Quarterly report pursuant to Section 13 or 15(d)

Real Estate (Tables)

v2.4.0.8
Real Estate (Tables)
9 Months Ended
Sep. 30, 2014
Real Estate [Abstract]  
Schedule Of Real Estate Property Acquired [Table Text Block]
Washington REIT acquired the following properties during the 2014 Period:
 
 
 
 
 
 
Rentable
 
Contract
Purchase Price
Acquisition Date
 
Property Name
 
Type
 
Square Feet
 
(in thousands)
February 21, 2014
 
Yale West (216 units)
 
Multifamily
 
N/A

 
$
73,000

March 26, 2014
 
The Army Navy Club Building
 
Office
 
108,000

 
79,000

May 1, 2014
 
1775 Eye Street, NW
 
Office
 
185,000

 
104,500

 
 
 
 
 
 
293,000

 
$
256,500

Revenue and Earnings From Acquisition [Table Text Block]
The revenue and earnings of our 2014 acquisitions are as follows (amounts in thousands):
 
Three Months Ended September 30, 2014
 
Nine Months Ended September 30, 2014
Real estate rental revenue
$
5,089

 
$
10,444

Net loss
(640
)
 
(2,752
)
Total Purchase Price Of Acquisitions [Table Text Block]
We have recorded the total purchase price of the above acquisitions as follows (in thousands):
Land
$
93,567

Buildings
141,456

Tenant origination costs
8,354

Leasing commissions/absorption costs
12,847

Net lease intangible assets
7,331

Net lease intangible liabilities
(2,122
)
Fair value of assumed mortgages
(107,125
)
Furniture fixtures and equipment
932

Total
$
155,240

Business Acquisition, Pro Forma Information [Table Text Block]
The following unaudited pro-forma combined condensed statements of operations are for the 2014 and 2013 Quarters and Periods as if the above described acquisitions had occurred at the beginning of the period of acquisition and the same period in the year prior to acquisition. The unaudited pro-forma information does not purport to be indicative of the results that actually would have occurred if the acquisitions had been in effect for the 2014 and 2013 Quarters and Periods. The unaudited data presented is in thousands, except per share data.
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2014
 
2013
 
2014
 
2013
Real estate rental revenue
$
73,413

 
$
71,004

 
$
219,192

 
$
211,662

Income from continuing operations
3,668

 
477

 
1,960

 
449

Net income
3,668

 
4,608

 
108,492

 
14,783

Diluted earnings per share
0.05

 
0.07

 
1.62

 
0.22

Land and Capitalized Development Costs
As of September 30, 2014 and December 31, 2013, the land and capitalized development costs are as follows (in thousands):
 
September 30, 2014
 
December 31, 2013
The Maxwell
$
47,084

 
$
27,343

1225 First Street
20,807

 
20,788

Schedule of Accounts Payable and Accrued Liabilities of Joint Ventures
As of September 30, 2014 and December 31, 2013, the accounts payable and accrued liabilities related to the joint ventures are as follows (in thousands):
 
September 30, 2014
 
December 31, 2013
The Maxwell
$
6,253

 
$
1,785

1225 First Street
76

 
39

Schedule of Income Statement Results for Medical Office Segment
The results of our medical office segment are summarized as follows (amounts in thousands, except per share data):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2014
 
2013
 
2014
 
2013
Real estate rental revenue
$

 
$
10,889

 
$
892

 
$
32,928

Net income

 
3,820

 
546

 
10,080

Basic net income per share

 
0.06

 
0.01

 
0.15

Diluted net income per share

 
0.06

 
0.01

 
0.15

Schedule of Dispositions
We sold the following properties in 2014 and 2013:
Property Name
 
Segment
 
Rentable Square Feet
 
Contract
Purchase  Price
(in thousands)
 
Gain on Sale
(in thousands)
Medical Office Portfolio Transactions III & IV (1)
 
Medical Office
 
427,000
 
$
193,561

 
$
105,985

5740 Columbia Road (2)
 
Retail
 
3,000
 
1,600

 
570

 
 
Total 2014
 
430,000
 
$
195,161

 
$
106,555

 
 
 
 
 
 
 
 
 
Atrium Building
 
Office
 
79,000
 
$
15,750

 
$
3,195

Medical Office Portfolio Transactions I & II (3)
 
Medical Office / Office
 
1,093,000
 
307,189

 
18,949

 
 
Total 2013
 
1,172,000
 
$
322,939

 
$
22,144


Schedule of Investment in Real Estate for Properties Sold or Held For Sale and Related Liabilities
s of September 30, 2014 and December 31, 2013, investment in real estate for properties sold or held for sale, all of which were in the medical office segment, was as follows (in thousands):
 
September 30, 2014
 
December 31, 2013
Investment in real estate sold or held for sale
$

 
$
125,967

Less accumulated depreciation

 
(46,066
)
Investment in real estate sold or held for sale, net
$

 
$
79,901

Operating Income (Loss) for Discontinued Operations
Income from operations of properties sold or held for sale for the three and nine months ended September 30, 2014 and 2013 was as follows (in thousands):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2014
 
2013
 
2014
 
2013
Real estate rental revenue
$

 
$
12,073

 
$
892

 
$
37,141

Real estate expenses

 
(4,398
)
 
(346
)
 
(12,856
)
Depreciation and amortization

 
(3,215
)
 

 
(12,161
)
Interest expense

 
(329
)
 

 
(985
)
Income from operations of properties sold or held for sale
$

 
$
4,131

 
$
546

 
$
11,139

Operating Income (Loss) By Property Classified As Discontinued Operations
Income from operations of properties sold or held for sale by property for the three and nine months ended September 30, 2014 and 2013 was as follows (in thousands):
 
 
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
Property
 
Segment
 
2014
 
2013
 
2014
 
2013
Atrium Building
 
Office
 
$

 
$

 
$

 
$
185

Medical Office Portfolio
 
Medical Office / Office
 

 
4,131

 
546

 
10,954

 
 
 
 
$

 
$
4,131

 
$
546

 
$
11,139