Elme Communities (ELME) 10-Q 28 Apr 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 26, 2016
Document and Entity Information [Abstract]
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
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		68,326,177

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets
Land	$ 561,256	$ 561,256
Income producing property	2,095,306	2,076,541
Real estate investment property, at cost	2,656,562	2,637,797
Accumulated depreciation and amortization	(714,689)	(692,608)
Net income producing property	1,941,873	1,945,189
Properties under development or held for future development	27,313	36,094
Total real estate held for investment, net	1,969,186	1,981,283
Cash and cash equivalents	23,575	23,825
Restricted cash	9,889	13,383
Rents and other receivables, net of allowance for doubtful accounts of $2,399 and $2,297, respectively	63,863	62,890
Prepaid expenses and other assets	118,790	109,787
Total assets	2,185,303	2,191,168
Liabilities
Notes payable, net	743,475	743,181
Mortgage notes payable, net	333,853	418,052
Lines of credit	215,000	105,000
Accounts payable and other liabilities	56,348	45,367
Dividends Payable	0	20,434
Advance rents	11,589	12,744
Tenant security deposits	9,604	9,378
Total liabilities	1,369,869	1,354,156
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: 68,326 and 68,191 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively	683	682
Additional paid in capital	1,193,750	1,193,298
Distributions in excess of net income	(376,041)	(357,781)
Accumulated other comprehensive loss	(4,225)	(550)
Total shareholders’ equity	814,167	835,649
Noncontrolling interests in subsidiaries	1,267	1,363
Total equity	815,434	837,012
Total liabilities and equity	$ 2,185,303	$ 2,191,168

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Rents and other receivables, allowance for doubtful accounts	$ 2,399	$ 2,297
Preferred Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized (in shares)	10,000	10,000
Preferred Stock, Shares Issued (in shares)	0	0
Preferred Stock, Shares Outstanding (in shares)	0	0
Shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 0.01
Shares of beneficial interest, shares authorized (in shares)	100,000	100,000
Shares of beneficial interest, shares issued (in shares)	68,326	68,191
Shares of beneficial interest, shares outstanding (in shares)	68,326	68,191

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenue
Real estate rental revenue	$ 77,137	$ 74,856
Expenses
Real estate expenses	28,734	29,208
Depreciation and amortization	26,038	25,275
Acquisition costs	154	16
General and administrative	5,511	6,080
Operating Expenses	60,437	60,579
Gain on sale of real estate	0	30,277
Real estate operating income	16,700	44,554
Other income (expense)
Interest expense	(14,360)	(15,348)
Other income	39	192
Total other income (expense)	(14,321)	(15,156)
Net income	2,379	29,398
Less: Net loss attributable to noncontrolling interests in subsidiaries	5	108
Net income attributable to the controlling interests	$ 2,384	$ 29,506
Basic net income per share:
Net income per share (in dollars per share)	$ 0.03	$ 0.43
Diluted net income per share:
Net income per share (in dollars per share)	$ 0.03	$ 0.43
Weighted average shares outstanding - basic (in shares)	68,301	68,141
Weighted average shares outstanding - diluted (in shares)	68,488	68,191
Dividends declared per share (in dollars per share)	$ 0.30	$ 0.30

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income Statement - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 2,379	$ 29,398
Other comprehensive loss:	(3,675)	0
Comprehensive (loss) income	(1,296)	29,398
Less: Net loss attributable to noncontrolling interests	(5)	(108)
Comprehensive (loss) income attributable to the controlling interests	$ (1,291)	$ 29,506

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - 3 months ended Mar. 31, 2016 - 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 (in shares) at Dec. 31, 2015		68,191
Balance at Dec. 31, 2015	$ 837,012	$ 682	$ 1,193,298	$ (357,781)	$ (550)	$ 835,649	$ 1,363
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to the controlling interests	2,384			2,384		2,384
Less: Net loss attributable to noncontrolling interests	(5)						(5)
Other Comprehensive Income (Loss), Net of Tax	(3,675)				(3,675)	(3,675)
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(91)						(91)
Dividends	(20,644)			(20,644)		(20,644)
Share grants, net of share grant amortization and forfeitures (in shares)		135
Share grants, net of share grant amortization and forfeitures	453	$ 1	452			453
Balance at Mar. 31, 2016	$ 815,434	$ 683	$ 1,193,750	$ (376,041)	$ (4,225)	$ 814,167	$ 1,267
Balance (in shares) at Mar. 31, 2016		68,326

