisition of the collateralized property. We record mortgages assumed in an acquisition at fair value.
|
(2)
|
Yield on the assumption/issuance date, including the effects of any premiums, discounts or fair value adjustments on the notes.
|
(3)
|
The maturity date of the mortgage note was January 1, 2052, but was prepaid in January 2020. We incurred a gain on extinguishment of debt of $0.5 million in association with this prepayment.
|
Committed capacity
|
$
|
700,000
|
|
Borrowings outstanding
|
(56,000
|
)
|
|
Unused and available
|
$
|
644,000
|
|
Balance at December 31, 2018
|
$
|
188,000
|
|
Borrowings
|
687,000
|
|
|
Repayments
|
(819,000
|
)
|
|
Balance at December 31, 2019
|
$
|
56,000
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Interest expense (excluding facility fees)
|
$
|
6,554
|
|
|
$
|
6,843
|
|
|
$
|
3,857
|
|
Facility fees
|
1,400
|
|
|
1,371
|
|
|
1,217
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Total revolving credit facilities at December 31
|
$
|
700,000
|
|
|
$
|
700,000
|
|
|
$
|
600,000
|
|
Borrowings outstanding at December 31
|
56,000
|
|
|
188,000
|
|
|
166,000
|
|
|||
Weighted average daily borrowings during the year
|
196,074
|
|
|
230,934
|
|
|
179,633
|
|
|||
Maximum daily borrowings during the year
|
300,000
|
|
|
429,000
|
|
|
252,000
|
|
|||
Weighted average interest rate during the year
|
3.34
|
%
|
|
2.96
|
%
|
|
2.15
|
%
|
|||
Weighted average interest rate on borrowings outstanding at December 31
|
2.73
|
%
|
|
3.52
|
%
|
|
2.54
|
%
|
|
|
|
Effective
|
|
December 31,
|
|
Payoff Date/
|
||||||||
|
Coupon/Stated Rate
|
|
Rate (1)
|
|
2019
|
|
2018
|
|
Maturity Date (2)
|
||||||
10 Year Unsecured Notes
|
4.95
|
%
|
|
5.05
|
%
|
|
250,000
|
|
|
$
|
250,000
|
|
|
10/1/2020
|
|
2015 Term Loan
|
1 Month LIBOR + 110 basis points
|
|
|
2.72
|
%
|
|
150,000
|
|
|
150,000
|
|
|
3/15/2021
|
||
10 Year Unsecured Notes
|
3.95
|
%
|
|
4.02
|
%
|
|
300,000
|
|
|
300,000
|
|
|
10/15/2022
|
||
2018 Term Loan (3)
|
1 Month LIBOR + 110 basis points
|
|
|
2.87
|
%
|
|
250,000
|
|
|
250,000
|
|
|
7/21/2023
|
||
30 Year Unsecured Notes
|
7.25
|
%
|
|
7.36
|
%
|
|
50,000
|
|
|
50,000
|
|
|
2/25/2028
|
||
Total principal
|
|
|
|
|
1,000,000
|
|
|
1,000,000
|
|
|
|
||||
Premiums and discounts, net
|
|
|
|
(797
|
)
|
|
(1,189
|
)
|
|
|
|||||
Deferred issuance costs, net
|
|
|
|
(2,481
|
)
|
|
(3,414
|
)
|
|
|
|||||
Total
|
|
|
|
|
$
|
996,722
|
|
|
995,397
|
|
|
|
(1)
|
For fixed rate notes, the effective rate represents the yield on issuance date, including the effects of discounts on the notes. For variable rate notes, the effective rate represents the rate as fixed by interest rate derivatives (see note 8).
|
(2)
|
No principal amounts are due prior to maturity.
|
(3)
|
The 2018 Term Loan increased and replaced the 2016 Term Loan (see note 6).
|
2020
|
$
|
250,000
|
|
2021
|
150,000
|
|
|
2022
|
300,000
|
|
|
2023
|
250,000
|
|
|
2024
|
—
|
|
|
Thereafter
|
50,000
|
|
|
|
$
|
1,000,000
|
|
|
Aggregate
Notional
Amount
|
Effective Date
|
|
Fair Value
|
||||||||
|
|
Derivative Assets (Liabilities)
|
||||||||||
|
|
December 31,
|
||||||||||
Derivative Instrument
|
Maturity Date
|
2019
|
|
2018
|
||||||||
Interest rate swaps
|
$
|
150,000
|
|
October 15, 2015
|
March 15, 2021
|
$
|
(62
|
)
|
|
$
|
2,720
|
|
Interest rate swaps
|
150,000
|
|
March 31, 2017
|
July 21, 2023
|
1,825
|
|
|
7,918
|
|
|||
Interest rate swaps
|
100,000
|
|
June 29, 2018
|
July 21, 2023
|
(3,664
|
)
|
|
(799
|
)
|
|||
Interest rate swaps
|
200,000
|
|
April 1, 2020
|
April 1, 2030
|
3,724
|
|
|
—
|
|
|||
|
$
|
600,000
|
|
|
|
$
|
1,823
|
|
|
$
|
9,839
|
|
|
Year Ending December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Unrealized (loss) gain on interest rate hedges
|
$
|
(8,016
|
)
|
|
$
|
420
|
|
|
$
|
1,808
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||||||||||
|
Fair Value
|
|
Quoted Prices in Active Markets for Identical Assets (Level 1)
|
|
Significant Other Observable Inputs
(Level 2)
|
|
Significant Unobservable Inputs
(Level 3)
|
|
Fair Value
|
|
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
|
Significant Other Observable Inputs
(Level 2)
|
|
Significant Unobservable Inputs
(Level 3)
|
||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
SERP
|
$
|
1,792
|
|
|
$
|
—
|
|
|
$
|
1,792
|
|
|
$
|
—
|
|
|
$
|
1,364
|
|
|
$
|
—
|
|
|
$
|
1,364
|
|
|
$
|
—
|
|
Interest rate swaps
|
5,549
|
|
|
—
|
|
|
5,549
|
|
|
—
|
|
|
10,638
|
|
|
—
|
|
|
10,638
|
|
|
—
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Interest rate swaps
|
(3,726
|
)
|
|
—
|
|
|
(3,726
|
)
|
|
—
|
|
|
(799
|
)
|
|
—
|
|
|
(799
|
)
|
|
—
|
|
|
December 31,
|
||||||||||||||
