Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 24, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | WASHINGTON REAL ESTATE INVESTMENT TRUST | ||
Entity Central Index Key | 104894 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 68,125,938 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $1,718,681,391 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ||
Land | $543,546 | $426,575 |
Income producing property | 1,927,407 | 1,675,652 |
Real estate investment property, at cost | 2,470,953 | 2,102,227 |
Accumulated depreciation and amortization | -640,434 | -565,342 |
Net income producing property | 1,830,519 | 1,536,885 |
Properties under development or held for future development | 76,235 | 61,315 |
Total real estate held for investment, net | 1,906,754 | 1,598,200 |
Investment in real estate sold or held for sale, net | 0 | 79,901 |
Cash and cash equivalents | 15,827 | 130,343 |
Restricted cash | 10,299 | 9,189 |
Rents and other receivables, net of allowance for doubtful accounts of $3,392 and $6,783, respectively | 59,745 | 48,756 |
Prepaid expenses and other assets | 121,082 | 105,004 |
Other assets related to properties sold or held for sale | 0 | 4,100 |
Total assets | 2,113,707 | 1,975,493 |
Liabilities | ||
Notes payable | 747,208 | 846,703 |
Mortgage notes payable | 418,525 | 294,671 |
Lines of credit | 50,000 | 0 |
Accounts payable and other liabilities | 54,318 | 51,742 |
Advance rents | 12,528 | 13,529 |
Tenant security deposits | 8,899 | 7,869 |
Other liabilities related to properties sold or held for sale | 0 | 1,533 |
Total liabilities | 1,291,478 | 1,216,047 |
Shareholders' equity | ||
Preferred shares; $0.01 par value; 10,000 shares authorized; no shares issued or outstanding | 0 | 0 |
Shares of beneficial interest; $0.01 par value; 100,000 shares authorized: 67,819 and 66,531 shares issued and outstanding at December 31, 2014 and 2013, respectively | 678 | 665 |
Additional paid in capital | 1,184,395 | 1,151,174 |
Distributions in excess of net income | -365,518 | -396,880 |
Total shareholders’ equity | 819,555 | 754,959 |
Noncontrolling interests in subsidiaries | 2,674 | 4,487 |
Total equity | 822,229 | 759,446 |
Total liabilities and shareholders’ equity | $2,113,707 | $1,975,493 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Rents and other receivables, allowance for doubtful accounts | $3,392 | $6,783 |
Preferred shares, par value | $0.01 | $0.01 |
Preferred shares, shares authorized | 10,000 | 10,000 |
Preferred shares, shares issued | 0 | 0 |
Preferred shares, shares outstanding | 0 | 0 |
Shares of beneficial interest, shares issued | 67,819 | 66,531 |
Shares of beneficial interest, par value | $0.01 | $0.01 |
Shares of beneficial interest, shares authorized | 100,000 | 100,000 |
Shares of beneficial interest, shares outstanding | 67,819 | 66,531 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenue | |||
Real estate rental revenue | $288,637 | $263,024 | $254,794 |
Expenses | |||
Utilities | 18,056 | 16,311 | 15,781 |
Real estate taxes | 33,436 | 29,052 | 27,064 |
Repairs and maintenance | 13,375 | 12,261 | 11,339 |
Property administration | 11,703 | 10,155 | 9,248 |
Property management | 8,757 | 8,255 | 8,503 |
Operating services and common area maintenance | 15,068 | 13,469 | 12,358 |
Other real estate expenses | 3,300 | 3,790 | 2,252 |
Depreciation and amortization | 96,011 | 85,740 | 85,107 |
Acquisition costs | 5,710 | 1,265 | 234 |
General and administrative | 19,761 | 17,535 | 15,488 |
Total expenses | 225,177 | 197,833 | 187,374 |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 570 | 0 | 0 |
Real estate operating income | 64,030 | 65,191 | 67,420 |
Other income (expense) | |||
Interest expense | -59,785 | -63,573 | -60,627 |
Other income | 825 | 926 | 975 |
Loss on extinguishment of debt | 0 | -2,737 | 0 |
Total other income (expense) | -58,960 | -65,384 | -59,652 |
Income (loss) from continuing operations | 5,070 | -193 | 7,768 |
Discontinued operations: | |||
Income from operations of properties sold or held for sale | 546 | 15,395 | 10,816 |
Gain on sale of real estate | 105,985 | 22,144 | 5,124 |
Net income | 111,601 | 37,346 | 23,708 |
Less: Net loss attributable to noncontrolling interests in subsidiaries | 38 | 0 | 0 |
Net income attributable to the controlling interests | $111,639 | $37,346 | $23,708 |
Basic net income attributable to the controlling interests per share | |||
Continuing operations - basic (in dollars per share) | $0.08 | $0 | $0.11 |
Discontinued operations, including gain on sale of real estate (in dollars per share) | $1.59 | $0.55 | $0.24 |
Net income attributable to the controlling interests per share, basic | $1.67 | $0.55 | $0.35 |
Diluted net income attributable to the controlling interests per share | |||
Continuing operations - diluted (in dollars per share) | $0.08 | $0 | $0.11 |
Discontinued operations, including gain on sale of real estate (in dollars per share) | $1.59 | $0.55 | $0.24 |
Net income attributable to the controlling interests per share, diluted | $1.67 | $0.55 | $0.35 |
Weighted average shares outstanding – basic | 66,795 | 66,580 | 66,239 |
Weighted average shares outstanding – diluted | 66,837 | 66,580 | 66,376 |
Consolidated_Statements_Of_Sha
Consolidated Statements Of Shareholders' Equity (USD $) | Total | Total Shareholders' Equity [Member] | Shares Of Beneficial Interest At Par Value [Member] | Additional Paid In Capital [Member] | Distributions In Excess Of Net Income Attributable To The Controlling Interests [Member] | Noncontrolling Interests In Subsidiaries [Member] |
In Thousands, except Share data, unless otherwise specified | ||||||
Balance at Dec. 31, 2011 | $862,832 | $859,044 | $662 | $1,138,478 | ($280,096) | $3,788 |
Balance, shares at Dec. 31, 2011 | 66,265,000 | |||||
Comprehensive income: | ||||||
Net income attributable to the controlling interests | 23,708 | 23,708 | 23,708 | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 23,708 | |||||
Contributions From Noncontrolling Interest | 298 | |||||
Dividends | -97,734 | -97,734 | -97,734 | |||
Stock Issued During Period, Shares, New Issues | 0 | |||||
Shares issued under Dividend Reinvestment Program | 1,316 | 1,316 | 1 | 1,315 | ||
Shares issued under Dividend Reinvestment Program, shares | 55,000 | |||||
Share options exercised | 1,153 | 1,153 | 0 | 1,153 | ||
Share options exercised, shares | 45,000 | |||||
Share grants, net of share grant amorization and forfeitures | 4,570 | 4,570 | 1 | 4,569 | ||
Share grants, net of share grant amortization and forfeitures, shares | 72,000 | |||||
Balance at Dec. 31, 2012 | 796,143 | 792,057 | 664 | 1,145,515 | -354,122 | 4,086 |
Balance, shares at Dec. 31, 2012 | 66,437,000 | |||||
Comprehensive income: | ||||||
Net income attributable to the controlling interests | 37,346 | 37,346 | 37,346 | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 37,346 | |||||
Contributions From Noncontrolling Interest | 401 | |||||
Dividends | -80,104 | -80,104 | -80,104 | |||
Stock Issued During Period, Shares, New Issues | 0 | |||||
Shares issued under Dividend Reinvestment Program, shares | 0 | |||||
Share grants, net of share grant amorization and forfeitures | 5,660 | 5,660 | 1 | 5,659 | ||
Share grants, net of share grant amortization and forfeitures, shares | 94,000 | |||||
Balance at Dec. 31, 2013 | 759,446 | 754,959 | 665 | 1,151,174 | -396,880 | 4,487 |
Balance, shares at Dec. 31, 2013 | 66,531,000 | |||||
Comprehensive income: | ||||||
Net income attributable to the controlling interests | 111,639 | 111,639 | 111,639 | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 111,601 | -38 | ||||
Distributions to noncontrolling interests | -1,784 | |||||
Contributions From Noncontrolling Interest | 9 | |||||
Dividends | -80,277 | -80,277 | -80,277 | |||
Stock Issued During Period, Shares, New Issues | 1,125,000 | |||||
Stock Issued During Period, Value, New Issues | 30,690 | 11 | 30,679 | |||
Shares issued under Dividend Reinvestment Program, shares | 0 | |||||
Share grants, net of share grant amorization and forfeitures | 2,544 | 2,544 | 2 | 2,542 | ||
Share grants, net of share grant amortization and forfeitures, shares | 163,000 | |||||
Balance at Dec. 31, 2014 | $822,229 | $819,555 | $678 | $1,184,395 | ($365,518) | $2,674 |
Balance, shares at Dec. 31, 2014 | 67,819,000 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities | |||
Net income | $111,601 | $37,346 | $23,708 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Gain on sale of real estate | -106,555 | -22,144 | -5,124 |
Depreciation and amortization, including amounts in discontinued operations | 96,011 | 97,901 | 103,934 |
Provision for losses on accounts receivable | 1,402 | 3,772 | 3,847 |
Real estate impairment, including amounts in discontinued operations | 0 | 0 | 2,097 |
Share-based compensation expense | 4,995 | 6,246 | 5,856 |
Amortization of debt premiums, discounts and related financing costs | 3,588 | 4,158 | 3,867 |
Loss on extinguishment of debt, net | 0 | 2,737 | 0 |
Changes in other assets | -23,306 | -10,591 | -8,458 |
Changes in other liabilities | -7,035 | -6,107 | 1,721 |
Net cash provided by operating activities | 80,701 | 113,318 | 131,448 |
Cash flows from investing activities | |||
Real estate acquisitions, net | -194,536 | -48,200 | -52,142 |
Capital improvements to real estate | -57,810 | -55,829 | -51,180 |
Development in progress | -43,264 | -15,826 | -6,494 |
Net cash received from sale of real estate | 190,864 | 313,765 | 21,825 |
Payments for (Proceeds from) Deposits on Real Estate Acquisitions | 0 | -3,900 | -250 |
Increase (Decrease) in Restricted Cash | -1,417 | 0 | 0 |
Non-real estate capital improvements | -1,719 | -162 | -555 |
Net cash (used in) provided by investing activities | -107,882 | 189,848 | -88,796 |
Cash flows from financing activities | |||
Line of credit borrowings (repayments), net | 50,000 | 0 | -99,000 |
Dividends paid | -80,277 | -80,104 | -97,734 |
Contributions from noncontrolling interests | 9 | 401 | 298 |
Payments to Noncontrolling Interests | -3,454 | 0 | 0 |
Proceeds from dividend reinvestment program | 0 | 0 | 1,316 |
Borrowing under construction loan | 20,393 | 7,297 | 0 |
Principal payments – mortgage notes payable | -3,954 | -58,679 | -85,667 |
Net proceeds from debt offering | 0 | 0 | 298,314 |
Payment of financing costs | -742 | -843 | -4,678 |
Net proceeds from equity offerings | 30,690 | 0 | 0 |
Notes payable repayments | -100,000 | -60,000 | -50,000 |
Net proceeds from exercise of share options | 0 | 0 | 1,153 |
Net cash used in financing activities | -87,335 | -191,928 | -35,998 |
Net (decrease) increase in cash and cash equivalents | -114,516 | 111,238 | 6,654 |
Cash and cash equivalents at beginning of year | 130,343 | 19,105 | 12,451 |
Cash and cash equivalents at end of year | 15,827 | 130,343 | 19,105 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest, net of capitalized interest expense | 58,023 | 62,744 | 58,282 |
Cash paid for income taxes | 156 | 54 | 84 |
accured capital improvements and development costs | -4,154 | -328 | -2,128 |
Loans Assumed | $100,861 | $0 | $0 |
Nature_Of_Business
Nature Of Business | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Nature Of Business [Abstract] | |||||||||
Nature Of Business | NOTE 1: NATURE OF BUSINESS | ||||||||
Washington Real Estate Investment Trust (“Washington REIT”), a Maryland real estate investment trust, is a self-administered, self-managed equity real estate investment trust, successor to a trust organized in 1960. Our business consists of the ownership and operation of income-producing real estate properties in the greater Washington Metro region. We own a diversified portfolio of office buildings, multifamily buildings and retail centers. | |||||||||
Federal Income Taxes | |||||||||
We believe that we qualify as a REIT under Sections 856-860 of the Internal Revenue Code and intend to continue to qualify as such. To maintain our status as a REIT, we are among other things required to distribute 90% of our REIT taxable income (which is, generally, our ordinary taxable income, with certain modifications), excluding any net capital gains and any deductions for dividends paid to our shareholders on an annual basis. When selling a property, we generally have the option of (a) reinvesting the sales proceeds of property sold, in a way that allows us to defer recognition of some or all taxable gain realized on the sale, (b) distributing gains to the shareholders with no tax to us or (c) treating net long-term capital gains as having been distributed to our shareholders, paying the tax on the gain deemed distributed and allocating the tax paid as a credit to our shareholders. During the three years ended December 31, 2014, we sold the following properties (in thousands): | |||||||||
Disposition Date | Property | Type | Gain on Sale | ||||||
21-Jan-14 | Medical Office Portfolio Transactions III & IV (1) | Medical Office | $ | 105,985 | |||||
2-May-14 | 5740 Columbia Road | Retail | 570 | ||||||
Total 2014 | $ | 106,555 | |||||||
19-Mar-13 | Atrium Building | Office | $ | 3,195 | |||||
Nov-13 | Medical Office Portfolio Transactions I & II (2) | Medical Office / Office | 18,949 | ||||||
Total 2013 | $ | 22,144 | |||||||
31-Aug-12 | 1700 Research Boulevard | Office | $ | 3,724 | |||||
20-Dec-12 | Plumtree Medical Center | Medical Office | 1,400 | ||||||
Total 2012 | $ | 5,124 | |||||||
(1) Woodburn Medical Park I and II and Prosperity Medical Center I, II and III. | |||||||||
(2) 2440 M Street, 15001 Shady Grove Road, 15505 Shady Grove Road, 19500 at Riverside Park (formerly Lansdowne Medical Office Building), 9707 Medical Center Drive, CentreMed I and II, 8301 Arlington Boulevard, Sterling Medical Office Building, Shady Grove Medical Village II, Alexandria Professional Center, Ashburn Farm Office Park I, Ashburn Farm Office Park II, Ashburn Farm Office Park III, Woodholme Medical Office Building, two office properties (6565 Arlington Boulevard and Woodholme Center) and undeveloped land at 4661 Kenmore Avenue. | |||||||||
We reinvested a portion of the Medical Office Portfolio sales proceeds in replacement properties through deferred tax exchanges. | |||||||||
Generally, and subject to our ongoing qualification as a REIT, no provisions for income taxes are necessary except for taxes on undistributed taxable income and taxes on the income generated by our taxable REIT subsidiaries (“TRS's”). Our TRS's are subject to corporate federal and state income tax on their taxable income at regular statutory rates, or as calculated under the alternative minimum tax, as appropriate. As of December 31, 2014 and December 31, 2013, our TRS's had no net deferred tax assets and a net deferred tax liability of $0.6 million. These deferred tax liabilities are primarily related to temporary differences in the timing of the recognition of revenue, amortization and depreciation. During 2011, we recognized a $14.5 million impairment charge at Dulles Station, Phase II, a development property held by one of our TRS's. The impairment charge created a deferred tax asset of $5.7 million at this TRS, but we have determined that it is more likely than not that this deferred tax asset will not be realized. We have therefore recorded a valuation allowance for the full amount of the deferred tax asset related to the impairment charge at Dulles Station, Phase II. | |||||||||
The following is a breakdown of the taxable percentage of our dividends for these years ended December 31, 2014, 2013 and 2012, (unaudited): | |||||||||
2014 | 2013 | 2012 | |||||||
Ordinary income | 40 | % | 62 | % | 72 | % | |||
Return of capital | 52 | % | 38 | % | 26 | % | |||
Qualified dividends | — | % | — | % | — | % | |||
Unrecaptured Section 1250 gain | 8 | % | — | % | 2 | % | |||
Capital gain | — | % | — | % | — | % |
Accounting_Policies
Accounting Policies | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||
Summary of Significant Accounting Policies | NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION | |||||||||||||||||||||||
Principles of Consolidation and Basis of Presentation | ||||||||||||||||||||||||
The accompanying audited consolidated financial statements include the consolidated accounts of Washington REIT, our majority-owned subsidiaries and entities in which Washington REIT has a controlling interest, including where Washington REIT has been determined to be a primary beneficiary of a variable interest entity (“VIE”). See note 3 for additional information on the properties for which there is a noncontrolling interest. All intercompany balances and transactions have been eliminated in consolidation. | ||||||||||||||||||||||||
We have prepared the accompanying audited consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission. | ||||||||||||||||||||||||
Use of Estimates in the Financial Statements | ||||||||||||||||||||||||
The preparation of financial statements in conformity with Generally Accepted Accounting Principles ("GAAP") requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||||||||||||||||||||||
Recent Accounting Pronouncements | ||||||||||||||||||||||||
In April 2014, the Financial Accounting Standards Board ("FASB") issued ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which changes the requirements for reporting discontinued operations. Specifically, under this ASU only those disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity’s operations and financial results will be reported as discontinued operations in the financial statements. The primary impact of this ASU is that we are no longer required to report the disposal of every operating property in discontinued operations. Adoption of this ASU is required for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. We early adopted this ASU effective on January 1, 2014. | ||||||||||||||||||||||||
In June 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which creates a single source of revenue guidance. The new standard provides accounting guidance for all revenue arising from contracts with customers and affects all entities that enter into contracts to provide goods or services to their customers (unless the contracts are in the scope of other U.S. generally accepted accounting principles (“GAAP”) requirements, such as the leasing literature). The guidance also provides a model for the measurement and recognition of gains and losses on the sale of certain nonfinancial assets, such as property and equipment, including real estate. The new standard is effective for public entities for fiscal years beginning after December 15, 2016 and for interim periods therein. Early adoption is not permitted for public entities. We are currently evaluating the impact the new standard may have on Washington REIT. | ||||||||||||||||||||||||
Revenue Recognition | ||||||||||||||||||||||||
We lease multifamily properties under operating leases with terms of generally one year or less. We lease commercial properties (our office and retail segments) under operating leases with an average term of seven years. Substantially all commercial leases contain fixed escalations or, in some instances, changes based on the Consumer Price Index, which occur at specified times during the term of the lease. We recognize rental income and rental abatements from our multifamily and commercial leases when earned on a straight-line basis over the lease term. Recognition of rental income commences when control of the facility has been given to the tenant. | ||||||||||||||||||||||||
We recognize sales of real estate at closing only when sufficient down payments have been obtained, possession and other attributes of ownership have been transferred to the buyer and we have no significant continuing involvement. | ||||||||||||||||||||||||
We recognize cost reimbursement income from pass-through expenses on an accrual basis over the periods in which the expenses were incurred. Pass-through expenses are comprised of real estate taxes, operating expenses and common area maintenance costs which are reimbursed by tenants in accordance with specific allowable costs per tenant lease agreements. | ||||||||||||||||||||||||
Accounts Receivable and Allowance for Doubtful Accounts | ||||||||||||||||||||||||
Accounts receivable primarily represents amounts accrued and unpaid from tenants in accordance with the terms of the respective leases, subject to our revenue recognition policy. We review receivables monthly and establish reserves when, in the opinion of management, collection of the receivable is doubtful. We establish reserves for tenants whose rent payment history or financial condition casts doubt upon the tenants’ ability to perform under their lease obligations. When we determine the collection of a receivable to be doubtful in the same quarter that we established the receivable, we recognize the allowance for that receivable as an offset to real estate revenues. When we determine a receivable that was initially established in a prior quarter to be doubtful, we recognize the allowance as an operating expense. In addition to rents due currently, accounts receivable include amounts representing minimal rental income accrued on a straight-line basis to be paid by tenants over the remaining term of their respective leases. | ||||||||||||||||||||||||
Our accounts receivable balances include $4.4 million and $6.2 million of notes receivable as of December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||
Deferred Financing Costs | ||||||||||||||||||||||||
We capitalize and amortize external costs associated with the issuance or assumption of mortgages, notes payable and fees associated with the lines of credit using the effective interest rate method or the straight-line method which approximates the effective interest rate method, over the estimated life of the related debt. We record the amortization of deferred financing costs as interest expense. | ||||||||||||||||||||||||
Deferred Leasing Costs | ||||||||||||||||||||||||
We capitalize and amortize costs associated with the successful negotiation of leases, both external commissions and internal direct costs, on a straight-line basis over the terms of the respective leases. We record the amortization of deferred leasing costs as amortization expense. If an applicable lease terminates prior to the expiration of its initial lease term, we write off the carrying amount of the costs to amortization expense. | ||||||||||||||||||||||||
We capitalize and amortize against revenue leasing incentives associated with the successful negotiation of leases on a straight-line basis over the terms of the respective leases. We record the amortization of deferred leasing incentives as a reduction of revenue. If an applicable lease terminates prior to the expiration of its initial lease term, we write off the carrying amount of the costs as a reduction of revenue. | ||||||||||||||||||||||||
Real Estate and Depreciation | ||||||||||||||||||||||||
We depreciate buildings on a straight-line basis over estimated useful lives ranging from 28 to 50 years. We capitalize all capital improvements associated with replacements, improvements or major repairs to real property that extend its useful life and depreciate them using the straight-line method over their estimated useful lives ranging from 3 to 30 years. We also capitalize costs incurred in connection with our development projects, including capitalizing interest and other internal costs during periods in which qualifying expenditures have been made and activities necessary to get the development projects ready for their intended use are in progress. Capitalization of these costs begin when the activities and related expenditures commence and cease when the project is substantially complete and ready for its intended use, at which time the project is placed in service and depreciation commences. | ||||||||||||||||||||||||
In addition, we capitalize tenant leasehold improvements when certain criteria are met, including when we supervise construction and will own the improvements. We depreciate all tenant improvements over the shorter of the useful life of the improvements or the term of the related tenant lease. Real estate depreciation expense from continuing operations was $71.4 million, $63.4 million, $61.1 million during the years ended December 31, 2014, 2013, 2012, respectively. | ||||||||||||||||||||||||
We charge maintenance and repair costs that do not extend an asset’s life to expense as incurred. | ||||||||||||||||||||||||
We capitalize interest costs incurred on borrowing obligations while qualifying assets are being readied for their intended use. We amortize capitalized interest over the useful life of the related underlying assets upon those assets being placed into service. Interest expense from continuing operations and interest capitalized to real estate assets related to development and major renovation activities for the three years ended December 31, 2014 were as follows (in thousands): | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Total interest expense from continuing operations | $ | 61,927 | $ | 64,809 | $ | 62,315 | ||||||||||||||||||
Capitalized interest | 2,142 | 1,236 | 1,688 | |||||||||||||||||||||
Interest expense from continuing operations, net of capitalized interest | $ | 59,785 | $ | 63,573 | $ | 60,627 | ||||||||||||||||||
We recognize impairment losses on long-lived assets used in operations, development assets or land held for future development, if indicators of impairment are present and the net undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amount and estimated undiscounted cash flows associated with future development expenditures. If such carrying amount is in excess of the estimated cash flows from the operation and disposal of the property, we would recognize an impairment loss equivalent to an amount required to adjust the carrying amount to its estimated fair value, calculated in accordance with current GAAP fair value provisions (see note 3). Assets held for sale are recorded at the lower of cost or fair value less costs to sell. | ||||||||||||||||||||||||
We record acquired or assumed assets, including physical assets and in-place leases, and liabilities, based on their fair values. We determine the fair values of acquired buildings on an “as-if-vacant” basis considering a variety of factors, including the replacement cost of the property, estimated rental and absorption rates, estimated future cash flows and valuation assumptions consistent with current market conditions. We determine the fair value of land acquired based on comparisons to similar properties that have been recently marketed for sale or sold. | ||||||||||||||||||||||||
The fair value of in-place leases consists of the following components – (a) the estimated cost to us to replace the leases, including foregone rents during the period of finding a new tenant and foregone recovery of tenant pass-throughs (referred to as “absorption cost”); (b) the estimated cost of tenant improvements, and other direct costs associated with obtaining a new tenant (referred to as “tenant origination cost”); (c) estimated leasing commissions associated with obtaining a new tenant (referred to as “leasing commissions”); (d) the above/at/below market cash flow of the leases, determined by comparing the projected cash flows of the leases in place, including consideration of renewal options, to projected cash flows of comparable market-rate leases (referred to as “net lease intangible”); and (e) the value, if any, of customer relationships, determined based on our evaluation of the specific characteristics of each tenant’s lease and our overall relationship with the tenant (referred to as “customer relationship value”). We have attributed no value to customer relationships as of December 31, 2014 and 2013. | ||||||||||||||||||||||||
We discount the amounts used to calculate net lease intangibles using an interest rate which reflects the risks associated with the leases acquired. We include tenant origination costs in income producing property on our balance sheets and amortize the tenant origination costs as depreciation expense on a straight-line basis over the remaining life of the underlying leases. We classify leasing commissions and absorption costs as other assets and amortize leasing commissions and absorption costs as amortization expense on a straight-line basis over the remaining life of the underlying leases. We classify net lease intangible assets as other assets and amortize them on a straight-line basis as a decrease to real estate rental revenue over the remaining term of the underlying leases. We classify net lease intangible liabilities as other liabilities and amortize them on a straight-line basis as an increase to real estate rental revenue over the remaining term of the underlying leases. We classify below market net lease intangible liabilities as other liabilities and amortize them on a straight-line basis as an increase to real estate rental revenue over the remaining term of the underlying leases. If any of the fair value of below market lease intangibles includes fair value associated with a renewal option, such amounts are not amortized until the renewal option is executed, else the related value is expensed at that time. Should a tenant terminate its lease, we accelerate the amortization of the unamortized portion of the tenant origination cost, leasing commissions, absorption costs and net lease intangible associated with that lease, over its new, shorter term. | ||||||||||||||||||||||||
Balances, net of accumulated depreciation or amortization, as appropriate, of the components of the fair value of in-place leases at December 31, 2014 and 2013 were as follows (in thousands): | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Gross Carrying Value | Accumulated Amortization | Net | Gross Carrying Value | Accumulated Amortization | Net | |||||||||||||||||||
Tenant origination costs | $ | 56,327 | $ | 35,463 | $ | 20,864 | $ | 47,697 | $ | 29,653 | $ | 18,044 | ||||||||||||
Leasing commissions/absorption costs | 93,729 | 60,289 | 33,440 | 78,629 | 48,376 | 30,253 | ||||||||||||||||||
Net lease intangible assets | 19,724 | 9,495 | 10,229 | 12,495 | 7,008 | 5,487 | ||||||||||||||||||
Net lease intangible liabilities | 34,027 | 20,974 | 13,053 | 26,348 | 19,403 | 6,945 | ||||||||||||||||||
Below-market ground lease intangible asset | 12,080 | 1,335 | 10,745 | 12,080 | 1,145 | 10,935 | ||||||||||||||||||
Amortization of these combined components from continuing operations was $20.3 million, $17.3 million and $19.6 million during the three years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||
Amortization of these combined components from continuing operations over the next five years is projected to be as follows (in thousands): | ||||||||||||||||||||||||
2015 | $ | 17,260 | ||||||||||||||||||||||
2016 | 13,234 | |||||||||||||||||||||||
2017 | 9,465 | |||||||||||||||||||||||
2018 | 5,844 | |||||||||||||||||||||||
2019 | 3,358 | |||||||||||||||||||||||
Discontinued Operations | ||||||||||||||||||||||||
We classify properties as held for sale when they meet the necessary criteria, which include: (a) senior management commits to and actively embarks upon a plan to sell the assets, (b) the sale is expected to be completed within one year under terms usual and customary for such sales and (c) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. We generally consider that a property has met these criteria when a sale of the property has been approved by the Board of Trustees, or a committee with authorization from the Board, there are no known significant contingencies related to the sale and management believes it is probable that the sale will be completed within one year. Depreciation on these properties is discontinued at the time they are classified as held for sale, but operating revenues, operating expenses and interest expense continue to be recognized until the date of sale. | ||||||||||||||||||||||||
Under ASU 2014-08, which we adopted as of January 1, 2014, revenues and expenses of properties that are either sold or classified as held for sale are presented as discontinued operations for all periods presented in the consolidated statements of income if the dispositions represent a strategic shift that has (or will have) a major effect on our operations and financial results. Interest on debt that can be identified as specifically attributed to these properties is included in discontinued operations. If the dispositions do not represent a strategic shift that has (or will have) a major effect on our operations and financial results, then the revenues and expenses of the properties that are classified as sold or held for sale are presented as continuing operations in the consolidated statements of income for all periods presented. The provisions of ASU 2014-08 apply only to properties classified as held for sale or sold after our adoption date of January 1, 2014. | ||||||||||||||||||||||||
Segments | ||||||||||||||||||||||||
We evaluate performance based upon operating income from the combined properties in each segment. Our reportable operating segments are consolidations of similar properties. GAAP requires that segment disclosures present the measure(s) used by the chief operating decision maker for purposes of assessing segments’ performance. Net operating income is a key measurement of our segment profit and loss. Net operating income is defined as segment real estate rental revenue less segment real estate expenses. | ||||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||
Cash and cash equivalents include cash and commercial paper with original maturities of 90 days or less. Washington REIT maintains cash deposits with financial institutions that at times exceed applicable insurance limits. Washington REIT reduces this risk by maintaining such deposits with high quality financial institutions that management believes are credit-worthy. | ||||||||||||||||||||||||
Restricted Cash | ||||||||||||||||||||||||