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net income	$ 2,379	$ 29,398
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	26,038	25,275
Provision for losses on accounts receivable	441	441
Gain on sale of real estate	0	(30,277)
Share-based compensation expense	1,546	1,852
Amortization of debt premiums, discounts and related financing costs	837	872
Changes in operating other assets	(906)	(932)
Changes in operating other liabilities	1,137	9,075
Net cash provided by operating activities	31,472	35,704
Cash flows from investing activities
Net cash received for sale of real estate	0	37,013
Capital improvements to real estate	(4,716)	(4,781)
Development in progress	(1,119)	(6,390)
Real estate deposits, net	(12,500)	0
Cash released from (held in) replacement reserve escrows	2,309	(996)
Non-real estate capital improvements	(13)	(1,376)
Net cash (used in) provided by investing activities	(16,039)	23,470
Cash flows from financing activities
Line of credit borrowings (repayments)	110,000	(20,000)
Dividends paid	(41,137)	(20,519)
Principal payments – mortgage notes payable	(84,219)	(1,155)
Borrowings under construction loan	0	1,845
Payment of financing costs	(236)	(238)
Distributions to noncontrolling interests	91	0
Net proceeds from equity offering	0	5,091
Net cash used in financing activities	(15,683)	(34,976)
Net (decrease) increase in cash and cash equivalents	(250)	24,198
Cash and cash equivalents at beginning of period	23,825
Cash and cash equivalents at end of period	23,575	40,025
Supplemental disclosure of cash flow information:
Cash paid for interest, net of amounts capitalized	8,639	7,531
Decrease in accrued capital improvements and development costs	$ 4,214	$ 4,104

Nature of Business

Nature of Business	3 Months Ended
	Mar. 31, 2016
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 real estate investment trust (“REIT”) under Sections 856-860 of the Internal Revenue Code and intend to continue to qualify as such. To maintain our status as a REIT, we are, among other things, required to distribute 90% of our REIT taxable income (which is, generally, our ordinary taxable income, with certain modifications), excluding any net 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. 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 both March 31, 2016 and December 31, 2015 , our TRSs had no net deferred tax assets and net deferred tax liabilities of $0.7 million . These deferred tax liabilities are primarily related to temporary differences in the timing of the recognition of revenue, amortization and depreciation.

Summary of Significant Accounti

Summary of Significant Accounting Policies and Basis of Presentation	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies and Basis of Presentation	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATIONS Significant Accounting Policies We have prepared our consolidated financial statements using the accounting policies described in our Annual Report on Form 10-K for the year ended December 31, 2015 . New Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update No. 2016-09, Improvements to Employee Share-Based Payment Accounting, which amends existing accounting standards for employee share-based payments, including by allowing an employer to make a policy election to account for forfeitures as they occur or to continue to provide for an estimate as currently required. The new standard also allows an employer to withhold shares in a net settlement in an amount that does not exceed the maximum statutory tax rate in the employees' tax jurisdiction without causing liability classification. The new standard is effective for public entities for fiscal years beginning after December 15, 2016 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. In February 2016, the FASB issued Accounting Standards Update No. 2016-05, Derivatives and Hedging (Topic 815) , which clarifies that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under Topic 815 does not, in and of itself, does not require dedesignation of that hedging relationship provided that all other hedging criteria continue to be met. The new standard is effective for public entities for fiscal years beginning after December 15, 2016 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. In February 2016, 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. In February 2015, the FASB issued Accounting Standards Update No. 2015-02, Consolidation (Topic 810) , which changes the analysis an entity must perform to determine whether it should consolidate certain types of legal entities. Specifically, the new standard i) modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs") or voting interest entities, ii) eliminates the presumption that a general partner should consolidate a limited partnership and iii) affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. The new standard is effective for public entities for fiscal years beginning after December 15, 2015 and for interim periods therein. We adopted the new standard on January 1, 2016, and the provisions of the new standard did not have any impact on the consolidation of our legal entities. In June 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , which creates a single source of revenue guidance. The new standard provides accounting guidance for all revenue arising from contracts with customers and affects all entities that enter into contracts to provide goods or services to their customers (unless the contracts are in the scope of other U.S. generally accepted accounting principles ("GAAP") requirements, such as the leasing literature). The guidance also provides a model for the measurement and recognition of gains and losses on the sale of certain nonfinancial assets, such as property and equipment, including real estate. The new standard is effective for public entities for fiscal years beginning after December 15, 2017 and for interim periods therein. Early adoption is permitted for public entities beginning after December 15, 2016. We are currently evaluating the impact the new standard may have on Washington REIT. Principles of Consolidation and Basis of Presentation The accompanying unaudited consolidated financial statements include the consolidated accounts of Washington REIT, our majority-owned subsidiaries and entities in which Washington REIT has a controlling interest, including where Washington REIT has been determined to be a primary beneficiary of a variable interest entity (“VIE”). See note 3 for additional information on the property for which there is a noncontrolling interest. All intercompany balances and transactions have been eliminated in consolidation. We have prepared the accompanying unaudited financial statements pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations, although we believe that the disclosures made are adequate to make the information presented not misleading. In addition, in the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the results for the periods presented have been included. These unaudited financial statements should be read in conjunction with the financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2015 . Within these notes to the financial statements, we refer to the three months ended March 31, 2016 and March 31, 2015 as the “ 2016 Quarter” and the “ 2015 Quarter,” respectively. Use of Estimates in the Financial Statements The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Real Estate

