![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 |
☒ | QUARTERLY 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. |
WASHINGTON REAL ESTATE INVESTMENT TRUST
|
||
(Exact name of registrant as specified in its charter) |
Maryland | 53-0261100 | |||||||
(State of incorporation) | (IRS Employer Identification Number) |
Title of each class | Trading Symbol(s) | 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 | ☐ |
Page | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
September 30, 2020 | December 31, 2019 | ||||||||||
(Unaudited) | |||||||||||
Assets | |||||||||||
Land | $ | 574,025 | $ | 566,807 | |||||||
Income producing property | 2,497,017 | 2,392,415 | |||||||||
3,071,042 | 2,959,222 | ||||||||||
Accumulated depreciation and amortization | (772,482) | (693,610) | |||||||||
Net income producing property | 2,298,560 | 2,265,612 | |||||||||
Properties under development or held for future development | 77,481 | 124,193 | |||||||||
Total real estate held for investment, net | 2,376,041 | 2,389,805 | |||||||||
Investment in real estate held for sale, net | — | 57,028 | |||||||||
Cash and cash equivalents | 3,814 | 12,939 | |||||||||
Restricted cash | 615 | 1,812 | |||||||||
Rents and other receivables | 67,628 | 65,259 | |||||||||
Prepaid expenses and other assets | 84,174 | 95,149 | |||||||||
Other assets related to properties held for sale | — | 6,336 | |||||||||
Total assets | $ | 2,532,272 | $ | 2,628,328 | |||||||
Liabilities | |||||||||||
Notes payable, net | $ | 897,443 | $ | 996,722 | |||||||
Mortgage notes payable, net | — | 47,074 | |||||||||
Line of credit | 186,000 | 56,000 | |||||||||
Accounts payable and other liabilities | 99,388 | 71,136 | |||||||||
Dividend payable | 24,767 | 24,668 | |||||||||
Advance rents | 6,979 | 9,353 | |||||||||
Tenant security deposits | 10,580 | 10,595 | |||||||||
Other liabilities related to properties held for sale | — | 718 | |||||||||
Total liabilities | 1,225,157 | 1,216,266 | |||||||||
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; 82,351 and 82,099 shares issued and outstanding, as of September 30, 2020 and December 31, 2019, respectively
|
824 | 821 | |||||||||
Additional paid in capital | 1,601,160 | 1,592,487 | |||||||||
Distributions in excess of net income | (262,435) | (183,405) | |||||||||
Accumulated other comprehensive (loss) income | (32,759) | 1,823 | |||||||||
Total shareholders’ equity | 1,306,790 | 1,411,726 | |||||||||
Noncontrolling interests in subsidiaries | 325 | 336 | |||||||||
Total equity | 1,307,115 | 1,412,062 | |||||||||
Total liabilities and equity | $ | 2,532,272 | $ | 2,628,328 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Revenue | |||||||||||||||||||||||
Real estate rental revenue | $ | 73,227 | $ | 80,259 | $ | 222,889 | $ | 228,513 | |||||||||||||||
Expenses | |||||||||||||||||||||||
Real estate expenses | 28,672 | 30,692 | 84,196 | 84,969 | |||||||||||||||||||
Depreciation and amortization | 30,470 | 37,340 | 89,789 | 97,441 | |||||||||||||||||||
General and administrative expenses | 6,330 | 6,461 | 17,963 | 19,803 | |||||||||||||||||||
Real estate impairment | — | — | — | 8,374 | |||||||||||||||||||
65,472 | 74,493 | 191,948 | 210,587 | ||||||||||||||||||||
Loss on sale of real estate | — | — | (7,539) | (1,046) | |||||||||||||||||||
Real estate operating income | 7,755 | 5,766 | 23,402 | 16,880 | |||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||
Interest expense | (8,711) | (14,198) | (28,307) | (41,946) | |||||||||||||||||||
Gain on extinguishment of debt | — | — | 262 | — | |||||||||||||||||||
(8,711) | (14,198) | (28,045) | (41,946) | ||||||||||||||||||||
Loss from continuing operations | (956) | (8,432) | (4,643) | (25,066) | |||||||||||||||||||
Discontinued operations: | |||||||||||||||||||||||
Income from operations of properties sold or held for sale | — | 2,942 | — | 16,158 | |||||||||||||||||||
Gain on sale of real estate | — | 339,024 | — | 339,024 | |||||||||||||||||||
Loss on extinguishment of debt | — | (764) | — | (764) | |||||||||||||||||||
Income from discontinued operations | — | 341,202 | — | 354,418 | |||||||||||||||||||
Net (loss) income | (956) | 332,770 | (4,643) | 329,352 | |||||||||||||||||||
Less: Net income attributable to noncontrolling interests in subsidiaries | — | — | — | — | |||||||||||||||||||
Net (loss) income attributable to the controlling interests | $ | (956) | $ | 332,770 | $ | (4,643) | $ | 329,352 | |||||||||||||||
Basic net (loss) income attributable to the controlling interests per share: | |||||||||||||||||||||||
Continuing operations | $ | (0.01) | $ | (0.10) | $ | (0.06) | $ | (0.31) | |||||||||||||||
Discontinued operations | — | 4.24 | — | 4.41 | |||||||||||||||||||
Net (loss) income attributable to the controlling interests per share (1)
|
$ | (0.01) | $ | 4.14 | $ | (0.06) | $ | 4.10 | |||||||||||||||
Diluted net (loss) income attributable to the controlling interests per share: | |||||||||||||||||||||||
Continuing operations | $ | (0.01) | $ | (0.10) | $ | (0.06) | $ | (0.31) | |||||||||||||||
Discontinued operations | — | 4.24 | — | 4.41 | |||||||||||||||||||