Restricted cash includes funds escrowed for tenant security deposits, real estate tax, insurance and mortgage escrows and escrow deposits required by lenders on certain of our properties to be used for future building renovations or tenant improvements. | ||||||||||||||||||||||||
Earnings Per Common Share | ||||||||||||||||||||||||
We determine “Basic earnings per share” using the two-class method as our unvested restricted share awards and units have non-forfeitable rights to dividends, and are therefore considered participating securities. We compute basic earnings per share by dividing net income attributable to the controlling interest less the allocation of undistributed earnings to unvested restricted share awards and units by the weighted-average number of common shares outstanding for the period. | ||||||||||||||||||||||||
We also determine “Diluted earnings per share” under the two-class method with respect to the unvested restricted share awards. We further evaluate any other potentially dilutive securities at the end of the period and adjust the basic earnings per share calculation for the impact of those securities that are dilutive. Our dilutive earnings per share calculation includes the dilutive impact of employee stock options based on the treasury stock method and our performance share units under the contingently issuable method. The dilutive earnings per share calculation also considers our operating partnership units. | ||||||||||||||||||||||||
Stock Based Compensation | ||||||||||||||||||||||||
We currently maintain equity based compensation plans for trustees, officers and employees and previously maintained option plans for trustees, officers and employees. | ||||||||||||||||||||||||
We recognize compensation expense for service-based share awards ratably over the period from the service inception date through the vesting period based on the fair market value of the shares on the date of grant. We initially measure compensation expense for awards with performance conditions at fair value at the service inception date based on probability of payout, and we remeasure compensation expense at subsequent reporting dates until all of the award’s key terms and conditions are known and the grant date is established. We amortize awards with performance conditions using the graded expense method. We measure compensation expense for awards with market conditions based on the grant date fair value, as determined using a Monte Carlo simulation, and we amortize the expense ratably over the requisite service period, regardless of whether the market conditions are achieved and the awards ultimately vest. Compensation expense for the trustee grants, which fully vest immediately, is fully recognized upon issuance based upon the fair market value of the shares on the date of grant. | ||||||||||||||||||||||||
Accounting for Uncertainty in Income Taxes | ||||||||||||||||||||||||
We can recognize a tax benefit only if it is “more likely than not” that a particular tax position will be sustained upon examination or audit. To the extent that the “more likely than not” standard has been satisfied, the benefit associated with a tax position is measured as the largest amount that is greater than 50% likely of being recognized upon settlement. | ||||||||||||||||||||||||
We are subject to federal income tax as well as income tax of the states of Maryland and Virginia, and the District of Columbia. However, as a REIT, we generally are not subject to income tax on our taxable income to the extent it is distributed as dividends to our shareholders. | ||||||||||||||||||||||||
Tax returns filed for 2010 through 2014 tax years are subject to examination by taxing authorities. We classify interest and penalties related to uncertain tax positions, if any, in our financial statements as a component of general and administrative expense. |
Real_Estate_Investments
Real Estate Investments | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Real Estate Investments, Net [Abstract] | ||||||||||||||
Real Estate Disclosure [Text Block] | NOTE 3: REAL ESTATE | |||||||||||||
Continuing Operations | ||||||||||||||
As of December 31, 2014 and 2013, our real estate investment portfolio, at cost, consists of properties as follows (in thousands): | ||||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Office | $ | 1,502,052 | $ | 1,296,967 | ||||||||||
Retail | 463,716 | 415,899 | ||||||||||||
Multifamily | 505,185 | 389,361 | ||||||||||||
$ | 2,470,953 | $ | 2,102,227 | |||||||||||
Our results of operations are dependent on the overall economic health of our markets, tenants and the specific segments in which we own properties. These segments include office, retail and multifamily. All segments are affected by external economic factors, such as inflation, consumer confidence, unemployment rates, etc. as well as changing tenant and consumer requirements. | ||||||||||||||
As of December 31, 2014, no single property or tenant accounted for more than 10% of total assets or total real estate rental revenue. | ||||||||||||||
We had properties under development or held for development as of December 31, 2014. In the office segment, we had a redevelopment project to renovate Silverline Center (formerly 7900 Westpark Drive). In the multifamily segment, we had land held for future development at 1225 First Street and the final phase of The Maxwell ground-up development project. During the fourth quarter of 2014, we substantially completed major construction activities at The Maxwell and placed into service assets totaling $31.3 million and will place the remaining assets totaling approximately $17.9 million at December 31, 2014 into service in 2015. | ||||||||||||||
The cost of our real estate portfolio under development or held for future development as of December 31, 2014 and 2013 is as follows (in thousands): | ||||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Office | $ | 36,379 | $ | 12,175 | ||||||||||
Retail | 500 | 495 | ||||||||||||
Multifamily | 39,356 | 48,645 | ||||||||||||
$ | 76,235 | $ | 61,315 | |||||||||||
Acquisitions | ||||||||||||||
Our current strategy is focused on properties inside the Washington metro region’s Beltway, near major transportation nodes and in areas with strong employment drivers and superior growth demographics. We seek to upgrade our portfolio with acquisitions as opportunities arise. Properties and land for development acquired during the years ending December 31, 2014, 2013 and 2012 were as follows: | ||||||||||||||
Acquisition Date | Property | Type | Rentable | Contract | ||||||||||
Square Feet | Purchase Price | |||||||||||||
(unaudited) | (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 | ||||||||||
October 1, 2014 | Spring Valley Retail Center | Retail | 75,000 | 40,500 | ||||||||||
Total 2014 | 368,000 | $ | 297,000 | |||||||||||
October 1, 2013 | The Paramount (135 units) | Multifamily | N/A | $ | 48,200 | |||||||||
Total 2013 | $ | 48,200 | ||||||||||||
June 21, 2012 | Fairgate at Ballston | Office | 142,000 | $ | 52,250 | |||||||||
Total 2012 | 142,000 | $ | 52,250 | |||||||||||
The results of operations from acquired operating properties are included in the consolidated statements of income as of their acquisition dates. | ||||||||||||||
The revenue and earnings of our acquisitions during their year of acquisition for the three years ended December 31, 2014 are as follows (in thousands): | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Real estate rental revenue | $ | 16,260 | $ | 907 | $ | 3,358 | ||||||||
Net (loss) income | (3,168 | ) | (105 | ) | 325 | |||||||||
As discussed in note 2, we record the acquired physical assets (land, building and tenant improvements), in-place leases (absorption, tenant origination costs, leasing commissions, and net lease intangible assets/liabilities), and any other liabilities at their fair values. | ||||||||||||||
We have recorded the total purchase price of the above acquisitions as follows (in thousands): | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Land | $ | 104,403 | $ | 8,568 | $ | 17,750 | ||||||||
Buildings | 172,671 | 37,930 | 26,893 | |||||||||||
Tenant origination costs | 9,377 | 32 | 3,100 | |||||||||||
Leasing commissions/absorption costs | 16,474 | 943 | 4,172 | |||||||||||
Net lease intangible assets | 7,331 | 102 | 508 | |||||||||||
Net lease intangible liabilities | (8,323 | ) | (117 | ) | (173 | ) | ||||||||
Fair value of assumed mortgage | (107,125 | ) | — | — | ||||||||||
Furniture, fixtures & equipment | 932 | 742 | — | |||||||||||
Total | $ | 195,740 | $ | 48,200 | $ | 52,250 | ||||||||
The weighted remaining average life for the 2014 acquisition components above, other than land and building, are 66 months for tenant origination costs, 59 months for leasing commissions/absorption costs, 69 months for net lease intangible assets and 105 months for net lease intangible liabilities. | ||||||||||||||
The difference in the total contract price of $297.0 million for the 2014 acquisitions and the acquisition cost per the consolidated statements of cash flows of $194.5 million is primarily due to the assumption of two mortgage notes secured by Yale West and The Army Navy Club Building for an aggregate $100.9 million and the payment of a $3.6 million deposit for Yale West in 2013, partially offset by a credit to the seller for building renovations at 1775 Eye Street, NW for $1.9 million. | ||||||||||||||
The difference in the contract purchase price of $52.3 million for the 2012 acquisition and the cash paid for the acquisition per the consolidated statements of cash flows of $52.1 million is primarily related to credits received at settlement totaling $0.1 million. | ||||||||||||||
The following unaudited pro-forma combined condensed statements of operations set forth the consolidated results of operations for the years ended December 31, 2014 and 2013 as if the above described acquisitions in 2014 had occurred on January 1, 2013. 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 years ended December 31, 2014 and 2013. The unaudited data presented is in thousands, except per share data. | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Real estate revenues | $ | 295,876 | $ | 286,523 | ||||||||||
Income (loss) from continuing operations | $ | 4,524 | $ | (4,128 | ) | |||||||||
Net income | $ | 111,055 | $ | 33,411 | ||||||||||
Diluted earnings per share | $ | 1.66 | $ | 0.5 | ||||||||||
Noncontrolling Interests in Subsidiaries | ||||||||||||||
In August 2007, we acquired a 0.8 acre parcel of land located at 4661 Kenmore Avenue, Alexandria, Virginia for future medical office development. The acquisition was funded by issuing operating partnership units in an operating partnership, which is a consolidated subsidiary of Washington REIT. This resulted in a noncontrolling ownership interest in this property based upon defined company operating partnership units at the date of purchase. In November 2013, 4661 Kenmore Avenue was sold as part of the Medical Office Portfolio (see "Properties Sold or Held for Sale"), and in 2014 we distributed to the noncontrolling interest holder their share of the proceeds. | ||||||||||||||
Variable Interest Entities | ||||||||||||||
In June 2011, we executed a joint venture operating agreement with a real estate development company to develop The Maxwell, a mid-rise multifamily property at 650 North Glebe Road in Arlington, Virginia. We estimate the total cost of the project to be $49.9 million, and we secured third-party debt financing totaling $33.0 million (see note 4). Washington REIT is the 90% owner of the joint venture, and will have management and leasing responsibilities when the project is completed and stabilized (defined as 90% of the residential units leased). The real estate development company owns 10% of the joint venture and is responsible for the development and construction of the property. Major construction activities at The Maxwell ended during December 2014. However, as of December 31, 2014, only two of the six residential floors were available for occupancy. The remaining residential floors became available for occupancy during the first quarter of 2015. | ||||||||||||||
In November 2011, we executed a joint venture operating agreement with a real estate development company to develop a high-rise multifamily property at 1225 First Street (formerly 1219 First Street) in Alexandria, Virginia. We estimate the total cost of the project to be $95.3 million, with approximately 70% of the project financed with debt. Washington REIT is the 95% owner of the joint venture and will have management and leasing responsibilities when the project is completed and stabilized. The real estate development company owns 5% of the joint venture and is responsible for the development and construction of the property. In the first quarter of 2013, we decided to delay commencement of construction due to market conditions and concerns of oversupply. We continue to reassess this project on a periodic basis going forward. | ||||||||||||||
We have determined that The Maxwell and 1225 First Street joint ventures are VIE's primarily based on the fact that the equity investment at risk is not sufficient to permit either entity to finance its activities without additional financial support. We expect that 70% of the total development costs will be financed through debt. We have also determined that Washington REIT is the primary beneficiary of each VIE due to the fact that Washington REIT is providing 90% to 95% of the equity contributions and will manage each property after stabilization. | ||||||||||||||
We include joint venture land acquisitions and related capitalized development costs on our consolidated balance sheets in properties under development or held for future development until placed in service or sold. As of December 31, 2014 and 2013 the land and capitalized development costs for 1225 First Street were as follows (in thousands): | ||||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Properties under development or held for future development | $ | 20,807 | $ | 20,788 | ||||||||||
As of December 31, 2014 and 2013 the liabilities for 1225 First Street were as follows (in thousands): | ||||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Accounts payable and other liabilities | $ | 38 | $ | 39 | ||||||||||
During the fourth quarter of 2014, we substantially completed major construction activities at The Maxwell. As of December 31, 2014 and 2013 The Maxwell's assets were as follows (in thousands): | ||||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Land | $ | 12,851 | $ | — | ||||||||||
Income producing property | 18,432 | — | ||||||||||||
Properties under development or held for future development | 17,947 | 27,343 | ||||||||||||
$ | 49,230 | $ | 27,343 | |||||||||||
As of December 31, 2014 and 2013, The Maxwell's liabilities were as follows (in thousands): | ||||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Mortgage notes payable | $ | 27,690 | $ | 7,297 | ||||||||||
Accounts payable and other liabilities | 2,196 | 1,785 | ||||||||||||
Tenant security deposits | 17 | — | ||||||||||||
$ | 29,903 | $ | 9,082 | |||||||||||
Properties Sold or Held for Sale | ||||||||||||||
We dispose of assets that no longer meet our long-term strategy or return objectives and where market conditions for sale are favorable. The proceeds from the sales may be reinvested into other properties, used to fund development operations or to support other corporate needs, or distributed to our shareholders. Depreciation on these properties is discontinued at that time, but operating revenues, other operating expenses and interest continue to be recognized until the date of sale. | ||||||||||||||
We sold or classified as held for sale the following properties during the three years ended December 31, 2014: | ||||||||||||||
Property | Type | Rentable | Contract | Gain on Sale | ||||||||||
Square Feet | Sales Price | (in thousands) | ||||||||||||
(unaudited) | (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 | Medical Office / Office | 1,093,000 | 307,189 | 18,949 | ||||||||||
Total 2013 | 1,172,000 | $ | 322,939 | $ | 22,144 | |||||||||
1700 Research Boulevard | Office | 101,000 | $ | 14,250 | $ | 3,724 | ||||||||
Plumtree Medical Center | Medical Office | 33,000 | 8,750 | 1,400 | ||||||||||
Total 2012 | 134,000 | $ | 23,000 | $ | 5,124 | |||||||||
(1) These properties were initially classified as held for sale during 2013. | ||||||||||||||
(2) The property is classified as continuing operations in accordance with ASU No. 2014-08 (see note 2). All other listed properties are classified as discontinued operations in accordance with ASC 205-10, "Discontinued Operations." | ||||||||||||||
In September 2013, we entered into four separate purchase and sale agreements to effectuate the sale of our entire medical office segment (including land held for development at 4661 Kenmore Avenue) and two office buildings (Woodholme Center and 6565 Arlington Boulevard) for an aggregate purchase price of $500.8 million. The sale was structured as four transactions. Transactions I & II closed in November 2013 and Transactions III & IV in January 2014. We do not have significant continuing involvement in the operations of the disposed properties. | ||||||||||||||
The impact of the sale on our medical office segment on revenues and net income is summarized as follows (in thousands, except per share data): | ||||||||||||||
Year Ending December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Real estate revenues | $ | 892 | $ | 41,012 | $ | 44,674 | ||||||||
Net income | 546 | 14,044 | 8,128 | |||||||||||
Basic and diluted net income per share | 0.01 | 0.21 | 0.12 | |||||||||||
As of December 31, 2014 and 2013, investment in real estate for properties sold or held for sale were as follows (in thousands): | ||||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Medical office | $ | — | $ | 125,967 | ||||||||||
Less accumulated depreciation | — | (46,066 | ) | |||||||||||
Investment in real estate sold or held for sale, net | $ | — | $ | 79,901 | ||||||||||
As of December 31, 2014 and 2013, liabilities related to properties sold or held for sale were as follows (in thousands): | ||||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Other liabilities | $ | — | $ | 1,533 | ||||||||||
Income from properties classified as discontinued operations for the three years ended December 31, 2014 was as follows (in thousands): | ||||||||||||||
Year Ending December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Revenues | $ | 892 | $ | 45,791 | $ | 54,344 | ||||||||
Property expenses | (346 | ) | (17,039 | ) | (18,273 | ) | ||||||||
Real estate impairment | — | — | (2,097 | ) | ||||||||||
Depreciation and amortization | — | (12,161 | ) | (18,827 | ) | |||||||||
Interest expense | — | (1,196 | ) | (4,331 | ) | |||||||||
$ | 546 | $ | 15,395 | $ | 10,816 | |||||||||
Income from properties classified as discontinued operations by property for the three years ended December 31, 2014 was as follows (in thousands): | ||||||||||||||
Year Ending December 31, | ||||||||||||||
Property | Segment | 2014 | 2013 | 2012 | ||||||||||
1700 Research Boulevard | Office | $ | — | $ | — | $ | 225 | |||||||
Plumtree Medical Center | Medical Office | — | — | 197 | ||||||||||
Atrium Building | Office | — | 185 | 1,063 | ||||||||||
Medical Office Portfolio | Medical/Office | 546 | 15,210 | 9,331 | ||||||||||
$ | 546 | $ | 15,395 | $ | 10,816 | |||||||||
Real Estate Impairment | ||||||||||||||
During the fourth quarter of 2012, we determined that the development of a medical office building at 4661 Kenmore Avenue in Alexandria, Virginia was no longer probable due to a change in corporate strategy. Due to this determination, we recognized in discontinued operations an impairment charge of $2.1 million during the fourth quarter of 2012 in order to reduce the carrying value of the land at 4661 Kenmore Avenue to its estimated fair value of $3.8 million. 4661 Kenmore Avenue was sold during 2013. | ||||||||||||||
We used a combination of internal models and a third-party valuation estimate to determine the fair value of 4661 Kenmore Avenue. This fair valuation incorporated both market and income approaches, including recent comparable land sales and return on cost of development metrics. The valuation is inherently subjective because there are few observable market transactions for similar land, and therefore we, through discussions with market participants, made certain significant assumptions with respect to appropriate comparable transactions to consider, cash flow estimates and discount rates. Our estimate of the fair value of the land was further corroborated by an independent third-party valuation specialist. This fair valuation falls into Level 3 in the fair value hierarchy due to its reliance on significant unobservable inputs. |
Mortgage_Notes_Payable
Mortgage Notes Payable | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Notes Payable, Noncurrent [Abstract] | ||||||||||||||||
Mortgage Notes Payable | NOTE 4: MORTGAGE NOTES PAYABLE | |||||||||||||||
As of December 31, 2014 and 2013, we had outstanding mortgage notes payable, each collateralized by one or more buildings and related land from our portfolio, as follows (in thousands): | ||||||||||||||||
December 31, | ||||||||||||||||
Properties | Assumption/Issuance Date (1) | Effective Interest Rate (2) | 2014 | 2013 | Payoff Date/Maturity Date | |||||||||||
Army Navy Club Building | 3/26/14 | 3.18 | % | $ | 52,235 | $ | — | 5/1/17 | ||||||||
Yale West (3) | 2/21/14 | 3.75 | % | 53,029 | — | 1/31/22 | ||||||||||
The Maxwell (4), (5) | 2/21/13 | 2.31 | % | 27,690 | 7,297 | 2/21/16 | ||||||||||
John Marshall II | 9/15/11 | 5.79 | % | 51,810 | 52,563 | 5/5/16 | ||||||||||
Olney Village Center | 8/30/11 | 4.94 | % | 19,070 | 20,743 | 10/1/23 | ||||||||||
Kenmore Apartments | 2/2/09 | 5.37 | % | 34,305 | 34,937 | 3/1/19 | ||||||||||
2445 M Street (5) | 12/2/08 | 7.25 | % | 99,357 | 98,102 | 1/6/17 | ||||||||||
3801 Connecticut Avenue, Walker House and Bethesda Hill (6) | 5/29/08 | 5.71 | % | 81,029 | 81,029 | 6/1/16 | ||||||||||
$ | 418,525 | $ | 294,671 | |||||||||||||
(1) Each of these mortgages was assumed with the acquisition of the collateralized properties, except for the mortgage notes secured by 3801 Connecticut Avenue, Walker House, Bethesda Hill, Kenmore Apartments, and the construction loan secured by the development project at The Maxwell, which were originally executed by Washington REIT. We record mortgages assumed in an acquisition at fair value, and balances presented include any recorded premiums or discounts. | ||||||||||||||||
(2) Yield on the assumption/issuance date, including the effects of any premiums, discounts or fair value adjustments on the notes. | ||||||||||||||||
(3) The maturity date of the mortgage note is January 1, 2052, but can be prepaid, without penalty, beginning on January 31, 2022. | ||||||||||||||||
(4) Interest rate on The Maxwell is variable, based on LIBOR plus 2.15%. The maturity date can be extended for up to two years, subject to fees and compliance with certain provisions in the loan agreement, until February 20, 2018. | ||||||||||||||||
(5) Interest only is payable monthly until the maturity date upon which all unpaid principal and interest are payable in full. | ||||||||||||||||
(6) Interest only is payable monthly until the maturity date, which can be extended for one year upon which the interest rate is reset on June 1, 2016. At maturity on June 1, 2017, all unpaid principal and interest are payable in full. | ||||||||||||||||
Except as noted above, principal and interest are payable monthly until the maturity date, upon which all unpaid principal and interest are payable in full. | ||||||||||||||||
Total carrying amount of the above mortgaged properties was $607.8 million and $433.7 million at December 31, 2014 and 2013, respectively. | ||||||||||||||||
Scheduled principal payments subsequent to December 31, 2014 are as follows (in thousands): | ||||||||||||||||
2015 | $ | 4,512 | ||||||||||||||
2016 | 163,637 | |||||||||||||||
2017 | 154,436 | |||||||||||||||
2018 | 3,135 | |||||||||||||||
2019 | 33,909 | |||||||||||||||
Thereafter | 54,871 | |||||||||||||||
414,500 | ||||||||||||||||
Net discounts/premiums | 4,025 | |||||||||||||||
Total | $ | 418,525 | ||||||||||||||
Unsecured_Lines_Of_Credit_Paya
Unsecured Lines Of Credit Payable | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Unsecured Debt [Abstract] | ||||||||||||
Unsecured Lines Of Credit Payable | NOTE 5: UNSECURED LINES OF CREDIT PAYABLE | |||||||||||
As of December 31, 2014, we maintained a $100.0 million unsecured line of credit maturing in June 2015 (“Credit Facility No. 1”) and a $400.0 million unsecured line of credit maturing in July 2016 (“Credit Facility No. 2”). Credit Facility No. 1 and No. 2 have accordion features that allow us to increase the facilities to $200.0 million and $600.0 million, respectively, subject to additional lender commitments. The amounts of these lines of credit unused and available at December 31, 2014 were as follows (in thousands): | ||||||||||||
Credit Facility No. 1 | Credit Facility No. 2 | |||||||||||
Committed capacity | $ | 100,000 | $ | 400,000 | ||||||||
Borrowings outstanding | (5,000 | ) | (45,000 | ) | ||||||||
Letters of credit issued | — | — | ||||||||||
Unused and available | $ | 95,000 | $ | 355,000 | ||||||||
During January 2015, we provided a letter of credit under Credit Facility No. 2 for $15.5 million to the lender for John Marshall II relating to tenant improvements. | ||||||||||||
We executed borrowings and repayments on the unsecured lines of credit during 2014 as follows (in thousands): | ||||||||||||
Credit Facility No. 1 | Credit Facility No. 2 | |||||||||||
Balance at December 31, 2013 | $ | — | $ | — | ||||||||
Borrowings | 10,000 | 45,000 | ||||||||||
Repayments | (5,000 | ) | — | |||||||||
Balance at December 31, 2014 | $ | 5,000 | $ | 45,000 | ||||||||
Borrowings under Credit Facility No. 1 and No. 2 bear interest at LIBOR plus a spread based on the credit rating on our publicly issued debt. The interest rate spread is 120 basis points for each facility. | ||||||||||||
All outstanding advances for Credit Facility No. 1 and No. 2 are due and payable upon maturity in June 2015 and July 2016, respectively. Credit Facility No. 1 and No. 2 may be extended for one year at our option. Interest only payments are due and payable generally on a monthly basis. In addition, we pay a facility fee based on the credit rating of our publicly issued debt which as of December 31, 2014 equals 0.25% per annum of the committed capacity of each facility, without regard to usage. Rates and fees may be adjusted up or down based on changes in our senior unsecured credit ratings. For the three years ended December 31, 2014, we recognized interest expense (excluding facility fees) and facility fees as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Interest expense (excluding facility fees) | $ | 196 | $ | 867 | $ | 1,253 | ||||||
Facility fees | 1,267 | 1,267 | 1,062 | |||||||||
Credit Facility No. 1 and No. 2 contain certain financial and non-financial covenants, all of which we have met as of December 31, 2014 and 2013. Included in these covenants is the requirement to maintain a minimum level of net worth, as well as limits on our total liabilities, secured indebtedness and required debt service payments. | ||||||||||||
Information related to revolving credit facilities for the three years ended December 31, 2014 as follows (in thousands, except percentage amounts): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Total revolving credit facilities at December 31 | $ | 500,000 | $ | 500,000 | $ | 500,000 | ||||||
Borrowings outstanding at December 31 | 50,000 | — | — | |||||||||
Weighted average daily borrowings during the year | 12,849 | 61,548 | 108,589 | |||||||||
Maximum daily borrowings during the year | 55,000 | 135,000 | 242,000 | |||||||||
Weighted average interest rate during the year | 1.53 | % | 1.41 | % | 1.15 | % | ||||||
Weighted average interest rate on borrowings outstanding at December 31 | 1.37 | % | N/A | N/A | ||||||||
Notes_Payable
Notes Payable | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Notes Payable [Abstract] | ||||||||||||
Notes Payable | NOTE 6: NOTES PAYABLE | |||||||||||
Our unsecured notes outstanding as of December 31, 2014 were as follows (in thousands): | ||||||||||||
Coupon/Stated Rate | Effective Rate (1) | Principal Amount | Maturity Date (2) | |||||||||
10 Year Unsecured Notes | 5.35 | % | 5.359 | % | $ | 50,000 | 5/1/15 | |||||
10 Year Unsecured Notes | 5.35 | % | 5.49 | % | 100,000 | 5/1/15 | ||||||
10 Year Unsecured Notes | 4.95 | % | 5.053 | % | 250,000 | 10/1/20 | ||||||
10 Year Unsecured Notes | 3.95 | % | 4.018 | % | 300,000 | 10/15/22 | ||||||
30 Year Unsecured Notes | 7.25 | % | 7.36 | % | 50,000 | 2/25/28 | ||||||
Total principal | 750,000 | |||||||||||
Net unamortized discount | (2,792 | ) | ||||||||||
Total | $ | 747,208 | ||||||||||
(1) Yield on issuance date, including the effects of discounts on the notes. | ||||||||||||
(2) No principal amounts are due prior to maturity. | ||||||||||||
We extinguished the remaining $100.0 million of our 5.25% unsecured notes on their maturity date of January 15, 2014. | ||||||||||||
The required principal payments excluding the effects of note discounts or premium for the remaining years subsequent to December 31, 2014 are as follows (in thousands): | ||||||||||||
2015 | $ | 150,000 | ||||||||||
2016 | — | |||||||||||
2017 | — | |||||||||||
2018 | — | |||||||||||
2019 | — | |||||||||||
Thereafter | 600,000 | |||||||||||
$ | 750,000 | |||||||||||
Interest on these notes is payable semi-annually. These notes contain certain financial and non-financial covenants, all of which we have met as of December 31, 2014. Included in these covenants is the requirement to maintain a minimum level of unencumbered assets, as well as limits on our total indebtedness, secured indebtedness and required debt service payments. | ||||||||||||
The covenants under our line of credit agreements require us to insure our properties against loss or damage in amounts customarily maintained by similar businesses or as they may be required by applicable law. The covenants for the notes require us to keep all of our insurable properties insured against loss or damage at least equal to their then full insurable value. We have an insurance policy that has no terrorism exclusion, except for non-certified nuclear, chemical and biological acts of terrorism. Our financial condition and results of operations are subject to the risks associated with acts of terrorism and the potential for uninsured losses as the result of any such acts. Effective November 26, 2002, under this existing coverage, any losses caused by certified acts of terrorism would be partially reimbursed by the United States under a formula established by federal law. Under this formula, the United States pays 85% of covered terrorism losses exceeding the statutorily established deductible paid by the insurance provider, and insurers pay 10% until aggregate insured losses from all insurers reach $100 billion in a calendar year. If the aggregate amount of insured losses under this program exceeds $100 billion during the applicable period for all insured and insurers combined, then each insurance provider will not be liable for payment of any amount which exceeds the aggregate amount of $100 billion. On December 26, 2007, the Terrorism Risk Insurance Program Reauthorization Act of 2007 was signed into law and extended the program through December 31, 2014. On January 12, 2015, The Terrorism Risk Insurance Program Reauthorization Act of 2015 was signed into law and extends the program through December 31, 2020. |
Stock_Based_Compensation
Stock Based Compensation | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Share-based Compensation [Abstract] | ||||||||||||
Stock Based Compensation | NOTE 7: STOCK BASED COMPENSATION | |||||||||||
Washington REIT maintains short-term and long-term incentive plans that allow for stock-based awards to officers and non-officer employees. Stock based awards are provided to officers and non-officer employees, as well as trustees, under the Washington Real Estate Investment Trust 2007 Omnibus Long-Term Incentive Plan which allows for awards in the form of restricted shares, restricted share units, options, and other awards up to an aggregate of 2,000,000 shares over the ten year period in which the plan will be in effect. Restricted share units are converted into shares of our stock upon full vesting through the issuance of new shares. There were no options outstanding as of December 31, 2014. During 2014, the Board of Trustees adopted a new short-term incentive plan ("STIP") and new long-term incentive plan ("LTIP") for executive officers. | ||||||||||||
Regarding the new STIP, the changes from the prior STIP primarily removed the 15% service-only component of the award and the 20% performance condition based on strategic acquisition and disposition goal criteria, maintaining an award payable 50% in cash and 50% in stock. The new LTIP was modified to be based entirely on total shareholder return during a defined three-year period. The LTIP was also converted from a single three-year plan structure to a “rolling” structure in which a new three-year plan is commenced each year. The vesting at the end of the performance period was modified to be 75% at the end of the performance period and 25% one year thereafter. In addition, during the transition period to the new LTIP, the Board of Trustees awarded similar transition awards with defined performance periods of one and two years and modified vesting to account for the transition. | ||||||||||||
Short-Term Incentive Plan | ||||||||||||
