Elme Communities (ELME) 10-Q 5 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 03, 2015
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Entity Registrant Name	WASHINGTON REAL ESTATE INVESTMENT TRUST
Entity Central Index Key	104,894
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		68,161,817

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets
Land	$ 542,654	$ 543,546
Income producing property	1,966,612	1,927,407
Real estate investment property, at cost	2,509,266	2,470,953
Accumulated depreciation and amortization	(670,103)	(640,434)
Net income producing property	1,839,163	1,830,519
Properties under development or held for future development	35,314	76,235
Total real estate held for investment, net	1,874,477	1,906,754
Cash and cash equivalents	22,778	15,827
Restricted cash	13,705	10,299
Rents and other receivables, net of allowance for doubtful accounts of $2,975 and $3,392, respectively	61,577	59,745
Prepaid expenses and other assets	117,657	121,082
Total assets	2,090,194	2,113,707
Liabilities
Notes payable	597,442	747,208
Mortgage notes payable	419,755	418,525
Lines of credit	185,000	50,000
Accounts payable and other liabilities	50,281	54,318
Advance rents	13,733	12,528
Tenant security deposits	9,053	8,899
Total liabilities	1,275,264	1,291,478
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: 68,162 and 67,819 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively	682	678
Additional paid in capital	1,191,594	1,184,395
Distributions in excess of net income	(379,577)	(365,518)
Total shareholders’ equity	812,699	819,555
Noncontrolling interests in subsidiaries	2,231	2,674
Total equity	814,930	822,229
Total liabilities and equity	$ 2,090,194	$ 2,113,707

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Rents and other receivables, allowance for doubtful accounts	$ 2,975	$ 3,392
Preferred Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized (in shares)	10,000	10,000
Preferred Stock, Shares Issued (in shares)	0	0
Preferred Stock, Shares Outstanding (in shares)	0	0
Shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 0.01
Shares of beneficial interest, shares authorized (in shares)	100,000	100,000
Shares of beneficial interest, shares issued (in shares)	68,162	67,819
Shares of beneficial interest, shares outstanding (in shares)	68,162	67,819

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenue
Real estate rental revenue	$ 74,226	$ 72,254	$ 149,082	$ 140,865
Expenses
Real estate expenses	27,229	25,528	56,437	51,870
Depreciation and amortization	25,503	24,401	50,778	47,154
Acquisition costs	992	1,933	1,008	4,978
General and administrative	4,306	4,828	10,386	9,257
Real estate impairment	5,909	0	5,909	0
Operating Expenses	63,939	56,690	124,518	113,259
Gain on sale of real estate	1,454	570	31,731	570
Real estate operating income	11,741	16,134	56,295	28,176
Other income (expense)
Interest expense	(14,700)	(14,985)	(30,048)	(29,515)
Loss on extinguishment of debt	(119)	0	(119)	0
Other income	192	219	384	442
Total other income (expense)	(14,627)	(14,766)	(29,783)	(29,073)
(Loss) income from continuing operations	(2,886)	1,368	26,512	(897)
Discontinued operations:
Income from operations of properties sold or held for sale	0	0	0	546
(Loss) gain on sale of real estate	0	(288)	0	105,985
Net (loss) income	(2,886)	1,080	26,512	105,634
Less: Net loss attributable to noncontrolling interests in subsidiaries	340	7	448	7
Net (loss) income attributable to the controlling interests	$ (2,546)	$ 1,087	$ 26,960	$ 105,641
Basic net (loss) income per share:
Continuing operations (in dollars per share)	$ (0.04)	$ 0.02	$ 0.39	$ (0.01)
Discontinued operations (in dollars per share)	0	0	0	1.59
Net income per share (in dollars per share)	(0.04)	0.02	0.39	1.58
Diluted net (loss) income per share:
Continuing operations (in dollars per share)	(0.04)	0.02	0.39	(0.01)
Discontinued operations (in dollars per share)	0	0	0	1.59
Net income per share (in dollars per share)	$ (0.04)	$ 0.02	$ 0.39	$ 1.58
Weighted average shares outstanding - basic (in shares)	68,176	66,732	68,159	66,718
Weighted average shares outstanding - diluted (in shares)	68,176	66,761	68,283	66,718
Dividends declared per share (in dollars per share)	$ 0.30	$ 0.30	$ 0.6	$ 0.6

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - 6 months ended Jun. 30, 2015 - USD ($) shares in Thousands, $ in Thousands	Total	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]	Total Shareholders' Equity [Member]	Noncontrolling Interests in Subsidiaries [Member]
Balance at Dec. 31, 2014	$ 822,229	$ 678	$ 1,184,395	$ (365,518)	$ 819,555	$ 2,674
Balance (in shares) at Dec. 31, 2014		67,819
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to the controlling interests	26,960			26,960	26,960
Net Income (Loss) Attributable to Noncontrolling Interest	(448)					(448)
Contributions From Noncontrolling Interest	5					5
Dividends	(41,019)			(41,019)	(41,019)
Stock Issued During Period, Shares, New Issues		184
Stock Issued During Period, Value, New Issues	5,121	$ 2	5,119
Share grants, net of share grant amortization and forfeitures (in shares)		159
Share grants, net of share grant amortization and forfeitures	2,082	$ 2	2,080		2,082
Balance at Jun. 30, 2015	$ 814,930	$ 682	$ 1,191,594	$ (379,577)	$ 812,699	$ 2,231
Balance (in shares) at Jun. 30, 2015		68,162

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net income	$ 26,512	$ 105,634
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	50,778	47,154
Provision for losses on accounts receivable	1,126	727
Real estate impairment	5,909	0
Gain on sale of real estate	(31,731)	(106,555)
Amortization of share grants, net	3,073	2,505
Amortization of debt premiums, discounts and related financing costs	1,854	1,754
Loss on extinguishment of debt	119	0
Changes in operating other assets	(758)	(8,035)
Changes in operating other liabilities	(2,550)	(4,061)
Net cash provided by operating activities	54,332	39,123
Cash flows from investing activities
Real estate acquisitions, net	0	(154,126)
Net cash received for sale of real estate	39,059	190,864
Capital improvements to real estate	(12,391)	(28,947)
Development in progress	(13,332)	(13,573)
Real estate deposits, net	(3,000)	(1,250)
Cash held in replacement reserve escrows	(2,392)	(95)
Non-real estate capital improvements	(1,836)	(41)
Net cash provided by (used in) investing activities	6,108	(7,168)
Cash flows from financing activities
Line of credit borrowings, net	135,000	0
Dividends paid	(41,019)	(40,134)
Contributions from noncontrolling interests	5	5
Distributions to noncontrolling interests	0	3,454
Payment of financing costs	(3,755)	(660)
Net proceeds from equity offering	5,121	0
Principal payments – mortgage notes payable	(2,266)	(1,794)
Borrowings under construction loan	3,425	6,748
Notes payable repayments	(150,000)	(100,000)
Net cash used in financing activities	(53,489)	(139,289)
Net increase (decrease) in cash and cash equivalents	6,951	(107,334)
Cash and cash equivalents at beginning of period	15,827	130,343
Cash and cash equivalents at end of period	22,778	23,009
Supplemental disclosure of cash flow information:
Cash paid for interest, net of amounts capitalized	30,117	29,835
Decrease (increase) in accrued capital improvements and development costs	383	(9,082)
Mortgage notes payable assumed in connection with the acquisition of real estate	$ 0	$ 100,861