Net (loss) income attributable to the controlling interests per share (1)
|
$ | (0.01) | $ | 4.14 | $ | (0.06) | $ | 4.10 | |||||||||||||||
Weighted average shares outstanding – basic | 82,186 | 79,981 | 82,142 | 79,933 | |||||||||||||||||||
Weighted average shares outstanding – diluted | 82,186 | 79,981 | 82,142 | 79,933 | |||||||||||||||||||
Dividends declared per share | $ | 0.30 | $ | 0.30 | $ | 0.90 | $ | 0.90 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net (loss) income | $ | (956) | $ | 332,770 | $ | (4,643) | $ | 329,352 | |||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Unrealized gain (loss) on interest rate hedges | 1,774 | (2,387) | (34,582) | (13,498) | |||||||||||||||||||
Comprehensive income (loss) | 818 | 330,383 | (39,225) | 315,854 | |||||||||||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | — | — | |||||||||||||||||||
Comprehensive income (loss) attributable to the controlling interests | $ | 818 | $ | 330,383 | $ | (39,225) | $ | 315,854 |
Shares Issued and Out-standing | 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 | Noncontrolling Interests in Subsidiaries | Total Equity | ||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | 82,099 | $ | 821 | $ | 1,592,487 | $ | (183,405) | $ | 1,823 | $ | 1,411,726 | $ | 336 | $ | 1,412,062 | ||||||||||||||||||||||||||||||||
Net loss attributable to the controlling interests | — | — | — | (4,643) | — | (4,643) | — | (4,643) | |||||||||||||||||||||||||||||||||||||||
Unrealized loss on interest rate hedges | — | — | — | — | (34,582) | (34,582) | — | (34,582) | |||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | (11) | (11) | |||||||||||||||||||||||||||||||||||||||
Dividends | — | — | — | (74,387) | — | (74,387) | — | (74,387) | |||||||||||||||||||||||||||||||||||||||
Equity issuances, net of issuance costs | 46 | 1 | 1,241 | — | — | 1,242 | — | 1,242 | |||||||||||||||||||||||||||||||||||||||
Shares issued under Dividend Reinvestment Program | 64 | 1 | 1,580 | — | — | 1,581 | — | 1,581 | |||||||||||||||||||||||||||||||||||||||
Share grants, net of forfeitures and tax withholdings | 142 | 1 | 5,852 | — | — | 5,853 | — | 5,853 | |||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2020 | 82,351 | $ | 824 | $ | 1,601,160 | $ | (262,435) | $ | (32,759) | $ | 1,306,790 | $ | 325 | $ | 1,307,115 |
Shares Issued and Out-standing | 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 | Noncontrolling Interests in Subsidiaries | Total Equity | ||||||||||||||||||||||||||||||||||||||||
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 | — | — | — | (906) | — | (906) | — | (906) | |||||||||||||||||||||||||||||||||||||||
Net income attributable to the controlling interests | — | — | — | 329,352 | — | 329,352 | — | 329,352 | |||||||||||||||||||||||||||||||||||||||
Unrealized loss on interest rate hedges | — | — | — | — | (13,498) | (13,498) | — | (13,498) | |||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | (8) | (8) | |||||||||||||||||||||||||||||||||||||||
Dividends | — | — | — | (72,339) | — | (72,339) | — | (72,339) | |||||||||||||||||||||||||||||||||||||||
Equity issuances, net of issuance costs | 145 | 2 | 3,679 | — | — | 3,681 | — | 3,681 | |||||||||||||||||||||||||||||||||||||||
Shares issued under Dividend Reinvestment Program | 128 | 1 | 3,429 | — | — | 3,430 | — | 3,430 | |||||||||||||||||||||||||||||||||||||||
Share grants, net of forfeitures and tax withholdings | 109 | 1 | 6,052 | — | — | 6,053 | — | 6,053 | |||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2019 | 80,292 | $ | 803 | $ | 1,539,734 | $ | (212,978) | $ | (3,659) | $ | 1,323,900 | $ | 343 | $ | 1,324,243 |
Shares Issued and Out-standing | 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 | Noncontrolling Interests in Subsidiaries | Total Equity | ||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2020 | 82,327 | $ | 823 | $ | 1,598,620 | $ | (236,673) | $ | (34,533) | $ | 1,328,237 | $ | 329 | $ | 1,328,566 | ||||||||||||||||||||||||||||||||
Net loss attributable to the controlling interests | — | — | — | (956) | — | (956) | — | (956) | |||||||||||||||||||||||||||||||||||||||
Unrealized gain on interest rate hedges | — | — | — | — | 1,774 | 1,774 | — | 1,774 | |||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | (4) | (4) | |||||||||||||||||||||||||||||||||||||||
Dividends | — | — | — | (24,806) | — | (24,806) | — | (24,806) | |||||||||||||||||||||||||||||||||||||||
Equity offerings, net of issuance costs | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Shares issued under Dividend Reinvestment Program | 23 | 1 | 515 | — | — | 516 | — | 516 | |||||||||||||||||||||||||||||||||||||||
Share grants, net of forfeitures and tax withholdings | 1 | — | 2,025 | — | — | 2,025 | — | 2,025 | |||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2020 | 82,351 | $ | 824 | $ | 1,601,160 | $ | (262,435) | $ | (32,759) | $ | 1,306,790 | $ | 325 | $ | 1,307,115 |
Shares Issued and Out-standing | Shares of Beneficial Interest at Par Value | Additional Paid in Capital |
Distributions in Excess of
Net Income |