Under the STIP, executive officers earn awards, payable 50% in cash and 50% in restricted shares, based on a percentage of salary and an achievement rating subject to the discretion of the Compensation Committee of the Board of Trustees in consideration of various performance conditions and other subjective factors during a one-year performance period. With respect to the 50% of the STIP award payable in restricted shares, the restricted shares will vest over a three-year period commencing on the January 1 following the end of the one-year performance period. | ||||||||||||
The grant date for the 50% of the STIP award payable in restricted shares is the date on which the Compensation Committee approves the STIP awards. We recognize compensation expense on this 50% when the grant date occurs at the end of the one-year period through the three-year vesting period. | ||||||||||||
Short-term incentive plans for other officers and non-officers are payable 100% in cash. | ||||||||||||
Long-Term Incentive Plan | ||||||||||||
Under the LTIP, officers earn awards payable, 75% in unrestricted shares and 25% in restricted shares, based on a percentage of salary and the achievement of certain market conditions. LTIP performance is evaluated based on 50% on absolute total shareholder return (“TSR”) and 50% on relative TSR over a three-year evaluation period with a new three-year period initiating under the existing plan each year. The officers' total award opportunity under the LTIP stated as a percentage of base salary ranges from 80% to 150% at target level. The unrestricted shares vest immediately at the end of the three-year performance period, and the restricted shares vest over a one-year period commencing on the January 1 following the end of the three-year performance period. In addition, during the transition period to the new LTIP, the Board of Trustees awarded similar transition awards with defined performance periods of one and two years and modified vesting to account for the transition. | ||||||||||||
We recognize compensation expense ratably (over three years for the 75% unrestricted shares and over four years for the 25% restricted shares) based on the grant date fair value, as determined using a Monte Carlo simulation, and regardless of whether the market conditions are achieved and the awards ultimately vest. | ||||||||||||
We use a binomial model which employs the Monte Carlo method as of the grant date to determine the fair value of the officer LTIP awards. The market condition performance measurement is based on total shareholder return on both an absolute basis (50% weighting) and relative to a defined population of 15 peer companies (50% weighting). The model evaluates the awards for changing total shareholder return over the term of the vesting, on an absolute basis and relative to the peer companies, and uses random simulations that are based on past stock characteristics as well as dividend growth and other factors for Washington REIT and each of the peer companies. The assumptions used to value the officer LTIP awards were an expected volatility of 23.2%, a risk-free interest rate of 0.8% and an expected life of 3 and 4 years. We based the expected volatility upon the historical volatility of our daily closing share price. The price at the grant date, April 23, 2014, was $24.08. We based the risk-free interest rate used on U.S. treasury constant maturity bonds on the measurement date with a maturity equal to the market condition performance period. We based the expected term on the market condition performance period. The calculated grant date fair value as a percentage of base salary for the officers for the new three-year performance period that commenced in 2014 ranged from approximately 35% to 67% for the 50% of the LTIP based on relative TSR and from 20% to 38% for the 50% of the LTIP based on absolute TSR. For the one-year transition awards, the calculated grant date fair value as a percentage of base salary for the officers for the one-year performance period that commenced in 2014 ranged from approximately 11% to 20% for the 50% of the LTIP based on relative TSR and from 10% to 20% for the 50% of the LTIP based on absolute TSR. For the two-year transition awards, the calculated grant date fair value as a percentage of base salary for the officers for the two-year performance period that commenced in 2014 ranged from approximately 23% to 43% for the 50% of the LTIP based on relative TSR and from 16% to 30% for the 50% of the LTIP based on absolute TSR. | ||||||||||||
Non-officer employees earn restricted share unit awards under the LTIP based upon various percentages of their salaries and annual performance calculations. The restricted share unit awards vest ratably over three years from December 15 preceding the grant date based upon continued employment. We initially measure compensation expense for awards with performance conditions at fair value at the service inception date based on probability of payout, and we remeasure compensation expense at subsequent reporting dates until all of the award's key terms and conditions are known and the grant date is established. We recognize compensation expense for these awards according to a graded vesting schedule over the four-year requisite service period. | ||||||||||||
Trustee Awards | ||||||||||||
We award share based compensation to our trustees on an annual basis in the form of restricted shares which vest immediately and are restricted from sale for the period of the trustees' service. The value of share-based compensation for each trustee was $55,000 for each of the years ended December 31, 2014, 2013 and 2012. | ||||||||||||
Total Compensation Expense | ||||||||||||
Total compensation expense recognized in the consolidated financial statements for the three years ended December 31, 2014 for all share based awards, was as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Stock-based compensation expense | $ | 4,995 | $ | 6,246 | $ | 5,856 | ||||||
Washington REIT's prior chief executive officer ("Prior CEO") retired as of December 31, 2013. Under the terms of his separation agreement, all of the Prior CEO's unvested restricted shares and restricted share units under the prior STIP, prior LTIP and deferred compensation plans vested on December 31, 2013. The impact of this modification of the Prior CEO's awards was $1.0 million for the year ended December 31, 2013. | ||||||||||||
Restricted Share Awards | ||||||||||||
The activity for the three years ended December 31, 2014 related to our restricted share awards, excluding those subject to market conditions, was as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | ||||||||||||
Shares | Wtd Avg Grant Fair Value | |||||||||||
Unvested at December 31, 2011 | 331,003 | $ | 28.39 | |||||||||
Granted | 36,884 | 26.4 | ||||||||||
Vested during year | (211,485 | ) | 28.39 | |||||||||
Forfeited | (6,599 | ) | 27.61 | |||||||||
Unvested at December 31, 2012 | 149,803 | 27.37 | ||||||||||
Granted | 141,609 | 26.3 | ||||||||||
Vested during year | (158,657 | ) | 26.66 | |||||||||
Forfeited | (2,940 | ) | 27.8 | |||||||||
Unvested at December 31, 2013 | 129,815 | 27.06 | ||||||||||
Granted | 210,817 | 23.93 | ||||||||||
Vested during year | (236,498 | ) | 25.06 | |||||||||
Forfeited | (10,467 | ) | 25.8 | |||||||||
Unvested at December 31, 2014 | 93,667 | 25.22 | ||||||||||
The total fair value of share grants vested for the years ended December 31, 2014, 2013 and 2012 was $6.1 million, $3.8 million and $5.6 million, respectively. | ||||||||||||
As of December 31, 2014, the total compensation cost related to non-vested share awards not yet recognized was $1.2 million, which we expect to recognize over a weighted average period of 17 months. | ||||||||||||
Restricted and Unrestricted Shares with Market Conditions | ||||||||||||
Stock based awards with market conditions under the LTIP were granted in February 2014 with fair market values, as determined using a Monte Carlo simulation, as follows (in thousands): | ||||||||||||
Grant Date Fair Value | ||||||||||||
Restricted | Unrestricted | |||||||||||
Relative TSR | $ | 458 | $ | 1,376 | ||||||||
Absolute TSR | 327 | 921 | ||||||||||
The unamortized value of these awards with market conditions as of December 31, 2014 was as follows (in thousands): | ||||||||||||
Restricted | Unrestricted | |||||||||||
Relative TSR | $ | 354 | $ | 841 | ||||||||
Absolute TSR | 251 | 549 | ||||||||||
Other_Benefit_Plans
Other Benefit Plans | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ||||||||||||
Other Benefit Plans | NOTE 8: OTHER BENEFIT PLANS | |||||||||||
We have a Retirement Savings Plan (the “401(k) Plan”), which permits all eligible employees to defer a portion of their compensation in accordance with the Internal Revenue Code. Under the 401(k) Plan, we may make discretionary contributions on behalf of eligible employees. For the three years ended December 31, 2014, we made contributions to the 401(k) plan as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
401(k) plan contributions | $ | 423 | $ | 428 | $ | 467 | ||||||
We have adopted non-qualified deferred compensation plans for the officers and members of the Board of Trustees. The plans allow for a deferral of a percentage of annual cash compensation and trustee fees. The plans are unfunded and payments are to be made out of the general assets of Washington REIT. The deferred compensation liability at December 31, 2014 and 2013 was as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Deferred compensation liability | $ | 1,556 | $ | 1,437 | ||||||||
In November 2005, the Board of Trustees approved the establishment of a Supplemental Executive Retirement Plan (“SERP”) for the benefit of officers, other than the former CEO. This is a defined contribution plan under which, upon a participant's termination of employment from Washington REIT for any reason other than death, discharge for cause or total and permanent disability, the participant will be entitled to receive a benefit equal to the participant's accrued benefit times the participant's vested interest. We account for this plan in accordance with ASC 710-10 and ASC 320-10, whereby the investments are reported at fair value, and unrealized holding gains and losses are included in earnings. At December 31, 2014 and 2013, the accrued benefit liability was $2.8 million and $3.3 million, respectively. For the three years ended December 31, 2014, we recognized current service cost as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Officer SERP current service cost | $ | 306 | $ | 325 | $ | 342 | ||||||
Fair_Value_Disclosures
Fair Value Disclosures | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||
Fair Value Disclosures | NOTE 9: FAIR VALUE DISCLOSURES | |||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value | ||||||||||||||||||||||||||||||||
For assets and liabilities measured at fair value on a recurring basis, quantitative disclosures about the fair value measurements are required to be disclosed separately for each major category of assets and liabilities, as follows: | ||||||||||||||||||||||||||||||||
Level 1: Quoted prices in active markets for identical assets | ||||||||||||||||||||||||||||||||
Level 2: Significant other observable inputs | ||||||||||||||||||||||||||||||||
Level 3: Significant unobservable inputs | ||||||||||||||||||||||||||||||||
The only assets or liabilities we had at December 31, 2014 and 2013 that are recorded at fair value on a recurring basis are the assets held in the SERP, which primarily consists of investments in mutual funds. We base the valuations related to these items on assumptions derived from significant other observable inputs and accordingly these valuations fall into Level 2 in the fair value hierarchy. The fair values of these assets at December 31, 2014 and 2013 were as follows (in thousands): | ||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs | Significant Unobservable Inputs | Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||||||
(Level 2) | (Level 3) | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
SERP | $ | 2,778 | $ | — | $ | 2,778 | $ | — | $ | 3,290 | $ | — | $ | 3,290 | $ | — | ||||||||||||||||
Financial Assets and Liabilities Not Measured at Fair Value | ||||||||||||||||||||||||||||||||
The following disclosures of estimated fair value were determined by management using available market information and established valuation methodologies, including discounted cash flow. Many of these estimates involve significant judgment. The estimated fair value disclosed may not necessarily be indicative of the amounts we could realize on disposition of the financial instruments. The use of different market assumptions or estimation methodologies could have an effect on the estimated fair value amounts. In addition, fair value estimates are made at a point in time and thus, estimates of fair value subsequent to December 31, 2014 may differ significantly from the amounts presented. | ||||||||||||||||||||||||||||||||
Below is a summary of significant methodologies used in estimating fair values and a schedule of fair values at December 31, 2014. | ||||||||||||||||||||||||||||||||
Cash and Cash Equivalents and Restricted Cash | ||||||||||||||||||||||||||||||||
Cash and cash equivalents and restricted cash include cash and commercial paper with original maturities of less than 90 days, which are valued at the carrying value, which approximates fair value due to the short maturity of these instruments (Level 1 inputs). | ||||||||||||||||||||||||||||||||
Notes Receivable | ||||||||||||||||||||||||||||||||
We acquired a note receivable ("2445 M Street note") in 2008 with the purchase of 2445 M Street. We estimate the fair value of the 2445 M Street note based on a discounted cash flow methodology using market discount rates (Level 3 inputs). | ||||||||||||||||||||||||||||||||
Debt | ||||||||||||||||||||||||||||||||
Mortgage notes payable consist of instruments in which certain of our real estate assets are used for collateral. We estimate the fair value of the mortgage notes payable by discounting the contractual cash flows at a rate equal to the relevant treasury rates (with respect to the timing of each cash flow) plus credit spreads estimated through independent comparisons to real estate assets or loans with similar characteristics. Lines of credit payable consist of bank facilities which we use for various purposes including working capital, acquisition funding or capital improvements. The lines of credit advances are priced at a specified rate plus a spread. We estimate the market value based on a comparison of the spreads of the advances to market given the adjustable base rate. We estimate the fair value of the notes payable by discounting the contractual cash flows at a rate equal to the relevant treasury rates (with respect to the timing of each cash flow) plus credit spreads derived using the relevant securities’ market prices. We classify these fair value measurements as Level 3 as we use significant unobservable inputs and management judgment due to the absence of quoted market prices. | ||||||||||||||||||||||||||||||||
As of December 31, 2014 and 2013, the carrying values and estimated fair values of our financial instruments were as follows (in thousands): | ||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | |||||||||||||||||||||||||||||
Value | Value | |||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 15,827 | $ | 15,827 | $ | 130,343 | $ | 130,343 | ||||||||||||||||||||||||
Restricted cash | 10,299 | 10,299 | 9,189 | 9,189 | ||||||||||||||||||||||||||||
2445 M Street note receivable | 4,404 | 5,113 | 6,070 | 6,803 | ||||||||||||||||||||||||||||
Mortgage notes payable | 418,525 | 433,762 | 294,671 | 313,476 | ||||||||||||||||||||||||||||
Lines of credit payable | 50,000 | 50,000 | — | — | ||||||||||||||||||||||||||||
Notes payable | 747,208 | 782,042 | 846,703 | 856,171 | ||||||||||||||||||||||||||||
Earnings_Per_Common_Share
Earnings Per Common Share | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Earnings per Common Share | NOTE 10: EARNINGS PER COMMON SHARE | |||||||||||
We determine “Basic earnings per share” using the two-class method as our unvested restricted share awards and units have non-forfeitable rights to dividends, and are therefore considered participating securities. We compute basic earnings per share by dividing net income attributable to the controlling interest less the allocation of undistributed earnings to unvested restricted share awards and units by the weighted-average number of common shares outstanding for the period. | ||||||||||||
We also determine “Diluted earnings per share” as the more dilutive of the two-class method or the treasury stock method with respect to the unvested restricted share awards. We further evaluate any other potentially dilutive securities at the end of the period and adjust the basic earnings per share calculation for the impact of those securities that are dilutive. Our dilutive earnings per share calculation includes the dilutive impact of employee stock options (prior to their expiration at December 31, 2014) based on the treasury stock method and our share based awards with performance conditions prior to the grant date and all market condition awards under the contingently issuable method. The dilutive earnings per share calculation also considers operating partnership units for the years ended December 31, 2013 and 2012 under the if-converted method. We had no operating partnership units as of December 31, 2014. We had a loss from continuing operations for the year ended December 31, 2013 and therefore diluted earnings per share is calculated in the same manner as basic earnings per share for that year. | ||||||||||||
The computation of basic and diluted earnings per share for the three years ended December 31, 2014 was as follows (in thousands; except per share data): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator: | ||||||||||||
Income (loss) from continuing operations | $ | 5,070 | $ | (193 | ) | $ | 7,768 | |||||
Allocation of undistributed earnings to unvested restricted share awards and units to continuing operations | 5 | — | (191 | ) | ||||||||
Adjusted income (loss) from continuing operations attributable to the controlling interests | 5,075 | (193 | ) | 7,577 | ||||||||
Income from discontinued operations, including gain on sale of real estate, net of taxes | 106,531 | 37,539 | 15,940 | |||||||||
Net income attributable to noncontrolling interests | 38 | — | — | |||||||||
Allocation of undistributed earnings to unvested restricted share awards and units to discontinued operations | (322 | ) | (415 | ) | (391 | ) | ||||||
Adjusted income from discontinued operations attributable to the controlling interests | 106,247 | 37,124 | 15,549 | |||||||||
Adjusted net income attributable to the controlling interests | $ | 111,322 | $ | 36,931 | $ | 23,126 | ||||||
Denominator: | ||||||||||||
Weighted average shares outstanding – basic | 66,795 | 66,580 | 66,239 | |||||||||
Effect of dilutive securities: | ||||||||||||
Employee stock options and restricted share awards | 42 | — | 137 | |||||||||
Weighted average shares outstanding – diluted | 66,837 | 66,580 | 66,376 | |||||||||
Earnings per common share, basic: | ||||||||||||
Continuing operations | $ | 0.08 | $ | — | $ | 0.11 | ||||||
Discontinued operations | 1.59 | 0.55 | 0.24 | |||||||||
$ | 1.67 | $ | 0.55 | $ | 0.35 | |||||||
Earnings per common share, diluted: | ||||||||||||
Continuing operations | $ | 0.08 | $ | — | $ | 0.11 | ||||||
Discontinued operations | 1.59 | 0.55 | 0.24 | |||||||||
$ | 1.67 | $ | 0.55 | $ | 0.35 | |||||||
Rentals_Under_Operating_Leases
Rentals Under Operating Leases | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Rentals Under Operating Leases [Abstract] | ||||||||||||
Rentals Under Operating Leases | NOTE 11: RENTALS UNDER OPERATING LEASES | |||||||||||
As of December 31, 2014, non-cancelable commercial operating leases provide for minimum rental income from continuing operations were as follows (in thousands): | ||||||||||||
2015 | $ | 192,105 | ||||||||||
2016 | 176,751 | |||||||||||
2017 | 156,837 | |||||||||||
2018 | 134,039 | |||||||||||
2019 | 112,575 | |||||||||||
Thereafter | 316,645 | |||||||||||
$ | 1,088,952 | |||||||||||
Apartment leases are not included as the terms are generally for one year. Most of these commercial leases increase in future years based on agreed-upon percentages or in some instances, changes in the Consumer Price Index. | ||||||||||||
Real estate tax, operating expense and common area maintenance reimbursement income from continuing operations for the three years ended December 31, 2014 was as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Reimbursement income | $ | 31,610 | $ | 26,822 | $ | 25,528 | ||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 12: COMMITMENTS AND CONTINGENCIES |
Development Commitments | |
At December 31, 2014, we had no committed contracts outstanding with third parties in connection with our development and redevelopment projects at 1225 First Street, The Maxwell and Silverline Center. | |
Litigation | |
We are involved from time to time in various legal proceedings, lawsuits, examinations by various tax authorities and claims that have arisen in the ordinary course of business. Management believes that the resolution of any such current matters will not have a material adverse effect on our financial condition or results of operations. | |
Other | |
At December 31, 2014 and 2013, we had no letters of credit issued under our line of credit facility. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ||||||||||||||||||||||||
Segment Information | NOTE 13: SEGMENT INFORMATION | |||||||||||||||||||||||
We have three reportable segments: office, retail, and multifamily. Retail shopping centers are typically grocery store anchored neighborhood centers that include other small shop tenants or regional power centers with several junior box tenants. Multifamily properties provide rental housing for individuals and families throughout the Washington metro region. | ||||||||||||||||||||||||
Real estate rental revenue as a percentage of the total for each of the reportable operating segments in continuing operations for the three years ended December 31, 2014 was as follows: | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Office | 57 | % | 58 | % | 58 | % | ||||||||||||||||||
Retail | 21 | % | 21 | % | 21 | % | ||||||||||||||||||
Multifamily | 22 | % | 21 | % | 21 | % | ||||||||||||||||||
The percentage of total income producing real estate assets, at cost, for each of the reportable operating segments in continuing operations as of December 31, 2014 and 2013 was as follows: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Office | 61 | % | 62 | % | ||||||||||||||||||||
Retail | 19 | % | 20 | % | ||||||||||||||||||||
Multifamily | 20 | % | 18 | % | ||||||||||||||||||||
The accounting policies of each of the segments are the same as those described in note 2. | ||||||||||||||||||||||||
We evaluate performance based upon net operating income from the combined properties in each segment. Our reportable operating segments are consolidations of similar properties. GAAP requires that segment disclosures present the measure(s) used by the chief operating decision maker for purposes of assessing segments’ performance. Net operating income is a key measurement of our segment profit and loss. Net operating income is defined as segment real estate rental revenue less segment real estate expenses. | ||||||||||||||||||||||||
The following tables present revenues, net operating income, capital expenditures and total assets for the three years ended December 31, 2014 from these segments, and reconciles net operating income of reportable segments to net income attributable to the controlling interests as reported (in thousands): | ||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||
Office | Retail | Multifamily | Corporate | Consolidated | ||||||||||||||||||||
and Other | ||||||||||||||||||||||||
Real estate rental revenue | $ | 166,116 | $ | 60,263 | $ | 62,258 | $ | — | $ | 288,637 | ||||||||||||||
Real estate expenses | 63,903 | 14,022 | 25,770 | — | 103,695 | |||||||||||||||||||
Net operating income | $ | 102,213 | $ | 46,241 | $ | 36,488 | $ | — | $ | 184,942 | ||||||||||||||
Depreciation and amortization | (96,011 | ) | ||||||||||||||||||||||
General and administrative | (19,761 | ) | ||||||||||||||||||||||
Acquisition costs | (5,710 | ) | ||||||||||||||||||||||
Interest expense | (59,785 | ) | ||||||||||||||||||||||
Other income | 825 | |||||||||||||||||||||||
Gain on sale of real estate | 570 | |||||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||
Income from properties sold or held for sale | 546 | |||||||||||||||||||||||
Gain on sale of real estate | 105,985 | |||||||||||||||||||||||
Net income | 111,601 | |||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | 38 | |||||||||||||||||||||||
Net income attributable to the controlling interests | $ | 111,639 | ||||||||||||||||||||||
Capital expenditures | $ | 43,128 | $ | 5,496 | $ | 9,186 | $ | 1,719 | $ | 59,529 | ||||||||||||||
Total assets | $ | 1,284,523 | $ | 385,174 | $ | 408,772 | $ | 35,238 | $ | 2,113,707 | ||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
Office | Medical | Retail | Multifamily | Corporate | Consolidated | |||||||||||||||||||
Office | and Other | |||||||||||||||||||||||
Real estate rental revenue | $ | 152,339 | $ | — | $ | 56,189 | $ | 54,496 | $ | — | $ | 263,024 | ||||||||||||
Real estate expenses | 57,293 | — | 13,768 | 22,232 | — | 93,293 | ||||||||||||||||||
Net operating income | $ | 95,046 | $ | — | $ | 42,421 | $ | 32,264 | $ | — | $ | 169,731 | ||||||||||||
Depreciation and amortization | (85,740 | ) | ||||||||||||||||||||||
General and administrative | (17,535 | ) | ||||||||||||||||||||||
Acquisition costs | (1,265 | ) | ||||||||||||||||||||||
Interest expense | (63,573 | ) | ||||||||||||||||||||||
Other income | 926 | |||||||||||||||||||||||
Loss on extinguishment of debt | (2,737 | ) | ||||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||
Income from properties sold or held for sale | 15,395 | |||||||||||||||||||||||
Gain on sale of real estate | 22,144 | |||||||||||||||||||||||
Net income | 37,346 | |||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | — | |||||||||||||||||||||||
Net income attributable to the controlling interests | $ | 37,346 | ||||||||||||||||||||||
Capital expenditures | $ | 37,777 | $ | 3,695 | $ | 4,204 | $ | 10,153 | $ | 162 | $ | 55,991 | ||||||||||||
Total assets | $ | 1,073,302 | $ | 84,001 | $ | 344,207 | $ | 309,117 | $ | 164,866 | $ | 1,975,493 | ||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||
Office | Medical | Retail | Multifamily | Corporate | Consolidated | |||||||||||||||||||
Office | and Other | |||||||||||||||||||||||
Real estate rental revenue | $ | 147,401 | $ | — | $ | 54,506 | $ | 52,887 | $ | — | $ | 254,794 | ||||||||||||
Real estate expenses | 53,376 | — | 12,702 | 20,467 | — | 86,545 | ||||||||||||||||||
Net operating income | $ | 94,025 | $ | — | $ | 41,804 | $ | 32,420 | $ | — | $ | 168,249 | ||||||||||||
Depreciation and amortization | (85,107 | ) | ||||||||||||||||||||||
General and administrative | (15,488 | ) | ||||||||||||||||||||||
Acquisition costs | (234 | ) | ||||||||||||||||||||||
Interest expense | (60,627 | ) | ||||||||||||||||||||||
Other income | 975 | |||||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||
Income from properties sold or held for sale | 10,816 | |||||||||||||||||||||||
Gain on sale of real estate | 5,124 | |||||||||||||||||||||||
Net income | 23,708 | |||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | — | |||||||||||||||||||||||
Net income attributable to the controlling interests | $ | 23,708 | ||||||||||||||||||||||
Capital expenditures | $ | 35,330 | $ | 7,004 | $ | 2,977 | $ | 5,869 | $ | 555 | $ | 51,735 | ||||||||||||
Total assets | $ | 1,140,046 | $ | 327,573 | $ | 355,585 | $ | 249,503 | $ | 51,669 | $ | 2,124,376 | ||||||||||||
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Selected Quarterly Financial Data | NOTE 14: SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | |||||||||||||||
Unaudited financial data by quarter for each of the three months in the years ended December 31, 2014 and 2013 were as follows (in thousands, except for per share data): | ||||||||||||||||
Quarter(1)(2) | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
2014 | ||||||||||||||||
Real estate rental revenue | $ | 68,611 | $ | 72,254 | $ | 73,413 | $ | 74,359 | ||||||||
Income (loss) from continuing operations | $ | (2,265 | ) | $ | 1,368 | $ | 3,658 | $ | 2,309 | |||||||
Income from operations of properties sold or held for sale - medical office segment | $ | 546 | $ | — | $ | — | $ | — | ||||||||
Net income | $ | 104,554 | $ | 1,080 | $ | 3,658 | $ | 2,309 | ||||||||
Net income attributable to the controlling interests | $ | 104,554 | $ | 1,087 | $ | 3,668 | $ | 2,330 | ||||||||
Income (loss) from continuing operations per share | ||||||||||||||||
Basic | $ | (0.04 | ) | $ | 0.02 | $ | 0.05 | $ | 0.03 | |||||||
Diluted | $ | (0.04 | ) | $ | 0.02 | $ | 0.05 | $ | 0.03 | |||||||
Net income per share | ||||||||||||||||
Basic | $ | 1.56 | $ | 0.02 | $ | 0.05 | $ | 0.03 | ||||||||
Diluted | $ | 1.56 | $ | 0.02 | $ | 0.05 | $ | 0.03 | ||||||||
2013 | ||||||||||||||||
Real estate rental revenue | $ | 64,560 | $ | 65,915 | $ | 65,828 | $ | 66,721 | ||||||||
Income (loss) from continuing operations | $ | 857 | $ | 1,538 | $ | 1,709 | $ | (4,297 | ) | |||||||
Income from operations of properties sold or held for sale - medical office segment | $ | 2,821 | $ | 3,439 | $ | 3,820 | $ | 3,964 | ||||||||
Net income | $ | 7,335 | $ | 5,263 | $ | 5,840 | $ | 18,908 | ||||||||
Net income attributable to the controlling interests | $ | 7,335 | $ | 5,263 | $ | 5,840 | $ | 18,908 | ||||||||
Income from continuing operations per share | ||||||||||||||||
Basic | $ | 0.01 | $ | 0.02 | $ | 0.03 | $ | (0.06 | ) | |||||||
Diluted | $ | 0.01 | $ | 0.02 | $ | 0.03 | $ | (0.06 | ) | |||||||
Net income per share | ||||||||||||||||
Basic | $ | 0.11 | $ | 0.08 | $ | 0.09 | $ | 0.28 | ||||||||
Diluted | $ | 0.11 | $ | 0.08 | $ | 0.09 | $ | 0.28 | ||||||||
(1) | With regard to per share calculations, the sum of the quarterly results may not equal full year results due to rounding. | |||||||||||||||
(2) | The first quarter of 2014, fourth quarter of 2013 and first quarter of 2013 include gains on sale of real estate in discontinued operations of $106.0 million, $18.9 million and $3.2 million, respectively. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2014 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | NOTE 15: SHAREHOLDERS' EQUITY |
We are party to a sales agency financing agreement with BNY Mellon Capital Markets, LLC relating to the issuance and sale of up to $250.0 million of our common shares from time to time over a period of no more than 36 months from June 2012. Sales of our common shares are made at market prices prevailing at the time of sale. Net proceeds for the sale of common shares under this program are used for general corporate purposes. During 2014, we issued 1,125,000 common shares at a weighted average price of $27.86 for net proceeds of $30.7 million. We did not issue shares under this sales agency financing agreement during 2013 or 2012. | |
We have a dividend reinvestment program, whereby shareholders may use their dividends and optional cash payments to purchase common shares. The common shares sold under this program may either be common shares issued by us or common shares purchased in the open market. Net proceeds under this program are used for general corporate purposes. We issued no shares under this program during 2014 and 2013. During 2012, we issued 55,000 common shares at a weighted average price of $29.67 for net proceeds of $1.3 million under this program. |
Deferred_Costs
Deferred Costs | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Deferred Costs | NOTE 16: DEFERRED COSTS | |||||||||||||||||||||||
As of December 31, 2014 and 2013 deferred costs were included in prepaid expenses and other assets as follows (in thousands): | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Gross Carrying | Accumulated | Net | Gross Carrying | Accumulated | Net | |||||||||||||||||||
Value | Amortization | Value | Amortization | |||||||||||||||||||||
Deferred financing costs | $ | 18,836 | $ | 11,801 | $ | 7,035 | $ | 17,842 | $ | 8,950 | $ | 8,892 | ||||||||||||
Deferred leasing costs | 50,943 | 18,351 | 32,592 | 39,642 | 14,788 | 24,854 | ||||||||||||||||||
Deferred leasing incentives | 14,194 | 3,605 | 10,589 | 7,143 | 2,417 | 4,726 | ||||||||||||||||||
Amortization and write-offs of deferred financing, leasing and leasing incentives costs from continuing operations for the three years ended December 31, 2014 were as follows (in thousands): | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Deferred financing costs amortization | $ | 2,851 | $ | 2,550 | $ | 2,411 | ||||||||||||||||||
Deferred leasing costs amortization | 4,699 | 4,279 | 3,635 | |||||||||||||||||||||
Deferred leasing incentives amortization | 1,704 | 980 | 675 | |||||||||||||||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 17: SUBSEQUENT EVENTS |
In February 2015, we entered into a purchase and sale agreement for the sale of Country Club Towers, a 227-unit multifamily property located in Arlington, VA, for a contract purchase price of $37.8 million. |
Schedule_II
Schedule II | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||
Schedule II | SCHEDULE II | |||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||
FOR THE YEARS ENDED DECEMBER 31, 2014, 2013 AND 2012 | ||||||||||||||||
(IN THOUSANDS) | ||||||||||||||||
Balance at Beginning of Year | Additions Charged to Expenses | Net Deductions (Recoveries) | Balance at End of Year | |||||||||||||
Allowance for doubtful accounts | ||||||||||||||||
2014 | $ | 6,783 | $ | 1,402 | $ | (4,793 | ) | $ | 3,392 | |||||||
2013 | $ | 10,443 | $ | 3,531 | $ | (7,191 | ) | $ | 6,783 | |||||||
2012 | $ | 8,049 | $ | 3,811 | $ | (1,417 | ) | $ | 10,443 | |||||||
Valuation allowance for deferred tax assets | ||||||||||||||||