|
2019
|
|
2018
|
||||||||||||
|
Carrying
Value
|
|
Fair Value
|
|
Carrying
Value
|
|
Fair Value
|
||||||||
Cash and cash equivalents
|
$
|
12,939
|
|
|
$
|
12,939
|
|
|
$
|
6,016
|
|
|
$
|
6,016
|
|
Restricted cash
|
1,812
|
|
|
1,812
|
|
|
1,624
|
|
|
1,624
|
|
||||
Mortgage notes payable
|
47,074
|
|
|
47,899
|
|
|
48,277
|
|
|
48,368
|
|
||||
Line of credit payable
|
56,000
|
|
|
56,000
|
|
|
188,000
|
|
|
188,000
|
|
||||
Notes payable
|
996,722
|
|
|
1,022,937
|
|
|
995,397
|
|
|
1,015,210
|
|
|
2019 Awards
|
|
2018 Awards
|
|
2017 Awards
|
|||
Expected volatility (1)
|
18.1
|
%
|
|
17.9
|
%
|
|
18.5% - 18.7%
|
|
Risk-free interest rate (2)
|
2.4
|
%
|
|
2.4
|
%
|
|
1.5
|
%
|
Expected term (3)
|
3 and 4 years
|
|
|
3 and 4 years
|
|
|
3 and 4 years
|
|
Share price at grant date
|
$23.00
|
|
$26.06
|
|
$30.84 - $32.69
|
|
|
Shares
|
|
Wtd Avg Grant Fair Value
|
|||
Unvested at December 31, 2016
|
107,699
|
|
|
$
|
26.47
|
|
Granted
|
330,639
|
|
|
32.46
|
|
|
Vested during year
|
(194,569
|
)
|
|
30.50
|
|
|
Forfeited
|
(7,075
|
)
|
|
27.43
|
|
|
Unvested at December 31, 2017
|
236,694
|
|
|
27.96
|
|
|
Granted
|
304,087
|
|
|
25.98
|
|
|
Vested during year
|
(224,150
|
)
|
|
27.40
|
|
|
Forfeited
|
(5,621
|
)
|
|
29.43
|
|
|
Unvested at December 31, 2018
|
311,010
|
|
|
29.07
|
|
|
Granted
|
213,782
|
|
|
26.26
|
|
|
Vested during year
|
(236,013
|
)
|
|
27.43
|
|
|
Forfeited
|
(19,396
|
)
|
|
26.60
|
|
|
Unvested at December 31, 2019
|
269,383
|
|
|
28.45
|
|
|
Grant Date Fair Value
|
||||||||||||||||||||||
|
2019 Awards
|
|
2018 Awards
|
|
2017 Awards
|
||||||||||||||||||
|
Restricted
|
|
Unrestricted
|
|
Restricted
|
|
Unrestricted
|
|
Restricted
|
|
Unrestricted
|
||||||||||||
Relative Peer TSR
|
$
|
184
|
|
|
$
|
552
|
|
|
$
|
203
|
|
|
$
|
608
|
|
|
$
|
222
|
|
|
$
|
666
|
|
Absolute/Index TSR (1)
|
201
|
|
|
602
|
|
|
230
|
|
|
690
|
|
|
100
|
|
|
299
|
|
|
2019 Awards
|
|
2018 Awards
|
|
2017 Awards
|
||||||||||||||||||
|
Restricted
|
|
Unrestricted
|
|
Restricted
|
|
Unrestricted
|
|
Restricted
|
|
Unrestricted
|
||||||||||||
Relative Peer TSR
|
$
|
138
|
|
|
$
|
368
|
|
|
$
|
85
|
|
|
$
|
171
|
|
|
$
|
44
|
|
|
$
|
—
|
|
Absolute/Index TSR (1)
|
151
|
|
|
401
|
|
|
96
|
|
|
194
|
|
|
20
|
|
|
—
|
|
(1)
|
The performance conditions for the 2019 and 2018 awards were evaluated based on 50% on TSR relative to a defined population of peer companies and 50% on TSR relative to the FTSE NAREIT Diversified Index. The performance condition for the 2017 awards was evaluated based 50% on absolute TSR and 50% on relative TSR.
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Numerator:
|
|
|
|
|
|
||||||
Income (loss) from continuing operations
|
$
|
29,132
|
|
|
$
|
1,153
|
|
|
$
|
(3,568
|
)
|
Net loss attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
56
|
|
|||
Allocation of losses (earnings) from continuing operations to unvested restricted share awards
|
(125
|
)
|
|
(526
|
)
|
|
(362
|
)
|
|||
Adjusted income (loss) from continuing operations attributable to the controlling interests
|
29,007
|
|
|
627
|
|
|
(3,874
|
)
|
|||
Income from discontinued operations, including gain on sale of real estate
|
354,418
|
|
|
24,477
|
|
|
23,180
|
|
|||
Net loss attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|||
Allocation of earnings from discontinued operations to unvested restricted share awards
|
(1,837
|
)
|
|
—
|
|
|
—
|
|
|||
Adjusted income from discontinued operations
|
352,581
|
|
|
24,477
|
|
|
23,180
|
|
|||
Adjusted net income attributable to the controlling interests
|
$
|
381,588
|
|
|
$
|
25,104
|
|
|
$
|
19,306
|
|
Denominator:
|
|
|
|
|
|
||||||
Weighted average shares outstanding – basic
|
80,257
|
|
|
78,960
|
|
|
76,820
|
|
|||
Effect of dilutive securities:
|
|
|
|
|
|
||||||
Operating partnership units
|
12
|
|
|
12
|
|
|
—
|
|
|||
Employee restricted share awards
|
66
|
|
|
70
|
|
|
—
|
|
|||
Weighted average shares outstanding – diluted
|
80,335
|
|
|
79,042
|
|
|
76,820
|
|
|||
|
|
|
|
|
|
||||||
Earnings per common share, basic:
|
|
|
|
|
|
||||||
Continuing operations
|
$
|
0.36
|
|
|
$
|
0.01
|
|
|
$
|
(0.05
|
)
|
Discontinued operations
|
4.39
|
|
|
0.31
|
|
|
0.30
|
|
|||
Basic net income attributable to the controlling interests per common share
|
$
|
4.75
|
|
|
$
|
0.32
|
|
|
$
|
0.25
|
|
Earnings per common share, diluted:
|
|
|
|
|
|
||||||
Continuing operations
|
$
|
0.36
|
|
|
$
|
0.01
|
|
|
$
|
(0.05
|
)
|
Discontinued operations
|
4.39
|
|
|
0.31
|
|
|
0.30
|
|
|||
Diluted net income attributable to the controlling interests per common share
|
$
|
4.75
|
|
|
$
|
0.32
|
|
|
$
|
0.25
|
|
|
|
|
|
|
|
||||||