Accumulated Other Comprehensive Loss | Total Shareholders’ Equity | Noncontrolling Interests in Subsidiaries | Total Equity | ||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2019 | 80,082 | $ | 801 | $ | 1,532,497 | $ | (521,661) | $ | (1,272) | $ | 1,010,365 | $ | 343 | $ | 1,010,708 | ||||||||||||||||||||||||||||||||
Net income attributable to the controlling interests | — | — | — | 332,770 | — | 332,770 | — | 332,770 | |||||||||||||||||||||||||||||||||||||||
Unrealized loss on interest rate hedges | — | — | — | — | (2,387) | (2,387) | — | (2,387) | |||||||||||||||||||||||||||||||||||||||
Dividends | — | — | — | (24,087) | — | (24,087) | — | (24,087) | |||||||||||||||||||||||||||||||||||||||
Equity issuances, net of issuance costs | 145 | 2 | 3,679 | — | — | 3,681 | — | 3,681 | |||||||||||||||||||||||||||||||||||||||
Shares issued under Dividend Reinvestment Program | 64 | — | 1,757 | — | — | 1,757 | — | 1,757 | |||||||||||||||||||||||||||||||||||||||
Share grants, net of forfeitures and tax withholdings | 1 | — | 1,801 | — | — | 1,801 | — | 1,801 | |||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2019 | 80,292 | $ | 803 | $ | 1,539,734 | $ | (212,978) | $ | (3,659) | $ | 1,323,900 | $ | 343 | $ | 1,324,243 |
WASHINGTON REAL ESTATE INVESTMENT TRUST AND SUBSIDIARIES | |||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
(IN THOUSANDS) | |||||||||||
(UNAUDITED) | |||||||||||
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Cash flows from operating activities | |||||||||||
Net (loss) income | $ | (4,643) | $ | 329,352 | |||||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 89,789 | 102,367 | |||||||||
Credit losses (gains) on lease related receivables | 3,271 | (45) | |||||||||
Real estate impairment | — | 8,374 | |||||||||
Loss (gain) on sale of real estate | 7,539 | (337,978) | |||||||||
Share-based compensation expense | 5,901 | 6,265 | |||||||||
Amortization of debt premiums, discounts and related financing costs | 2,036 | 2,632 | |||||||||
(Gain) loss on extinguishment of debt | (262) | 764 | |||||||||
Changes in operating other assets | (11,566) | (12,353) | |||||||||
Changes in operating other liabilities | (7,841) | (8,098) | |||||||||
Net cash provided by operating activities | 84,224 | 91,280 | |||||||||
Cash flows from investing activities | |||||||||||
Real estate acquisitions, net | — | (528,588) | |||||||||
Net cash received for sale of real estate | 56,353 | 582,551 | |||||||||
Capital improvements to real estate | (38,490) | (30,588) | |||||||||
Development in progress | (23,454) | (26,884) | |||||||||
Non-real estate capital improvements | (196) | (317) | |||||||||
Net cash used in investing activities | (5,787) | (3,826) | |||||||||
Cash flows from financing activities | |||||||||||
Line of credit borrowings, net | 130,000 | 23,000 | |||||||||
Dividends paid | (74,285) | (96,361) | |||||||||
Principal payments – mortgage notes payable | (46,567) | (12,596) | |||||||||
Repayments of unsecured notes payable | (250,000) | (450,000) | |||||||||
Proceeds from term loan | 150,000 | 450,000 | |||||||||
Payment of financing costs | (567) | (1,219) | |||||||||
Distributions to noncontrolling interests | (11) | (8) | |||||||||
Proceeds from dividend reinvestment program | 1,581 | 3,430 | |||||||||
Net proceeds from equity issuances | 1,240 | 3,681 | |||||||||
Payment of tax withholdings for restricted share awards | (150) | (512) | |||||||||
Net cash used in financing activities | (88,759) | (80,585) | |||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | (10,322) | 6,869 | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 14,751 | 7,640 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 4,429 | $ | 14,509 | |||||||
WASHINGTON REAL ESTATE INVESTMENT TRUST AND SUBSIDIARIES | |||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
(IN THOUSANDS) | |||||||||||
(UNAUDITED) | |||||||||||
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for interest, net of amounts capitalized | $ | 27,386 | $ | 34,481 | |||||||
Change in accrued capital improvements and development costs | 4,147 | 13,638 | |||||||||
Reconciliation of cash, cash equivalents and restricted cash: | |||||||||||
Cash and cash equivalents | $ | 3,814 | $ | 12,931 | |||||||
Restricted cash | 615 | 1,578 | |||||||||
Cash, cash equivalents and restricted cash | $ | 4,429 | $ | 14,509 |
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 on an amortized cost basis, including trade receivables, to be presented at the net amount expected to be collected.
|
We adopted the new standard as of January 1, 2020. |
The adoption of the new standard did not have a material effect 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 effect on our consolidated financial statements.
|
Standard/Description | Effective Date and Adoption Considerations | Effect on Financial Statements or Other significant Matters | ||||||
ASU 2020-04, Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This standard contains optional practical expedients and exceptions for applying Generally Accepted Accounting Principles (“GAAP”) to contracts, hedging relations, and other transactions affected by reference rate reform if certain criteria are met.
