Annual report pursuant to Section 13 and 15(d)

Schedule III

v2.4.0.6
Schedule III
12 Months Ended
Dec. 31, 2012
Real Estate and Accumulated Depreciation Disclosure [Abstract]  
Schedule III
SCHEDULE III
 
 
 
 
Initial Cost (b)
 
Net Improvements (Retirement) since Acquisition
 
Gross Amounts at Which Carried at December 31, 2012
 
Accumulated Depreciation at December 31, 2012
 
 
 
 
 
 
 
 
 
 
Properties
 
Location
 
Land
 
Buildings and Improvements
 
Land
 
Buildings and Improvements
 
Total (c)
 
Year of Construction
 
Date of Acquisition
 
Net 
Rentable
Square
Feet (e)
 
Units
 
Depreciation Life (d)
Multifamily Properties
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3801 Connecticut Avenue (a)
 
Washington, DC
 
$
420,000

 
$
2,678,000

 
$
9,023,000

 
$
420,000

 
$
11,702,000

 
$
12,122,000

 
$
8,504,000

 
1951
 
Jan 1963
 
179,000

 
308

 
30 years
Roosevelt Towers
 
Virginia
 
$
336,000

 
$
1,996,000

 
$
9,881,000

 
$
336,000

 
$
11,877,000

 
$
12,213,000

 
$
7,180,000

 
1964
 
May 1965
 
170,000

 
191

 
40 years
Country Club Towers
 
Virginia
 
$
299,000

 
$
2,562,000

 
$
14,461,000

 
$
299,000

 
$
17,023,000

 
$
17,322,000

 
$
9,472,000

 
1965
 
Jul 1969
 
159,000

 
227

 
35 years
Park Adams
 
Virginia
 
$
287,000

 
$
1,654,000

 
$
9,141,000

 
$
287,000

 
$
10,795,000

 
$
11,082,000

 
$
7,386,000

 
1959
 
Jan 1969
 
173,000

 
200

 
35 years
Munson Hill Towers
 
Virginia
 
$
322,000

 
$
3,337,000

 
$
14,847,000

 
$
322,000

 
$
18,183,000

 
$
18,505,000

 
$
12,589,000

 
1963
 
Jan 1970
 
258,000

 
279

 
33 years
The Ashby at McLean
 
Virginia
 
$
4,356,000

 
$
17,102,000

 
$
15,148,000

 
$
4,356,000

 
$
32,250,000

 
$
36,606,000

 
$
17,975,000

 
1982
 
Aug 1996
 
274,000

 
256

 
30 years
Walker House Apartments (a)
 
Maryland
 
$
2,851,000

 
$
7,946,000

 
$
6,688,000

 
$
2,851,000

 
$
14,634,000

 
$
17,485,000

 
$
8,508,000

 
1971
 
Mar 1996
 
157,000

 
212

 
30 years
Bethesda Hill Apartments (a)
 
Maryland
 
$
3,900,000

 
$
13,412,000

 
$
11,903,000

 
$
3,900,000

 
$
25,315,000

 
$
29,215,000

 
$
13,593,000

 
1986
 
Nov 1997
 
225,000

 
195

 
30 years
Bennett Park
 
Virginia
 
$
2,861,000

 
$
917,000

 
$
78,855,000

 
$
4,774,000

 
$
77,859,000

 
$
82,633,000

 
$
20,017,000

 
2007
 
Feb 2001
 
214,000

 
224

 
28 years
The Clayborne
 
Virginia
 
$
269,000

 
$

 
$
30,451,000

 
$
699,000

 
$
30,020,000

 
$
30,719,000

 
$
8,994,000

 
2008
 
Jun 2003
 
60,000

 
74

 
26 years
The Kenmore (a)
 
Washington, DC
 
$
28,222,000

 
$
33,955,000

 
$
2,130,000

 
$
28,222,000

 
$
36,085,000

 
$
64,307,000

 
$
5,818,000

 
1948
 
Sep 2008
 
268,000

 
374

 
30 years
650 N. Glebe Rd (g)
 