Real Estate	3 Months Ended
	Mar. 31, 2016
Real Estate [Abstract]
Real Estate	REAL ESTATE Development/Redevelopment In the office segment, we had a redevelopment project to renovate Silverline Center, an office property in Tysons, Virginia. As of March 31, 2016 , we had invested $36.3 million in the renovation. We completed major construction activities on this project during the second quarter of 2015, and placed into service substantially completed portions of the project at that time totaling $25.9 million . The remaining components of the redevelopment project were placed into service as of March 31, 2016, one year from completion of major construction activities. We have also begun predevelopment activities for the construction of a multifamily building on land adjacent to The Wellington in Arlington, Virginia. As of March 31, 2016, we had invested $16.1 million in the development. Variable Interest Entities In June 2011, we executed a joint venture operating agreement with a real estate development company to develop The Maxwell, a mid-rise multifamily property at 650 North Glebe Road in Arlington, Virginia. Major construction activities at The Maxwell ended during December 2014, and the building became available for occupancy during the first quarter of 2015. Washington REIT is the 90% owner of the joint venture. The real estate development company owns 10% of the joint venture and was responsible for the development and construction of the property. We have determined that The 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. In January 2016, Washington REIT exercised its right to purchase at par 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. 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 March 31, 2016 and December 31, 2015 , The Maxwell's assets were as follows (in thousands): March 31, 2016 December 31, 2015 Land $ 12,851 $ 12,851 Income producing property 37,937 37,791 Accumulated depreciation and amortization (2,902 ) (2,347 ) Other assets 828 1,188 $ 48,714 $ 49,483 As of March 31, 2016 and December 31, 2015 , The Maxwell's liabilities were as follows (in thousands): March 31, 2016 December 31, 2015 Mortgage notes payable $ 32,215 (1) $ 32,214 Accounts payable and other liabilities 324 256 Tenant security deposits 83 82 $ 32,622 $ 32,552 (1) The mortgage notes payable balance as of March 31, 2016 is eliminated in consolidation due to the purchase of the loan by Washington REIT in January 2016. Held for Sale and Sold Properties 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. We did not sell or classify as held for sale any properties during the 2016 Quarter. We sold the following properties in 2015 : Disposition Date Property Name Segment # of units Rentable Square Feet Contract Gain on Sale March 20, 2015 Country Club Towers Multifamily 227 N/A $ 37,800 $ 30,277 September 9, 2015 1225 First Street (1) Multifamily N/A N/A 14,500 — October 21, 2015 Munson Hill Towers Multifamily 279 N/A 57,050 51,395 December 14, 2015 Montgomery Village Center Retail N/A 197,000 27,750 7,981 Total 2015 506 197,000 $ 137,100 $ 89,653 (1) Interest in land held for future development.