2014 | $ | 5,741 | $ | — | $ | (27 | ) | $ | 5,714 | |||||||
2013 | $ | 5,773 | $ | — | $ | (32 | ) | $ | 5,741 | |||||||
2012 | $ | 5,651 | $ | 122 | $ | — | $ | 5,773 | ||||||||
Schedule_III
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 | Units | Depreciation Life (d) | ||||||||||||||||||||||||||||||||
Rentable | |||||||||||||||||||||||||||||||||||||||||||
Square | |||||||||||||||||||||||||||||||||||||||||||
Feet (e) | |||||||||||||||||||||||||||||||||||||||||||
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-63 | 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-65 | 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-69 | 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-69 | 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-70 | 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-96 | 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-96 | 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-97 | 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-01 | 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-03 | 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-08 | 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-11 | 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-11 | — | — | 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-13 | 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-14 | 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-77 | 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-79 | 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-92 | 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-95 | 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-95 | 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-97 | 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-97 | 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-99 | 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-00 | 99,000 | 30 years | |||||||||||||||||||||||||||||||
Courthouse Square | Virginia | — | 17,096,000 | 7,946,000 | — | 25,042,000 | 25,042,000 | 11,976,000 | 1979 | Oct-00 | 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-01 | 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-03 | 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-05 | — | 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-06 | 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-07 | 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-07 | 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-08 | 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-10 | 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-10 | 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-11 | 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-11 | 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 | Units | Depreciation Life (d) | ||||||||||||||||||||||||||||||||
Rentable | |||||||||||||||||||||||||||||||||||||||||||
Square | |||||||||||||||||||||||||||||||||||||||||||
Feet (e) | |||||||||||||||||||||||||||||||||||||||||||
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-11 | 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-11 | 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-12 | 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-14 | 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-14 | 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-63 | 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-72 | 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-73 | 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-77 | 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-84 | 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-85 | 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-92 | 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-94 | 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-95 | 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-98 | 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-02 | 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-05 | 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-06 | 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-06 | 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-10 | 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-11 | 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-14 | 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. |
Accounting_Policies_Policy
Accounting Policies (Policy) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Accounting Policies [Abstract] | ||||||||||||
Consolidation, Policy [Policy Text Block] | Principles of Consolidation and Basis of Presentation | |||||||||||
The accompanying audited consolidated financial statements include the consolidated accounts of Washington REIT, our majority-owned subsidiaries and entities in which Washington REIT has a controlling interest, including where Washington REIT has been determined to be a primary beneficiary of a variable interest entity (“VIE”). See note 3 for additional information on the properties for which there is a noncontrolling interest. All intercompany balances and transactions have been eliminated in consolidation. | ||||||||||||
We have prepared the accompanying audited consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission. | ||||||||||||
Use of Estimates in the Financial Statements, Policy | Use of Estimates in the Financial Statements | |||||||||||
The preparation of financial statements in conformity with Generally Accepted Accounting Principles ("GAAP") requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements | |||||||||||
In April 2014, the Financial Accounting Standards Board ("FASB") issued ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which changes the requirements for reporting discontinued operations. Specifically, under this ASU only those disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity’s operations and financial results will be reported as discontinued operations in the financial statements. The primary impact of this ASU is that we are no longer required to report the disposal of every operating property in discontinued operations. Adoption of this ASU is required for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. We early adopted this ASU effective on January 1, 2014. | ||||||||||||
In June 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which creates a single source of revenue guidance. The new standard provides accounting guidance for all revenue arising from contracts with customers and affects all entities that enter into contracts to provide goods or services to their customers (unless the contracts are in the scope of other U.S. generally accepted accounting principles (“GAAP”) requirements, such as the leasing literature). The guidance also provides a model for the measurement and recognition of gains and losses on the sale of certain nonfinancial assets, such as property and equipment, including real estate. The new standard is effective for public entities for fiscal years beginning after December 15, 2016 and for interim periods therein. Early adoption is not permitted for public entities. We are currently evaluating the impact the new standard may have on Washington REIT. | ||||||||||||
Revenue Recognition, Policy | Revenue Recognition | |||||||||||
We lease multifamily properties under operating leases with terms of generally one year or less. We lease commercial properties (our office and retail segments) under operating leases with an average term of seven years. Substantially all commercial leases contain fixed escalations or, in some instances, changes based on the Consumer Price Index, which occur at specified times during the term of the lease. We recognize rental income and rental abatements from our multifamily and commercial leases when earned on a straight-line basis over the lease term. Recognition of rental income commences when control of the facility has been given to the tenant. | ||||||||||||
We recognize sales of real estate at closing only when sufficient down payments have been obtained, possession and other attributes of ownership have been transferred to the buyer and we have no significant continuing involvement. | ||||||||||||
We recognize cost reimbursement income from pass-through expenses on an accrual basis over the periods in which the expenses were incurred. Pass-through expenses are comprised of real estate taxes, operating expenses and common area maintenance costs which are reimbursed by tenants in accordance with specific allowable costs per tenant lease agreements. | ||||||||||||
Accounts Receivable and Allowance for Doubtful Accounts, Policy | Accounts Receivable and Allowance for Doubtful Accounts | |||||||||||
Accounts receivable primarily represents amounts accrued and unpaid from tenants in accordance with the terms of the respective leases, subject to our revenue recognition policy. We review receivables monthly and establish reserves when, in the opinion of management, collection of the receivable is doubtful. We establish reserves for tenants whose rent payment history or financial condition casts doubt upon the tenants’ ability to perform under their lease obligations. When we determine the collection of a receivable to be doubtful in the same quarter that we established the receivable, we recognize the allowance for that receivable as an offset to real estate revenues. When we determine a receivable that was initially established in a prior quarter to be doubtful, we recognize the allowance as an operating expense. In addition to rents due currently, accounts receivable include amounts representing minimal rental income accrued on a straight-line basis to be paid by tenants over the remaining term of their respective leases. | ||||||||||||
Our accounts receivable balances include $4.4 million and $6.2 million of notes receivable as of December 31, 2014 and 2013, respectively. | ||||||||||||
Deferred Financing Costs, Policy | Deferred Financing Costs | |||||||||||
We capitalize and amortize external costs associated with the issuance or assumption of mortgages, notes payable and fees associated with the lines of credit using the effective interest rate method or the straight-line method which approximates the effective interest rate method, over the estimated life of the related debt. We record the amortization of deferred financing costs as interest expense. | ||||||||||||
Deferred Leasing Costs, Policy | Deferred Leasing Costs | |||||||||||
We capitalize and amortize costs associated with the successful negotiation of leases, both external commissions and internal direct costs, on a straight-line basis over the terms of the respective leases. We record the amortization of deferred leasing costs as amortization expense. If an applicable lease terminates prior to the expiration of its initial lease term, we write off the carrying amount of the costs to amortization expense. | ||||||||||||
We capitalize and amortize against revenue leasing incentives associated with the successful negotiation of leases on a straight-line basis over the terms of the respective leases. We record the amortization of deferred leasing incentives as a reduction of revenue. If an applicable lease terminates prior to the expiration of its initial lease term, we write off the carrying amount of the costs as a reduction of revenue. | ||||||||||||
Real Estate and Depreciation, Policy | Real Estate and Depreciation | |||||||||||
We depreciate buildings on a straight-line basis over estimated useful lives ranging from 28 to 50 years. We capitalize all capital improvements associated with replacements, improvements or major repairs to real property that extend its useful life and depreciate them using the straight-line method over their estimated useful lives ranging from 3 to 30 years. We also capitalize costs incurred in connection with our development projects, including capitalizing interest and other internal costs during periods in which qualifying expenditures have been made and activities necessary to get the development projects ready for their intended use are in progress. Capitalization of these costs begin when the activities and related expenditures commence and cease when the project is substantially complete and ready for its intended use, at which time the project is placed in service and depreciation commences. | ||||||||||||
In addition, we capitalize tenant leasehold improvements when certain criteria are met, including when we supervise construction and will own the improvements. We depreciate all tenant improvements over the shorter of the useful life of the improvements or the term of the related tenant lease. Real estate depreciation expense from continuing operations was $71.4 million, $63.4 million, $61.1 million during the years ended December 31, 2014, 2013, 2012, respectively. | ||||||||||||
We charge maintenance and repair costs that do not extend an asset’s life to expense as incurred. | ||||||||||||
We capitalize interest costs incurred on borrowing obligations while qualifying assets are being readied for their intended use. We amortize capitalized interest over the useful life of the related underlying assets upon those assets being placed into service. Interest expense from continuing operations and interest capitalized to real estate assets related to development and major renovation activities for the three years ended December 31, 2014 were as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Total interest expense from continuing operations | $ | 61,927 | $ | 64,809 | $ | 62,315 | ||||||
Capitalized interest | 2,142 | 1,236 | 1,688 | |||||||||
Interest expense from continuing operations, net of capitalized interest | $ | 59,785 | $ | 63,573 | $ | 60,627 | ||||||
We recognize impairment losses on long-lived assets used in operations, development assets or land held for future development, if indicators of impairment are present and the net undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amount and estimated undiscounted cash flows associated with future development expenditures. If such carrying amount is in excess of the estimated cash flows from the operation and disposal of the property, we would recognize an impairment loss equivalent to an amount required to adjust the carrying amount to its estimated fair value, calculated in accordance with current GAAP fair value provisions (see note 3). Assets held for sale are recorded at the lower of cost or fair value less costs to sell. | ||||||||||||
We record acquired or assumed assets, including physical assets and in-place leases, and liabilities, based on their fair values. We determine the fair values of acquired buildings on an “as-if-vacant” basis considering a variety of factors, including the replacement cost of the property, estimated rental and absorption rates, estimated future cash flows and valuation assumptions consistent with current market conditions. We determine the fair value of land acquired based on comparisons to similar properties that have been recently marketed for sale or sold. | ||||||||||||
The fair value of in-place leases consists of the following components – (a) the estimated cost to us to replace the leases, including foregone rents during the period of finding a new tenant and foregone recovery of tenant pass-throughs (referred to as “absorption cost”); (b) the estimated cost of tenant improvements, and other direct costs associated with obtaining a new tenant (referred to as “tenant origination cost”); (c) estimated leasing commissions associated with obtaining a new tenant (referred to as “leasing commissions”); (d) the above/at/below market cash flow of the leases, determined by comparing the projected cash flows of the leases in place, including consideration of renewal options, to projected cash flows of comparable market-rate leases (referred to as “net lease intangible”); and (e) the value, if any, of customer relationships, determined based on our evaluation of the specific characteristics of each tenant’s lease and our overall relationship with the tenant (referred to as “customer relationship value”). We have attributed no value to customer relationships as of December 31, 2014 and 2013. | ||||||||||||
We discount the amounts used to calculate net lease intangibles using an interest rate which reflects the risks associated with the leases acquired. We include tenant origination costs in income producing property on our balance sheets and amortize the tenant origination costs as depreciation expense on a straight-line basis over the remaining life of the underlying leases. We classify leasing commissions and absorption costs as other assets and amortize leasing commissions and absorption costs as amortization expense on a straight-line basis over the remaining life of the underlying leases. We classify net lease intangible assets as other assets and amortize them on a straight-line basis as a decrease to real estate rental revenue over the remaining term of the underlying leases. We classify net lease intangible liabilities as other liabilities and amortize them on a straight-line basis as an increase to real estate rental revenue over the remaining term of the underlying leases. We classify below market net lease intangible liabilities as other liabilities and amortize them on a straight-line basis as an increase to real estate rental revenue over the remaining term of the underlying leases. If any of the fair value of below market lease intangibles includes fair value associated with a renewal option, such amounts are not amortized until the renewal option is executed, else the related value is expensed at that time. Should a tenant terminate its lease, we accelerate the amortization of the unamortized portion of the tenant origination cost, leasing commissions, absorption costs and net lease intangible associated with that lease, over its new, shorter term. | ||||||||||||
Discontinued Operations, Policy | Discontinued Operations | |||||||||||
We classify properties as held for sale when they meet the necessary criteria, which include: (a) senior management commits to and actively embarks upon a plan to sell the assets, (b) the sale is expected to be completed within one year under terms usual and customary for such sales and (c) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. We generally consider that a property has met these criteria when a sale of the property has been approved by the Board of Trustees, or a committee with authorization from the Board, there are no known significant contingencies related to the sale and management believes it is probable that the sale will be completed within one year. Depreciation on these properties is discontinued at the time they are classified as held for sale, but operating revenues, operating expenses and interest expense continue to be recognized until the date of sale. | ||||||||||||
Under ASU 2014-08, which we adopted as of January 1, 2014, revenues and expenses of properties that are either sold or classified as held for sale are presented as discontinued operations for all periods presented in the consolidated statements of income if the dispositions represent a strategic shift that has (or will have) a major effect on our operations and financial results. Interest on debt that can be identified as specifically attributed to these properties is included in discontinued operations. If the dispositions do not represent a strategic shift that has (or will have) a major effect on our operations and financial results, then the revenues and expenses of the properties that are classified as sold or held for sale are presented as continuing operations in the consolidated statements of income for all periods presented. The provisions of ASU 2014-08 apply only to properties classified as held for sale or sold after our adoption date of January 1, 2014. | ||||||||||||
Segment Reporting, Policy | Segments | |||||||||||
We evaluate performance based upon operating income from the combined properties in each segment. Our reportable operating segments are consolidations of similar properties. GAAP requires that segment disclosures present the measure(s) used by the chief operating decision maker for purposes of assessing segments’ performance. Net operating income is a key measurement of our segment profit and loss. Net operating income is defined as segment real estate rental revenue less segment real estate expenses. | ||||||||||||
Cash and Cash Equivalents, Policy | Cash and Cash Equivalents | |||||||||||
Cash and cash equivalents include cash and commercial paper with original maturities of 90 days or less. Washington REIT maintains cash deposits with financial institutions that at times exceed applicable insurance limits. Washington REIT reduces this risk by maintaining such deposits with high quality financial institutions that management believes are credit-worthy. | ||||||||||||
Restricted Cash, Policy | Restricted Cash | |||||||||||
Restricted cash includes funds escrowed for tenant security deposits, real estate tax, insurance and mortgage escrows and escrow deposits required by lenders on certain of our properties to be used for future building renovations or tenant improvements. | ||||||||||||
Earnings Per Share, Policy | Earnings Per Common Share | |||||||||||
We determine “Basic earnings per share” using the two-class method as our unvested restricted share awards and units have non-forfeitable rights to dividends, and are therefore considered participating securities. We compute basic earnings per share by dividing net income attributable to the controlling interest less the allocation of undistributed earnings to unvested restricted share awards and units by the weighted-average number of common shares outstanding for the period. | ||||||||||||
We also determine “Diluted earnings per share” under the two-class method with respect to the unvested restricted share awards. We further evaluate any other potentially dilutive securities at the end of the period and adjust the basic earnings per share calculation for the impact of those securities that are dilutive. Our dilutive earnings per share calculation includes the dilutive impact of employee stock options based on the treasury stock method and our performance share units under the contingently issuable method. The dilutive earnings per share calculation also considers our operating partnership units. | ||||||||||||
Stock based Compensation, Policy | Stock Based Compensation | |||||||||||
We currently maintain equity based compensation plans for trustees, officers and employees and previously maintained option plans for trustees, officers and employees. | ||||||||||||
We recognize compensation expense for service-based share awards ratably over the period from the service inception date through the vesting period based on the fair market value of the shares on the date of grant. We initially measure compensation expense for awards with performance conditions at fair value at the service inception date based on probability of payout, and we remeasure compensation expense at subsequent reporting dates until all of the award’s key terms and conditions are known and the grant date is established. We amortize awards with performance conditions using the graded expense method. We measure compensation expense for awards with market conditions based on the grant date fair value, as determined using a Monte Carlo simulation, and we amortize the expense ratably over the requisite service period, regardless of whether the market conditions are achieved and the awards ultimately vest. Compensation expense for the trustee grants, which fully vest immediately, is fully recognized upon issuance based upon the fair market value of the shares on the date of grant. | ||||||||||||
Accounting for Uncertainty in Income Taxes, Policy | Accounting for Uncertainty in Income Taxes | |||||||||||
We can recognize a tax benefit only if it is “more likely than not” that a particular tax position will be sustained upon examination or audit. To the extent that the “more likely than not” standard has been satisfied, the benefit associated with a tax position is measured as the largest amount that is greater than 50% likely of being recognized upon settlement. | ||||||||||||
We are subject to federal income tax as well as income tax of the states of Maryland and Virginia, and the District of Columbia. However, as a REIT, we generally are not subject to income tax on our taxable income to the extent it is distributed as dividends to our shareholders. | ||||||||||||
Tax returns filed for 2010 through 2014 tax years are subject to examination by taxing authorities. |
Nature_of_Business_Tables
Nature of Business (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Nature Of Business [Abstract] | ||||||||||||||
Schedule of Dispositions | During the three years ended December 31, 2014, we sold the following properties (in thousands): | |||||||||||||
Disposition Date | Property | Type | Gain on Sale | |||||||||||
21-Jan-14 | Medical Office Portfolio Transactions III & IV (1) | Medical Office | $ | 105,985 | ||||||||||
2-May-14 | 5740 Columbia Road | Retail | 570 | |||||||||||
Total 2014 | $ | 106,555 | ||||||||||||
19-Mar-13 | Atrium Building | Office | $ | 3,195 | ||||||||||
Nov-13 | Medical Office Portfolio Transactions I & II (2) | Medical Office / Office | 18,949 | |||||||||||
Total 2013 | $ | 22,144 | ||||||||||||
31-Aug-12 | 1700 Research Boulevard | Office | $ | 3,724 | ||||||||||
20-Dec-12 | Plumtree Medical Center | Medical Office | 1,400 | |||||||||||
Total 2012 | $ | 5,124 | ||||||||||||
(1) Woodburn Medical Park I and II and Prosperity Medical Center I, II and III. | ||||||||||||||
(2) 2440 M Street, 15001 Shady Grove Road, 15505 Shady Grove Road, 19500 at Riverside Park (formerly Lansdowne Medical Office Building), 9707 Medical Center Drive, CentreMed I and II, 8301 Arlington Boulevard, Sterling Medical Office Building, Shady Grove Medical Village II, Alexandria Professional Center, Ashburn Farm Office Park I, Ashburn Farm Office Park II, Ashburn Farm Office Park III, Woodholme Medical Office Building, two office properties (6565 Arlington Boulevard and Woodholme Center) and undeveloped land at 4661 Kenmore Avenue. | ||||||||||||||
Income from properties classified as discontinued operations for the three years ended December 31, 2014 was as follows (in thousands): | ||||||||||||||
Year Ending December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Revenues | $ | 892 | $ | 45,791 | $ | 54,344 | ||||||||
Property expenses | (346 | ) | (17,039 | ) | (18,273 | ) | ||||||||
Real estate impairment | — | — | (2,097 | ) | ||||||||||
Depreciation and amortization | — | (12,161 | ) | (18,827 | ) | |||||||||
Interest expense | — | (1,196 | ) | (4,331 | ) | |||||||||
$ | 546 | $ | 15,395 | $ | 10,816 | |||||||||
The cost of our real estate portfolio under development or held for future development as of December 31, 2014 and 2013 is as follows (in thousands): | ||||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Office | $ | 36,379 | $ | 12,175 | ||||||||||
Retail | 500 | 495 | ||||||||||||
Multifamily | 39,356 | 48,645 | ||||||||||||
$ | 76,235 | $ | 61,315 | |||||||||||
Income from properties classified as discontinued operations by property for the three years ended December 31, 2014 was as follows (in thousands): | ||||||||||||||
Year Ending December 31, | ||||||||||||||
Property | Segment | 2014 | 2013 | 2012 | ||||||||||
1700 Research Boulevard | Office | $ | — | $ | — | $ | 225 | |||||||
Plumtree Medical Center | Medical Office | — | — | 197 | ||||||||||
Atrium Building | Office | — | 185 | 1,063 | ||||||||||
Medical Office Portfolio | Medical/Office | 546 | 15,210 | 9,331 | ||||||||||
$ | 546 | $ | 15,395 | $ | 10,816 | |||||||||
We sold or classified as held for sale the following properties during the three years ended December 31, 2014: | ||||||||||||||
Property | Type | Rentable | Contract | Gain on Sale | ||||||||||
Square Feet | Sales Price | (in thousands) | ||||||||||||
(unaudited) | (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 | Medical Office / Office | 1,093,000 | 307,189 | 18,949 | ||||||||||
Total 2013 | 1,172,000 | $ | 322,939 | $ | 22,144 | |||||||||
1700 Research Boulevard | Office | 101,000 | $ | 14,250 | $ | 3,724 | ||||||||
Plumtree Medical Center | Medical Office | 33,000 | 8,750 | 1,400 | ||||||||||
Total 2012 | 134,000 | $ | 23,000 | $ | 5,124 | |||||||||
(1) These properties were initially classified as held for sale during 2013. | ||||||||||||||
(2) The property is classified as continuing operations in accordance with ASU No. 2014-08 (see note 2). All other listed properties are classified as discontinued operations in accordance with ASC 205-10, "Discontinued Operations." | ||||||||||||||
Taxable Percentage of Dividends Paid | The following is a breakdown of the taxable percentage of our dividends for these years ended December 31, 2014, 2013 and 2012, (unaudited): | |||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Ordinary income | 40 | % | 62 | % | 72 | % | ||||||||
Return of capital | 52 | % | 38 | % | 26 | % | ||||||||
Qualified dividends | — | % | — | % | — | % | ||||||||
Unrecaptured Section 1250 gain | 8 | % | — | % | 2 | % | ||||||||
Capital gain | — | % | — | % | — | % |
Accounting_Policies_Tables
Accounting Policies (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||
Capitalized Interest Expense | Interest expense from continuing operations and interest capitalized to real estate assets related to development and major renovation activities for the three years ended December 31, 2014 were as follows (in thousands): | |||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Total interest expense from continuing operations | $ | 61,927 | $ | 64,809 | $ | 62,315 | ||||||||||||||||||
Capitalized interest | 2,142 | 1,236 | 1,688 | |||||||||||||||||||||
Interest expense from continuing operations, net of capitalized interest | $ | 59,785 | $ | 63,573 | $ | 60,627 | ||||||||||||||||||
Components of Fair Value of In-Place Leases [Table Text Block] | Balances, net of accumulated depreciation or amortization, as appropriate, of the components of the fair value of in-place leases at December 31, 2014 and 2013 were as follows (in thousands): | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Gross Carrying Value | Accumulated Amortization | Net | Gross Carrying Value | Accumulated Amortization | Net | |||||||||||||||||||
Tenant origination costs | $ | 56,327 | $ | 35,463 | $ | 20,864 | $ | 47,697 | $ | 29,653 | $ | 18,044 | ||||||||||||
Leasing commissions/absorption costs | 93,729 | 60,289 | 33,440 | 78,629 | 48,376 | 30,253 | ||||||||||||||||||
Net lease intangible assets | 19,724 | 9,495 | 10,229 | 12,495 | 7,008 | 5,487 | ||||||||||||||||||
Net lease intangible liabilities | 34,027 | 20,974 | 13,053 | 26,348 | 19,403 | 6,945 | ||||||||||||||||||
Below-market ground lease intangible asset | 12,080 | 1,335 | 10,745 | 12,080 | 1,145 | 10,935 | ||||||||||||||||||
Components of Fair Value of In-Place Leases - Future Amortization [Table Text Block] | Amortization of these combined components from continuing operations over the next five years is projected to be as follows (in thousands): | |||||||||||||||||||||||
2015 | $ | 17,260 | ||||||||||||||||||||||
2016 | 13,234 | |||||||||||||||||||||||
2017 | 9,465 | |||||||||||||||||||||||
2018 | 5,844 | |||||||||||||||||||||||
2019 | 3,358 | |||||||||||||||||||||||
Real_Estate_Investments_Tables
Real Estate Investments (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Real Estate Investments, Net [Abstract] | ||||||||||||||
Schedule of Real Estate Properties [Table Text Block] | As of December 31, 2014 and 2013, our real estate investment portfolio, at cost, consists of properties as follows (in thousands): | |||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Office | $ | 1,502,052 | $ | 1,296,967 | ||||||||||
Retail | 463,716 | 415,899 | ||||||||||||
Multifamily | 505,185 | 389,361 | ||||||||||||
$ | 2,470,953 | $ | 2,102,227 | |||||||||||
Schedule of Dispositions | During the three years ended December 31, 2014, we sold the following properties (in thousands): | |||||||||||||
Disposition Date | Property | Type | Gain on Sale | |||||||||||
21-Jan-14 | Medical Office Portfolio Transactions III & IV (1) | Medical Office | $ | 105,985 | ||||||||||
2-May-14 | 5740 Columbia Road | Retail | 570 | |||||||||||
Total 2014 | $ | 106,555 | ||||||||||||
19-Mar-13 | Atrium Building | Office | $ | 3,195 | ||||||||||
Nov-13 | Medical Office Portfolio Transactions I & II (2) | Medical Office / Office | 18,949 | |||||||||||
Total 2013 | $ | 22,144 | ||||||||||||
31-Aug-12 | 1700 Research Boulevard | Office | $ | 3,724 | ||||||||||
20-Dec-12 | Plumtree Medical Center | Medical Office | 1,400 | |||||||||||
Total 2012 | $ | 5,124 | ||||||||||||
(1) Woodburn Medical Park I and II and Prosperity Medical Center I, II and III. | ||||||||||||||
(2) 2440 M Street, 15001 Shady Grove Road, 15505 Shady Grove Road, 19500 at Riverside Park (formerly Lansdowne Medical Office Building), 9707 Medical Center Drive, CentreMed I and II, 8301 Arlington Boulevard, Sterling Medical Office Building, Shady Grove Medical Village II, Alexandria Professional Center, Ashburn Farm Office Park I, Ashburn Farm Office Park II, Ashburn Farm Office Park III, Woodholme Medical Office Building, two office properties (6565 Arlington Boulevard and Woodholme Center) and undeveloped land at 4661 Kenmore Avenue. | ||||||||||||||
Income from properties classified as discontinued operations for the three years ended December 31, 2014 was as follows (in thousands): | ||||||||||||||
Year Ending December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Revenues | $ | 892 | $ | 45,791 | $ | 54,344 | ||||||||
Property expenses | (346 | ) | (17,039 | ) | (18,273 | ) | ||||||||
Real estate impairment | — | — | (2,097 | ) | ||||||||||
Depreciation and amortization | — | (12,161 | ) | (18,827 | ) | |||||||||
Interest expense | — | (1,196 | ) | (4,331 | ) | |||||||||
$ | 546 | $ | 15,395 | $ | 10,816 | |||||||||
