Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 22, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
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 | 68,191,846 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1,758,593,812 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Land | $ 561,256 | $ 543,546 |
Income producing property | 2,076,541 | 1,927,407 |
Real estate investment property, at cost | 2,637,797 | 2,470,953 |
Accumulated depreciation and amortization | (692,608) | (640,434) |
Net income producing property | 1,945,189 | 1,830,519 |
Properties under development or held for future development | 36,094 | 76,235 |
Total real estate held for investment, net | 1,981,283 | 1,906,754 |
Cash and cash equivalents | 23,825 | 15,827 |
Restricted cash | 13,383 | 10,299 |
Rents and other receivables, net of allowance for doubtful accounts of $2,297 and $3,392, respectively | 62,890 | 59,745 |
Prepaid expenses and other assets | 109,787 | 115,692 |
Total assets | 2,191,168 | 2,108,317 |
Liabilities | ||
Notes payable, net | 743,181 | 743,149 |
Mortgage notes payable, net | 418,052 | 417,194 |
Lines of credit | 105,000 | 50,000 |
Accounts payable and other liabilities | 45,367 | 54,318 |
Dividends payable | 20,434 | 0 |
Advance rents | 12,744 | 12,528 |
Tenant security deposits | 9,378 | 8,899 |
Total liabilities | 1,354,156 | 1,286,088 |
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: 68,191 and 67,819 shares issued and outstanding at December 31, 2015 and 2014, respectively | 682 | 678 |
Additional paid in capital | 1,193,298 | 1,184,395 |
Distributions in excess of net income | (357,781) | (365,518) |
Accumulated other comprehensive loss | (550) | 0 |
Total shareholders’ equity | 835,649 | 819,555 |
Noncontrolling interests in subsidiaries | 1,363 | 2,674 |
Total equity | 837,012 | 822,229 |
Total liabilities and shareholders’ equity | $ 2,191,168 | $ 2,108,317 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Rents and other receivables, allowance for doubtful accounts | $ 2,297 | $ 3,392 |
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 | 68,191 | 67,819 |
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 | 68,191 | 67,819 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue | |||
Real estate rental revenue | $ 306,427 | $ 288,637 | $ 263,024 |
Expenses | |||
Utilities | 18,004 | 18,056 | 16,311 |
Real estate taxes | 37,152 | 33,436 | 29,052 |
Repairs and maintenance | 14,095 | 13,375 | 12,261 |
Property administration and management | 23,099 | 20,460 | 18,410 |
Operating services and common area maintenance | 15,974 | 15,068 | 13,469 |
Other real estate expenses | 3,910 | 3,300 | 3,790 |
Depreciation and amortization | 108,935 | 96,011 | 85,740 |
Acquisition costs | 2,056 | 5,710 | 1,265 |
Real estate impairment | 5,909 | 0 | 0 |
General and administrative | 20,257 | 19,761 | 17,535 |
Total expenses | 249,391 | 225,177 | 197,833 |
Gain on sale of real estate | 91,107 | 570 | 0 |
Real estate operating income | 148,143 | 64,030 | 65,191 |
Other income (expense) | |||
Interest expense | (59,546) | (59,785) | (63,573) |
Other income | 709 | 825 | 926 |
Loss on extinguishment of debt | (119) | 0 | (2,737) |
Total other income (expense) | (58,956) | (58,960) | (65,384) |
Income (loss) from continuing operations | 89,187 | 5,070 | (193) |
Discontinued operations: | |||
Income from operations of properties sold or held for sale | 0 | 546 | 15,395 |
Gain on sale of real estate | 0 | 105,985 | 22,144 |
Net income | 89,187 | 111,601 | 37,346 |
Less: Net loss attributable to noncontrolling interests in subsidiaries | (553) | (38) | 0 |
Net income attributable to the controlling interests | $ 89,740 | $ 111,639 | $ 37,346 |
Basic net income attributable to the controlling interests per share | |||
Continuing operations - basic (in dollars per share) | $ 1.31 | $ 0.08 | $ 0 |
Discontinued operations, including gain on sale of real estate (in dollars per share) | 0 | 1.59 | 0.55 |
Net income attributable to the controlling interests per share, basic | 1.31 | 1.67 | 0.55 |
Diluted net income attributable to the controlling interests per share | |||
Continuing operations - diluted (in dollars per share) | 1.31 | 0.08 | 0 |
Discontinued operations, including gain on sale of real estate (in dollars per share) | 0 | 1.59 | 0.55 |
Net income attributable to the controlling interests per share, diluted | $ 1.31 | $ 1.67 | $ 0.55 |
Weighted average shares outstanding – basic | 68,177 | 66,795 | 66,580 |
Weighted average shares outstanding – diluted | 68,310 | 66,837 | 66,580 |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity - 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] | AOCI Attributable to Parent [Member] | Total Shareholders' Equity [Member] | Noncontrolling Interests In Subsidiaries [Member] |
Balance at Dec. 31, 2012 | $ 796,143 | $ 664 | $ 1,145,515 | $ (354,122) | $ 0 | $ 792,057 | $ 4,086 |
Balance, shares at Dec. 31, 2012 | 66,437 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income attributable to the controlling interests | 37,346 | 37,346 | 37,346 | ||||
Less: Net loss attributable to noncontrolling interests in subsidiaries | 0 | ||||||
Contributions from noncontrolling interest | 401 | 401 | |||||
Dividends | (80,104) | (80,104) | (80,104) | ||||
Share grants, net of share grant amorization and forfeitures | 5,660 | $ 1 | 5,659 | 5,660 | |||
Share grants, net of share grant amortization and forfeitures, shares | 94 | ||||||
Stock issued during period (in shares) | 0 | ||||||
Balance at Dec. 31, 2013 | 759,446 | $ 665 | 1,151,174 | (396,880) | 0 | 754,959 | 4,487 |
Balance, shares at Dec. 31, 2013 | 66,531 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income attributable to the controlling interests | 111,639 | 111,639 | 111,639 | ||||
Less: Net loss attributable to noncontrolling interests in subsidiaries | (38) | (38) | |||||
Contributions from noncontrolling interest | 9 | 9 | |||||
Dividends | (80,277) | (80,277) | (80,277) | ||||
Share grants, net of share grant amorization and forfeitures | 2,544 | $ 2 | 2,542 | 2,544 | |||
Share grants, net of share grant amortization and forfeitures, shares | 163 | ||||||
Distributions to noncontrolling interests | (1,784) | (1,784) | |||||
Stock issued during period (in shares) | 1,125 | ||||||
Stock Issued During Period, Value, New Issues | 30,690 | $ 11 | 30,679 | 30,690 | |||
Balance at Dec. 31, 2014 | 822,229 | $ 678 | 1,184,395 | (365,518) | 0 | 819,555 | 2,674 |
Balance, shares at Dec. 31, 2014 | 67,819 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income attributable to the controlling interests | 89,740 | 89,740 | 89,740 | ||||
Less: Net loss attributable to noncontrolling interests in subsidiaries | (553) | ||||||
Contributions from noncontrolling interest | 5 | 5 | |||||
Dividends | (82,003) | (82,003) | (82,003) | ||||
Share grants, net of share grant amorization and forfeitures | 3,692 | $ 2 | 3,690 | 3,692 | |||
Share grants, net of share grant amortization and forfeitures, shares | 188 | ||||||
Stock issued during period (in shares) | 184 | ||||||
Stock Issued During Period, Value, New Issues | 5,215 | $ 2 | 5,213 | 5,215 | |||
Noncontrolling Interest, Decrease from Deconsolidation | (1,316) | (1,316) | |||||
Unrealized loss on interest rate hedge | (550) | (550) | (550) | ||||
Balance at Dec. 31, 2015 | $ 837,012 | $ 682 | $ 1,193,298 | $ (357,781) | $ (550) | $ 835,649 | $ 1,363 |
Balance, shares at Dec. 31, 2015 | 68,191 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Cash flows from operating activities | |||
Net income | $ 89,187 | $ 111,601 | $ 37,346 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Gain on sale of real estate | 91,107 | 106,555 | 22,144 |
Depreciation and amortization, including amounts in discontinued operations | 108,935 | 96,011 | 97,901 |
Provision for losses on accounts receivable | 1,368 | 1,402 | 3,772 |
Real estate impairment | 5,909 | 0 | 0 |
Share-based compensation expense | 5,112 | 4,995 | 6,246 |
Amortization of debt premiums, discounts and related financing costs | 3,486 | 3,588 | 4,158 |
Loss on extinguishment of debt, net | 119 | 0 | 2,737 |
Changes in other assets | (10,388) | (23,306) | (10,591) |
Changes in other liabilities | (5,266) | (7,035) | (6,107) |
Net cash provided by operating activities | 107,355 | 80,701 | 113,318 |
Cash flows from investing activities | |||
Real estate acquisitions, net | (151,682) | (194,536) | (48,200) |
Capital improvements to real estate | (41,507) | (57,810) | (55,829) |
Development in progress | (31,203) | (43,264) | (15,826) |
Net cash received from sale of real estate | 137,014 | 190,864 | 313,765 |
Real estate deposits, net | 0 | 0 | (3,900) |
Cash held in replacement reserve escrows | (3,511) | (1,417) | 0 |
Non-real estate capital improvements | (2,129) | (1,719) | (162) |
Net cash (used in) provided by investing activities | (93,018) | (107,882) | 189,848 |
Cash flows from financing activities | |||
Line of credit borrowings, net | 55,000 | 50,000 | 0 |
Dividends paid | (61,510) | (80,277) | (80,104) |
Contributions from noncontrolling interests | 5 | 9 | 401 |
Distributions to noncontrolling interests | 0 | (3,454) | 0 |
Borrowing under construction loan | 4,558 | 20,393 | 7,297 |
Principal payments – mortgage notes payable | (4,512) | (3,954) | (58,679) |
Proceeds from term loan | 150,000 | 0 | 0 |
Payment of financing costs | (5,095) | (742) | (843) |
Net proceeds from equity offerings | 5,215 | 30,690 | 0 |
Notes payable repayments | (150,000) | (100,000) | (60,000) |
Net cash used in financing activities | (6,339) | (87,335) | (191,928) |
Net increase (decrease) in cash and cash equivalents | 7,998 | (114,516) | 111,238 |
Cash and cash equivalents at beginning of year | 15,827 | 130,343 | 19,105 |
Cash and cash equivalents at end of year | 23,825 | 15,827 | 130,343 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest, net of capitalized interest expense | 57,179 | 58,023 | 62,744 |
Cash paid for income taxes | 261 | 156 | 54 |
Increase in accrued capital improvements and development costs | (4,229) | (4,154) | (328) |
Dividends payable | 20,434 | 0 | 0 |
Mortgage notes payable assumed in connection with the acquisition of real estate | $ 0 | $ 100,861 | $ 0 |
Statement Of Comprehensive Inco
Statement Of Comprehensive Income Statement Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 89,187 | $ 111,601 | $ 37,346 |
Other comprehensive loss: | (550) | 0 | 0 |
Unrealized loss on interest rate hedge | 88,637 | 111,601 | 37,346 |
Less: Net loss attributable to noncontrolling interests in subsidiaries | (553) | (38) | 0 |
Comprehensive income attributable to the controlling interests | $ 89,190 | $ 111,639 | $ 37,346 |
Nature Of Business
Nature Of Business | 12 Months Ended |
Dec. 31, 2015 | |
Nature Of Business [Abstract] | |
Nature Of Business | 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, 2015 , we sold our interests in the following properties (in thousands): Disposition Date Property Type Gain on Sale March 20, 2015 Country Club Towers Multifamily $ 30,277 September 9, 2015 1225 First Street (1) Multifamily — October 21, 2015 Munson Hill Towers Multifamily 51,395 December 14, 2015 Montgomery Village Center Retail 7,981 Total 2015 (2) $ 89,653 January 21, 2014 Medical Office Portfolio Transactions III & IV (3) Medical Office $ 105,985 May 2, 2014 5740 Columbia Road Retail 570 Total 2014 $ 106,555 March 19, 2013 Atrium Building Office $ 3,195 November 2013 Medical Office Portfolio Transactions I & II (4) Medical Office / Office 18,949 Total 2013 $ 22,144 (1) Interest in land held for future development. (2) Excludes gain related to parcel of land at Montrose Shopping Center condemned as part of an eminent domain taking action (see note 3 under "Properties Sold"). (3) Woodburn Medical Park I and II and Prosperity Medical Center I, II and III. (4) 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, Country Club Towers, Munson Hill Towers and Montgomery Village Center 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 (“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 December 31, 2015 and 2014, our TRSs had no net deferred tax assets and net deferred tax liabilities of $0.7 million and $0.6 million , respectively. 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 property held for future development included in one of our TRSs. 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, 2015, 2014 and 2013 , (unaudited): 2015 2014 2013 Ordinary income 78 % 40 % 62 % Return of capital 22 % 52 % 38 % Qualified dividends — % — % — % Unrecaptured Section 1250 gain — % 8 % — % Capital gain — % — % — % |
Accounting Policies
Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 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 February 2016, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update No. 2016-02, Leases (Topic 842), which amends existing accounting standards for lease accounting, including by requiring lessees to recognize most leases on the balance sheet and making certain changes to lessor accounting. The new standard is effective for public entities for fiscal years beginning after December 15, 2018 and for interim periods therein with early adoption permitted. We are currently evaluating the impact the new standard may have on Washington REIT’s consolidated financial statements. During 2015, the FASB issued Accounting Standards Update No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03") and Accounting Standards Update No. 2015-15, Interest - Imputation of Interest (Subtopic 835-30) - Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements , which require 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, except for debt issuance costs associated with line of credit arrangements, which can continue to be recorded as an asset. The recognition and measurement guidance for debt issuance costs are not affected by the new standards. The new standards are 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 early adopted these new standards as of December 31, 2015 and as such, the December 31, 2014 balance sheet has been recast. In implementing this standard, debt issuance costs associated with securing a revolving line of credit remain presented as an asset (included in Prepaid expenses and other assets in the consolidated balance sheets), regardless of whether a balance on the line of credit is outstanding. The impact of implementation of ASU 2015-03 on our consolidated balance sheets is as follows (in thousands): December 31, 2015 2014 Prepaid expenses and other assets (prior to adoption of ASU 2015-03) $ 114,913 $ 121,082 Reclassification of debt issuance costs, excluding line of credit costs (5,126 ) (5,390 ) Prepaid expenses and other assets (after adoption of ASU 2015-03) $ 109,787 $ 115,692 Notes payable (prior to adoption of ASU 2015-03) $ 747,638 $ 747,208 Reclassification of debt issuance costs (4,457 ) (4,059 ) Notes payable (after adoption of ASU 2015-03) $ 743,181 $ 743,149 Mortgage notes payable (prior to adoption of ASU 2015-03) $ 418,721 $ 418,525 Reclassification of debt issuance costs (669 ) (1,331 ) Mortgage notes payable (after adoption of ASU 2015-03) $ 418,052 $ 417,194 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. 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. 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 leased space 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. Parking revenues are derived from leases, monthly parking agreements and transient parking. We recognize parking revenues from leases on a straight-line basis over the lease term and other parking revenues as earned. 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 histories or financial conditions cast doubt upon the tenants’ abilities 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 Other real estate expenses in the consolidated statements of income. 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 $3.9 million and $4.4 million of notes receivable as of December 31, 2015 and 2014 , respectively. Debt Issuance Costs We amortize external debt issuance costs 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 debt issuance costs related to notes and mortgage notes, net of amortization, on our consolidated balance sheets as an offset to their related debt. We record debt issuance costs related to revolving lines of credit on our consolidated balance sheets with Prepaid expenses and other assets, regardless of whether a balance on the line of credit is outstanding. We record the amortization of all debt issuance 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 in Depreciation and amortization on the consolidated statements of income. 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 incurred on borrowing obligations 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 $80.7 million , $71.4 million , $63.4 million during the years ended December 31, 2015 , 2014 and 2013 , respectively. We charge maintenance and repair costs that do not extend an asset’s useful life to expense as incurred. 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, 2015 were as follows (in thousands): Year Ended December 31, 2015 2014 2013 Total interest expense from continuing operations $ 60,204 $ 61,927 $ 64,809 Capitalized interest 658 2,142 1,236 Interest expense from continuing operations, net of capitalized interest $ 59,546 $ 59,785 $ 63,573 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, 2015 and 2014 . We discount the amounts used to calculate net lease intangibles using an interest rate which reflects the risks associated with the leases acquired. We classify tenant origination costs as Income producing property on our consolidated 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. 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, 2015 and 2014 were as follows (in thousands): December 31, 2015 2014 Gross Carrying Value Accumulated Amortization Net Gross Carrying Value Accumulated Amortization Net Tenant origination costs $ 55,664 $ 41,138 $ 14,526 $ 56,327 $ 35,463 $ 20,864 Leasing commissions/absorption costs 97,678 75,014 22,664 93,729 60,289 33,440 Net lease intangible assets 19,655 12,434 7,221 19,724 9,495 10,229 Net lease intangible liabilities 34,027 23,444 10,583 34,027 20,974 13,053 Below-market ground lease intangible asset 12,080 1,524 10,556 12,080 1,335 10,745 Amortization of these combined components from continuing operations during the three years ended December 31, 2015 , 2014 and 2013 was as follows: Year Ended December 31, 2015 2014 2013 Depreciation and amortization expense $ 22,244 $ 19,854 $ 17,923 Real estate rental revenue, net decrease (increase) 538 456 (633 ) $ 22,782 $ 20,310 $ 17,290 Amortization of these combined components from continuing operations over the next five years is projected to be as follows (in thousands): Depreciation and amortization expense Real estate rental revenue, net decrease (increase) Total 2016 $ 12,574 $ 372 $ 12,946 2017 8,860 (185 ) 8,675 2018 6,078 (668 ) 5,410 2019 3,572 (530 ) 3,042 2020 2,349 (321 ) 2,028 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 of trustees, 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 No. 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 No. 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 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. 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 that were outstanding in 2013. Stock Based Compensation We currently maintain equity based compensation 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. As of December 31, 2015 and 2014, we did not have any unrecognized tax benefits. We do not believe that there will be any material changes to our uncertain tax positions over the next twelve months. 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 2011 through 2015 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. Derivatives We borrow funds at a combination of fixed and variable rates. Borrowings under our revolving credit facility and term loans bear interest at variable rates. Our interest rate risk management objectives are to minimize interest rate fluctuation on long-term indebtedness and limit the impact of interest rate changes on earnings and cash flows. To achieve these objectives, from time to time, we may enter into interest rate hedge contracts such as collars, swaps, caps and treasury lock agreements in order to mitigate our interest rate risk with respect to various debt instruments. We generally do not hold or issue these derivative contracts for trading or speculative purposes. The interest rate swaps we enter into are recorded at fair value on a recurring basis. We assess effectiveness of our cash flow hedges both at inception and on an ongoing basis. The effective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recorded in accumulated other comprehensive loss. Our cash flow hedges become ineffective if critical terms of the hedging instrument and the debt instrument such as notional amounts, settlement dates, reset dates, calculation period and LIBOR do not perfectly match. In addition, we evaluate the default risk of the counterparty by monitoring the creditworthiness of the counterparty. When ineffectiveness of a cash flow hedge exists, the ineffective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recognized in earnings in the period affected. |
Real Estate Investments
Real Estate Investments | 12 Months Ended |
Dec. 31, 2015 | |
Real Estate Investments, Net [Abstract] | |
Real Estate Disclosure [Text Block] | As of December 31, 2015 and 2014 , our real estate investment portfolio, at cost, consists of properties as follows (in thousands): December 31, 2015 2014 Office $ 1,554,334 $ 1,502,052 Retail 442,039 463,716 Multifamily 641,424 505,185 $ 2,637,797 $ 2,470,953 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 and unemployment rates, as well as changing tenant and consumer requirements. As of December 31, 2015 , no single property or tenant accounted for more than 10% of total assets or total real estate rental revenue. We have properties under development and held for current or future development as of December 31, 2015 . In the office segment, we have a redevelopment project to renovate Silverline Center. During the second quarter of 2015, we substantially completed major construction activities at Silverline Center and placed into service assets totaling $25.9 million . We will place into service the remaining assets totaling $10.2 million in 2016. We also have land for future potential development at Dulles Station, Phase II in Herndon, Virginia. In the multifamily segment, we have land held for future development adjacent to The Wellington, a multifamily property. During the fourth quarter of 2014, we substantially completed major construction activities at The Maxwell, a multifamily property, and placed into service assets totaling $31.3 million . During 2015, we placed into service the remaining assets totaling $19.2 million . The cost of our real estate portfolio under development or held for future development as of December 31, 2015 and 2014 is as follows (in thousands): December 31, 2015 2014 Office $ 18,711 $ 36,379 Retail 1,076 500 Multifamily 16,307 39,356 $ 36,094 $ 76,235 Acquisitions Our current strategy is to recycle legacy assets that lack the income growth potential we seek and to invest in high-quality assets with compelling value-add returns through redevelopment opportunities in our existing portfolio and acquisitions that meet our stringent investment criteria. We focus on properties inside the Washington metro region’s Beltway, near major transportation nodes and in areas with strong employment drivers and superior growth demographics. Properties and land for development acquired during the three years ended December 31, 2015 were as follows: Acquisition Date Property Type # of units (unaudited) Rentable Square Feet (unaudited) Contract Purchase Price (in thousands) July 1, 2015 The Wellington Multifamily 711 N/A $ 167,000 February 21, 2014 Yale West Multifamily 216 N/A $ 73,000 March 26, 2014 The Army Navy Club Building Office N/A 108,000 79,000 May 1, 2014 1775 Eye Street, NW Office N/A 185,000 104,500 October 1, 2014 Spring Valley Retail Center Retail N/A 75,000 40,500 Total 2014 216 368,000 $ 297,000 October 1, 2013 The Paramount Multifamily 135 N/A $ 48,200 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, 2015 are as follows (in thousands): Year Ended December 31, 2015 2014 2013 Real estate rental revenue $ 6,797 $ 16,260 $ 907 Net loss (2,748 ) (3,168 ) (105 ) 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): 2015 2014 2013 Land $ 30,548 $ 104,403 $ 8,568 Land held for development 15,000 — — Buildings 116,563 172,671 37,930 Tenant origination costs — 9,377 32 Leasing commissions/absorption costs 4,889 16,474 943 Net lease intangible assets — 7,331 102 Net lease intangible liabilities — (8,323 ) (117 ) Fair value of assumed mortgage — (107,125 ) — Furniture, fixtures & equipment — 932 742 Total $ 167,000 $ 195,740 $ 48,200 The leasing commissions/absorption costs acquired in 2015 were fully amortized as of December 31, 2015. The difference in the total contract price of $167.0 million for the 2015 acquisition and cash paid for the acquisition per the consolidated statements of cash flows of $166.7 million is primarily due to credits received at settlement totaling $0.3 million . The difference in the total contract price of $297.0 million for the 2014 acquisitions and cash paid for the acquisitions 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 following unaudited pro-forma combined condensed statements of operations set forth the consolidated results of operations for the years ended December 31, 2015 and 2014 as if the above described acquisition in 2015 had occurred on January 1, 2014. The pro forma adjustments include reclassifying costs related to the above-described acquisition to 2014. The unaudited pro-forma information does not purport to be indicative of the results that actually would have occurred if the acquisitions had been in effect for the years ended December 31, 2015 and 2014 . The unaudited data presented is in thousands, except per share data. Year Ended December 31, 2015 2014 Real estate revenues $ 313,114 $ 302,120 Income from continuing operations $ 96,735 $ 4,466 Net income $ 96,735 $ 110,997 Diluted earnings per share $ 1.41 $ 1.66 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 ") and in 2014, we distributed to the noncontrolling interest holder their share of the proceeds . 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 owned 95% and 5% of the joint venture, respectively. During the second quarter of 2015, 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 second quarter of 2015 in order to reduce the carrying value of the property to its estimated fair value. We based this fair value on the contract sale price in the purchase and sale agreement. This fair valuation falls into Level 2 of the fair value hierarchy. During the third quarter of 2015, we sold our 95% interest in the joint venture for a contract sale price of $14.5 million and deconsolidated the entity, as this joint venture had previously been consolidated as Washington REIT was the primary beneficiary of the VIE. 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. We have determined that The Maxwell joint venture is a VIE primarily based on the fact that the equity investment at risk is not sufficient to permit the entity to finance its activities without additional financial support. As of December 31, 2015 , $32.2 million was outstanding on The Maxwell's construction loan. We also determined that Washington REIT was the primary beneficiary of the VIE due to the fact that Washington REIT was determined to have a controlling financial interest in the entity. 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 , the land and capitalized development costs for 1225 First Street totaled $20.8 million . As of December 31, 2015 and 2014 , The Maxwell's assets were as follows (in thousands): December 31, 2015 2014 Land $ 12,851 $ 12,851 Income producing property 37,791 18,432 Accumulated depreciation and amortization (2,347 ) — Properties under development or held for future development — 17,947 Other assets 1,188 — $ 49,483 $ 49,230 As of December 31, 2015 and 2014 , The Maxwell's liabilities were as follows (in thousands): December 31, 2015 2014 Mortgage notes payable, net $ 32,214 $ 27,690 Accounts payable and other liabilities 256 2,196 Tenant security deposits 82 17 $ 32,552 $ 29,903 Subsequent to the end of 2015 , Washington REIT exercised its right to purchase without penalty The Maxwell's construction loan from the original third-party lender. Upon the purchase, the loan became an intercompany payable from the consolidated VIE to Washington REIT that is eliminated in consolidation. Properties Sold 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 second quarter of 2015, 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 did not impact the property's operations. We received $2.0 million as compensation for the taken land, and recognized a $1.4 million gain on sale of real estate during the second quarter of 2015. We sold our interests in the following properties during the three years ended December 31, 2015 : Disposition Date Property Segment # of units (unaudited) Rentable Contract Gain on Sale March 20, 2015 Country Club Towers (1) Multifamily 227 N/A $ 37,800 $ 30,277 September 9, 2015 1225 First Street (1), (2) Multifamily N/A N/A 14,500 — October 21, 2015 Munson Hill Towers (1) Multifamily 279 N/A 57,050 51,395 December 14, 2015 Montgomery Village Center (1) Retail N/A 197,000 27,750 7,981 Total 2015 506 197,000 $ 137,100 $ 89,653 January 21, 2014 Medical Office Portfolio Transactions III & IV (3) Medical Office N/A 427,000 $ 193,561 $ 105,985 May 2, 2014 5740 Columbia Road (1) Retail N/A 3,000 1,600 570 Total 2014 N/A 430,000 $ 195,161 $ 106,555 March 19, 2013 Atrium Building Office N/A 79,000 $ 15,750 $ 3,195 Various Medical Office Portfolio Transactions I & II Medical Office/ Office N/A 1,093,000 307,189 18,949 Total 2013 N/A 1,172,000 $ 322,939 $ 22,144 (1) These properties are classified as continuing operations. All other sold properties are classified as discontinued operations. (2) Interest in land held for future development. (3) These properties were initially classified as held for sale during 2013. 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 of our medical office segment on revenues and net income is summarized as follows (in thousands, except per share data): Year Ending December 31, 2015 2014 2013 Real estate revenues $ — $ 892 $ 41,012 Net income — 546 14,044 Basic and diluted net income per share — 0.01 0.21 Income from properties classified as discontinued operations for the three years ended December 31, 2015 was as follows (in thousands): Year Ending December 31, 2015 2014 2013 Revenues $ — $ 892 $ 45,791 Property expenses — (346 ) (17,039 ) Depreciation and amortization — — (12,161 ) Interest expense — — (1,196 ) $ — $ 546 $ 15,395 Income from properties classified as discontinued operations by property or disposal group for the three years ended December 31, 2015 was as follows (in thousands): Year Ending December 31, Property Segment 2015 2014 2013 Atrium Building Office $ — $ — $ 185 Medical Office Portfolio Medical/Office — 546 15,210 $ — $ 546 $ 15,395 |