Mortgage Notes Payable

Mortgage Notes Payable	3 Months Ended
	Mar. 31, 2016
Mortgage Notes Payable [Abstract]
Debt Disclosure [Abstract]	MORTGAGE NOTES PAYABLE In January 2016, we exercised our right to purchase the construction loan in the amount of $32.2 million secured by The Maxwell without penalty from the lender (see note 3, under "Variable Interest Entities"). In February 2016, we prepaid without penalty the remaining $50.9 million of the mortgage note secured by John Marshall II.

Unsecured Lines of Credit Payab

Unsecured Lines of Credit Payable	3 Months Ended
	Mar. 31, 2016
Unsecured Debt [Abstract]
Unsecured Lines of Credit Payable	UNSECURED LINES OF CREDIT PAYABLE We have a $600.0 million unsecured revolving credit agreement ("Revolving Credit Facility") that matures in June 2019 , unless extended pursuant to one or both of the two six months extension options. The Revolving Credit Facility has an accordion feature, which we utilized a portion of in September 2015, as described below, 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. In September 2015, we entered into a $150.0 million unsecured term loan by executing a portion of the accordion feature under the Revolving Credit Facility. The term loan has a 5.5 year term and currently has an interest rate of one month LIBOR plus 110 basis points, based on Washington REIT's current unsecured debt ratings. We entered into two interest rate swaps to effectively fix the interest rate at 2.7% (see note 6 ). The Revolving 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 0.0% to 0.55% (in each case depending upon Washington REIT’s credit rating). The base rate is the highest of the administrative agent's prime rate, the federal funds rate plus 0.50% and the LIBOR market index rate plus 1.0% . In addition, the Revolving Credit Facility requires the payment of a facility fee ranging from 0.125% to 0.30% (depending on Washington REIT’s credit rating) on the $600.0 million committed capacity, without regard to usage. As of March 31, 2016 , the interest rate on the facility is one month LIBOR plus 1.00% and the facility fee is 0.20% . The amount of the Revolving Credit Facility's unsecured line of credit unused and available at March 31, 2016 is as follows (in thousands): Committed capacity $ 600,000 Borrowings outstanding (215,000 ) Letters of credit issued — Unused and available $ 385,000 We executed borrowings and repayments on the Revolving Credit Facility during the 2016 Quarter as follows (in thousands): Revolving Credit Facility Balance at December 31, 2015 $ 105,000 Borrowings 110,000 Repayments — Balance at March 31, 2016 $ 215,000

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2016
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 5 ) 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 hedge 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 the 2016 Quarter and hedge ineffectiveness did not impact earnings during the 2016 Quarter. We had no derivative instruments outstanding during the 2015 Quarter. The fair value and balance sheet locations of the interest rate swap as of March 31, 2016 and December 31, 2015 , are as follows (in thousands): March 31, 2016 December 31, 2015 Accounts payable and other liabilities $ 4,225 $ 550 The interest rate swaps have been effective since inception. The gain or loss on the effective swap is recognized in other comprehensive loss, as follows (in thousands): Three Months Ended March 31, 2016 2015 Unrealized loss on interest rate hedge $ (3,675 ) $ — 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 an additional $1.6 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 March 31, 2016 , the fair value of derivatives is in a net liability position of $4.2 million , which includes accrued interest but excludes any adjustment for nonperformance risk. As of March 31, 2016 , we have not posted any collateral related to these agreements. If we had breached any of these provisions at March 31, 2016 , we could have been required to settle our obligations under the agreements at their termination value of $4.2 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.

