Quarterly report pursuant to Section 13 or 15(d)

Real Estate (Tables)

v3.20.2
Real Estate (Tables)
6 Months Ended
Jun. 30, 2020
Real Estate [Abstract]  
Schedule of Real Estate Properties Acquired
We acquired the following properties (collectively, the “Assembly Portfolio”) during the 2019 Period:
Acquisition Date Property Name Property Type # of Units (unaudited) Contract Purchase Price (in thousands)
April 30, 2019
Assembly Portfolio - Virginia (1)
Multifamily 1,685 $ 379,100   
June 27, 2019
Assembly Portfolio - Maryland (2)
Multifamily 428 82,070   
Total 2019 2,113 $ 461,170   
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(1)  Consists of Assembly Alexandria, Assembly Manassas, Assembly Dulles, Assembly Leesburg and Assembly Herndon.
(2)  Consists of Assembly Germantown and Assembly Watkins Mill.
Schedule of Properties Held-for-Sale or Sold and Discontinued Operations
We sold our interests in the following properties during 2020 and 2019:
Disposition Date Property Name Property Type Rentable Square Feet Contract Sales Price
(in thousands)
(Loss) Gain on Sale
(in thousands)
April 21, 2020 John Marshall II Office 223,000 $ 57,000    $ (6,855)  
Total 2020 223,000 $ 57,000    $ (6,855)  
June 26, 2019
Quantico Corporate Center (1)
Office 272,000 $ 33,000    $ (1,046)  
July 23, 2019
Shopping Center Portfolio (2)
Retail 800,000 485,250    333,023   
August 21, 2019 Frederick Crossing and Frederick County Square Retail 520,000 57,500    9,507   
August 27, 2019 Centre at Hagerstown Retail 330,000 23,500    (3,506)  
December 19, 2019 1776 G Street Office 262,000 129,500    61,007   
Total 2019 2,184,000 $ 728,750    $ 398,985   
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(1)  Consists of 925 and 1000 Corporate Drive.
(2)  Consists of five retail properties: Gateway Overlook, Wheaton Park, Olney Village Center, Bradlee Shopping Center and Shoppes of Foxchase.
The results of the Retail Portfolio are classified as discontinued operations and are summarized as follows (amounts in thousands, except for share data):
Three Months Ended June 30, 2019 Six Months Ended June 30, 2019
Real estate rental revenue $ 12,334    $ 24,074   
Real estate expenses (2,641)   (5,708)  
Depreciation and amortization (2,377)   (4,867)  
Interest expense (138)   (283)  
       Income from discontinued operations $ 7,178    $ 13,216   
Basic net income per share $ 0.09    $ 0.17   
Diluted net income per share $ 0.09    $ 0.17   
Capital expenditures $ 402    $ 809