Nature of Business

Nature of Business	6 Months Ended
	Jun. 30, 2015
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 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 real estate investment trust (“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 taxable gains and any deductions for dividends to our shareholders on an annual basis. When selling a property, we generally have the option of (a) reinvesting the sales proceeds of the property sold, in a way that allows us to defer recognition of some or all capital 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 the shareholders, paying the tax on the gain deemed distributed and allocating the tax paid as a credit to the shareholders. 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 (“TRSs”). Our TRSs 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 June 30, 2015 and December 31, 2014 , our TRSs had no net deferred tax assets and a net deferred tax liability of $0.7 million and $0.6 million , respectively. This deferred tax liability is primarily related to temporary differences in the timing of the recognition of revenue, amortization and depreciation.

Summary of Significant Accounti

Summary of Significant Accounting Policies and Basis of Presentation	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies and Basis of Presentation	NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION Significant Accounting Policies We have prepared our consolidated financial statements using the accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2014 . New Accounting Pronouncements In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest , which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the new standard. The new standard is effective for public entities for fiscal years beginning after December 15, 2015 and for interim periods therein. Early adoption is permitted for financial statements that have not been previously issued. We do not expect this ASU to have a material impact on our consolidated financial statements. 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, 2017 and for interim periods therein. Early adoption is permitted for public entities beginning after December 15, 2016. We are currently evaluating the impact the new standard may have on Washington REIT. Principles of Consolidation and Basis of Presentation The accompanying unaudited 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 unaudited financial statements pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations, although we believe that the disclosures made are adequate to make the information presented not misleading. In addition, in the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the results for the periods presented have been included. These unaudited financial statements should be read in conjunction with the financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2014 . Within these notes to the financial statements, we refer to the three months ended June 30, 2015 and June 30, 2014 as the “ 2015 Quarter” and the “ 2014 Quarter,” respectively, and the six months ended June 30, 2015 and June 30, 2014 as the “ 2015 Period” and the “ 2014 Period,” respectively. Use of Estimates in the Financial Statements The preparation of financial statements in conformity with 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.

Real Estate

Real Estate	6 Months Ended
	Jun. 30, 2015
Real Estate [Abstract]
Real Estate	NOTE 3: REAL ESTATE Redevelopment In the office segment, we had a redevelopment project to renovate Silverline Center, an office property in Tysons, Virginia. As of June 30, 2015 , we had invested $35.4 million in the renovation. We completed major construction activities on this project during the 2015 Quarter, and placed into service substantially completed portions of the project totaling $25.3 million . The remaining components of the redevelopment project will be placed into service the earlier of when they are substantially completed and available for occupancy or one year from completion of major construction activities. Variable Interest Entities 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 in Alexandria, Virginia. Washington REIT and the real estate development company own 95% and 5% of the joint venture, respectively. In the first quarter of 2013, we decided to delay commencement of construction due to market conditions and concerns of oversupply. During the 2015 Quarter, we determined that we would not develop the property and began negotiations to sell our interest in the joint venture. We recognized a $5.9 million impairment charge for the 2015 Quarter in order to reduce the carrying value of the property to its estimated fair value. We based this fair value on the $14.5 million sale price in the purchase and sale agreement to sell our 95% interest in the joint venture that we executed subsequent to the 2015 Quarter. The property did not meet the criteria for classification as held for sale as of June 30, 2015. This fair valuation falls into Level 2 of the fair value hierarchy. 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. Major construction activities at The Maxwell ended during December 2014, and the building became available for occupancy during the first quarter of 2015. Washington REIT is the 90% owner of the joint venture. The real estate development company owns 10% of the joint venture and was responsible for the development and construction of the property. We have determined that the 1225 First Street and The Maxwell joint ventures are variable interest entities ("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. As of June 30, 2015 , $31.1 million was outstanding on The Maxwell's construction loan. For 1225 First Street, we originally expected that 70% of the total development costs would 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 would oversee management of each property, if built, no later than stabilization. We included the development costs associated with the joint venture for 1225 First Street on our consolidated balance sheets in properties under development or held for future development, as the property met the criteria for classification as held for sale subsequent to June 30, 2015. As of June 30, 2015 and December 31, 2014 , the land and capitalized development costs for 1225 First Street were as follows (in thousands): June 30, 2015 December 31, 2014 Properties under development or held for future development $ 15,292 $ 20,807 Cash and cash equivalents 18 395 As of June 30, 2015 and December 31, 2014 , the liabilities for 1225 First Street were as follows (in thousands): June 30, 2015 December 31, 2014 Accounts payable and other liabilities $ 11 $ 38 As of June 30, 2015 and December 31, 2014 , The Maxwell's assets were as follows (in thousands): June 30, 2015 December 31, 2014 Land $ 12,851 $ 12,851 Income producing property 37,690 18,432 Accumulated depreciation and amortization (1,167 ) — Properties under development or held for future development — 17,947 Other assets 513 $ — $ 49,887 $ 49,230 As of June 30, 2015 and December 31, 2014 , The Maxwell's liabilities were as follows (in thousands): June 30, 2015 December 31, 2014 Mortgage notes payable $ 31,115 $ 27,690 Accounts payable and other liabilities 782 2,196 Tenant security deposits 51 17 $ 31,948 $ 29,903 Sold and Held for Sale Properties and Discontinued Operations 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. During the 2015 Quarter, 15,000 square feet of land at Montrose Shopping Center, a retail property in Rockville, Maryland, was condemned as part of an eminent domain taking action. The taken land was at the periphery of the property and its taking does not impact the property's operations. We received $2.0 million as compensation for the taken land, and recognized a $1.5 million gain on sale of real estate during the 2015 Quarter. Subsequent to the end of the 2015 Period, we executed a purchase and sale agreement for the sale of Munson Hill Towers, a 279 unit multifamily property in Falls Church, Virginia, for a contract sale price of $57.1 million . We expect to close on the sale before the end of 2015. The property did not meet the criteria for classification as held for sale until after the 2015 Quarter and is included on our consolidated balance sheets as follows: June 30, 2015 December 31, 2014 Land $ 322 $ 322 Income producing property 19,279 19,076 Accumulated depreciation and amortization (14,508 ) (14,111 ) Net income producing property $ 5,093 $ 5,287 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 and II closed in November 2013 and Transactions III and IV closed in January 2014. The results of the assets in our former medical office segment sold in January 2014 are summarized as follows (amounts in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Real estate rental revenue $ — $ — $ — $ 892 Net income — — — 546 Basic net income per share — — — 0.01 Diluted net income per share — — — 0.01 We sold the following properties in 2015 and 2014: Property Name Segment Rentable Square Feet Contract Gain on Sale Country Club Towers (227 units) (1) Multifamily N/A $ 37,800 $ 30,277 Total 2015 $ 37,800 $ 30,277 Medical Office Portfolio Transactions III & IV (2) Medical Office 427,000 $ 193,561 $ 105,985 5740 Columbia Road (1) Retail 3,000 1,600 570 Total 2014 430,000 $ 195,161 $ 106,555 (1) These properties are classified as continuing operations. (2) Woodburn Medical Park I and II and Prosperity Medical Center I, II and III, which are classified as discontinued operations. Income from operations of properties classified as discontinued operations for the three and six months ended June 30, 2015 and 2014 was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Real estate rental revenue $ — $ — $ — $ 892 Real estate expenses — — — (346 ) Income from operations classified as discontinued operations $ — $ — $ — $ 546

