Quarterly report pursuant to Section 13 or 15(d)

Real Estate (Tables)

v3.21.2
Real Estate (Tables)
6 Months Ended
Jun. 30, 2021
Real Estate [Abstract]  
Schedule of Properties Held for Sale or Sold and Discontinued Operations
We classified as held for sale or sold the following properties during 2021 and 2020:
Disposition Date Property Name Property Type Rentable Square Feet Contract Sales Price
(in thousands)
(Loss) Gain on Sale
(in thousands) (1)
July 26, 2021
Office Portfolio (2)
Office 2,370,000  $ 766,000 
N/A (3)
Retail Portfolio (4)
 Retail 693,000  168,314 
Total 2021 3,063,000 $ 934,314 
April 21, 2020 John Marshall II Office 223,000 $ 57,000  $ (6,855)
December 2, 2020 Monument II Office 207,000 53,000  (8,595)
December 17, 2020 1227 25th Street NW Office 135,000 53,500  1,125 
Total 2020 565,000 $ 163,500  $ (14,325)
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(1)         Amount determined and disclosed in the quarter of disposition.
(2)     Consists of twelve office properties: 1901 Pennsylvania Avenue, 515 King Street, 1220 19th Street, 1600 Wilson Boulevard, Silverline Center, Courthouse Square, 2000 M Street, 1140 Connecticut Avenue, Army Navy Club, 1775 Eye Street, Fairgate at Ballston and Arlington Tower.
(3)    Disposition of the Retail Portfolio is expected to occur in the third quarter of 2021.
(4)    Consists of eight retail properties: Takoma Park, Westminster, Concord Centre, Chevy Chase Metro Plaza, 800 S. Washington Street, Randolph Shopping Center, Montrose Shopping Center and Spring Valley Village.
The results of the Office Portfolio and Retail Portfolio are classified as discontinued operations and are summarized as follows (amounts in thousands, except for share data):

Three months ended June 30, Six months ended June 30,
2021 2020 2021 2020
Real estate rental revenue $ 30,561  $ 29,113  $ 59,587  $ 60,163 
Real estate expenses (10,568) (10,297) (20,808) (21,479)
Depreciation and amortization (10,248) (12,227) (22,904) (24,700)
       Income from discontinued operations $ 9,745  $ 6,589  $ 15,875  $ 13,984 
Basic net income per share $ 0.12  $ 0.08  $ 0.19  $ 0.17 
Diluted net income per share $ 0.12  $ 0.08  $ 0.19  $ 0.17 
Capital expenditures $ 2,109  $ 5,346  $ 2,483  $ 7,586 

As of June 30, 2021 and December 31, 2020, assets and liabilities related to the Office Portfolio and Retail Portfolio were as follows (in thousands):
June 30, 2021 December 31, 2020
Land $ 249,869  $ 249,869 
Income producing property 961,359  958,704 
1,211,228  1,208,573 
Accumulated depreciation and amortization (433,229) (414,008)
Income producing property, net 777,999  794,565 
Development in progress and land held for development 1,122  1,122 
Investment in real estate, net $ 779,121  $ 795,687 
Cash and cash equivalents
Restricted cash 10  10 
Rents and other receivables 48,563  48,532 
Prepaid expenses and other assets 38,235  41,452 
Total assets $ 865,932  $ 885,684 
Accounts payable and other liabilities $ 12,738  $ 14,706 
Advance rents 4,977  4,754 
Tenant security deposits 6,033  5,769 
Liabilities related to properties sold or held for sale $ 23,748  $ 25,229