Mortgage Notes Payable
Mortgage Notes Payable | 12 Months Ended |
Dec. 31, 2015 | |
Notes Payable, Noncurrent [Abstract] | |
Mortgage Notes Payable | As of December 31, 2015 and 2014 , 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) 2015 2014 Payoff Date/Maturity Date Army Navy Club Building 3/26/2014 3.18 % $ 50,750 $ 51,844 5/1/2017 Yale West (3) 2/21/2014 3.75 % 47,502 47,903 1/31/2022 The Maxwell (4) 2/21/2013 2.27 % 32,248 27,690 1/27/2016 John Marshall II (5) 9/15/2011 5.79 % 51,011 51,810 2/8/2016 Olney Village Center 8/30/2011 4.94 % 16,503 18,053 10/1/2023 Kenmore Apartments 2/2/2009 5.37 % 33,637 34,305 3/1/2019 2445 M Street (6) 12/2/2008 7.25 % 101,866 101,866 1/6/2017 3801 Connecticut Avenue, Walker House and Bethesda Hill (7) 5/29/2008 5.71 % 81,029 81,029 6/1/2016 414,546 414,500 Premiums and discounts, net 4,175 4,025 Debt issuance costs, net (669 ) (1,331 ) $ 418,052 $ 417,194 (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. (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 construction loan was variable, based on LIBOR plus 2.0% . Interest and principal was payable monthly starting March 2016 until the extended maturity date of February 20, 2017, upon which all unpaid principal and interest were payable in full. In January 2016, Washington REIT exercised its right to purchase the construction loan without penalty from the lender (see note 3, under "Variable Interest Entities"). (5) The note was prepaid without penalty in February 2016. (6) Interest only is payable monthly until the maturity date upon which all unpaid principal and interest are payable in full. The maturity date of the mortgage note is January 6, 2017, but can be prepaid, without penalty, beginning on October 6, 2016. (7) 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 $619.4 million and $607.8 million at December 31, 2015 and 2014 , respectively. Scheduled principal payments subsequent to December 31, 2015 are as follows (in thousands): 2016 $ 168,195 2017 154,436 2018 3,135 2019 33,909 2020 2,659 Thereafter 52,212 $ 414,546 |
Unsecured Lines Of Credit Payab
Unsecured Lines Of Credit Payable | 12 Months Ended |
Dec. 31, 2015 | |
Unsecured Debt [Abstract] | |
Unsecured Lines Of Credit Payable | UNSECURED LINES OF CREDIT PAYABLE During the second quarter of 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. We utilized a portion of the New Credit Facility's accordion feature in September 2015, as discussed in note 6 . The amount of the New Credit Facility unused and available at December 31, 2015 was as follows (in thousands): Committed capacity $ 600,000 Borrowings outstanding (105,000 ) Letters of credit issued (1) (15,474 ) Unused and available $ 479,526 We executed borrowings and repayments on the unsecured lines of credit during 2015 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 3,000 150,000 445,000 Repayments (8,000 ) (195,000 ) (340,000 ) Balance at December 31, 2015 $ — $ — $ 105,000 The New Credit Facility bears interest at a rate of either one month LIBOR plus a margin ranging from 0.875% to 1.55% or the base rate plus a margin ranging from 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 0.5% and the one month LIBOR market index rate plus 1.0% . As of December 31, 2015 , the interest rate on the facility is one month LIBOR plus 1.0% and the one month LIBOR was 0.43% . All outstanding advances for the New Credit Facility are due and payable upon maturity in June 2019 , unless extended pursuant to one or both of the two six-month extension options. Interest only payments are due and payable generally on a monthly basis. 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 million committed capacity, without regard to usage. As of December 31, 2015 , the facility fee is 0.20% . For the three years ended December 31, 2015 , we recognized interest expense (excluding facility fees) and facility fees as follows (in thousands): Year Ended December 31, 2015 2014 2013 Interest expense (excluding facility fees) $ 2,266 $ 196 $ 867 Facility fees 1,241 1,267 1,267 The unsecured credit facilities contain certain financial and non-financial covenants, all of which we have met as of December 31, 2015 and 2014 . Included in these covenants are limits on our total indebtedness, secured and unsecured indebtedness and required debt service payments. Information related to revolving credit facilities for the three years ended December 31, 2015 as follows (in thousands, except percentage amounts): Year Ended December 31, 2015 2014 2013 Total revolving credit facilities at December 31 $ 600,000 $ 500,000 $ 500,000 Borrowings outstanding at December 31 105,000 50,000 — Weighted average daily borrowings during the year 167,573 12,849 61,548 Maximum daily borrowings during the year 350,000 55,000 135,000 Weighted average interest rate during the year 1.35 % 1.53 % 1.41 % Weighted average interest rate on borrowings outstanding at December 31 1.36 % 1.37 % N/A 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 January 12, 2015, the Terrorism Risk Insurance Program Reauthorization Act of 2015 was signed into law and extended the program through December 31, 2020. |
Notes Payable
Notes Payable | 12 Months Ended |
Dec. 31, 2015 | |
Notes Payable [Abstract] | |
Notes Payable | Our unsecured notes outstanding as of December 31, 2015 were as follows (in thousands): Coupon/Stated Rate Effective Rate (1) Principal Amount Maturity Date (2) 10 Year Unsecured Notes 4.95 % 5.05 % $ 250,000 10/1/2020 Term Loan 1 Month LIBOR + 110 basis points 2.72 % 150,000 3/15/2021 10 Year Unsecured Notes 3.95 % 4.02 % 300,000 10/15/2022 30 Year Unsecured Notes 7.25 % 7.36 % 50,000 2/25/2028 Total principal 750,000 Premiums and discounts, net (2,362 ) Deferred issuance costs, net (4,457 ) Total $ 743,181 (1) Yield on issuance date, including the effects of discounts on the notes. (2) No principal amounts are due prior to maturity. We extinguished $150.0 million of our 5.35% unsecured notes on their maturity date of May 1, 2015 . On September 15, 2015 , we entered into a $150.0 million unsecured term loan by executing a portion of the accordion feature under the New Credit Facility (see note 5 ). The term loan has a 5.5 year term and an interest rate of one month LIBOR plus 110 basis points, based on Washington REIT's current unsecured debt ratings. We entered into interest rate swaps to effectively fix the interest rate at 2.7% (see note 7 ). The required principal payments for the remaining years subsequent to December 31, 2015 are as follows (in thousands): 2016 $ — 2017 — 2018 — 2019 — 2020 250,000 Thereafter 500,000 $ 750,000 Interest on these notes is payable semi-annually, except for the term loan, for which interest is payable monthly. These notes contain certain financial and non-financial covenants, all of which we have met as of December 31, 2015 . 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. |
Derivative Instruments (Notes)
Derivative Instruments (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | DERIVATIVE INSTRUMENTS On September 15, 2015 , we entered into two interest rate swap arrangements with a total notional amount of $150.0 million to swap the floating interest rate under our term loan (see note 6 ) to an all-in fixed interest rate of 2.7% starting on October 15, 2015 and extending until the maturity of the term loan on March 15, 2021 . The interest rate swaps qualify as cash flow hedges and are recorded at fair value in accordance with GAAP, based on discounted cash flow methodologies and observable inputs. We record the effective portion of changes in fair value of the cash flow hedges in other comprehensive loss. The resulting unrealized loss on the effective portions of the cash flow hedges was the only activity in other comprehensive loss during the periods presented in our consolidated financial statements. We assess the effectiveness of our cash flow hedges both at inception and on an ongoing basis. The cash flow hedges were effective for 2015 and hedge ineffectiveness did not impact earnings in 2015 . We had no derivative instruments outstanding as of December 31, 2014 . The fair value and balance sheet locations of the interest rate swaps as of December 31, 2015 and 2014 , are as follows (in thousands): December 31, 2015 2014 Accounts payable and other liabilities $ 550 $ — The interest rate swaps have been effective since inception. The gains or losses on the effective swaps are recognized in other comprehensive loss, as follows (in thousands): Year Ending December 31, 2015 2014 2013 Unrealized loss on interest rate hedge $ (550 ) $ — $ — Amounts reported in accumulated other comprehensive loss related to derivatives will be reclassified to interest expense as interest payments are made on our variable-rate debt. During the next twelve months, we estimate that $1.4 million will be reclassified as an increase to interest expense. We have agreements with each of our derivative counterparties that contain a provision whereby we could be declared in default on our derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to our default on the indebtedness. As of December 31, 2015 , the fair value of derivatives is in a net liability position of $0.6 million , which includes accrued interest but excludes any adjustment for nonperformance risk. As of December 31, 2015 , we have not posted any collateral related to these agreements. If we had breached any of these provisions at December 31, 2015 , we could have been required to settle our obligations under the agreements at their termination value of $0.6 million . Derivative instruments expose us to credit risk in the event of non-performance by the counterparty under the terms of the interest rate hedge agreement. We believe that we minimize our credit risk on these transactions by dealing with major, creditworthy financial institutions. We monitor the credit ratings of counterparties and our exposure to any single entity, thus minimizing our credit risk concentration. |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
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, 2015 and 2014 that are recorded at fair value on a recurring basis are the assets held in the Supplemental Executive Retirement Plan ("SERP"), which primarily consists of investments in mutual funds, and the interest rate swaps (see note 7 ). We base the valuations related to the SERP on assumptions derived from significant other observable inputs and accordingly these valuations fall into Level 2 in the fair value hierarchy. The valuation of the interest rate swaps is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each interest rate swap. This analysis reflects the contractual terms of the interest rate swaps, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash payments (or receipts) and the discounted expected variable cash receipts (or payments). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. To comply with the provisions of ASC 820, we incorporate credit valuation adjustments in the fair value measurements to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk. These credit valuation adjustments were concluded to not be significant inputs for the fair value calculations for the periods presented. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as the posting of collateral, thresholds, mutual puts and guarantees. The valuation of interest rate swaps fall into Level 2 in the fair value hierarchy. The fair values of these assets and liabilities at December 31, 2015 and 2014 were as follows (in thousands): December 31, 2015 December 31, 2014 Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: SERP $ 1,408 $ — $ 1,408 $ — $ 2,778 $ — $ 2,778 $ — Liabilities: Derivatives 550 — 550 — — — — — 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, 2015 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, 2015 . 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 and 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, 2015 and 2014 , the carrying values and estimated fair values of our financial instruments were as follows (in thousands): December 31, 2015 2014 Carrying Value Fair Value Carrying Value Fair Value Cash and cash equivalents $ 23,825 $ 23,825 $ 15,827 $ 15,827 Restricted cash 13,383 13,383 10,299 10,299 2445 M Street note receivable 3,849 4,275 4,404 5,113 Mortgage notes payable 418,052 426,693 417,194 433,762 Lines of credit payable 105,000 105,000 50,000 50,000 Notes payable 743,181 753,816 743,149 782,042 |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
Stock Based Compensation | 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 issued or outstanding as of December 31, 2015 and 2014 . Short-Term Incentive Plan ("STIP") 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 ("LTIP") Under the LTIP, executive 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 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 opportunities 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 from the prior LTIP in 2014, 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 as follows: 2015 Awards 2014 Awards Expected volatility (1) 17.2 - 17.5% 23.2 % Risk-free interest rate (2) 1.0 - 1.1% 0.8 % Expected term (3) 3 and 4 years 3 and 4 years Share price at grant date $27.66 - $27.76 $24.08 (1) Expected volatility based upon historical volatility of our daily closing share price. (2) Risk-free interest rate based on U.S. treasury constant maturity bonds on the measurement date with a maturity equal to the market condition performance period. (3) Expected term based on the market condition performance period. The calculated grant date fair value as a percentage of base salary for the officers for the three-year performance period that commenced in 2015 ranged from approximately 36% to 69% for the 50% of the LTIP based on relative TSR and from 15% to 29% for the 50% of the LTIP based on absolute TSR. The calculated grant date fair value as a percentage of base salary for the officers for the 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. Other officers and other 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 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 $100,000 , $55,000 and $55,000 for the each of three years ended December 31, 2015 , respectively. Total Compensation Expense Total compensation expense recognized in the consolidated financial statements for each of the three years ended December 31, 2015 for all share based awards was $5.1 million , $5.0 million and $6.2 million , respectively. The stock-based compensation expense for 2015 is net of $0.6 million of capitalized stock-based compensation expense. Prior year amounts were not material. 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 with Performance and Service Conditions The activity for the three years ended December 31, 2015 related to our restricted share awards, excluding those subject to market conditions, was as follows: Shares Wtd Avg Grant Fair Value Unvested at December 31, 2012 149,803 $ 27.37 Granted 141,609 26.30 Vested during year (158,657 ) 26.66 Forfeited (2,940 ) 27.80 Unvested at December 31, 2013 129,815 27.06 Granted 210,817 23.93 Vested during year (236,498 ) 25.06 Forfeited (10,467 ) 25.80 Unvested at December 31, 2014 93,667 25.22 Granted 251,642 27.80 Vested during year (212,856 ) 27.18 Forfeited (26,309 ) 26.77 Unvested at December 31, 2015 106,144 27.71 The total fair value of share grants vested for each of the three years ended December 31, 2015 was $5.8 million , $6.1 million and $3.8 million , respectively. As of December 31, 2015 , the total compensation cost related to non-vested share awards not yet recognized was $1.8 million , which we expect to recognize over a weighted average period of 20 months . Restricted and Unrestricted Shares with Market Conditions Stock based awards with market conditions under the LTIP were granted in 2015 and 2014 with fair market values, as determined using a Monte Carlo simulation, as follows (in thousands): Grant Date Fair Value 2015 Awards 2014 Awards Restricted Unrestricted Restricted Unrestricted Relative TSR $ 191 $ 634 $ 458 $ 1,376 Absolute TSR 76 254 327 921 The unamortized value of these awards with market conditions as of December 31, 2015 was as follows (in thousands): 2015 Awards 2014 Awards Restricted Unrestricted Restricted Unrestricted Relative TSR $ 144 $ 383 $ 161 $ — Absolute TSR 57 153 111 — |
Other Benefit Plans
Other Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Other Benefit Plans | 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 each of the three years ended December 31, 2015 , we made contributions to the 401(k) plan of $0.5 million , $0.4 million and $0.4 million , respectively. 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 was $1.7 million and $1.6 million at December 31, 2015 and 2014 , respectively. 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 discharge for cause, 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, 2015 and 2014 , the accrued benefit liability was $1.4 million and $2.8 million , respectively. For each of the three years ended December 31, 2015 , we recognized current service cost of $0.3 million . |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | 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 year ended December 31, 2013 under the if-converted method. We had no operating partnership units as of December 31, 2015 and 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, 2015 was as follows (in thousands; except per share data): Year Ended December 31, 2015 2014 2013 Numerator: Income (loss) from continuing operations $ 89,187 $ 5,070 $ (193 ) Net loss attributable to noncontrolling interests 553 — Allocation of undistributed earnings to unvested restricted share awards and units to continuing operations (269 ) 5 — Adjusted income (loss) from continuing operations attributable to the controlling interests 89,471 5,075 (193 ) Income from discontinued operations, including gain on sale of real estate, net of taxes — 106,531 37,539 Net loss attributable to noncontrolling interests 38 — Allocation of undistributed earnings to unvested restricted share awards and units to discontinued operations — (322 ) (415 ) Adjusted income from discontinued operations attributable to the controlling interests — 106,247 37,124 Adjusted net income attributable to the controlling interests $ 89,471 $ 111,322 $ 36,931 Denominator: Weighted average shares outstanding – basic 68,177 66,795 66,580 Effect of dilutive securities: Employee stock options and restricted share awards 133 42 — Weighted average shares outstanding – diluted 68,310 66,837 66,580 Earnings per common share, basic: Continuing operations $ 1.31 $ 0.08 $ — Discontinued operations — 1.59 0.55 $ 1.31 $ 1.67 $ 0.55 Earnings per common share, diluted: Continuing operations $ 1.31 $ 0.08 $ — Discontinued operations — 1.59 0.55 $ 1.31 $ 1.67 $ 0.55 Dividends declared per common share $ 1.20 $ 1.20 $ 1.20 |
Rentals Under Operating Leases
Rentals Under Operating Leases | 12 Months Ended |
Dec. 31, 2015 | |
Rentals Under Operating Leases [Abstract] | |
Rentals Under Operating Leases | RENTALS UNDER OPERATING LEASES As of December 31, 2015 , non-cancelable commercial operating leases provide for minimum rental income were as follows (in thousands): 2016 $ 194,033 2017 175,606 2018 150,901 2019 134,234 2020 115,195 Thereafter 307,971 $ 1,077,940 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, 2015 was $34.6 million , $31.6 million and $26.8 million , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Development Commitments At December 31, 2015 , we had no committed contracts outstanding with third parties in connection with our development and redevelopment projects. 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, 2015 , we had a $15.5 million letter of credit issued under our New Credit Facility. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
Segment Information | SEGMENT INFORMATION We evaluate real estate performance and allocate resources by property type and have three reportable segments: office, multifamily, and retail. Office properties provide office space for various types of businesses and professions. Multifamily properties provide rental housing for individuals and families throughout the Washington metro region. Retail properties are typically grocery store anchored neighborhood centers that include other small shop tenants or regional power centers with several junior box tenants. 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, 2015 was as follows: Year Ended December 31, 2015 2014 2013 Office 57 % 57 % 58 % Multifamily 22 % 22 % 21 % Retail 21 % 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, 2015 and 2014 was as follows: December 31, 2015 2014 Office 59 % 61 % Multifamily 24 % 20 % Retail 17 % 19 % 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, 2015 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, 2015 Office Retail Multifamily Corporate Consolidated Real estate rental revenue $ 174,378 $ 63,507 $ 68,542 $ — $ 306,427 Real estate expenses 67,228 15,606 29,400 — 112,234 Net operating income $ 107,150 $ 47,901 $ 39,142 $ — $ 194,193 Depreciation and amortization (108,935 ) General and administrative (20,257 ) Real estate impairment (5,909 ) Acquisition costs (2,056 ) Interest expense (59,546 ) Other income 709 Gain on sale of real estate 91,107 Loss on extinguishment of debt (119 ) Net income 89,187 Less: Net loss attributable to noncontrolling interests 553 Net income attributable to the controlling interests $ 89,740 Capital expenditures $ 29,745 $ 3,897 $ 7,865 $ 2,129 $ 43,636 Total assets $ 1,265,570 $ 354,123 $ 529,773 $ 41,702 $ 2,191,168 Year Ended December 31, 2014 Office Retail Multifamily Corporate and Other Consolidated 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 $ 1,283,950 $ 385,074 $ 408,114 $ 31,179 $ 2,108,317 Year Ended December 31, 2013 Office Medical Retail Multifamily Corporate Consolidated 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 $ 1,073,055 $ 84,001 $ 344,084 $ 308,123 $ 160,080 $ 1,969,343 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data | SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) Unaudited financial data by quarter in each of the years ended December 31, 2015 and 2014 were as follows (in thousands, except for per share data): Quarter (1), (2), (3) First Second Third Fourth 2015 Real estate rental revenue $ 74,856 $ 74,226 $ 78,243 $ 79,102 Net income $ 29,398 $ (2,886 ) $ 580 $ 62,095 Net income (loss) attributable to the controlling interests $ 29,506 $ (2,546 ) $ 647 $ 62,133 Net income (loss) per share Basic $ 0.43 $ (0.04 ) $ 0.01 $ 0.91 Diluted $ 0.43 $ (0.04 ) $ 0.01 $ 0.91 2014 Real estate rental revenue $ 68,611 $ 72,254 $ 73,413 $ 74,359 (Loss) income 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 (Loss) income 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 (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, second and fourth quarters of 2015 include gains on sale of real estate classified as continuing operations of $30.3 million , $1.5 million and $59.4 million , respectively. The first quarter of 2014 includes gain on the sale of real estate in discontinued operations of $106.0 million . (3) The second quarter of 2015 includes a real estate impairment of $5.9 million . |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | SHAREHOLDERS' EQUITY During the second quarter of 2015, we entered into four separate equity distribution agreements (collectively, the “Equity Distribution Agreements”) with each of Wells Fargo Securities, LLC, BNY Mellon Capital Markets, LLC, Citigroup Global Markets Inc. and RBC Capital Markets, LLC relating to the issuance and sale of up to $200.0 million of our common shares from time to time. Sales of our common shares are made at market prices prevailing at the time of sale. We use net proceeds from the sale of common shares under this program for general corporate purposes, including, without limitation, working capital, the acquisition, renovation, expansion, improvement, development or redevelopment of income producing properties or the repayment of debt. We did not issue any shares under the Equity Distribution Agreements during 2015 . The Equity Distribution Agreements replace Washington REIT’s prior sales agency financing agreement ("Prior ATM") with BNY Mellon Capital Markets, LLC, which expired by its terms in June 2015. During 2015 and 2014, Washington REIT issued 0.2 million and 1.1 million common shares, respectively, at a weighted average price of $28.34 and $27.86 , respectively, for net proceeds of $5.2 million and $30.7 million , respectively. We did not issue any shares under the Prior ATM in 2013. 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 three years ended December 31, 2015 . |
Deferred Costs