The cost of our real estate portfolio under development or held for future development as of December 31, 2014 and 2013 is as follows (in thousands): | ||||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Office | $ | 36,379 | $ | 12,175 | ||||||||||
Retail | 500 | 495 | ||||||||||||
Multifamily | 39,356 | 48,645 | ||||||||||||
$ | 76,235 | $ | 61,315 | |||||||||||
Income from properties classified as discontinued operations by property for the three years ended December 31, 2014 was as follows (in thousands): | ||||||||||||||
Year Ending December 31, | ||||||||||||||
Property | Segment | 2014 | 2013 | 2012 | ||||||||||
1700 Research Boulevard | Office | $ | — | $ | — | $ | 225 | |||||||
Plumtree Medical Center | Medical Office | — | — | 197 | ||||||||||
Atrium Building | Office | — | 185 | 1,063 | ||||||||||
Medical Office Portfolio | Medical/Office | 546 | 15,210 | 9,331 | ||||||||||
$ | 546 | $ | 15,395 | $ | 10,816 | |||||||||
We sold or classified as held for sale the following properties during the three years ended December 31, 2014: | ||||||||||||||
Property | Type | Rentable | Contract | Gain on Sale | ||||||||||
Square Feet | Sales Price | (in thousands) | ||||||||||||
(unaudited) | (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 | Medical Office / Office | 1,093,000 | 307,189 | 18,949 | ||||||||||
Total 2013 | 1,172,000 | $ | 322,939 | $ | 22,144 | |||||||||
1700 Research Boulevard | Office | 101,000 | $ | 14,250 | $ | 3,724 | ||||||||
Plumtree Medical Center | Medical Office | 33,000 | 8,750 | 1,400 | ||||||||||
Total 2012 | 134,000 | $ | 23,000 | $ | 5,124 | |||||||||
(1) These properties were initially classified as held for sale during 2013. | ||||||||||||||
(2) The property is classified as continuing operations in accordance with ASU No. 2014-08 (see note 2). All other listed properties are classified as discontinued operations in accordance with ASC 205-10, "Discontinued Operations." | ||||||||||||||
Schedule Of Real Estate Property Acquired [Table Text Block] | Our current strategy is focused on properties inside the Washington metro region’s Beltway, near major transportation nodes and in areas with strong employment drivers and superior growth demographics. We seek to upgrade our portfolio with acquisitions as opportunities arise. Properties and land for development acquired during the years ending December 31, 2014, 2013 and 2012 were as follows: | |||||||||||||
Acquisition Date | Property | Type | Rentable | Contract | ||||||||||
Square Feet | Purchase Price | |||||||||||||
(unaudited) | (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 | ||||||||||
October 1, 2014 | Spring Valley Retail Center | Retail | 75,000 | 40,500 | ||||||||||
Total 2014 | 368,000 | $ | 297,000 | |||||||||||
October 1, 2013 | The Paramount (135 units) | Multifamily | N/A | $ | 48,200 | |||||||||
Total 2013 | $ | 48,200 | ||||||||||||
June 21, 2012 | Fairgate at Ballston | Office | 142,000 | $ | 52,250 | |||||||||
Total 2012 | 142,000 | $ | 52,250 | |||||||||||
Revenue and Earnings From Acquisition [Table Text Block] | The revenue and earnings of our acquisitions during their year of acquisition for the three years ended December 31, 2014 are as follows (in thousands): | |||||||||||||
Year Ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Real estate rental revenue | $ | 16,260 | $ | 907 | $ | 3,358 | ||||||||
Net (loss) income | (3,168 | ) | (105 | ) | 325 | |||||||||
Total Purchase Price Of Acquisitions [Table Text Block] | We have recorded the total purchase price of the above acquisitions as follows (in thousands): | |||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Land | $ | 104,403 | $ | 8,568 | $ | 17,750 | ||||||||
Buildings | 172,671 | 37,930 | 26,893 | |||||||||||
Tenant origination costs | 9,377 | 32 | 3,100 | |||||||||||
Leasing commissions/absorption costs | 16,474 | 943 | 4,172 | |||||||||||
Net lease intangible assets | 7,331 | 102 | 508 | |||||||||||
Net lease intangible liabilities | (8,323 | ) | (117 | ) | (173 | ) | ||||||||
Fair value of assumed mortgage | (107,125 | ) | — | — | ||||||||||
Furniture, fixtures & equipment | 932 | 742 | — | |||||||||||
Total | $ | 195,740 | $ | 48,200 | $ | 52,250 | ||||||||
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 years ended December 31, 2014 and 2013 as if the above described acquisitions in 2014 had occurred on January 1, 2013. 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 years ended December 31, 2014 and 2013. The unaudited data presented is in thousands, except per share data. | |||||||||||||
Year Ended December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Real estate revenues | $ | 295,876 | $ | 286,523 | ||||||||||
Income (loss) from continuing operations | $ | 4,524 | $ | (4,128 | ) | |||||||||
Net income | $ | 111,055 | $ | 33,411 | ||||||||||
Diluted earnings per share | $ | 1.66 | $ | 0.5 | ||||||||||
Land and Capitalized Development Costs [Table Text Block] | We include joint venture land acquisitions and related capitalized development costs on our consolidated balance sheets in properties under development or held for future development until placed in service or sold. As of December 31, 2014 and 2013 the land and capitalized development costs for 1225 First Street were as follows (in thousands): | |||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Properties under development or held for future development | $ | 20,807 | $ | 20,788 | ||||||||||
Schedule Of Accounts Payable And Accrued Liabilities Of Joint Ventures [Table Text Block] | As of December 31, 2014 and 2013 the liabilities for 1225 First Street were as follows (in thousands): | |||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Accounts payable and other liabilities | $ | 38 | $ | 39 | ||||||||||
As of December 31, 2014 and 2013, The Maxwell's liabilities were as follows (in thousands): | ||||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Mortgage notes payable | $ | 27,690 | $ | 7,297 | ||||||||||
Accounts payable and other liabilities | 2,196 | 1,785 | ||||||||||||
Tenant security deposits | 17 | — | ||||||||||||
$ | 29,903 | $ | 9,082 | |||||||||||
schedule of assets in joint venture [Table Text Block] | As of December 31, 2014 and 2013 The Maxwell's assets were as follows (in thousands): | |||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Land | $ | 12,851 | $ | — | ||||||||||
Income producing property | 18,432 | — | ||||||||||||
Properties under development or held for future development | 17,947 | 27,343 | ||||||||||||
$ | 49,230 | $ | 27,343 | |||||||||||
Schedule of income statement results for medical office segment sold [Table Text Block] [Table Text Block] | The impact of the sale on our medical office segment on revenues and net income is summarized as follows (in thousands, except per share data): | |||||||||||||
Year Ending December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Real estate revenues | $ | 892 | $ | 41,012 | $ | 44,674 | ||||||||
Net income | 546 | 14,044 | 8,128 | |||||||||||
Basic and diluted net income per share | 0.01 | 0.21 | 0.12 | |||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | As of December 31, 2014 and 2013, investment in real estate for properties sold or held for sale were as follows (in thousands): | |||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Medical office | $ | — | $ | 125,967 | ||||||||||
Less accumulated depreciation | — | (46,066 | ) | |||||||||||
Investment in real estate sold or held for sale, net | $ | — | $ | 79,901 | ||||||||||
As of December 31, 2014 and 2013, liabilities related to properties sold or held for sale were as follows (in thousands): | ||||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Other liabilities | $ | — | $ | 1,533 | ||||||||||
Mortgage_Notes_Payable_Tables
Mortgage Notes Payable (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Notes Payable, Noncurrent [Abstract] | ||||||||||||||||
Schedule of Debt | As of December 31, 2014 and 2013, we had outstanding mortgage notes payable, each collateralized by one or more buildings and related land from our portfolio, as follows (in thousands): | |||||||||||||||
December 31, | ||||||||||||||||
Properties | Assumption/Issuance Date (1) | Effective Interest Rate (2) | 2014 | 2013 | Payoff Date/Maturity Date | |||||||||||
Army Navy Club Building | 3/26/14 | 3.18 | % | $ | 52,235 | $ | — | 5/1/17 | ||||||||
Yale West (3) | 2/21/14 | 3.75 | % | 53,029 | — | 1/31/22 | ||||||||||
The Maxwell (4), (5) | 2/21/13 | 2.31 | % | 27,690 | 7,297 | 2/21/16 | ||||||||||
John Marshall II | 9/15/11 | 5.79 | % | 51,810 | 52,563 | 5/5/16 | ||||||||||
Olney Village Center | 8/30/11 | 4.94 | % | 19,070 | 20,743 | 10/1/23 | ||||||||||
Kenmore Apartments | 2/2/09 | 5.37 | % | 34,305 | 34,937 | 3/1/19 | ||||||||||
2445 M Street (5) | 12/2/08 | 7.25 | % | 99,357 | 98,102 | 1/6/17 | ||||||||||
3801 Connecticut Avenue, Walker House and Bethesda Hill (6) | 5/29/08 | 5.71 | % | 81,029 | 81,029 | 6/1/16 | ||||||||||
$ | 418,525 | $ | 294,671 | |||||||||||||
(1) Each of these mortgages was assumed with the acquisition of the collateralized properties, except for the mortgage notes secured by 3801 Connecticut Avenue, Walker House, Bethesda Hill, Kenmore Apartments, and the construction loan secured by the development project at The Maxwell, which were originally executed by Washington REIT. We record mortgages assumed in an acquisition at fair value, and balances presented include any recorded premiums or discounts. | ||||||||||||||||
(2) Yield on the assumption/issuance date, including the effects of any premiums, discounts or fair value adjustments on the notes. | ||||||||||||||||
(3) The maturity date of the mortgage note is January 1, 2052, but can be prepaid, without penalty, beginning on January 31, 2022. | ||||||||||||||||
(4) Interest rate on The Maxwell is variable, based on LIBOR plus 2.15%. The maturity date can be extended for up to two years, subject to fees and compliance with certain provisions in the loan agreement, until February 20, 2018. | ||||||||||||||||
(5) Interest only is payable monthly until the maturity date upon which all unpaid principal and interest are payable in full. | ||||||||||||||||
(6) Interest only is payable monthly until the maturity date, which can be extended for one year upon which the interest rate is reset on June 1, 2016. At maturity on June 1, 2017, all unpaid principal and interest are payable in full. | ||||||||||||||||
Schedule of Maturities of Long-term Debt | Scheduled principal payments subsequent to December 31, 2014 are as follows (in thousands): | |||||||||||||||
2015 | $ | 4,512 | ||||||||||||||
2016 | 163,637 | |||||||||||||||
2017 | 154,436 | |||||||||||||||
2018 | 3,135 | |||||||||||||||
2019 | 33,909 | |||||||||||||||
Thereafter | 54,871 | |||||||||||||||
414,500 | ||||||||||||||||
Net discounts/premiums | 4,025 | |||||||||||||||
Total | $ | 418,525 | ||||||||||||||
The required principal payments excluding the effects of note discounts or premium for the remaining years subsequent to December 31, 2014 are as follows (in thousands): | ||||||||||||||||
2015 | $ | 150,000 | ||||||||||||||
2016 | — | |||||||||||||||
2017 | — | |||||||||||||||
2018 | — | |||||||||||||||
2019 | — | |||||||||||||||
Thereafter | 600,000 | |||||||||||||||
$ | 750,000 | |||||||||||||||
Unsecured_Lines_Of_Credit_Paya1
Unsecured Lines Of Credit Payable (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Unsecured Debt [Abstract] | ||||||||||||
Lines Of Credit Unused And Available | The amounts of these lines of credit unused and available at December 31, 2014 were as follows (in thousands): | |||||||||||
Credit Facility No. 1 | Credit Facility No. 2 | |||||||||||
Committed capacity | $ | 100,000 | $ | 400,000 | ||||||||
Borrowings outstanding | (5,000 | ) | (45,000 | ) | ||||||||
Letters of credit issued | — | — | ||||||||||
Unused and available | $ | 95,000 | $ | 355,000 | ||||||||
Repayments And Borrowings On Unsecured Lines Of Credit | We executed borrowings and repayments on the unsecured lines of credit during 2014 as follows (in thousands): | |||||||||||
Credit Facility No. 1 | Credit Facility No. 2 | |||||||||||
Balance at December 31, 2013 | $ | — | $ | — | ||||||||
Borrowings | 10,000 | 45,000 | ||||||||||
Repayments | (5,000 | ) | — | |||||||||
Balance at December 31, 2014 | $ | 5,000 | $ | 45,000 | ||||||||
Facility Fees and interest expense, Line of Credit | For the three years ended December 31, 2014, we recognized interest expense (excluding facility fees) and facility fees as follows (in thousands): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Interest expense (excluding facility fees) | $ | 196 | $ | 867 | $ | 1,253 | ||||||
Facility fees | 1,267 | 1,267 | 1,062 | |||||||||
Schedule of Revolving Credit Facilities Covenant Compliance | Information related to revolving credit facilities for the three years ended December 31, 2014 as follows (in thousands, except percentage amounts): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Total revolving credit facilities at December 31 | $ | 500,000 | $ | 500,000 | $ | 500,000 | ||||||
Borrowings outstanding at December 31 | 50,000 | — | — | |||||||||
Weighted average daily borrowings during the year | 12,849 | 61,548 | 108,589 | |||||||||
Maximum daily borrowings during the year | 55,000 | 135,000 | 242,000 | |||||||||
Weighted average interest rate during the year | 1.53 | % | 1.41 | % | 1.15 | % | ||||||
Weighted average interest rate on borrowings outstanding at December 31 | 1.37 | % | N/A | N/A | ||||||||
Notes_Payable_Tables
Notes Payable (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Notes Payable [Abstract] | ||||||||||||
Schedule of Long-term Debt Instruments | Our unsecured notes outstanding as of December 31, 2014 were as follows (in thousands): | |||||||||||
Coupon/Stated Rate | Effective Rate (1) | Principal Amount | Maturity Date (2) | |||||||||
10 Year Unsecured Notes | 5.35 | % | 5.359 | % | $ | 50,000 | 5/1/15 | |||||
10 Year Unsecured Notes | 5.35 | % | 5.49 | % | 100,000 | 5/1/15 | ||||||
10 Year Unsecured Notes | 4.95 | % | 5.053 | % | 250,000 | 10/1/20 | ||||||
10 Year Unsecured Notes | 3.95 | % | 4.018 | % | 300,000 | 10/15/22 | ||||||
30 Year Unsecured Notes | 7.25 | % | 7.36 | % | 50,000 | 2/25/28 | ||||||
Total principal | 750,000 | |||||||||||
Net unamortized discount | (2,792 | ) | ||||||||||
Total | $ | 747,208 | ||||||||||
(1) Yield on issuance date, including the effects of discounts on the notes. | ||||||||||||
(2) No principal amounts are due prior to maturity. | ||||||||||||
Schedule of Maturities of Long-term Debt | Scheduled principal payments subsequent to December 31, 2014 are as follows (in thousands): | |||||||||||
2015 | $ | 4,512 | ||||||||||
2016 | 163,637 | |||||||||||
2017 | 154,436 | |||||||||||
2018 | 3,135 | |||||||||||
2019 | 33,909 | |||||||||||
Thereafter | 54,871 | |||||||||||
414,500 | ||||||||||||
Net discounts/premiums | 4,025 | |||||||||||
Total | $ | 418,525 | ||||||||||
The required principal payments excluding the effects of note discounts or premium for the remaining years subsequent to December 31, 2014 are as follows (in thousands): | ||||||||||||
2015 | $ | 150,000 | ||||||||||
2016 | — | |||||||||||
2017 | — | |||||||||||
2018 | — | |||||||||||
2019 | — | |||||||||||
Thereafter | 600,000 | |||||||||||
$ | 750,000 | |||||||||||
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Share-based Compensation [Abstract] | ||||||||||||
Schedule Of Stock-Based Compensation Expense | Total compensation expense recognized in the consolidated financial statements for the three years ended December 31, 2014 for all share based awards, was as follows (in thousands): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Stock-based compensation expense | $ | 4,995 | $ | 6,246 | $ | 5,856 | ||||||
Schedule of Restricted Share Awards [Table Text Block] | The activity for the three years ended December 31, 2014 related to our restricted share awards, excluding those subject to market conditions, was as follows: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | ||||||||||||
Shares | Wtd Avg Grant Fair Value | |||||||||||
Unvested at December 31, 2011 | 331,003 | $ | 28.39 | |||||||||
Granted | 36,884 | 26.4 | ||||||||||
Vested during year | (211,485 | ) | 28.39 | |||||||||
Forfeited | (6,599 | ) | 27.61 | |||||||||
Unvested at December 31, 2012 | 149,803 | 27.37 | ||||||||||
Granted | 141,609 | 26.3 | ||||||||||
Vested during year | (158,657 | ) | 26.66 | |||||||||
Forfeited | (2,940 | ) | 27.8 | |||||||||
Unvested at December 31, 2013 | 129,815 | 27.06 | ||||||||||
Granted | 210,817 | 23.93 | ||||||||||
Vested during year | (236,498 | ) | 25.06 | |||||||||
Forfeited | (10,467 | ) | 25.8 | |||||||||
Unvested at December 31, 2014 | 93,667 | 25.22 | ||||||||||
Performance Share Units with Market Conditions [Table Text Block] | Stock based awards with market conditions under the LTIP were granted in February 2014 with fair market values, as determined using a Monte Carlo simulation, as follows (in thousands): | |||||||||||
Grant Date Fair Value | ||||||||||||
Restricted | Unrestricted | |||||||||||
Relative TSR | $ | 458 | $ | 1,376 | ||||||||
Absolute TSR | 327 | 921 | ||||||||||
Schedule Of Unamortized Value Of Awards With Market Conditions [Table Text Block] | The unamortized value of these awards with market conditions as of December 31, 2014 was as follows (in thousands): | |||||||||||
Restricted | Unrestricted | |||||||||||
Relative TSR | $ | 354 | $ | 841 | ||||||||
Absolute TSR | 251 | 549 | ||||||||||
Other_Benefit_Plans_Tables
Other Benefit Plans (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ||||||||||||
Schedule of 401 (k) Employer Contributions | For the three years ended December 31, 2014, we made contributions to the 401(k) plan as follows (in thousands): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
401(k) plan contributions | $ | 423 | $ | 428 | $ | 467 | ||||||
Schedule of Deferred Compensation Liability | The deferred compensation liability at December 31, 2014 and 2013 was as follows (in thousands): | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Deferred compensation liability | $ | 1,556 | $ | 1,437 | ||||||||
Schedule of Current Service Cost, Current Officers | For the three years ended December 31, 2014, we recognized current service cost as follows (in thousands): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Officer SERP current service cost | $ | 306 | $ | 325 | $ | 342 | ||||||
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||
Financial Assets And Liabilities Measured At Fair Value | The fair values of these assets at December 31, 2014 and 2013 were as follows (in thousands): | |||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs | Significant Unobservable Inputs | Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||||||
(Level 2) | (Level 3) | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
SERP | $ | 2,778 | $ | — | $ | 2,778 | $ | — | $ | 3,290 | $ | — | $ | 3,290 | $ | — | ||||||||||||||||
Financial Assets And Liabilities Not Measured At Fair Value | As of December 31, 2014 and 2013, the carrying values and estimated fair values of our financial instruments were as follows (in thousands): | |||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | |||||||||||||||||||||||||||||
Value | Value | |||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 15,827 | $ | 15,827 | $ | 130,343 | $ | 130,343 | ||||||||||||||||||||||||
Restricted cash | 10,299 | 10,299 | 9,189 | 9,189 | ||||||||||||||||||||||||||||
2445 M Street note receivable | 4,404 | 5,113 | 6,070 | 6,803 | ||||||||||||||||||||||||||||
Mortgage notes payable | 418,525 | 433,762 | 294,671 | 313,476 | ||||||||||||||||||||||||||||
Lines of credit payable | 50,000 | 50,000 | — | — | ||||||||||||||||||||||||||||
Notes payable | 747,208 | 782,042 | 846,703 | 856,171 | ||||||||||||||||||||||||||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Computation Of Basic And Diluted Earnings Per Share | The computation of basic and diluted earnings per share for the three years ended December 31, 2014 was as follows (in thousands; except per share data): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator: | ||||||||||||
Income (loss) from continuing operations | $ | 5,070 | $ | (193 | ) | $ | 7,768 | |||||
Allocation of undistributed earnings to unvested restricted share awards and units to continuing operations | 5 | — | (191 | ) | ||||||||
Adjusted income (loss) from continuing operations attributable to the controlling interests | 5,075 | (193 | ) | 7,577 | ||||||||
Income from discontinued operations, including gain on sale of real estate, net of taxes | 106,531 | 37,539 | 15,940 | |||||||||
Net income attributable to noncontrolling interests | 38 | — | — | |||||||||
Allocation of undistributed earnings to unvested restricted share awards and units to discontinued operations | (322 | ) | (415 | ) | (391 | ) | ||||||
Adjusted income from discontinued operations attributable to the controlling interests | 106,247 | 37,124 | 15,549 | |||||||||
Adjusted net income attributable to the controlling interests | $ | 111,322 | $ | 36,931 | $ | 23,126 | ||||||
Denominator: | ||||||||||||
Weighted average shares outstanding – basic | 66,795 | 66,580 | 66,239 | |||||||||
Effect of dilutive securities: | ||||||||||||
Employee stock options and restricted share awards | 42 | — | 137 | |||||||||
Weighted average shares outstanding – diluted | 66,837 | 66,580 | 66,376 | |||||||||
Earnings per common share, basic: | ||||||||||||
Continuing operations | $ | 0.08 | $ | — | $ | 0.11 | ||||||
Discontinued operations | 1.59 | 0.55 | 0.24 | |||||||||
$ | 1.67 | $ | 0.55 | $ | 0.35 | |||||||
Earnings per common share, diluted: | ||||||||||||
Continuing operations | $ | 0.08 | $ | — | $ | 0.11 | ||||||
Discontinued operations | 1.59 | 0.55 | 0.24 | |||||||||
$ | 1.67 | $ | 0.55 | $ | 0.35 | |||||||
Rentals_Under_Operating_Leases1
Rentals Under Operating Leases (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Rentals Under Operating Leases [Abstract] | ||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases | As of December 31, 2014, non-cancelable commercial operating leases provide for minimum rental income from continuing operations were as follows (in thousands): | |||||||||||
2015 | $ | 192,105 | ||||||||||
2016 | 176,751 | |||||||||||
2017 | 156,837 | |||||||||||
2018 | 134,039 | |||||||||||
2019 | 112,575 | |||||||||||
Thereafter | 316,645 | |||||||||||
$ | 1,088,952 | |||||||||||
Reimbursement Income | Real estate tax, operating expense and common area maintenance reimbursement income from continuing operations for the three years ended December 31, 2014 was as follows (in thousands): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Reimbursement income | $ | 31,610 | $ | 26,822 | $ | 25,528 | ||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | ||||||||||||||||||||||||
Real Estate Rental Revenue, Percent | Real estate rental revenue as a percentage of the total for each of the reportable operating segments in continuing operations for the three years ended December 31, 2014 was as follows: | |||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Office | 57 | % | 58 | % | 58 | % | ||||||||||||||||||
Retail | 21 | % | 21 | % | 21 | % | ||||||||||||||||||
Multifamily | 22 | % | 21 | % | 21 | % | ||||||||||||||||||
Percentage of Real Estate Assets by Segment | The percentage of total income producing real estate assets, at cost, for each of the reportable operating segments in continuing operations as of December 31, 2014 and 2013 was as follows: | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Office | 61 | % | 62 | % | ||||||||||||||||||||
Retail | 19 | % | 20 | % | ||||||||||||||||||||
Multifamily | 20 | % | 18 | % | ||||||||||||||||||||
Reconciliation Of Net Operating Income Of Reportable Segments | The following tables present revenues, net operating income, capital expenditures and total assets for the three years ended December 31, 2014 from these segments, and reconciles net operating income of reportable segments to net income attributable to the controlling interests as reported (in thousands): | |||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||
Office | Retail | Multifamily | Corporate | Consolidated | ||||||||||||||||||||
and Other | ||||||||||||||||||||||||
Real estate rental revenue | $ | 166,116 | $ | 60,263 | $ | 62,258 | $ | — | $ | 288,637 | ||||||||||||||
Real estate expenses | 63,903 | 14,022 | 25,770 | — | 103,695 | |||||||||||||||||||
Net operating income | $ | 102,213 | $ | 46,241 | $ | 36,488 | $ | — | $ | 184,942 | ||||||||||||||
Depreciation and amortization | (96,011 | ) | ||||||||||||||||||||||
General and administrative | (19,761 | ) | ||||||||||||||||||||||
Acquisition costs | (5,710 | ) | ||||||||||||||||||||||
Interest expense | (59,785 | ) | ||||||||||||||||||||||
Other income | 825 | |||||||||||||||||||||||
Gain on sale of real estate | 570 | |||||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||
Income from properties sold or held for sale | 546 | |||||||||||||||||||||||
Gain on sale of real estate | 105,985 | |||||||||||||||||||||||
Net income | 111,601 | |||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | 38 | |||||||||||||||||||||||
Net income attributable to the controlling interests | $ | 111,639 | ||||||||||||||||||||||
Capital expenditures | $ | 43,128 | $ | 5,496 | $ | 9,186 | $ | 1,719 | $ | 59,529 | ||||||||||||||
Total assets | $ | 1,284,523 | $ | 385,174 | $ | 408,772 | $ | 35,238 | $ | 2,113,707 | ||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
Office | Medical | Retail | Multifamily | Corporate | Consolidated | |||||||||||||||||||
Office | and Other | |||||||||||||||||||||||
Real estate rental revenue | $ | 152,339 | $ | — | $ | 56,189 | $ | 54,496 | $ | — | $ | 263,024 | ||||||||||||
Real estate expenses | 57,293 | — | 13,768 | 22,232 | — | 93,293 | ||||||||||||||||||
Net operating income | $ | 95,046 | $ | — | $ | 42,421 | $ | 32,264 | $ | — | $ | 169,731 | ||||||||||||
Depreciation and amortization | (85,740 | ) | ||||||||||||||||||||||
General and administrative | (17,535 | ) | ||||||||||||||||||||||
Acquisition costs | (1,265 | ) | ||||||||||||||||||||||
Interest expense | (63,573 | ) | ||||||||||||||||||||||
Other income | 926 | |||||||||||||||||||||||
Loss on extinguishment of debt | (2,737 | ) | ||||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||
Income from properties sold or held for sale | 15,395 | |||||||||||||||||||||||
Gain on sale of real estate | 22,144 | |||||||||||||||||||||||
Net income | 37,346 | |||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | — | |||||||||||||||||||||||
Net income attributable to the controlling interests | $ | 37,346 | ||||||||||||||||||||||
Capital expenditures | $ | 37,777 | $ | 3,695 | $ | 4,204 | $ | 10,153 | $ | 162 | $ | 55,991 | ||||||||||||
Total assets | $ | 1,073,302 | $ | 84,001 | $ | 344,207 | $ | 309,117 | $ | 164,866 | $ | 1,975,493 | ||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||
Office | Medical | Retail | Multifamily | Corporate | Consolidated | |||||||||||||||||||
Office | and Other | |||||||||||||||||||||||
Real estate rental revenue | $ | 147,401 | $ | — | $ | 54,506 | $ | 52,887 | $ | — | $ | 254,794 | ||||||||||||
Real estate expenses | 53,376 | — | 12,702 | 20,467 | — | 86,545 | ||||||||||||||||||
Net operating income | $ | 94,025 | $ | — | $ | 41,804 | $ | 32,420 | $ | — | $ | 168,249 | ||||||||||||
Depreciation and amortization | (85,107 | ) | ||||||||||||||||||||||
General and administrative | (15,488 | ) | ||||||||||||||||||||||
Acquisition costs | (234 | ) | ||||||||||||||||||||||
Interest expense | (60,627 | ) | ||||||||||||||||||||||
Other income | 975 | |||||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||
Income from properties sold or held for sale | 10,816 | |||||||||||||||||||||||
Gain on sale of real estate | 5,124 | |||||||||||||||||||||||
Net income | 23,708 | |||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | — | |||||||||||||||||||||||
Net income attributable to the controlling interests | $ | 23,708 | ||||||||||||||||||||||
Capital expenditures | $ | 35,330 | $ | 7,004 | $ | 2,977 | $ | 5,869 | $ | 555 | $ | 51,735 | ||||||||||||
Total assets | $ | 1,140,046 | $ | 327,573 | $ | 355,585 | $ | 249,503 | $ | 51,669 | $ | 2,124,376 | ||||||||||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Schedule of Quarterly Financial Information | Unaudited financial data by quarter for each of the three months in the years ended December 31, 2014 and 2013 were as follows (in thousands, except for per share data): | |||||||||||||||
Quarter(1)(2) | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
2014 | ||||||||||||||||
Real estate rental revenue | $ | 68,611 | $ | 72,254 | $ | 73,413 | $ | 74,359 | ||||||||
Income (loss) from continuing operations | $ | (2,265 | ) | $ | 1,368 | $ | 3,658 | $ | 2,309 | |||||||
Income from operations of properties sold or held for sale - medical office segment | $ | 546 | $ | — | $ | — | $ | — | ||||||||
Net income | $ | 104,554 | $ | 1,080 | $ | 3,658 | $ | 2,309 | ||||||||
Net income attributable to the controlling interests | $ | 104,554 | $ | 1,087 | $ | 3,668 | $ | 2,330 | ||||||||
Income (loss) from continuing operations per share | ||||||||||||||||
Basic | $ | (0.04 | ) | $ | 0.02 | $ | 0.05 | $ | 0.03 | |||||||
Diluted | $ | (0.04 | ) | $ | 0.02 | $ | 0.05 | $ | 0.03 | |||||||
Net income per share | ||||||||||||||||
Basic | $ | 1.56 | $ | 0.02 | $ | 0.05 | $ | 0.03 | ||||||||
Diluted | $ | 1.56 | $ | 0.02 | $ | 0.05 | $ | 0.03 | ||||||||
2013 | ||||||||||||||||
Real estate rental revenue | $ | 64,560 | $ | 65,915 | $ | 65,828 | $ | 66,721 | ||||||||
Income (loss) from continuing operations | $ | 857 | $ | 1,538 | $ | 1,709 | $ | (4,297 | ) | |||||||
Income from operations of properties sold or held for sale - medical office segment | $ | 2,821 | $ | 3,439 | $ | 3,820 | $ | 3,964 | ||||||||
Net income | $ | 7,335 | $ | 5,263 | $ | 5,840 | $ | 18,908 | ||||||||
Net income attributable to the controlling interests | $ | 7,335 | $ | 5,263 | $ | 5,840 | $ | 18,908 | ||||||||
Income from continuing operations per share | ||||||||||||||||
Basic | $ | 0.01 | $ | 0.02 | $ | 0.03 | $ | (0.06 | ) | |||||||
Diluted | $ | 0.01 | $ | 0.02 | $ | 0.03 | $ | (0.06 | ) | |||||||
Net income per share | ||||||||||||||||
Basic | $ | 0.11 | $ | 0.08 | $ | 0.09 | $ | 0.28 | ||||||||
Diluted | $ | 0.11 | $ | 0.08 | $ | 0.09 | $ | 0.28 | ||||||||
(1) | With regard to per share calculations, the sum of the quarterly results may not equal full year results due to rounding. | |||||||||||||||
(2) | The first quarter of 2014, fourth quarter of 2013 and first quarter of 2013 include gains on sale of real estate in discontinued operations of $106.0 million, $18.9 million and $3.2 million, respectively. |
Deferred_Costs_Tables
Deferred Costs (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Schedule of Deferred Cost | As of December 31, 2014 and 2013 deferred costs were included in prepaid expenses and other assets as follows (in thousands): | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Gross Carrying | Accumulated | Net | Gross Carrying | Accumulated | Net | |||||||||||||||||||
Value | Amortization | Value | Amortization | |||||||||||||||||||||
Deferred financing costs | $ | 18,836 | $ | 11,801 | $ | 7,035 | $ | 17,842 | $ | 8,950 | $ | 8,892 | ||||||||||||
Deferred leasing costs | 50,943 | 18,351 | 32,592 | 39,642 | 14,788 | 24,854 | ||||||||||||||||||
Deferred leasing incentives | 14,194 | 3,605 | 10,589 | 7,143 | 2,417 | 4,726 | ||||||||||||||||||
Schedule of Amortization and Write-Offs of Deferred Financing, Leasing, and Leasing Incentive Costs | Amortization and write-offs of deferred financing, leasing and leasing incentives costs from continuing operations for the three years ended December 31, 2014 were as follows (in thousands): | |||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Deferred financing costs amortization | $ | 2,851 | $ | 2,550 | $ | 2,411 | ||||||||||||||||||
Deferred leasing costs amortization | 4,699 | 4,279 | 3,635 | |||||||||||||||||||||
Deferred leasing incentives amortization | 1,704 | 980 | 675 | |||||||||||||||||||||
Nature_Of_Business_Details
Nature Of Business (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||
Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 21, 2014 | Dec. 20, 2012 | 2-May-14 | Aug. 31, 2012 | |
Nature of Business [Line Items] | |||||||||||
Percentage of Distribution of Ordinary Taxable Income | 90.00% | ||||||||||
Gain on sale of real estate | $105,985,000 | $22,144,000 | $5,124,000 | ||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 570,000 | 0 | 0 | ||||||||
Disposal Group, Including Discontinued Operation, Gain (Loss) on Disposal | 106,000,000 | 18,900,000 | 3,200,000 | 106,555,000 | 22,144,000 | 5,124,000 | |||||
Ordinary income | 40.00% | 62.00% | 72.00% | ||||||||
Return of capital | 52.00% | 38.00% | 26.00% | ||||||||
Qualified dividends | 0.00% | 0.00% | 0.00% | ||||||||
Unrecaptured Section 1250 gain | 8.00% | 0.00% | 2.00% | ||||||||
Capital gain | 0.00% | 0.00% | 0.00% | ||||||||
Dulles Station II [Member] | |||||||||||
Nature of Business [Line Items] | |||||||||||
Real estate impairment | 14,500,000 | ||||||||||
Taxable Reit Subsidiary [Member] | |||||||||||
Nature of Business [Line Items] | |||||||||||
Deferred Tax Assets, Net | 0 | 0 | 0 | ||||||||
Deferred Tax Liabilities | 600,000 | 600,000 | 600,000 | ||||||||
Taxable Reit Subsidiary [Member] | Dulles Station II [Member] | |||||||||||
Nature of Business [Line Items] | |||||||||||
Deferred Tax Liabilities, Other | 5,700,000 | ||||||||||
Medical Office Building [Member] | Medical Office Portfolio Transactions III & IV [Member] | |||||||||||
Nature of Business [Line Items] | |||||||||||
Gain on sale of real estate | 105,985,000 | 105,985,000 | |||||||||
Medical Office Building [Member] | Plumtree Medical Center [Member] | |||||||||||
Nature of Business [Line Items] | |||||||||||
Gain on sale of real estate | 1,400,000 | 1,400,000 | |||||||||
Retail [Member] | 5740 Columbia Road [Member] | |||||||||||
