Annual report pursuant to Section 13 and 15(d)

Schedule III

v2.4.1.9
Schedule III
12 Months Ended
Dec. 31, 2014
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]  
Schedule III
SCHEDULE III
 
 
 
 
Initial Cost (b)
 
Net Improvements (Retirement) since Acquisition
 
Gross Amounts at Which Carried at December 31, 2014
 
Accumulated Depreciation at December 31, 2014
 
 
 
 
 
 
 
 
 
 
Properties
 
Location
 
Land
 
Buildings and Improvements
 
Land
 
Buildings and Improvements
 
Total (c)
 
Year of Construction
 
Date of Acquisition
 
Net 
Rentable
Square
Feet (e)
 
Units
 
Depreciation Life (d)
Multifamily Properties
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3801 Connecticut Avenue (a)
 
Washington, DC
 
$
420,000

 
$
2,678,000

 
$
10,698,000

 
$
420,000

 
$
13,376,000

 
$
13,796,000

 
$
9,339,000

 
1951
 
Jan 1963
 
179,000

 
307

 
30 years
Roosevelt Towers
 
Virginia
 
336,000

 
1,996,000

 
11,148,000

 
336,000

 
13,144,000

 
13,480,000

 
8,296,000

 
1964
 
May 1965
 
170,000

 
191

 
40 years
Country Club Towers
 
Virginia
 
299,000

 
2,562,000

 
15,144,000

 
299,000

 
17,706,000

 
18,005,000

 
11,055,000

 
1965
 
Jul 1969
 
159,000

 
227

 
35 years
Park Adams
 
Virginia
 
287,000

 
1,654,000

 
10,227,000

 
287,000

 
11,881,000

 
12,168,000

 
8,361,000

 
1959
 
Jan 1969
 
173,000

 
200

 
35 years
Munson Hill Towers
 
Virginia
 
322,000

 
3,337,000

 
15,739,000

 
322,000

 
19,076,000

 
19,398,000

 
14,111,000

 
1963
 
Jan 1970
 
258,000

 
279

 
33 years
The Ashby at McLean
 
Virginia
 
4,356,000

 
17,102,000

 
17,300,000

 
4,356,000

 
34,402,000

 
38,758,000

 
20,788,000

 
1982
 
Aug 1996
 
274,000

 
256

 
30 years
Walker House Apartments (a)
 
Maryland
 
2,851,000

 
7,946,000

 
6,906,000

 
2,851,000

 
14,852,000

 
17,703,000

 
9,651,000

 
1971
 
Mar 1996
 
157,000

 
212

 
30 years
Bethesda Hill Apartments (a)
 
Maryland
 
3,900,000

 
13,412,000

 
12,394,000

 
3,900,000

 
25,806,000

 
29,706,000

 
15,904,000

 
1986
 
Nov 1997
 
225,000

 
195

 
30 years
Bennett Park
 
Virginia
 
2,861,000

 
917,000

 
79,610,000

 
4,774,000

 
78,614,000

 
83,388,000

 
26,172,000

 
2007
 
Feb 2001
 
214,000

 
224

 
28 years
The Clayborne
 
Virginia
 
269,000

 

 
30,631,000

 
699,000

 
30,201,000

 
30,900,000

 
11,428,000

 
2008
 
Jun 2003
 
60,000

 
74

 
26 years
The Kenmore (a)
 
Washington, DC
 
28,222,000

 
33,955,000

 
10,296,000

 
28,222,000

 
44,251,000

 
72,473,000

 
8,765,000

 
1948
 
Sep 2008
 
268,000

 
374

 
30 years
The Maxwell (g)
 
Virginia
 
12,787,000

 

 
36,443,000

 
12,851,000

 
36,379,000

 
49,230,000

 

 
2014
 
Jun 2011
 
143,000

 
163

 
30 years
1225 First Street (g)
 
Virginia
 
14,046,000

 

 
6,761,000

 

 
20,807,000

 
20,807,000

 

 
N/A
 
Nov 2011
 

 

