Quarterly report pursuant to Section 13 or 15(d)

Real Estate (Tables)

v3.7.0.1
Real Estate (Tables)
6 Months Ended
Jun. 30, 2017
Real Estate [Abstract]  
Schedule of Real Estate Property Acquired [Table Text Block]
We acquired the following property during the 2017 Quarter (the “2017 acquisition”):
Acquisition Date
 
Property
 
Type
 
Net Rentable
Square Feet
 
Contract Purchase Price (In thousands)
April 4, 2017
 
Watergate 600
 
Office
 
289,000
 
$
135,000

Revenue and Earnings From Acquisition [Table Text Block]
The results of operations from the 2017 acquisition are included in the consolidated statements of income from the acquisition date and are as follows (in thousands):
 
 
Three and Six Months Ended
June 30, 2017
Real estate rental revenue
 
$
4,902

Net income
 
964

Total Purchase Price Of Acquisitions [Table Text Block]
We have recorded the total cost of the 2017 acquisition as follows (in thousands):
Land
 
$
45,981

Building
 
66,241

Tenant origination costs
 
12,084

Leasing commissions/absorption costs
 
23,161

Lease intangible assets
 
498

Lease intangible liabilities
 
(9,585
)
Deferred tax liability
 
(560
)
Total
 
$
137,820

Schedule of Assets of Joint Venture
As of June 30, 2017 and December 31, 2016, The Maxwell’s assets were as follows (in thousands):
 
June 30, 2017
 
December 31, 2016
Land
$
12,851

 
$
12,851

Income producing property
37,955

 
37,949

Accumulated depreciation and amortization
(5,689
)
 
(4,571
)
Other assets
536

 
456

 
$
45,653

 
$
46,685

Schedule of Accounts Payable and Accrued Liabilities of Joint Ventures
As of June 30, 2017 and December 31, 2016, The Maxwell’s liabilities were as follows (in thousands):
 
June 30, 2017
 
December 31, 2016
Mortgage notes payable (1)
$
31,690

 
$
31,869

Accounts payable and other liabilities
199

 
186

Tenant security deposits
89

 
99

 
$
31,978

 
$
32,154


(1) The mortgage notes payable balances as of June 30, 2017 and December 31, 2016 are eliminated in consolidation due to the purchase of the loan by Washington REIT in January 2016.

Schedule of Dispositions
We sold the following properties in 2016:
Disposition Date
 
Property Name
 
Segment
 
Number of Units/ Rentable Square Feet
 
Contract
Sales  Price
(in thousands)
 
Gain on Sale
(in thousands)
May 26, 2016
 
Dulles Station II (1)
 
Office
 
N/A
 
$
12,100

 
$
527

June 27, 2016
 
Maryland Office Portfolio Transaction I (2)
 
Office
 
692,000
 
111,500

 
23,585

September 22, 2016
 
Maryland Office Portfolio Transaction II (3)
 
Office
 
491,000
 
128,500

 
77,592

 
 
Total 2016
 
1,183,000
 
$
252,100

 
$
101,704


(1) 
Land held for future development and an interest in a parking garage.
(2) 
Maryland Office Portfolio Transaction I consists of 6110 Executive Boulevard, 600 Jefferson Plaza, Wayne Plaza and West Gude Drive.
(3) 
Maryland Office Portfolio Transaction II consists of 51 Monroe Street and One Central Plaza.      

Disposal Groups, Including Discontinued Operations
Real estate rental revenue and net income for the Maryland Office Portfolio for the three and six months ended June 30, 2017 and 2016 are as follows:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2017
 
2016
 
2017
 
2016
Real estate rental revenue
$

 
$
8,147

 
$

 
$
16,577

Net income

 
4,176

 

 
6,902