Nature of Business [Line Items] | |||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 570,000 | ||||||||||
Medical Office And Office Building [Member] | Medical Office Portfolio Transactions I & II [Member] | |||||||||||
Nature of Business [Line Items] | |||||||||||
Gain on sale of real estate | 18,949,000 | ||||||||||
Office [Member] | Atrium Building [Member] | |||||||||||
Nature of Business [Line Items] | |||||||||||
Gain on sale of real estate | 3,195,000 | ||||||||||
Office [Member] | Research Boulevard 1700 [Member] | |||||||||||
Nature of Business [Line Items] | |||||||||||
Gain on sale of real estate | $3,724,000 |
Accounting_Policies_Revenue_Re
Accounting Policies - Revenue Recognition and Accounts Receivable and Allowance (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Property Subject to or Available for Operating Lease [Line Items] | ||
Notes receivable, net | 4.4 | $6.20 |
Office and Retail | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Lessor Leasing Arrangements, Operating Leases, Term of Contract | 7 years |
Accounting_Policies_Real_Estat
Accounting Policies - Real Estate and Depreciation (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Line Items] | |||
Real estate depreciation | $71,400,000 | $63,400,000 | $61,100,000 |
Total interest expense from continuing operations | 61,927,000 | 64,809,000 | 62,315,000 |
Capitalized interest | 2,142,000 | 1,236,000 | 1,688,000 |
Interest expense from continuing operations, net of capitalized interest | $59,785,000 | $63,573,000 | $60,627,000 |
Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life | 3 years | ||
Minimum [Member] | Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life | 28 years | ||
Minimum [Member] | Building and Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life | 3 years | ||
Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life | 50 years | ||
Maximum [Member] | Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life | 50 years | ||
Maximum [Member] | Building and Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life | 30 years |
Accounting_Policies_Fair_value
Accounting Policies Fair value of in place leases (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Tenant Origination Costs Member | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $56,327 | $47,697 |
Finite-Lived Intangible Assets, Accumulated Amortization | 35,463 | 29,653 |
Finite-Lived Intangible Assets, Net | 20,864 | 18,044 |
Leasing Commissions Absorption Costs Member | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 93,729 | 78,629 |
Finite-Lived Intangible Assets, Accumulated Amortization | 60,289 | 48,376 |
Finite-Lived Intangible Assets, Net | 33,440 | 30,253 |
Net Lease Intangible Assets Member | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 19,724 | 12,495 |
Finite-Lived Intangible Assets, Accumulated Amortization | 9,495 | 7,008 |
Finite-Lived Intangible Assets, Net | 10,229 | 5,487 |
Net Lease Intangible Liabilities Member | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Liabilities, Net Lease, Gross | 34,027 | 26,348 |
Finite-lived Intangible Liabilities, Net Lease, Accumulated Amortization | 20,974 | 19,403 |
Finite-lived Intangible Liabilities, Net Lease, Net | 13,053 | 6,945 |
Leases, Acquired-in-Place, Below-Market Ground Lease [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 12,080 | 12,080 |
Finite-Lived Intangible Assets, Accumulated Amortization | 1,335 | 1,145 |
Finite-Lived Intangible Assets, Net | $10,745 | $10,935 |
Accounting_Policies_amortizati
Accounting Policies amortization of leased assets (Details) (Leases, Acquired-in-Place [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Leases, Acquired-in-Place [Member] | |||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Amortization of Leased Asset | $20.30 | $17.30 | $19.60 |
Accounting_Policies_Acquired_f
Accounting Policies Acquired finite-lived intangible assets (Details) (Leases, Acquired-in-Place [Member], USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Leases, Acquired-in-Place [Member] | |
Impaired Intangible Assets [Line Item] | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $17,260 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 13,234 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 9,465 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 5,844 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $3,358 |
Real_Estate_Investments_Contin
Real Estate Investments - Continuing Operations (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Real Estate Properties [Line Items] | ||
Real estate investment property, at cost | $2,470,953 | $2,102,227 |
Properties under development or held for future development | 76,235 | 61,315 |
Office [Member] | ||
Real Estate Properties [Line Items] | ||
Real estate investment property, at cost | 1,502,052 | 1,296,967 |
Properties under development or held for future development | 36,379 | 12,175 |
Retail [Member] | ||
Real Estate Properties [Line Items] | ||
Real estate investment property, at cost | 463,716 | 415,899 |
Properties under development or held for future development | 500 | 495 |
Multifamily [Member] | ||
Real Estate Properties [Line Items] | ||
Real estate investment property, at cost | 505,185 | 389,361 |
Properties under development or held for future development | 39,356 | 48,645 |
Six Fifty North Glebe Road [Member] | ||
Real Estate Properties [Line Items] | ||
Real estate investment property, at cost | 31,300 | |
Properties under development or held for future development | 17,900 | |
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $17,947 | $27,343 |
Real_Estate_Investments_Acquis
Real Estate Investments - Acquistions (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 26, 2014 | 2-May-14 | Oct. 02, 2014 | Jun. 21, 2012 | Feb. 21, 2014 | Oct. 02, 2013 | |
note | sqft | sqft | sqft | sqft | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Contract Purchase Price | $2,470,953,000 | $2,102,227,000 | $2,470,953,000 | $2,102,227,000 | |||||||||||||
Real estate rental revenue | 74,359,000 | 73,413,000 | 72,254,000 | 68,611,000 | 66,721,000 | 65,828,000 | 65,915,000 | 64,560,000 | 288,637,000 | 263,024,000 | 254,794,000 | ||||||
Land | 104,403,000 | 8,568,000 | 17,750,000 | ||||||||||||||
Buildings | 172,671,000 | 37,930,000 | 26,893,000 | ||||||||||||||
Tenant origination costs | 9,377,000 | 32,000 | 9,377,000 | 32,000 | 3,100,000 | ||||||||||||
Leasing commissions/absorption costs | 16,474,000 | 943,000 | 16,474,000 | 943,000 | 4,172,000 | ||||||||||||
Net lease intangible assets | 7,331,000 | 102,000 | 7,331,000 | 102,000 | 508,000 | ||||||||||||
Net lease intangible liabilities | -8,323,000 | -117,000 | -8,323,000 | -117,000 | -173,000 | ||||||||||||
Fair value of assumed mortgage | -107,125,000 | 0 | -107,125,000 | 0 | 0 | ||||||||||||
Furniture, fixtures & equipment | 932,000 | 742,000 | 932,000 | 742,000 | 0 | ||||||||||||
Total property purchase price | 195,740,000 | 48,200,000 | 52,250,000 | ||||||||||||||
Payments to Acquire Real Estate | 194,536,000 | 48,200,000 | 52,142,000 | ||||||||||||||
Number of Mortgage Notes Assumed | 2 | ||||||||||||||||
Notes Assumed | 100,900,000 | ||||||||||||||||
Credits received at settlement | 100,000 | ||||||||||||||||
Business Acquisition, Pro Forma Revenue | 295,876,000 | 286,523,000 | |||||||||||||||
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations before Changes in Accounting and Extraordinary Items, Net of Tax | 4,524,000 | -4,128,000 | |||||||||||||||
Business Acquisition, Pro Forma Net Income (Loss) | 111,055,000 | 33,411,000 | |||||||||||||||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $1.66 | $0.50 | |||||||||||||||
Tenant Origination Costs Member | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Weighted remaining average life, in months | 66 months | ||||||||||||||||
Leasing Commissions Absorption Costs Member | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Weighted remaining average life, in months | 59 months | ||||||||||||||||
Net Lease Intangible Assets Member | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Weighted remaining average life, in months | 69 months | ||||||||||||||||
Net Lease Intangible Liabilities Member | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Weighted remaining average life, in months | 105 months | ||||||||||||||||
Property Acquired [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Rentable Square Feet | 368,000 | 142,000 | |||||||||||||||
Contract Purchase Price | 297,000,000 | 48,200,000 | 297,000,000 | 48,200,000 | 52,250,000 | ||||||||||||
Real estate rental revenue | 16,260,000 | 907,000 | 3,358,000 | ||||||||||||||
Net (loss) income | -3,168,000 | -105,000 | 325,000 | ||||||||||||||
Property Acquired [Member] | Yale West [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Contract Purchase Price | 73,000,000 | ||||||||||||||||
Other Payments to Acquire Businesses | 3,600,000 | ||||||||||||||||
Property Acquired [Member] | The Army Navy Club Building [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Rentable Square Feet | 108,000 | ||||||||||||||||
Contract Purchase Price | 79,000,000 | ||||||||||||||||
Property Acquired [Member] | 1775 Eye Street [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Rentable Square Feet | 185,000 | ||||||||||||||||
Contract Purchase Price | 104,500,000 | ||||||||||||||||
Other Payments to Acquire Businesses | 1,900,000 | ||||||||||||||||
Property Acquired [Member] | Spring Vally Retail Center [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Rentable Square Feet | 75,000 | ||||||||||||||||
Contract Purchase Price | 40,500,000 | ||||||||||||||||
Property Acquired [Member] | The Paramount [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Contract Purchase Price | 48,200,000 | ||||||||||||||||
Property Acquired [Member] | Fairgate at Ballston [Member] | |||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Rentable Square Feet | 142,000 | ||||||||||||||||
Contract Purchase Price | $52,250,000 |
Real_Estate_Investments_Noncon
Real Estate Investments - Noncontrolling Interests in Subsidiaries and VIEs (Details) (USD $) | 12 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | |||
Dec. 31, 2014 | Jun. 30, 2011 | Dec. 31, 2013 | Nov. 30, 2011 | Aug. 31, 2007 | Feb. 21, 2013 | ||
acre | |||||||
Real Estate Properties [Line Items] | |||||||
Percentage of capital contribution through debt | 70.00% | ||||||
Land | $543,546,000 | $426,575,000 | |||||
Mortgage notes payable | 418,525,000 | 294,671,000 | |||||
Minimum [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Ownership percentage | 90.00% | ||||||
Maximum [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Ownership percentage | 95.00% | ||||||
4661 Kenmore Avenue [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Land, Acres Held | 0.8 | ||||||
Six Fifty North Glebe Road [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 17,947,000 | 27,343,000 | |||||
Estimated development costs | 49,900,000 | ||||||
Construction loan agreement | 33,000,000 | ||||||
Ownership percentage | 90.00% | ||||||
Percentage Of residential property to be leased to achieve project stabilization stage | 90.00% | ||||||
Ownership percentage by noncontrolling owners | 10.00% | ||||||
Land | 12,851,000 | 0 | |||||
Investment Building and Building Improvements | 18,432,000 | 0 | |||||
Real Estate Investments, Joint Ventures | 49,230,000 | 27,343,000 | |||||
Mortgage notes payable | 27,690,000 | 7,297,000 | [1],[2] | ||||
Construction Payable | 2,196,000 | 1,785,000 | |||||
Accrued Liabilities | 17,000 | 0 | |||||
Variable Interest Entity, Classification of Carrying Amount, Liabilities | 29903 | 9082 | |||||
1225 First Street [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 20,807,000 | 20,788,000 | |||||
Estimated development costs | 95,300,000 | ||||||
Ownership percentage | 95.00% | ||||||
Ownership percentage by noncontrolling owners | 5.00% | ||||||
Percentage of capital contribution through debt | 70.00% | ||||||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | $38,000 | $39,000 | |||||
[1] | Interest rate on The Maxwell is variable, based on LIBOR plus 2.15%. The maturity date can be extended for up to two years, subject to fees and compliance with certain provisions in the loan agreement, until February 20, 2018. | ||||||
[2] | Interest only is payable monthly until the maturity date upon which all unpaid principal and interest are payable in full. |
Real_Estate_Investments_Proper
Real Estate Investments - Properties Sold or Held for Sale (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Jan. 21, 2014 | Dec. 20, 2012 | Aug. 31, 2012 |
sqft | sqft | sqft | sqft | agreements | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Rentable Square Feet | 1,172,000 | 430,000 | 1,172,000 | 134,000 | ||||||
Sale Price | $322,939 | $195,161 | $322,939 | $23,000 | ||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 570 | 0 | 0 | |||||||
Gain on sale of real estate | 105,985 | 22,144 | 5,124 | |||||||
Disposal Group, Including Discontinued Operation, Gain (Loss) on Disposal | 106,000 | 18,900 | 3,200 | 106,555 | 22,144 | 5,124 | ||||
Net income | 106,531 | 37,539 | 15,940 | |||||||
Real Estate Held for Sale, Accumulated Depreciation | -46,066 | 0 | -46,066 | |||||||
Investment in real estate sold or held for sale, net | 79,901 | 0 | 79,901 | |||||||
Other Liabilities Of Assets Held For Sale | 1,533 | 0 | 1,533 | |||||||
Depreciation and amortization | -96,011 | -97,901 | -103,934 | |||||||
Income from properties sold or held for sale | 546 | 15,395 | 10,816 | |||||||
Atrium Building [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Income from properties sold or held for sale | 0 | 185 | 1,063 | |||||||
Plumtree Medical Center [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Income from properties sold or held for sale | 0 | 0 | 197 | |||||||
Medical Office Porfolio [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Income from properties sold or held for sale | 546 | 15,210 | 9,331 | |||||||
Research Boulevard 1700 [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Income from properties sold or held for sale | 0 | 0 | 225 | |||||||
Medical Office Porfolio [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Sale Price | 500,800 | |||||||||
Number of Purchase and Sale Agreements | 4 | |||||||||
Real estate revenues | 892 | 41,012 | 44,674 | |||||||
Net income | 546 | 14,044 | 8,128 | |||||||
Discontinued operations (in dollars per share) | $0.01 | $0.21 | $0.12 | |||||||
Discontinued Properties Member | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Real estate revenues | 892 | 45,791 | 54,344 | |||||||
Property expenses | -346 | -17,039 | -18,273 | |||||||
Real estate impairment | 0 | 0 | -2,097 | |||||||
Depreciation and amortization | 0 | -12,161 | -18,827 | |||||||
Interest expense | 0 | -1,196 | -4,331 | |||||||
Medical Office Building [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Real Estate Held-for-sale, Gross | 125,967 | 0 | 125,967 | |||||||
Medical Office Building [Member] | Medical Office Portfolio Transactions III & IV [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Rentable Square Feet | 427,000 | |||||||||
Sale Price | 193,561 | |||||||||
Gain on sale of real estate | 105,985 | 105,985 | ||||||||
Medical Office Building [Member] | Plumtree Medical Center [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Rentable Square Feet | 33,000 | |||||||||
Sale Price | 8,750 | |||||||||
Gain on sale of real estate | 1,400 | 1,400 | ||||||||
Retail [Member] | Gateway 7-11 [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Rentable Square Feet | 3,000 | |||||||||
Sale Price | 1,600 | |||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 570 | |||||||||
Office [Member] | Atrium Building [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Rentable Square Feet | 79,000 | 79,000 | ||||||||
Sale Price | 15,750 | 15,750 | ||||||||
Gain on sale of real estate | 3,195 | |||||||||
Office [Member] | 1700 Research Boulevard [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Rentable Square Feet | 101,000 | |||||||||
Sale Price | 14,250 | |||||||||
Gain on sale of real estate | 3,724 | |||||||||
Office [Member] | Research Boulevard 1700 [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Gain on sale of real estate | 3,724 | |||||||||
Office [Member] | Medical Office Porfolio [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Number of Buildings Sold | 2 | |||||||||
Medical Office And Office Building [Member] | Medical Office Portfolio Transactions I & II [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Rentable Square Feet | 1,093,000 | 1,093,000 | ||||||||
Sale Price | 307,189 | 307,189 | ||||||||
Gain on sale of real estate | $18,949 |
Real_Estate_Investments_Real_E
Real Estate Investments - Real Estate Impairment (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Real Estate Properties [Line Items] | ||||
Real estate impairment, including amounts in discontinued operations | $2,100 | $0 | $0 | $2,097 |
Real Estate Investment Property, Net | 1,906,754 | 1,598,200 | ||
4661 Kenmore Avenue [Member] | ||||
Real Estate Properties [Line Items] | ||||
Real Estate Investment Property, Net | $3,800 |
Mortgage_Notes_Payable_Details
Mortgage Notes Payable (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | |||
Mortgage Loans on Real Estate [Line Items] | ||||
Collateral for mortgage notes payable | 1 | |||
Mortgage notes payable | $418,525,000 | $294,671,000 | ||
Carrying Amount, Mortgaged Properties | 607,800,000 | 433,700,000 | ||
The Army Navy Club Building [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Debt Instrument, Issuance Date | 26-Mar-14 | [1] | ||
Mortgage note, fair value interest rate | 3.18% | [2] | ||
Mortgage notes payable | 52,235,000 | 0 | ||
Debt Instrument, Maturity Date | 1-May-17 | |||
Yale West [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Debt Instrument, Issuance Date | 21-Feb-14 | [1] | ||
Mortgage note, fair value interest rate | 3.75% | [2] | ||
Mortgage notes payable | 53,029,000 | 0 | ||
Debt Instrument, Maturity Date | 31-Jan-22 | |||
Six Fifty North Glebe Road [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Debt Instrument, Issuance Date | 21-Feb-13 | [1],[3],[4] | ||
Mortgage note, fair value interest rate | 2.31% | [2],[3],[4] | ||
Mortgage notes payable | 27,690,000 | 7,297,000 | [3],[4] | |
Debt Instrument, Maturity Date | 21-Feb-16 | [3],[4] | ||
Extension term | 2 years | |||
John Marshall II Member | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Debt Instrument, Issuance Date | 15-Sep-11 | [1] | ||
Mortgage note, fair value interest rate | 5.79% | [2] | ||
Mortgage notes payable | 51,810,000 | 52,563,000 | ||
Debt Instrument, Maturity Date | 5-May-16 | |||
Olney Village Center Member | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Debt Instrument, Issuance Date | 30-Aug-11 | [1] | ||
Mortgage note, fair value interest rate | 4.94% | [2] | ||
Mortgage notes payable | 19,070,000 | 20,743,000 | ||
Debt Instrument, Maturity Date | 1-Oct-23 | |||
Kenmore Apartments [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Debt Instrument, Issuance Date | 2-Feb-09 | [1] | ||
Mortgage note, fair value interest rate | 5.37% | [2] | ||
Mortgage notes payable | 34,305,000 | 34,937,000 | ||
Debt Instrument, Maturity Date | 1-Mar-19 | |||
2445 M Street [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Debt Instrument, Issuance Date | 2-Dec-08 | [1],[3] | ||
Mortgage note, fair value interest rate | 7.25% | [2],[3] | ||
Mortgage notes payable | 99,357,000 | [3] | 98,102,000 | [3] |
Debt Instrument, Maturity Date | 6-Jan-17 | [3] | ||
3801 Connecticut, Walker House, Bethesda Hill [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Debt Instrument, Issuance Date | 29-May-08 | [1],[5] | ||
Mortgage note, fair value interest rate | 5.71% | [2],[5] | ||
Mortgage notes payable | $81,029,000 | [5] | $81,029,000 | [5] |
Debt Instrument, Maturity Date | 1-Jun-16 | [5] | ||
Extension term | 1 year | |||
London Interbank Offered Rate (LIBOR) [Member] | Six Fifty North Glebe Road [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Spread on variable rate | 2.15% | |||
[1] | Each of these mortgages was assumed with the acquisition of the collateralized properties, except for the mortgage notes secured by 3801 Connecticut Avenue, Walker House, Bethesda Hill, Kenmore Apartments, and the construction loan secured by the development project at The Maxwell, which were originally executed by Washington REIT. We record mortgages assumed in an acquisition at fair value, and balances presented include any recorded premiums or discounts. | |||
[2] | Yield on the assumption/issuance date, including the effects of any premiums, discounts or fair value adjustments on the notes. | |||
[3] | Interest only is payable monthly until the maturity date upon which all unpaid principal and interest are payable in full. | |||
[4] | Interest rate on The Maxwell is variable, based on LIBOR plus 2.15%. The maturity date can be extended for up to two years, subject to fees and compliance with certain provisions in the loan agreement, until February 20, 2018. | |||
[5] | Interest only is payable monthly until the maturity date, which can be extended for one year upon which the interest rate is reset on June 1, 2016. At maturity on June 1, 2017, all unpaid principal and interest are payable in full. |
Mortgage_Notes_Payable_Schedul
Mortgage Notes Payable - Scheduled Principal Payments (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Notes Payable, Noncurrent [Abstract] | ||
2015 | $4,512 | |
2016 | 163,637 | |
2017 | 154,436 | |
2018 | 3,135 | |
2019 | 33,909 | |
Thereafter | 54,871 | |
Total principal | 414,500 | |
Net discounts, premiums | 4,025 | |
Secured Debt | $418,525 | $294,671 |
Unsecured_Lines_Of_Credit_Paya2
Unsecured Lines Of Credit Payable - Lines Of Credit Unused and Available (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 23, 2015 | |
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Commitment Fee Amount | $1,267,000 | $1,267,000 | $1,062,000 | |
Committed capacity | 500,000,000 | 500,000,000 | 500,000,000 | |
Borrowings outstanding | -50,000,000 | 0 | 0 | |
Letters of Credit Outstanding, Amount | 0 | 0 | ||
Credit Facility No. 1 [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Committed capacity | 100,000,000 | |||
Borrowings outstanding | -5,000,000 | 0 | ||
Letters of Credit Outstanding, Amount | 0 | |||
Unused and available | 95,000,000 | |||
Credit Facility No. 2 [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Committed capacity | 400,000,000 | |||
Borrowings outstanding | -45,000,000 | 0 | ||
Letters of Credit Outstanding, Amount | 0 | |||
Unused and available | 355,000,000 | |||
Credit Facility Accordion Feature [Member] | Credit Facility No. 1 [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Committed capacity | 200,000,000 | |||
Credit Facility Accordion Feature [Member] | Credit Facility No. 2 [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Committed capacity | 600,000,000 | |||
Subsequent Event [Member] | Credit Facility No. 2 [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Letters of Credit Outstanding, Amount | $15,500,000 |
Unsecured_Lines_Of_Credit_Paya3
Unsecured Lines Of Credit Payable - Repayments and Borrowings on Unsecured Lines of Credit (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Periodic Payment, Interest | $196,000 | $867,000 | $1,253,000 |
Line of Credit Facility, Amount Outstanding [Roll Forward] | |||
Balance at December 31, 2013 | 0 | 0 | |
Balance at December 31, 2014 | 50,000,000 | 0 | 0 |
Line Of Credit Extension Term | 1 year | ||
Line of Credit Facility, Commitment Fee Percentage | 0.25% | ||
Line of Credit Facility, Commitment Fee Amount | 1,267,000 | 1,267,000 | 1,062,000 |
Total revolving credit facilities at December 31 | 500,000,000 | 500,000,000 | 500,000,000 |
Lines of credit | 50,000,000 | 0 | 0 |
Weighted average daily borrowings during the year | 12,849,000 | 61,548,000 | 108,589,000 |
Maximum daily borrowings during the year | 55,000,000 | 135,000,000 | 242,000,000 |
Weighted average interest rate during the year | 0.00% | 0.00% | 0.00% |
Weighted average interest rate at period end | 0.00% | ||
Credit Facility No. 1 [Member] | |||
Line of Credit Facility, Amount Outstanding [Roll Forward] | |||
Balance at December 31, 2013 | 0 | ||
Borrowings | 10,000,000 | ||
Repayments | -5,000,000 | ||
Balance at December 31, 2014 | 5,000,000 | ||
Line of Credit Facility, Expiration Date | 30-Jun-15 | ||
Total revolving credit facilities at December 31 | 100,000,000 | ||
Lines of credit | 5,000,000 | ||
Credit Facility No. 2 [Member] | |||
Line of Credit Facility, Amount Outstanding [Roll Forward] | |||
Balance at December 31, 2013 | 0 | ||
Borrowings | 45,000,000 | ||
Repayments | 0 | ||
Balance at December 31, 2014 | 45,000,000 | ||
Line of Credit Facility, Expiration Date | 31-Jul-16 | ||
Total revolving credit facilities at December 31 | 400,000,000 | ||
Lines of credit | $45,000,000 | ||
London Interbank Offered Rate (LIBOR) [Member] | Credit Facility No. 1 [Member] | |||
Line of Credit Facility, Amount Outstanding [Roll Forward] | |||
Spread on variable rate | 1.20% | ||
London Interbank Offered Rate (LIBOR) [Member] | Credit Facility No. 2 [Member] | |||
Line of Credit Facility, Amount Outstanding [Roll Forward] | |||
Spread on variable rate | 1.20% |
Notes_Payable_Details
Notes Payable (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | |||
Total principal | $414,500 | ||
Notes Payable | 747,208 | 846,703 | |
Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Total principal | 750,000 | ||
Net unamortized discount | -2,792 | ||
Notes Payable | 747,208 | ||
Unsecured Debt [Member] | 10 Year Unsecured Notes 5.359% [Member] | |||
Debt Instrument [Line Items] | |||
Coupon stated rate | 5.35% | ||
Effective rate | 5.36% | [1] | |
Notes Payable | 50,000 | ||
Debt Instrument, Maturity Date | 1-May-15 | [2] | |
Unsecured Debt [Member] | 10 Year Unsecured Notes 5.49% [Member] | |||
Debt Instrument [Line Items] | |||
Coupon stated rate | 5.35% | ||
Effective rate | 5.49% | [1] | |
Notes Payable | 100,000 | ||
Debt Instrument, Maturity Date | 1-May-15 | [2] | |
Unsecured Debt [Member] | 10 Year Unsecured Notes 5.053% [Member] | |||
Debt Instrument [Line Items] | |||
Coupon stated rate | 4.95% | ||
Effective rate | 5.05% | [1] | |
Notes Payable | 250,000 | ||
Debt Instrument, Maturity Date | 1-Oct-20 | [2] | |
Unsecured Debt [Member] | 10 Year Unsecured Notes 3.950 % [Member] | |||
Debt Instrument [Line Items] | |||
Coupon stated rate | 3.95% | ||
Effective rate | 4.02% | [1] | |
Notes Payable | 300,000 | ||
Debt Instrument, Maturity Date | 15-Oct-22 | [2] | |
Unsecured Debt [Member] | 20 Year Unsecured Notes [Member] | |||
Debt Instrument [Line Items] | |||
Coupon stated rate | 7.25% | ||
Effective rate | 7.36% | [1] | |
Notes Payable | $50,000 | ||
Debt Instrument, Maturity Date | 25-Feb-28 | [2] | |
Unsecured Debt [Member] | 10 Year Unsecured Notes 5.125% [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Maturities, Repayment Terms | 100000 | ||
Unsecured Debt [Member] | 10 Year Unsecured Notes 5.34% [Member] | |||
Debt Instrument [Line Items] | |||
Coupon stated rate | 5.25% | ||
[1] | Yield on issuance date, including the effects of discounts on the notes. | ||
[2] | No principal amounts are due prior to maturity. |
Notes_Payable_Maturities_of_No
Notes Payable - Maturities of Notes Payable (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Long-term Debt of Registrant, Maturities, Repayments of Principal, Fiscal Year Maturity [Abstract] | |
2015 | $4,512 |
2016 | 163,637 |
2017 | 154,436 |
2018 | 3,135 |
2019 | 33,909 |
Thereafter | 54,871 |
Total principal | 414,500 |
Unsecured Debt [Member] | |
Long-term Debt of Registrant, Maturities, Repayments of Principal, Fiscal Year Maturity [Abstract] | |
2015 | 150,000 |
2016 | 0 |
2017 | 0 |
2018 | 0 |
2019 | 0 |
Thereafter | 600,000 |
Total principal | $750,000 |
Notes_Payable_Line_of_Credit_C
Notes Payable - Line of Credit Covenants (Details) (USD $) | 12 Months Ended |
In Billions, unless otherwise specified | Dec. 31, 2014 |
Notes Payable [Abstract] | |
U.S. Covered Terrorism Losses, Percent | 0.85 |
Insurance Provider, Covered Terrorism Losses, Percent | 0.1 |
Aggregate Insured Terrorism Losses | $100 |
Stock_Based_Compensation_Narra
Stock Based Compensation - Narrative (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 23, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of Potential Award Based Upon Service Requirement | 15.00% | |||
Percentage of potential award based upon strategic plan fulfillment | 20.00% | |||
Award vesting period | 1 year | |||
Trustee share-based compensation | $55,000 | $55,000 | $55,000 | |
Allocated Share-based Compensation Expense | 4,995,000 | 6,246,000 | 5,856,000 | |
Fair value of restricted share units vested | 6,100,000 | 3,800,000 | 5,600,000 | |
Restricted Share Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total compensation cost not yet recognized, period for recognition | 17 months | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 1,200,000 | |||
Washington Real Estate Investment Trust 2007 Omnibus Long Term Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized | 2,000,000 | |||
Plan in effect, period | 10 years | |||
Options outstanding | 0 | |||
New STIP [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of Potential Award Based Upon Service Requirement | 50.00% | |||
Awards, Vested after Performance Period, Percentage | 50.00% | |||
Performance period | 1 year | |||
New STIP [Member] | Performance-Based Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 3 years | |||
New LTIP [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage payable In unrestricted shares | 75.00% | |||
Percentage payable in restricted shares | 25.00% | |||
Award vesting period | 3 years | |||
Awards, Vested after Performance Period, Percentage | 75.00% | |||
Awards, Vested after Performance Period, Additional Service Period, Percentage | 25.00% | |||
Performance period | 3 years | |||
Total compensation cost not yet recognized, period for recognition | 4 years | |||
Percentage of Potential Award Based Upon absolute TSR | 50.00% | |||
Percentage of Potential Award Based Upon relative TSR | 50.00% | |||
Grant date fair value as a percentage of base salary | 150.00% | |||
Weighting for performance measurement based on cumulative 3-Year total shareholder return | 50.00% | |||
Weighting for performance measurement based on 20 peer comapnies | 50.00% | |||
Fair value assumptions, expected volatility rate | 23.20% | |||
Fair value assumptions, risk free interest rate | 0.80% | |||
Closing share price, date of grant | $24.08 | |||
New LTIP [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance period | 1 year | |||
Grant date fair value as a percentage of base salary | 80.00% | |||
Fair value assumptions, expected term | 3 years | |||
Grant Date Fair Value as a Percentage of Base Salary on absolute TSR | 20.00% | |||
Grant Date Fair Value as a Percentage of Base Salary on relative TSR | 35.00% | |||
Grant Date Fair Value as a Percentage of Base Salary on absolute TSR transition year one | 10.00% | |||
Grant Date Fair Value as a Percentage of Base Salary on relative TSR transition year one | 11.00% | |||
Grant Date Fair Value as a Percentage of Base Salary on relative TSR transition year two | 23.00% | |||
Grant Date Fair Value as a Percentage of Base Salary on absolute TSR transition year two | 16.00% | |||
New LTIP [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance period | 2 years | |||
Fair value assumptions, expected term | 4 years | |||
Grant Date Fair Value as a Percentage of Base Salary on absolute TSR | 38.00% | |||
Grant Date Fair Value as a Percentage of Base Salary on relative TSR | 67.00% | |||
Grant Date Fair Value as a Percentage of Base Salary on absolute TSR transition year one | 20.00% | |||
Grant Date Fair Value as a Percentage of Base Salary on relative TSR transition year one | 20.00% | |||
Grant Date Fair Value as a Percentage of Base Salary on relative TSR transition year two | 43.00% | |||
Grant Date Fair Value as a Percentage of Base Salary on absolute TSR transition year two | 30.00% | |||
Cash [Member] | New STIP [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage payable In unrestricted shares | 100.00% | |||
Cash [Member] | New STIP [Member] | Performance-Based Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage payable In unrestricted shares | 50.00% | |||
Unrestricted Share Awards [Member] | New LTIP [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total compensation cost not yet recognized, period for recognition | 3 years | |||
Restricted Share Units [Member] | New STIP [Member] | Performance-Based Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage payable in restricted shares | 50.00% | |||
Restricted Share Units [Member] | New LTIP [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance period | 1 year | |||
Restricted Share Units [Member] | New LTIP [Member] | Performance-Based Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total compensation cost not yet recognized, period for recognition | 4 years | |||
Chief Executive Officer [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost | $1,000,000 |
Stock_Based_Compensation_Restr
Stock Based Compensation - Restricted Share Awards (Details) (Restricted Share Awards [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Share Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Other Than Options, Nonvested, Number, Beginning | 129,815 | 149,803 | 331,003 |
Other Than Options, Granted | 210,817 | 141,609 | 36,884 |
Other Than Options, Vested During Year | -236,498 | -158,657 | -211,485 |
Other Than Options, Forfeited | -10,467 | -2,940 | -6,599 |
Other Than Options, Nonvested, Number, Beginning | 93,667 | 129,815 | 149,803 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Other Than Options, Nonvested, Weighted Average Grant Date Fair Value | $27.06 | $27.37 | $28.39 |
Other Than Options, Granted, Weighted Average Grant Date Fair Value | $23.93 | $26.30 | $26.40 |