Deferred Costs | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred Costs | DEFERRED COSTS As of December 31, 2015 and 2014 , deferred leasing costs and deferred leasing incentives were included in prepaid expenses and other assets as follows (in thousands): December 31, 2015 2014 Gross Carrying Value Accumulated Amortization Net Gross Carrying Value Accumulated Amortization Net Deferred leasing costs 59,382 22,897 36,485 50,943 18,351 32,592 Deferred leasing incentives 18,701 6,066 12,635 14,194 3,605 10,589 Amortization, including write-offs, of deferred leasing costs and deferred leasing incentives from continuing operations for the three years ended December 31, 2015 were as follows (in thousands): Year Ended December 31, 2015 2014 2013 Deferred leasing costs amortization 5,983 4,699 4,279 Deferred leasing incentives amortization 2,848 1,704 980 |
Schedule II
Schedule II | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II | SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS FOR THE YEARS ENDED DECEMBER 31, 2015 , 2014 AND 2013 (IN THOUSANDS) Balance at Beginning of Year Additions Charged to Expenses Net Deductions (Recoveries) Balance at End of Year Allowance for doubtful accounts 2015 $ 3,392 $ 1,368 $ (2,463 ) $ 2,297 2014 $ 6,783 $ 1,402 $ (4,793 ) $ 3,392 2013 $ 10,443 $ 3,531 $ (7,191 ) $ 6,783 Valuation allowance for deferred tax assets 2015 $ 5,714 $ — $ (9 ) $ 5,705 2014 $ 5,741 $ — $ (27 ) $ 5,714 2013 $ 5,773 $ — $ (32 ) $ 5,741 |
Schedule III
Schedule III | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 Accumulated Depreciation at December 31, 2015 Properties Location Land Buildings and Improvements Land Buildings and Improvements Total (c) Year of Construction Date of Acquisition Net Rentable Square Feet (e) Units Depreciation Life (d) Multifamily Properties 3801 Connecticut Avenue (a) Washington, DC $ 420,000 $ 2,678,000 $ 12,961,000 $ 420,000 $ 15,639,000 $ 16,059,000 $ 9,901,000 1951 Jan 1963 178,000 307 30 years Roosevelt Towers Virginia 336,000 1,996,000 11,738,000 336,000 13,734,000 14,070,000 8,886,000 1964 May 1965 170,000 191 40 years Park Adams Virginia 287,000 1,654,000 11,270,000 287,000 12,924,000 13,211,000 8,901,000 1959 Jan 1969 173,000 200 35 years The Ashby at McLean Virginia 4,356,000 17,102,000 17,835,000 4,356,000 34,937,000 39,293,000 22,176,000 1982 Aug 1996 274,000 256 30 years Walker House Apartments (a) Maryland 2,851,000 7,946,000 7,042,000 2,851,000 14,988,000 17,839,000 10,197,000 1971 Mar 1996 157,000 212 30 years Bethesda Hill Apartments (a) Maryland 3,900,000 13,412,000 12,733,000 3,900,000 26,145,000 30,045,000 16,650,000 1986 Nov 1997 225,000 195 30 years Bennett Park Virginia 2,861,000 917,000 80,036,000 4,774,000 79,040,000 83,814,000 29,053,000 2007 Feb 2001 214,000 224 28 years The Clayborne Virginia 269,000 — 30,754,000 699,000 30,324,000 31,023,000 12,616,000 2008 Jun 2003 60,000 74 26 years The Kenmore (a) Washington, DC 28,222,000 33,955,000 10,679,000 28,222,000 44,634,000 72,856,000 10,436,000 1948 Sep 2008 268,000 374 30 years The Maxwell (a) Virginia 12,787,000 — 37,854,000 12,851,000 37,790,000 50,641,000 2,347,000 2014 Jun 2011 139,000 163 30 years The Paramount Virginia 8,568,000 38,716,000 1,408,000 8,568,000 40,124,000 48,692,000 3,894,000 1984 Oct 2013 141,000 135 30 years Yale West (a) Washington, DC 14,684,000 62,069,000 245,000 14,684,000 62,314,000 76,998,000 4,196,000 2011 Feb 2014 173,000 216 30 years The Wellington Virginia 30,548,000 116,563,000 420,000 30,548,000 116,983,000 147,531,000 1,947,000 1960 Jul 2015 842,000 711 30 years The Wellington Land Parcel (g) Virginia 15,000,000 — 659,000 — 15,659,000 15,659,000 — n/a Jul 2015 — n/a n/a $ 125,089,000 $ 297,008,000 $ 235,634,000 $ 112,496,000 $ 545,235,000 $ 657,731,000 $ 141,200,000 3,014,000 3,258 Office Buildings 1901 Pennsylvania Avenue Washington, DC $ 892,000 $ 3,481,000 $ 17,253,000 $ 892,000 $ 20,734,000 $ 21,626,000 $ 15,589,000 1960 May 1977 101,000 28 years 51 Monroe Street Maryland 840,000 10,869,000 28,634,000 840,000 39,503,000 40,343,000 29,387,000 1975 Aug 1979 224,000 41 years 515 King Street Virginia 4,102,000 3,931,000 6,022,000 4,102,000 9,953,000 14,055,000 5,416,000 1966 Jul 1992 75,000 50 years 6110 Executive Boulevard Maryland 4,621,000 11,926,000 16,383,000 4,621,000 28,309,000 32,930,000 19,283,000 1971 Jan 1995 203,000 30 years 1220 19th Street Washington, DC 7,803,000 11,366,000 15,868,000 7,802,000 27,235,000 35,037,000 13,982,000 1976 Nov 1995 104,000 30 years 1600 Wilson Boulevard Virginia 6,661,000 16,742,000 26,685,000 6,661,000 43,427,000 50,088,000 20,180,000 1973 Oct 1997 168,000 30 years Silverline Center (f) Virginia 12,049,000 71,825,000 84,849,000 12,049,000 156,674,000 168,723,000 69,796,000 1972 Nov 1997 531,000 30 years 600 Jefferson Plaza Maryland 2,296,000 12,188,000 7,040,000 2,296,000 19,228,000 21,524,000 10,822,000 1985 May 1999 113,000 30 years Wayne Plaza Maryland 1,564,000 6,243,000 9,295,000 1,564,000 15,538,000 17,102,000 8,738,000 1970 May 2000 99,000 30 years Courthouse Square Virginia — 17,096,000 8,390,000 — 25,486,000 25,486,000 13,084,000 1979 Oct 2000 116,000 30 years One Central Plaza Maryland 5,480,000 39,107,000 17,905,000 5,480,000 57,012,000 62,492,000 30,982,000 1974 Apr 2001 267,000 30 years 1776 G Street Washington, DC 31,500,000 54,327,000 5,774,000 31,500,000 60,101,000 91,601,000 27,965,000 1979 Aug 2003 265,000 30 years Dulles Station, Phase II (f) Virginia 15,001,000 494,000 (3,400,000 ) 484,000 11,611,000 12,095,000 515,000 n/a Dec 2005 — n/a West Gude Maryland 11,580,000 43,240,000 12,277,000 11,580,000 55,517,000 67,097,000 20,184,000 1984 Aug 2006 277,000 30 years Monument II Virginia 10,244,000 65,205,000 8,089,000 10,244,000 73,294,000 83,538,000 22,406,000 2000 Mar 2007 208,000 30 years 2000 M Street Washington, DC — 61,101,000 21,541,000 — 82,642,000 82,642,000 24,244,000 1971 Dec 2007 231,000 30 years 2445 M Street (a) Washington, DC 46,887,000 106,743,000 6,163,000 46,887,000 112,906,000 159,793,000 31,690,000 1986 Dec 2008 290,000 30 years 925 Corporate Drive Virginia 4,518,000 24,801,000 940,000 4,518,000 25,741,000 30,259,000 7,475,000 2007 Jun 2010 134,000 30 years 1000 Corporate Drive Virginia 4,897,000 25,376,000 (357,000 ) 4,898,000 25,018,000 29,916,000 6,824,000 2009 Jun 2010 136,000 30 years 1140 Connecticut Avenue Washington, DC 25,226,000 50,495,000 12,102,000 25,226,000 62,597,000 87,823,000 13,120,000 1966 Jan 2011 183,000 30 years 1227 25th Street Washington, DC 17,505,000 21,319,000 2,875,000 17,505,000 24,194,000 41,699,000 5,696,000 1988 Mar 2011 135,000 30 years Initial Cost (b) Net Improvements (Retirement) since Acquisition Gross Amounts at Which Carried at December 31, 2015 Accumulated Depreciation at December 31, 2015 Properties Location Land Buildings and Improvements Land Buildings and Improvements Total (c) Year of Construction Date of Acquisition Net Units Depreciation Life (d) Braddock Metro Center Virginia 18,817,000 71,250,000 10,943,000 18,818,000 82,192,000 101,010,000 16,263,000 1985 Sep 2011 350,000 30 years John Marshall II (a) Virginia 13,490,000 53,024,000 2,145,000 13,490,000 55,169,000 68,659,000 9,531,000 1996 Sep 2011 223,000 30 years Fairgate at Ballston Virginia 17,750,000 29,885,000 3,722,000 17,750,000 33,607,000 51,357,000 5,835,000 1988 Jun 2012 143,000 30 years Army Navy Club Bldg (a) Washington, DC 30,796,000 39,315,000 1,903,000 30,796,000 41,218,000 72,014,000 3,831,000 1912 Mar 2014 108,000 30 years 1775 Eye Street, NW Washington, DC 48,086,000 51,074,000 4,976,000 48,086,000 56,050,000 104,136,000 4,424,000 1964 May 2014 185,000 30 years $ 342,605,000 $ 902,423,000 $ 328,017,000 $ 328,089,000 $ 1,244,956,000 $ 1,573,045,000 $ 437,262,000 4,869,000 Retail Centers Takoma Park Maryland $ 415,000 $ 1,084,000 $ 281,000 $ 415,000 $ 1,365,000 $ 1,780,000 $ 1,191,000 1962 Jul 1963 51,000 50 years Westminster Maryland 519,000 1,775,000 9,802,000 519,000 11,577,000 12,096,000 7,268,000 1969 Sep 1972 150,000 37 years Concord Centre Virginia 413,000 850,000 5,456,000 413,000 6,306,000 6,719,000 3,191,000 1960 Dec 1973 76,000 33 years Wheaton Park Maryland 796,000 857,000 4,665,000 796,000 5,522,000 6,318,000 3,748,000 1967 Sep 1977 74,000 50 years Bradlee Shopping Center Virginia 4,152,000 5,383,000 10,941,000 4,152,000 16,324,000 20,476,000 10,793,000 1955 Dec 1984 171,000 40 years Chevy Chase Metro Plaza Washington, DC 1,549,000 4,304,000 5,539,000 1,549,000 9,843,000 11,392,000 6,621,000 1975 Sep 1985 50,000 50 years Shoppes of Foxchase Virginia 5,838,000 2,979,000 14,687,000 5,838,000 17,666,000 23,504,000 6,631,000 1960 Jun 1994 134,000 50 years Frederick County Square Maryland 6,561,000 6,830,000 4,782,000 6,561,000 11,612,000 18,173,000 7,349,000 1973 Aug 1995 227,000 30 years 800 S. Washington Street Virginia 2,904,000 5,489,000 5,944,000 2,904,000 11,433,000 14,337,000 4,761,000 1951 Jun 1998 46,000 30 years Centre at Hagerstown Maryland 13,029,000 25,415,000 2,435,000 13,029,000 27,850,000 40,879,000 12,855,000 2000 Jun 2002 332,000 30 years Frederick Crossing Maryland 12,759,000 35,477,000 2,242,000 12,759,000 37,719,000 50,478,000 14,430,000 1999 Mar 2005 295,000 30 years Randolph Shopping Center Maryland 4,928,000 13,025,000 940,000 4,928,000 13,965,000 18,893,000 4,785,000 1972 May 2006 84,000 30 years Montrose Shopping Center Maryland 11,612,000 22,410,000 1,860,000 11,020,000 24,862,000 35,882,000 8,490,000 1970 May 2006 145,000 30 years Gateway Overlook Maryland 28,816,000 52,249,000 370,000 29,110,000 52,325,000 81,435,000 13,734,000 2007 Dec 2010 220,000 30 years Olney Village Center (a) Maryland 15,842,000 39,133,000 1,836,000 15,842,000 40,969,000 56,811,000 6,731,000 1979 Aug 2011 199,000 30 years Spring Valley Retail Center Washington, DC 10,836,000 32,238,000 868,000 10,836,000 33,106,000 43,942,000 1,568,000 1941 Oct 2014 75,000 30 years $ 120,969,000 $ 249,498,000 $ 72,648,000 $ 120,671,000 $ 322,444,000 $ 443,115,000 $ 114,146,000 2,329,000 Total $ 588,663,000 1,448,929,000 $ 636,299,000 $ 561,256,000 $ 2,112,635,000 $ 2,673,891,000 $ 692,608,000 10,212,000 3,258 (a) At December 31, 2015 , 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, $33.6 million million on The Kenmore, $100.6 million on 2445 M Street, $50.1 million on John Marshall II, and $17.3 million on Olney Village Center, $51.9 million on Yale West, and $51.0 million on The Amy Navy Club Building. The Maxwell was encumbered by a construction loan with a 32.2 million million balance at December 31, 2015. 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, 2015 , total land, buildings and improvements are carried at $2,071.6 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, 2015 , 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, 2015 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 $10.2 million at December 31, 2015 . g) As of December 31, 2015 , Washington REIT had under development a multifamily property in Arlington, Virginia. The value not yet placed into service at December 31, 2015 was $15.7 million . The following is a reconciliation of real estate assets and accumulated depreciation for the three years ended December 31, 2015 (in thousands): Year Ended December 31, 2015 2014 2013 Real estate assets Balance, beginning of period $ 2,547,188 $ 2,289,509 $ 2,529,131 Additions: Property acquisitions (1) 162,702 289,140 47,444 Improvements (1) 50,954 98,250 71,127 Deductions: Impairment write-down (5,909 ) — — Write-off of disposed assets (3,291 ) (2,857 ) (2,017 ) Property sales (77,753 ) (126,854 ) (356,176 ) Balance, end of period $ 2,673,891 $ 2,547,188 $ 2,289,509 Accumulated depreciation Balance, beginning of period $ 640,434 $ 611,408 $ 610,536 Additions: Depreciation 86,536 77,741 80,510 Deductions: Impairment write-down — — — Write-off of disposed assets (2,408 ) (2,549 ) (1,404 ) Property sales (31,954 ) (46,166 ) (78,234 ) Balance, end of period $ 692,608 $ 640,434 $ 611,408 (1) Includes non-cash accruals for capital items and assumed mortgages. |
Summary of RE investments (Note
Summary of RE investments (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of RE Investments [Abstract] | |
Schedule III | SCHEDULE III Initial Cost (b) Net Improvements (Retirement) since Acquisition Gross Amounts at Which Carried at December 31, 2015 Accumulated Depreciation at December 31, 2015 Properties Location Land Buildings and Improvements Land Buildings and Improvements Total (c) Year of Construction Date of Acquisition Net Rentable Square Feet (e) Units Depreciation Life (d) Multifamily Properties 3801 Connecticut Avenue (a) Washington, DC $ 420,000 $ 2,678,000 $ 12,961,000 $ 420,000 $ 15,639,000 $ 16,059,000 $ 9,901,000 1951 Jan 1963 178,000 307 30 years Roosevelt Towers Virginia 336,000 1,996,000 11,738,000 336,000 13,734,000 14,070,000 8,886,000 1964 May 1965 170,000 191 40 years Park Adams Virginia 287,000 1,654,000 11,270,000 287,000 12,924,000 13,211,000 8,901,000 1959 Jan 1969 173,000 200 35 years The Ashby at McLean Virginia 4,356,000 17,102,000 17,835,000 4,356,000 34,937,000 39,293,000 22,176,000 1982 Aug 1996 274,000 256 30 years Walker House Apartments (a) Maryland 2,851,000 7,946,000 7,042,000 2,851,000 14,988,000 17,839,000 10,197,000 1971 Mar 1996 157,000 212 30 years Bethesda Hill Apartments (a) Maryland 3,900,000 13,412,000 12,733,000 3,900,000 26,145,000 30,045,000 16,650,000 1986 Nov 1997 225,000 195 30 years Bennett Park Virginia 2,861,000 917,000 80,036,000 4,774,000 79,040,000 83,814,000 29,053,000 2007 Feb 2001 214,000 224 28 years The Clayborne Virginia 269,000 — 30,754,000 699,000 30,324,000 31,023,000 12,616,000 2008 Jun 2003 60,000 74 26 years The Kenmore (a) Washington, DC 28,222,000 33,955,000 10,679,000 28,222,000 44,634,000 72,856,000 10,436,000 1948 Sep 2008 268,000 374 30 years The Maxwell (a) Virginia 12,787,000 — 37,854,000 12,851,000 37,790,000 50,641,000 2,347,000 2014 Jun 2011 139,000 163 30 years The Paramount Virginia 8,568,000 38,716,000 1,408,000 8,568,000 40,124,000 48,692,000 3,894,000 1984 Oct 2013 141,000 135 30 years Yale West (a) Washington, DC 14,684,000 62,069,000 245,000 14,684,000 62,314,000 76,998,000 4,196,000 2011 Feb 2014 173,000 216 30 years The Wellington Virginia 30,548,000 116,563,000 420,000 30,548,000 116,983,000 147,531,000 1,947,000 1960 Jul 2015 842,000 711 30 years The Wellington Land Parcel (g) Virginia 15,000,000 — 659,000 — 15,659,000 15,659,000 — n/a Jul 2015 — n/a n/a $ 125,089,000 $ 297,008,000 $ 235,634,000 $ 112,496,000 $ 545,235,000 $ 657,731,000 $ 141,200,000 3,014,000 3,258 Office Buildings 1901 Pennsylvania Avenue Washington, DC $ 892,000 $ 3,481,000 $ 17,253,000 $ 892,000 $ 20,734,000 $ 21,626,000 $ 15,589,000 1960 May 1977 101,000 28 years 51 Monroe Street Maryland 840,000 10,869,000 28,634,000 840,000 39,503,000 40,343,000 29,387,000 1975 Aug 1979 224,000 41 years 515 King Street Virginia 4,102,000 3,931,000 6,022,000 4,102,000 9,953,000 14,055,000 5,416,000 1966 Jul 1992 75,000 50 years 6110 Executive Boulevard Maryland 4,621,000 11,926,000 16,383,000 4,621,000 28,309,000 32,930,000 19,283,000 1971 Jan 1995 203,000 30 years 1220 19th Street Washington, DC 7,803,000 11,366,000 15,868,000 7,802,000 27,235,000 35,037,000 13,982,000 1976 Nov 1995 104,000 30 years 1600 Wilson Boulevard Virginia 6,661,000 16,742,000 26,685,000 6,661,000 43,427,000 50,088,000 20,180,000 1973 Oct 1997 168,000 30 years Silverline Center (f) Virginia 12,049,000 71,825,000 84,849,000 12,049,000 156,674,000 168,723,000 69,796,000 1972 Nov 1997 531,000 30 years 600 Jefferson Plaza Maryland 2,296,000 12,188,000 7,040,000 2,296,000 19,228,000 21,524,000 10,822,000 1985 May 1999 113,000 30 years Wayne Plaza Maryland 1,564,000 6,243,000 9,295,000 1,564,000 15,538,000 17,102,000 8,738,000 1970 May 2000 99,000 30 years Courthouse Square Virginia — 17,096,000 8,390,000 — 25,486,000 25,486,000 13,084,000 1979 Oct 2000 116,000 30 years One Central Plaza Maryland 5,480,000 39,107,000 17,905,000 5,480,000 57,012,000 62,492,000 30,982,000 1974 Apr 2001 267,000 30 years 1776 G Street Washington, DC 31,500,000 54,327,000 5,774,000 31,500,000 60,101,000 91,601,000 27,965,000 1979 Aug 2003 265,000 30 years Dulles Station, Phase II (f) Virginia 15,001,000 494,000 (3,400,000 ) 484,000 11,611,000 12,095,000 515,000 n/a Dec 2005 — n/a West Gude Maryland 11,580,000 43,240,000 12,277,000 11,580,000 55,517,000 67,097,000 20,184,000 1984 Aug 2006 277,000 30 years Monument II Virginia 10,244,000 65,205,000 8,089,000 10,244,000 73,294,000 83,538,000 22,406,000 2000 Mar 2007 208,000 30 years 2000 M Street Washington, DC — 61,101,000 21,541,000 — 82,642,000 82,642,000 24,244,000 1971 Dec 2007 231,000 30 years 2445 M Street (a) Washington, DC 46,887,000 106,743,000 6,163,000 46,887,000 112,906,000 159,793,000 31,690,000 1986 Dec 2008 290,000 30 years 925 Corporate Drive Virginia 4,518,000 24,801,000 940,000 4,518,000 25,741,000 30,259,000 7,475,000 2007 Jun 2010 134,000 30 years 1000 Corporate Drive Virginia 4,897,000 25,376,000 (357,000 ) 4,898,000 25,018,000 29,916,000 6,824,000 2009 Jun 2010 136,000 30 years 1140 Connecticut Avenue Washington, DC 25,226,000 50,495,000 12,102,000 25,226,000 62,597,000 87,823,000 13,120,000 1966 Jan 2011 183,000 30 years 1227 25th Street Washington, DC 17,505,000 21,319,000 2,875,000 17,505,000 24,194,000 41,699,000 5,696,000 1988 Mar 2011 135,000 30 years Initial Cost (b) Net Improvements (Retirement) since Acquisition Gross Amounts at Which Carried at December 31, 2015 Accumulated Depreciation at December 31, 2015 Properties Location Land Buildings and Improvements Land Buildings and Improvements Total (c) Year of Construction Date of Acquisition Net Units Depreciation Life (d) Braddock Metro Center Virginia 18,817,000 71,250,000 10,943,000 18,818,000 82,192,000 101,010,000 16,263,000 1985 Sep 2011 350,000 30 years John Marshall II (a) Virginia 13,490,000 53,024,000 2,145,000 13,490,000 55,169,000 68,659,000 9,531,000 1996 Sep 2011 223,000 30 years Fairgate at Ballston Virginia 17,750,000 29,885,000 3,722,000 17,750,000 33,607,000 51,357,000 5,835,000 1988 Jun 2012 143,000 30 years Army Navy Club Bldg (a) Washington, DC 30,796,000 39,315,000 1,903,000 30,796,000 41,218,000 72,014,000 3,831,000 1912 Mar 2014 108,000 30 years 1775 Eye Street, NW Washington, DC 48,086,000 51,074,000 4,976,000 48,086,000 56,050,000 104,136,000 4,424,000 1964 May 2014 185,000 30 years $ 342,605,000 $ 902,423,000 $ 328,017,000 $ 328,089,000 $ 1,244,956,000 $ 1,573,045,000 $ 437,262,000 4,869,000 Retail Centers Takoma Park Maryland $ 415,000 $ 1,084,000 $ 281,000 $ 415,000 $ 1,365,000 $ 1,780,000 $ 1,191,000 1962 Jul 1963 51,000 50 years Westminster Maryland 519,000 1,775,000 9,802,000 519,000 11,577,000 12,096,000 7,268,000 1969 Sep 1972 150,000 37 years Concord Centre Virginia 413,000 850,000 5,456,000 413,000 6,306,000 6,719,000 3,191,000 1960 Dec 1973 76,000 33 years Wheaton Park Maryland 796,000 857,000 4,665,000 796,000 5,522,000 6,318,000 3,748,000 1967 Sep 1977 74,000 50 years Bradlee Shopping Center Virginia 4,152,000 5,383,000 10,941,000 4,152,000 16,324,000 20,476,000 10,793,000 1955 Dec 1984 171,000 40 years Chevy Chase Metro Plaza Washington, DC 1,549,000 4,304,000 5,539,000 1,549,000 9,843,000 11,392,000 6,621,000 1975 Sep 1985 50,000 50 years Shoppes of Foxchase Virginia 5,838,000 2,979,000 14,687,000 5,838,000 17,666,000 23,504,000 6,631,000 1960 Jun 1994 134,000 50 years Frederick County Square Maryland 6,561,000 6,830,000 4,782,000 6,561,000 11,612,000 18,173,000 7,349,000 1973 Aug 1995 227,000 30 years 800 S. Washington Street Virginia 2,904,000 5,489,000 5,944,000 2,904,000 11,433,000 14,337,000 4,761,000 1951 Jun 1998 46,000 30 years Centre at Hagerstown Maryland 13,029,000 25,415,000 2,435,000 13,029,000 27,850,000 40,879,000 12,855,000 2000 Jun 2002 332,000 30 years Frederick Crossing Maryland 12,759,000 35,477,000 2,242,000 12,759,000 37,719,000 50,478,000 14,430,000 1999 Mar 2005 295,000 30 years Randolph Shopping Center Maryland 4,928,000 13,025,000 940,000 4,928,000 13,965,000 18,893,000 4,785,000 1972 May 2006 84,000 30 years Montrose Shopping Center Maryland 11,612,000 22,410,000 1,860,000 11,020,000 24,862,000 35,882,000 8,490,000 1970 May 2006 145,000 30 years Gateway Overlook Maryland 28,816,000 52,249,000 370,000 29,110,000 52,325,000 81,435,000 13,734,000 2007 Dec 2010 220,000 30 years Olney Village Center (a) Maryland 15,842,000 39,133,000 1,836,000 15,842,000 40,969,000 56,811,000 6,731,000 1979 Aug 2011 199,000 30 years Spring Valley Retail Center Washington, DC 10,836,000 32,238,000 868,000 10,836,000 33,106,000 43,942,000 1,568,000 1941 Oct 2014 75,000 30 years $ 120,969,000 $ 249,498,000 $ 72,648,000 $ 120,671,000 $ 322,444,000 $ 443,115,000 $ 114,146,000 2,329,000 Total $ 588,663,000 1,448,929,000 $ 636,299,000 $ 561,256,000 $ 2,112,635,000 $ 2,673,891,000 $ 692,608,000 10,212,000 3,258 (a) At December 31, 2015 , 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, $33.6 million million on The Kenmore, $100.6 million on 2445 M Street, $50.1 million on John Marshall II, and $17.3 million on Olney Village Center, $51.9 million on Yale West, and $51.0 million on The Amy Navy Club Building. The Maxwell was encumbered by a construction loan with a 32.2 million million balance at December 31, 2015. 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, 2015 , total land, buildings and improvements are carried at $2,071.6 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, 2015 , 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, 2015 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 $10.2 million at December 31, 2015 . g) As of December 31, 2015 , Washington REIT had under development a multifamily property in Arlington, Virginia. The value not yet placed into service at December 31, 2015 was $15.7 million . The following is a reconciliation of real estate assets and accumulated depreciation for the three years ended December 31, 2015 (in thousands): Year Ended December 31, 2015 2014 2013 Real estate assets Balance, beginning of period $ 2,547,188 $ 2,289,509 $ 2,529,131 Additions: Property acquisitions (1) 162,702 289,140 47,444 Improvements (1) 50,954 98,250 71,127 Deductions: Impairment write-down (5,909 ) — — Write-off of disposed assets (3,291 ) (2,857 ) (2,017 ) Property sales (77,753 ) (126,854 ) (356,176 ) Balance, end of period $ 2,673,891 $ 2,547,188 $ 2,289,509 Accumulated depreciation Balance, beginning of period $ 640,434 $ 611,408 $ 610,536 Additions: Depreciation 86,536 77,741 80,510 Deductions: Impairment write-down — — — Write-off of disposed assets (2,408 ) (2,549 ) (1,404 ) Property sales (31,954 ) (46,166 ) (78,234 ) Balance, end of period $ 692,608 $ 640,434 $ 611,408 (1) Includes non-cash accruals for capital items and assumed mortgages. |
Accounting Policies (Policy)
Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2015 | |
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 February 2016, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update No. 2016-02, Leases (Topic 842), which amends existing accounting standards for lease accounting, including by requiring lessees to recognize most leases on the balance sheet and making certain changes to lessor accounting. The new standard is effective for public entities for fiscal years beginning after December 15, 2018 and for interim periods therein with early adoption permitted. We are currently evaluating the impact the new standard may have on Washington REIT’s consolidated financial statements. During 2015, the FASB issued Accounting Standards Update No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03") and Accounting Standards Update No. 2015-15, Interest - Imputation of Interest (Subtopic 835-30) - Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements , which require 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, except for debt issuance costs associated with line of credit arrangements, which can continue to be recorded as an asset. The recognition and measurement guidance for debt issuance costs are not affected by the new standards. The new standards are 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 early adopted these new standards as of December 31, 2015 and as such, the December 31, 2014 balance sheet has been recast. In implementing this standard, debt issuance costs associated with securing a revolving line of credit remain presented as an asset (included in Prepaid expenses and other assets in the consolidated balance sheets), regardless of whether a balance on the line of credit is outstanding. The impact of implementation of ASU 2015-03 on our consolidated balance sheets is as follows (in thousands): December 31, 2015 2014 Prepaid expenses and other assets (prior to adoption of ASU 2015-03) $ 114,913 $ 121,082 Reclassification of debt issuance costs, excluding line of credit costs (5,126 ) (5,390 ) Prepaid expenses and other assets (after adoption of ASU 2015-03) $ 109,787 $ 115,692 Notes payable (prior to adoption of ASU 2015-03) $ 747,638 $ 747,208 Reclassification of debt issuance costs (4,457 ) (4,059 ) Notes payable (after adoption of ASU 2015-03) $ 743,181 $ 743,149 Mortgage notes payable (prior to adoption of ASU 2015-03) $ 418,721 $ 418,525 Reclassification of debt issuance costs (669 ) (1,331 ) Mortgage notes payable (after adoption of ASU 2015-03) $ 418,052 $ 417,194 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. 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. |
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 leased space 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. Parking revenues are derived from leases, monthly parking agreements and transient parking. We recognize parking revenues from leases on a straight-line basis over the lease term and other parking revenues as earned. |
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 histories or financial conditions cast doubt upon the tenants’ abilities 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 Other real estate expenses in the consolidated statements of income. 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 $3.9 million and $4.4 million of notes receivable as of December 31, 2015 and 2014 , respectively. |
Deferred Financing Costs, Policy | Debt Issuance Costs We amortize external debt issuance costs 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 debt issuance costs related to notes and mortgage notes, net of amortization, on our consolidated balance sheets as an offset to their related debt. We record debt issuance costs related to revolving lines of credit on our consolidated balance sheets with Prepaid expenses and other assets, regardless of whether a balance on the line of credit is outstanding. We record the amortization of all debt issuance 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 in Depreciation and amortization on the consolidated statements of income. 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 incurred on borrowing obligations 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 $80.7 million , $71.4 million , $63.4 million during the years ended December 31, 2015 , 2014 and 2013 , respectively. We charge maintenance and repair costs that do not extend an asset’s useful life to expense as incurred. 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, 2015 were as follows (in thousands): Year Ended December 31, 2015 2014 2013 Total interest expense from continuing operations $ 60,204 $ 61,927 $ 64,809 Capitalized interest 658 2,142 1,236 Interest expense from continuing operations, net of capitalized interest $ 59,546 $ 59,785 $ 63,573 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, 2015 and 2014 . We discount the amounts used to calculate net lease intangibles using an interest rate which reflects the risks associated with the leases acquired. We classify tenant origination costs as Income producing property on our consolidated 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. 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, 2015 and 2014 were as follows (in thousands): December 31, 2015 2014 Gross Carrying Value Accumulated Amortization Net Gross Carrying Value Accumulated Amortization Net Tenant origination costs $ 55,664 $ 41,138 $ 14,526 $ 56,327 $ 35,463 $ 20,864 Leasing commissions/absorption costs 97,678 75,014 22,664 93,729 60,289 33,440 Net lease intangible assets 19,655 12,434 7,221 19,724 9,495 10,229 Net lease intangible liabilities 34,027 23,444 10,583 34,027 20,974 13,053 Below-market ground lease intangible asset 12,080 1,524 10,556 12,080 1,335 10,745 Amortization of these combined components from continuing operations during the three years ended December 31, 2015 , 2014 and 2013 was as follows: Year Ended December 31, 2015 2014 2013 Depreciation and amortization expense $ 22,244 $ 19,854 $ 17,923 Real estate rental revenue, net decrease (increase) 538 456 (633 ) $ 22,782 $ 20,310 $ 17,290 Amortization of these combined components from continuing operations over the next five years is projected to be as follows (in thousands): Depreciation and amortization expense Real estate rental revenue, net decrease (increase) Total 2016 $ 12,574 $ 372 $ 12,946 2017 8,860 (185 ) 8,675 2018 6,078 (668 ) 5,410 2019 3,572 (530 ) 3,042 2020 2,349 (321 ) 2,028 |