Stock Based Compensation

Stock Based Compensation	3 Months Ended
	Mar. 31, 2016
Share-based Compensation [Abstract]
Stock Based Compensation	STOCK BASED COMPENSATION Washington REIT maintains short-term ("STIP") and long-term ("LTIP") incentive plans that allow for stock-based awards to officers and non-officer employees. Stock based awards are provided to officers and non-officer employees, as well as trustees, under the Washington Real Estate Investment Trust 2007 Omnibus Long-Term Incentive Plan which allows for awards in the form of restricted shares, restricted share units, options and other awards up to an aggregate of 2,000,000 shares over the ten -year period in which the plan will be in effect. Restricted share units are converted into shares of our stock upon full vesting through the issuance of new shares. In February 2016, we adopted a revised long-term incentive plan ("New LTIP") for non-executive officers and other employees that replaced the previous long-term incentive plan for non-executive officers and other employees. The New LTIP is effective January 1, 2016 for performance years beginning on or after that date. Non-executive officers and other employees earn restricted share unit awards under the New LTIP based upon various percentages of their salaries and annual performance calculations. The restricted share unit awards vest ratably over three years beginning on the grant date based upon continued employment. We initially measure compensation expense for awards under the New LTIP based on the fair value at the grant date, and recognize compensation expense for these awards according to a graded vesting schedule over the three -year requisite service period. Total Compensation Expense Total compensation expense recognized in the consolidated financial statements for all outstanding share based awards was $1.5 million and $1.9 million for the 2016 and 2015 Quarters, respectively. Restricted Share Awards The total fair values of restricted share awards vested was $2.0 million and $1.7 million for the 2016 and 2015 Quarters, respectively. The total unvested restricted share awards at March 31, 2016 was 248,475 shares, which had a weighted average grant date fair value of $26.33 per share. As of March 31, 2016 , the total compensation cost related to unvested restricted share awards was $4.0 million , which we expect to recognize over a weighted average period of 25 months.

Fair Value Disclosures

Fair Value Disclosures	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Disclosures	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 March 31, 2016 and December 31, 2015 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 6 ). 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 March 31, 2016 and December 31, 2015 were as follows (in thousands): March 31, 2016 December 31, 2015 Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Assets: SERP $ 1,473 $ — $ 1,473 $ — $ 1,408 $ — $ 1,408 $ — Liabilities: Interest rate swaps $ 4,225 $ — $ 4,225 $ — $ 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 March 31, 2016 may differ significantly from the amounts presented. Following is a summary of significant methodologies used in estimating fair values and a schedule of fair values at March 31, 2016 and 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 our bank facility 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 March 31, 2016 and December 31, 2015 , the carrying values and estimated fair values of our financial instruments were as follows (in thousands): March 31, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value Cash and cash equivalents $ 23,575 $ 23,575 $ 23,825 $ 23,825 Restricted cash 9,889 9,889 13,383 13,383 2445 M Street note receivable 3,884 3,897 3,849 4,275 Mortgage notes payable, net 333,853 342,496 418,052 426,693 Lines of credit 215,000 215,000 105,000 105,000 Notes payable, net 743,475 777,755 743,181 753,816

Earnings per Common Share

Earnings per Common Share	3 Months Ended
	Mar. 31, 2016
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 diluted earnings per share calculation includes the dilutive impact of our share based awards with performance conditions prior to the grant date and all market condition awards under the contingently issuable method. The computations of basic and diluted earnings per share for the three months ended March 31, 2016 and 2015 were as follows (in thousands, except per share data): Three Months Ended March 31, 2016 2015 Numerator: Net income $ 2,379 $ 29,398 Net loss attributable to noncontrolling interests in subsidiaries 5 108 Allocation of earnings to unvested restricted share awards (90 ) (108 ) Adjusted net income attributable to the controlling interests $ 2,294 $ 29,398 Denominator: Weighted average shares outstanding – basic 68,301 68,141 Effect of dilutive securities: Employee restricted share awards 187 50 Weighted average shares outstanding – diluted 68,488 68,191 Basic net income attributable to the controlling interests per common share $ 0.03 $ 0.43 Diluted net income attributable to the controlling interests per common share $ 0.03 $ 0.43