Dividends declared per common share
|
$
|
1.20
|
|
|
$
|
1.20
|
|
|
$
|
1.20
|
|
|
Year Ended December 31,
|
|||||||
|
2019
|
|
2018
|
|
2017
|
|||
Multifamily
|
41
|
%
|
|
33
|
%
|
|
34
|
%
|
Office
|
53
|
%
|
|
61
|
%
|
|
60
|
%
|
Corporate and other
|
6
|
%
|
|
6
|
%
|
|
6
|
%
|
|
Year Ended December 31, 2019
|
||||||||||||||
|
Office
|
|
Multifamily
|
|
Corporate
and Other (1) |
|
Consolidated
|
||||||||
Real estate rental revenue
|
$
|
164,059
|
|
|
$
|
126,131
|
|
|
$
|
18,990
|
|
|
$
|
309,180
|
|
Real estate expenses
|
60,923
|
|
|
49,135
|
|
|
5,522
|
|
|
115,580
|
|
||||
Net operating income
|
$
|
103,136
|
|
|
$
|
76,996
|
|
|
$
|
13,468
|
|
|
$
|
193,600
|
|
Depreciation and amortization
|
|
|
|
|
|
|
(136,253
|
)
|
|||||||
General and administrative
|
|
|
|
|
|
|
(24,370
|
)
|
|||||||
Lease origination expenses
|
|
|
|
|
|
|
(1,698
|
)
|
|||||||
Interest expense
|
|
|
|
|
|
|
(53,734
|
)
|
|||||||
Real estate impairment
|
|
|
|
|
|
|
(8,374
|
)
|
|||||||
Gain on sale of real estate
|
|
|
|
|
|
|
59,961
|
|
|||||||
Discontinued operations:
|
|
|
|
|
|
|
|
||||||||
Income from properties sold or held for sale
|
|
|
|
|
|
|
16,158
|
|
|||||||
Gain on sale of real estate
|
|
|
|
|
|
|
339,024
|
|
|||||||
Loss on extinguishment of debt
|
|
|
|
|
|
|
(764
|
)
|
|||||||
Net income
|
|
|
|
|
|
|
383,550
|
|
|||||||
Less: Net loss attributable to noncontrolling interests
|
|
|
|
|
|
|
—
|
|
|||||||
Net income attributable to the controlling interests
|
|
|
|
|
|
|
$
|
383,550
|
|
||||||
Capital expenditures
|
$
|
38,634
|
|
|
$
|
25,779
|
|
|
$
|
4,534
|
|
|
$
|
68,947
|
|
Total assets
|
$
|
1,134,147
|
|
|
$
|
1,340,634
|
|
|
$
|
153,547
|
|
|
$
|
2,628,328
|
|
|
Year Ended December 31, 2018
|
||||||||||||||
|
Office
|
|
Multifamily
|
|
Corporate
and Other (1)
|
|
Consolidated
|
||||||||
Real estate rental revenue
|
$
|
178,474
|
|
|
$
|
95,194
|
|
|
$
|
18,062
|
|
|
$
|
291,730
|
|
Real estate expenses
|
63,321
|
|
|
37,235
|
|
|
5,036
|
|
|
105,592
|
|
||||
Net operating income
|
$
|
115,153
|
|
|
$
|
57,959
|
|
|
$
|
13,026
|
|
|
$
|
186,138
|
|
Depreciation and amortization
|
|
|
|
|
|
|
(111,826
|
)
|
|||||||
General and administrative
|
|
|
|
|
|
|
(22,089
|
)
|
|||||||
Real estate impairment
|
|
|
|
|
|
|
(1,886
|
)
|
|||||||
Interest expense
|
|
|
|
|
|
|
(50,501
|
)
|
|||||||
Gain on sale of real estate
|
|
|
|
|
|
|
2,495
|
|
|||||||
Loss on extinguishment of debt
|
|
|
|
|
|
|
(1,178
|
)
|
|||||||
Discontinued operations:
|
|
|
|
|
|
|
|
||||||||
Income from properties sold or held for sale
|
|
|
|
|
|
|
24,477
|
|
|||||||
Net income
|
|
|
|
|
|
|
25,630
|
|
|||||||
Less: Net loss attributable to noncontrolling interests
|
|
|
|
|
|
|
—
|
|
|||||||
Net income attributable to the controlling interests
|
|
|
|
|
|
|
$
|
25,630
|
|
||||||
Capital expenditures
|
$
|
42,019
|
|
|
$
|
25,117
|
|
|
$
|
4,897
|
|
|
$
|
72,033
|
|
Total assets
|
$
|
1,248,673
|
|
|
$
|
792,170
|
|
|
$
|
376,261
|
|
|
$
|
2,417,104
|
|
|
Year Ended December 31, 2017
|
||||||||||||||
|
Office
|
|
Multifamily
|
|
Corporate
and Other (1)
|
|
Consolidated
|
||||||||
Real estate rental revenue
|
$
|
167,438
|
|
|
$
|
95,250
|
|
|
$
|
17,593
|
|
|
$
|
280,281
|
|
Real estate expenses
|
62,824
|
|
|
37,640
|
|
|
4,936
|
|
|
105,400
|
|
||||
Net operating income
|
$
|
104,614
|
|
|
$
|
57,610
|
|
|
$
|
12,657
|
|
|
$
|
174,881
|
|
Depreciation and amortization
|
|
|
|
|
|
|
(101,430
|
)
|
|||||||
General and administrative
|
|
|
|
|
|
|
(22,580
|
)
|
|||||||
Casualty gain
|
|
|
|
|
|
|
(33,152
|
)
|
|||||||
Interest expense
|
|
|
|
|
|
|
(46,793
|
)
|
|||||||
Other income
|
|
|
|
|
|
|
507
|
|
|||||||
Gain on sale of real estate
|
|
|
|
|
|
|
24,915
|
|
|||||||
Income tax benefit
|
|
|
|
|
|
|
84
|
|
|||||||
Discontinued operations:
|
|
|
|
|
|
|
|
||||||||
Income from properties sold or held for sale
|
|
|
|
|
|
|
23,180
|
|
|||||||
Net income
|
|
|
|
|
|
|
19,612
|
|
|||||||
Less: Net loss attributable to noncontrolling interests
|
|
|
|
|
|
|
56
|
|
|||||||
Net income attributable to the controlling interests
|
|
|
|
|
|
|
$
|
19,668
|
|
||||||
Capital expenditures
|
$
|
30,407
|
|
|
$
|
27,980
|
|
|
$
|
5,994
|
|
|
$
|
64,381
|
|
Total assets
|
$
|
1,203,187
|
|
|
$
|
767,279
|
|
|
$
|
388,960
|
|
|
$
|
2,359,426
|
|
(1)
|
Includes the retail properties not classified as discontinued operations: Takoma Park, Westminster, Concord Centre, Chevy Chase Metro Plaza, 800 S. Washington Street, Randolph Shopping Center, Montrose Shopping Center and Spring Valley Village, and total assets and capital expenditures include all retail properties, including those classified as discontinued operations.