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 of trustees, 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 No. 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 No. 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 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. |
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 that were outstanding in 2013. |
Stock based Compensation, Policy | Stock Based Compensation We currently maintain equity based compensation 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. As of December 31, 2015 and 2014, we did not have any unrecognized tax benefits. We do not believe that there will be any material changes to our uncertain tax positions over the next twelve months. 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 2011 through 2015 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. |
Derivatives, Policy [Policy Text Block] | Derivatives We borrow funds at a combination of fixed and variable rates. Borrowings under our revolving credit facility and term loans bear interest at variable rates. Our interest rate risk management objectives are to minimize interest rate fluctuation on long-term indebtedness and limit the impact of interest rate changes on earnings and cash flows. To achieve these objectives, from time to time, we may enter into interest rate hedge contracts such as collars, swaps, caps and treasury lock agreements in order to mitigate our interest rate risk with respect to various debt instruments. We generally do not hold or issue these derivative contracts for trading or speculative purposes. The interest rate swaps we enter into are recorded at fair value on a recurring basis. We assess effectiveness of our cash flow hedges both at inception and on an ongoing basis. The effective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recorded in accumulated other comprehensive loss. Our cash flow hedges become ineffective if critical terms of the hedging instrument and the debt instrument such as notional amounts, settlement dates, reset dates, calculation period and LIBOR do not perfectly match. In addition, we evaluate the default risk of the counterparty by monitoring the creditworthiness of the counterparty. When ineffectiveness of a cash flow hedge exists, the ineffective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recognized in earnings in the period affected. |
Nature of Business (Tables)
Nature of Business (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Nature Of Business [Abstract] | |
Schedule of Dispositions | During the three years ended December 31, 2015 , we sold our interests in the following properties (in thousands): Disposition Date Property Type Gain on Sale March 20, 2015 Country Club Towers Multifamily $ 30,277 September 9, 2015 1225 First Street (1) Multifamily — October 21, 2015 Munson Hill Towers Multifamily 51,395 December 14, 2015 Montgomery Village Center Retail 7,981 Total 2015 (2) $ 89,653 January 21, 2014 Medical Office Portfolio Transactions III & IV (3) Medical Office $ 105,985 May 2, 2014 5740 Columbia Road Retail 570 Total 2014 $ 106,555 March 19, 2013 Atrium Building Office $ 3,195 November 2013 Medical Office Portfolio Transactions I & II (4) Medical Office / Office 18,949 Total 2013 $ 22,144 (1) Interest in land held for future development. (2) Excludes gain related to parcel of land at Montrose Shopping Center condemned as part of an eminent domain taking action (see note 3 under "Properties Sold"). (3) Woodburn Medical Park I and II and Prosperity Medical Center I, II and III. (4) 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. The cost of our real estate portfolio under development or held for future development as of December 31, 2015 and 2014 is as follows (in thousands): December 31, 2015 2014 Office $ 18,711 $ 36,379 Retail 1,076 500 Multifamily 16,307 39,356 $ 36,094 $ 76,235 Income from properties classified as discontinued operations by property or disposal group for the three years ended December 31, 2015 was as follows (in thousands): Year Ending December 31, Property Segment 2015 2014 2013 Atrium Building Office $ — $ — $ 185 Medical Office Portfolio Medical/Office — 546 15,210 $ — $ 546 $ 15,395 Income from properties classified as discontinued operations for the three years ended December 31, 2015 was as follows (in thousands): Year Ending December 31, 2015 2014 2013 Revenues $ — $ 892 $ 45,791 Property expenses — (346 ) (17,039 ) Depreciation and amortization — — (12,161 ) Interest expense — — (1,196 ) $ — $ 546 $ 15,395 We sold our interests in the following properties during the three years ended December 31, 2015 : Disposition Date Property Segment # of units (unaudited) Rentable Contract Gain on Sale March 20, 2015 Country Club Towers (1) Multifamily 227 N/A $ 37,800 $ 30,277 September 9, 2015 1225 First Street (1), (2) Multifamily N/A N/A 14,500 — October 21, 2015 Munson Hill Towers (1) Multifamily 279 N/A 57,050 51,395 December 14, 2015 Montgomery Village Center (1) Retail N/A 197,000 27,750 7,981 Total 2015 506 197,000 $ 137,100 $ 89,653 January 21, 2014 Medical Office Portfolio Transactions III & IV (3) Medical Office N/A 427,000 $ 193,561 $ 105,985 May 2, 2014 5740 Columbia Road (1) Retail N/A 3,000 1,600 570 Total 2014 N/A 430,000 $ 195,161 $ 106,555 March 19, 2013 Atrium Building Office N/A 79,000 $ 15,750 $ 3,195 Various Medical Office Portfolio Transactions I & II Medical Office/ Office N/A 1,093,000 307,189 18,949 Total 2013 N/A 1,172,000 $ 322,939 $ 22,144 (1) These properties are classified as continuing operations. All other sold properties are classified as discontinued operations. (2) Interest in land held for future development. (3) |
Taxable Percentage of Dividends Paid | The following is a breakdown of the taxable percentage of our dividends for these years ended December 31, 2015, 2014 and 2013 , (unaudited): 2015 2014 2013 Ordinary income 78 % 40 % 62 % Return of capital 22 % 52 % 38 % Qualified dividends — % — % — % Unrecaptured Section 1250 gain — % 8 % — % Capital gain — % — % — % |
Accounting Policies (Tables)
Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 were as follows (in thousands): Year Ended December 31, 2015 2014 2013 Total interest expense from continuing operations $ 60,204 $ 61,927 $ 64,809 Capitalized interest 658 2,142 1,236 Interest expense from continuing operations, net of capitalized interest $ 59,546 $ 59,785 $ 63,573 |
Components of Fair Value of In-Place Leases [Table Text Block] | Amortization of these combined components from continuing operations during the three years ended December 31, 2015 , 2014 and 2013 was as follows: Year Ended December 31, 2015 2014 2013 Depreciation and amortization expense $ 22,244 $ 19,854 $ 17,923 Real estate rental revenue, net decrease (increase) 538 456 (633 ) $ 22,782 $ 20,310 $ 17,290 Balances, net of accumulated depreciation or amortization, as appropriate, of the components of the fair value of in-place leases at December 31, 2015 and 2014 were as follows (in thousands): December 31, 2015 2014 Gross Carrying Value Accumulated Amortization Net Gross Carrying Value Accumulated Amortization Net Tenant origination costs $ 55,664 $ 41,138 $ 14,526 $ 56,327 $ 35,463 $ 20,864 Leasing commissions/absorption costs 97,678 75,014 22,664 93,729 60,289 33,440 Net lease intangible assets 19,655 12,434 7,221 19,724 9,495 10,229 Net lease intangible liabilities 34,027 23,444 10,583 34,027 20,974 13,053 Below-market ground lease intangible asset 12,080 1,524 10,556 12,080 1,335 10,745 |
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): Depreciation and amortization expense Real estate rental revenue, net decrease (increase) Total 2016 $ 12,574 $ 372 $ 12,946 2017 8,860 (185 ) 8,675 2018 6,078 (668 ) 5,410 2019 3,572 (530 ) 3,042 2020 2,349 (321 ) 2,028 |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Real Estate Investments, Net [Abstract] | |
Schedule of Real Estate Properties [Table Text Block] | As of December 31, 2015 and 2014 , our real estate investment portfolio, at cost, consists of properties as follows (in thousands): December 31, 2015 2014 Office $ 1,554,334 $ 1,502,052 Retail 442,039 463,716 Multifamily 641,424 505,185 $ 2,637,797 $ 2,470,953 |
Schedule of Dispositions | During the three years ended December 31, 2015 , we sold our interests in the following properties (in thousands): Disposition Date Property Type Gain on Sale March 20, 2015 Country Club Towers Multifamily $ 30,277 September 9, 2015 1225 First Street (1) Multifamily — October 21, 2015 Munson Hill Towers Multifamily 51,395 December 14, 2015 Montgomery Village Center Retail 7,981 Total 2015 (2) $ 89,653 January 21, 2014 Medical Office Portfolio Transactions III & IV (3) Medical Office $ 105,985 May 2, 2014 5740 Columbia Road Retail 570 Total 2014 $ 106,555 March 19, 2013 Atrium Building Office $ 3,195 November 2013 Medical Office Portfolio Transactions I & II (4) Medical Office / Office 18,949 Total 2013 $ 22,144 (1) Interest in land held for future development. (2) Excludes gain related to parcel of land at Montrose Shopping Center condemned as part of an eminent domain taking action (see note 3 under "Properties Sold"). (3) Woodburn Medical Park I and II and Prosperity Medical Center I, II and III. (4) 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. The cost of our real estate portfolio under development or held for future development as of December 31, 2015 and 2014 is as follows (in thousands): December 31, 2015 2014 Office $ 18,711 $ 36,379 Retail 1,076 500 Multifamily 16,307 39,356 $ 36,094 $ 76,235 Income from properties classified as discontinued operations by property or disposal group for the three years ended December 31, 2015 was as follows (in thousands): Year Ending December 31, Property Segment 2015 2014 2013 Atrium Building Office $ — $ — $ 185 Medical Office Portfolio Medical/Office — 546 15,210 $ — $ 546 $ 15,395 Income from properties classified as discontinued operations for the three years ended December 31, 2015 was as follows (in thousands): Year Ending December 31, 2015 2014 2013 Revenues $ — $ 892 $ 45,791 Property expenses — (346 ) (17,039 ) Depreciation and amortization — — (12,161 ) Interest expense — — (1,196 ) $ — $ 546 $ 15,395 We sold our interests in the following properties during the three years ended December 31, 2015 : Disposition Date Property Segment # of units (unaudited) Rentable Contract Gain on Sale March 20, 2015 Country Club Towers (1) Multifamily 227 N/A $ 37,800 $ 30,277 September 9, 2015 1225 First Street (1), (2) Multifamily N/A N/A 14,500 — October 21, 2015 Munson Hill Towers (1) Multifamily 279 N/A 57,050 51,395 December 14, 2015 Montgomery Village Center (1) Retail N/A 197,000 27,750 7,981 Total 2015 506 197,000 $ 137,100 $ 89,653 January 21, 2014 Medical Office Portfolio Transactions III & IV (3) Medical Office N/A 427,000 $ 193,561 $ 105,985 May 2, 2014 5740 Columbia Road (1) Retail N/A 3,000 1,600 570 Total 2014 N/A 430,000 $ 195,161 $ 106,555 March 19, 2013 Atrium Building Office N/A 79,000 $ 15,750 $ 3,195 Various Medical Office Portfolio Transactions I & II Medical Office/ Office N/A 1,093,000 307,189 18,949 Total 2013 N/A 1,172,000 $ 322,939 $ 22,144 (1) These properties are classified as continuing operations. All other sold properties are classified as discontinued operations. (2) Interest in land held for future development. (3) |
Schedule Of Real Estate Property Acquired [Table Text Block] | Our current strategy is to recycle legacy assets that lack the income growth potential we seek and to invest in high-quality assets with compelling value-add returns through redevelopment opportunities in our existing portfolio and acquisitions that meet our stringent investment criteria. We focus on properties inside the Washington metro region’s Beltway, near major transportation nodes and in areas with strong employment drivers and superior growth demographics. Properties and land for development acquired during the three years ended December 31, 2015 were as follows: Acquisition Date Property Type # of units (unaudited) Rentable Square Feet (unaudited) Contract Purchase Price (in thousands) July 1, 2015 The Wellington Multifamily 711 N/A $ 167,000 February 21, 2014 Yale West Multifamily 216 N/A $ 73,000 March 26, 2014 The Army Navy Club Building Office N/A 108,000 79,000 May 1, 2014 1775 Eye Street, NW Office N/A 185,000 104,500 October 1, 2014 Spring Valley Retail Center Retail N/A 75,000 40,500 Total 2014 216 368,000 $ 297,000 October 1, 2013 The Paramount Multifamily 135 N/A $ 48,200 |
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, 2015 are as follows (in thousands): Year Ended December 31, 2015 2014 2013 Real estate rental revenue $ 6,797 $ 16,260 $ 907 Net loss (2,748 ) (3,168 ) (105 ) |
Total Purchase Price Of Acquisitions [Table Text Block] | We have recorded the total purchase price of the above acquisitions as follows (in thousands): 2015 2014 2013 Land $ 30,548 $ 104,403 $ 8,568 Land held for development 15,000 — — Buildings 116,563 172,671 37,930 Tenant origination costs — 9,377 32 Leasing commissions/absorption costs 4,889 16,474 943 Net lease intangible assets — 7,331 102 Net lease intangible liabilities — (8,323 ) (117 ) Fair value of assumed mortgage — (107,125 ) — Furniture, fixtures & equipment — 932 742 Total $ 167,000 $ 195,740 $ 48,200 |
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, 2015 and 2014 as if the above described acquisition in 2015 had occurred on January 1, 2014. The pro forma adjustments include reclassifying costs related to the above-described acquisition to 2014. The unaudited pro-forma information does not purport to be indicative of the results that actually would have occurred if the acquisitions had been in effect for the years ended December 31, 2015 and 2014 . The unaudited data presented is in thousands, except per share data. Year Ended December 31, 2015 2014 Real estate revenues $ 313,114 $ 302,120 Income from continuing operations $ 96,735 $ 4,466 Net income $ 96,735 $ 110,997 Diluted earnings per share $ 1.41 $ 1.66 |
Schedule Of Accounts Payable And Accrued Liabilities Of Joint Ventures [Table Text Block] | As of December 31, 2015 and 2014 , The Maxwell's liabilities were as follows (in thousands): December 31, 2015 2014 Mortgage notes payable, net $ 32,214 $ 27,690 Accounts payable and other liabilities 256 2,196 Tenant security deposits 82 17 $ 32,552 $ 29,903 |
schedule of assets in joint venture [Table Text Block] | As of December 31, 2015 and 2014 , The Maxwell's assets were as follows (in thousands): December 31, 2015 2014 Land $ 12,851 $ 12,851 Income producing property 37,791 18,432 Accumulated depreciation and amortization (2,347 ) — Properties under development or held for future development — 17,947 Other assets 1,188 — $ 49,483 $ 49,230 |
Schedule of income statement results for medical office segment sold [Table Text Block] [Table Text Block] | The impact of the sale of our medical office segment on revenues and net income is summarized as follows (in thousands, except per share data): Year Ending December 31, 2015 2014 2013 Real estate revenues $ — $ 892 $ 41,012 Net income — 546 14,044 Basic and diluted net income per share — 0.01 0.21 |
Mortgage Notes Payable (Tables)
Mortgage Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Payable, Noncurrent [Abstract] | |
Schedule of Debt | As of December 31, 2015 and 2014 , 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) 2015 2014 Payoff Date/Maturity Date Army Navy Club Building 3/26/2014 3.18 % $ 50,750 $ 51,844 5/1/2017 Yale West (3) 2/21/2014 3.75 % 47,502 47,903 1/31/2022 The Maxwell (4) 2/21/2013 2.27 % 32,248 27,690 1/27/2016 John Marshall II (5) 9/15/2011 5.79 % 51,011 51,810 2/8/2016 Olney Village Center 8/30/2011 4.94 % 16,503 18,053 10/1/2023 Kenmore Apartments 2/2/2009 5.37 % 33,637 34,305 3/1/2019 2445 M Street (6) 12/2/2008 7.25 % 101,866 101,866 1/6/2017 3801 Connecticut Avenue, Walker House and Bethesda Hill (7) 5/29/2008 5.71 % 81,029 81,029 6/1/2016 414,546 414,500 Premiums and discounts, net 4,175 4,025 Debt issuance costs, net (669 ) (1,331 ) $ 418,052 $ 417,194 (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. (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 construction loan was variable, based on LIBOR plus 2.0% . Interest and principal was payable monthly starting March 2016 until the extended maturity date of February 20, 2017, upon which all unpaid principal and interest were payable in full. In January 2016, Washington REIT exercised its right to purchase the construction loan without penalty from the lender (see note 3, under "Variable Interest Entities"). (5) The note was prepaid without penalty in February 2016. (6) Interest only is payable monthly until the maturity date upon which all unpaid principal and interest are payable in full. The maturity date of the mortgage note is January 6, 2017, but can be prepaid, without penalty, beginning on October 6, 2016. (7) 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, 2015 are as follows (in thousands): 2016 $ 168,195 2017 154,436 2018 3,135 2019 33,909 2020 2,659 Thereafter 52,212 $ 414,546 The required principal payments for the remaining years subsequent to December 31, 2015 are as follows (in thousands): 2016 $ — 2017 — 2018 — 2019 — 2020 250,000 Thereafter 500,000 $ 750,000 |
Unsecured Lines Of Credit Pay33
Unsecured Lines Of Credit Payable (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Unsecured Debt [Abstract] | |
Lines Of Credit Unused And Available | The amount of the New Credit Facility unused and available at December 31, 2015 was as follows (in thousands): Committed capacity $ 600,000 Borrowings outstanding (105,000 ) Letters of credit issued (1) (15,474 ) Unused and available $ 479,526 |
Repayments And Borrowings On Unsecured Lines Of Credit | We executed borrowings and repayments on the unsecured lines of credit during 2015 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 3,000 150,000 445,000 Repayments (8,000 ) (195,000 ) (340,000 ) Balance at December 31, 2015 $ — $ — $ 105,000 |
Facility Fees and interest expense, Line of Credit | For the three years ended December 31, 2015 , we recognized interest expense (excluding facility fees) and facility fees as follows (in thousands): Year Ended December 31, 2015 2014 2013 Interest expense (excluding facility fees) $ 2,266 $ 196 $ 867 Facility fees 1,241 1,267 1,267 |
Schedule of Revolving Credit Facilities Covenant Compliance | Information related to revolving credit facilities for the three years ended December 31, 2015 as follows (in thousands, except percentage amounts): Year Ended December 31, 2015 2014 2013 Total revolving credit facilities at December 31 $ 600,000 $ 500,000 $ 500,000 Borrowings outstanding at December 31 105,000 50,000 — Weighted average daily borrowings during the year 167,573 12,849 61,548 Maximum daily borrowings during the year 350,000 55,000 135,000 Weighted average interest rate during the year 1.35 % 1.53 % 1.41 % Weighted average interest rate on borrowings outstanding at December 31 1.36 % 1.37 % N/A |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Payable [Abstract] | |
Schedule of Long-term Debt Instruments | Our unsecured notes outstanding as of December 31, 2015 were as follows (in thousands): Coupon/Stated Rate Effective Rate (1) Principal Amount Maturity Date (2) 10 Year Unsecured Notes 4.95 % 5.05 % $ 250,000 10/1/2020 Term Loan 1 Month LIBOR + 110 basis points 2.72 % 150,000 3/15/2021 10 Year Unsecured Notes 3.95 % 4.02 % 300,000 10/15/2022 30 Year Unsecured Notes 7.25 % 7.36 % 50,000 2/25/2028 Total principal 750,000 Premiums and discounts, net (2,362 ) Deferred issuance costs, net (4,457 ) Total $ 743,181 (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, 2015 are as follows (in thousands): 2016 $ 168,195 2017 154,436 2018 3,135 2019 33,909 2020 2,659 Thereafter 52,212 $ 414,546 The required principal payments for the remaining years subsequent to December 31, 2015 are as follows (in thousands): 2016 $ — 2017 — 2018 — 2019 — 2020 250,000 Thereafter 500,000 $ 750,000 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments [Table Text Block] | The fair value and balance sheet locations of the interest rate swaps as of December 31, 2015 and 2014 , are as follows (in thousands): December 31, 2015 2014 Accounts payable and other liabilities $ 550 $ — The interest rate swaps have been effective since inception. The gains or losses on the effective swaps are recognized in other comprehensive loss, as follows (in thousands): Year Ending December 31, 2015 2014 2013 Unrealized loss on interest rate hedge $ (550 ) $ — $ — |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Financial Assets And Liabilities Measured At Fair Value | The fair values of these assets and liabilities at December 31, 2015 and 2014 were as follows (in thousands): December 31, 2015 December 31, 2014 Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: SERP $ 1,408 $ — $ 1,408 $ — $ 2,778 $ — $ 2,778 $ — Liabilities: Derivatives 550 — 550 — — — — — |
Financial Assets And Liabilities Not Measured At Fair Value | As of December 31, 2015 and 2014 , the carrying values and estimated fair values of our financial instruments were as follows (in thousands): December 31, 2015 2014 Carrying Value Fair Value Carrying Value Fair Value Cash and cash equivalents $ 23,825 $ 23,825 $ 15,827 $ 15,827 Restricted cash 13,383 13,383 10,299 10,299 2445 M Street note receivable 3,849 4,275 4,404 5,113 Mortgage notes payable 418,052 426,693 417,194 433,762 Lines of credit payable 105,000 105,000 50,000 50,000 Notes payable 743,181 753,816 743,149 782,042 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The assumptions used to value the officer LTIP awards were as follows: 2015 Awards 2014 Awards Expected volatility (1) 17.2 - 17.5% 23.2 % Risk-free interest rate (2) 1.0 - 1.1% 0.8 % Expected term (3) 3 and 4 years 3 and 4 years Share price at grant date $27.66 - $27.76 $24.08 (1) Expected volatility based upon historical volatility of our daily closing share price. (2) Risk-free interest rate based on U.S. treasury constant maturity bonds on the measurement date with a maturity equal to the market condition performance period. (3) Expected term based on the market condition performance period. |
Schedule of Restricted Share Awards [Table Text Block] | The activity for the three years ended December 31, 2015 related to our restricted share awards, excluding those subject to market conditions, was as follows: Shares Wtd Avg Grant Fair Value Unvested at December 31, 2012 149,803 $ 27.37 Granted 141,609 26.30 Vested during year (158,657 ) 26.66 Forfeited (2,940 ) 27.80 Unvested at December 31, 2013 129,815 27.06 Granted 210,817 23.93 Vested during year (236,498 ) 25.06 Forfeited (10,467 ) 25.80 Unvested at December 31, 2014 93,667 25.22 Granted 251,642 27.80 Vested during year (212,856 ) 27.18 Forfeited (26,309 ) 26.77 Unvested at December 31, 2015 106,144 27.71 |
Performance Share Units with Market Conditions [Table Text Block] | Stock based awards with market conditions under the LTIP were granted in 2015 and 2014 with fair market values, as determined using a Monte Carlo simulation, as follows (in thousands): Grant Date Fair Value 2015 Awards 2014 Awards Restricted Unrestricted Restricted Unrestricted Relative TSR $ 191 $ 634 $ 458 $ 1,376 Absolute TSR 76 254 327 921 |
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, 2015 was as follows (in thousands): 2015 Awards 2014 Awards Restricted Unrestricted Restricted Unrestricted Relative TSR $ 144 $ 383 $ 161 $ — Absolute TSR 57 153 111 — |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 was as follows (in thousands; except per share data): Year Ended December 31, 2015 2014 2013 Numerator: Income (loss) from continuing operations $ 89,187 $ 5,070 $ (193 ) Net loss attributable to noncontrolling interests 553 — Allocation of undistributed earnings to unvested restricted share awards and units to continuing operations (269 ) 5 — Adjusted income (loss) from continuing operations attributable to the controlling interests 89,471 5,075 (193 ) Income from discontinued operations, including gain on sale of real estate, net of taxes — 106,531 37,539 Net loss attributable to noncontrolling interests 38 — Allocation of undistributed earnings to unvested restricted share awards and units to discontinued operations — (322 ) (415 ) Adjusted income from discontinued operations attributable to the controlling interests — 106,247 37,124 Adjusted net income attributable to the controlling interests $ 89,471 $ 111,322 $ 36,931 Denominator: Weighted average shares outstanding – basic 68,177 66,795 66,580 Effect of dilutive securities: Employee stock options and restricted share awards 133 42 — Weighted average shares outstanding – diluted 68,310 66,837 66,580 Earnings per common share, basic: Continuing operations $ 1.31 $ 0.08 $ — Discontinued operations — 1.59 0.55 $ 1.31 $ 1.67 $ 0.55 Earnings per common share, diluted: Continuing operations $ 1.31 $ 0.08 $ — Discontinued operations — 1.59 0.55 $ 1.31 $ 1.67 $ 0.55 Dividends declared per common share $ 1.20 $ 1.20 $ 1.20 |
Rentals Under Operating Leases
Rentals Under Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Rentals Under Operating Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | As of December 31, 2015 , non-cancelable commercial operating leases provide for minimum rental income were as follows (in thousands): 2016 $ 194,033 2017 175,606 2018 150,901 2019 134,234 2020 115,195 Thereafter 307,971 $ 1,077,940 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 was as follows: Year Ended December 31, 2015 2014 2013 Office 57 % 57 % 58 % Multifamily 22 % 22 % 21 % Retail 21 % 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, 2015 and 2014 was as follows: December 31, 2015 2014 Office 59 % 61 % Multifamily 24 % 20 % Retail 17 % 19 % |
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, 2015 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, 2015 Office Retail Multifamily Corporate Consolidated Real estate rental revenue $ 174,378 $ 63,507 $ 68,542 $ — $ 306,427 Real estate expenses 67,228 15,606 29,400 — 112,234 Net operating income $ 107,150 $ 47,901 $ 39,142 $ — $ 194,193 Depreciation and amortization (108,935 ) General and administrative (20,257 ) Real estate impairment (5,909 ) Acquisition costs (2,056 ) Interest expense (59,546 ) Other income 709 Gain on sale of real estate 91,107 Loss on extinguishment of debt (119 ) Net income 89,187 Less: Net loss attributable to noncontrolling interests 553 Net income attributable to the controlling interests $ 89,740 Capital expenditures $ 29,745 $ 3,897 $ 7,865 $ 2,129 $ 43,636 Total assets $ 1,265,570 $ 354,123 $ 529,773 $ 41,702 $ 2,191,168 Year Ended December 31, 2014 Office Retail Multifamily Corporate and Other Consolidated 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 $ 1,283,950 $ 385,074 $ 408,114 $ 31,179 $ 2,108,317 Year Ended December 31, 2013 Office Medical Retail Multifamily Corporate Consolidated 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 $ 1,073,055 $ 84,001 $ 344,084 $ 308,123 $ 160,080 $ 1,969,343 |
Selected Quarterly Financial 41