Unsecured Lines of Credit Payab

Unsecured Lines of Credit Payable	6 Months Ended
	Jun. 30, 2015
Unsecured Debt [Abstract]
Unsecured Lines of Credit Payable	NOTE 4: UNSECURED LINES OF CREDIT PAYABLE On June 23, 2015 , we terminated our $100.0 million unsecured line of credit maturing in June 2015 ("Prior Credit Facility No. 1") and our $400.0 million unsecured line of credit maturing in July 2016 ("Prior Credit Facility No. 2"), and executed a new $600.0 million unsecured credit agreement ("New Credit Facility") that matures in June 2019 , unless extended pursuant to one or both of the two six-month extension options. The New Credit Facility has an accordion feature that allows us to increase the facility to $1.0 billion , subject to the extent the lenders agree to provide additional revolving loan commitments or term loans. The New Credit Facility bears interest at a rate of either LIBOR plus a margin ranging from 0.875% to 1.55% or the base rate plus a margin ranging from 0.0% to 0.55% (in each case depending upon Washington REIT’s credit rating). The base rate is the highest of the administrative agent's prime rate, the federal funds rate plus 0.50% and the LIBOR market index rate plus 1.0% . In addition, the New Credit Facility requires the payment of a facility fee ranging from 0.125% to 0.30% (depending on Washington REIT’s credit rating) on the $600.0 million committed capacity, without regard to usage. As of June 30, 2015 , the interest rate on the facility is LIBOR plus 1.00% and the facility fee is 0.20% . The amount of the New Credit Facility unused and available at June 30, 2015 is as follows (in thousands): Committed capacity $ 600,000 Borrowings outstanding (185,000 ) Letters of credit issued (1) (15,474 ) Unused and available $ 399,526 (1) The letter of credit is provided to the lender for John Marshall II relating to tenant improvements. We executed borrowings and repayments on the unsecured lines of credit during the 2015 Period as follows (in thousands): Prior Credit Facility No. 1 Prior Credit Facility No. 2 New Credit Facility Balance at December 31, 2014 $ 5,000 $ 45,000 $ — Borrowings 3,000 150,000 185,000 Repayments (8,000 ) (195,000 ) — Balance at June 30, 2015 $ — $ — $ 185,000

Note Payable (Notes)

Note Payable (Notes)	6 Months Ended
	Jun. 30, 2015
Note Payable [Abstract]
Notes Payable	NOTE 5: NOTES PAYABLE We repaid the remaining $150.0 million of our 5.35% unsecured notes on their maturity date of May 1, 2015 using borrowings on Prior Credit Facility No. 2.

Stock Based Compensation

Stock Based Compensation	6 Months Ended
	Jun. 30, 2015
Share-based Compensation [Abstract]
Stock Based Compensation	NOTE 6: STOCK BASED COMPENSATION Washington REIT maintains short-term ("STIP") and long-term ("LTIP") 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. Total Compensation Expense Total compensation expense recognized in the consolidated financial statements for all outstanding share based awards was $1.2 million and $1.4 million for the 2015 and 2014 Quarters, respectively, and $3.1 million and $2.5 million for the 2015 and 2014 Periods, respectively. Restricted Share Awards The total fair values of restricted share awards vested was $2.3 million and $0.7 million for the 2015 and 2014 Periods, respectively. The total unvested restricted share awards at June 30, 2015 was 221,342 shares, which had a weighted average grant date fair value of $27.29 per share. As of June 30, 2015 , the total compensation cost related to unvested restricted share awards was $3.0 million , which we expect to recognize over a weighted average period of 22 months.

Fair Value Disclosures

Fair Value Disclosures	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Disclosures	NOTE 7: 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 June 30, 2015 and December 31, 2014 that are recorded at fair value on a recurring basis are the assets held in the Supplemental Executive Retirement Program (“SERP”), which primarily consists of investments in mutual funds. We base the valuations related to this asset on the observable market values of the investments that comprise the SERP (Level 2 inputs). The fair values of these assets at June 30, 2015 and December 31, 2014 were as follows (in thousands): June 30, 2015 December 31, 2014 Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Assets: SERP $ 1,818 $ — $ 1,818 $ — $ 2,778 $ — $ 2,778 $ — 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 June 30, 2015 may differ significantly from the amounts presented. Following is a summary of significant methodologies used in estimating fair values and a schedule of fair values at June 30, 2015 and 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 June 30, 2015 and December 31, 2014 , the carrying values and estimated fair values of our financial instruments were as follows (in thousands): June 30, 2015 December 31, 2014 Carrying Value Fair Value Carrying Value Fair Value Cash and cash equivalents $ 22,778 $ 22,778 $ 15,827 $ 15,827 Restricted cash 13,705 13,705 10,299 10,299 2445 M Street note 4,781 5,321 4,404 5,113 Mortgage notes payable 419,755 431,173 418,525 433,762 Lines of credit 185,000 185,000 50,000 50,000 Notes payable 597,442 625,255 747,208 782,042