|
We elected certain optional practical expedients as of January 1, 2020. | The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. As of January 1, 2020, we have elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. | ||||||
Acquisition Date | Property Name | Property Type | # of Units (unaudited) | Contract Purchase Price (in thousands) | |||||||||||||||||||||||||
April 30, 2019 |
Assembly Portfolio - Virginia (1)
|
Multifamily | 1,685 | $ | 379,100 | ||||||||||||||||||||||||
June 27, 2019 |
Assembly Portfolio - Maryland (2)
|
Multifamily | 428 | 82,070 | |||||||||||||||||||||||||
July 23, 2019 | Cascade at Landmark | Multifamily | 277 | 69,750 | |||||||||||||||||||||||||
Total 2019 | 2,390 | $ | 530,920 |
Disposition Date | Property Name | Property Type | Rentable Square Feet |
Contract Sales Price
(in thousands) |
(Loss) Gain on Sale
(in thousands) |
|||||||||||||||||||||||||||
April 21, 2020 | John Marshall II | Office | 223,000 | $ | 57,000 | $ | (6,855) | |||||||||||||||||||||||||
Total 2020 | 223,000 | $ | 57,000 | $ | (6,855) | |||||||||||||||||||||||||||
June 26, 2019 |
Quantico Corporate Center (1)
|
Office | 272,000 | $ | 33,000 | $ | (1,046) | |||||||||||||||||||||||||
July 23, 2019 |
Shopping Center Portfolio (2)
|
Retail | 800,000 | 485,250 | 333,023 | |||||||||||||||||||||||||||
August 21, 2019 | Frederick Crossing and Frederick County Square | Retail | 520,000 | 57,500 | 9,507 | |||||||||||||||||||||||||||
August 27, 2019 | Centre at Hagerstown | Retail | 330,000 | 23,500 | (3,506) | |||||||||||||||||||||||||||
December 19, 2019 | 1776 G Street | Office | 262,000 | 129,500 | 61,007 | |||||||||||||||||||||||||||
Total 2019 | 2,184,000 | $ | 728,750 | $ | 398,985 |
Three Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | ||||||||||||||||||||||
Real estate rental revenue | $ | 4,126 | $ | 28,200 | |||||||||||||||||||
Real estate expenses | (1,095) | (6,803) | |||||||||||||||||||||
Depreciation and amortization | (59) | (4,926) | |||||||||||||||||||||
Interest expense | (30) | (313) | |||||||||||||||||||||
Loss on extinguishment of debt | (764) | (764) | |||||||||||||||||||||
Gain on sale of real estate | 339,024 | 339,024 | |||||||||||||||||||||
Income from discontinued operations | $ | 341,202 | $ | 354,418 | |||||||||||||||||||
Basic net income per share | $ | 4.24 | $ | 4.41 | |||||||||||||||||||
Diluted net income per share | $ | 4.24 | $ | 4.41 | |||||||||||||||||||
Capital expenditures | $ | — | $ | 809 |
2020 | $ | 34,386 | ||||||
2021 | 135,462 | |||||||
2022 | 122,421 | |||||||
2023 | 105,347 | |||||||
2024 | 92,120 | |||||||
Thereafter | 327,560 | |||||||
$ | 817,296 |
2020 | $ | 65 | ||||||
2021 | 260 | |||||||
2022 | 260 | |||||||
2023 | 260 | |||||||
2024 | 260 | |||||||
Thereafter | 11,895 | |||||||
13,000 | ||||||||
Imputed interest | (9,210) | |||||||
Lease liability | $ | 3,790 |
Committed capacity | $ | 700,000 | |||
Borrowings outstanding | (186,000) | ||||
Unused and available | $ | 514,000 |
Balance at December 31, 2019 | $ | 56,000 | |||
Borrowings | 399,000 | ||||
Repayments | (269,000) | ||||
Balance at September 30, 2020 | $ | 186,000 |
Fair Value | ||||||||||||||||||||
Derivative Assets (Liabilities) | ||||||||||||||||||||
Derivative Instrument | Aggregate Notional Amount | Effective Date | Maturity Date | September 30, 2020 | December 31, 2019 | |||||||||||||||
Interest rate swaps | $ | 150,000 | October 15, 2015 | March 15, 2021 | $ | (1,005) | $ | (62) | ||||||||||||
Interest rate swaps | 150,000 | March 31, 2017 | July 21, 2023 | (4,471) | 1,825 | |||||||||||||||
Interest rate swaps | 100,000 | June 29, 2018 | July 21, 2023 | (6,896) | (3,664) | |||||||||||||||
Interest rate swaps | 200,000 | April 1, 2020 | April 1, 2030 | — | 3,724 | |||||||||||||||
$ | (12,372) | $ | 1,823 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Unrealized gain (loss) on interest rate hedges | 1,774 | (2,387) | (34,582) | (13,498) |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
Fair
Value |
Level 1 | Level 2 | Level 3 |
Fair
Value |
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||||||||
SERP | $ | 2,126 | $ | — | $ | 2,126 | $ | — | $ | 1,792 | $ | — | $ | 1,792 | $ | — | |||||||||||||||||||||||||||||||
Interest rate swaps | — | — | — | — | 5,549 | — | 5,549 | — | |||||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | (12,372) | $ | — | $ | (12,372) | $ | — | $ | (3,726) | $ | — | $ | (3,726) | $ | — |
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||
Cash and cash equivalents | $ | 3,814 | $ | 3,814 | $ | 12,939 | $ | 12,939 | |||||||||||||||
Restricted cash | 615 | 615 | 1,812 | 1,812 | |||||||||||||||||||
Mortgage notes payable, net | — | — | 47,074 | 47,899 | |||||||||||||||||||
Line of credit | 186,000 | 186,000 | 56,000 | 56,000 | |||||||||||||||||||
Notes payable, net | 897,443 | 921,394 | 996,722 | 1,022,937 |
Threshold | Target | High | |||||||||
President and Chief Executive Officer | 198% | 275% | 440% | ||||||||
Executive Vice President | 143% | 200% | 295% | ||||||||
Senior Vice President | 100% | 143% | 207% |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Loss from continuing operations | $ | (956) | $ | (8,432) | $ | (4,643) | $ | (25,066) | |||||||||||||||