|
|
Quarter(1), (2)
|
||||||||||||||
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
||||||||
2019
|
|
|
|
|
|
|
|
||||||||
Real estate rental revenue
|
$
|
71,434
|
|
|
$
|
76,820
|
|
|
$
|
80,259
|
|
|
$
|
80,667
|
|
(Loss) income from continuing operations
|
$
|
(10,443
|
)
|
|
$
|
(6,191
|
)
|
|
$
|
(8,432
|
)
|
|
$
|
54,198
|
|
Net (loss) income
|
$
|
(4,405
|
)
|
|
$
|
987
|
|
|
$
|
332,770
|
|
|
$
|
54,198
|
|
Net (loss) income attributable to the controlling interests
|
$
|
(4,405
|
)
|
|
$
|
987
|
|
|
$
|
332,770
|
|
|
$
|
54,198
|
|
(Loss) income from continuing operations per share
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
(0.13
|
)
|
|
$
|
(0.08
|
)
|
|
$
|
(0.10
|
)
|
|
$
|
0.66
|
|
Diluted
|
$
|
(0.13
|
)
|
|
$
|
(0.08
|
)
|
|
$
|
(0.10
|
)
|
|
$
|
0.66
|
|
Net income per share
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
(0.06
|
)
|
|
$
|
0.01
|
|
|
$
|
4.14
|
|
|
$
|
0.66
|
|
Diluted
|
$
|
(0.06
|
)
|
|
$
|
0.01
|
|
|
$
|
4.14
|
|
|
$
|
0.66
|
|
2018
|
|
|
|
|
|
|
|
||||||||
Real estate rental revenue
|
$
|
73,645
|
|
|
$
|
75,344
|
|
|
$
|
71,001
|
|
|
$
|
71,740
|
|
(Loss) income from continuing operations
|
$
|
(2,559
|
)
|
|
$
|
4,563
|
|
|
$
|
(547
|
)
|
|
$
|
(304
|
)
|
Net income
|
$
|
3,299
|
|
|
$
|
10,750
|
|
|
$
|
5,893
|
|
|
$
|
5,688
|
|
Net income attributable to the controlling interests
|
$
|
3,299
|
|
|
$
|
10,750
|
|
|
$
|
5,893
|
|
|
$
|
5,688
|
|
Income (loss) from continuing operations per share
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
(0.03
|
)
|
|
$
|
0.06
|
|
|
$
|
(0.01
|
)
|
|
$
|
—
|
|
Diluted
|
$
|
(0.03
|
)
|
|
$
|
0.06
|
|
|
$
|
(0.01
|
)
|
|
$
|
—
|
|
Net income per share
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.04
|
|
|
$
|
0.14
|
|
|
$
|
0.07
|
|
|
$
|
0.07
|
|
Diluted
|
$
|
0.04
|
|
|
$
|
0.13
|
|
|
$
|
0.07
|
|
|
$
|
0.07
|
|
(1)
|
With regard to per share calculations, the sum of the quarterly results may not equal full year results due to rounding.
|
(2)
|
The second quarter of 2019 includes a loss on sale of real estate of $1.0 million. The third and fourth quarters of 2019 include gains on sale of real estate of $339.0 million and $61.0 million, respectively. The second quarter of 2018 includes a gain on sale of real estate of $2.5 million. The first quarter of 2019 and first quarter of 2018 include real estate impairments of $8.4 million and $1.9 million, respectively.