Earnings per Common Share

Earnings per Common Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings per Common Share	NOTE 8: 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 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 diluted 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. We had a loss from continuing operations for the 2015 Quarter and 2014 Period and therefore diluted earnings per share is calculated in the same manner as basic earnings per share for these periods. The computations of basic and diluted earnings per share for the three and six months ended June 30, 2015 and 2014 were as follows (in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Numerator: (Loss) income from continuing operations $ (2,886 ) $ 1,368 $ 26,512 $ (897 ) Net loss attributable to noncontrolling interests 340 7 448 7 Allocation of earnings to unvested restricted share awards (80 ) (17 ) (165 ) 38 Adjusted (loss) income from continuing operations attributable to the controlling interests (2,626 ) 1,358 26,795 (852 ) (Loss) income from discontinued operations, including (loss) gain on sale of real estate, net of taxes — (288 ) — 106,531 Allocation of earnings to unvested restricted share awards — — — (332 ) Adjusted (loss) income from discontinuing operations attributable to the controlling interests — (288 ) — 106,199 Adjusted net (loss) income attributable to the controlling interests $ (2,626 ) $ 1,070 $ 26,795 $ 105,347 Denominator: Weighted average shares outstanding – basic 68,176 66,732 68,159 66,718 Effect of dilutive securities: Employee restricted share awards — 29 124 — Weighted average shares outstanding – diluted 68,176 66,761 68,283 66,718 Net (loss) income per common share, basic: Continuing operations $ (0.04 ) $ 0.02 $ 0.39 $ (0.01 ) Discontinued operations — — — 1.59 $ (0.04 ) $ 0.02 $ 0.39 $ 1.58 Net (loss) income per common share, diluted: Continuing operations $ (0.04 ) $ 0.02 $ 0.39 $ (0.01 ) Discontinued operations — — — 1.59 $ (0.04 ) $ 0.02 $ 0.39 $ 1.58

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2015
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Segment Information	NOTE 9: SEGMENT INFORMATION We have three reportable segments: office, retail and multifamily. Office buildings provide office space for various types of businesses and professions. 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 metropolitan area. 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. The following tables present revenues, net operating income, capital expenditures and total assets for the 2015 and 2014 Quarters and Periods from these segments, and reconciles net operating income of reportable segments to net income attributable to the controlling interests as reported (in thousands): Three Months Ended June 30, 2015 Office Retail Multifamily Corporate and Other Consolidated Real estate rental revenue $ 43,143 $ 15,740 $ 15,343 $ — $ 74,226 Real estate expenses 16,842 3,702 6,685 — 27,229 Net operating income $ 26,301 $ 12,038 $ 8,658 $ — $ 46,997 Depreciation and amortization (25,503 ) General and administrative (4,306 ) Acquisition costs (992 ) Interest expense (14,700 ) Other income 192 Gain on sale of real estate 1,454 Real estate impairment (5,909 ) Loss on extinguishment of debt (119 ) Net loss (2,886 ) Less: Net loss attributable to noncontrolling interests in subsidiaries 340 Net loss attributable to the controlling interests $ (2,546 ) Capital expenditures $ 6,092 $ 649 $ 869 $ 460 $ 8,070 Total assets $ 1,273,695 $ 376,178 $ 393,347 $ 46,974 $ 2,090,194 Three Months Ended June 30, 2014 Office Retail Multifamily Corporate and Other Consolidated Real estate rental revenue $ 41,876 $ 14,759 $ 15,619 $ — $ 72,254 Real estate expenses 15,817 3,237 6,474 — 25,528 Net operating income $ 26,059 $ 11,522 $ 9,145 $ — $ 46,726 Depreciation and amortization (24,401 ) Acquisition costs (1,933 ) General and administrative (4,828 ) Interest expense (14,985 ) Other income 219 Gain on sale of real estate 570 Discontinued operations: Loss on sale of real estate (288 ) Net income 1,080 Less: Net loss attributable to noncontrolling interests in subsidiaries 7 Net income attributable to the controlling interests $ 1,087 Capital expenditures $ 14,467 $ 1,010 $ 3,101 $ 24 $ 18,602 Total assets $ 1,273,404 $ 337,513 $ 397,454 $ 51,778 $ 2,060,149

Subsequent Events (Notes)

Subsequent Events (Notes)	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	NOTE 10: SUBSEQUENT EVENT On July 1, 2015 , we closed on the purchase of The Wellington, a multifamily property with three buildings totaling 711 units in Arlington, Virginia, and an adjacent undeveloped land parcel, for $167.0 million . We funded the purchase with borrowings on our New Credit Facility. The initial accounting for the acquisition is incomplete due to the timing of the acquisition relative to the filing date of this report and, therefore, the purchase price accounting and pro forma disclosures are not included.

Summary of Significant Accoun17

Summary of Significant Accounting Policies and Basis of Presentation (Policy)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies We have prepared our consolidated financial statements using the accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2014 .
New Accounting Pronouncements	New Accounting Pronouncements In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest , which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the new standard. The new standard is effective for public entities for fiscal years beginning after December 15, 2015 and for interim periods therein. Early adoption is permitted for financial statements that have not been previously issued. We do not expect this ASU to have a material impact on our consolidated financial statements. 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, 2017 and for interim periods therein. Early adoption is permitted for public entities beginning after December 15, 2016. We are currently evaluating the impact the new standard may have on Washington REIT.
Consolidation	Principles of Consolidation and Basis of Presentation The accompanying unaudited 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.
Basis of Accounting	We have prepared the accompanying unaudited financial statements pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations, although we believe that the disclosures made are adequate to make the information presented not misleading. In addition, in the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the results for the periods presented have been included. These unaudited financial statements should be read in conjunction with the financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2014 . Within these notes to the financial statements, we refer to the three months ended June 30, 2015 and June 30, 2014 as the “ 2015 Quarter” and the “ 2014 Quarter,” respectively, and the six months ended June 30, 2015 and June 30, 2014 as the “ 2015 Period” and the “ 2014 Period,” respectively.
Use of Estimates in the Financial Statements	Use of Estimates in the Financial Statements The preparation of financial statements in conformity with 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.