Allocation of earnings to unvested restricted share awards to continuing operations | (151) | 47 | (453) | 118 | |||||||||||||||||||
Adjusted loss from continuing operations attributable to the controlling interests | (1,107) | (8,385) | (5,096) | (24,948) | |||||||||||||||||||
Income from discontinued operations | — | 341,202 | — | 354,418 | |||||||||||||||||||
Allocation of earnings to unvested restricted share awards to discontinued operations | — | (1,841) | — | (1,870) | |||||||||||||||||||
Adjusted income from discontinuing operations | — | 339,361 | — | 352,548 | |||||||||||||||||||
Adjusted net (loss) income attributable to the controlling interests | $ | (1,107) | $ | 330,976 | $ | (5,096) | $ | 327,600 | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted average shares outstanding – basic | 82,186 | 79,981 | 82,142 | 79,933 | |||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||
Employee restricted share awards | — | — | — | — | |||||||||||||||||||
Operating partnership units | — | — | — | — | |||||||||||||||||||
Weighted average shares outstanding – diluted | 82,186 | 79,981 | 82,142 | 79,933 | |||||||||||||||||||
Earnings per common share, basic: | |||||||||||||||||||||||
Continuing operations | $ | (0.01) | $ | (0.10) | $ | (0.06) | $ | (0.31) | |||||||||||||||
Discontinued operations | — | 4.24 | — | 4.41 | |||||||||||||||||||
Basic net (loss) income attributable to the controlling interests per common share (1)
|
$ | (0.01) | $ | 4.14 | $ | (0.06) | $ | 4.10 | |||||||||||||||
Earnings per common share, diluted: | |||||||||||||||||||||||
Continuing operations | $ | (0.01) | $ | (0.10) | $ | (0.06) | $ | (0.31) | |||||||||||||||
Discontinued operations | — | 4.24 | — | 4.41 | |||||||||||||||||||
Diluted net (loss) income attributable to the controlling interests per common share (1)
|
$ | (0.01) | $ | 4.14 | $ | (0.06) | $ | 4.10 | |||||||||||||||
Dividends declared per common share | $ | 0.30 | $ | 0.30 | $ | 0.90 | $ | 0.90 |
Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||
Office | Multifamily | Corporate and Other | Consolidated | ||||||||||||||||||||||||||
Real estate rental revenue | $ | 32,579 | $ | 36,266 | $ | 4,382 | $ | 73,227 | |||||||||||||||||||||
Real estate expenses | 12,342 | 14,988 | 1,342 | 28,672 | |||||||||||||||||||||||||
Net operating income | $ | 20,237 | $ | 21,278 | $ | 3,040 | $ | 44,555 | |||||||||||||||||||||
Depreciation and amortization | (30,470) | ||||||||||||||||||||||||||||
General and administrative expenses | (6,330) | ||||||||||||||||||||||||||||
Interest expense | (8,711) | ||||||||||||||||||||||||||||
Net loss | (956) | ||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests in subsidiaries | — | ||||||||||||||||||||||||||||
Net loss attributable to the controlling interests | $ | (956) | |||||||||||||||||||||||||||
Capital expenditures | $ | 6,201 | $ | 6,520 | $ | 389 | $ | 13,110 | |||||||||||||||||||||
Total assets | $ | 1,056,074 | $ | 1,338,812 | $ | 137,386 | $ | 2,532,272 |
Three Months Ended September 30, 2019 | |||||||||||||||||||||||||||||
Office | Multifamily |
Corporate and Other (1)
|
Consolidated | ||||||||||||||||||||||||||
Real estate rental revenue | $ | 39,810 | $ | 35,790 | $ | 4,659 | $ | 80,259 | |||||||||||||||||||||
Real estate expenses | 15,148 | 14,232 | 1,312 | 30,692 | |||||||||||||||||||||||||
Net operating income | $ | 24,662 | $ | 21,558 | $ | 3,347 | $ | 49,567 | |||||||||||||||||||||
Depreciation and amortization | (37,340) | ||||||||||||||||||||||||||||
General and administrative expenses | (6,461) | ||||||||||||||||||||||||||||
Interest expense | (14,198) | ||||||||||||||||||||||||||||
Discontinued operations: | |||||||||||||||||||||||||||||
Income from operations of properties sold or held for sale | 2,942 | ||||||||||||||||||||||||||||
Gain on sale of real estate | 339,024 | ||||||||||||||||||||||||||||
Loss on extinguishment of debt | (764) | ||||||||||||||||||||||||||||
Net income | 332,770 | ||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests in subsidiaries | — | ||||||||||||||||||||||||||||
Net income attributable to the controlling interests | $ | 332,770 | |||||||||||||||||||||||||||
Capital expenditures | $ | 6,039 | $ | 5,742 | $ | 369 | $ | 12,150 | |||||||||||||||||||||
Total assets | $ | 1,191,838 | $ | 1,333,146 | $ | 150,092 | $ | 2,675,076 |
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||
Office | Multifamily | Corporate and Other | Consolidated | ||||||||||||||||||||||||||
Real estate rental revenue | $ | 101,163 | $ | 108,882 | $ | 12,844 | $ | 222,889 | |||||||||||||||||||||
Real estate expenses | 37,176 | 43,083 | 3,937 | 84,196 | |||||||||||||||||||||||||
Net operating income | $ | 63,987 | $ | 65,799 | $ | 8,907 | $ | 138,693 | |||||||||||||||||||||
Depreciation and amortization | (89,789) | ||||||||||||||||||||||||||||
General and administrative | (17,963) | ||||||||||||||||||||||||||||
Interest expense | (28,307) | ||||||||||||||||||||||||||||
Loss on sale of real estate | (7,539) | ||||||||||||||||||||||||||||
Gain on extinguishment of debt | 262 | ||||||||||||||||||||||||||||
Net loss | (4,643) | ||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests in subsidiaries | — | ||||||||||||||||||||||||||||