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Unaudited financial data by quarter in each of the years ended December 31, 2015 and 2014 were as follows (in thousands, except for per share data): Quarter (1), (2), (3) First Second Third Fourth 2015 Real estate rental revenue $ 74,856 $ 74,226 $ 78,243 $ 79,102 Net income $ 29,398 $ (2,886 ) $ 580 $ 62,095 Net income (loss) attributable to the controlling interests $ 29,506 $ (2,546 ) $ 647 $ 62,133 Net income (loss) per share Basic $ 0.43 $ (0.04 ) $ 0.01 $ 0.91 Diluted $ 0.43 $ (0.04 ) $ 0.01 $ 0.91 2014 Real estate rental revenue $ 68,611 $ 72,254 $ 73,413 $ 74,359 (Loss) income 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 (Loss) income 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 (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, second and fourth quarters of 2015 include gains on sale of real estate classified as continuing operations of $30.3 million , $1.5 million and $59.4 million , respectively. The first quarter of 2014 includes gain on the sale of real estate in discontinued operations of $106.0 million . (3) The second quarter of 2015 includes a real estate impairment of $5.9 million . |
Deferred Costs (Tables)
Deferred Costs (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Deferred Cost | As of December 31, 2015 and 2014 , deferred leasing costs and deferred leasing incentives were included in prepaid expenses and other assets as follows (in thousands): December 31, 2015 2014 Gross Carrying Value Accumulated Amortization Net Gross Carrying Value Accumulated Amortization Net Deferred leasing costs 59,382 22,897 36,485 50,943 18,351 32,592 Deferred leasing incentives 18,701 6,066 12,635 14,194 3,605 10,589 |
Schedule of Amortization and Write-Offs of Deferred Financing, Leasing, and Leasing Incentive Costs | Amortization, including write-offs, of deferred leasing costs and deferred leasing incentives from continuing operations for the three years ended December 31, 2015 were as follows (in thousands): Year Ended December 31, 2015 2014 2013 Deferred leasing costs amortization 5,983 4,699 4,279 Deferred leasing incentives amortization 2,848 1,704 980 |
Nature Of Business (Details)
Nature Of Business (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2011 | |
Nature of Business [Line Items] | |||||||
Percentage of Distribution of Ordinary Taxable Income | 90.00% | ||||||
Gain on sale of real estate | $ 0 | $ 105,985 | $ 22,144 | ||||
Gain on sale of real estate | $ 59,400 | $ 1,500 | $ 30,300 | 91,107 | 570 | 0 | |
Disposal Group, Including Discontinued Operation, Gain (Loss) on Disposal | $ 106,000 | 89,653 | 106,555 | 22,144 | |||
Real estate impairment | $ 5,900 | $ 5,909 | $ 0 | $ 0 | |||
Ordinary income | 78.00% | 40.00% | 62.00% | ||||
Return of capital | 22.00% | 52.00% | 38.00% | ||||
Qualified dividends | 0.00% | 0.00% | 0.00% | ||||
Unrecaptured Section 1250 gain | 0.00% | 8.00% | 0.00% | ||||
Capital gain | 0.00% | 0.00% | 0.00% | ||||
Dulles Station II [Member] | |||||||
Nature of Business [Line Items] | |||||||
Real estate impairment | $ 14,500 | ||||||
Taxable Reit Subsidiary [Member] | |||||||
Nature of Business [Line Items] | |||||||
Deferred Tax Assets, Net | 0 | $ 0 | $ 0 | ||||
Deferred Tax Liabilities | $ 700 | 700 | 600 | ||||
Taxable Reit Subsidiary [Member] | Dulles Station II [Member] | |||||||
Nature of Business [Line Items] | |||||||
Deferred Tax Liabilities, Other | $ 5,700 | ||||||
Multifamily [Member] | Country Club Towers [Member] | |||||||
Nature of Business [Line Items] | |||||||
Gain on sale of real estate | 30,277 | ||||||
Multifamily [Member] | 1225 First Street [Member] | |||||||
Nature of Business [Line Items] | |||||||
Gain on sale of real estate | 0 | ||||||
Multifamily [Member] | Munson Hill Towers [Member] | |||||||
Nature of Business [Line Items] | |||||||
Gain on sale of real estate | $ 51,395 | ||||||
Retail [Member] | 5740 Columbia Road [Member] | |||||||
Nature of Business [Line Items] | |||||||
Gain on sale of real estate | 570 | ||||||
Medical Office And Office Building [Member] | Medical Office Portfolio Transactions III & IV [Member] | |||||||
Nature of Business [Line Items] | |||||||
Gain on sale of real estate | $ 105,985 | ||||||
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 | ||||||
Office [Member] | Atrium Building [Member] | |||||||
Nature of Business [Line Items] | |||||||
Gain on sale of real estate | $ 3,195 |
Accounting Policies - Revenue R
Accounting Policies - Revenue Recognition and Accounts Receivable and Allowance (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property Subject to or Available for Operating Lease [Line Items] | ||
Notes receivable, net | $ 3.9 | $ 4.4 |
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 Esta
Accounting Policies - Real Estate and Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Real estate depreciation | $ 80,700 | $ 71,400 | $ 63,400 |
Total interest expense from continuing operations | 60,204 | 61,927 | 64,809 |
Capitalized interest | 658 | 2,142 | 1,236 |
Interest expense from continuing operations, net of capitalized interest | $ 59,546 | $ 59,785 | $ 63,573 |
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 ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Tenant Origination Costs Member | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 55,664 | $ 56,327 |
Finite-Lived Intangible Assets, Accumulated Amortization | 41,138 | 35,463 |
Finite-Lived Intangible Assets, Net | 14,526 | 20,864 |
Leasing Commissions Absorption Costs Member | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 97,678 | 93,729 |
Finite-Lived Intangible Assets, Accumulated Amortization | 75,014 | 60,289 |
Finite-Lived Intangible Assets, Net | 22,664 | 33,440 |
Net Lease Intangible Assets Member | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 19,655 | 19,724 |
Finite-Lived Intangible Assets, Accumulated Amortization | 12,434 | 9,495 |
Finite-Lived Intangible Assets, Net | 7,221 | 10,229 |
Net Lease Intangible Liabilities Member | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Liabilities, Net Lease, Gross | 34,027 | 34,027 |
Finite-lived Intangible Liabilities, Net Lease, Accumulated Amortization | 23,444 | 20,974 |
Finite-lived Intangible Liabilities, Net Lease, Net | 10,583 | 13,053 |
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 | 1,524 | 1,335 |
Finite-Lived Intangible Assets, Net | $ 10,556 | $ 10,745 |
Accounting Policies Acquired fi
Accounting Policies Acquired finite-lived intangible assets (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2,016 | $ 194,033 |
2,017 | 175,606 |
2,018 | 150,901 |
2,019 | 134,234 |
2,020 | 115,195 |
Leases, Acquired-in-Place [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 12,574 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 8,860 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 6,078 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 3,572 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 2,349 |
2,016 | 372 |
2,017 | (185) |
2,018 | (668) |
2,019 | (530) |
2,020 | (321) |
Finite-Lived Intangible Assets, Amortization Expense, Net of Revenue, Next Twelve Months | 12,946 |
Finite-Lived Intangible Assets, Amortization Expense, Net of Revenue, Year Two | 8,675 |
Finite-Lived Intangible Assets, Amortization Expense, Net of Revenue, Year Three | 5,410 |
Finite-Lived Intangible Assets, Amortization Expense, Net of Revenue, Year Four | 3,042 |
Finite-Lived Intangible Assets, Amortization Expense, Net of Revenue, Year Five | $ 2,028 |
Accounting Policies Amortizatio
Accounting Policies Amortization of leased assets acquired (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Deferred leasing costs amortization | $ 5,983 | $ 4,699 | $ 4,279 |
Leases, Acquired-in-Place [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Deferred leasing costs amortization | 22,244 | 19,854 | 17,923 |
Amortization of Intangible Assets Included in Revenue | 538 | 456 | (633) |
Finite-Lived Intangible Assets, Amortization Expense, Net of Revenue | $ 22,782 | $ 20,310 | $ 17,290 |
Accounting Policies reclassific
Accounting Policies reclassification of debt issuance (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Prepaid expenses and other assets | $ 109,787 | $ 115,692 |
Notes Payable | 743,181 | 743,149 |
Mortgage notes payable, net | 418,052 | 417,194 |
New Accounting Pronouncement, Early Adoption, Effect [Member] | ||
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Prepaid expenses and other assets | 114,913 | 121,082 |
Debt Issuance Cost | (5,126) | (5,390) |
Notes payable | ||
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Notes Payable | 743,181 | 743,149 |
Notes payable | New Accounting Pronouncement, Early Adoption, Effect [Member] | ||
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Notes Payable | 747,638 | 747,208 |
Debt Issuance Cost | (4,457) | (4,059) |
Mortgage payable | ||
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Mortgage notes payable, net | 418,052 | 417,194 |
Debt Issuance Cost | (669) | (1,331) |
Mortgage payable | New Accounting Pronouncement, Early Adoption, Effect [Member] | ||
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Mortgage notes payable, net | 418,721 | 418,525 |
Debt Issuance Cost | $ (669) | $ (1,331) |
Real Estate Investments - Conti
Real Estate Investments - Continuing Operations (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Real Estate Properties [Line Items] | ||
Real estate investment property, at cost | $ 2,637,797 | $ 2,470,953 |
Properties under development or held for future development | 36,094 | 76,235 |
Office [Member] | ||
Real Estate Properties [Line Items] | ||
Real estate investment property, at cost | 1,554,334 | 1,502,052 |
Properties under development or held for future development | 18,711 | 36,379 |
Retail [Member] | ||
Real Estate Properties [Line Items] | ||
Real estate investment property, at cost | 442,039 | 463,716 |
Properties under development or held for future development | 1,076 | 500 |
Multifamily [Member] | ||
Real Estate Properties [Line Items] | ||
Real estate investment property, at cost | 641,424 | 505,185 |
Properties under development or held for future development | 16,307 | 39,356 |
7900 Westpark Drive [Member] | ||
Real Estate Properties [Line Items] | ||
Real estate investment property, at cost | 25,900 | |
Properties under development or held for future development | 10,200 | |
Six Fifty North Glebe Road [Member] | ||
Real Estate Properties [Line Items] | ||
Real estate investment property, at cost | 19,200 | 31,300 |
Properties under development or held for future development | 1,188 | 0 |
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 0 | $ 17,947 |
Real Estate Investments - Acqui
Real Estate Investments - Acquistions (Details) $ / shares in Units, $ in Thousands | Oct. 02, 2014USD ($)ft² | May. 02, 2014USD ($)ft² | Mar. 26, 2014USD ($)ft² | Dec. 31, 2015USD ($)apartment | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($)unit | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)apartment$ / shares | Dec. 31, 2014USD ($)ft²noteunit$ / shares | Dec. 31, 2013USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2015unit | Jul. 01, 2015USD ($)unit | Feb. 21, 2014USD ($)unit | Oct. 02, 2013USD ($)unit |
Business Acquisition [Line Items] | |||||||||||||||||||
Loans Payable | $ 414,500 | $ 414,500 | $ 414,546 | ||||||||||||||||
Units | 506 | 506 | 3,258 | ||||||||||||||||
Mortgage notes payable, net | 417,194 | 417,194 | 418,052 | ||||||||||||||||
Real estate impairment | $ 5,900 | $ 5,909 | 0 | $ 0 | |||||||||||||||
Contract Purchase Price | 2,470,953 | 2,470,953 | 2,637,797 | ||||||||||||||||
Real estate rental revenue | $ 79,102 | $ 78,243 | 74,226 | $ 74,856 | 74,359 | $ 73,413 | $ 72,254 | $ 68,611 | 306,427 | 288,637 | 263,024 | ||||||||
Net loss | $ 62,095 | $ 580 | $ (2,886) | $ 29,398 | 2,309 | $ 3,658 | $ 1,080 | $ 104,554 | 89,187 | 111,601 | 37,346 | ||||||||
Land | 30,548 | 104,403 | 8,568 | ||||||||||||||||
Land Available for Development | 15,000 | 0 | 0 | ||||||||||||||||
Buildings | 116,563 | 172,671 | 37,930 | ||||||||||||||||
Tenant origination costs | 9,377 | 9,377 | 32 | 0 | |||||||||||||||
Leasing commissions/absorption costs | 16,474 | 16,474 | 943 | 4,889 | |||||||||||||||
Net lease intangible assets | 7,331 | 7,331 | 102 | 0 | |||||||||||||||
Net lease intangible liabilities | (8,323) | (8,323) | (117) | 0 | |||||||||||||||
Fair value of assumed mortgage | (107,125) | (107,125) | 0 | 0 | |||||||||||||||
Furniture, fixtures & equipment | 932 | 932 | 742 | 0 | |||||||||||||||
Payments to Acquire Real Estate | 151,682 | $ 194,536 | 48,200 | ||||||||||||||||
Number of Mortgage Notes Assumed | note | 2 | ||||||||||||||||||
Notes Assumed | $ 100,900 | ||||||||||||||||||
Business Acquisition, Pro Forma Revenue | 313,114 | 302,120 | |||||||||||||||||
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations before Changes in Accounting and Extraordinary Items, Net of Tax | 96,735 | 4,466 | |||||||||||||||||
Business Acquisition, Pro Forma Net Income (Loss) | $ 96,735 | $ 110,997 | |||||||||||||||||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ / shares | $ 1.41 | $ 1.66 | |||||||||||||||||
Wellington [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Units | unit | 711 | ||||||||||||||||||
Yale West [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Loans Payable | 47,903 | $ 47,903 | 47,502 | ||||||||||||||||
Units | unit | 216 | 216 | |||||||||||||||||
Mortgage notes payable, net | 51,900 | ||||||||||||||||||
The Army Navy Club Building [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Loans Payable | $ 51,844 | $ 51,844 | 50,750 | ||||||||||||||||
Mortgage notes payable, net | 51,000 | ||||||||||||||||||
The Paramount [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Units | unit | 135 | 135 | |||||||||||||||||
Property Acquired [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Units | unit | 216 | 216 | |||||||||||||||||
Rentable Square Feet | ft² | 368,000 | ||||||||||||||||||
Contract Purchase Price | $ 297,000 | $ 297,000 | |||||||||||||||||
Real estate rental revenue | $ 6,797 | 16,260 | 907 | ||||||||||||||||
Net loss | (2,748) | (3,168) | (105) | ||||||||||||||||
Real Estate Investment Property, at Cost, Including Note Payable Assumed | 297,000 | 297,000 | |||||||||||||||||
Real Estate Investment Property, at Cost, Net of Adjustments | $ 195,740 | 195,740 | 48,200 | $ 167,000 | |||||||||||||||
Property Acquired [Member] | Wellington [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Contract Purchase Price | $ 167,000 | ||||||||||||||||||
Payments to Acquire Real Estate | 166,700 | ||||||||||||||||||
Other Payments to Acquire Businesses | $ 300 | ||||||||||||||||||
Property Acquired [Member] | Yale West [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Contract Purchase Price | $ 73,000 | ||||||||||||||||||
Other Payments to Acquire Businesses | $ 3,600 | ||||||||||||||||||
Property Acquired [Member] | The Army Navy Club Building [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Rentable Square Feet | ft² | 108,000 | ||||||||||||||||||
Contract Purchase Price | $ 79,000 | ||||||||||||||||||
Property Acquired [Member] | 1775 Eye Street [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Rentable Square Feet | ft² | 185,000 | ||||||||||||||||||
Contract Purchase Price | $ 104,500 | ||||||||||||||||||
Other Payments to Acquire Businesses | $ 1,900 | ||||||||||||||||||
Property Acquired [Member] | Spring Vally Retail Center [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Rentable Square Feet | ft² | 75,000 | ||||||||||||||||||
Contract Purchase Price | $ 40,500 | ||||||||||||||||||
Property Acquired [Member] | The Paramount [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Contract Purchase Price | $ 48,200 |
Real Estate Investments - Nonco
Real Estate Investments - Noncontrolling Interests in Subsidiaries and VIEs (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2015USD ($) | Jun. 30, 2011 | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Nov. 30, 2011 | Aug. 31, 2007a | |
Real Estate Properties [Line Items] | |||||||
Real estate impairment | $ 5,900 | $ 5,909 | $ 0 | $ 0 | |||
Land | 561,256 | 543,546 | |||||
Real Estate Investment Property, Accumulated Depreciation | (692,608) | (640,434) | |||||
Properties under development or held for future development | 36,094 | 76,235 | |||||
Mortgage notes payable | 418,052 | 417,194 | |||||
Accounts payable and other liabilities | 45,367 | 54,318 | |||||
Tenant security deposits | $ 9,378 | 8,899 | |||||
Maximum [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Ownership percentage | 95.00% | ||||||
4661 Kenmore Avenue [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Land, Acres Held | a | 0.8 | ||||||
Six Fifty North Glebe Road [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Ownership percentage | 90.00% | ||||||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 0 | 17,947 | |||||
Land | 12,851 | 12,851 | |||||
Investment Building and Building Improvements | 37,791 | 18,432 | |||||
Real Estate Investment Property, Accumulated Depreciation | (2,347) | 0 | |||||
Properties under development or held for future development | 1,188 | 0 | |||||
Real Estate Investments, Joint Ventures | 49,483 | 49,230 | |||||
Mortgage notes payable | 32,214 | 27,690 | |||||
Accounts payable and other liabilities | 256 | 2,196 | |||||
Tenant security deposits | $ 82 | $ 17 | |||||
Variable Interest Entity, Classification of Carrying Amount, Liabilities | 32,552 | 29,903 | |||||
1225 First Street [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Ownership percentage by noncontrolling owners | 5.00% | ||||||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 20,800 | ||||||
Multifamily [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Properties under development or held for future development | $ 16,307 | $ 39,356 | |||||
Multifamily [Member] | 1225 First Street [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Disposal Group, Not Discontinued Operation, Sale Price | $ 14,500 |
Real Estate Investments - Prope
Real Estate Investments - Properties Sold or Held for Sale (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2013USD ($)buildingsagreements | Dec. 31, 2015USD ($)apartment | Jun. 30, 2015USD ($)ft² | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($)apartment$ / shares | Dec. 31, 2014USD ($)ft²$ / shares | Dec. 31, 2013USD ($)ft²$ / shares | Dec. 31, 2015ft² | Dec. 31, 2015USD ($) | Dec. 31, 2015unit | Jul. 01, 2015unit | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Units | 506 | 506 | 3,258 | ||||||||
Rentable Square Feet | ft² | 430,000 | 1,172,000 | 197,000 | ||||||||
Sale Price | $ 195,161 | $ 322,939 | $ 137,100 | ||||||||
Gain on sale of real estate | $ 59,400 | $ 1,500 | $ 30,300 | $ 91,107 | 570 | 0 | |||||
Gain on sale of real estate | 0 | 105,985 | 22,144 | ||||||||
Disposal Group, Including Discontinued Operation, Gain (Loss) on Disposal | $ 106,000 | 89,653 | 106,555 | 22,144 | |||||||
Net income | 0 | 106,531 | 37,539 | ||||||||
Real estate impairment | $ (5,900) | (5,909) | 0 | 0 | |||||||
Depreciation and amortization, including amounts in discontinued operations | 108,935 | 96,011 | 97,901 | ||||||||
Income from properties sold or held for sale | 0 | 546 | 15,395 | ||||||||
Wellington [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Units | unit | 711 | ||||||||||
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 | 0 | 185 | ||||||||
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 | 0 | 546 | 15,210 | ||||||||
Montrose Shopping Center [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Rentable Square Feet | ft² | 15,000 | ||||||||||
Sale Price | $ 2,000 | ||||||||||
Gain on sale of real estate | $ 1,400 | ||||||||||
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 | agreements | 4 | ||||||||||
Real estate revenues | 0 | 892 | 41,012 | ||||||||
Net income | $ 0 | $ 546 | $ 14,044 | ||||||||
Discontinued operations (in dollars per share) | $ / shares | $ 0 | $ 0.01 | $ 0.21 | ||||||||
Discontinued Properties Member | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Real estate revenues | $ 0 | $ 892 | $ 45,791 | ||||||||
Property expenses | 0 | (346) | (17,039) | ||||||||
Depreciation and amortization, including amounts in discontinued operations | 0 | 0 | 12,161 | ||||||||
Interest expense | $ 0 | $ 0 | $ (1,196) | ||||||||
Multifamily [Member] | Country Club Towers [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Units | apartment | 227 | 227 | |||||||||
Disposal Group, Not Discontinued Operation, Sale Price | 37,800 | ||||||||||
Gain on sale of real estate | $ 30,277 | ||||||||||
Multifamily [Member] | 1225 First Street [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Disposal Group, Not Discontinued Operation, Sale Price | 14,500 | ||||||||||
Gain on sale of real estate | $ 0 | ||||||||||
Multifamily [Member] | Munson Hill Towers [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Units | apartment | 279 | 279 | |||||||||
Disposal Group, Not Discontinued Operation, Sale Price | 57,050 | ||||||||||
Gain on sale of real estate | $ 51,395 | ||||||||||
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 | 427,000 | ||||||||||
Sale Price | $ 193,561 | ||||||||||
Retail [Member] | Montgomery Village Center [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Disposal Group, Not Discontinued Operation, Sale Price | $ 27,750 | ||||||||||
Rentable Square Feet | ft² | 197,000 | ||||||||||
Gain on sale of real estate | $ 7,981 | ||||||||||
Retail [Member] | Gateway 7-11 [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Rentable Square Feet | ft² | 3,000 | ||||||||||
Sale Price | $ 1,600 | ||||||||||
Office [Member] | Atrium Building [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Rentable Square Feet | ft² | 79,000 | ||||||||||
Sale Price | $ 15,750 | ||||||||||
Gain on sale of real estate | $ 3,195 | ||||||||||
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 | buildings | 2 | ||||||||||
Medical Office And 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] | |||||||||||
Gain on sale of real estate | $ 105,985 | ||||||||||
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 | ft² | 1,093,000 | ||||||||||
Sale Price | $ 307,189 | ||||||||||
Gain on sale of real estate | $ 18,949 |
Real Estate Investments - Real
Real Estate Investments - Real Estate Impairment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Real Estate Properties [Line Items] | |||
Real estate impairment | $ 5,909 | $ 0 | $ 0 |
Real Estate Investment Property, Net | $ 1,981,283 | $ 1,906,754 |
Mortgage Notes Payable (Details
Mortgage Notes Payable (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015USD ($)buildings | Dec. 31, 2014USD ($) | |||
Mortgage Loans on Real Estate [Line Items] | ||||
Collateral for mortgage notes payable | buildings | 1 | |||
Mortgage notes payable, net | $ 418,052 | $ 417,194 | ||
Debt Instrument, Unamortized Discount (Premium), Net | 4,175 | 4,025 | ||
Loans Payable | 414,546 | 414,500 | ||
Carrying Amount, Mortgaged Properties | $ 619,400 | 607,800 | ||
The Army Navy Club Building [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Debt Instrument, Issuance Date | [1] | Mar. 26, 2014 | ||
Mortgage note, fair value interest rate | [2] | 3.18% | ||
Mortgage notes payable, net | $ 51,000 | |||
Debt Instrument, Maturity Date | May 1, 2017 | |||
Loans Payable | $ 50,750 | 51,844 | ||
Yale West [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Debt Instrument, Issuance Date | [1] | Feb. 21, 2014 | ||
Mortgage note, fair value interest rate | [2] | 3.75% | ||
Mortgage notes payable, net | $ 51,900 | |||
Debt Instrument, Maturity Date | Jan. 31, 2022 | |||
Loans Payable | $ 47,502 | 47,903 | ||
Six Fifty North Glebe Road [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Debt Instrument, Issuance Date | [1],[3],[4] | Feb. 21, 2013 | ||
Mortgage note, fair value interest rate | [2],[3],[4] | 2.27% | ||
Mortgage notes payable, net | $ 32,214 | 27,690 | ||
Debt Instrument, Maturity Date | [3],[4] | Jan. 27, 2016 | ||
Loans Payable | $ 32,248 | 27,690 | [1],[2] | |
John Marshall II Member | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Debt Instrument, Issuance Date | [1] | Sep. 15, 2011 | ||
Mortgage note, fair value interest rate | [2] | 5.79% | ||
Mortgage notes payable, net | $ 50,100 | |||
Debt Instrument, Maturity Date | Feb. 8, 2016 | |||
Loans Payable | $ 51,011 | 51,810 | ||
Olney Village Center Member | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Debt Instrument, Issuance Date | [1] | Aug. 30, 2011 | ||
Mortgage note, fair value interest rate | [2] | 4.94% | ||
Mortgage notes payable, net | $ 17,300 | |||
Debt Instrument, Maturity Date | Oct. 1, 2023 | |||
Loans Payable | $ 16,503 | 18,053 | ||
Kenmore Apartments [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Debt Instrument, Issuance Date | [1] | Feb. 2, 2009 | ||
Mortgage note, fair value interest rate | [2] | 5.37% | ||
Debt Instrument, Maturity Date | Mar. 1, 2019 | |||
Loans Payable | $ 33,637 | 34,305 | ||
2445 M Street [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Debt Instrument, Issuance Date | [1],[4] | Dec. 2, 2008 | ||
Mortgage note, fair value interest rate | [2],[4] | 7.25% | ||
Mortgage notes payable, net | $ 100,600 | |||
Debt Instrument, Maturity Date | [4] | Jan. 6, 2017 | ||
Loans Payable | [4] | $ 101,866 | 101,866 | |
3801 Connecticut, Walker House, Bethesda Hill [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Debt Instrument, Issuance Date | [1],[5] | May 29, 2008 | ||
Mortgage note, fair value interest rate | [2],[5] | 5.71% | ||
Debt Instrument, Maturity Date | [5] | Jun. 1, 2016 | ||
Loans Payable | [5] | $ 81,029 | 81,029 | |
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 | 2.00% | |||
New Accounting Pronouncement, Early Adoption, Effect [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Deferred Finance Costs, Net | $ 5,126 | 5,390 | ||
Mortgage payable | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage notes payable, net | 418,052 | 417,194 | ||
Deferred Finance Costs, Net | 669 | 1,331 | ||
Mortgage payable | New Accounting Pronouncement, Early Adoption, Effect [Member] | ||||
Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage notes payable, net | 418,721 | 418,525 | ||
Deferred Finance Costs, Net | $ 669 | $ 1,331 | ||
[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. | |||
[2] | Yield on the assumption/issuance date, including the effects of any premiums, discounts or fair value adjustments on the notes. | |||
[3] | Interest rate on The Maxwell construction loan was variable, based on LIBOR plus 2.0%. Interest and principal was payable monthly starting March 2016 until the extended maturity date of February 20, 2017, upon which all unpaid principal and interest were payable in full. In January 2016, Washington REIT exercised its right to purchase the construction loan without penalty from the lender (see note 3, under "Variable Interest Entities"). | |||
[4] | The maturity date of the mortgage note is January 1, 2052, but can be prepaid, without penalty, beginning on January 31, 2022. | |||
[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 - Schedu
Mortgage Notes Payable - Scheduled Principal Payments (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Notes Payable, Noncurrent [Abstract] | |
2,016 | $ 168,195 |
2,017 | 154,436 |
2,018 | 3,135 |
2,019 | 33,909 |
2,020 | 2,659 |
Thereafter | 52,212 |
Total principal | $ 414,546 |
Unsecured Lines Of Credit Pay57
Unsecured Lines Of Credit Payable - Lines Of Credit Unused and Available (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Commitment Fee Amount | $ 1,241,000 | $ 1,267,000 | $ 1,267,000 |
Committed capacity | 600,000,000 | 500,000,000 | 500,000,000 |
Borrowings outstanding | (105,000,000) | (50,000,000) | $ 0 |
Credit Facility No. 1 [Member] | |||
Line of Credit Facility [Line Items] | |||
Committed capacity | 100,000,000 | ||
Borrowings outstanding | 0 | (5,000,000) | |
Credit Facility No 2 [Member] | |||
Line of Credit Facility [Line Items] | |||
Committed capacity | 400,000,000 | ||
Borrowings outstanding | 0 | $ (45,000,000) | |
credit facility 2015 [Member] | |||
Line of Credit Facility [Line Items] | |||
Committed capacity | 1,000,000,000 | ||
Line of Credit [Member] | credit facility 2015 [Member] | |||
Line of Credit Facility [Line Items] | |||
Committed capacity | 600,000,000 | ||
Borrowings outstanding | (105,000,000) | ||
Letters of Credit Outstanding, Amount | (15,474,000) | ||
Unused and available | $ 479,526,000 |
Unsecured Lines Of Credit Pay58
Unsecured Lines Of Credit Payable - Repayments and Borrowings on Unsecured Lines of Credit (Details) - USD ($) | Jun. 23, 2015 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Line of Credit Facility [Line Items] | ||||||||