Virginia
 
$
12,787,000

 
$

 
$
2,858,000

 
$
15,645,000

 
$

 
$
15,645,000

 
$

 
N/A
 
Jun 2011
 

 

 
N/A
1225 First Street (g)
 
Virginia
 
$
14,046,000

 
$

 
$
5,761,000

 
$
19,807,000

 
$

 
$
19,807,000

 
$

 
N/A
 
Nov 2011
 

 

 
N/A
 
 
 
 
$
70,956,000

 
$
85,559,000

 
$
211,147,000

 
$
81,918,000

 
$
285,743,000

 
$
367,661,000

 
$
120,036,000

 
 
 
 
 
2,137,000

 
2,540

 
 
Office Buildings
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1901 Pennsylvania Avenue
 
Washington, DC
 
$
892,000

 
$
3,481,000

 
$
15,100,000

 
$
892,000

 
$
18,581,000

 
$
19,473,000

 
$
13,478,000

 
1960
 
May 1977
 
99,000

 
 
 
28 years
51 Monroe Street
 
Maryland
 
$
840,000

 
$
10,869,000

 
$
24,173,000

 
$
840,000

 
$
35,042,000

 
$
35,882,000

 
$
24,898,000

 
1975
 
Aug 1979
 
221,000

 
 
 
41 years
515 King Street
 
Virginia
 
$
4,102,000

 
$
3,931,000

 
$
5,125,000

 
$
4,102,000

 
$
9,056,000

 
$
13,158,000

 
$
4,662,000

 
1966
 
Jul 1992
 
74,000

 
 
 
50 years
6110 Executive Boulevard
 
Maryland
 
$
4,621,000

 
$
11,926,000

 
$
11,947,000

 
$
4,621,000

 
$
23,873,000

 
$
28,494,000

 
$
15,372,000

 
1971
 
Jan 1995
 
202,000

 
 
 
30 years
1220 19th Street
 
Washington, DC
 
$
7,803,000

 
$
11,366,000

 
$
9,690,000

 
$
7,802,000

 
$
21,057,000

 
$
28,859,000

 
$
10,065,000

 
1976
 
Nov 1995
 
103,000

 
 
 
30 years
1600 Wilson Boulevard
 
Virginia
 
$
6,661,000

 
$
16,742,000

 
$
14,806,000

 
$
6,661,000

 
$
31,548,000

 
$
38,209,000

 
$
15,163,000

 
1973
 
Oct 1997
 
167,000

 
 
 
30 years
7900 Westpark Drive
 
Virginia
 
$
12,049,000

 
$
71,825,000

 
$
36,150,000

 
$
12,049,000

 
$
107,975,000

 
$
120,024,000

 
$
56,264,000

 
1972
 
Nov 1997
 
538,000

 
 
 
30 years
600 Jefferson Plaza
 
Maryland
 
$
2,296,000

 
$
12,188,000

 
$
5,512,000

 
$
2,296,000

 
$
17,700,000

 
$
19,996,000

 
$
8,346,000

 
1985
 
May 1999
 
113,000

 
 
 
30 years
Wayne Plaza
 
Maryland
 
$
1,564,000

 
$
6,243,000

 
$
7,928,000

 
$
1,564,000

 
$
14,171,000

 
$
15,735,000

 
$
6,537,000

 
1970
 
May 2000
 
96,000

 
 
 
30 years
Courthouse Square
 
Virginia
 
$

 
$
17,096,000

 
$
6,677,000

 
$

 
$
23,773,000

 
$
23,773,000

 
$
9,844,000

 
1979
 
Oct 2000
 
115,000

 
 
 
30 years
One Central Plaza
 
Maryland
 
$
5,480,000

 
$
39,107,000

 
$
16,745,000

 
$
5,480,000

 
$
55,852,000

 
$
61,332,000

 
$
23,755,000

 
1974
 
Apr 2001
 
267,000

 
 