Real Estate (Tables)

Real Estate (Tables)	6 Months Ended
	Jun. 30, 2015
Real Estate [Abstract]
Land and Capitalized Development Costs	We included the development costs associated with the joint venture for 1225 First Street on our consolidated balance sheets in properties under development or held for future development, as the property met the criteria for classification as held for sale subsequent to June 30, 2015. As of June 30, 2015 and December 31, 2014 , the land and capitalized development costs for 1225 First Street were as follows (in thousands): June 30, 2015 December 31, 2014 Properties under development or held for future development $ 15,292 $ 20,807 Cash and cash equivalents 18 395
Schedule of Accounts Payable and Accrued Liabilities of Joint Ventures	As of June 30, 2015 and December 31, 2014 , The Maxwell's liabilities were as follows (in thousands): June 30, 2015 December 31, 2014 Mortgage notes payable $ 31,115 $ 27,690 Accounts payable and other liabilities 782 2,196 Tenant security deposits 51 17 $ 31,948 $ 29,903 As of June 30, 2015 and December 31, 2014 , the liabilities for 1225 First Street were as follows (in thousands): June 30, 2015 December 31, 2014 Accounts payable and other liabilities $ 11 $ 38
schedule of assets in joint venture	As of June 30, 2015 and December 31, 2014 , The Maxwell's assets were as follows (in thousands): June 30, 2015 December 31, 2014 Land $ 12,851 $ 12,851 Income producing property 37,690 18,432 Accumulated depreciation and amortization (1,167 ) — Properties under development or held for future development — 17,947 Other assets 513 $ — $ 49,887 $ 49,230
Disclosure of Long Lived Assets Held-for-sale	Subsequent to the end of the 2015 Period, we executed a purchase and sale agreement for the sale of Munson Hill Towers, a 279 unit multifamily property in Falls Church, Virginia, for a contract sale price of $57.1 million . We expect to close on the sale before the end of 2015. The property did not meet the criteria for classification as held for sale until after the 2015 Quarter and is included on our consolidated balance sheets as follows: June 30, 2015 December 31, 2014 Land $ 322 $ 322 Income producing property 19,279 19,076 Accumulated depreciation and amortization (14,508 ) (14,111 ) Net income producing property $ 5,093 $ 5,287
Schedule of Income Statement Results for Medical Office Segment	The results of the assets in our former medical office segment sold in January 2014 are summarized as follows (amounts in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Real estate rental revenue $ — $ — $ — $ 892 Net income — — — 546 Basic net income per share — — — 0.01 Diluted net income per share — — — 0.01
Schedule of Dispositions	We sold the following properties in 2015 and 2014: Property Name Segment Rentable Square Feet Contract Gain on Sale Country Club Towers (227 units) (1) Multifamily N/A $ 37,800 $ 30,277 Total 2015 $ 37,800 $ 30,277 Medical Office Portfolio Transactions III & IV (2) Medical Office 427,000 $ 193,561 $ 105,985 5740 Columbia Road (1) Retail 3,000 1,600 570 Total 2014 430,000 $ 195,161 $ 106,555
Operating Income (Loss) for Discontinued Operations	Income from operations of properties classified as discontinued operations for the three and six months ended June 30, 2015 and 2014 was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Real estate rental revenue $ — $ — $ — $ 892 Real estate expenses — — — (346 ) Income from operations classified as discontinued operations $ — $ — $ — $ 546

Unsecured Lines of Credit Pay19

Unsecured Lines of Credit Payable (Tables)	6 Months Ended
	Jun. 30, 2015
Unsecured Debt [Abstract]
Unsecured Lines Of Credit Unused And Available [Table Text Block]	The amount of the New Credit Facility unused and available at June 30, 2015 is as follows (in thousands): Committed capacity $ 600,000 Borrowings outstanding (185,000 ) Letters of credit issued (1) (15,474 ) Unused and available $ 399,526 (1) The letter of credit is provided to the lender for John Marshall II relating to tenant improvements.
Lines Of Credit Repayments And Borrowings [Table Text Block]	We executed borrowings and repayments on the unsecured lines of credit during the 2015 Period as follows (in thousands): Prior Credit Facility No. 1 Prior Credit Facility No. 2 New Credit Facility Balance at December 31, 2014 $ 5,000 $ 45,000 $ — Borrowings 3,000 150,000 185,000 Repayments (8,000 ) (195,000 ) — Balance at June 30, 2015 $ — $ — $ 185,000

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Financial Assets and Liabilities Measured at Fair Value	The fair values of these assets at June 30, 2015 and December 31, 2014 were as follows (in thousands): June 30, 2015 December 31, 2014 Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Assets: SERP $ 1,818 $ — $ 1,818 $ — $ 2,778 $ — $ 2,778 $ —
Financial Assets and Liabilities Not Measured at Fair Value	As of June 30, 2015 and December 31, 2014 , the carrying values and estimated fair values of our financial instruments were as follows (in thousands): June 30, 2015 December 31, 2014 Carrying Value Fair Value Carrying Value Fair Value Cash and cash equivalents $ 22,778 $ 22,778 $ 15,827 $ 15,827 Restricted cash 13,705 13,705 10,299 10,299 2445 M Street note 4,781 5,321 4,404 5,113 Mortgage notes payable 419,755 431,173 418,525 433,762 Lines of credit 185,000 185,000 50,000 50,000 Notes payable 597,442 625,255 747,208 782,042

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings per Share	The computations of basic and diluted earnings per share for the three and six months ended June 30, 2015 and 2014 were as follows (in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Numerator: (Loss) income from continuing operations $ (2,886 ) $ 1,368 $ 26,512 $ (897 ) Net loss attributable to noncontrolling interests 340 7 448 7 Allocation of earnings to unvested restricted share awards (80 ) (17 ) (165 ) 38 Adjusted (loss) income from continuing operations attributable to the controlling interests (2,626 ) 1,358 26,795 (852 ) (Loss) income from discontinued operations, including (loss) gain on sale of real estate, net of taxes — (288 ) — 106,531 Allocation of earnings to unvested restricted share awards — — — (332 ) Adjusted (loss) income from discontinuing operations attributable to the controlling interests — (288 ) — 106,199 Adjusted net (loss) income attributable to the controlling interests $ (2,626 ) $ 1,070 $ 26,795 $ 105,347 Denominator: Weighted average shares outstanding – basic 68,176 66,732 68,159 66,718 Effect of dilutive securities: Employee restricted share awards — 29 124 — Weighted average shares outstanding – diluted 68,176 66,761 68,283 66,718 Net (loss) income per common share, basic: Continuing operations $ (0.04 ) $ 0.02 $ 0.39 $ (0.01 ) Discontinued operations — — — 1.59 $ (0.04 ) $ 0.02 $ 0.39 $ 1.58 Net (loss) income per common share, diluted: Continuing operations $ (0.04 ) $ 0.02 $ 0.39 $ (0.01 ) Discontinued operations — — — 1.59 $ (0.04 ) $ 0.02 $ 0.39 $ 1.58