|
|
Year Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
Issuance of common shares
|
1,859
|
|
|
1,165
|
|
||
Weighted average price per share
|
$
|
30.00
|
|
|
$
|
31.18
|
|
Net proceeds
|
$
|
54,916
|
|
|
$
|
35,472
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Issuance of common shares
|
173
|
|
|
81
|
|
|
80
|
|
|||
Weighted average price per share
|
$
|
27.58
|
|
|
$
|
29.18
|
|
|
$
|
32.25
|
|
Net proceeds
|
$
|
4,755
|
|
|
$
|
1,973
|
|
|
$
|
2,576
|
|
|
December 31,
|
||||||||||||||||||||||
|
2019
|
|
2018
|
||||||||||||||||||||
|
Gross Carrying
Value
|
|
Accumulated
Amortization
|
|
Net
|
|
Gross Carrying
Value
|
|
Accumulated
Amortization
|
|
Net
|
||||||||||||
Deferred leasing costs
|
$
|
60,900
|
|
|
$
|
29,580
|
|
|
$
|
31,320
|
|
|
$
|
63,659
|
|
|
$
|
31,438
|
|
|
$
|
32,221
|
|
Deferred leasing incentives
|
18,926
|
|
|
11,133
|
|
|
7,793
|
|
|
22,801
|
|
|
12,311
|
|
|
10,490
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Deferred leasing costs amortization
|
$
|
6,599
|
|
|
$
|
5,881
|
|
|
$
|
5,784
|
|
Deferred leasing incentives amortization
|
2,862
|
|
|
2,811
|
|
|
3,009
|
|
|
Balance at Beginning of Year
|
|
Additions Charged to Expenses
|
|
Net Recoveries
|
|
Balance at End of Year
|
||||||||
Valuation allowance for deferred tax assets
|
|
|
|
|
|
|
|||||||||
2019
|
$
|
1,419
|
|
|
$
|
—
|
|
|
$
|
(17
|
)
|
|
$
|
1,402
|
|
2018
|
$
|
1,413
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
1,419
|
|
2017
|
$
|
2,882
|
|
|
$
|
—
|
|
|
$
|
(1,469
|
)
|
|
$
|
1,413
|
|
|
|
|
|
Initial Cost (b)
|
|
Net Improvements (Retirement) since Acquisition
|
|
Gross Amounts at Which Carried at December 31, 2019
|
|
Accumulated Depreciation at December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Properties
|
|
Location
|
|
Land
|
|
Buildings and Improvements
|
|
Land
|
|
Buildings and Improvements
|
|
Total (c)
|
|
Year of Construction
|
|
Date of Acquisition
|
|
Net
Rentable
Square
Feet
|
|
Units
|
|
Depreciation Life (d)
|
||||||||||||||||||||
Multifamily Properties
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
3801 Connecticut Avenue
|
|
Washington, DC
|
|
$
|
420,000
|
|
|
$
|
2,678,000
|
|
|
$
|
19,357,000
|
|
|
$
|
420,000
|
|
|
$
|
22,035,000
|
|
|
$
|
22,455,000
|
|
|
$
|
13,543,000
|
|
|
1951
|
|
Jan 1963
|
|
178,000
|
|
|
307
|
|
|
30 years
|
Roosevelt Towers
|
|
Virginia
|
|
336,000
|
|
|
1,996,000
|
|
|
13,659,000
|
|
|
336,000
|
|
|
15,655,000
|
|
|
15,991,000
|
|
|
11,418,000
|
|
|
1964
|
|
May 1965
|
|
170,000
|
|
|
191
|
|
|
40 years
|
|||||||
Park Adams
|
|
Virginia
|
|
287,000
|
|
|
1,654,000
|
|
|
13,636,000
|
|
|
287,000
|
|
|
15,290,000
|
|
|
15,577,000
|
|
|
11,178,000
|
|
|
1959
|
|
Jan 1969
|
|
173,000
|
|
|
200
|
|
|
35 years
|
|||||||
The Ashby at McLean (f)
|
|
Virginia
|
|
4,356,000
|
|
|
17,102,000
|
|
|
27,319,000
|
|
|
4,356,000
|
|
|
44,421,000
|
|
|
48,777,000
|
|
|
29,047,000
|
|
|
1982
|
|
Aug 1996
|
|
274,000
|
|
|
256
|
|
|
30 years
|
|||||||
Bethesda Hill Apartments
|
|
Maryland
|
|
3,900,000
|
|
|
13,412,000
|
|
|
16,545,000
|
|
|
3,900,000
|
|
|
29,957,000
|
|
|
33,857,000
|
|
|
21,017,000
|
|
|
1986
|
|
Nov 1997
|
|
225,000
|
|
|
195
|
|
|
30 years
|
|||||||
Bennett Park
|
|
Virginia
|
|
2,861,000
|
|
|
917,000
|
|
|
81,896,000
|
|
|
4,774,000
|
|
|
80,900,000
|
|
|
85,674,000
|
|
|
40,308,000
|
|
|
2007
|
|
Feb 2001
|
|
215,000
|
|
|
224
|
|
|
28 years
|
|||||||
The Clayborne
|
|
Virginia
|
|
269,000
|
|
|
—
|
|
|
31,374,000
|
|
|
699,000
|
|
|
30,944,000
|
|
|
31,643,000
|
|
|
16,971,000
|
|
|
2008
|
|
Jun 2003
|
|
60,000
|
|
|
74
|
|
|
26 years
|
|||||||
The Kenmore
|
|
Washington, DC
|
|
28,222,000
|
|
|
33,955,000
|
|
|
18,109,000
|
|
|
28,222,000
|
|
|
52,064,000
|
|
|
80,286,000
|
|
|
17,415,000
|
|
|
1948
|
|
Sep 2008
|
|
268,000
|
|
|
374
|
|
|
30 years
|
|||||||
The Maxwell
|
|
Virginia
|
|
12,787,000
|
|
|
—
|
|
|
38,145,000
|
|
|
12,848,000
|
|
|
38,084,000
|
|
|
50,932,000
|
|
|
11,018,000
|
|
|
2014
|
|
Jun 2011
|
|
116,000
|
|
|
163
|
|
|
30 years
|
|||||||
The Paramount (f)
|
|
Virginia
|
|
8,568,000
|
|
|
38,716,000
|
|
|
3,101,000
|
|
|
8,568,000
|
|
|
41,817,000
|
|
|
50,385,000
|
|
|
11,261,000
|
|
|