 
30 years
Atrium Building
 
Maryland
 
$
3,182,000

 
$
11,281,000

 
$
2,987,000

 
$
3,182,000

 
$
14,268,000

 
$
17,450,000

 
$
5,922,000

 
1980
 
Jul 2002
 
79,000

 
 
 
30 years
1776 G Street
 
Washington, DC
 
$
31,500,000

 
$
54,327,000

 
$
4,383,000

 
$
31,500,000

 
$
58,710,000

 
$
90,210,000

 
$
20,958,000

 
1979
 
Aug 2003
 
263,000

 
 
 
30 years
Dulles Station II (f)
 
Virginia
 
$
15,001,000

 
$
494,000

 
$
(3,425,000
)
 
$
4,130,000

 
$
7,940,000

 
$
12,070,000

 
$
179,000

 
n/a
 
Dec 2005
 

 
 
 
n/a
6565 Arlington Boulevard
 
Virginia
 
$
5,584,000

 
$
23,195,000

 
$
4,677,000

 
$
5,584,000

 
$
27,872,000

 
$
33,456,000

 
$
7,719,000

 
1967
 
Aug 2006
 
132,000

 
 
 
30 years
West Gude (a)
 
Maryland
 
$
11,580,000

 
$
43,240,000

 
$
8,208,000

 
$
11,580,000

 
$
51,448,000

 
$
63,028,000

 
$
12,807,000

 
1984
 
Aug 2006
 
275,000

 
 
 
30 years
Monument II
 
Virginia
 
$
10,244,000

 
$
65,205,000

 
$
3,737,000

 
$
10,244,000

 
$
68,942,000

 
$
79,186,000

 
$
15,247,000

 
2000
 
Mar 2007
 
207,000

 
 
 
30 years
Woodholme Center
 
Maryland
 
$
2,194,000

 
$
16,711,000

 
$
1,794,000

 
$
2,194,000

 
$
18,505,000

 
$
20,699,000

 
$
4,039,000

 
1989
 
Jun 2007
 
80,000

 
 
 
30 years
2000 M Street
 
Washington, DC
 
$

 
$
61,101,000

 
$
16,427,000

 
$

 
$
77,528,000

 
$
77,528,000

 
$
13,671,000

 
1971
 
Dec 2007
 
228,000

 
 
 
30 years
2445 M Street (a)
 
Washington, DC
 
$
46,887,000

 
$
106,743,000

 
$
2,634,000

 
$
46,887,000

 
$
109,377,000

 
$
156,264,000

 
$
17,462,000

 
1986
 
Dec 2008
 
290,000

 
 
 
30 years
Quantico Building E
 
Virginia
 
$
4,518,000

 
$
24,801,000

 
$
165,000

 
$
4,518,000

 
$
24,966,000

 
$
29,484,000

 
$
3,692,000

 
2007
 
Jun 2010
 
134,000

 
 
 
30 years
Quantico Building G
 
Virginia
 
$
4,897,000

 
$
25,376,000

 
$
126,000

 
$
4,898,000

 
$
25,501,000

 
$
30,399,000

 
$
3,921,000

 
2009
 
Jun 2010
 
136,000

 
 
 
30 years
1140 Connecticut Avenue, NW
 
Washington, DC
 
$
25,226,000

 
$
50,495,000

 
$
5,306,000

 
$
25,226,000

 
$
55,801,000

 
$
81,027,000

 
$
4,712,000

 
1966
 
Jan 2011
 
188,000

 
 
 
30 years
 
 
 
 
Initial Cost (b)
 
Net Improvements (Retirement) since Acquisition
 
Gross Amounts at Which Carried at December 31, 2012
 
Accumulated
Depreciation
at
December 31,
2012
 
 
 
 
 
 
 
 
 
 
Properties
 
Location
 
Land
 
Buildings
and
Improvements
 
 
Land
 
Buildings
and
Improvements
 
Total (c)
 