Net loss attributable to the controlling interests | $ | (4,643) | |||||||||||||||||||||||||||
Capital expenditures | $ | 21,120 | $ | 15,477 | $ | 2,089 | $ | 38,686 |
Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||||||
Office | Multifamily |
Corporate and Other (1)
|
Consolidated | ||||||||||||||||||||||||||
Real estate rental revenue | $ | 124,164 | $ | 90,012 | $ | 14,337 | $ | 228,513 | |||||||||||||||||||||
Real estate expenses | 45,937 | 34,928 | 4,104 | 84,969 | |||||||||||||||||||||||||
Net operating income | $ | 78,227 | $ | 55,084 | $ | 10,233 | $ | 143,544 | |||||||||||||||||||||
Depreciation and amortization | (97,441) | ||||||||||||||||||||||||||||
General and administrative | (19,803) | ||||||||||||||||||||||||||||
Interest expense | (41,946) | ||||||||||||||||||||||||||||
Loss on sale of real estate | (1,046) | ||||||||||||||||||||||||||||
Real estate impairment | (8,374) | ||||||||||||||||||||||||||||
Discontinued operations: | |||||||||||||||||||||||||||||
Income from operations of properties sold or held for sale | 16,158 | ||||||||||||||||||||||||||||
Gain on sale of real estate | 339,024 | ||||||||||||||||||||||||||||
Loss on extinguishment of debt | (764) | ||||||||||||||||||||||||||||
Net income | 329,352 | ||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests in subsidiaries | — | ||||||||||||||||||||||||||||
Net income attributable to the controlling interests | $ | 329,352 | |||||||||||||||||||||||||||
Capital expenditures | $ | 16,347 | $ | 12,841 | $ | 1,717 | $ | 30,905 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Issuance of common shares | 23 | 64 | 64 | 128 | |||||||||||||||||||
Weighted average price per share | $ | 22.51 | $ | 27.67 | $ | 25.12 | $ | 26.97 | |||||||||||||||
Net proceeds | $ | 516 | $ | 1,757 | $ | 1,581 | $ | 3,430 |
Three Months Ended September 30, | |||||||||||||||||||||||
2020 | 2019 | $ Change | % Change | ||||||||||||||||||||
Net (loss) income attributable to the controlling interests | $ | (956) | $ | 332,770 | $ | (333,726) | (100.3) | % | |||||||||||||||
NOI (1)
|
44,555 | 49,567 | (5,012) | (10.1) | % | ||||||||||||||||||
NAREIT FFO (2)
|
$ | 29,514 | $ | 31,145 | $ | (1,631) | (5.2) | % | |||||||||||||||
______________________________
|
|||||||||||||||||||||||
Non-Same-Store | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Same-Store |
Acquisitions (1)
|
Development/
Re-development (2)
|
Held for Sale or Sold (3)
|
Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 |
$
Change |
%
Change |
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 |
$
Change |
%
Change |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate rental revenue | $ | 61,201 | $ | 63,859 | $ | (2,658) | (4.2) | % | $ | 11,581 | $ | 11,015 | $ | 445 | $ | 12 | $ | — | $ | 5,373 | $ | 73,227 | $ | 80,259 | $ | (7,032) | (8.8) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate expenses
|
23,463 | 24,194 | (731) | (3.0) | % | 4,753 | 4,479 | 456 | 23 | — | 1,996 | 28,672 | 30,692 | (2,020) | (6.6) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NOI | $ | 37,738 | $ | 39,665 | $ | (1,927) | (4.9) | % | $ | 6,828 | $ | 6,536 | $ | (11) | $ | (11) | $ | — | $ | 3,377 | $ | 44,555 | $ | 49,567 | $ | (5,012) | (10.1) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation to net (loss) income attributable to the controlling interests: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | (30,470) | (37,340) | 6,870 | (18.4) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative expenses | (6,330) | (6,461) | 131 | (2.0) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | (8,711) | (14,198) | 5,487 | (38.6) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued operations (4):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income from properties sold or held for sale | — | 2,942 | (2,942) | (100.0) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain on sale of real estate | — | 339,024 | (339,024) | (100.0) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | — | (764) | 764 | (100.0) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | (956) | 332,770 | (333,726) | (100.3) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income attributable to the controlling interests | $ | (956) | $ | 332,770 | $ | (333,726) | (100.3) | % |
Three Months Ended September 30, | |||||||||||||||||||||||
2020 | 2019 | $ Change | % Change | ||||||||||||||||||||
Multifamily
|
$ | 24,240 | $ | 24,763 | $ | (523) | (2.1) | % | |||||||||||||||
Office | 32,579 | 34,437 | (1,858) | (5.4) | % | ||||||||||||||||||
Other
|
4,382 | 4,659 | (277) | (5.9) | % | ||||||||||||||||||
Total same-store real estate rental revenue | $ | 61,201 | $ | 63,859 | $ | (2,658) | (4.2) | % |
September 30, 2020 | September 30, 2019 | (Decrease) increase | |||||||||||||||||||||||||||||||||||||||||||||||||||
Segment | Same-Store | Non-Same-Store | Total | Same-Store | Non-Same-Store | Total | Same-Store | Non-Same-Store | Total | ||||||||||||||||||||||||||||||||||||||||||||
Multifamily | 94.0 | % | 85.2 | % | 90.5 | % | 95.1 | % | 94.9 | % | 95.0 | % | (1.1) | % | (9.7) | % | (4.5) | % | |||||||||||||||||||||||||||||||||||
Office | 86.6 | % | N/A | 86.6 | % | 88.7 | % | 100.0 | % | 90.3 | % | (2.1) | % | N/A | (3.7) | % | |||||||||||||||||||||||||||||||||||||