1984
|
|
Oct 2013
|
|
141,000
|
|
|
135
|
|
|
30 years
|
|||||||
Yale West (a)
|
|
Washington, DC
|
|
14,684,000
|
|
|
62,069,000
|
|
|
1,688,000
|
|
|
14,684,000
|
|
|
63,757,000
|
|
|
78,441,000
|
|
|
13,442,000
|
|
|
2011
|
|
Feb 2014
|
|
173,000
|
|
|
216
|
|
|
30 years
|
|||||||
The Wellington
|
|
Virginia
|
|
30,548,000
|
|
|
116,563,000
|
|
|
16,178,000
|
|
|
30,548,000
|
|
|
132,741,000
|
|
|
163,289,000
|
|
|
21,947,000
|
|
|
1960
|
|
Jul 2015
|
|
600,000
|
|
|
711
|
|
|
30 years
|
|||||||
The Trove (e)
|
|
Virginia
|
|
15,000,000
|
|
|
—
|
|
|
93,941,000
|
|
|
2,250,000
|
|
|
106,692,000
|
|
|
108,942,000
|
|
|
146,000
|
|
|
n/a
|
|
Jul 2015
|
|
—
|
|
|
n/a
|
|
|
n/a
|
|||||||
Riverside Apartments
|
|
Virginia
|
|
38,924,000
|
|
|
184,854,000
|
|
|
35,517,000
|
|
|
38,924,000
|
|
|
220,371,000
|
|
|
259,295,000
|
|
|
30,363,000
|
|
|
1971
|
|
May 2016
|
|
1,001,000
|
|
|
1,222
|
|
|
30 years
|
|||||||
Riverside Apartments land parcel (e)
|
|
Virginia
|
|
15,968,000
|
|
|
—
|
|
|
9,674,000
|
|
|
—
|
|
|
25,642,000
|
|
|
25,642,000
|
|
|
—
|
|
|
n/a
|
|
May 2016
|
|
—
|
|
|
n/a
|
|
|
n/a
|
|||||||
Assembly Alexandria
|
|
Virginia
|
|
23,942,000
|
|
|
93,672,000
|
|
|
1,931,000
|
|
|
23,942,000
|
|
|
95,603,000
|
|
|
119,545,000
|
|
|
2,595,000
|
|
|
1990
|
|
Jun 2019
|
|
437,000
|
|
|
532
|
|
|
30 years
|
|||||||
Assembly Manassas
|
|
Virginia
|
|
13,586,000
|
|
|
68,802,000
|
|
|
617,000
|
|
|
13,586,000
|
|
|
69,419,000
|
|
|
83,005,000
|
|
|
2,015,000
|
|
|
1986
|
|
Jun 2019
|
|
390,000
|
|
|
408
|
|
|
30 years
|
|||||||
Assembly Dulles
|
|
Virginia
|
|
12,476,000
|
|
|
66,852,000
|
|
|
535,000
|
|
|
12,476,000
|
|
|
67,387,000
|
|
|
79,863,000
|
|
|
1,913,000
|
|
|
2000
|
|
Jun 2019
|
|
361,000
|
|
|
328
|
|
|
30 years
|
|||||||
Assembly Leesburg
|
|
Virginia
|
|
4,113,000
|
|
|
21,286,000
|
|
|
102,000
|
|
|
4,113,000
|
|
|
21,388,000
|
|
|
25,501,000
|
|
|
691,000
|
|
|
1986
|
|
Jun 2019
|
|
124,000
|
|
|
134
|
|
|
30 years
|
|||||||
Assembly Herndon
|
|
Virginia
|
|
11,225,000
|
|
|
51,534,000
|
|
|
690,000
|
|
|
11,225,000
|
|
|
52,224,000
|
|
|
63,449,000
|
|
|
1,618,000
|
|
|
1991
|
|
Jun 2019
|
|
221,000
|
|
|
283
|
|
|
30 years
|
|||||||
Assembly Germantown
|
|
Maryland
|
|
7,609,000
|
|
|
34,431,000
|
|
|
179,000
|
|
|
7,609,000
|
|
|
34,610,000
|
|
|
42,219,000
|
|
|
891,000
|
|
|
1990
|
|
Jun 2019
|
|
211,000
|
|
|
218
|
|
|
30 years
|
|||||||
Assembly Watkins Mill
|
|
Maryland
|
|
7,151,000
|
|
|
30,851,000
|
|
|
210,000
|
|
|
7,151,000
|
|
|
31,061,000
|
|
|
38,212,000
|
|
|
756,000
|
|
|
1975
|
|
Jun 2019
|
|
193,000
|
|
|
210
|
|
|
30 years
|
|||||||
Cascade at Landmark
|
|
Virginia
|
|
12,289,000
|
|
|
56,235,000
|
|
|
578,000
|
|
|
12,289,000
|
|
|
56,813,000
|
|
|
69,102,000
|
|
|
1,141,000
|
|
|
1988
|
|
Sep 2019
|
|
273,000
|
|
|
277
|
|
|
30 years
|
|||||||
|
|
|
|
$
|
269,521,000
|
|
|
$
|
897,579,000
|
|
|
$
|
424,981,000
|
|
|
$
|
243,207,000
|
|
|
$
|
1,348,875,000
|
|
|
$
|
1,592,082,000
|
|
|
$
|
260,694,000
|
|
|
|
|
|
|
5,804,000
|
|
|
6,658
|
|
|
|
Office Buildings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
1901 Pennsylvania Avenue
|
|
Washington, DC
|
|
$
|
892,000
|
|
|
$
|
3,481,000
|
|
|
$
|
20,595,000
|
|
|
$
|
892,000
|
|
|
$
|
24,076,000
|
|
|
$
|
24,968,000
|
|
|
$
|
18,613,000
|
|
|
1960
|
|
May 1977
|
|
101,000
|
|
|
|
|
28 years
|
|
515 King Street
|
|
Virginia
|
|
4,102,000
|
|
|
3,931,000
|
|
|
9,264,000
|
|
|
4,102,000
|
|
|
13,195,000
|
|
|
17,297,000
|
|
|
7,112,000
|
|
|
1966
|
|
Jul 1992
|
|
75,000
|
|
|
|
|
50 years
|
||||||||
1220 19th Street
|
|
Washington, DC
|
|
7,803,000
|
|
|
11,366,000
|
|
|
16,634,000
|
|
|
7,803,000
|
|
|
28,000,000
|
|
|
35,803,000
|
|
|
18,859,000
|
|
|
1976
|
|
Nov 1995
|
|
103,000
|
|
|
|
|
30 years
|
||||||||
1600 Wilson Boulevard
|
|
Virginia
|
|
6,661,000
|
|
|
16,742,000
|
|
|
31,274,000
|
|
|
6,661,000
|
|
|
48,016,000
|
|
|
54,677,000
|
|
|
29,563,000
|
|
|
1973
|
|
Oct 1997
|
|
170,000
|
|
|
|
|
30 years
|
||||||||
Silverline Center (f)
|
|
Virginia
|
|
12,049,000
|
|
|
71,825,000
|
|
|
102,283,000
|
|
|
12,049,000
|
|
|
174,108,000
|
|
|
186,157,000
|
|
|
104,536,000
|
|
|
1972
|
|
Nov 1997
|
|
549,000