 
Year of
Construction
 
Date of
Acquisition
 
Net 
Rentable
Square
Feet (e)
 
Units
 
Depreciation
Life (d)
1227 25th Street
 
Washington, DC
 
$
17,505,000

 
$
21,319,000

 
$
668,000

 
$
17,505,000

 
$
21,987,000

 
$
39,492,000

 
$
2,010,000

 
1988
 
Mar 2011
 
132,000

 
 
 
30 years
Braddock Metro
 
Virginia
 
$
18,817,000

 
$
71,250,000

 
$
2,238,000

 
$
18,817,000

 
$
73,488,000

 
$
92,305,000

 
$
5,009,000

 
1985
 
Sep 2011
 
351,000

 
 
 
30 years
John Marshall II (a)
 
Virginia
 
$
13,490,000

 
$
53,024,000

 
$
95,000

 
$
13,490,000

 
$
53,119,000

 
$
66,609,000

 
$
2,856,000

 
1996
 
Sep 2011
 
223,000

 
 
 
30 years
Fairgate at Ballston
 
Virginia
 
$
17,750,000

 
$
29,885,000

 
$
284,000

 
$
17,750,000

 
$
30,169,000

 
$
47,919,000

 
$
895,000

 
1988
 
Jun 2012
 
142,000

 
 
 
30 years
 
 
 
 
$
274,683,000

 
$
863,221,000

 
$
204,157,000

 
$
263,812,000

 
$
1,078,249,000

 
$
1,342,061,000

 
$
309,483,000

 
 
 
 
 
4,855,000

 
 
 
 
Medical Office
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Woodburn Medical Park I
 
Virginia
 
$
2,563,000

 
$
12,460,000

 
$
4,328,000

 
$
2,563,000

 
$
16,788,000

 
$
19,351,000

 
$
8,105,000

 
1984
 
Nov 1998
 
73,000

 
 
 
30 years
Woodburn Medical Park II
 
Virginia
 
$
2,632,000

 
$
17,574,000

 
$
4,310,000

 
$
2,632,000

 
$
21,884,000

 
$
24,516,000

 
$
10,261,000

 
1988
 
Nov 1998
 
96,000

 
 
 
30 years
8501 Arlington Boulevard (a)
 
Virginia
 
$
2,071,000

 
$
26,317,000

 
$
1,281,000

 
$
2,071,000

 
$
27,597,000

 
$
29,668,000

 
$
9,061,000

 
2000
 
Oct 2003
 
92,000

 
 
 
30 years
8503 Arlington Boulevard (a)
 
Virginia
 
$
1,598,000

 
$
25,850,000

 
$
1,478,000

 
$
1,598,000

 
$
27,328,000

 
$
28,926,000

 
$
8,754,000

 
2001
 
Oct 2003
 
88,000

 
 
 
30 years
8505 Arlington Boulevard (a)
 
Virginia
 
$
2,819,000

 
$
19,680,000

 
$
692,000

 
$
2,819,000

 
$
20,372,000

 
$
23,191,000

 
$
6,825,000

 
2002
 
Oct 2003
 
75,000

 
 
 
30 years
Shady Grove Medical II
 
Maryland
 
$
1,995,000

 
$
16,601,000

 
$
1,524,000

 
$
1,995,000

 
$
18,125,000

 
$
20,120,000

 
$
5,129,000

 
1999
 
Aug 2004
 
66,000

 
 
 
30 years
8301 Arlington Boulevard
 
Virginia
 
$
1,251,000

 
$
6,589,000

 
$
1,766,000

 
$
1,251,000

 
$
8,355,000

 
$
9,606,000

 
$
2,598,000

 
1965
 
Oct 2004
 
50,000

 
 
 
30 years
Alexandria Professional Center
 
Virginia
 
$
6,783,000

 
$
19,676,000

 
$
5,955,000

 
$
6,783,000

 
$
25,631,000

 
$
32,414,000

 
$
6,019,000

 
1968
 
Apr 2006
 
117,000

 
 
