Quarterly report pursuant to Section 13 or 15(d)

Segment Information (Tables)

v3.21.2
Segment Information (Tables)
9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
Schedule of Reconciliation of Net Operating Income of Reportable Segments
The following tables present revenues, net operating income, capital expenditures and total assets for the three and nine months ended September 30, 2021 and 2020 from our Residential segment as well as Other, and reconcile net operating income to net income (loss) as reported (in thousands):
  Three Months Ended September 30, 2021
  Residential
Other (1), (3)
Consolidated
Real estate rental revenue 38,046  4,453  $ 42,499 
Real estate expenses 14,146  1,299  15,445 
Net operating income $ 23,900  $ 3,154  $ 27,054 
Other income (expense):
Property management expenses (1,499)
General and administrative expenses (7,909)
Transformation costs (1,016)
Depreciation and amortization (18,252)
Interest expense (8,106)
Loss on interest rate derivatives (106)
Loss on extinguishment of debt (12,727)
Other income 231 
Discontinued operations:
Income from operations of properties sold or held for sale 7,208 
Gain on sale of real estate, net 46,441 
Net income $ 31,319 
Capital expenditures $ 7,283  $ 1,002  $ 8,285 
Total assets $ 1,355,893  $ 496,917  $ 1,852,810 

  Three Months Ended September 30, 2020
  Residential
Other (2), (3)
Consolidated
Real estate rental revenue 36,292  7,424  $ 43,716 
Real estate expenses 13,660  2,453  16,113 
Net operating income $ 22,632  $ 4,971  $ 27,603 
Other income (expense):
Property management expenses (1,541)
General and administrative expenses (6,330)
Depreciation and amortization (18,064)
Interest expense (8,711)
Discontinued operations:
Income from operations of properties sold or held for sale 6,087 
Net loss $ (956)
Capital expenditures $ 6,520  $ 6,590  $ 13,110 
Total assets $ 1,338,812  $ 1,193,460  $ 2,532,272 
Nine Months Ended September 30, 2021
Residential
Other (1), (3)
Consolidated
Real estate rental revenue $ 111,075  $ 13,328  $ 124,403 
Real estate expenses 41,440  3,740  45,180 
Net operating income $ 69,635  $ 9,588  $ 79,223 
Other income (expense):
Property management expenses (4,448)
General and administrative expenses (19,838)
Transformation costs (4,796)
Depreciation and amortization (52,542)
Interest expense (28,387)
Loss on interest rate derivatives (5,866)
Loss on extinguishment of debt (12,727)
Other income 3,037 
Discontinued operations:
Income from operations of properties sold or held for sale 23,083 
Gain on sale of real estate, net 46,441 
Net income $ 23,180 
Capital expenditures $ 15,082  $ 3,604  $ 18,686 

Nine Months Ended September 30, 2020
Residential
Other (2), (3)
Consolidated
Real estate rental revenue $ 108,942  $ 24,274  $ 133,216 
Real estate expenses 39,100  7,918  47,018 
Net operating income $ 69,842  $ 16,356  $ 86,198 
Other income (expense):
Property management expenses (4,682)
General and administrative expenses (17,963)
Depreciation and amortization (52,683)
Loss on sale of real estate (7,539)
Interest expense (28,307)
Gain on extinguishment of debt 262 
Discontinued operations:
Income from operations of properties sold or held for sale 20,071 
Net loss $ (4,643)
Capital expenditures $ 15,477  $ 23,209  $ 38,686 
______________________________
(1)     Other represents Watergate 600, an office property that does not meet the qualitative or quantitative criteria for a reportable segment.
(2)    Other represents Watergate 600, an office property that does not meet the qualitative or quantitative criteria for a reportable segment and office properties sold during 2020: John Marshall II, Monument II and 1227 25th Street.
(3)     Total assets and capital expenditures include office and retail properties classified as discontinued operations.