U.S. Covered Terrorism Losses, Percent | 0.85 | |||||||
Line of Credit Facility, Periodic Payment, Interest | $ 2,266,000 | $ 196,000 | $ 867,000 | |||||
Line of Credit Facility, Amount Outstanding [Roll Forward] | ||||||||
Balance at December 31, 2014 | $ 50,000,000 | 50,000,000 | 0 | |||||
Balance at December 31, 2015 | $ 105,000,000 | 50,000,000 | 0 | |||||
Line Of Credit Extension Term | 1 year | |||||||
Line of Credit Facility, Commitment Fee Amount | $ 1,241,000 | 1,267,000 | 1,267,000 | |||||
Total revolving credit facilities at December 31 | $ 600,000,000 | $ 500,000,000 | $ 500,000,000 | |||||
Lines of credit | 50,000,000 | 50,000,000 | 0 | 0 | $ 105,000,000 | $ 50,000,000 | $ 0 | |
Weighted average daily borrowings during the year | 167,573,000 | 12,849,000 | 61,548,000 | |||||
Maximum daily borrowings during the year | $ 350,000,000 | $ 55,000,000 | $ 135,000,000 | |||||
Weighted average interest rate during the year | 0.00% | 0.00% | 0.00% | |||||
Weighted average interest rate at period end | 0.00% | 0.00% | ||||||
Insurance Provider, Covered Terrorism Losses, Percent | 0.10 | |||||||
Aggregate Insurance Limit For Terrorism Losses | $ 100,000,000,000 | |||||||
Credit Facility No. 1 [Member] | ||||||||
Line of Credit Facility, Amount Outstanding [Roll Forward] | ||||||||
Balance at December 31, 2014 | 5,000,000 | 5,000,000 | ||||||
Borrowings | 3,000,000 | |||||||
Repayments | (8,000,000) | |||||||
Balance at December 31, 2015 | $ 0 | $ 5,000,000 | ||||||
Line of Credit Facility, Expiration Date | Jun. 30, 2015 | |||||||
Total revolving credit facilities at December 31 | $ 100,000,000 | |||||||
Lines of credit | 5,000,000 | $ 5,000,000 | 5,000,000 | 0 | $ 5,000,000 | |||
Credit Facility No 2 [Member] | ||||||||
Line of Credit Facility, Amount Outstanding [Roll Forward] | ||||||||
Balance at December 31, 2014 | 45,000,000 | 45,000,000 | ||||||
Borrowings | 150,000,000 | |||||||
Repayments | (195,000,000) | |||||||
Balance at December 31, 2015 | $ 0 | 45,000,000 | ||||||
Line of Credit Facility, Expiration Date | Jul. 31, 2016 | |||||||
Total revolving credit facilities at December 31 | 400,000,000 | |||||||
Lines of credit | $ 45,000,000 | $ 45,000,000 | $ 45,000,000 | 0 | $ 45,000,000 | |||
credit facility 2015 [Member] | ||||||||
Line of Credit Facility, Amount Outstanding [Roll Forward] | ||||||||
Total revolving credit facilities at December 31 | $ 1,000,000,000 | |||||||
London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
LIBOR Rate | 0.43% | |||||||
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% | |||||||
Line of Credit [Member] | ||||||||
Line of Credit Facility, Amount Outstanding [Roll Forward] | ||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.20% | |||||||
Weighted average interest rate during the year | 1.00% | |||||||
Line of Credit [Member] | credit facility 2015 [Member] | ||||||||
Line of Credit Facility, Amount Outstanding [Roll Forward] | ||||||||
Borrowings | $ 445,000,000 | |||||||
Repayments | (340,000,000) | |||||||
Balance at December 31, 2015 | 105,000,000 | |||||||
Total revolving credit facilities at December 31 | $ 600,000,000 | |||||||
Lines of credit | $ 105,000,000 | $ 105,000,000 | ||||||
Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Line of Credit Facility, Amount Outstanding [Roll Forward] | ||||||||
Spread on variable rate | 1.00% | |||||||
Line of Credit [Member] | Federal Funds Effective Swap Rate [Member] | ||||||||
Line of Credit Facility, Amount Outstanding [Roll Forward] | ||||||||
Spread on variable rate | 0.50% | |||||||
Minimum [Member] | Line of Credit [Member] | ||||||||
Line of Credit Facility, Amount Outstanding [Roll Forward] | ||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.125% | |||||||
Minimum [Member] | Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Line of Credit Facility, Amount Outstanding [Roll Forward] | ||||||||
Spread on variable rate | 0.875% | |||||||
Minimum [Member] | Line of Credit [Member] | Base Rate [Member] | ||||||||
Line of Credit Facility, Amount Outstanding [Roll Forward] | ||||||||
Spread on variable rate | 0.00% | |||||||
Maximum [Member] | Line of Credit [Member] | ||||||||
Line of Credit Facility, Amount Outstanding [Roll Forward] | ||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.30% | |||||||
Maximum [Member] | Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Line of Credit Facility, Amount Outstanding [Roll Forward] | ||||||||
Spread on variable rate | 1.55% | |||||||
Maximum [Member] | Line of Credit [Member] | Base Rate [Member] | ||||||||
Line of Credit Facility, Amount Outstanding [Roll Forward] | ||||||||
Spread on variable rate | 0.55% |
Notes Payable (Details)
Notes Payable (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Sep. 15, 2015 | Dec. 31, 2014 | ||
Debt Instrument [Line Items] | ||||
Total principal | $ 414,546 | |||
Notes Payable | 743,181 | $ 743,149 | ||
Notes payable | ||||
Debt Instrument [Line Items] | ||||
Total principal | 750,000 | |||
Net unamortized discount | (2,362) | |||
Notes Payable | $ 743,181 | $ 743,149 | ||
Notes payable | 10 Year Unsecured Notes 5.053% [Member] | ||||
Debt Instrument [Line Items] | ||||
Coupon stated rate | 4.95% | |||
Effective rate | [1] | 5.05% | ||
Notes Payable | $ 250,000 | |||
Debt Instrument, Maturity Date | [2] | Oct. 1, 2020 | ||
Notes payable | 10 Year Unsecured Notes 3.950 % [Member] | ||||
Debt Instrument [Line Items] | ||||
Coupon stated rate | 3.95% | |||
Effective rate | [1] | 4.02% | ||
Notes Payable | $ 300,000 | |||
Debt Instrument, Maturity Date | [2] | Oct. 15, 2022 | ||
Notes payable | 20 Year Unsecured Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Coupon stated rate | 7.25% | |||
Effective rate | [1] | 7.36% | ||
Debt Instrument, Maturity Date | [2] | Feb. 25, 2028 | ||
Notes payable | 30 Year Unsecured Notes [Member] [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes Payable | $ 50,000 | |||
Notes payable | 10 Year Unsecured Notes 5.125% [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Maturities, Repayment Terms | 150,000 | |||
Notes payable | 10 Year Unsecured Notes 5.34% [Member] | ||||
Debt Instrument [Line Items] | ||||
Coupon stated rate | 5.35% | |||
Term Loan [Member] | credit facility 2015 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Maturity Date | Mar. 15, 2021 | |||
Long-term Line of Credit, Noncurrent | $ 150,000 | |||
Debt Instrument, Term | 5 years 6 months | |||
Interest Rate Swap [Member] | Term Loan [Member] | credit facility 2015 [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective rate | [1] | 2.72% | ||
London Interbank Offered Rate (LIBOR) [Member] | Interest Rate Swap [Member] | Term Loan [Member] | credit facility 2015 [Member] | ||||
Debt Instrument [Line Items] | ||||
Spread on variable rate | 1.10% | |||
[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 N
Notes Payable - Maturities of Notes Payable (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 15, 2015 |
Long-term Debt of Registrant, Maturities, Repayments of Principal, Fiscal Year Maturity [Abstract] | ||
2,016 | $ 168,195 | |
2,017 | 154,436 | |
2,018 | 3,135 | |
2,019 | 33,909 | |
2,020 | 2,659 | |
Thereafter | 52,212 | |
Total principal | 414,546 | |
Notes payable | ||
Long-term Debt of Registrant, Maturities, Repayments of Principal, Fiscal Year Maturity [Abstract] | ||
2,016 | 0 | |
2,017 | 0 | |
2,018 | 0 | |
2,019 | 0 | |
2,020 | 250,000 | |
Thereafter | 500,000 | |
Total principal | $ 750,000 | |
Term Loan [Member] | credit facility 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Line of Credit, Noncurrent | $ 150,000 |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2015USD ($)Contracts | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 150,000,000 | |
Derivative, Number of Instruments Held | Contracts | 0 | |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 1,400,000 | |
Fair Value Hedge Liabilities | $ (600,000) | |
credit facility 2015 [Member] | Term Loan [Member] | ||
Derivative [Line Items] | ||
Debt Instrument, Maturity Date | Mar. 15, 2021 | |
credit facility 2015 [Member] | Interest Rate Swap [Member] | Term Loan [Member] | ||
Derivative [Line Items] | ||
Effective rate | 2.72% | [1] |
[1] | Yield on issuance date, including the effects of discounts on the notes. |
Derivative Instruments - Schedu
Derivative Instruments - Schedule of Derivatives (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative [Line Items] | |||
Fair Value Hedge Liabilities | $ 600 | ||
Swap [Member] | |||
Derivative [Line Items] | |||
Fair Value Hedge Liabilities | 550 | $ 0 | |
Unrealized Gain (Loss) on Derivatives | $ (550) | $ 0 | $ 0 |
Fair Value Disclosures (Financi
Fair Value Disclosures (Financial Assets And Liabilities Measured At Fair Value) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
SERP | $ 1,408 | $ 2,778 |
Cash and Cash Equivalents and Restricted Cash Maturity Period | 90 days | |
Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
SERP | $ 0 | 0 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
SERP | 1,408 | 2,778 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
SERP | 0 | 0 |
Interest Rate Swap [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage notes payable | 550 | 0 |
Interest Rate Swap [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage notes payable | 0 | 0 |
Interest Rate Swap [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage notes payable | 550 | 0 |
Interest Rate Swap [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage notes payable | $ 0 | $ 0 |
Fair Value Disclosures (Finan64
Fair Value Disclosures (Financial Assets And Liabilities Not Measured At Fair Value) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | $ 23,825 | $ 15,827 | $ 130,343 | $ 19,105 |
Restricted cash | 13,383 | 10,299 | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 15,827 | |||
Restricted cash | 10,299 | |||
Mortgage notes payable | 418,052 | 417,194 | ||
Lines of credit payable | 105,000 | 50,000 | ||
Notes payable | 743,181 | 743,149 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 23,825 | 15,827 | ||
Restricted cash | 13,383 | 10,299 | ||
Mortgage notes payable | 426,693 | 433,762 | ||
Lines of credit payable | 105,000 | 50,000 | ||
Notes payable | 753,816 | 782,042 | ||
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 | 3,849 | 4,404 | ||
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 | $ 4,275 | $ 5,113 |
Stock Based Compensation - Narr
Stock Based Compensation - Narrative (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 23, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Trustee share-based compensation | $ 100,000 | $ 55,000 | $ 55,000 | |
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost | 5,100,000 | 5,000,000 | 6,200,000 | |
Capitalized Share-based Compensation During Period | 600,000 | |||
Fair value of restricted share units vested | $ 5,800,000 | $ 6,100,000 | 3,800,000 | |
Restricted Share Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total compensation cost not yet recognized, period for recognition | 20 months | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 1,800,000 | |||
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 | |||
Performance period | 3 years | |||
Total compensation cost not yet recognized, period for recognition | 4 years | |||
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 | |||
Grant Date Fair Value as a Percentage of Base Salary on absolute TSR | 50.00% | 50.00% | ||
Grant Date Fair Value as a Percentage of Base Salary on relative TSR | 50.00% | 50.00% | ||
New LTIP [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grant date fair value as a percentage of base salary | 80.00% | |||
Fair value assumptions, expected volatility rate | 17.20% | |||
Fair value assumptions, risk free interest rate | 1.00% | |||
Fair value assumptions, expected term | 3 years | 3 years | ||
Closing share price, date of grant | $ 27.66 | |||
Grant Date Fair Value as a Percentage of Base Salary on absolute TSR | 15.00% | 20.00% | ||
Grant Date Fair Value as a Percentage of Base Salary on relative TSR | 36.00% | 35.00% | ||
New LTIP [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value assumptions, expected volatility rate | 17.50% | |||
Fair value assumptions, risk free interest rate | 1.10% | |||
Fair value assumptions, expected term | 4 years | 4 years | ||
Closing share price, date of grant | $ 27.76 | |||
Grant Date Fair Value as a Percentage of Base Salary on absolute TSR | 29.00% | 38.00% | ||
Grant Date Fair Value as a Percentage of Base Salary on relative TSR | 69.00% | 67.00% | ||
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 | |||
One Year [Member] | New LTIP [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grant Date Fair Value as a Percentage of Base Salary on absolute TSR | 10.00% | |||
Grant Date Fair Value as a Percentage of Base Salary on relative TSR | 11.00% | |||
One Year [Member] | New LTIP [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
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 | 20.00% | |||
Two Year [Member] | New LTIP [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grant Date Fair Value as a Percentage of Base Salary on absolute TSR | 16.00% | |||
Grant Date Fair Value as a Percentage of Base Salary on relative TSR | 23.00% | |||
Two Year [Member] | New LTIP [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grant Date Fair Value as a Percentage of Base Salary on absolute TSR | 30.00% | |||
Grant Date Fair Value as a Percentage of Base Salary on relative TSR | 43.00% |
Stock Based Compensation - Rest
Stock Based Compensation - Restricted Share Awards (Details) - Restricted Share Awards [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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 | 93,667 | 129,815 | 149,803 |
Other Than Options, Granted | 251,642 | 210,817 | 141,609 |
Other Than Options, Vested During Year | (212,856) | (236,498) | (158,657) |
Other Than Options, Forfeited | (26,309) | (10,467) | (2,940) |
Other Than Options, Nonvested, Number, Beginning | 106,144 | 93,667 | 129,815 |
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 | $ 25.22 | $ 27.06 | $ 27.37 |
Other Than Options, Granted, Weighted Average Grant Date Fair Value | 27.80 | 23.93 | 26.30 |
Other Than Options, Vested During Year, Weighted Average Grant Date Fair Value | 27.18 | 25.06 | 26.66 |
Other Than Options, Forfeited, Weighted Average Grant Date Fair Value | 26.77 | 25.80 | 27.80 |
Other Than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 27.71 | $ 25.22 | $ 27.06 |
Stock Based Compensation - Re67
Stock Based Compensation - Restricted and Unrestricted Shares with Market Conditions (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Feb. 28, 2011 | Dec. 31, 2015 | 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 | $ 191 | |
Unamortized Value Of Restricted and Unrestricted Shares | 144 | $ 161 | |
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 | 634 | |
Unamortized Value Of Restricted and Unrestricted Shares | 383 | 0 | |
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 | 76 | |
Unamortized Value Of Restricted and Unrestricted Shares | 57 | 111 | |
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 | 254 | |
Unamortized Value Of Restricted and Unrestricted Shares | $ 153 | $ 0 |
Stock Based Compensation - Valu
Stock Based Compensation - Valuation Assumptions (Details) - New LTIP [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Apr. 23, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
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 | ||
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value assumptions, expected term | 3 years | 3 years | |
Fair value assumptions, expected volatility rate | 17.20% | ||
Fair value assumptions, risk free interest rate | 1.00% | ||
Closing share price, date of grant | $ 27.66 | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value assumptions, expected term | 4 years | 4 years | |
Fair value assumptions, expected volatility rate | 17.50% | ||
Fair value assumptions, risk free interest rate | 1.10% | ||
Closing share price, date of grant | $ 27.76 |
Other Benefit Plans (Details)
Other Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
401I(k) plan contributions by employer | $ 0.5 | $ 0.4 | $ 0.4 |
Other Postretirement Defined Benefit Plan, Liabilities, Noncurrent | 1.7 | 1.6 | |
Pension and Other Postretirement Benefit Expense | 0.3 | 0.3 | $ 0.3 |
Officer [Member] | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Accrued benefit liability | $ 1.4 | $ 2.8 |
Earnings Per Common Share - Com
Earnings Per Common Share - Computation Of Basic And Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | [1] | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||||||||||
Units of Partnership Interest, Amount | 0 | 0 | 0 | 0 | |||||||||||||||
Income (loss) from continuing operations | $ 2,309 | $ 3,658 | $ 1,368 | $ (2,265) | $ 89,187 | $ 5,070 | $ (193) | ||||||||||||
Allocation of undistributed earnings to unvested restricted share awards and units to continuing operations | 269 | (5) | 0 | ||||||||||||||||
Adjusted income (loss) from continuing operations attributable to the controlling interests | 89,471 | 5,075 | (193) | ||||||||||||||||
Income from discontinued operations, including gain on sale of real estate, net of taxes | 0 | 106,531 | 37,539 | ||||||||||||||||
Less: Net loss attributable to noncontrolling interests in subsidiaries | (553) | (38) | 0 | ||||||||||||||||
Allocation of undistributed earnings to unvested restricted share awards and units to discontinued operations | 0 | (322) | (415) | ||||||||||||||||
Adjusted income from discontinued operations attributable to the controlling interests | 0 | 106,247 | 37,124 | ||||||||||||||||
Adjusted net income attributable to the controlling interests | $ 89,471 | $ 111,322 | $ 36,931 | ||||||||||||||||
Weighted average shares outstanding – basic | 68,177,000 | 66,795,000 | 66,580,000 | ||||||||||||||||
Employee stock options and restricted share awards | 133,000 | 42,000 | 0 | ||||||||||||||||
Weighted average shares outstanding - diluted | 68,310,000 | 66,837,000 | 66,580,000 | ||||||||||||||||
Continuing operations - basic (in dollars per share) | $ 0.03 | [1] | $ 0.05 | [1] | $ 0.02 | [1] | $ (0.04) | [1] | $ 1.31 | $ 0.08 | $ 0 | ||||||||
Discontinued operations (in dollars per share) | 0 | 1.59 | 0.55 | ||||||||||||||||
Basic earnings: Adjusted net income attributable to the controlling interests - Per Share Amount | $ 0.91 | [1] | $ 0.01 | $ (0.04) | $ 0.43 | 0.03 | [1] | 0.05 | [1] | 0.02 | [1] | 1.56 | [1] | 1.31 | 1.67 | 0.55 | |||
Continuing operations - diluted (in dollars per share) | 0.03 | [1] | 0.05 | [1] | 0.02 | [1] | (0.04) | [1] | 1.31 | 0.08 | 0 | ||||||||
Discontinued operations (in dollars per share) | 0 | 1.59 | 0.55 | ||||||||||||||||
Net income per share, Diluted | $ 0.91 | [1] | $ 0.01 | $ (0.04) | $ 0.43 | $ 0.03 | [1] | $ 0.05 | [1] | $ 0.02 | [1] | $ 1.56 | [1] | 1.31 | 1.67 | 0.55 | |||
Common Stock, Dividends, Per Share, Declared | $ 1.20 | $ 1.20 | $ 1.20 | ||||||||||||||||
Continuing Operations [Member] | |||||||||||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||||||||||
Less: Net loss attributable to noncontrolling interests in subsidiaries | $ 553 | ||||||||||||||||||
Discontinued Operations [Member] | |||||||||||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||||||||||
Less: Net loss attributable to noncontrolling interests in subsidiaries | $ 38 | $ 0 | |||||||||||||||||
[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 Lease71
Rentals Under Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Leased Assets [Line Items] | |||
Tenant Reimbursements | $ 34,600 | $ 31,600 | $ 26,800 |
2,016 | 194,033 | ||
2,017 | 175,606 | ||
2,018 | 150,901 | ||
2,019 | 134,234 | ||
2,020 | 115,195 | ||
Thereafter | 307,971 | ||
Operating Leases, Future Minimum Payments Receivable | $ 1,077,940 | ||
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) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)Contracts | |
Commitments and Contingencies Disclosure [Abstract] | |
Development Contracts with Third Parties, Number | Contracts | 0 |
credit facility 2015 [Member] | Line of Credit [Member] | |
Other Commitments [Line Items] | |
Letters of Credit Outstanding, Amount | $ | $ 15,474 |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)segment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of Reportable Segments | segment | 3 | ||||||||||
Real estate rental revenue | $ 79,102 | $ 78,243 | $ 74,226 | $ 74,856 | $ 74,359 | $ 73,413 | $ 72,254 | $ 68,611 | $ 306,427 | $ 288,637 | $ 263,024 |
Real estate expenses | 112,234 | 103,695 | 93,293 | ||||||||
Net operating income | 194,193 | 184,942 | 169,731 | ||||||||
Depreciation and amortization | (108,935) | (96,011) | (85,740) | ||||||||
General and administrative | (20,257) | (19,761) | (17,535) | ||||||||
Real estate impairment | (5,900) | (5,909) | 0 | 0 | |||||||
Acquisition costs | (2,056) | (5,710) | (1,265) | ||||||||
Interest expense | (59,546) | (59,785) | (63,573) | ||||||||
Other income | 709 | 825 | 926 | ||||||||
Gain on sale of real estate | 59,400 | 1,500 | 30,300 | 91,107 | 570 | 0 | |||||
Loss on extinguishment of debt | (119) | 0 | (2,737) | ||||||||
Income from properties sold or held for sale | 0 | 546 | 15,395 | ||||||||
Gain on sale of real estate | 0 | 105,985 | 22,144 | ||||||||
Net income | 62,095 | 580 | (2,886) | 29,398 | 2,309 | 3,658 | 1,080 | 104,554 | 89,187 | 111,601 | 37,346 |
Less: Net loss attributable to noncontrolling interests in subsidiaries | (553) | (38) | 0 | ||||||||
Net income attributable to the controlling interests | 62,133 | $ 647 | $ (2,546) | $ 29,506 | 2,330 | $ 3,668 | $ 1,087 | $ 104,554 | 89,740 | 111,639 | 37,346 |
Capital expenditures | 43,636 | 59,529 | 55,991 | ||||||||
Total assets | 2,191,168 | 2,108,317 | $ 2,191,168 | $ 2,108,317 | $ 1,969,343 | ||||||
Office [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Real estate rental revenue as a percentage of total | 0.57 | 0.57 | 0.58 | ||||||||
Percentage of total income producing real estate assets | 0.59 | 0.61 | |||||||||
Real estate rental revenue | $ 174,378 | $ 166,116 | $ 152,339 | ||||||||
Real estate expenses | 67,228 | 63,903 | 57,293 | ||||||||
Net operating income | 107,150 | 102,213 | 95,046 | ||||||||
Capital expenditures | 29,745 | 43,128 | 37,777 | ||||||||
Total assets | 1,265,570 | 1,283,950 | $ 1,265,570 | $ 1,283,950 | 1,073,055 | ||||||
Medical Office [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Real estate rental revenue | 0 | ||||||||||
Real estate expenses | 0 | ||||||||||
Net operating income | 0 | ||||||||||
Capital expenditures | 3,695 | ||||||||||
Total assets | $ 84,001 | ||||||||||
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 | 0.17 | 0.19 | |||||||||
Real estate rental revenue | $ 63,507 | $ 60,263 | $ 56,189 | ||||||||
Real estate expenses | 15,606 | 14,022 | 13,768 | ||||||||
Net operating income | 47,901 | 46,241 | 42,421 | ||||||||
Capital expenditures | 3,897 | 5,496 | 4,204 | ||||||||
Total assets | 354,123 | 385,074 | $ 354,123 | $ 385,074 | $ 344,084 | ||||||
Multifamily [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Real estate rental revenue as a percentage of total | 0.22 | 0.22 | 0.21 | ||||||||
Percentage of total income producing real estate assets | 0.24 | 0.20 | |||||||||
Real estate rental revenue | $ 68,542 | $ 62,258 | $ 54,496 | ||||||||
Real estate expenses | 29,400 | 25,770 | 22,232 | ||||||||
Net operating income | 39,142 | 36,488 | 32,264 | ||||||||
Capital expenditures | 7,865 | 9,186 | 10,153 | ||||||||
Total assets | 529,773 | 408,114 | 529,773 | 408,114 | 308,123 | ||||||
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 | 2,129 | 1,719 | 162 | ||||||||
Total assets | $ 41,702 | $ 31,179 | $ 41,702 | $ 31,179 | $ 160,080 |
Selected Quarterly Financial 74
Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||
Real estate rental revenue | $ 79,102 | $ 78,243 | $ 74,226 | $ 74,856 | $ 74,359 | $ 73,413 | $ 72,254 | $ 68,611 | $ 306,427 | $ 288,637 | $ 263,024 | ||||||||
Income (loss) from continuing operations | 2,309 | 3,658 | 1,368 | (2,265) | 89,187 | 5,070 | (193) | ||||||||||||
Income from operations of properties sold or held for sale - medical office segment | 0 | 0 | 0 | 546 | |||||||||||||||
Net income | 62,095 | 580 | (2,886) | 29,398 | 2,309 | 3,658 | 1,080 | 104,554 | 89,187 | 111,601 | 37,346 | ||||||||
Net income attributable to the controlling interests | $ 62,133 | $ 647 | $ (2,546) | $ 29,506 | $ 2,330 | $ 3,668 | $ 1,087 | $ 104,554 | $ 89,740 | $ 111,639 | $ 37,346 | ||||||||
Continuing operations - basic (in dollars per share) | $ 0.03 | [1] | $ 0.05 | [1] | $ 0.02 | [1] | $ (0.04) | [1] | $ 1.31 | $ 0.08 | $ 0 | ||||||||
Continuing operations - diluted (in dollars per share) | 0.03 | [1] | 0.05 | [1] | 0.02 | [1] | (0.04) | [1] | 1.31 | 0.08 | 0 | ||||||||
Net income per share, Basic | $ 0.91 | [1] | $ 0.01 | [1] | $ (0.04) | [1] | $ 0.43 | [1] | 0.03 | [1] | 0.05 | [1] | 0.02 | [1] | 1.56 | [1] | 1.31 | 1.67 | 0.55 |
Net income per share, Diluted | $ 0.91 | [1] | $ 0.01 | [1] | $ (0.04) | [1] | $ 0.43 | [1] | $ 0.03 | [1] | $ 0.05 | [1] | $ 0.02 | [1] | $ 1.56 | [1] | $ 1.31 | $ 1.67 | $ 0.55 |
Gain on sale of real estate | $ 59,400 | $ 1,500 | $ 30,300 | $ 91,107 | $ 570 | $ 0 | |||||||||||||
Disposal Group, Including Discontinued Operation, Gain (Loss) on Disposal | $ 106,000 | 89,653 | 106,555 | 22,144 | |||||||||||||||
Real estate impairment | $ 5,900 | $ 5,909 | $ 0 | $ 0 | |||||||||||||||
[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 ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Agreements [Line Items] | |||
Common stock reserved for future issuance | $ 200,000,000 | ||
Net proceeds from equity offerings | $ 5,215,000 | $ 30,690,000 | $ 0 |
Common Stock [Member] | |||
Financing Agreements [Line Items] | |||
Stock issued during period (in shares) | 184,000 | 1,125,000 | 0 |
common stock, weighted average issued price | $ 28.34 | $ 27.86 | |
Net proceeds from equity offerings | $ 5,200,000 | $ 30,700,000 | |
Shares issued under dividend reinvestment plan | 0 |
Deferred Costs Schedule of Prep
Deferred Costs Schedule of Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Deferred Costs, Leasing, Gross | $ 59,382 | $ 50,943 |
Deferred Costs, Leasing, Accumulated Amortization | 22,897 | 18,351 |
Deferred Costs, Leasing, Net | 36,485 | 32,592 |
Deferred Leasing Incentives, Gross | 18,701 | 14,194 |
Accumulated Amortization, Deferred Leasing Incentives | 6,066 | 3,605 |
Deferred Leasing Incentives, Net | $ 12,635 | $ 10,589 |
Deferred Costs Schedule of Amor
Deferred Costs Schedule of Amortization and Write-Offs of Deferred Financing, Leasing, and Leasing Incentive Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Deferred leasing costs amortization | $ 5,983 | $ 4,699 | $ 4,279 |
Deferred leasing incentives amortization | $ 2,848 | $ 1,704 | $ 980 |
Schedule II (Details)
Schedule II (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for doubtful accounts | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $ 3,392 | $ 6,783 | $ 10,443 |
Additions Charged to Expenses | 1,368 | 1,402 | 3,531 |
Net Deductions (Recoveries) | (2,463) | (4,793) | (7,191) |
Balance at End of Year | 2,297 | 3,392 | 6,783 |
Valuation allowance for deferred tax assets | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 5,714 | 5,741 | 5,773 |
Additions Charged to Expenses | 0 | 0 | 0 |
Net Deductions (Recoveries) | (9) | (27) | (32) |
Balance at End of Year | $ 5,705 | $ 5,714 | $ 5,741 |
Schedule III (Details)
Schedule III (Details) | 12 Months Ended | |||||||||||||
Dec. 31, 2015USD ($)apartment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015ft² | Dec. 31, 2015USD ($) | Dec. 31, 2015unit | Jun. 30, 2015ft² | Dec. 31, 2014USD ($)ft² | Feb. 21, 2014unit | Dec. 31, 2013USD ($)ft² | Oct. 02, 2013unit | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Initial Cost, Land | [1] | $ 588,663,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 1,448,929,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | 636,299,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Land | 561,256,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 2,112,635,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | $ 2,547,188,000 | $ 2,289,509,000 | $ 2,529,131,000 | 2,673,891,000 | [2] | $ 2,547,188,000 | $ 2,289,509,000 | |||||||
