Quarterly report pursuant to Section 13 or 15(d)

Real Estate (Tables)

v3.21.2
Real Estate (Tables)
 9 Months Ended
Sep. 30, 2021
Real Estate [Abstract]  
Schedule Of Real Estate Property Acquired
We acquired the following property during the 2021 Period (the “2021 acquisition”):
Acquisition Date Property Type # of homes (unaudited) Average Occupancy
(unaudited)		 Contract
Purchase Price
(in thousands)
August 10, 2021 The Oxford Residential 240 93.5% $ 48,000 
______________________________
Schedule of Operations from Acquired Properties The results of operations from the acquired operating property are included in the consolidated statements of operations as of its acquisition date and are as follows (in thousands):
Three and Nine Months Ended September 30, 2021
Real estate rental revenue $ 488 
Net loss (349)
Schedule Of Cost Of Acquisition The total cost of the 2021 acquisition was as follows (in thousands):
Contract purchase price $ 48,000 
Capitalized acquisition costs 52 
Total $ 48,052 
Schedule of Acquisition Asset Valuation We have recorded the total cost of the 2021 acquisition as follows (in thousands):
Land $ 4,798 
Building 42,079 
Absorption costs 1,175 
Total $ 48,052 
Schedule of Properties Sold
We 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)
July 26, 2021
Office Portfolio (1)
Office 2,370,000  $ 766,000  $ (11,220)
September 22, 2021
Retail Portfolio (2)
 Retail 693,000  168,314  57,661 
Total 2021 3,063,000 $ 934,314  $ 46,441 
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)     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.
(2)    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 September 30, Nine months ended September 30,
2021 2020 2021 2020
Real estate rental revenue $ 10,932  $ 29,511  $ 70,519  $ 89,673 
Expenses
Property operating and maintenance (1,870) (5,232) (11,201) (15,433)
Real estate taxes and insurance (1,476) (4,839) (11,136) (14,233)
Property management (378) (947) (2,195) (2,830)
Depreciation and amortization —  (12,406) (22,904) (37,106)
Gain on sale of real estate, net 46,441  —  46,441  — 
       Income from discontinued operations $ 53,649  $ 6,087  $ 69,524  $ 20,071 
Basic net income per share $ 0.63  $ 0.07  $ 0.82  $ 0.24 
Diluted net income per share $ 0.63  $ 0.07  $ 0.82  $ 0.24 
Capital expenditures $ 833  $ 4,239  $ 3,316  $ 11,825 

All assets and liabilities related to the Office Portfolio and Retail Portfolio were sold as of September 30, 2021. As of December 31, 2020, assets and liabilities related to the Office Portfolio and Retail Portfolio were as follows (in thousands):
December 31, 2020
Land $ 249,869 
Income producing property 958,704 
1,208,573 
Accumulated depreciation and amortization (414,008)
Income producing property, net 794,565 
Development in progress and land held for development 1,122 
Investment in real estate, net $ 795,687 
Cash and cash equivalents 3 
Restricted cash 10 
Rents and other receivables 48,532 
Prepaid expenses and other assets 41,452 
Total assets $ 885,684 
Accounts payable and other liabilities $ 14,706 
Advance rents 4,754 
Tenant security deposits 5,769 
Liabilities related to properties sold or held for sale $ 25,229