 
30 years
9707 Medical Center Drive (a)
 
Maryland
 
$
3,069,000

 
$
11,777,000

 
$
1,151,000

 
$
3,069,000

 
$
12,928,000

 
$
15,997,000

 
$
3,246,000

 
1994
 
Apr 2006
 
38,000

 
 
 
30 years
15001 Shady Grove Road
 
Maryland
 
$
4,094,000

 
$
16,410,000

 
$
1,688,000

 
$
4,094,000

 
$
18,098,000

 
$
22,192,000

 
$
4,694,000

 
1999
 
Apr 2006
 
51,000

 
 
 
30 years
15005 Shady Grove Road (a)
 
Maryland
 
$
4,186,000

 
$
17,548,000

 
$
691,000

 
$
4,186,000

 
$
18,239,000

 
$
22,425,000

 
$
4,227,000

 
2002
 
Jul 2006
 
51,000

 
 
 
30 years
2440 M Street
 
Washington, DC
 
$
12,500,000

 
$
37,321,000

 
$
5,099,000

 
$
12,500,000

 
$
42,420,000

 
$
54,920,000

 
$
9,787,000

 
1986
 
Mar 2007
 
113,000

 
 
 
30 years
Woodholme Medical Center (a)
 
Maryland
 
$
3,744,000

 
$
24,587,000

 
$
2,015,000

 
$
3,744,000

 
$
26,602,000

 
$
30,346,000

 
$
5,881,000

 
1996
 
Jun 2007
 
127,000

 
 
 
30 years
Ashburn Farm Professional Center (a)
 
Virginia
 
$
3,770,000

 
$
19,200,000

 
$
1,458,000

 
$
3,770,000

 
$
20,658,000

 
$
24,428,000

 
$
4,412,000

 
1998
 
Jun 2007
 
75,000

 
 
 
30 years
CentreMed I & II
 
Virginia
 
$
2,062,000

 
$
12,506,000

 
$
759,000

 
$
2,062,000

 
$
13,265,000

 
$
15,327,000

 
$
2,703,000

 
1998
 
Aug 2007
 
52,000

 
 
 
30 years
4661 Kenmore Avenue (f)
 
Virginia
 
$
3,764,000

 
$

 
$
46,000

 
$
3,810,000

 
$

 
$
3,810,000

 
$

 
n/a
 
Aug 2007
 

 
 
 
n/a
Sterling Medical Office
 
Virginia
 
$
970,000

 
$
5,274,000

 
$
895,000

 
$
970,000

 
$
6,169,000

 
$
7,139,000

 
$
1,434,000

 
1986
 
May 2008
 
36,000

 
 
 
30 years
19500 at Riverside Office Park
 
Virginia
 
$
1,308,000

 
$
18,778,000

 
$
2,410,000

 
$
1,308,000

 
$
21,188,000

 
$
22,496,000

 
$
2,661,000

 
2009
 
Aug 2009
 
85,000

 
 
 
30 years
 
 
 
 
$
61,179,000

 
$
308,148,000

 
$
37,546,000

 
$
61,225,000

 
$
345,647,000

 
$
406,872,000

 
$
95,797,000

 
 
 
 
 
1,285,000

 
 
 
 

 
 
 
 
Initial Cost (b)
 
Net Improvements (Retirement) since Acquisition
 
Gross Amounts at Which Carried at December 31, 2012
 
Accumulated
Depreciation
at
December 31,
2012
 
 
 
 
 
 
 
 
 
 
Properties
 
Location
 
Land
 
Buildings
and
Improvements
 
 
Land
 
Buildings
and
Improvements
 
Total (c)
 
 
Year of
Construction
 
Date of
Acquisition
 
Net 
Rentable
Square
Feet (e)
 
Units
 
Depreciation
Life (d)
Retail Centers
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Takoma Park
 