Accumulated Depreciation at December 31, 2011 | $ 640,434,000 | 611,408,000 | 610,536,000 | 692,608,000 | 640,434,000 | $ 611,408,000 | ||||||||
Net Rentable Square Feet | ft² | [3] | 10,212,000 | ||||||||||||
Units | 506 | 3,258 | ||||||||||||
Mortgage notes payable | 418,052,000 | $ 417,194,000 | ||||||||||||
Real estate, federal income tax basis | 2,071,600,000 | |||||||||||||
Area of land | ft² | 197,000 | 430,000 | 1,172,000 | |||||||||||
Development in Process | 36,094,000 | $ 76,235,000 | ||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, beginning of period | $ 2,547,188,000 | 2,289,509,000 | 2,529,131,000 | |||||||||||
Property acquisitions | [4] | 162,702,000 | 289,140,000 | 47,444,000 | ||||||||||
Improvements | [4] | 50,954,000 | 98,250,000 | 71,127,000 | ||||||||||
Impairment write-down | (5,909,000) | 0 | 0 | |||||||||||
Write-off of disposed assets | (3,291,000) | (2,857,000) | (2,017,000) | |||||||||||
Property sales | (77,753,000) | (126,854,000) | (356,176,000) | |||||||||||
Balance, end of period | 2,673,891,000 | [2] | 2,547,188,000 | 2,289,509,000 | ||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, beginning of period | 640,434,000 | 611,408,000 | 610,536,000 | |||||||||||
Depreciation | 86,536,000 | 77,741,000 | 80,510,000 | |||||||||||
Impairment write-down | 0 | 0 | 0 | |||||||||||
Write-off of disposed assets | (2,408,000) | (2,549,000) | (1,404,000) | |||||||||||
Property sales | (31,954,000) | (46,166,000) | (78,234,000) | |||||||||||
Balance, end of period | 692,608,000 | $ 640,434,000 | $ 611,408,000 | |||||||||||
Multifamily Properties [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Initial Cost, Land | [1] | 125,089,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 297,008,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | 235,634,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Land | 112,496,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 545,235,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2] | 657,731,000 | 657,731,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | 141,200,000 | 141,200,000 | ||||||||||||
Net Rentable Square Feet | ft² | [3] | 3,014,000 | ||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2] | 657,731,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | $ 141,200,000 | |||||||||||||
3801 Connecticut [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | [5] | Washington, DC | ||||||||||||
Initial Cost, Land | [1],[5] | 420,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1],[5] | 2,678,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | [5] | 12,961,000 | ||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Land | [5] | 420,000 | ||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | [5] | 15,639,000 | ||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2],[5] | $ 16,059,000 | 16,059,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | [5] | $ 9,901,000 | 9,901,000 | |||||||||||
Year of Construction | [5] | Jan. 1, 1951 | ||||||||||||
Date of Acquisition | [5] | Jan. 1, 1963 | ||||||||||||
Net Rentable Square Feet | ft² | [3] | 178,000 | ||||||||||||
Units | unit | 307 | |||||||||||||
Depreciation Life | [6] | 30 years | ||||||||||||
Mortgage notes payable | 35,400,000 | |||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2],[5] | $ 16,059,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | [5] | $ 9,901,000 | ||||||||||||
Roosevelt Towers [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | Virginia | |||||||||||||
Initial Cost, Land | [1] | 336,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 1,996,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | 11,738,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Land | 336,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 13,734,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2] | $ 14,070,000 | 14,070,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | $ 8,886,000 | 8,886,000 | ||||||||||||
Year of Construction | Jan. 1, 1964 | |||||||||||||
Date of Acquisition | May 1, 1965 | |||||||||||||
Net Rentable Square Feet | ft² | [3] | 170,000 | ||||||||||||
Units | unit | 191 | |||||||||||||
Depreciation Life | [6] | 40 years | ||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2] | $ 14,070,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | $ 8,886,000 | |||||||||||||
Park Adams [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | Virginia | |||||||||||||
Initial Cost, Land | [1] | 287,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 1,654,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | 11,270,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Land | 287,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 12,924,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2] | $ 13,211,000 | 13,211,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | $ 8,901,000 | 8,901,000 | ||||||||||||
Year of Construction | Jan. 1, 1959 | |||||||||||||
Date of Acquisition | Jan. 1, 1969 | |||||||||||||
Net Rentable Square Feet | ft² | [3] | 173,000 | ||||||||||||
Units | unit | 200 | |||||||||||||
Depreciation Life | [6] | 35 years | ||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2] | $ 13,211,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | $ 8,901,000 | |||||||||||||
The Ashby at McLean [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | Virginia | |||||||||||||
Initial Cost, Land | [1] | 4,356,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 17,102,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | 17,835,000 | |||||||||||||
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 | 34,937,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2] | $ 39,293,000 | 39,293,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | $ 22,176,000 | 22,176,000 | ||||||||||||
Year of Construction | Jan. 1, 1982 | |||||||||||||
Date of Acquisition | Aug. 1, 1996 | |||||||||||||
Net Rentable Square Feet | ft² | [3] | 274,000 | ||||||||||||
Units | unit | 256 | |||||||||||||
Depreciation Life | [6] | 30 years | ||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2] | $ 39,293,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | $ 22,176,000 | |||||||||||||
Walker House Apartments [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | [5] | Maryland | ||||||||||||
Initial Cost, Land | [1],[5] | 2,851,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1],[5] | 7,946,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | [5] | 7,042,000 | ||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Land | [5] | 2,851,000 | ||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | [5] | 14,988,000 | ||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2],[5] | $ 17,839,000 | 17,839,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | [5] | $ 10,197,000 | 10,197,000 | |||||||||||
Year of Construction | [5] | Jan. 1, 1971 | ||||||||||||
Date of Acquisition | [5] | Mar. 1, 1996 | ||||||||||||
Net Rentable Square Feet | ft² | [3] | 157,000 | ||||||||||||
Units | unit | 212 | |||||||||||||
Depreciation Life | [6] | 30 years | ||||||||||||
Mortgage notes payable | 16,500,000 | |||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2],[5] | $ 17,839,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | [5] | $ 10,197,000 | ||||||||||||
Bethesda Hill Apartments [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | [5] | Maryland | ||||||||||||
Initial Cost, Land | [1],[5] | 3,900,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1],[5] | 13,412,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | [5] | 12,733,000 | ||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Land | [5] | 3,900,000 | ||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | [5] | 26,145,000 | ||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2],[5] | $ 30,045,000 | 30,045,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | [5] | $ 16,650,000 | 16,650,000 | |||||||||||
Year of Construction | [5] | Jan. 1, 1986 | ||||||||||||
Date of Acquisition | [5] | Nov. 1, 1997 | ||||||||||||
Net Rentable Square Feet | ft² | [3],[5] | 225,000 | ||||||||||||
Units | unit | 195 | |||||||||||||
Depreciation Life | [6] | 30 years | ||||||||||||
Mortgage notes payable | 29,100,000 | |||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2],[5] | $ 30,045,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | [5] | $ 16,650,000 | ||||||||||||
Bennett Park [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | Virginia | |||||||||||||
Initial Cost, Land | [1] | 2,861,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 917,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | 80,036,000 | |||||||||||||
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 | 79,040,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2] | $ 83,814,000 | 83,814,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | $ 29,053,000 | 29,053,000 | ||||||||||||
Year of Construction | Jan. 1, 2007 | |||||||||||||
Date of Acquisition | Feb. 1, 2001 | |||||||||||||
Net Rentable Square Feet | ft² | [3] | 214,000 | ||||||||||||
Units | unit | 224 | |||||||||||||
Depreciation Life | [6] | 28 years | ||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2] | $ 83,814,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | $ 29,053,000 | |||||||||||||
The Clayborne [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | Virginia | |||||||||||||
Initial Cost, Land | [1] | 269,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 0 | ||||||||||||
Net Improvements (Retirement) since Acquisition | 30,754,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Land | 699,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 30,324,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2] | $ 31,023,000 | 31,023,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | $ 12,616,000 | 12,616,000 | ||||||||||||
Year of Construction | Jan. 1, 2008 | |||||||||||||
Date of Acquisition | Jun. 1, 2003 | |||||||||||||
Net Rentable Square Feet | ft² | [3] | 60,000 | ||||||||||||
Units | unit | 74 | |||||||||||||
Depreciation Life | [6] | 26 years | ||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2] | $ 31,023,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | $ 12,616,000 | |||||||||||||
The Kenmore [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | [5] | Washington, DC | ||||||||||||
Initial Cost, Land | [1],[5] | 28,222,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1],[5] | 33,955,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | [5] | 10,679,000 | ||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Land | [5] | 28,222,000 | ||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | [5] | 44,634,000 | ||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2],[5] | $ 72,856,000 | 72,856,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | [5] | $ 10,436,000 | 10,436,000 | |||||||||||
Year of Construction | [5] | Jan. 1, 1948 | ||||||||||||
Date of Acquisition | [5] | Sep. 1, 2008 | ||||||||||||
Net Rentable Square Feet | ft² | [3] | 268,000 | ||||||||||||
Units | unit | 374 | |||||||||||||
Depreciation Life | [6] | 30 years | ||||||||||||
Mortgage notes payable | 33,600,000 | |||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2],[5] | $ 72,856,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | [5] | $ 10,436,000 | ||||||||||||
Six Fifty North Glebe Road [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | [7] | Virginia | ||||||||||||
Initial Cost, Land | [1],[5] | 12,787,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1],[7] | 0 | ||||||||||||
Net Improvements (Retirement) since Acquisition | [7] | 37,854,000 | ||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Land | [7] | 12,851,000 | ||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | [7] | 37,790,000 | ||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2],[7] | $ 50,641,000 | 50,641,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | [7] | $ 2,347,000 | 2,347,000 | |||||||||||
Year of Construction | [5] | Jan. 1, 2014 | ||||||||||||
Date of Acquisition | [7] | Jun. 1, 2011 | ||||||||||||
Net Rentable Square Feet | ft² | [3] | 139,000 | ||||||||||||
Units | unit | 163 | |||||||||||||
Depreciation Life | [6] | 30 years | ||||||||||||
Mortgage notes payable | 32,214,000 | 27,690,000 | ||||||||||||
Development in Process | 1,188,000 | 0 | ||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2],[7] | $ 50,641,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | [7] | $ 2,347,000 | ||||||||||||
The Paramount [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | Virginia | |||||||||||||
Initial Cost, Land | [1] | 8,568,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 38,716,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | 1,408,000 | |||||||||||||
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 | 40,124,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2] | $ 48,692,000 | 48,692,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | $ 3,894,000 | 3,894,000 | ||||||||||||
Year of Construction | Jan. 1, 1984 | |||||||||||||
Date of Acquisition | [5] | Oct. 1, 2013 | ||||||||||||
Net Rentable Square Feet | ft² | [3] | 141,000 | ||||||||||||
Units | unit | 135 | 135 | ||||||||||||
Depreciation Life | [6] | 30 years | ||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2] | $ 48,692,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | $ 3,894,000 | |||||||||||||
Yale West [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | [5] | Washington, DC | ||||||||||||
Initial Cost, Land | [1],[5] | 14,684,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1],[5] | 62,069,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | [5] | 245,000 | ||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Land | [5] | 14,684,000 | ||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | [5] | 62,314,000 | ||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2],[5] | $ 76,998,000 | 76,998,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | [5] | $ 4,196,000 | 4,196,000 | |||||||||||
Year of Construction | [5] | Jan. 1, 2011 | ||||||||||||
Date of Acquisition | [5] | Feb. 1, 2014 | ||||||||||||
Net Rentable Square Feet | ft² | [3],[5] | 173,000 | ||||||||||||
Units | unit | 216 | 216 | ||||||||||||
Depreciation Life | [6] | 30 years | ||||||||||||
Mortgage notes payable | 51,900,000 | |||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2],[5] | $ 76,998,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | [5] | $ 4,196,000 | ||||||||||||
The Wellington [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | [5] | Virginia | ||||||||||||
Initial Cost, Land | [1] | 30,548,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1],[5] | 116,563,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | [5] | 420,000 | ||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Land | [5] | 30,548,000 | ||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | [5] | 116,983,000 | ||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2],[5] | $ 147,531,000 | 147,531,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | [5] | $ 1,947,000 | 1,947,000 | |||||||||||
Year of Construction | [5] | Jan. 1, 1960 | ||||||||||||
Date of Acquisition | [5] | Jul. 1, 2015 | ||||||||||||
Net Rentable Square Feet | ft² | [3],[5] | 842,000 | ||||||||||||
Units | unit | 711 | |||||||||||||
Depreciation Life | [6] | 30 years | ||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2],[5] | $ 147,531,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | [5] | $ 1,947,000 | ||||||||||||
The Wellington land parcel [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | [5] | Virginia | ||||||||||||
Initial Cost, Buildings and Improvements | [1],[5] | 0 | ||||||||||||
Net Improvements (Retirement) since Acquisition | [5] | 659,000 | ||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Land | [5] | 0 | ||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | [5] | 15,659,000 | ||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2],[5] | $ 15,659,000 | 15,659,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | [5] | $ 0 | 0 | |||||||||||
Date of Acquisition | [5] | Jul. 1, 2015 | ||||||||||||
Development in Process | 15,000,000 | [1],[7] | $ 15,700,000 | |||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2],[5] | $ 15,659,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | [5] | 0 | ||||||||||||
Office Buildings [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Initial Cost, Land | [1] | 342,605,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 902,423,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | 328,017,000 | |||||||||||||
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 | 1,244,956,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2] | 1,573,045,000 | 1,573,045,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | 437,262,000 | 437,262,000 | ||||||||||||
Net Rentable Square Feet | ft² | [3] | 4,869,000 | ||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2] | 1,573,045,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | $ 437,262,000 | |||||||||||||
1901 Pennsylvania Avenue [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | Washington, DC | |||||||||||||
Initial Cost, Land | [1] | 892,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 3,481,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | 17,253,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Land | 892,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 20,734,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2] | $ 21,626,000 | 21,626,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | $ 15,589,000 | 15,589,000 | ||||||||||||
Year of Construction | Jan. 1, 1960 | |||||||||||||
Date of Acquisition | May 1, 1977 | |||||||||||||
Net Rentable Square Feet | ft² | 101,000 | |||||||||||||
Depreciation Life | [6] | 28 years | ||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2] | $ 21,626,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | $ 15,589,000 | |||||||||||||
51 Monroe Street [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | Maryland | |||||||||||||
Initial Cost, Land | [1] | 840,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 10,869,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | 28,634,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Land | 840,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 39,503,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2] | $ 40,343,000 | 40,343,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | $ 29,387,000 | 29,387,000 | ||||||||||||
Year of Construction | Jan. 1, 1975 | |||||||||||||
Date of Acquisition | Aug. 1, 1979 | |||||||||||||
Net Rentable Square Feet | ft² | 224,000 | |||||||||||||
Depreciation Life | [6] | 41 years | ||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2] | $ 40,343,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | $ 29,387,000 | |||||||||||||
515 King Street [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | Virginia | |||||||||||||
Initial Cost, Land | [1] | 4,102,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 3,931,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | 6,022,000 | |||||||||||||
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 | 9,953,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2] | $ 14,055,000 | 14,055,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | $ 5,416,000 | 5,416,000 | ||||||||||||
Year of Construction | Jan. 1, 1966 | |||||||||||||
Date of Acquisition | Jul. 1, 1992 | |||||||||||||
Net Rentable Square Feet | ft² | 75,000 | |||||||||||||
Depreciation Life | [6] | 50 years | ||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2] | $ 14,055,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | $ 5,416,000 | |||||||||||||
6110 Executive Boulevard [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | Maryland | |||||||||||||
Initial Cost, Land | [1] | 4,621,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 11,926,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | 16,383,000 | |||||||||||||
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 | 28,309,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2] | $ 32,930,000 | 32,930,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | $ 19,283,000 | 19,283,000 | ||||||||||||
Year of Construction | Jan. 1, 1971 | |||||||||||||
Date of Acquisition | Jan. 1, 1995 | |||||||||||||
Net Rentable Square Feet | ft² | 203,000 | |||||||||||||
Depreciation Life | [6] | 30 years | ||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2] | $ 32,930,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | $ 19,283,000 | |||||||||||||
1220 19th Street [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | Washington, DC | |||||||||||||
Initial Cost, Land | [1] | 7,803,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 11,366,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | 15,868,000 | |||||||||||||
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 | 27,235,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2] | $ 35,037,000 | 35,037,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | $ 13,982,000 | 13,982,000 | ||||||||||||
Year of Construction | Jan. 1, 1976 | |||||||||||||
Date of Acquisition | Nov. 1, 1995 | |||||||||||||
Net Rentable Square Feet | ft² | 104,000 | |||||||||||||
Depreciation Life | [6] | 30 years | ||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2] | $ 35,037,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | $ 13,982,000 | |||||||||||||
1600 Wilson Boulevard [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | Virginia | |||||||||||||
Initial Cost, Land | [1] | 6,661,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 16,742,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | 26,685,000 | |||||||||||||
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 | 43,427,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2] | $ 50,088,000 | 50,088,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | $ 20,180,000 | 20,180,000 | ||||||||||||
Year of Construction | Jan. 1, 1973 | |||||||||||||
Date of Acquisition | Oct. 1, 1997 | |||||||||||||
Net Rentable Square Feet | ft² | 168,000 | |||||||||||||
Depreciation Life | [6] | 30 years | ||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2] | $ 50,088,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | $ 20,180,000 | |||||||||||||
7900 Westpark Drive [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | [8] | Virginia | ||||||||||||
Initial Cost, Land | [1],[8] | 12,049,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 71,825,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | [8] | 84,849,000 | ||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Land | [8] | 12,049,000 | ||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | [8] | 156,674,000 | ||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2],[8] | $ 168,723,000 | 168,723,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | [8] | $ 69,796,000 | 69,796,000 | |||||||||||
Year of Construction | Jan. 1, 1972 | |||||||||||||
Date of Acquisition | Nov. 1, 1997 | |||||||||||||
Net Rentable Square Feet | ft² | 531,000 | |||||||||||||
Depreciation Life | [6] | 30 years | ||||||||||||
Development in Process | 10,200,000 | |||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2],[8] | $ 168,723,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | [8] | $ 69,796,000 | ||||||||||||
600 Jefferson Plaza [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | Maryland | |||||||||||||
Initial Cost, Land | [1] | 2,296,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 12,188,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | 7,040,000 | |||||||||||||
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 | 19,228,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2] | $ 21,524,000 | 21,524,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | $ 10,822,000 | 10,822,000 | ||||||||||||
Year of Construction | Jan. 1, 1985 | |||||||||||||
Date of Acquisition | May 1, 1999 | |||||||||||||
Net Rentable Square Feet | ft² | 113,000 | |||||||||||||
Depreciation Life | [6] | 30 years | ||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2] | $ 21,524,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | $ 10,822,000 | |||||||||||||
Wayne Plaza [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | Maryland | |||||||||||||
Initial Cost, Land | [1] | 1,564,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 6,243,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | 9,295,000 | |||||||||||||
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 | 15,538,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2] | $ 17,102,000 | 17,102,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | $ 8,738,000 | 8,738,000 | ||||||||||||
Year of Construction | Jan. 1, 1970 | |||||||||||||
Date of Acquisition | May 1, 2000 | |||||||||||||
Net Rentable Square Feet | ft² | 99,000 | |||||||||||||
Depreciation Life | [6] | 30 years | ||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2] | $ 17,102,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | $ 8,738,000 | |||||||||||||
Courthouse Square [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | Virginia | |||||||||||||
Initial Cost, Land | [1] | 0 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 17,096,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | 8,390,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Land | 0 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 25,486,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2] | $ 25,486,000 | 25,486,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | $ 13,084,000 | 13,084,000 | ||||||||||||
Year of Construction | Jan. 1, 1979 | |||||||||||||
Date of Acquisition | Oct. 1, 2000 | |||||||||||||
Net Rentable Square Feet | ft² | 116,000 | |||||||||||||
Depreciation Life | [6] | 30 years | ||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2] | $ 25,486,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | $ 13,084,000 | |||||||||||||
One Central Plaza [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | Maryland | |||||||||||||
Initial Cost, Land | [1] | 5,480,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 39,107,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | 17,905,000 | |||||||||||||
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 | 57,012,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2] | $ 62,492,000 | 62,492,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | $ 30,982,000 | 30,982,000 | ||||||||||||
Year of Construction | Jan. 1, 1974 | |||||||||||||
Date of Acquisition | Apr. 1, 2001 | |||||||||||||
Net Rentable Square Feet | ft² | 267,000 | |||||||||||||
Depreciation Life | [6] | 30 years | ||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2] | $ 62,492,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | $ 30,982,000 | |||||||||||||
1776 G Street [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | Washington, DC | |||||||||||||
Initial Cost, Land | [1] | 31,500,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 54,327,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | 5,774,000 | |||||||||||||
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 | 60,101,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2] | $ 91,601,000 | 91,601,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | $ 27,965,000 | 27,965,000 | ||||||||||||
Year of Construction | Jan. 1, 1979 | |||||||||||||
Date of Acquisition | Aug. 1, 2003 | |||||||||||||
Net Rentable Square Feet | ft² | 265,000 | |||||||||||||
Depreciation Life | [6] | 30 years | ||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2] | $ 91,601,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | $ 27,965,000 | |||||||||||||
Dulles Station II [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | [8] | Virginia | ||||||||||||
Initial Cost, Land | [1],[8] | 15,001,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1],[8] | 494,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | [8] | (3,400,000) | ||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Land | [8] | 484,000 | ||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | [8] | 11,611,000 | ||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2],[8] | $ 12,095,000 | 12,095,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | [8] | $ 515,000 | 515,000 | |||||||||||
