Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.21.1
Segment Information
3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Segment Information SEGMENT INFORMATION
We evaluate real estate performance and allocate resources by property type through two reportable segments: office and multifamily. Office properties provide office space for various types of businesses and professions. Multifamily properties provide rental housing for individuals and families throughout the Washington metro region. We have eight retail properties that do not meet the qualitative or quantitative criteria for a reportable segment and are classified as “Corporate and other” in our segment disclosure tables.

We evaluate performance based upon net operating income of the combined properties in each segment. Our reportable operating segments are consolidations of similar properties. GAAP requires that segment disclosures present the measure(s) used by the chief operating decision maker for purposes of assessing each segment’s performance. Net operating income is a key measurement of our segment profit and loss and is defined as real estate rental revenue less real estate expenses.
The following tables present revenues, net operating income, capital expenditures and total assets for the three months ended March 31, 2021 and 2020 from these segments, and reconcile net operating income of our reportable segments to net (loss) income as reported (in thousands):
  Three Months Ended March 31, 2021
  Multifamily Office Corporate and Other Consolidated
Real estate rental revenue $ 36,132  $ 28,599  $ 4,902  $ 69,633 
Real estate expenses 15,172  10,117  1,405  26,694 
Net operating income $ 20,960  $ 18,482  $ 3,497  $ 42,939 
Depreciation and amortization (29,643)
General and administrative expenses (5,604)
Interest expense (10,123)
Other income 1,284 
Net loss $ (1,147)
Capital expenditures $ 3,737  $ 172  $ 130  $ 4,039 
Total assets $ 1,322,738  $ 927,757  $ 129,541  $ 2,380,036 
  Three Months Ended March 31, 2020
  Multifamily Office Corporate and Other Consolidated
Real estate rental revenue $ 36,578  $ 35,670  $ 4,544  $ 76,792 
Real estate expenses 13,985  13,317  1,337  28,639 
Net operating income $ 22,593  $ 22,353  $ 3,207  $ 48,153 
Depreciation and amortization (29,720)
General and administrative expenses (6,337)
Interest expense (10,845)
Gain on extinguishment of debt 468 
Net income $ 1,719 
Capital expenditures $ 3,469  $ 7,088  $ 383  $ 10,940 
Total assets $ 1,339,925  $ 1,130,013  $ 152,682  $ 2,622,620