Maryland
 
$
415,000

 
$
1,084,000

 
$
155,000

 
$
415,000

 
$
1,239,000

 
$
1,654,000

 
$
1,170,000

 
1962
 
Jul 1963
 
51,000

 
 
 
50 years
Westminster
 
Maryland
 
$
519,000

 
$
1,775,000

 
$
9,140,000

 
$
519,000

 
$
10,915,000

 
$
11,434,000

 
$
6,183,000

 
1969
 
Sep 1972
 
150,000

 
 
 
37 years
Concord Centre
 
Virginia
 
$
413,000

 
$
850,000

 
$
3,437,000

 
$
413,000

 
$
4,287,000

 
$
4,700,000

 
$
2,885,000

 
1960
 
Dec 1973
 
76,000

 
 
 
33 years
Wheaton Park
 
Maryland
 
$
796,000

 
$
857,000

 
$
4,526,000

 
$
796,000

 
$
5,383,000

 
$
6,179,000

 
$
3,207,000

 
1967
 
Sep 1977
 
74,000

 
 
 
50 years
Bradlee
 
Virginia
 
$
4,152,000

 
$
5,383,000

 
$
8,114,000

 
$
4,152,000

 
$
13,497,000

 
$
17,649,000

 
$
9,216,000

 
1955
 
Dec 1984
 
168,000

 
 
 
40 years
Chevy Chase Metro Plaza
 
Washington, DC
 
$
1,549,000

 
$
4,304,000

 
$
4,870,000

 
$
1,549,000

 
$
9,174,000

 
$
10,723,000

 
$
5,698,000

 
1975
 
Sep 1985
 
49,000

 
 
 
50 years
Montgomery Village Center
 
Maryland
 
$
11,625,000

 
$
9,105,000

 
$
3,178,000

 
$
11,625,000

 
$
12,283,000

 
$
23,908,000

 
$
5,139,000

 
1969
 
Dec 1992
 
197,000

 
 
 
50 years
Shoppes of Foxchase
 
Virginia
 
$
5,838,000

 
$
2,979,000

 
$
13,135,000

 
$
5,838,000

 
$
16,114,000

 
$
21,952,000

 
$
4,829,000

 
1960
 
Jun 1994
 
134,000

 
 
 
50 years
Frederick County Square
 
Maryland
 
$
6,561,000

 
$
6,830,000

 
$
3,169,000

 
$
6,561,000

 
$
9,999,000

 
$
16,560,000

 
$
5,958,000

 
1973
 
Aug 1995
 
227,000

 
 
 
30 years
800 S. Washington Street
 
Virginia
 
$
2,904,000

 
$
5,489,000

 
$
5,992,000

 
$
2,904,000

 
$
11,481,000

 
$
14,385,000

 
$
3,714,000

 
1951
 
Jun 1998
 
47,000

 
 
 
30 years
Centre at Hagerstown .
 
Maryland
 
$
13,029,000

 
$
25,415,000

 
$
2,165,000

 
$
13,029,000

 
$
27,580,000

 
$
40,609,000

 
$
9,815,000

 
2000
 
Jun 2002
 
332,000

 
 
 
30 years
Frederick Crossing (a)
 
Maryland
 
$
12,759,000

 
$
35,477,000

 
$
2,127,000

 
$
12,759,000

 
$
37,604,000

 
$
50,363,000

 
$
10,319,000

 
1999
 
Mar 2005
 
295,000

 
 
 
30 years
Randolph Shopping Center
 
Maryland
 
$
4,928,000

 
$
13,025,000

 
$
650,000

 
$
4,928,000

 
$
13,675,000

 
$
18,603,000

 
$
3,366,000

 
1972
 
May 2006
 
82,000

 
 
 
30 years
Montrose Shopping Center
 
Maryland
 
$
11,612,000

 
$
22,410,000

 
$
2,529,000

 
$
11,612,000

 
$
24,939,000

 
$
36,551,000

 
$
6,009,000

 
1970
 
May 2006
 
145,000

 
 