 
N/A
The Paramount
 
Virginia
 
8,568,000

 
38,716,000

 
670,000

 
8,568,000

 
39,386,000

 
47,954,000

 
2,118,000

 
1984
 
Oct 2013
 
141,000

 
135

 
30 years
Yale West (a)
 
Washington, DC
 
14,684,000

 
62,069,000

 
21,000

 
14,684,000

 
62,090,000

 
76,774,000

 
1,954,000

 
2011
 
Feb 2014
 
173,000

 
216

 
30 years
 
 
 
 
$
94,208,000

 
$
186,344,000

 
$
263,988,000

 
$
82,569,000

 
$
461,971,000

 
$
544,540,000

 
$
147,942,000

 
 
 
 
 
2,594,000

 
3,053

 
 
Office Buildings
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1901 Pennsylvania Avenue
 
Washington, DC
 
$
892,000

 
$
3,481,000

 
$
16,943,000

 
$
892,000

 
$
20,424,000

 
$
21,316,000

 
$
14,802,000

 
1960
 
May 1977
 
101,000

 
 
 
28 years
51 Monroe Street
 
Maryland
 
840,000

 
10,869,000

 
27,904,000

 
840,000

 
38,773,000

 
39,613,000

 
27,848,000

 
1975
 
Aug 1979
 
221,000

 
 
 
41 years
515 King Street
 
Virginia
 
4,102,000

 
3,931,000

 
5,744,000

 
4,102,000

 
9,675,000

 
13,777,000

 
5,164,000

 
1966
 
Jul 1992
 
75,000

 
 
 
50 years
6110 Executive Boulevard
 
Maryland
 
4,621,000

 
11,926,000

 
16,149,000

 
4,621,000

 
28,075,000

 
32,696,000

 
17,929,000

 
1971
 
Jan 1995
 
201,000

 
 
 
30 years
1220 19th Street
 
Washington, DC
 
7,803,000

 
11,366,000

 
15,464,000

 
7,802,000

 
26,831,000

 
34,633,000

 
12,520,000

 
1976
 
Nov 1995
 
103,000

 
 
 
30 years
1600 Wilson Boulevard
 
Virginia
 
6,661,000

 
16,742,000

 
23,146,000

 
6,661,000

 
39,888,000

 
46,549,000

 
18,299,000

 
1973
 
Oct 1997
 
166,000

 
 
 
30 years
Silverline Center (f)
 
Virginia
 
12,049,000

 
71,825,000

 
68,237,000

 
12,049,000

 
140,062,000

 
152,111,000

 
64,474,000

 
1972
 
Nov 1997
 
526,000

 
 
 
30 years
600 Jefferson Plaza
 
Maryland
 
2,296,000

 
12,188,000

 
6,945,000

 
2,296,000

 
19,133,000

 
21,429,000

 
9,879,000

 
1985
 
May 1999
 
113,000

 
 
 
30 years
Wayne Plaza
 
Maryland
 
1,564,000

 
6,243,000

 
9,049,000

 
1,564,000

 
15,292,000

 
16,856,000

 
7,976,000

 
1970
 
May 2000
 
99,000

 
 
 
30 years
Courthouse Square
 
Virginia
 

 
17,096,000

 
7,946,000

 

 
25,042,000

 
25,042,000

 
11,976,000

 
1979
 
Oct 2000
 
116,000

 
 
 
30 years
One Central Plaza
 
Maryland
 
5,480,000

 
39,107,000

 
17,721,000

 
5,480,000

 
56,828,000

 
62,308,000

 
28,510,000

 
1974
 
Apr 2001
 
267,000

 
 
 
30 years
1776 G Street
 
Washington, DC
 
31,500,000

 
54,327,000

 
5,217,000

 
31,500,000

 
59,544,000

 
91,044,000

 
25,560,000

 
1979
 
Aug 2003
 
263,000

 
 
 
30 years
Dulles Station, Phase II (f)
 
Virginia
 
15,001,000

 
494,000

 
(3,400,000
)
 
484,000

 
11,611,000

 
12,095,000

 
403,000

 
n/a
 
Dec 2005
 

 
 
 
n/a
West Gude (a)
 
Maryland
 
11,580,000

 
43,240,000

 
11,699,000

 
11,580,000

 
54,939,000

 
66,519,000

 
17,686,000

 
1984
 
Aug 2006
 
276,000

 
 
 
30 years
Monument II
 
Virginia
 
10,244,000

 
65,205,000

 
7,075,000

 
10,244,000

 
72,280,000

 
82,524,000

 
19,424,000

 
2000
 
Mar 2007
 
208,000

 
 
 
30 years
2000 M Street
 
Washington, DC
 

 
61,101,000

 
21,215,000

 

 
82,316,000

 
82,316,000

 
20,670,000

 
1971
 
Dec 2007
 
230,000

 
 
 
30 years
2445 M Street (a)
 
Washington, DC
 
46,887,000

 
106,743,000

 
5,127,000

 
46,887,000

 
111,870,000

 
158,757,000

 
26,905,000

 
1986
 
Dec 2008
 
290,000

 
 
 
30 years
925 Corporate Drive
 
Virginia
 
4,518,000

 
24,801,000

 
800,000

 
4,518,000

 
25,601,000

 
30,119,000

 
6,404,000

 
2007
 
Jun 2010
 
133,000

 
 
 
30 years
1000 Corporate Drive
 
Virginia
 
4,897,000

 
25,376,000

 
243,000

 
4,898,000

 
25,618,000

 
30,516,000

 
6,603,000

 
2009
 
Jun 2010
 
136,000

 
 
 
30 years
1140 Connecticut Avenue
 
Washington, DC
 
25,226,000

 
50,495,000

 
11,280,000

 
25,226,000

 
61,775,000

 
87,001,000

 
10,246,000

 
1966
 
Jan 2011
 
183,000

 
 
 
30 years
1227 25th Street
 
Washington, DC
 
17,505,000

 
21,319,000

 
2,254,000

 
17,505,000

 
23,573,000

 
41,078,000

 
4,412,000

 
1988
 
Mar 2011
 
135,000

 
 
 
30 years
 
 
 
 
Initial Cost (b)
 
Net Improvements (Retirement) since Acquisition

 
Gross Amounts at Which Carried at December 31, 2014
 
Accumulated Depreciation at December 31, 2014
 
 
 
 
 
 
 
 
 
 
Properties
 
Location
 
Land
 
Buildings and Improvements
 
 
Land
 
Buildings and Improvements
 
Total (c)
 
 
Year of Construction
 
Date of Acquisition
 
Net 
Rentable
Square
Feet (e)
 
Units
 
Depreciation Life (d)
Braddock Metro Center
 
Virginia
 
18,817,000

 
71,250,000

 
10,450,000

 
18,818,000

 
81,699,000

 
100,517,000

 
12,291,000

 
1985
 
Sep 2011
 
353,000

 
 
 
30 years
John Marshall II (a)
 
Virginia
 
13,490,000

 
53,024,000

 
176,000

 
13,490,000

 
53,200,000

 
66,690,000

 
7,297,000

 
1996
 
Sep 2011
 
223,000

 
 
 
30 years
Fairgate at Ballston
 
Virginia
 
17,750,000

 
29,885,000

 
3,164,000

 
17,750,000

 
33,049,000

 
50,799,000

 
4,166,000

 
1988
 
Jun 2012
 
142,000

 
 
 
30 years
Army Navy Club Bldg (a)
 
Washington, DC
 
30,796,000

 
39,315,000

 
704,000

 
30,796,000

 
40,019,000

 
70,815,000

 
1,579,000

 
1912
 
Mar 2014
 
108,000

 
 
 
30 years
1775 Eye Street, NW
 
Washington, DC
 
48,086,000

 
51,074,000

 
2,151,000

 
48,086,000

 
53,225,000

 
101,311,000

 
1,659,000

 
1964
 
May 2014
 
185,000

 
 
 
30 years
 
 
 
 
$
342,605,000

 
$
902,423,000

 
$
293,403,000

 
$
328,089,000

 
$
1,210,342,000

 
$
1,538,431,000

 
$
384,682,000

 
 
 
 
 
4,853,000

 
 
 
 
Retail Centers
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Takoma Park
 
Maryland
 
$
415,000

 
$
1,084,000

 
$
268,000

 
$
415,000

 
$
1,352,000

 
$
1,767,000

 
$
1,188,000

 
1962
 
Jul 1963
 
51,000

 
 
 
50 years
Westminster
 
Maryland
 
519,000

 
1,775,000

 
9,710,000

 
519,000

 
11,485,000

 
12,004,000

 
6,920,000

 
1969
 
Sep 1972
 
150,000

 
 
 
37 years
Concord Centre
 
Virginia
 
413,000

 
850,000

 
5,038,000

 
413,000

 
5,888,000

 
6,301,000

 
3,047,000

 
1960
 
Dec 1973
 
76,000

 
 
 
33 years
Wheaton Park
 
Maryland
 
796,000

 
857,000

 
4,576,000

 
796,000

 
5,433,000

 
6,229,000

 
3,567,000

 
1967
 
Sep 1977
 
74,000

 
 
 
50 years
Bradlee Shopping Center
 
Virginia
 
4,152,000

 
5,383,000

 
10,332,000

 
4,152,000

 
15,715,000

 
19,867,000

 
10,141,000

 
1955
 
Dec 1984
 
171,000

 
 
 
40 years
Chevy Chase Metro Plaza
 
Washington, DC
 
1,549,000

 
4,304,000

 
5,381,000

 
1,549,000

 
9,685,000

 
11,234,000

 
6,341,000

 
1975
 
Sep 1985
 
49,000

 
 
 
50 years
Montgomery Village Center
 
Maryland
 
11,625,000

 
9,105,000

 
3,338,000

 
11,625,000

 
12,443,000

 
24,068,000

 
5,831,000

 
1969
 
Dec 1992
 
197,000

 
 
 
50 years
Shoppes of Foxchase
 
Virginia
 
5,838,000

 
2,979,000

 
14,039,000

 
5,838,000

 
17,018,000

 
22,856,000

 
6,008,000

 
1960
 
Jun 1994
 
134,000

 
 
 
50 years
Frederick County Square
 
Maryland
 
6,561,000

 
6,830,000

 
4,421,000

 
6,561,000

 
11,251,000

 
17,812,000

 
6,864,000

 
1973
 
Aug 1995
 
227,000

 
 
 
30 years
800 S. Washington Street
 
Virginia
 
2,904,000

 
5,489,000

 
6,024,000

 
2,904,000

 
11,513,000

 
14,417,000

 
4,471,000

 
1951
 
Jun 1998
 
47,000

 
 
 
30 years
Centre at Hagerstown
 
Maryland
 
13,029,000

 
25,415,000

 
2,383,000

 
13,029,000

 
27,798,000

 
40,827,000

 
11,851,000

 
2000
 
Jun 2002
 
332,000

 
 
 
30 years
Frederick Crossing (a)
 
Maryland
 
12,759,000

 
35,477,000

 
2,235,000

 
12,759,000

 
37,712,000

 
50,471,000

 
13,076,000

 
1999
 
Mar 2005
 
295,000

 
 
 
30 years
Randolph Shopping Center
 
Maryland
 
4,928,000

 
13,025,000

 
752,000

 
4,928,000

 
13,777,000

 
18,705,000

 
4,315,000

 
1972
 
May 2006
 
82,000

 
 
 
30 years
Montrose Shopping Center
 
Maryland
 
11,612,000

 
22,410,000

 
2,500,000

 
11,612,000

 
24,910,000

 
36,522,000

 
7,714,000

 
1970
 
May 2006
 
145,000

 
 
 
30 years
Gateway Overlook
 
Maryland
 
28,816,000

 
52,249,000

 
235,000

 
29,110,000

 
52,190,000

 
81,300,000

 
10,989,000

 
2007
 
Dec 2010
 
220,000

 
 
 
30 years
Olney Village Center (a)
 
Maryland
 
15,842,000

 
39,133,000

 
1,729,000

 
15,842,000

 
40,862,000

 
56,704,000

 
5,214,000

 
1979
 
Aug 2011
 
199,000

 
 
 
30 years
Spring Valley Retail Center
 
Washington, DC
 
10,836,000

 
32,238,000

 
59,000

 
10,836,000

 
32,297,000

 
43,133,000

 
273,000

 
1941
 
Oct 2014
 
75,000

 
 
 
30 years
 
 
 
 
$
132,594,000

 
$
258,603,000

 
$
73,020,000

 
$
132,888,000

 
$
331,329,000

 
$
464,217,000

 
$
107,810,000

 
 
 
 
 
2,524,000

 
 
 
 
Total
 
 
 
$
569,407,000

 
1,347,370,000

 
$
630,411,000

 
$
543,546,000

 
$
2,003,642,000

 
$
2,547,188,000

 
$
640,434,000

 
 
 
 
 
9,971,000

 
3,053

 
 
 
a) At December 31, 2014, our properties were encumbered by non-recourse mortgage amounts as follows: $35.4 million on 3801 Connecticut Avenue, $16.5 million on Walker House, $29.1 million on Bethesda Hill, $34.3 million on The Kenmore, $99.4 million on 2445 M Street, $51.8 million on John Marshall II, and $19.1 million on Olney Village Center, $53.0 million on Yale West, and $52.2 million on The Amy Navy Club Building.

b) The purchase cost of real estate investments has been divided between land and buildings and improvements on the basis of management’s determination of the fair values.

c) At December 31, 2014, total land, buildings and improvements are carried at $2,113.2 million for federal income tax purposes.

d) The useful life shown is for the main structure. Buildings and improvements are depreciated over various useful lives ranging from 3 to 50 years.

e) Residential properties are presented in gross square feet.

f) As of December 31, 2014, Washington REIT had under development an office project with 360,000 square feet of office space and a parking garage to be developed in Herndon, VA (Dulles Station, Phase II). The value not yet placed in service of Dulles Station, Phase II at December 31, 2014 was $8.5 million. $3.6 million of Dulles Station, Phase II was placed into service upon the completion of a portion of the parking garage structure. Additionally, Washington REIT had investments in various development or redevelopment projects, including Silverline Center. The value of this redevelopment not yet placed in service is $26.1 million at December 31, 2014.


g) As of December 31, 2014, Washington REIT had under development via joint venture arrangements, a mid-rise multifamily property in Arlington, Virginia (The Maxwell) and a high-rise multifamily property in Alexandria, Virginia (1225 First Street). The value not yet placed into service for The Maxwell at December 31, 2014 was $17.9 million. The value not yet placed into service for 1225 First Street at December 31, 2014 was $20.8 million. The Maxwell was encumbered by a construction loan with a $27.7 million balance at December 31, 2014.
The following is a reconciliation of real estate assets and accumulated depreciation for the three years ended December 31, 2014 (in thousands):
 
Year Ended December 31,
 
2014
 
2013
 
2012
Real estate assets
 
 
 
 
 
Balance, beginning of period
$
2,289,509

 
$
2,529,131

 
$
2,449,872

Additions:
 
 
 
 
 
Property acquisitions (1)
289,140

 
47,444

 
47,772

Improvements (1)
98,250

 
71,127

 
59,664

Deductions:
 
 
 
 
 
Impairment write-down

 

 
(2,097
)
Write-off of disposed assets
(2,857
)
 
(2,017
)
 
(1,450
)
Property sales
(126,854
)
 
(356,176
)
 
(24,630
)
Balance, end of period
$
2,547,188

 
$
2,289,509

 
$
2,529,131

Accumulated depreciation
 
 
 
 
 
Balance, beginning of period
$
611,408

 
$
610,536

 
$
535,732

Additions:
 
 
 
 
 
Depreciation
77,741

 
80,510

 
84,949

Deductions:
 
 
 
 
 
Impairment write-down

 

 

Write-off of disposed assets
(2,549
)
 
(1,404
)
 
(1,124
)
Property sales
(46,166
)
 
(78,234
)
 
(9,021
)
Balance, end of period
$
640,434

 
$
611,408

 
$
610,536

 
(1) Includes non-cash accruals for capital items and assumed mortgages.