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2016
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Segment Information	SEGMENT INFORMATION We 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. 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 2016 and 2015 Quarters from these segments, and reconcile net operating income of reportable segments to net income attributable to the controlling interests as reported (in thousands): Three Months Ended March 31, 2016 Office Retail Multifamily Corporate and Other Consolidated Real estate rental revenue $ 43,818 $ 15,380 $ 17,939 $ — $ 77,137 Real estate expenses 17,075 4,406 7,253 — 28,734 Net operating income $ 26,743 $ 10,974 $ 10,686 $ — $ 48,403 Depreciation and amortization (26,038 ) General and administrative (5,511 ) Acquisition costs (154 ) Interest expense (14,360 ) Other income 39 Net income 2,379 Less: Net loss attributable to noncontrolling interests in subsidiaries 5 Net income attributable to the controlling interests $ 2,384 Capital expenditures $ 2,171 $ 543 $ 2,002 $ 13 $ 4,729 Total assets $ 1,254,906 $ 351,616 $ 524,856 $ 53,925 $ 2,185,303 Three Months Ended March 31, 2015 Office Retail Multifamily Corporate and Other Consolidated Real estate rental revenue $ 42,495 $ 16,330 $ 16,031 $ — $ 74,856 Real estate expenses 17,143 4,787 7,278 — 29,208 Net operating income $ 25,352 $ 11,543 $ 8,753 $ — $ 45,648 Depreciation and amortization (25,275 ) Acquisition costs (16 ) General and administrative (6,080 ) Interest expense (15,348 ) Other income 192 Gain on sale of real estate 30,277 Net income 29,398 Less: Net loss attributable to noncontrolling interests in subsidiaries 108 Net income attributable to the controlling interests $ 29,506 Capital expenditures $ 2,518 $ 850 $ 1,413 $ 1,376 $ 6,157 Total assets $ 1,278,900 $ 383,415 $ 406,897 $ 48,820 $ 2,118,032

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Subsequent to the end of the 2016 Quarter, we executed two purchase and sale agreements with a single buyer for the sales of a portfolio of six office properties located in Maryland: 51 Monroe Street, 6110 Executive Boulevard, Wayne Plaza, 600 Jefferson Plaza, One Central Plaza and West Gude Drive (collectively, the "Maryland Office Portfolio"). The buyer paid non-refundable deposits totaling $10.0 million , and we expect to close on the sales in two separate transactions in June and September 2016 for aggregate proceeds of $240.0 million . The Maryland Office Portfolio did not meet the criteria for classification as held for sale until after the 2016 Quarter and is included on our consolidated balance sheets as follows: March 31, 2016 December 31, 2015 Land $ 26,380 $ 26,380 Income producing property 215,300 215,108 Accumulated depreciation and amortization (121,686 ) (119,381 ) Other assets 12,885 12,930 Total assets $ 132,879 $ 135,037 Accounts payable and other liabilities $ 1,255 $ 1,339 Advance rents 1,715 1,774 Tenant security deposits 1,761 1,791 Total liabilities $ 4,731 $ 4,904 The Maryland Office Portfolio constitutes an individually significant potential disposition that does not qualify for presentation and disclosure as a discontinued operation as it does not represent a strategic shift in our operations. Real estate rental revenue and net income for the Maryland Office Portfolio for the 2016 and 2015 Quarters is as follows: Three Months Ended March 31, 2016 2015 Real estate rental revenue $ 8,430 $ 7,594 Net income 2,726 1,718 In April 2016, we executed a purchase and sale agreement for the acquisition of a 1,222 -unit multifamily property in Alexandria, Virginia, with an adjacent undeveloped land parcel, for a contract purchase price of $244.8 million . We paid a deposit of $12.5 million in March 2016 that became non-refundable upon the execution of the purchase and sale agreement. We expect to close on this acquisition during the second quarter of 2016.