|
|
|
|
|
30 years
|
||||||||
Courthouse Square
|
|
Virginia
|
|
—
|
|
|
17,096,000
|
|
|
10,172,000
|
|
|
—
|
|
|
27,268,000
|
|
|
27,268,000
|
|
|
17,615,000
|
|
|
1979
|
|
Oct 2000
|
|
120,000
|
|
|
|
|
30 years
|
||||||||
Monument II
|
|
Virginia
|
|
10,244,000
|
|
|
65,205,000
|
|
|
12,332,000
|
|
|
10,244,000
|
|
|
77,537,000
|
|
|
87,781,000
|
|
|
35,474,000
|
|
|
2000
|
|
Mar 2007
|
|
209,000
|
|
|
|
|
30 years
|
||||||||
2000 M Street
|
|
Washington, DC
|
|
—
|
|
|
61,101,000
|
|
|
41,735,000
|
|
|
—
|
|
|
102,836,000
|
|
|
102,836,000
|
|
|
40,369,000
|
|
|
1971
|
|
Dec 2007
|
|
232,000
|
|
|
|
|
30 years
|
||||||||
1140 Connecticut Avenue
|
|
Washington, DC
|
|
25,226,000
|
|
|
50,495,000
|
|
|
18,799,000
|
|
|
25,226,000
|
|
|
69,294,000
|
|
|
94,520,000
|
|
|
24,486,000
|
|
|
1966
|
|
Jan 2011
|
|
184,000
|
|
|
|
|
30 years
|
||||||||
1227 25th Street
|
|
Washington, DC
|
|
17,505,000
|
|
|
21,319,000
|
|
|
11,454,000
|
|
|
17,505,000
|
|
|
32,773,000
|
|
|
50,278,000
|
|
|
11,315,000
|
|
|
1988
|
|
Mar 2011
|
|
135,000
|
|
|
|
|
30 years
|
||||||||
John Marshall II
|
|
Virginia
|
|
13,490,000
|
|
|
53,024,000
|
|
|
9,534,000
|
|
|
13,490,000
|
|
|
62,558,000
|
|
|
76,048,000
|
|
|
19,020,000
|
|
|
1996
|
|
Sep 2011
|
|
223,000
|
|
|
|
|
30 years
|
||||||||
Fairgate at Ballston
|
|
Virginia
|
|
17,750,000
|
|
|
29,885,000
|
|
|
7,203,000
|
|
|
17,750,000
|
|
|
37,088,000
|
|
|
54,838,000
|
|
|
12,571,000
|
|
|
1988
|
|
Jun 2012
|
|
145,000
|
|
|
|
|
30 years
|
||||||||
Army Navy Building
|
|
Washington, DC
|
|
30,796,000
|
|
|
39,315,000
|
|
|
13,201,000
|
|
|
30,796,000
|
|
|
52,516,000
|
|
|
83,312,000
|
|
|
13,078,000
|
|
|
1912
|
|
Mar 2014
|
|
108,000
|
|
|
|
|
30 years
|
|
|
|
|
Initial Cost (b)
|
|
Net Improvements (Retirement) since Acquisition
|
|
Gross Amounts at Which Carried at December 31, 2019
|
|
Accumulated Depreciation at December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Properties
|
|
Location
|
|
Land
|
|
Buildings and Improvements
|
|
Land
|
|
Buildings and Improvements
|
|
Total (c)
|
|
Year of Construction
|
|
Date of Acquisition
|
|
Net
Rentable
Square
Feet
|
|
Units
|
|
Depreciation Life (d)
|
||||||||||||||||||||
1775 Eye Street, NW
|
|
Washington, DC
|
|
48,086,000
|
|
|
51,074,000
|
|
|
16,328,000
|
|
|
48,086,000
|
|
|
67,402,000
|
|
|
115,488,000
|
|
|
17,232,000
|
|
|
1964
|
|
May 2014
|
|
189,000
|
|
|
|
|
30 years
|
||||||||
Watergate 600
|
|
Washington, DC
|
|
45,981,000
|
|
|
78,325,000
|
|
|
39,225,000
|
|
|
45,981,000
|
|
|
117,550,000
|
|
|
163,531,000
|
|
|
13,419,000
|
|
|
1972
|
|
Apr 2017
|
|
293,000
|
|
|
|
|
30 years
|
||||||||
Arlington Tower
|
|
Virginia
|
|
63,970,000
|
|
|
156,525,000
|
|
|
10,951,000
|
|
|
63,970,000
|
|
|
167,476,000
|
|
|
231,446,000
|
|
|
14,437,000
|
|
|
1980
|
|
Jan 2018
|
|
391,000
|
|
|
|
|
30 years
|
||||||||
|
|
|
|
$
|
304,555,000
|
|
|
$
|
730,709,000
|
|
|
$
|
370,984,000
|
|
|
$
|
304,555,000
|
|
|
$
|
1,101,693,000
|
|
|
$
|
1,406,248,000
|
|
|
$
|
397,699,000
|
|
|
|
|
|
|
3,227,000
|
|
|
|
|
|
|
|
|
|
Initial Cost (b)
|
|
Net Improvements (Retirement) since Acquisition
|
|
Gross Amounts at Which Carried at December 31, 2019
|
|
Accumulated Depreciation at December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Properties
|
|
Location
|
|
Land
|
|
Buildings
and
Improvements
|
|
|
Land
|
|
Buildings
and
Improvements
|
|
Total (c)
|
|
|
Year of
Construction
|
|
Date of
Acquisition
|
|
Net
Rentable
Square
Feet
|
|
Units
|
|
Depreciation
Life (d)
|
|||||||||||||||||
Retail Centers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Takoma Park (f)
|
|
Maryland
|
|
$
|
415,000
|
|
|
$
|
1,084,000
|
|
|
$
|
289,000
|
|
|
$
|
366,000
|
|
|
$
|
1,423,000
|
|
|
$
|
1,789,000
|
|
|
$
|
1,205,000
|
|
|
1962
|
|
Jul 1963
|
|
51,000
|
|
|
|
|
50 years
|
Westminster
|
|
Maryland
|
|
519,000
|
|
|
1,775,000
|
|
|
9,988,000
|
|
|
519,000
|
|
|
11,763,000
|
|
|
12,282,000
|
|
|
8,614,000
|
|
|
1969
|
|
Sep 1972
|
|
150,000
|
|
|
|
|
37 years
|
|||||||
Concord Centre
|
|
Virginia
|
|
413,000
|
|
|
850,000
|
|
|
7,415,000
|
|
|
413,000
|
|
|
8,265,000
|
|
|
8,678,000
|
|
|
4,036,000
|
|
|
1960
|
|
Dec 1973
|
|
75,000