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Reconciliation of Net Operating Income of Reportable Segments	The following tables present revenues, net operating income, capital expenditures and total assets for the 2015 and 2014 Quarters and Periods from these segments, and reconciles net operating income of reportable segments to net income attributable to the controlling interests as reported (in thousands): Three Months Ended June 30, 2015 Office Retail Multifamily Corporate and Other Consolidated Real estate rental revenue $ 43,143 $ 15,740 $ 15,343 $ — $ 74,226 Real estate expenses 16,842 3,702 6,685 — 27,229 Net operating income $ 26,301 $ 12,038 $ 8,658 $ — $ 46,997 Depreciation and amortization (25,503 ) General and administrative (4,306 ) Acquisition costs (992 ) Interest expense (14,700 ) Other income 192 Gain on sale of real estate 1,454 Real estate impairment (5,909 ) Loss on extinguishment of debt (119 ) Net loss (2,886 ) Less: Net loss attributable to noncontrolling interests in subsidiaries 340 Net loss attributable to the controlling interests $ (2,546 ) Capital expenditures $ 6,092 $ 649 $ 869 $ 460 $ 8,070 Total assets $ 1,273,695 $ 376,178 $ 393,347 $ 46,974 $ 2,090,194 Three Months Ended June 30, 2014 Office Retail Multifamily Corporate and Other Consolidated Real estate rental revenue $ 41,876 $ 14,759 $ 15,619 $ — $ 72,254 Real estate expenses 15,817 3,237 6,474 — 25,528 Net operating income $ 26,059 $ 11,522 $ 9,145 $ — $ 46,726 Depreciation and amortization (24,401 ) Acquisition costs (1,933 ) General and administrative (4,828 ) Interest expense (14,985 ) Other income 219 Gain on sale of real estate 570 Discontinued operations: Loss on sale of real estate (288 ) Net income 1,080 Less: Net loss attributable to noncontrolling interests in subsidiaries 7 Net income attributable to the controlling interests $ 1,087 Capital expenditures $ 14,467 $ 1,010 $ 3,101 $ 24 $ 18,602 Total assets $ 1,273,404 $ 337,513 $ 397,454 $ 51,778 $ 2,060,149 Six Months Ended June 30, 2015 Office Retail Multifamily Corporate and Other Consolidated Real estate rental revenue $ 85,639 $ 32,070 $ 31,373 $ — $ 149,082 Real estate expenses 33,985 8,489 13,963 — 56,437 Net operating income $ 51,654 $ 23,581 $ 17,410 $ — $ 92,645 Depreciation and amortization (50,778 ) General and administrative (10,386 ) Acquisition costs (1,008 ) Interest expense (30,048 ) Other income 384 Gain on sale of real estate 31,731 Real estate impairment (5,909 ) Loss on extinguishment of debt (119 ) Net income 26,512 Less: Net loss attributable to noncontrolling interests in subsidiaries 448 Net income attributable to the controlling interests $ 26,960 Capital expenditures $ 8,610 $ 1,499 $ 2,282 $ 1,836 $ 14,227 Six Months Ended June 30, 2014 Office Retail Multifamily Corporate and Other Consolidated Real estate rental revenue $ 80,939 $ 29,384 $ 30,542 $ — $ 140,865 Real estate expenses 31,512 7,468 12,890 — 51,870 Net operating income $ 49,427 $ 21,916 $ 17,652 $ — $ 88,995 Depreciation and amortization (47,154 ) Acquisition costs (4,978 ) General and administrative (9,257 ) Interest expense (29,515 ) Other income 442 Gain on sale of real estate 570 Discontinued operations: Income from operations of properties sold or held for sale 546 Gain on sale of real estate 105,985 Net income 105,634 Less: Net loss attributable to noncontrolling interests in subsidiaries 7 Net income attributable to the controlling interests $ 105,641 Capital expenditures $ 23,170 $ 1,120 $ 4,657 $ 41 $ 28,988

Nature of Business - Narrative

Nature of Business - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of distribution of ordinary taxable income	90.00%
Taxable Reit Subsidiary [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred Tax Assets, Net of Valuation Allowance	$ 0	$ 0
Deferred Tax Liabilities, Net	$ 0.7	$ 0.6

Real Estate - Redevelopment (De

Real Estate - Redevelopment (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Real Estate Properties [Line Items]
Development in Process	$ 35,314	$ 76,235
7900 Westpark Drive [Member]
Real Estate Properties [Line Items]
Development in Process	35,400
Investment Building and Building Improvements	$ 25,300

Real Estate - Variable Interest

Real Estate - Variable Interest Entities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Real Estate Properties [Line Items]
Real estate impairment	$ 5,909	$ 0	$ 5,909	$ 0
Land	542,654		542,654		$ 543,546
Mortgage notes payable	$ 419,755		$ 419,755		418,525
First Street 1225 [Member]
Real Estate Properties [Line Items]
Variable interest entity, qualitative or quantitative information, ownership percentage			95.00%
Noncontrolling interest, ownership percentage by noncontrolling owners	5.00%		5.00%
Percentage of capital contribution through debt			70.00%
Six Fifty North Glebe Road [Member]
Real Estate Properties [Line Items]
Variable interest entity, qualitative or quantitative information, ownership percentage			90.00%
Noncontrolling interest, ownership percentage by noncontrolling owners	10.00%		10.00%
650 N Glebe [Member] [Domain]
Real Estate Properties [Line Items]
Mortgage notes payable	$ 31,115		$ 31,115		27,690
First Street 1225 [Member]
Real Estate Properties [Line Items]
Purchase and sale agreement, Sale Price	14,500		14,500
Real estate impairment			5,900
Cash, Cash Equivalents, and Short-term Investments	18		18		395
Land and capitalized development costs related to joint ventures	15,292		15,292		20,807
Accounts payable and accrued liabilities related to joint ventures	11		11		38
Six Fifty North Glebe Road [Member]
Real Estate Properties [Line Items]
Land	12,851		12,851		12,851
Investment Building and Building Improvements	37,690		37,690		18,432
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	(1,167)		(1,167)		0
Land and capitalized development costs related to joint ventures	0		0		17,947
Other Assets	513		513		0
Real Estate Investments, Joint Ventures	49,887		49,887		49,230
Construction Payable	782		782		2,196
Accrued Liabilities	51		51		17
Accounts payable and accrued liabilities related to joint ventures	$ 31,948		$ 31,948		$ 29,903