Other | 86.8 | % | N/A | 86.8 | % | 89.0 | % | N/A | 89.0 | % | (2.2) | % | N/A | (2.2) | % | ||||||||||||||||||||||||||||||||||||||
Total | 90.3 | % | 85.2 | % | 89.5 | % | 91.9 | % | 95.9 | % | 93.0 | % | (1.6) | % | (10.7) | % | (3.5) | % |
Square Feet
(in thousands) |
Average Rental Rate
(per square foot) |
% Rental Rate Increase (Decrease) |
Leasing Costs (1)
(per square foot)
|
Free Rent (weighted average months) | |||||||||||||||||||||||||||||||
Office | 59 | $ | 41.29 | 14.8 | % | $ | 37.97 | 6.6 |
Three Months Ended September 30, | |||||||||||||||||||||||
2020 | 2019 | $ Change | % Change | ||||||||||||||||||||
Multifamily
|
$ | 9,779 | $ | 9,730 | $ | 49 | 0.5 | % | |||||||||||||||
Office | 12,342 | 13,152 | (810) | (6.2) | % | ||||||||||||||||||
Other
|
1,342 | 1,312 | 30 | 2.3 | % | ||||||||||||||||||
Total same-store real estate expenses | $ | 23,463 | $ | 24,194 | $ | (731) | (3.0) | % |
Three Months Ended September 30, | |||||||||||||||||||||||
Debt Type | 2020 | 2019 | $ Change | % Change | |||||||||||||||||||
Notes payable | $ | 7,902 | $ | 12,094 | $ | (4,192) | (34.7) | % | |||||||||||||||
Mortgage notes payable | — | 518 | (518) | (100.0) | % | ||||||||||||||||||
Line of credit | 1,281 | 2,371 | (1,090) | (46.0) | % | ||||||||||||||||||
Capitalized interest | (472) | (785) | 313 | (39.9) | % | ||||||||||||||||||
Total | $ | 8,711 | $ | 14,198 | $ | (5,487) | (38.6) | % |
Non-Same-Store | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Same-Store |
Acquisitions (1)
|
Development/Redevelopment (2)
|
Held for Sale or Sold (3)
|
All Properties | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 |
$
Change |
%
Change |
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 |
$
Change |
%
Change |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate rental revenue | $ | 185,728 | $ | 193,057 | $ | (7,329) | (3.8) | % | $ | 34,294 | $ | 16,468 | $ | 696 | $ | 12 | $ | 2,171 | $ | 18,976 | $ | 222,889 | $ | 228,513 | $ | (5,624) | (2.5) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate expenses
|
68,461 | 71,387 | (2,926) | (4.1) | % | 13,889 | 6,526 | 1,007 | 23 | 839 | 7,033 | 84,196 | 84,969 | (773) | (0.9) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NOI | $ | 117,267 | $ | 121,670 | $ | (4,403) | (3.6) | % | $ | 20,405 | $ | 9,942 | $ | (311) | $ | (11) | $ | 1,332 | $ | 11,943 | $ | 138,693 | $ | 143,544 | $ | (4,851) | (3.4) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation to net (loss) income attributable to the controlling interests: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | (89,789) | (97,441) | 7,652 | (7.9) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative expenses | (17,963) | (19,803) | 1,840 | (9.3) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate impairment | — | (8,374) | 8,374 | (100.0) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on sale of real estate | (7,539) | (1,046) | (6,493) | 620.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | (28,307) | (41,946) | 13,639 | (32.5) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain on extinguishment of debt | 262 | — | 262 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss from continuing operations | (4,643) | (25,066) | 20,423 | (81.5) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued operations (4):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income from properties sold or held for sale | — | 16,158 | (16,158) | (100.0) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain on sale of real estate | — | 339,024 | (339,024) | (100.0) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | — | (764) | 764 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | (4,643) | 329,352 | (333,995) | (101.4) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income attributable to the controlling interests | $ | (4,643) | $ | 329,352 | $ | (333,995) | (101.4) | % |
Nine Months Ended September 30, | |||||||||||||||||||||||
2020 | 2019 | $ Change | % Change | ||||||||||||||||||||
Multifamily
|
$ | 73,892 | $ | 73,532 | $ | 360 | 0.5 | % | |||||||||||||||
Office | 98,992 | 105,188 | (6,196) | (5.9) | % | ||||||||||||||||||
Other
|
12,844 | 14,337 | (1,493) | (10.4) | % | ||||||||||||||||||
Total same-store real estate rental revenue | $ | 185,728 | $ | 193,057 | $ | (7,329) | (3.8) | % |
Square Feet
(in thousands) |
Average Rental Rate
(per square foot) |
% Rental Rate Increase |
Leasing Costs (1)
(per square foot) |
Free Rent (weighted average months) | |||||||||||||||||||||||||||||||
Office | 183 | $ | 46.44 | 13.8 | % | $ | 29.69 | 3.9 | |||||||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||
2020 | 2019 | $ Change | % Change | ||||||||||||||||||||
Multifamily
|
$ | 28,187 | $ | 28,379 | (192) | (0.7) | % | ||||||||||||||||
Office | 36,337 | 38,904 | (2,567) | (6.6) | % | ||||||||||||||||||
Other
|
3,937 | 4,104 | (167) | (4.1) | % | ||||||||||||||||||
Total same-store real estate expenses | $ | 68,461 | $ | 71,387 | $ | (2,926) | (4.1) | % |
Nine Months Ended September 30, | |||||||||||||||||||||||
Debt Type | 2020 | 2019 | $ Change | % Change | |||||||||||||||||||
Notes payable | $ | 25,623 | $ | 35,394 | $ | (9,771) | (27.6) | % | |||||||||||||||
Mortgage notes payable | 172 | 1,558 | (1,386) | (89.0) | % | ||||||||||||||||||