|
|
|
|
|
33 years
|
|||||||
Chevy Chase Metro Plaza
|
|
Washington, DC
|
|
1,549,000
|
|
|
4,304,000
|
|
|
8,377,000
|
|
|
1,549,000
|
|
|
12,681,000
|
|
|
14,230,000
|
|
|
8,287,000
|
|
|
1975
|
|
Sep 1985
|
|
49,000
|
|
|
|
|
50 years
|
|||||||
800 S. Washington Street
|
|
Virginia
|
|
2,904,000
|
|
|
5,489,000
|
|
|
6,168,000
|
|
|
2,904,000
|
|
|
11,657,000
|
|
|
14,561,000
|
|
|
6,196,000
|
|
|
1955
|
|
Jun 1998
|
|
46,000
|
|
|
|
|
30 years
|
|||||||
Randolph Shopping Center
|
|
Maryland
|
|
4,928,000
|
|
|
13,025,000
|
|
|
1,200,000
|
|
|
4,928,000
|
|
|
14,225,000
|
|
|
19,153,000
|
|
|
6,846,000
|
|
|
1972
|
|
May 2006
|
|
83,000
|
|
|
|
|
30 years
|
|||||||
Montrose Shopping Center (f)
|
|
Maryland
|
|
11,612,000
|
|
|
22,410,000
|
|
|
2,604,000
|
|
|
11,020,000
|
|
|
25,606,000
|
|
|
36,626,000
|
|
|
11,856,000
|
|
|
1970
|
|
May 2006
|
|
149,000
|
|
|
|
|
30 years
|
|||||||
Spring Valley Village
|
|
Washington, DC
|
|
10,836,000
|
|
|
32,238,000
|
|
|
10,740,000
|
|
|
10,836,000
|
|
|
42,978,000
|
|
|
53,814,000
|
|
|
7,197,000
|
|
|
1941
|
|
Oct 2014
|
|
92,000
|
|
|
|
|
30 years
|
|||||||
|
|
|
|
$
|
33,176,000
|
|
|
$
|
81,175,000
|
|
|
$
|
46,781,000
|
|
|
$
|
32,535,000
|
|
|
$
|
128,598,000
|
|
|
$
|
161,133,000
|
|
|
$
|
54,237,000
|
|
|
|
|
|
|
695,000
|
|
|
|
|
|
Total
|
|
|
|
$
|
607,252,000
|
|
|
$
|
1,709,463,000
|
|
|
$
|
842,746,000
|
|
|
$
|
580,297,000
|
|
|
$
|
2,579,166,000
|
|
|
$
|
3,159,463,000
|
|
|
$
|
712,630,000
|
|
|
|
|
|
|
9,726,000
|
|
|
6,658
|
|
|
|
a)
|
At December 31, 2019, our properties were encumbered by non-recourse mortgage amounts of $45.7 million on Yale West. Mortgage amounts exclude premiums and debt loan costs.
|
b)
|
The purchase cost of real estate investments has been divided between land and buildings and improvements on the basis of management’s determination of the fair values.
|
c)
|
At December 31, 2019, total land, buildings and improvements are carried at $1,917.8 million for federal income tax purposes.
|
d)
|
The useful life shown is for the main structure. Buildings and improvements are depreciated over various useful lives ranging from 3 to 50 years.
|
e)
|
As of December 31, 2019, WashREIT had under development multifamily properties, The Trove and Riverside Apartments land parcel. The value not yet placed into service at December 31, 2019 was $96.7 million and $25.6 million, respectively.
|
f)
|
As of December 31, 2019, WashREIT had investments in various development, redevelopment and renovation projects, including The Ashby at McLean, Montrose Shopping Center, Silverline Center, Takoma Park and The Paramount. The total value of these projects, which has not yet been placed in service, is $1.9 million at December 31, 2019.
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Real estate assets
|
|
|
|
|
|
||||||
Balance, beginning of period
|
$
|
2,973,816
|
|
|
$
|
2,831,683
|
|
|
$
|
2,725,635
|
|
Additions:
|
|
|
|
|
|
||||||
Property acquisitions (1)
|
516,054
|
|
|
220,495
|
|
|
124,306
|
|
|||
Improvements (1)
|
140,109
|
|
|
103,404
|
|
|
84,560
|
|
|||
Deductions:
|
|
|
|
|
|
||||||
Impairment write-down
|
(24,432
|
)
|
|
(2,177
|
)
|
|
(81,982
|
)
|
|||
Write-off of disposed assets
|
(7,430
|
)
|
|
(2,132
|
)
|
|
(2,655
|
)
|
|||
Property sales
|
(438,654
|
)
|
|
(177,457
|
)
|
|
(18,181
|
)
|
|||
Balance, end of period
|
$
|
3,159,463
|
|
|
$
|
2,973,816
|
|
|
$
|
2,831,683
|
|
Accumulated depreciation
|
|
|
|
|
|
||||||
Balance, beginning of period
|
$
|
770,535
|
|
|
$
|
690,417
|
|
|
$
|
657,425
|
|
Additions:
|
|
|
|
|
|
||||||
Depreciation
|
107,938
|
|
|
98,141
|
|
|
94,558
|
|
|||
Deductions:
|
|
|
|
|
|
||||||
Impairment write-down
|
(16,058
|
)
|
|
(291
|
)
|
|
(48,830
|
)
|
|||
Write-off of disposed assets
|
(2,173
|
)
|
|
(1,859
|
)
|
|
(1,708
|
)
|
|||
Property sales
|
(147,612
|
)
|
|
(15,873
|
)
|
|
(11,028
|
)
|
|||
Balance, end of period
|
$
|
712,630
|
|
|
$
|
770,535
|
|
|
$
|
690,417
|
|
(1)
|
Includes non-cash accruals for capital items.
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1 Year Washington REIT Chart |
1 Month Washington REIT Chart |
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