Date of Acquisition | [8] | Dec. 1, 2005 | ||||||||||||
Net Rentable Square Feet | ft² | 0 | |||||||||||||
Area of land | ft² | 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 | [2],[8] | $ 12,095,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | [8] | $ 515,000 | ||||||||||||
West Gude Drive [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | Maryland | |||||||||||||
Initial Cost, Land | [1] | 11,580,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 43,240,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | 12,277,000 | |||||||||||||
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 | 55,517,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2] | $ 67,097,000 | 67,097,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | $ 20,184,000 | 20,184,000 | ||||||||||||
Year of Construction | Jan. 1, 1984 | |||||||||||||
Date of Acquisition | Aug. 1, 2006 | |||||||||||||
Net Rentable Square Feet | ft² | 277,000 | |||||||||||||
Depreciation Life | [6] | 30 years | ||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2] | $ 67,097,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | $ 20,184,000 | |||||||||||||
Monument II [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | Virginia | |||||||||||||
Initial Cost, Land | [1] | 10,244,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 65,205,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | 8,089,000 | |||||||||||||
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 | 73,294,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2] | $ 83,538,000 | 83,538,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | $ 22,406,000 | 22,406,000 | ||||||||||||
Year of Construction | Jan. 1, 2000 | |||||||||||||
Date of Acquisition | Mar. 1, 2007 | |||||||||||||
Net Rentable Square Feet | ft² | 208,000 | |||||||||||||
Depreciation Life | [6] | 30 years | ||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2] | $ 83,538,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | $ 22,406,000 | |||||||||||||
2000 M Street [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | Washington, DC | |||||||||||||
Initial Cost, Land | [1] | 0 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 61,101,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | 21,541,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Land | 0 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 82,642,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2] | $ 82,642,000 | 82,642,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | $ 24,244,000 | 24,244,000 | ||||||||||||
Year of Construction | Jan. 1, 1971 | |||||||||||||
Date of Acquisition | Dec. 1, 2007 | |||||||||||||
Net Rentable Square Feet | ft² | 231,000 | |||||||||||||
Depreciation Life | [6] | 30 years | ||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2] | $ 82,642,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | $ 24,244,000 | |||||||||||||
M Street 2445 [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | [5] | Washington, DC | ||||||||||||
Initial Cost, Land | [1],[5] | 46,887,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1],[5] | 106,743,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | [5] | 6,163,000 | ||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Land | [5] | 46,887,000 | ||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | [5] | 112,906,000 | ||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2],[5] | $ 159,793,000 | 159,793,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | [5] | $ 31,690,000 | 31,690,000 | |||||||||||
Year of Construction | Jan. 1, 1986 | |||||||||||||
Date of Acquisition | Dec. 1, 2008 | |||||||||||||
Net Rentable Square Feet | ft² | 290,000 | |||||||||||||
Depreciation Life | [6] | 30 years | ||||||||||||
Mortgage notes payable | 100,600,000 | |||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2],[5] | $ 159,793,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | [5] | $ 31,690,000 | ||||||||||||
Quantico Building E [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | Virginia | |||||||||||||
Initial Cost, Land | [1] | 4,518,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 24,801,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | 940,000 | |||||||||||||
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 | 25,741,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2] | $ 30,259,000 | 30,259,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | $ 7,475,000 | 7,475,000 | ||||||||||||
Year of Construction | Jan. 1, 2007 | |||||||||||||
Date of Acquisition | Jun. 1, 2010 | |||||||||||||
Net Rentable Square Feet | ft² | 134,000 | |||||||||||||
Depreciation Life | [6] | 30 years | ||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2] | $ 30,259,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | $ 7,475,000 | |||||||||||||
Quantico Building G [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | Virginia | |||||||||||||
Initial Cost, Land | [1] | 4,897,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 25,376,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | (357,000) | |||||||||||||
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 | 25,018,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2] | $ 29,916,000 | 29,916,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | $ 6,824,000 | 6,824,000 | ||||||||||||
Year of Construction | Jan. 1, 2009 | |||||||||||||
Date of Acquisition | Jun. 1, 2010 | |||||||||||||
Net Rentable Square Feet | ft² | 136,000 | |||||||||||||
Depreciation Life | [6] | 30 years | ||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2] | $ 29,916,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | $ 6,824,000 | |||||||||||||
1140 Connecticut Avenue [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | Washington, DC | |||||||||||||
Initial Cost, Land | [1] | 25,226,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 50,495,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | 12,102,000 | |||||||||||||
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 | 62,597,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2] | $ 87,823,000 | 87,823,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | $ 13,120,000 | 13,120,000 | ||||||||||||
Year of Construction | Jan. 1, 1966 | |||||||||||||
Date of Acquisition | Jan. 1, 2011 | |||||||||||||
Net Rentable Square Feet | ft² | 183,000 | |||||||||||||
Depreciation Life | [6] | 30 years | ||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2] | $ 87,823,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | $ 13,120,000 | |||||||||||||
1227 25th Street [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | Washington, DC | |||||||||||||
Initial Cost, Land | [1] | 17,505,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 21,319,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | 2,875,000 | |||||||||||||
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 | 24,194,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2] | $ 41,699,000 | 41,699,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | $ 5,696,000 | 5,696,000 | ||||||||||||
Year of Construction | Jan. 1, 1988 | |||||||||||||
Date of Acquisition | Mar. 1, 2011 | |||||||||||||
Net Rentable Square Feet | ft² | 135,000 | |||||||||||||
Depreciation Life | [6] | 30 years | ||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2] | $ 41,699,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | $ 5,696,000 | |||||||||||||
Braddock Place Member | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | Virginia | |||||||||||||
Initial Cost, Land | [1] | 18,817,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 71,250,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | 10,943,000 | |||||||||||||
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 | 82,192,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2] | $ 101,010,000 | 101,010,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | $ 16,263,000 | 16,263,000 | ||||||||||||
Year of Construction | Jan. 1, 1985 | |||||||||||||
Date of Acquisition | Sep. 1, 2011 | |||||||||||||
Net Rentable Square Feet | ft² | 350,000 | |||||||||||||
Depreciation Life | [6] | 30 years | ||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2] | $ 101,010,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | $ 16,263,000 | |||||||||||||
John Marshall II Member | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | [5] | Virginia | ||||||||||||
Initial Cost, Land | [1],[5] | 13,490,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1],[5] | 53,024,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | [5] | 2,145,000 | ||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Land | [5] | 13,490,000 | ||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | [5] | 55,169,000 | ||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2],[5] | $ 68,659,000 | 68,659,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | [5] | $ 9,531,000 | 9,531,000 | |||||||||||
Year of Construction | Jan. 1, 1996 | |||||||||||||
Date of Acquisition | Sep. 1, 2011 | |||||||||||||
Net Rentable Square Feet | ft² | 223,000 | |||||||||||||
Depreciation Life | [6] | 30 years | ||||||||||||
Mortgage notes payable | 50,100,000 | |||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2],[5] | $ 68,659,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | [5] | $ 9,531,000 | ||||||||||||
Fairgate at Ballston [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | Virginia | |||||||||||||
Initial Cost, Land | [1] | 17,750,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 29,885,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | 3,722,000 | |||||||||||||
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 | 33,607,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2] | $ 51,357,000 | 51,357,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | $ 5,835,000 | 5,835,000 | ||||||||||||
Year of Construction | Jan. 1, 1988 | |||||||||||||
Date of Acquisition | Jun. 1, 2012 | |||||||||||||
Net Rentable Square Feet | ft² | 143,000 | |||||||||||||
Depreciation Life | [6] | 30 years | ||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2] | $ 51,357,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | $ 5,835,000 | |||||||||||||
The Army Navy Club Building [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | [5] | Washington, DC | ||||||||||||
Initial Cost, Land | [1],[5] | 30,796,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1],[5] | 39,315,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | [5] | 1,903,000 | ||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Land | [5] | 30,796,000 | ||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | [5] | 41,218,000 | ||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2],[5] | $ 72,014,000 | 72,014,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | [5] | $ 3,831,000 | 3,831,000 | |||||||||||
Year of Construction | Jan. 1, 1912 | |||||||||||||
Date of Acquisition | Mar. 1, 2014 | |||||||||||||
Net Rentable Square Feet | ft² | 108,000 | |||||||||||||
Depreciation Life | [6] | 30 years | ||||||||||||
Mortgage notes payable | 51,000,000 | |||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2],[5] | $ 72,014,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | [5] | $ 3,831,000 | ||||||||||||
1775 Eye Street [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | Washington, DC | |||||||||||||
Initial Cost, Land | [1] | 48,086,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 51,074,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | 4,976,000 | |||||||||||||
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 | 56,050,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2] | $ 104,136,000 | 104,136,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | $ 4,424,000 | 4,424,000 | ||||||||||||
Year of Construction | Jan. 1, 1964 | |||||||||||||
Date of Acquisition | May 1, 2014 | |||||||||||||
Net Rentable Square Feet | ft² | 185,000 | |||||||||||||
Depreciation Life | [6] | 30 years | ||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2] | $ 104,136,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | 4,424,000 | |||||||||||||
Retail Centers [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Initial Cost, Land | [1] | 120,969,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 249,498,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | 72,648,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Land | 120,671,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 322,444,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2] | 443,115,000 | 443,115,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | 114,146,000 | 114,146,000 | ||||||||||||
Net Rentable Square Feet | ft² | 2,329,000 | |||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2] | 443,115,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | $ 114,146,000 | |||||||||||||
Takoma Park [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | Maryland | |||||||||||||
Initial Cost, Land | [1] | 415,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 1,084,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | 281,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Land | 415,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 1,365,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2] | $ 1,780,000 | 1,780,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | $ 1,191,000 | 1,191,000 | ||||||||||||
Year of Construction | Jan. 1, 1962 | |||||||||||||
Date of Acquisition | Jul. 1, 1963 | |||||||||||||
Net Rentable Square Feet | ft² | 51,000 | |||||||||||||
Depreciation Life | [6] | 50 years | ||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2] | $ 1,780,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | $ 1,191,000 | |||||||||||||
Westminster [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | Maryland | |||||||||||||
Initial Cost, Land | [1] | 519,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 1,775,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | 9,802,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Land | 519,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 11,577,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2] | $ 12,096,000 | 12,096,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | $ 7,268,000 | 7,268,000 | ||||||||||||
Year of Construction | Jan. 1, 1969 | |||||||||||||
Date of Acquisition | Sep. 1, 1972 | |||||||||||||
Net Rentable Square Feet | ft² | 150,000 | |||||||||||||
Depreciation Life | [6] | 37 years | ||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2] | $ 12,096,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | $ 7,268,000 | |||||||||||||
Concord Centre [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | Virginia | |||||||||||||
Initial Cost, Land | [1] | 413,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 850,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | 5,456,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Land | 413,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 6,306,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2] | $ 6,719,000 | 6,719,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | $ 3,191,000 | 3,191,000 | ||||||||||||
Year of Construction | Jan. 1, 1960 | |||||||||||||
Date of Acquisition | Dec. 1, 1973 | |||||||||||||
Net Rentable Square Feet | ft² | 76,000 | |||||||||||||
Depreciation Life | [6] | 33 years | ||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2] | $ 6,719,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | $ 3,191,000 | |||||||||||||
Wheaton Park [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | Maryland | |||||||||||||
Initial Cost, Land | [1] | 796,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 857,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | 4,665,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Land | 796,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 5,522,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2] | $ 6,318,000 | 6,318,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | $ 3,748,000 | 3,748,000 | ||||||||||||
Year of Construction | Jan. 1, 1967 | |||||||||||||
Date of Acquisition | Sep. 1, 1977 | |||||||||||||
Net Rentable Square Feet | ft² | 74,000 | |||||||||||||
Depreciation Life | [6] | 50 years | ||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2] | $ 6,318,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | $ 3,748,000 | |||||||||||||
Bradlee [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | Virginia | |||||||||||||
Initial Cost, Land | [1] | 4,152,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 5,383,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | 10,941,000 | |||||||||||||
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 | 16,324,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2] | $ 20,476,000 | 20,476,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | $ 10,793,000 | 10,793,000 | ||||||||||||
Year of Construction | Jan. 1, 1955 | |||||||||||||
Date of Acquisition | Dec. 1, 1984 | |||||||||||||
Net Rentable Square Feet | ft² | 171,000 | |||||||||||||
Depreciation Life | [6] | 40 years | ||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2] | $ 20,476,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | $ 10,793,000 | |||||||||||||
Chevy Chase Metro Plaza [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | Washington, DC | |||||||||||||
Initial Cost, Land | [1] | 1,549,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 4,304,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | 5,539,000 | |||||||||||||
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 | 9,843,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2] | $ 11,392,000 | 11,392,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | $ 6,621,000 | 6,621,000 | ||||||||||||
Year of Construction | Jan. 1, 1975 | |||||||||||||
Date of Acquisition | Sep. 1, 1985 | |||||||||||||
Net Rentable Square Feet | ft² | 50,000 | |||||||||||||
Depreciation Life | [6] | 50 years | ||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2] | $ 11,392,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | $ 6,621,000 | |||||||||||||
Shoppes of Foxchase [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | Virginia | |||||||||||||
Initial Cost, Land | [1] | 5,838,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 2,979,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | 14,687,000 | |||||||||||||
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 | 17,666,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2] | $ 23,504,000 | 23,504,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | $ 6,631,000 | 6,631,000 | ||||||||||||
Year of Construction | Jan. 1, 1960 | |||||||||||||
Date of Acquisition | Jun. 1, 1994 | |||||||||||||
Net Rentable Square Feet | ft² | 134,000 | |||||||||||||
Depreciation Life | [6] | 50 years | ||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2] | $ 23,504,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | $ 6,631,000 | |||||||||||||
Frederick County Square [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | Maryland | |||||||||||||
Initial Cost, Land | [1] | 6,561,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 6,830,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | 4,782,000 | |||||||||||||
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 | 11,612,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2] | $ 18,173,000 | 18,173,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | $ 7,349,000 | 7,349,000 | ||||||||||||
Year of Construction | Jan. 1, 1973 | |||||||||||||
Date of Acquisition | Aug. 1, 1995 | |||||||||||||
Net Rentable Square Feet | ft² | 227,000 | |||||||||||||
Depreciation Life | [6] | 30 years | ||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2] | $ 18,173,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | $ 7,349,000 | |||||||||||||
800 S. Washington Street [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | Virginia | |||||||||||||
Initial Cost, Land | [1] | 2,904,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 5,489,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | 5,944,000 | |||||||||||||
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 | 11,433,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2] | $ 14,337,000 | 14,337,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | $ 4,761,000 | 4,761,000 | ||||||||||||
Year of Construction | Jan. 1, 1951 | |||||||||||||
Date of Acquisition | Jun. 1, 1998 | |||||||||||||
Net Rentable Square Feet | ft² | 46,000 | |||||||||||||
Depreciation Life | [6] | 30 years | ||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2] | $ 14,337,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | $ 4,761,000 | |||||||||||||
Centre at Hagerstown . [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | Maryland | |||||||||||||
Initial Cost, Land | [1] | 13,029,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 25,415,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | 2,435,000 | |||||||||||||
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 | 27,850,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2] | $ 40,879,000 | 40,879,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | $ 12,855,000 | 12,855,000 | ||||||||||||
Year of Construction | Jan. 1, 2000 | |||||||||||||
Date of Acquisition | Jun. 1, 2002 | |||||||||||||
Net Rentable Square Feet | ft² | 332,000 | |||||||||||||
Depreciation Life | [6] | 30 years | ||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2] | $ 40,879,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | $ 12,855,000 | |||||||||||||
Frederick Crossing [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | Maryland | |||||||||||||
Initial Cost, Land | [1] | 12,759,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 35,477,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | 2,242,000 | |||||||||||||
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 | 37,719,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2] | $ 50,478,000 | 50,478,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | $ 14,430,000 | 14,430,000 | ||||||||||||
Year of Construction | Jan. 1, 1999 | |||||||||||||
Date of Acquisition | Mar. 1, 2005 | |||||||||||||
Net Rentable Square Feet | ft² | 295,000 | |||||||||||||
Depreciation Life | [6] | 30 years | ||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2] | $ 50,478,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | $ 14,430,000 | |||||||||||||
Randolph Shopping Center [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | Maryland | |||||||||||||
Initial Cost, Land | [1] | 4,928,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 13,025,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | 940,000 | |||||||||||||
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 | 13,965,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2] | $ 18,893,000 | 18,893,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | $ 4,785,000 | 4,785,000 | ||||||||||||
Year of Construction | Jan. 1, 1972 | |||||||||||||
Date of Acquisition | May 1, 2006 | |||||||||||||
Net Rentable Square Feet | ft² | 84,000 | |||||||||||||
Depreciation Life | [6] | 30 years | ||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2] | $ 18,893,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | $ 4,785,000 | |||||||||||||
Montrose Shopping Center [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | Maryland | |||||||||||||
Initial Cost, Land | [1] | 11,612,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 22,410,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | 1,860,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Land | 11,020,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | 24,862,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2] | $ 35,882,000 | 35,882,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | $ 8,490,000 | 8,490,000 | ||||||||||||
Year of Construction | Jan. 1, 1970 | |||||||||||||
Date of Acquisition | May 1, 2006 | |||||||||||||
Net Rentable Square Feet | ft² | 145,000 | |||||||||||||
Depreciation Life | [6] | 30 years | ||||||||||||
Area of land | ft² | 15,000 | |||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2] | $ 35,882,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | $ 8,490,000 | |||||||||||||
Gateway Overlook [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | Maryland | |||||||||||||
Initial Cost, Land | [1] | 28,816,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 52,249,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | 370,000 | |||||||||||||
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 | 52,325,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2] | $ 81,435,000 | 81,435,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | $ 13,734,000 | 13,734,000 | ||||||||||||
Year of Construction | Jan. 1, 2007 | |||||||||||||
Date of Acquisition | Dec. 1, 2010 | |||||||||||||
Net Rentable Square Feet | ft² | 220,000 | |||||||||||||
Depreciation Life | [6] | 30 years | ||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2] | $ 81,435,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | $ 13,734,000 | |||||||||||||
Olney Village Center Member | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | [5] | Maryland | ||||||||||||
Initial Cost, Land | [1],[5] | 15,842,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1],[5] | 39,133,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | [5] | 1,836,000 | ||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Land | [5] | 15,842,000 | ||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Buildings and Improvements | [5] | 40,969,000 | ||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2],[5] | $ 56,811,000 | 56,811,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | [5] | $ 6,731,000 | 6,731,000 | |||||||||||
Year of Construction | [5] | Jan. 1, 1979 | ||||||||||||
Date of Acquisition | [5] | Aug. 1, 2011 | ||||||||||||
Net Rentable Square Feet | ft² | 199,000 | |||||||||||||
Depreciation Life | [6] | 30 years | ||||||||||||
Mortgage notes payable | 17,300,000 | |||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2],[5] | $ 56,811,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | [5] | $ 6,731,000 | ||||||||||||
Spring Vally Retail Center [Member] | ||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||
Location | Washington, DC | |||||||||||||
Initial Cost, Land | [1] | 10,836,000 | ||||||||||||
Initial Cost, Buildings and Improvements | [1] | 32,238,000 | ||||||||||||
Net Improvements (Retirement) since Acquisition | 868,000 | |||||||||||||
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 | 33,106,000 | |||||||||||||
Gross Amounts at Which Carried at December 31, 2011, Total | [2] | $ 43,942,000 | 43,942,000 | |||||||||||
Accumulated Depreciation at December 31, 2011 | $ 1,568,000 | $ 1,568,000 | ||||||||||||
Year of Construction | Jan. 1, 1941 | |||||||||||||
Date of Acquisition | Oct. 1, 2014 | |||||||||||||
Net Rentable Square Feet | ft² | 75,000 | |||||||||||||
Depreciation Life | [6] | 30 years | ||||||||||||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||||||||||||
Balance, end of period | [2] | $ 43,942,000 | ||||||||||||
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||||||||||||
Balance, end of period | $ 1,568,000 | |||||||||||||
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, 2015, total land, buildings and improvements are carried at $2,071.6 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, 2015, 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, $33.6 million million on The Kenmore, $100.6 million on 2445 M Street, $50.1 million on John Marshall II, and $17.3 million on Olney Village Center, $51.9 million on Yale West, and $51.0 million on The Amy Navy Club Building. The Maxwell was encumbered by a construction loan with a 32.2 million million balance at December 31, 2015. | |||||||||||||
[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, 2015, Washington REIT had under development a multifamily property in Arlington, Virginia. The value not yet placed into service at December 31, 2015 was $15.7 million. | |||||||||||||
[8] | As of December 31, 2015, 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, 2015 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 $10.2 million at December 31, 2015. |