Line of credit | 4,404 | 7,281 | (2,877) | (39.5) | % | ||||||||||||||||||
Capitalized interest | (1,892) | (2,287) | 395 | (17.3) | % | ||||||||||||||||||
Total | $ | 28,307 | $ | 41,946 | $ | (13,639) | (32.5) | % |
Future Maturities of Debt | |||||||||||||||||||||||||||||
Year | Unsecured Debt | Revolving Credit Facility | Total Debt | Average Interest Rate | |||||||||||||||||||||||||
2020 | $ | — | $ | — | $ | — | —% | ||||||||||||||||||||||
2021 | 150,000 |
(1)
|
— | 150,000 | 2.7% | ||||||||||||||||||||||||
2022 | 450,000 |
(2)
|
— | 450,000 | 3.3% | ||||||||||||||||||||||||
2023 | 250,000 |
(3)
|
186,000 |
(4)
|
436,000 | 2.1% | |||||||||||||||||||||||
2024 | — | — | — | —% | |||||||||||||||||||||||||
2025 | — | — | — | —% | |||||||||||||||||||||||||
Thereafter (5)
|
50,000 | — | 50,000 | 7.4% | |||||||||||||||||||||||||
Scheduled principal payments | $ | 900,000 | $ | 186,000 | $ | 1,086,000 | 3.0% | ||||||||||||||||||||||
Net premiums/discounts | (504) | — | (504) | ||||||||||||||||||||||||||
Loan costs, net of amortization | (2,053) | — | (2,053) | ||||||||||||||||||||||||||
Total | $ | 897,443 | $ | 186,000 | $ | 1,083,443 | 3.0% |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Issuance of common shares | 23 | 64 | 64 | 128 | |||||||||||||||||||
Weighted average price per share | $ | 22.51 | $ | 27.67 | $ | 25.12 | $ | 26.97 | |||||||||||||||
Net proceeds | $ | 516 | $ | 1,757 | $ | 1,581 | $ | 3,430 |
Nine Months Ended September 30, | Change | ||||||||||||||||||||||
2020 | 2019 | $ | % | ||||||||||||||||||||
Net cash provided by operating activities | $ | 84,224 | $ | 91,280 | $ | (7,056) | (7.7) | % | |||||||||||||||
Net cash used in investing activities | (5,787) | (3,826) | (1,961) | 51.3 | % | ||||||||||||||||||
Net cash used in financing activities | (88,759) | (80,585) | (8,174) | 10.1 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net (loss) income | $ | (956) | $ | 332,770 | $ | (4,643) | $ | 329,352 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Depreciation and amortization | 30,470 | 37,340 | 89,789 | 97,441 | |||||||||||||||||||
Real estate impairment | — | — | — | 8,374 | |||||||||||||||||||
Loss on sale of depreciable real estate | — | — | 7,539 | 1,046 | |||||||||||||||||||
Discontinued operations: | |||||||||||||||||||||||
Depreciation and amortization | — | 59 | — | 4,926 | |||||||||||||||||||
Gain on sale of depreciable real estate | — | (339,024) | — | (339,024) | |||||||||||||||||||
NAREIT FFO | $ | 29,514 | $ | 31,145 | $ | 92,685 | $ | 102,115 |
Notional Amount | Floating Index Rate | Fair Value as of: | ||||||||||||||||||||||||||||||||||||
Fixed Rate | Effective Date | Expiration Date | September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||
$ | 75,000 | 1.619% | One-Month USD-LIBOR | 10/15/2015 | 3/15/2021 | $ | (501) | $ | (28) | |||||||||||||||||||||||||||||
75,000 | 1.626% | One-Month USD-LIBOR | 10/15/2015 | 3/15/2021 | (504) | (34) | ||||||||||||||||||||||||||||||||
100,000 | 1.205% | One-Month USD-LIBOR | 3/31/2017 | 7/21/2023 | (2,978) | 1,218 | ||||||||||||||||||||||||||||||||
50,000 | 1.208% | One-Month USD-LIBOR | 3/31/2017 | 7/21/2023 | (1,493) | 607 | ||||||||||||||||||||||||||||||||
25,000 | 2.610% | One-Month USD-LIBOR | 6/29/2018 | 7/21/2023 | (1,724) | (917) | ||||||||||||||||||||||||||||||||
25,000 | 2.610% | One-Month USD-LIBOR | 6/29/2018 | 7/21/2023 | (1,724) | (915) | ||||||||||||||||||||||||||||||||
25,000 | 2.610% | One-Month USD-LIBOR | 6/29/2018 | 7/21/2023 | (1,724) | (917) | ||||||||||||||||||||||||||||||||
25,000 | 2.610% | One-Month USD-LIBOR | 6/29/2018 | 7/21/2023 | (1,724) | (915) | ||||||||||||||||||||||||||||||||
50,000 | 1.680% | Three-Month USD-LIBOR | 4/1/2020 | 4/1/2030 | — | 844 | ||||||||||||||||||||||||||||||||
50,000 | 1.680% | Three-Month USD-LIBOR | 4/1/2020 | 4/1/2030 | — | 844 | ||||||||||||||||||||||||||||||||
50,000 | 1.718% | Three-Month USD-LIBOR | 4/1/2020 | 4/1/2030 | — | 1,018 | ||||||||||||||||||||||||||||||||
50,000 | 1.718% | Three-Month USD-LIBOR | 4/1/2020 | 4/1/2030 | — | 1,018 | ||||||||||||||||||||||||||||||||
$ | 600,000 | $ | (12,372) | $ | 1,823 |
Incorporated by Reference | |||||||||||||||||||||||||||||||||||
Exhibit
Number |
Exhibit Description | Form |
File
Number |
Exhibit | Filing Date |
Filed
Herewith |
|||||||||||||||||||||||||||||
10.1 | X | ||||||||||||||||||||||||||||||||||
31.1 | X | ||||||||||||||||||||||||||||||||||
31.2 | X | ||||||||||||||||||||||||||||||||||
31.3 | X | ||||||||||||||||||||||||||||||||||
32 | X | ||||||||||||||||||||||||||||||||||
101.INS | Inline 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) |
WASHINGTON REAL ESTATE INVESTMENT TRUST | ||||||||
/s/ Paul T. McDermott | ||||||||
Paul T. McDermott | ||||||||
President and Chief Executive Officer | ||||||||
/s/ Stephen E. Riffee | ||||||||
Stephen E. Riffee | ||||||||
Executive Vice President and Chief Financial Officer
(Principal Financial Officer) |
||||||||
/s/ W. Drew Hammond | ||||||||
W. Drew Hammond | ||||||||
Vice President, Chief Accounting Officer and Treasurer
(Principal Accounting Officer) |
1 Year Washington REIT Chart |
1 Month Washington REIT Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions