Quarterly report pursuant to Section 13 or 15(d)

Real Estate (Tables)

v3.2.0.727
Real Estate (Tables)
6 Months Ended
Jun. 30, 2015
Real Estate [Abstract]  
Land and Capitalized Development Costs
We included the development costs associated with the joint venture for 1225 First Street on our consolidated balance sheets in properties under development or held for future development, as the property met the criteria for classification as held for sale subsequent to June 30, 2015. As of June 30, 2015 and December 31, 2014, the land and capitalized development costs for 1225 First Street were as follows (in thousands):
 
June 30, 2015
 
December 31, 2014
Properties under development or held for future development
$
15,292

 
$
20,807

Cash and cash equivalents
18

 
395

Schedule of Accounts Payable and Accrued Liabilities of Joint Ventures
As of June 30, 2015 and December 31, 2014, The Maxwell's liabilities were as follows (in thousands):
 
June 30, 2015
 
December 31, 2014
Mortgage notes payable
$
31,115

 
$
27,690

Accounts payable and other liabilities
782

 
2,196

Tenant security deposits
51

 
17

 
$
31,948

 
$
29,903

As of June 30, 2015 and December 31, 2014, the liabilities for 1225 First Street were as follows (in thousands):
 
June 30, 2015
 
December 31, 2014
Accounts payable and other liabilities
$
11

 
$
38

schedule of assets in joint venture
As of June 30, 2015 and December 31, 2014, The Maxwell's assets were as follows (in thousands):
 
June 30, 2015
 
December 31, 2014
Land
$
12,851

 
$
12,851

Income producing property
37,690

 
18,432

Accumulated depreciation and amortization
(1,167
)
 

Properties under development or held for future development

 
17,947

Other assets
513

 
$

 
$
49,887

 
$
49,230

Disclosure of Long Lived Assets Held-for-sale
Subsequent to the end of the 2015 Period, we executed a purchase and sale agreement for the sale of Munson Hill Towers, a 279 unit multifamily property in Falls Church, Virginia, for a contract sale price of $57.1 million. We expect to close on the sale before the end of 2015. The property did not meet the criteria for classification as held for sale until after the 2015 Quarter and is included on our consolidated balance sheets as follows:

 
 
June 30, 2015
 
December 31, 2014
Land
$
322

 
$
322

Income producing property
19,279

 
19,076

Accumulated depreciation and amortization
(14,508
)
 
(14,111
)
Net income producing property
$
5,093

 
$
5,287

Schedule of Income Statement Results for Medical Office Segment
The results of the assets in our former medical office segment sold in January 2014 are summarized as follows (amounts in thousands, except per share data):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2015
 
2014
 
2015
 
2014
Real estate rental revenue
$

 
$

 
$

 
$
892

Net income

 

 

 
546

Basic net income per share

 

 

 
0.01

Diluted net income per share

 

 

 
0.01

Schedule of Dispositions
We sold the following properties in 2015 and 2014:
Property Name
 
Segment
 
Rentable Square Feet
 
Contract
Sales  Price
(in thousands)
 
Gain on Sale
(in thousands)
Country Club Towers (227 units) (1)
 
Multifamily
 
N/A
 
$
37,800

 
$
30,277

 
 
Total 2015
 

 
$
37,800

 
$
30,277

 
 
 
 
 
 
 
 
 
Medical Office Portfolio Transactions III & IV (2)
 
Medical Office
 
427,000
 
$
193,561

 
$
105,985

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

 
570

 
 
Total 2014
 
430,000
 
$
195,161

 
$
106,555


Operating Income (Loss) for Discontinued Operations
Income from operations of properties classified as discontinued operations for the three and six months ended June 30, 2015 and 2014 was as follows (in thousands):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2015
 
2014
 
2015
 
2014
Real estate rental revenue
$

 
$

 
$

 
$
892

Real estate expenses

 

 

 
(346
)
Income from operations classified as discontinued operations
$

 
$

 
$

 
$
546