Quarterly report pursuant to Section 13 or 15(d)

Real Estate (Tables)

v3.3.0.814
Real Estate (Tables)
9 Months Ended
Sep. 30, 2015
Real Estate [Abstract]  
Schedule of Real Estate Properties [Table Text Block]
Properties and land for development acquired during the 2015 Period were as follows:
Acquisition Date
 
Property
 
Type
 
# of units (unaudited)
 
Contract
Purchase  Price
(In thousands)
July 1, 2015
 
The Wellington
 
Multifamily
 
711
 
$
167,000

Schedule Of Real Estate Property Acquired [Table Text Block]
The revenue and earnings of the acquisition during the year of acquisition are as follows (in thousands):
 
Three and Nine Months Ended September 30, 2015
Real estate rental revenue
$
3,441

Net loss
(1,463
)
Total Purchase Price Of Acquisitions [Table Text Block]
We have recorded the total purchase price of the above acquisition as follows (in thousands):
Land
$
30,548

Land for development
15,000

Buildings
116,563

Leasing commissions/absorption costs
4,889

Total
$
167,000

Business Acquisition, Pro Forma Information [Table Text Block]
The following unaudited pro-forma combined condensed statements of operations set forth the consolidated results of operations for the 2015 and 2014 Quarters and Periods as if the above-described acquisition in 2015 had occurred on January 1, 2014. The pro forma adjustments include reclassifying costs related to the above-described acquisition to 2014. 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 2015 and 2014 Quarters and Periods. The unaudited data presented is in thousands, except per share data.
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
Real estate rental revenue
$
78,243

 
$
76,853

 
$
234,095

 
$
224,488

Income (loss) from continuing operations
1,626

 
2,205

 
29,811

 
(323
)
Net income
1,626

 
2,205

 
29,811

 
106,208

Diluted net income per share
0.02

 
0.03

 
0.43

 
1.59

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

 
$
12,851

Income producing property
37,914

 
18,432

Accumulated depreciation and amortization
(1,767
)
 

Properties under development or held for future development

 
17,947

Other assets
765

 

 
$
49,763

 
$
49,230

Schedule of Accounts Payable and Accrued Liabilities of Joint Ventures
As of September 30, 2015 and December 31, 2014, The Maxwell's liabilities were as follows (in thousands):
 
September 30, 2015
 
December 31, 2014
Mortgage notes payable
$
31,707

 
$
27,690

Accounts payable and other liabilities
669

 
2,196

Tenant security deposits
66

 
17

 
$
32,442

 
$
29,903

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):
 
Nine Months Ended September 30,
 
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 or classified as held for sale the following properties in 2015 and 2014:
Disposition Date
 
Property Name
 
Segment
 
# of units
 
Rentable Square Feet
 
Contract
Sales  Price
(in thousands)
 
Gain on Sale
(in thousands)
March 20, 2015
 
Country Club Towers (1)
 
Multifamily
 
227
 
N/A
 
$
37,800

 
$
30,277

September 9, 2015
 
1225 First Street (1), (2)
 
Multifamily
 
N/A
 
N/A
 
14,500

 

N/A
 
Munson Hill Towers (1)
 
Multifamily
 
279
 
N/A
 
57,100

 
N/A

 
 
 
 
Total 2015
 
 
 

 
$
109,400

 
$
30,277

 
 
 
 
 
 
 
 
 
 
 
 
 
January 21, 2014
 
Medical Office Portfolio Transactions III & IV (3)
 
Medical Office
 
N/A
 
427,000
 
$
193,561

 
$
105,985

May 2, 2014
 
5740 Columbia Road (1)
 
Retail
 
N/A
 
3,000
 
1,600

 
570

 
 
 
 
Total 2014
 
 
 
430,000
 
$
195,161

 
$
106,555


(1) 
These properties are classified as continuing operations.
(2)
Land held for future development.
(3) Woodburn Medical Park I and II and Prosperity Medical Center I, II and III, which are classified as discontinued operations.
The property did not meet the criteria for classification as held for sale until after the 2015 Period and is included on our consolidated balance sheets as follows:
 
September 30, 2015
 
December 31, 2014
Land
$
11,625

 
$
11,625

Income producing property
12,606

 
12,443

Accumulated depreciation and amortization
(6,081
)
 
(5,832
)
Other assets
1,562

 
1,585

Total assets
$
19,712

 
$
19,821

Operating Income (Loss) for Discontinued Operations
As of September 30, 2015 and December 31, 2014, investment in real estate held for sale was as follows (in thousands):
 
September 30, 2015
 
Land
$
322

 
Income producing property
19,321

 
Accumulated depreciation and amortization
(14,633
)
 
Total real estate held for investment, net
$
5,010

 


Income from operations of properties classified as discontinued operations for the three and nine months ended September 30, 2015 and 2014 was as follows (in thousands):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
Real estate rental revenue
$

 
$

 
$

 
$
892

Real estate expenses

 

 

 
(346
)
Income from operations classified as discontinued operations
$

 
$

 
$

 
$
546