 
30 years
Gateway Overlook
 
Maryland
 
$
28,816,000

 
$
52,249,000

 
$
335,000

 
$
29,394,000

 
$
52,006,000

 
$
81,400,000

 
$
5,588,000

 
2007
 
Dec 2010
 
223,000

 
 
 
30 years
Olney Village Center (a)
 
Maryland
 
$
15,842,000

 
$
39,133,000

 
$
892,000

 
$
15,842,000

 
$
40,025,000

 
$
55,867,000

 
$
2,124,000

 
1979
 
Aug 2011
 
198,000

 
 
 
30 years
 
 
 
 
$
121,758,000

 
$
226,365,000

 
$
64,414,000

 
$
122,336,000

 
$
290,201,000

 
$
412,537,000

 
$
85,220,000

 
 
 
 
 
2,448,000

 
 
 
 
Total
 
 
 
$
528,576,000

 
1,483,293,000

 
$
517,264,000

 
$
529,291,000

 
$
1,999,840,000

 
$
2,529,131,000

 
$
610,536,000

 
 
 
 
 
10,725,000

 
2,540

 
 
 
a) At December 31, 2012, our properties were encumbered by non-recourse mortgage amounts as follows: $35,399,000 on 3801 Connecticut Avenue, $16,531,000 on Walker House, $29,099,000 on Bethesda Hill, $35,535,000 on The Kenmore, $29,996,000 on West Gude Drive, $96,848,000 on 2445 M Street, $53,274,000 on John Marshall II, $19,608,000 on Woodholme Medical Center, $4,337,000 on Ashburn Farm, and $22,343,000 on Olney Village Center.

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, 2012, total land, buildings and improvements are carried at $2,148,544,000 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) Residential properties are presented in gross square feet.

f) As of December 31, 2012, WRIT had land held for development in Herndon, VA (Dulles Station, Phase II). WRIT also held a 0.8 acre parcel of land at 4661 Kenmore for future development. Additionally, WRIT had investments in various smaller development or redevelopment projects. The total land value not yet placed in service of these development projects at December 31, 2012 was $7.5 million. $0.5 million of Dulles Station, Phase II land was placed into service upon the completion of a portion of the parking garage structure.

g) As of December 31, 2012, WRIT had under development via joint venture arrangements, a mid-rise multifamily property in Arlington, Virginia (650 North Glebe) and a high-rise multifamily property in Alexandria, Virginia (1225 First Street). The total value not yet placed into service of these development projects via joint venture arrangements at December 31, 2012 was $35.5 million.
The following is a reconciliation of real estate assets and accumulated depreciation for the three years ended December 31, 2012 (in thousands):
 
Year Ended December 31,
 
2012
 
2011
 
2010
Real estate assets
 
 
 
 
 
Balance, beginning of period
$
2,449,872

 
$
2,443,127

 
$
2,341,461

Additions:
 
 
 
 
 
Property acquisitions (1)
47,772

 
352,658

 
140,584

Improvements (1)
59,664

 
36,386

 
28,196

Deductions:
 
 
 
 
 
Impairment write-down
(2,097
)
 
(16,416
)
 

Write-off of disposed assets
(1,450
)
 
(1,648
)
 
(866
)
Property sales
(24,630
)
 
(364,235
)
 
(66,248
)
Balance, end of period
$
2,529,131

 
$
2,449,872

 
$
2,443,127

Accumulated depreciation
 
 
 
 
 
Balance, beginning of period
$
535,732

 
$
538,786

 
$
475,245

Additions:
 
 
 
 
 
Depreciation
84,949

 
84,167

 
83,302

Deductions:
 
 
 
 
 
Impairment write-down

 
(1,291
)
 

Write-off of disposed assets
(1,124
)
 
(1,648
)
 
(866
)
Property sales
(9,021
)
 
(84,282
)
 
(18,895
)
Balance, end of period
$
610,536

 
$
535,732

 
$
538,786

 
(1) Includes non-cash accruals for capital items and assumed mortgages.