Annual report pursuant to Section 13 and 15(d)

Schedule III Real Estate and Accumulated Depreciation

v3.19.3.a.u2
Schedule III Real Estate and Accumulated Depreciation
12 Months Ended
Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
Schedule III Real Estate and Accumulated Depreciation
SCHEDULE III
 
 
 
 
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.
The following is a reconciliation of real estate assets and accumulated depreciation for the three years ended December 31, 2019 (in thousands):
 
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.