Other Than Options, Vested During Year, Weighted Average Grant Date Fair Value | $25.06 | $26.66 | $28.39 |
Other Than Options, Forfeited, Weighted Average Grant Date Fair Value | $25.80 | $27.80 | $27.61 |
Other Than Options, Nonvested, Weighted Average Grant Date Fair Value | $25.22 | $27.06 | $27.37 |
Stock_Based_Compensation_Restr1
Stock Based Compensation - Restricted and Unrestricted Shares with Market Conditions (Details) (USD $) | 1 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Feb. 28, 2011 | Dec. 31, 2014 |
Relative TSR [Member] | Restricted Share Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted and Unrestricted Share Awards, Grant Date Fair Value | $458 | |
Unamortized Value Of Restricted and Unrestricted Shares | 354 | |
Relative TSR [Member] | Unrestricted Share Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted and Unrestricted Share Awards, Grant Date Fair Value | 1,376 | |
Unamortized Value Of Restricted and Unrestricted Shares | 841 | |
Absolute TSR [Member] | Restricted Share Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted and Unrestricted Share Awards, Grant Date Fair Value | 327 | |
Unamortized Value Of Restricted and Unrestricted Shares | 251 | |
Absolute TSR [Member] | Unrestricted Share Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted and Unrestricted Share Awards, Grant Date Fair Value | 921 | |
Unamortized Value Of Restricted and Unrestricted Shares | $549 |
Other_Benefit_Plans_Details
Other Benefit Plans (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
401I(k) plan contributions by employer | $423,000 | $428,000 | $467,000 |
Deferred Compensation Liability | 1,556,000 | 1,437,000 | |
Officer SERP current service cost | 306,000 | 325,000 | 342,000 |
Officer [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Accrued benefit liability | $2,800,000 | $3,300,000 |
Fair_Value_Disclosures_Financi
Fair Value Disclosures (Financial Assets And Liabilities Measured At Fair Value) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets: SERP | $2,778 | $3,290 |
Cash and Cash Equivalents and Restricted Cash Maturity Period | 90 days | |
Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets: SERP | 0 | 0 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets: SERP | 2,778 | 3,290 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets: SERP | $0 | $0 |
Fair_Value_Disclosures_Financi1
Fair Value Disclosures (Financial Assets And Liabilities Not Measured At Fair Value) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | $15,827 | $130,343 | $19,105 | $12,451 |
Restricted cash | 10,299 | 9,189 | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 130,343 | |||
Restricted cash | 9,189 | |||
Mortgage notes payable | 418,525 | 294,671 | ||
Lines of credit payable | 50,000 | 0 | ||
Notes payable | 747,208 | 846,703 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 15,827 | 130,343 | ||
Restricted cash | 10,299 | 9,189 | ||
Mortgage notes payable | 433,762 | 313,476 | ||
Lines of credit payable | 50,000 | 0 | ||
Notes payable | 782,042 | 856,171 | ||
2445 M Street [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
2445 M Street note receivable | 4,404 | 6,070 | ||
2445 M Street [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
2445 M Street note receivable | $5,113 | $6,803 |
Earnings_Per_Common_Share_Comp
Earnings Per Common Share - Computation Of Basic And Diluted Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||
Units of Partnership Interest, Amount | 0 | 0 | |||||||||||||||||
Income (loss) from continuing operations | $2,309 | $3,658 | $1,368 | ($2,265) | ($4,297) | $1,709 | $1,538 | $857 | $5,070 | ($193) | $7,768 | ||||||||
Allocation of undistributed earnings to unvested restricted share awards and units to continuing operations | -5 | 0 | 191 | ||||||||||||||||
Adjusted income (loss) from continuing operations attributable to the controlling interests | 5,075 | -193 | 7,577 | ||||||||||||||||
Income from discontinued operations, including gain on sale of real estate, net of taxes | 106,531 | 37,539 | 15,940 | ||||||||||||||||
Net income attributable to noncontrolling interests | 38 | 0 | 0 | ||||||||||||||||
Allocation of undistributed earnings to unvested restricted share awards and units to discontinued operations | -322 | -415 | -391 | ||||||||||||||||
Adjusted income from discontinued operations attributable to the controlling interests | 106,247 | 37,124 | 15,549 | ||||||||||||||||
Adjusted net income attributable to the controlling interests | $111,322 | $36,931 | $23,126 | ||||||||||||||||
Weighted average shares outstanding – basic | 66,795,000 | 66,580,000 | 66,239,000 | ||||||||||||||||
Employee stock options and restricted share awards | 42,000 | 0 | 137,000 | ||||||||||||||||
Weighted average shares outstanding - diluted | 66,837,000 | 66,580,000 | 66,376,000 | ||||||||||||||||
Continuing operations - basic (in dollars per share) | $0.03 | [1] | $0.05 | [1] | $0.02 | [1] | ($0.04) | [1] | ($0.06) | [1] | $0.03 | [1] | $0.02 | [1] | $0.01 | [1] | $0.08 | $0 | $0.11 |
Discontinued operations (in dollars per share) | $1.59 | $0.55 | $0.24 | ||||||||||||||||
Basic earnings: Adjusted net income attributable to the controlling interests - Per Share Amount | $0.03 | [1] | $0.05 | [1] | $0.02 | [1] | $1.56 | [1] | $0.28 | [1] | $0.09 | [1] | $0.08 | [1] | $0.11 | [1] | $1.67 | $0.55 | $0.35 |
Continuing operations - diluted (in dollars per share) | $0.03 | [1] | $0.05 | [1] | $0.02 | [1] | ($0.04) | [1] | ($0.06) | [1] | $0.03 | [1] | $0.02 | [1] | $0.01 | [1] | $0.08 | $0 | $0.11 |
Discontinued operations (in dollars per share) | $1.59 | $0.55 | $0.24 | ||||||||||||||||
Net income per share, Diluted | $0.03 | [1] | $0.05 | [1] | $0.02 | [1] | $1.56 | [1] | $0.28 | [1] | $0.09 | [1] | $0.08 | [1] | $0.11 | [1] | $1.67 | $0.55 | $0.35 |
[1] | With regard to per share calculations, the sum of the quarterly results may not equal full year results due to rounding. |
Rentals_Under_Operating_Leases2
Rentals Under Operating Leases (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Leased Assets [Line Items] | |||
2015 | $192,105 | ||
2016 | 176,751 | ||
2017 | 156,837 | ||
2018 | 134,039 | ||
2019 | 112,575 | ||
Thereafter | 316,645 | ||
Operating Leases, Future Minimum Payments Receivable | 1,088,952 | ||
Reimbursement income | $31,610 | $26,822 | $25,528 |
Multifamily Properties [Member] | |||
Operating Leased Assets [Line Items] | |||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 1 year |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Contracts | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Development Contracts with Third Parties, Number | 0 | |
Letters of Credit Outstanding, Amount | $0 | $0 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of Reportable Segments | 3 | ||||||||||
Real estate rental revenue | $74,359 | $73,413 | $72,254 | $68,611 | $66,721 | $65,828 | $65,915 | $64,560 | $288,637 | $263,024 | $254,794 |
Real estate expenses | 103,695 | 93,293 | 86,545 | ||||||||
Net operating income | 184,942 | 169,731 | 168,249 | ||||||||
Depreciation and amortization | -96,011 | -85,740 | -85,107 | ||||||||
General and administrative | -19,761 | -17,535 | -15,488 | ||||||||
Acquisition costs | -5,710 | -1,265 | -234 | ||||||||
Interest expense | -59,785 | -63,573 | -60,627 | ||||||||
Other income | 825 | 926 | 975 | ||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 570 | 0 | 0 | ||||||||
Loss on extinguishment of debt | 0 | -2,737 | 0 | ||||||||
Income from properties sold or held for sale | 546 | 15,395 | 10,816 | ||||||||
Gain on sale of real estate | 105,985 | 22,144 | 5,124 | ||||||||
Net income | 2,309 | 3,658 | 1,080 | 104,554 | 18,908 | 5,840 | 5,263 | 7,335 | 111,601 | 37,346 | 23,708 |
Less: Net loss attributable to noncontrolling interests in subsidiaries | 38 | 0 | 0 | ||||||||
Net income attributable to the controlling interests | 2,330 | 3,668 | 1,087 | 104,554 | 18,908 | 5,840 | 5,263 | 7,335 | 111,639 | 37,346 | 23,708 |
Capital expenditures | 59,529 | 55,991 | 51,735 | ||||||||
Total assets | 2,113,707 | 1,975,493 | 2,113,707 | 1,975,493 | 2,124,376 | ||||||
Office [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Real estate rental revenue as a percentage of total | 0.57 | 0.58 | 0.58 | ||||||||
Percentage of total income producing real estate assets | 0.61 | 0.62 | |||||||||
Real estate rental revenue | 166,116 | 152,339 | 147,401 | ||||||||
Real estate expenses | 63,903 | 57,293 | 53,376 | ||||||||
Net operating income | 102,213 | 95,046 | 94,025 | ||||||||
Capital expenditures | 43,128 | 37,777 | 35,330 | ||||||||
Total assets | 1,284,523 | 1,073,302 | 1,284,523 | 1,073,302 | 1,140,046 | ||||||
Medical Office [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Real estate rental revenue | 0 | 0 | |||||||||
Real estate expenses | 0 | 0 | |||||||||
Net operating income | 0 | 0 | |||||||||
Capital expenditures | 3,695 | 7,004 | |||||||||
Total assets | 84,001 | 84,001 | 327,573 | ||||||||
Retail [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Real estate rental revenue as a percentage of total | 0.21 | 0.21 | 0.21 | ||||||||
Percentage of total income producing real estate assets | 0.19 | 0.2 | |||||||||
Real estate rental revenue | 60,263 | 56,189 | 54,506 | ||||||||
Real estate expenses | 14,022 | 13,768 | 12,702 | ||||||||
Net operating income | 46,241 | 42,421 | 41,804 | ||||||||
Capital expenditures | 5,496 | 4,204 | 2,977 | ||||||||
Total assets | 385,174 | 344,207 | 385,174 | 344,207 | 355,585 | ||||||
Multifamily [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Real estate rental revenue as a percentage of total | 0.22 | 0.21 | 0.21 | ||||||||
Percentage of total income producing real estate assets | 0.2 | 0.18 | |||||||||
Real estate rental revenue | 62,258 | 54,496 | 52,887 | ||||||||
Real estate expenses | 25,770 | 22,232 | 20,467 | ||||||||
Net operating income | 36,488 | 32,264 | 32,420 | ||||||||
Capital expenditures | 9,186 | 10,153 | 5,869 | ||||||||
Total assets | 408,772 | 309,117 | 408,772 | 309,117 | 249,503 | ||||||
Corporate And Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Real estate rental revenue | 0 | 0 | 0 | ||||||||
Real estate expenses | 0 | 0 | 0 | ||||||||
Net operating income | 0 | 0 | 0 | ||||||||
Capital expenditures | 1,719 | 162 | 555 | ||||||||
Total assets | $35,238 | $164,866 | $35,238 | $164,866 | $51,669 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||
Real estate rental revenue | $74,359 | $73,413 | $72,254 | $68,611 | $66,721 | $65,828 | $65,915 | $64,560 | $288,637 | $263,024 | $254,794 | ||||||||
Income (loss) from continuing operations | 2,309 | 3,658 | 1,368 | -2,265 | -4,297 | 1,709 | 1,538 | 857 | 5,070 | -193 | 7,768 | ||||||||
Income from operations of properties sold or held for sale - medical office segment | 0 | 0 | 0 | 546 | 3,964 | 3,820 | 3,439 | 2,821 | |||||||||||
Net income | 2,309 | 3,658 | 1,080 | 104,554 | 18,908 | 5,840 | 5,263 | 7,335 | 111,601 | 37,346 | 23,708 | ||||||||
Net income attributable to the controlling interests | 2,330 | 3,668 | 1,087 | 104,554 | 18,908 | 5,840 | 5,263 | 7,335 | 111,639 | 37,346 | 23,708 | ||||||||
Continuing operations - basic (in dollars per share) | $0.03 | [1] | $0.05 | [1] | $0.02 | [1] | ($0.04) | [1] | ($0.06) | [1] | $0.03 | [1] | $0.02 | [1] | $0.01 | [1] | $0.08 | $0 | $0.11 |
Continuing operations - diluted (in dollars per share) | $0.03 | [1] | $0.05 | [1] | $0.02 | [1] | ($0.04) | [1] | ($0.06) | [1] | $0.03 | [1] | $0.02 | [1] | $0.01 | [1] | $0.08 | $0 | $0.11 |
Net income per share, Basic | $0.03 | [1] | $0.05 | [1] | $0.02 | [1] | $1.56 | [1] | $0.28 | [1] | $0.09 | [1] | $0.08 | [1] | $0.11 | [1] | $1.67 | $0.55 | $0.35 |
Net income per share, Diluted | $0.03 | [1] | $0.05 | [1] | $0.02 | [1] | $1.56 | [1] | $0.28 | [1] | $0.09 | [1] | $0.08 | [1] | $0.11 | [1] | $1.67 | $0.55 | $0.35 |
Disposal Group, Including Discontinued Operation, Gain (Loss) on Disposal | $106,000 | $18,900 | $3,200 | $106,555 | $22,144 | $5,124 | |||||||||||||
[1] | With regard to per share calculations, the sum of the quarterly results may not equal full year results due to rounding. |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Financing Agreements [Line Items] | ||||
Common stock reserved for future issuance | $250,000,000 | |||
Issuance and sale of stock, term | 36 months | |||
Net proceeds from equity offerings | 30,690,000 | 0 | 0 | |
Stock Issued During Period, Value, Dividend Reinvestment Plan | 1,316,000 | |||
Common Stock [Member] | ||||
Financing Agreements [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 1,125,000 | 0 | 0 | |
common stock, weighted average issued price | $27.86 | |||
Net proceeds from equity offerings | 30,700,000 | |||
Shares issued under Dividend Reinvestment Program, shares | 0 | 0 | 55,000 | |
Weighted average issue price, dividend reinvestment program | $29.67 | |||
Stock Issued During Period, Value, Dividend Reinvestment Plan | 1,000 | |||
Additional Paid In Capital [Member] | ||||
Financing Agreements [Line Items] | ||||
Stock Issued During Period, Value, Dividend Reinvestment Plan | $1,315,000 |
Deferred_Costs_Schedule_of_Pre
Deferred Costs Schedule of Prepaid Expenses and Other Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Deferred Finance Costs, Gross | $18,836 | $17,842 |
Accumulated Amortization, Deferred Finance Costs | 11,801 | 8,950 |
Deferred Finance Costs, Net | 7,035 | 8,892 |
Deferred Costs, Leasing, Gross | 50,943 | 39,642 |
Deferred Costs, Leasing, Accumulated Amortization | 18,351 | 14,788 |
Deferred Costs, Leasing, Net | 32,592 | 24,854 |
Deferred Leasing Incentives, Gross | 14,194 | 7,143 |
Accumulated Amortization, Deferred Leasing Incentives | 3,605 | 2,417 |
Deferred Leasing Incentives, Net | $10,589 | $4,726 |
Deferred_Costs_Schedule_of_Amo
Deferred Costs Schedule of Amortization and Write-Offs of Deferred Financing, Leasing, and Leasing Incentive Costs (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Deferred financing costs amortization | $2,851 | $2,550 | $2,411 |
Deferred leasing costs amortization | 4,699 | 4,279 | 3,635 |
Deferred leasing incentives amortization | $1,704 | $980 | $675 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | Dec. 31, 2014 | Feb. 06, 2015 |
In Millions, unless otherwise specified | units | units |
Subsequent Event [Line Items] | ||
Units | 3,053 | |
Country Club Towers [Member] | ||
Subsequent Event [Line Items] | ||
Units | 227 | |
Multifamily [Member] | Country Club Towers [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Units | 227 | |
Disposal Group, Not Discontinued Operation, Sale Price | $37.80 |
Schedule_II_Details
Schedule II (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for doubtful accounts | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $6,783 | $10,443 | $8,049 |
Additions Charged to Expenses | 1,402 | 3,531 | 3,811 |
Net Deductions (Recoveries) | -4,793 | -7,191 | -1,417 |
Balance at End of Year | 3,392 | 6,783 | 10,443 |
Valuation allowance for deferred tax assets | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 5,741 | 5,773 | 5,651 |
Additions Charged to Expenses | 0 | 0 | 122 |
Net Deductions (Recoveries) | -27 | -32 | 0 |
Balance at End of Year | $5,714 | $5,741 | $5,773 |
Schedule_III_Details
Schedule III (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
sqft | sqft | sqft | ||||
units | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | $569,407,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 1,347,370,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 630,411,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 543,546,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 2,003,642,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 2,547,188,000 | [2] | 2,289,509,000 | 2,529,131,000 | ||
Accumulated Depreciation at December 31, 2011 | 640,434,000 | 611,408,000 | 610,536,000 | |||
Net Rentable Square Feet | 9,971,000 | [3] | ||||
Units | 3,053 | |||||
Real estate, federal income tax basis | 2,113,200,000 | |||||
Area of land | 430,000 | 1,172,000 | 134,000 | |||
Development in Process | 76,235,000 | 61,315,000 | ||||
Secured Debt | 418,525,000 | 294,671,000 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, beginning of period | 2,289,509,000 | 2,529,131,000 | 2,449,872,000 | |||
Property acquisitions | 289,140,000 | [4] | 47,444,000 | [4] | 47,772,000 | [4] |
Improvements | 98,250,000 | [4] | 71,127,000 | [4] | 59,664,000 | [4] |
Impairment write-down | 0 | 0 | -2,097,000 | |||
Write-off of disposed assets | -2,857,000 | -2,017,000 | -1,450,000 | |||
Property sales | -126,854,000 | -356,176,000 | -24,630,000 | |||
Balance, end of period | 2,547,188,000 | [2] | 2,289,509,000 | 2,529,131,000 | ||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, beginning of period | 611,408,000 | 610,536,000 | 535,732,000 | |||
Depreciation | 77,741,000 | 80,510,000 | 84,949,000 | |||
Impairment write-down | 0 | 0 | 0 | |||
Write-off of disposed assets | -2,549,000 | -1,404,000 | -1,124,000 | |||
Property sales | -46,166,000 | -78,234,000 | -9,021,000 | |||
Balance, end of period | 640,434,000 | 611,408,000 | 610,536,000 | |||
Multifamily Properties [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 94,208,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 186,344,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 263,988,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 82,569,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 461,971,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 544,540,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 147,942,000 | |||||
Net Rentable Square Feet | 2,594,000 | [3] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 544,540,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 147,942,000 | |||||
3801 Connecticut [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Washington, DC | [5] | ||||
Initial Cost, Land | 420,000 | [1],[5] | ||||
Initial Cost, Buildings and Improvements | 2,678,000 | [1],[5] | ||||
Net Improvements (Retirement) since Acquisition | 10,698,000 | [5] | ||||
Gross Amounts at Which Carried at December 31, 2011, Land | 420,000 | [5] | ||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 13,376,000 | [5] | ||||
Gross Amounts at Which Carried at December 31, 2011, Total | 13,796,000 | [2],[5] | ||||
Accumulated Depreciation at December 31, 2011 | 9,339,000 | [5] | ||||
Year of Construction | 1-Jan-51 | [5] | ||||
Date of Acquisition | 1-Jan-63 | [5] | ||||
Net Rentable Square Feet | 179,000 | [3] | ||||
Units | 307 | |||||
Depreciation Life | 30 years | [6] | ||||
Secured Debt | 35,400,000 | |||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 13,796,000 | [2],[5] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 9,339,000 | [5] | ||||
Roosevelt Towers [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Virginia | |||||
Initial Cost, Land | 336,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 1,996,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 11,148,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 336,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 13,144,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 13,480,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 8,296,000 | |||||
Year of Construction | 1-Jan-64 | |||||
Date of Acquisition | 1-May-65 | |||||
Net Rentable Square Feet | 170,000 | [3] | ||||
Units | 191 | |||||
Depreciation Life | 40 years | [6] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 13,480,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 8,296,000 | |||||
Country Club Towers [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Virginia | |||||
Initial Cost, Land | 299,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 2,562,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 15,144,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 299,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 17,706,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 18,005,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 11,055,000 | |||||
Year of Construction | 1-Jan-65 | |||||
Date of Acquisition | 1-Jul-69 | |||||
Net Rentable Square Feet | 159,000 | [3] | ||||
Units | 227 | |||||
Depreciation Life | 35 years | [6] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 18,005,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 11,055,000 | |||||
Park Adams [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Virginia | |||||
Initial Cost, Land | 287,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 1,654,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 10,227,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 287,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 11,881,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 12,168,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 8,361,000 | |||||
Year of Construction | 1-Jan-59 | |||||
Date of Acquisition | 1-Jan-69 | |||||
Net Rentable Square Feet | 173,000 | [3] | ||||
Units | 200 | |||||
Depreciation Life | 35 years | [6] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 12,168,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 8,361,000 | |||||
Munson Hill Towers [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Virginia | |||||
Initial Cost, Land | 322,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 3,337,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 15,739,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 322,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 19,076,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 19,398,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 14,111,000 | |||||
Year of Construction | 1-Jan-63 | |||||
Date of Acquisition | 1-Jan-70 | |||||
Net Rentable Square Feet | 258,000 | [3] | ||||
Units | 279 | |||||
Depreciation Life | 33 years | [6] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 19,398,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 14,111,000 | |||||
The Ashby at McLean [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Virginia | |||||
Initial Cost, Land | 4,356,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 17,102,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 17,300,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 4,356,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 34,402,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 38,758,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 20,788,000 | |||||
Year of Construction | 1-Jan-82 | |||||
Date of Acquisition | 1-Aug-96 | |||||
Net Rentable Square Feet | 274,000 | [3] | ||||
Units | 256 | |||||
Depreciation Life | 30 years | [6] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 38,758,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 20,788,000 | |||||
Walker House Apartments [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Maryland | [5] | ||||
Initial Cost, Land | 2,851,000 | [1],[5] | ||||
Initial Cost, Buildings and Improvements | 7,946,000 | [1],[5] | ||||
Net Improvements (Retirement) since Acquisition | 6,906,000 | [5] | ||||
Gross Amounts at Which Carried at December 31, 2011, Land | 2,851,000 | [5] | ||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 14,852,000 | [5] | ||||
Gross Amounts at Which Carried at December 31, 2011, Total | 17,703,000 | [2],[5] | ||||
Accumulated Depreciation at December 31, 2011 | 9,651,000 | [5] | ||||
Year of Construction | 1-Jan-71 | [5] | ||||
Date of Acquisition | 1-Mar-96 | [5] | ||||
Net Rentable Square Feet | 157,000 | [3] | ||||
Units | 212 | |||||
Depreciation Life | 30 years | [6] | ||||
Secured Debt | 16,500,000 | |||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 17,703,000 | [2],[5] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 9,651,000 | [5] | ||||
Bethesda Hill Apartments [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Maryland | [5] | ||||
Initial Cost, Land | 3,900,000 | [1],[5] | ||||
Initial Cost, Buildings and Improvements | 13,412,000 | [1],[5] | ||||
Net Improvements (Retirement) since Acquisition | 12,394,000 | [5] | ||||
Gross Amounts at Which Carried at December 31, 2011, Land | 3,900,000 | [5] | ||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 25,806,000 | [5] | ||||
Gross Amounts at Which Carried at December 31, 2011, Total | 29,706,000 | [2],[5] | ||||
Accumulated Depreciation at December 31, 2011 | 15,904,000 | [5] | ||||
Year of Construction | 1-Jan-86 | [5] | ||||
Date of Acquisition | 1-Nov-97 | [5] | ||||
Net Rentable Square Feet | 225,000 | [3],[5] | ||||
Units | 195 | |||||
Depreciation Life | 30 years | [6] | ||||
Secured Debt | 29,100,000 | |||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 29,706,000 | [2],[5] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 15,904,000 | [5] | ||||
Bennett Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Virginia | |||||
Initial Cost, Land | 2,861,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 917,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 79,610,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 4,774,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 78,614,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 83,388,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 26,172,000 | |||||
Year of Construction | 1-Jan-07 | |||||
Date of Acquisition | 1-Feb-01 | |||||
Net Rentable Square Feet | 214,000 | [3] | ||||
Units | 224 | |||||
Depreciation Life | 28 years | [6] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 83,388,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 26,172,000 | |||||
The Clayborne [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Virginia | |||||
Initial Cost, Land | 269,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 0 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 30,631,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 699,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 30,201,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 30,900,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 11,428,000 | |||||
Year of Construction | 1-Jan-08 | |||||
Date of Acquisition | 1-Jun-03 | |||||
Net Rentable Square Feet | 60,000 | [3] | ||||
Units | 74 | |||||
Depreciation Life | 26 years | [6] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 30,900,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 11,428,000 | |||||
The Kenmore [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Washington, DC | [5] | ||||
Initial Cost, Land | 28,222,000 | [1],[5] | ||||
Initial Cost, Buildings and Improvements | 33,955,000 | [1],[5] | ||||
Net Improvements (Retirement) since Acquisition | 10,296,000 | [5] | ||||
Gross Amounts at Which Carried at December 31, 2011, Land | 28,222,000 | [5] | ||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 44,251,000 | [5] | ||||
Gross Amounts at Which Carried at December 31, 2011, Total | 72,473,000 | [2],[5] | ||||
Accumulated Depreciation at December 31, 2011 | 8,765,000 | [5] | ||||
Year of Construction | 1-Jan-48 | [5] | ||||
Date of Acquisition | 1-Sep-08 | [5] | ||||
Net Rentable Square Feet | 268,000 | [3] | ||||
Units | 374 | |||||
Depreciation Life | 30 years | [6] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 72,473,000 | [2],[5] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 8,765,000 | [5] | ||||
Six Fifty North Glebe Road [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Virginia | [7] | ||||
Initial Cost, Land | 12,787,000 | [1],[7] | ||||
Initial Cost, Buildings and Improvements | 0 | [1],[7] | ||||
Net Improvements (Retirement) since Acquisition | 36,443,000 | [7] | ||||
Gross Amounts at Which Carried at December 31, 2011, Land | 12,851,000 | [7] | ||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 36,379,000 | [7] | ||||
Gross Amounts at Which Carried at December 31, 2011, Total | 49,230,000 | [2],[7] | ||||
Accumulated Depreciation at December 31, 2011 | 0 | [7] | ||||
Year of Construction | 1-Jan-14 | [5] | ||||
Date of Acquisition | 1-Jun-11 | [7] | ||||
Net Rentable Square Feet | 143,000 | [3] | ||||
Units | 163 | |||||
Depreciation Life | 30 years | [6] | ||||
Development in Process | 17,900,000 | |||||
Secured Debt | 27,690,000 | 7,297,000 | [8],[9] | |||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 49,230,000 | [2],[7] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 0 | [7] | ||||
1219 First Street [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Virginia | [7] | ||||
Initial Cost, Land | 14,046,000 | [1],[7] | ||||
Initial Cost, Buildings and Improvements | 0 | [1],[7] | ||||
Net Improvements (Retirement) since Acquisition | 6,761,000 | [7] | ||||
Gross Amounts at Which Carried at December 31, 2011, Land | 0 | [7] | ||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 20,807,000 | [7] | ||||
Gross Amounts at Which Carried at December 31, 2011, Total | 20,807,000 | [2],[7] | ||||
Accumulated Depreciation at December 31, 2011 | 0 | [7] | ||||
Date of Acquisition | 1-Nov-11 | [7] | ||||
Net Rentable Square Feet | 0 | |||||
Units | 0 | |||||
Development in Process | 20,800,000 | |||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 20,807,000 | [2],[7] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 0 | [7] | ||||
The Paramount [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Virginia | |||||
Initial Cost, Land | 8,568,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 38,716,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 670,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 8,568,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 39,386,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 47,954,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 2,118,000 | |||||
Year of Construction | 1-Jan-84 | |||||
Date of Acquisition | 1-Oct-13 | [5] | ||||
Net Rentable Square Feet | 141,000 | [3] | ||||
Units | 135 | |||||
Depreciation Life | 30 years | [6] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 47,954,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 2,118,000 | |||||
Yale West [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Washington, DC | [5] | ||||
Initial Cost, Land | 14,684,000 | [1],[5] | ||||
Initial Cost, Buildings and Improvements | 62,069,000 | [1],[5] | ||||
Net Improvements (Retirement) since Acquisition | 21,000 | [5] | ||||
Gross Amounts at Which Carried at December 31, 2011, Land | 14,684,000 | [5] | ||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 62,090,000 | [5] | ||||
Gross Amounts at Which Carried at December 31, 2011, Total | 76,774,000 | [2],[5] | ||||
Accumulated Depreciation at December 31, 2011 | 1,954,000 | [5] | ||||
Year of Construction | 1-Jan-11 | [5] | ||||
Date of Acquisition | 1-Feb-14 | [5] | ||||
Net Rentable Square Feet | 173,000 | [3],[5] | ||||
Units | 216 | |||||
Depreciation Life | 30 years | [6] | ||||
Secured Debt | 53,029,000 | 0 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 76,774,000 | [2],[5] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 1,954,000 | [5] | ||||
Office Buildings [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 342,605,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 902,423,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 293,403,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 328,089,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 1,210,342,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 1,538,431,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 384,682,000 | |||||
Net Rentable Square Feet | 4,853,000 | [3] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 1,538,431,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 384,682,000 | |||||
1901 Pennsylvania Avenue [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Washington, DC | |||||
Initial Cost, Land | 892,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 3,481,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 16,943,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 892,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 20,424,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 21,316,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 14,802,000 | |||||
Year of Construction | 1-Jan-60 | |||||
Date of Acquisition | 1-May-77 | |||||
Net Rentable Square Feet | 101,000 | |||||
Depreciation Life | 28 years | [6] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 21,316,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 14,802,000 | |||||
51 Monroe Street [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Maryland | |||||
Initial Cost, Land | 840,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 10,869,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 27,904,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 840,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 38,773,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 39,613,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 27,848,000 | |||||
Year of Construction | 1-Jan-75 | |||||
Date of Acquisition | 1-Aug-79 | |||||
Net Rentable Square Feet | 221,000 | |||||
Depreciation Life | 41 years | [6] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 39,613,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 27,848,000 | |||||
515 King Street [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Virginia | |||||
Initial Cost, Land | 4,102,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 3,931,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 5,744,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 4,102,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 9,675,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 13,777,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 5,164,000 | |||||
Year of Construction | 1-Jan-66 | |||||
Date of Acquisition | 1-Jul-92 | |||||
Net Rentable Square Feet | 75,000 | |||||
Depreciation Life | 50 years | [6] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 13,777,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 5,164,000 | |||||
6110 Executive Boulevard [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Maryland | |||||