Real Estate - Discontinued Oper

Real Estate - Discontinued Operations (Details) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
		Sep. 30, 2013buildingsagreements	Jun. 30, 2015USD ($)ft²unit$ / shares	Jun. 30, 2014USD ($)$ / shares	Jun. 30, 2015USD ($)ft²unit$ / shares	Jun. 30, 2014USD ($)$ / shares	Dec. 31, 2014USD ($)ft²	Jul. 01, 2015USD ($)unit	Mar. 31, 2015USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rentable Square Feet | ft²							430,000
Proceeds from Sale of Real Estate Held-for-investment					$ 39,059	$ 190,864
Disposal Group, including discontinued operation, gain (loss) on sale of real estate					30,277		$ 106,555
Land			$ 542,654		542,654		543,546
Contract sale price							195,161		$ 37,800
Real estate rental revenue			74,226	$ 72,254	149,082	140,865
Net income attributable to the controlling interests			$ (2,546)	$ 1,087	$ 26,960	$ 105,641
Net income per share (in dollars per share) | $ / shares			$ (0.04)	$ 0.02	$ 0.39	$ 1.58
Net income per share (in dollars per share) | $ / shares			$ (0.04)	$ 0.02	$ 0.39	$ 1.58
Gain on sale of real estate			$ 1,454	$ 570	$ 31,731	$ 570
(Loss) gain on sale of real estate			0	(288)	0	105,985
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Real estate rental revenue			0	0	0	892
Real estate expenses			0	0	0	(346)
Income from operations classified as discontinued operations			0	0	0	546
Montrose Shopping Center land parcel [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Sale of Real Estate Held-for-investment			2,000
Gain on sale of real estate			1,500
Munson Hill Towers [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Land			322		322		322
Investment Building and Building Improvements			19,279		19,279		19,076
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment			14,508		14,508		14,111
Disposal Group, Including Discontinued Operation, Assets			$ 5,093		$ 5,093		$ 5,287
Country Club Towers [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Units in Real Estate Property | unit			227		227
Medical Office Porfolio [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Purchase and Sale Agreements | agreements		4
Multifamily | Country Club Towers [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Not Discontinued Operation, Sale Price	[1]								$ 37,800
Gain on sale of real estate	[1]				$ 30,277
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 | ft²	[2]						427,000
Contract sale price	[2]						$ 193,561
Retail | Montrose Shopping Center land parcel [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rentable Square Feet | ft²	[1]		15,000		15,000
Retail | Gateway 7-11 [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rentable Square Feet | ft²	[1]						3,000
Disposal Group, Not Discontinued Operation, Sale Price	[1]						$ 1,600
Gain on sale of real estate	[1]						$ 570
Office | Medical Office Porfolio [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Buildings Sold | buildings		2
Medical Office And Office Building [Member] | Medical Office Porfolio [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract sale price			$ 500,800		$ 500,800
Subsequent Event | Munson Hill Towers [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Not Discontinued Operation, Sale Price								$ 57,100
Subsequent Event | Multifamily | Munson Hill Towers [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Units in Real Estate Property | unit								279
Medical Office [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Real estate rental revenue			0	0	0	892
Net income attributable to the controlling interests			$ 0	$ 0	$ 0	$ 546
Net income per share (in dollars per share) | $ / shares			$ 0	$ 0	$ 0	$ 0.01
Net income per share (in dollars per share) | $ / shares			$ 0	$ 0	$ 0	$ 0.01
[1]	(1) These properties are classified as continuing operations.
[2]	(2) Woodburn Medical Park I and II and Prosperity Medical Center I, II and III, which are classified as discontinued operations.

Unsecured Lines of Credit Pay27

Unsecured Lines of Credit Payable - Schedule of Credit Unused and Available (Details) - USD ($)	Jun. 30, 2015	Jun. 23, 2015	Dec. 31, 2014
Line of Credit Facility [Line Items]
Borrowings outstanding	$ (185,000,000)		$ (50,000,000)
New Credit Facility
Line of Credit Facility [Line Items]
Committed capacity		$ 1,000,000,000
Line of Credit | New Credit Facility
Line of Credit Facility [Line Items]
Committed capacity	600,000,000	$ 600,000,000
Borrowings outstanding	(185,000,000)
Letters of credit issued (1)	(15,474,000)
Unused and available	$ 399,526,000

Unsecured Lines of Credit Pay28

Unsecured Lines of Credit Payable - Line of Credit Facility, Increase (decrease), net (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)
Line of Credit Facility, Increase (Decrease) During the Period [Roll Forward]
Balance at December 31, 2014	$ 50,000
Balance at June 30, 2015	185,000
Prior Credit Facility No. 1 | Line of Credit
Line of Credit Facility, Increase (Decrease) During the Period [Roll Forward]
Balance at December 31, 2014	5,000
Borrowings	3,000
Repayments	(8,000)
Balance at June 30, 2015	0
Prior Credit Facility No. 2 | Line of Credit
Line of Credit Facility, Increase (Decrease) During the Period [Roll Forward]
Balance at December 31, 2014	45,000
Borrowings	150,000
Repayments	(195,000)
Balance at June 30, 2015	0
New Credit Facility | Line of Credit
Line of Credit Facility, Increase (Decrease) During the Period [Roll Forward]
Borrowings	185,000
Balance at June 30, 2015	$ 185,000

Unsecured Lines of Credit Pay29

Unsecured Lines of Credit Payable - Narrative (Details) - USD ($)	Jun. 23, 2015	Jun. 30, 2015
Line of Credit
Line of Credit Facility [Line Items]
Line of Credit Facility, Commitment Fee Percentage		0.20%
Line of Credit Facility, Interest Rate During Period		1.00%
Prior Credit Facility No. 1 | Line of Credit
Line of Credit Facility [Line Items]
Committed capacity	$ 100,000,000
Prior Credit Facility No. 2 | Line of Credit
Line of Credit Facility [Line Items]
Committed capacity	400,000,000
New Credit Facility
Line of Credit Facility [Line Items]
Committed capacity	1,000,000,000
New Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Committed capacity	$ 600,000,000	$ 600,000,000
Minimum [Member] | Line of Credit
Line of Credit Facility [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.125%
Maximum [Member] | Line of Credit
Line of Credit Facility [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.30%
London Interbank Offered Rate (LIBOR) [Member] | Line of Credit
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.00%
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Line of Credit
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.875%
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Line of Credit
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.55%
Base Rate [Member] | Minimum [Member] | Line of Credit
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.00%
Base Rate [Member] | Maximum [Member] | Line of Credit
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.55%
Federal Funds Effective Swap Rate [Member] | Line of Credit
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.50%

Note Payable (Details)

Note Payable (Details) - Jun. 30, 2015 - Unsecured Debt - 10 Year Unsecured Notes 5.359% - USD ($) $ in Millions	Total
Debt Instrument [Line Items]
Repayments of Debt	$ 150
Interest Rate	5.35%

Stock Based Compensation (Detai

Stock Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1.2	$ 1.4	$ 3.1	$ 2.5
Restricted Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of share grants vested			$ 2.3	$ 0.7
Total unvested restricted share awards (in shares)	221,342		221,342
Weighted average grant date fair value (in dollars per share)	$ 27.29		$ 27.29
Total compensation costs, non-vested restricted share awards	$ 3		$ 3
Total compensation cost not yet recognized, period for recognition (in months)			22 months
Washington Real Estate Investment Trust 2007 Omnibus Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based plan, aggregate number of shares authorized (in shares)	2,000,000		2,000,000
Stock based plan, period in effect (in years)			10 years

Fair Value Disclosures - Financ

Fair Value Disclosures - Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
SERP	$ 1,818	$ 2,778
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
SERP	0	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
SERP	1,818	2,778
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
SERP	$ 0	$ 0

Fair Value Disclosures - Fina33

Fair Value Disclosures - Financial Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial paper, maturity	90
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 22,778	$ 15,827
Restricted cash	13,705	10,299
Mortgage notes payable	419,755	418,525
Lines of credit	185,000	50,000
Notes payable	597,442	747,208
Carrying Value | 2445 M Street Note Receivable [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
2445 M Street note	4,781	4,404
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	22,778	15,827
Restricted cash	13,705	10,299
Mortgage notes payable	431,173	433,762
Lines of credit	185,000	50,000
Notes payable	625,255	782,042
Fair Value | 2445 M Street Note Receivable [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
2445 M Street note	$ 5,321	$ 5,113

Earnings per Common Share - EPS

Earnings per Common Share - EPS Schedule (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
(Loss) income from continuing operations	$ (2,886)	$ 1,368	$ 26,512	$ (897)
Less: Net loss attributable to noncontrolling interests in subsidiaries	340	7	448	7
Allocation of earnings to unvested restricted share awards	80	17	165	(38)
Adjusted (loss) income from continuing operations attributable to the controlling interests	(2,626)	1,358	26,795	(852)
(Loss) income from discontinued operations, including (loss) gain on sale of real estate, net of taxes	0	(288)	0	106,531
Allocation of earnings to unvested restricted share awards	0	0	0	(332)
Adjusted (loss) income from discontinuing operations attributable to the controlling interests	0	(288)	0	106,199
Adjusted net (loss) income attributable to the controlling interests	$ (2,626)	$ 1,070	$ 26,795	$ 105,347
Weighted average shares outstanding - basic (in shares)	68,176	66,732	68,159	66,718
Effect of dilutive securities: Employee stock options and restricted share awards	0	29	124	0
Weighted average shares outstanding - diluted (in shares)	68,176	66,761	68,283	66,718
Earnings per common share, basic, Continuing operations (in dollars per share)	$ (0.04)	$ 0.02	$ 0.39	$ (0.01)
Earnings per common share, basic, Discontinued operations (in dollars per share)	0	0	0	1.59
Net income per share (in dollars per share)	(0.04)	0.02	0.39	1.58
Earnings per common share, diluted, Continuing operations (in dollars per share)	(0.04)	0.02	0.39	(0.01)
Earnings per common share, diluted, Discontinued operations (in dollars per share)	0	0	0	1.59
Net income per share (in dollars per share)	$ (0.04)	$ 0.02	$ 0.39	$ 1.58

Segment Information - Segment S

Segment Information - Segment Schedules (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)segment	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			3
Real estate rental revenue	$ 74,226	$ 72,254	$ 149,082	$ 140,865
Real estate expenses	27,229	25,528	56,437	51,870
Net operating income	46,997	46,726	92,645	88,995
Depreciation and amortization	(25,503)	(24,401)	(50,778)	(47,154)
General and administrative	(4,306)	(4,828)	(10,386)	(9,257)
Acquisition costs	(992)	(1,933)	(1,008)	(4,978)
Interest expense	(14,700)	(14,985)	(30,048)	(29,515)
Other income	192	219	384	442
Gain on sale of real estate	1,454	570	31,731	570
Real estate impairment	(5,909)	0	(5,909)	0
Loss on extinguishment of debt	(119)	0	(119)	0
Income from operations of properties sold or held for sale	0	0	0	546
(Loss) gain on sale of real estate	0	(288)	0	105,985
Net (loss) income	(2,886)	1,080	26,512	105,634
Less: Net loss attributable to noncontrolling interests in subsidiaries	340	7	448	7
Net income attributable to the controlling interests	(2,546)	1,087	26,960	105,641
Capital expenditures	8,070	18,602	14,227	28,988
Total assets	2,090,194	2,060,149	2,090,194	2,060,149	$ 2,113,707
Office
Segment Reporting Information [Line Items]
Real estate rental revenue	43,143	41,876	85,639	80,939
Real estate expenses	16,842	15,817	33,985	31,512
Net operating income	26,301	26,059	51,654	49,427
Capital expenditures	6,092	14,467	8,610	23,170
Total assets	1,273,695	1,273,404	1,273,695	1,273,404
Retail
Segment Reporting Information [Line Items]
Real estate rental revenue	15,740	14,759	32,070	29,384
Real estate expenses	3,702	3,237	8,489	7,468
Net operating income	12,038	11,522	23,581	21,916
Capital expenditures	649	1,010	1,499	1,120
Total assets	376,178	337,513	376,178	337,513
Multifamily
Segment Reporting Information [Line Items]
Real estate rental revenue	15,343	15,619	31,373	30,542
Real estate expenses	6,685	6,474	13,963	12,890
Net operating income	8,658	9,145	17,410	17,652
Capital expenditures	869	3,101	2,282	4,657
Total assets	393,347	397,454	393,347	397,454
Corporate and Other
Segment Reporting Information [Line Items]
Real estate rental revenue	0	0	0	0
Real estate expenses	0	0	0	0
Net operating income	0	0	0	0
Capital expenditures	460	24	1,836	41
Total assets	$ 46,974	$ 51,778	$ 46,974	$ 51,778

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	Jul. 01, 2015USD ($)unit	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Subsequent Event [Line Items]
Real Estate Investment Property, at Cost		$ 2,509,266	$ 2,470,953
Wellington | Apartment Building [Member] | Subsequent Event
Subsequent Event [Line Items]
Number of Units in Real Estate Property | unit	711
Property Acquired | Wellington | Subsequent Event
Subsequent Event [Line Items]
Real Estate Investment Property, at Cost	$ 167,000