Initial Cost, Land | 4,621,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 11,926,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 16,149,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 4,621,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 28,075,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 32,696,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 17,929,000 | |||||
Year of Construction | 1-Jan-71 | |||||
Date of Acquisition | 1-Jan-95 | |||||
Net Rentable Square Feet | 201,000 | |||||
Depreciation Life | 30 years | [6] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 32,696,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 17,929,000 | |||||
1220 19th Street [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Washington, DC | |||||
Initial Cost, Land | 7,803,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 11,366,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 15,464,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 7,802,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 26,831,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 34,633,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 12,520,000 | |||||
Year of Construction | 1-Jan-76 | |||||
Date of Acquisition | 1-Nov-95 | |||||
Net Rentable Square Feet | 103,000 | |||||
Depreciation Life | 30 years | [6] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 34,633,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 12,520,000 | |||||
1600 Wilson Boulevard [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Virginia | |||||
Initial Cost, Land | 6,661,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 16,742,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 23,146,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 6,661,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 39,888,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 46,549,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 18,299,000 | |||||
Year of Construction | 1-Jan-73 | |||||
Date of Acquisition | 1-Oct-97 | |||||
Net Rentable Square Feet | 166,000 | |||||
Depreciation Life | 30 years | [6] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 46,549,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 18,299,000 | |||||
7900 Westpark Drive [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Virginia | [10] | ||||
Initial Cost, Land | 12,049,000 | [1],[10] | ||||
Initial Cost, Buildings and Improvements | 71,825,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 68,237,000 | [10] | ||||
Gross Amounts at Which Carried at December 31, 2011, Land | 12,049,000 | [10] | ||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 140,062,000 | [10] | ||||
Gross Amounts at Which Carried at December 31, 2011, Total | 152,111,000 | [10],[2] | ||||
Accumulated Depreciation at December 31, 2011 | 64,474,000 | [10] | ||||
Year of Construction | 1-Jan-72 | |||||
Date of Acquisition | 1-Nov-97 | |||||
Net Rentable Square Feet | 526,000 | |||||
Depreciation Life | 30 years | [6] | ||||
Development in Process | 26,100,000 | |||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 152,111,000 | [10],[2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 64,474,000 | [10] | ||||
600 Jefferson Plaza [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Maryland | |||||
Initial Cost, Land | 2,296,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 12,188,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 6,945,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 2,296,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 19,133,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 21,429,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 9,879,000 | |||||
Year of Construction | 1-Jan-85 | |||||
Date of Acquisition | 1-May-99 | |||||
Net Rentable Square Feet | 113,000 | |||||
Depreciation Life | 30 years | [6] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 21,429,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 9,879,000 | |||||
Wayne Plaza [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Maryland | |||||
Initial Cost, Land | 1,564,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 6,243,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 9,049,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 1,564,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 15,292,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 16,856,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 7,976,000 | |||||
Year of Construction | 1-Jan-70 | |||||
Date of Acquisition | 1-May-00 | |||||
Net Rentable Square Feet | 99,000 | |||||
Depreciation Life | 30 years | [6] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 16,856,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 7,976,000 | |||||
Courthouse Square [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Virginia | |||||
Initial Cost, Land | 0 | [1] | ||||
Initial Cost, Buildings and Improvements | 17,096,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 7,946,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 0 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 25,042,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 25,042,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 11,976,000 | |||||
Year of Construction | 1-Jan-79 | |||||
Date of Acquisition | 1-Oct-00 | |||||
Net Rentable Square Feet | 116,000 | |||||
Depreciation Life | 30 years | [6] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 25,042,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 11,976,000 | |||||
One Central Plaza [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Maryland | |||||
Initial Cost, Land | 5,480,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 39,107,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 17,721,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 5,480,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 56,828,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 62,308,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 28,510,000 | |||||
Year of Construction | 1-Jan-74 | |||||
Date of Acquisition | 1-Apr-01 | |||||
Net Rentable Square Feet | 267,000 | |||||
Depreciation Life | 30 years | [6] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 62,308,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 28,510,000 | |||||
1776 G Street [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Washington, DC | |||||
Initial Cost, Land | 31,500,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 54,327,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 5,217,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 31,500,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 59,544,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 91,044,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 25,560,000 | |||||
Year of Construction | 1-Jan-79 | |||||
Date of Acquisition | 1-Aug-03 | |||||
Net Rentable Square Feet | 263,000 | |||||
Depreciation Life | 30 years | [6] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 91,044,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 25,560,000 | |||||
Dulles Station II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Virginia | [10] | ||||
Initial Cost, Land | 15,001,000 | [1],[10] | ||||
Initial Cost, Buildings and Improvements | 494,000 | [1],[10] | ||||
Net Improvements (Retirement) since Acquisition | -3,400,000 | [10] | ||||
Gross Amounts at Which Carried at December 31, 2011, Land | 484,000 | [10] | ||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 11,611,000 | [10] | ||||
Gross Amounts at Which Carried at December 31, 2011, Total | 12,095,000 | [10],[2] | ||||
Accumulated Depreciation at December 31, 2011 | 403,000 | [10] | ||||
Date of Acquisition | 1-Dec-05 | [10] | ||||
Net Rentable Square Feet | 0 | |||||
Area of land | 360,000 | |||||
Land Placed In Service | 3,600,000 | |||||
Development in Process | 8,500,000 | |||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 12,095,000 | [10],[2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 403,000 | [10] | ||||
West Gude Drive [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Maryland | |||||
Initial Cost, Land | 11,580,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 43,240,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 11,699,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 11,580,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 54,939,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 66,519,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 17,686,000 | |||||
Year of Construction | 1-Jan-84 | |||||
Date of Acquisition | 1-Aug-06 | |||||
Net Rentable Square Feet | 276,000 | |||||
Depreciation Life | 30 years | [6] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 66,519,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 17,686,000 | |||||
Monument II [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Virginia | |||||
Initial Cost, Land | 10,244,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 65,205,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 7,075,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 10,244,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 72,280,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 82,524,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 19,424,000 | |||||
Year of Construction | 1-Jan-00 | |||||
Date of Acquisition | 1-Mar-07 | |||||
Net Rentable Square Feet | 208,000 | |||||
Depreciation Life | 30 years | [6] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 82,524,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 19,424,000 | |||||
2000 M Street [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Washington, DC | |||||
Initial Cost, Land | 0 | [1] | ||||
Initial Cost, Buildings and Improvements | 61,101,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 21,215,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 0 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 82,316,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 82,316,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 20,670,000 | |||||
Year of Construction | 1-Jan-71 | |||||
Date of Acquisition | 1-Dec-07 | |||||
Net Rentable Square Feet | 230,000 | |||||
Depreciation Life | 30 years | [6] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 82,316,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 20,670,000 | |||||
M Street 2445 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Washington, DC | [5] | ||||
Initial Cost, Land | 46,887,000 | [1],[5] | ||||
Initial Cost, Buildings and Improvements | 106,743,000 | [1],[5] | ||||
Net Improvements (Retirement) since Acquisition | 5,127,000 | [5] | ||||
Gross Amounts at Which Carried at December 31, 2011, Land | 46,887,000 | [5] | ||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 111,870,000 | [5] | ||||
Gross Amounts at Which Carried at December 31, 2011, Total | 158,757,000 | [2],[5] | ||||
Accumulated Depreciation at December 31, 2011 | 26,905,000 | [5] | ||||
Year of Construction | 1-Jan-86 | |||||
Date of Acquisition | 1-Dec-08 | |||||
Net Rentable Square Feet | 290,000 | |||||
Depreciation Life | 30 years | [6] | ||||
Secured Debt | 99,357,000 | [8] | 98,102,000 | [8] | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 158,757,000 | [2],[5] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 26,905,000 | [5] | ||||
Quantico Building E [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Virginia | |||||
Initial Cost, Land | 4,518,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 24,801,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 800,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 4,518,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 25,601,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 30,119,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 6,404,000 | |||||
Year of Construction | 1-Jan-07 | |||||
Date of Acquisition | 1-Jun-10 | |||||
Net Rentable Square Feet | 133,000 | |||||
Depreciation Life | 30 years | [6] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 30,119,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 6,404,000 | |||||
Quantico Building G [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Virginia | |||||
Initial Cost, Land | 4,897,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 25,376,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 243,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 4,898,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 25,618,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 30,516,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 6,603,000 | |||||
Year of Construction | 1-Jan-09 | |||||
Date of Acquisition | 1-Jun-10 | |||||
Net Rentable Square Feet | 136,000 | |||||
Depreciation Life | 30 years | [6] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 30,516,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 6,603,000 | |||||
1140 Connecticut Avenue [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Washington, DC | |||||
Initial Cost, Land | 25,226,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 50,495,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 11,280,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 25,226,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 61,775,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 87,001,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 10,246,000 | |||||
Year of Construction | 1-Jan-66 | |||||
Date of Acquisition | 1-Jan-11 | |||||
Net Rentable Square Feet | 183,000 | |||||
Depreciation Life | 30 years | [6] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 87,001,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 10,246,000 | |||||
1227 25th Street [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Washington, DC | |||||
Initial Cost, Land | 17,505,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 21,319,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 2,254,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 17,505,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 23,573,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 41,078,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 4,412,000 | |||||
Year of Construction | 1-Jan-88 | |||||
Date of Acquisition | 1-Mar-11 | |||||
Net Rentable Square Feet | 135,000 | |||||
Depreciation Life | 30 years | [6] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 41,078,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 4,412,000 | |||||
Braddock Place Member | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Virginia | |||||
Initial Cost, Land | 18,817,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 71,250,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 10,450,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 18,818,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 81,699,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 100,517,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 12,291,000 | |||||
Year of Construction | 1-Jan-85 | |||||
Date of Acquisition | 1-Sep-11 | |||||
Net Rentable Square Feet | 353,000 | |||||
Depreciation Life | 30 years | [6] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 100,517,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 12,291,000 | |||||
John Marshall II Member | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Virginia | [5] | ||||
Initial Cost, Land | 13,490,000 | [1],[5] | ||||
Initial Cost, Buildings and Improvements | 53,024,000 | [1],[5] | ||||
Net Improvements (Retirement) since Acquisition | 176,000 | [5] | ||||
Gross Amounts at Which Carried at December 31, 2011, Land | 13,490,000 | [5] | ||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 53,200,000 | [5] | ||||
Gross Amounts at Which Carried at December 31, 2011, Total | 66,690,000 | [2],[5] | ||||
Accumulated Depreciation at December 31, 2011 | 7,297,000 | [5] | ||||
Year of Construction | 1-Jan-96 | |||||
Date of Acquisition | 1-Sep-11 | |||||
Net Rentable Square Feet | 223,000 | |||||
Depreciation Life | 30 years | [6] | ||||
Secured Debt | 51,810,000 | 52,563,000 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 66,690,000 | [2],[5] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 7,297,000 | [5] | ||||
Fairgate at Ballston [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Virginia | |||||
Initial Cost, Land | 17,750,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 29,885,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 3,164,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 17,750,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 33,049,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 50,799,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 4,166,000 | |||||
Year of Construction | 1-Jan-88 | |||||
Date of Acquisition | 1-Jun-12 | |||||
Net Rentable Square Feet | 142,000 | |||||
Depreciation Life | 30 years | [6] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 50,799,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 4,166,000 | |||||
The Army Navy Club Building [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Washington, DC | [5] | ||||
Initial Cost, Land | 30,796,000 | [1],[5] | ||||
Initial Cost, Buildings and Improvements | 39,315,000 | [1],[5] | ||||
Net Improvements (Retirement) since Acquisition | 704,000 | [5] | ||||
Gross Amounts at Which Carried at December 31, 2011, Land | 30,796,000 | [5] | ||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 40,019,000 | [5] | ||||
Gross Amounts at Which Carried at December 31, 2011, Total | 70,815,000 | [2],[5] | ||||
Accumulated Depreciation at December 31, 2011 | 1,579,000 | [5] | ||||
Year of Construction | 1-Jan-12 | |||||
Date of Acquisition | 1-Mar-14 | |||||
Net Rentable Square Feet | 108,000 | |||||
Depreciation Life | 30 years | [6] | ||||
Secured Debt | 52,235,000 | 0 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 70,815,000 | [2],[5] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 1,579,000 | [5] | ||||
1775 Eye Street [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Washington, DC | |||||
Initial Cost, Land | 48,086,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 51,074,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 2,151,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 48,086,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 53,225,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 101,311,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 1,659,000 | |||||
Year of Construction | 1-Jan-64 | |||||
Date of Acquisition | 1-May-14 | |||||
Net Rentable Square Feet | 185,000 | |||||
Depreciation Life | 30 years | [6] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 101,311,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 1,659,000 | |||||
Retail Centers [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 132,594,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 258,603,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 73,020,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 132,888,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 331,329,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 464,217,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 107,810,000 | |||||
Net Rentable Square Feet | 2,524,000 | |||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 464,217,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 107,810,000 | |||||
Takoma Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Maryland | |||||
Initial Cost, Land | 415,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 1,084,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 268,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 415,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 1,352,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 1,767,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 1,188,000 | |||||
Year of Construction | 1-Jan-62 | |||||
Date of Acquisition | 1-Jul-63 | |||||
Net Rentable Square Feet | 51,000 | |||||
Depreciation Life | 50 years | [6] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 1,767,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 1,188,000 | |||||
Westminster [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Maryland | |||||
Initial Cost, Land | 519,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 1,775,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 9,710,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 519,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 11,485,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 12,004,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 6,920,000 | |||||
Year of Construction | 1-Jan-69 | |||||
Date of Acquisition | 1-Sep-72 | |||||
Net Rentable Square Feet | 150,000 | |||||
Depreciation Life | 37 years | [6] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 12,004,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 6,920,000 | |||||
Concord Centre [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Virginia | |||||
Initial Cost, Land | 413,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 850,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 5,038,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 413,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 5,888,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 6,301,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 3,047,000 | |||||
Year of Construction | 1-Jan-60 | |||||
Date of Acquisition | 1-Dec-73 | |||||
Net Rentable Square Feet | 76,000 | |||||
Depreciation Life | 33 years | [6] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 6,301,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 3,047,000 | |||||
Wheaton Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Maryland | |||||
Initial Cost, Land | 796,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 857,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 4,576,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 796,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 5,433,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 6,229,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 3,567,000 | |||||
Year of Construction | 1-Jan-67 | |||||
Date of Acquisition | 1-Sep-77 | |||||
Net Rentable Square Feet | 74,000 | |||||
Depreciation Life | 50 years | [6] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 6,229,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 3,567,000 | |||||
Bradlee [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Virginia | |||||
Initial Cost, Land | 4,152,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 5,383,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 10,332,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 4,152,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 15,715,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 19,867,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 10,141,000 | |||||
Year of Construction | 1-Jan-55 | |||||
Date of Acquisition | 1-Dec-84 | |||||
Net Rentable Square Feet | 171,000 | |||||
Depreciation Life | 40 years | [6] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 19,867,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 10,141,000 | |||||
Chevy Chase Metro Plaza [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Washington, DC | |||||
Initial Cost, Land | 1,549,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 4,304,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 5,381,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 1,549,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 9,685,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 11,234,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 6,341,000 | |||||
Year of Construction | 1-Jan-75 | |||||
Date of Acquisition | 1-Sep-85 | |||||
Net Rentable Square Feet | 49,000 | |||||
Depreciation Life | 50 years | [6] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 11,234,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 6,341,000 | |||||
Montgomery Village Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Maryland | |||||
Initial Cost, Land | 11,625,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 9,105,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 3,338,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 11,625,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 12,443,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 24,068,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 5,831,000 | |||||
Year of Construction | 1-Jan-69 | |||||
Date of Acquisition | 1-Dec-92 | |||||
Net Rentable Square Feet | 197,000 | |||||
Depreciation Life | 50 years | [6] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 24,068,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 5,831,000 | |||||
Shoppes of Foxchase [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Virginia | |||||
Initial Cost, Land | 5,838,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 2,979,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 14,039,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 5,838,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 17,018,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 22,856,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 6,008,000 | |||||
Year of Construction | 1-Jan-60 | |||||
Date of Acquisition | 1-Jun-94 | |||||
Net Rentable Square Feet | 134,000 | |||||
Depreciation Life | 50 years | [6] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 22,856,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 6,008,000 | |||||
Frederick County Square [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Maryland | |||||
Initial Cost, Land | 6,561,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 6,830,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 4,421,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 6,561,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 11,251,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 17,812,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 6,864,000 | |||||
Year of Construction | 1-Jan-73 | |||||
Date of Acquisition | 1-Aug-95 | |||||
Net Rentable Square Feet | 227,000 | |||||
Depreciation Life | 30 years | [6] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 17,812,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 6,864,000 | |||||
800 S. Washington Street [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Virginia | |||||
Initial Cost, Land | 2,904,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 5,489,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 6,024,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 2,904,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 11,513,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 14,417,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 4,471,000 | |||||
Year of Construction | 1-Jan-51 | |||||
Date of Acquisition | 1-Jun-98 | |||||
Net Rentable Square Feet | 47,000 | |||||
Depreciation Life | 30 years | [6] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 14,417,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 4,471,000 | |||||
Centre at Hagerstown . [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Maryland | |||||
Initial Cost, Land | 13,029,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 25,415,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 2,383,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 13,029,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 27,798,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 40,827,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 11,851,000 | |||||
Year of Construction | 1-Jan-00 | |||||
Date of Acquisition | 1-Jun-02 | |||||
Net Rentable Square Feet | 332,000 | |||||
Depreciation Life | 30 years | [6] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 40,827,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 11,851,000 | |||||
Frederick Crossing [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Maryland | |||||
Initial Cost, Land | 12,759,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 35,477,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 2,235,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 12,759,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 37,712,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 50,471,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 13,076,000 | |||||
Year of Construction | 1-Jan-99 | |||||
Date of Acquisition | 1-Mar-05 | |||||
Net Rentable Square Feet | 295,000 | |||||
Depreciation Life | 30 years | [6] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 50,471,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 13,076,000 | |||||
Randolph Shopping Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Maryland | |||||
Initial Cost, Land | 4,928,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 13,025,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 752,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 4,928,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 13,777,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 18,705,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 4,315,000 | |||||
Year of Construction | 1-Jan-72 | |||||
Date of Acquisition | 1-May-06 | |||||
Net Rentable Square Feet | 82,000 | |||||
Depreciation Life | 30 years | [6] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 18,705,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 4,315,000 | |||||
Montrose Shopping Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Maryland | |||||
Initial Cost, Land | 11,612,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 22,410,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 2,500,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 11,612,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 24,910,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 36,522,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 7,714,000 | |||||
Year of Construction | 1-Jan-70 | |||||
Date of Acquisition | 1-May-06 | |||||
Net Rentable Square Feet | 145,000 | |||||
Depreciation Life | 30 years | [6] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 36,522,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 7,714,000 | |||||
Gateway Overlook [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Maryland | |||||
Initial Cost, Land | 28,816,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 52,249,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 235,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 29,110,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 52,190,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 81,300,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 10,989,000 | |||||
Year of Construction | 1-Jan-07 | |||||
Date of Acquisition | 1-Dec-10 | |||||
Net Rentable Square Feet | 220,000 | |||||
Depreciation Life | 30 years | [6] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 81,300,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 10,989,000 | |||||
Olney Village Center Member | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Maryland | [5] | ||||
Initial Cost, Land | 15,842,000 | [1],[5] | ||||
Initial Cost, Buildings and Improvements | 39,133,000 | [1],[5] | ||||
Net Improvements (Retirement) since Acquisition | 1,729,000 | [5] | ||||
Gross Amounts at Which Carried at December 31, 2011, Land | 15,842,000 | [5] | ||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 40,862,000 | [5] | ||||
Gross Amounts at Which Carried at December 31, 2011, Total | 56,704,000 | [2],[5] | ||||
Accumulated Depreciation at December 31, 2011 | 5,214,000 | [5] | ||||
Year of Construction | 1-Jan-79 | [5] | ||||
Date of Acquisition | 1-Aug-11 | [5] | ||||
Net Rentable Square Feet | 199,000 | |||||
Depreciation Life | 30 years | [6] | ||||
Secured Debt | 19,070,000 | 20,743,000 | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 56,704,000 | [2],[5] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 5,214,000 | [5] | ||||
Spring Vally Retail Center [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Location | Washington, DC | |||||
Initial Cost, Land | 10,836,000 | [1] | ||||
Initial Cost, Buildings and Improvements | 32,238,000 | [1] | ||||
Net Improvements (Retirement) since Acquisition | 59,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Land | 10,836,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 32,297,000 | |||||
Gross Amounts at Which Carried at December 31, 2011, Total | 43,133,000 | [2] | ||||
Accumulated Depreciation at December 31, 2011 | 273,000 | |||||
Year of Construction | 1-Jan-41 | |||||
Date of Acquisition | 1-Oct-14 | |||||
Net Rentable Square Feet | 75,000 | |||||
Depreciation Life | 30 years | [6] | ||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||
Balance, end of period | 43,133,000 | [2] | ||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||
Balance, end of period | 273,000 | |||||
Kenmore Apartments [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Secured Debt | $34,305,000 | $34,937,000 | ||||
Minimum [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Useful Life | 3 years | |||||
Maximum [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Useful Life | 50 years | |||||
[1] | 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. | |||||
[2] | At December 31, 2014, total land, buildings and improvements are carried at $2,113.2 million for federal income tax purposes. | |||||
[3] | Residential properties are presented in gross square feet. | |||||
[4] | Includes non-cash accruals for capital items and assumed mortgages. | |||||
[5] | 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. | |||||
[6] | The useful life shown is for the main structure. Buildings and improvements are depreciated over various useful lives ranging from 3 to 50 years. | |||||
[7] | 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. | |||||
[8] | Interest only is payable monthly until the maturity date upon which all unpaid principal and interest are payable in full. | |||||
[9] | Interest rate on The Maxwell is variable, based on LIBOR plus 2.15%. The maturity date can be extended for up to two years, subject to fees and compliance with certain provisions in the loan agreement, until February 20, 2018. | |||||
[10] | 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. |