Summary of Significant Accoun19

Summary of Significant Accounting Policies and Basis of Presentation (Policy)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update No. 2016-09, Improvements to Employee Share-Based Payment Accounting, which amends existing accounting standards for employee share-based payments, including by allowing an employer to make a policy election to account for forfeitures as they occur or to continue to provide for an estimate as currently required. The new standard also allows an employer to withhold shares in a net settlement in an amount that does not exceed the maximum statutory tax rate in the employees' tax jurisdiction without causing liability classification. The new standard is effective for public entities for fiscal years beginning after December 15, 2016 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. In February 2016, the FASB issued Accounting Standards Update No. 2016-05, Derivatives and Hedging (Topic 815) , which clarifies that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under Topic 815 does not, in and of itself, does not require dedesignation of that hedging relationship provided that all other hedging criteria continue to be met. The new standard is effective for public entities for fiscal years beginning after December 15, 2016 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. In February 2016, 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. In February 2015, the FASB issued Accounting Standards Update No. 2015-02, Consolidation (Topic 810) , which changes the analysis an entity must perform to determine whether it should consolidate certain types of legal entities. Specifically, the new standard i) modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs") or voting interest entities, ii) eliminates the presumption that a general partner should consolidate a limited partnership and iii) affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. The new standard is effective for public entities for fiscal years beginning after December 15, 2015 and for interim periods therein. We adopted the new standard on January 1, 2016, and the provisions of the new standard did not have any impact on the consolidation of our legal entities. In June 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , which creates a single source of revenue guidance. The new standard provides accounting guidance for all revenue arising from contracts with customers and affects all entities that enter into contracts to provide goods or services to their customers (unless the contracts are in the scope of other U.S. generally accepted accounting principles ("GAAP") requirements, such as the leasing literature). The guidance also provides a model for the measurement and recognition of gains and losses on the sale of certain nonfinancial assets, such as property and equipment, including real estate. The new standard is effective for public entities for fiscal years beginning after December 15, 2017 and for interim periods therein. Early adoption is permitted for public entities beginning after December 15, 2016. We are currently evaluating the impact the new standard may have on Washington REIT.
Consolidation	Principles of Consolidation and Basis of Presentation The accompanying unaudited consolidated financial statements include the consolidated accounts of Washington REIT, our majority-owned subsidiaries and entities in which Washington REIT has a controlling interest, including where Washington REIT has been determined to be a primary beneficiary of a variable interest entity (“VIE”). See note 3 for additional information on the property for which there is a noncontrolling interest. All intercompany balances and transactions have been eliminated in consolidation.
Basis of Accounting	We have prepared the accompanying unaudited financial statements pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations, although we believe that the disclosures made are adequate to make the information presented not misleading. In addition, in the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the results for the periods presented have been included. These unaudited financial statements should be read in conjunction with the financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2015 . Within these notes to the financial statements, we refer to the three months ended March 31, 2016 and March 31, 2015 as the “ 2016 Quarter” and the “ 2015 Quarter,” respectively.
Use of Estimates in the Financial Statements	Use of Estimates in the Financial Statements The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Real Estate (Tables)

Real Estate (Tables)	3 Months Ended
	Mar. 31, 2016
Real Estate [Abstract]
schedule of assets in joint venture	As of March 31, 2016 and December 31, 2015 , The Maxwell's assets were as follows (in thousands): March 31, 2016 December 31, 2015 Land $ 12,851 $ 12,851 Income producing property 37,937 37,791 Accumulated depreciation and amortization (2,902 ) (2,347 ) Other assets 828 1,188 $ 48,714 $ 49,483
Schedule of Accounts Payable and Accrued Liabilities of Joint Ventures	As of March 31, 2016 and December 31, 2015 , The Maxwell's liabilities were as follows (in thousands): March 31, 2016 December 31, 2015 Mortgage notes payable $ 32,215 (1) $ 32,214 Accounts payable and other liabilities 324 256 Tenant security deposits 83 82 $ 32,622 $ 32,552
Schedule of Dispositions	We sold the following properties in 2015 : Disposition Date Property Name Segment # of units Rentable Square Feet Contract Gain on Sale March 20, 2015 Country Club Towers Multifamily 227 N/A $ 37,800 $ 30,277 September 9, 2015 1225 First Street (1) Multifamily N/A N/A 14,500 — October 21, 2015 Munson Hill Towers Multifamily 279 N/A 57,050 51,395 December 14, 2015 Montgomery Village Center Retail N/A 197,000 27,750 7,981 Total 2015 506 197,000 $ 137,100 $ 89,653 (1) Interest in land held for future development.

Unsecured Lines of Credit Pay21

Unsecured Lines of Credit Payable (Tables)	3 Months Ended
	Mar. 31, 2016
Unsecured Debt [Abstract]
Unsecured Lines Of Credit Unused And Available [Table Text Block]	The amount of the Revolving Credit Facility's unsecured line of credit unused and available at March 31, 2016 is as follows (in thousands): Committed capacity $ 600,000 Borrowings outstanding (215,000 ) Letters of credit issued — Unused and available $ 385,000
Lines Of Credit Repayments And Borrowings [Table Text Block]	We executed borrowings and repayments on the Revolving Credit Facility during the 2016 Quarter as follows (in thousands): Revolving Credit Facility Balance at December 31, 2015 $ 105,000 Borrowings 110,000 Repayments — Balance at March 31, 2016 $ 215,000

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Liabilities at Fair Value [Table Text Block]	The fair value and balance sheet locations of the interest rate swap as of March 31, 2016 and December 31, 2015 , are as follows (in thousands): March 31, 2016 December 31, 2015 Accounts payable and other liabilities $ 4,225 $ 550
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block]	The interest rate swaps have been effective since inception. The gain or loss on the effective swap is recognized in other comprehensive loss, as follows (in thousands): Three Months Ended March 31, 2016 2015 Unrealized loss on interest rate hedge $ (3,675 ) $ —

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Financial Assets and Liabilities Measured at Fair Value	The fair values of these assets and liabilities at March 31, 2016 and December 31, 2015 were as follows (in thousands): March 31, 2016 December 31, 2015 Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Assets: SERP $ 1,473 $ — $ 1,473 $ — $ 1,408 $ — $ 1,408 $ — Liabilities: Interest rate swaps $ 4,225 $ — $ 4,225 $ — $ 550 $ — $ 550 $ —
Financial Assets and Liabilities Not Measured at Fair Value	As of March 31, 2016 and December 31, 2015 , the carrying values and estimated fair values of our financial instruments were as follows (in thousands): March 31, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value Cash and cash equivalents $ 23,575 $ 23,575 $ 23,825 $ 23,825 Restricted cash 9,889 9,889 13,383 13,383 2445 M Street note receivable 3,884 3,897 3,849 4,275 Mortgage notes payable, net 333,853 342,496 418,052 426,693 Lines of credit 215,000 215,000 105,000 105,000 Notes payable, net 743,475 777,755 743,181 753,816

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings per Share	The computations of basic and diluted earnings per share for the three months ended March 31, 2016 and 2015 were as follows (in thousands, except per share data): Three Months Ended March 31, 2016 2015 Numerator: Net income $ 2,379 $ 29,398 Net loss attributable to noncontrolling interests in subsidiaries 5 108 Allocation of earnings to unvested restricted share awards (90 ) (108 ) Adjusted net income attributable to the controlling interests $ 2,294 $ 29,398 Denominator: Weighted average shares outstanding – basic 68,301 68,141 Effect of dilutive securities: Employee restricted share awards 187 50 Weighted average shares outstanding – diluted 68,488 68,191 Basic net income attributable to the controlling interests per common share $ 0.03 $ 0.43 Diluted net income attributable to the controlling interests per common share $ 0.03 $ 0.43

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
Reconciliation of Net Operating Income of Reportable Segments	The following tables present revenues, net operating income, capital expenditures and total assets for the 2016 and 2015 Quarters from these segments, and reconcile net operating income of reportable segments to net income attributable to the controlling interests as reported (in thousands): Three Months Ended March 31, 2016 Office Retail Multifamily Corporate and Other Consolidated Real estate rental revenue $ 43,818 $ 15,380 $ 17,939 $ — $ 77,137 Real estate expenses 17,075 4,406 7,253 — 28,734 Net operating income $ 26,743 $ 10,974 $ 10,686 $ — $ 48,403 Depreciation and amortization (26,038 ) General and administrative (5,511 ) Acquisition costs (154 ) Interest expense (14,360 ) Other income 39 Net income 2,379 Less: Net loss attributable to noncontrolling interests in subsidiaries 5 Net income attributable to the controlling interests $ 2,384 Capital expenditures $ 2,171 $ 543 $ 2,002 $ 13 $ 4,729 Total assets $ 1,254,906 $ 351,616 $ 524,856 $ 53,925 $ 2,185,303 Three Months Ended March 31, 2015 Office Retail Multifamily Corporate and Other Consolidated Real estate rental revenue $ 42,495 $ 16,330 $ 16,031 $ — $ 74,856 Real estate expenses 17,143 4,787 7,278 — 29,208 Net operating income $ 25,352 $ 11,543 $ 8,753 $ — $ 45,648 Depreciation and amortization (25,275 ) Acquisition costs (16 ) General and administrative (6,080 ) Interest expense (15,348 ) Other income 192 Gain on sale of real estate 30,277 Net income 29,398 Less: Net loss attributable to noncontrolling interests in subsidiaries 108 Net income attributable to the controlling interests $ 29,506 Capital expenditures $ 2,518 $ 850 $ 1,413 $ 1,376 $ 6,157 Total assets $ 1,278,900 $ 383,415 $ 406,897 $ 48,820 $ 2,118,032

Subsequent Events Subsequent Ev

Subsequent Events Subsequent Event, held for sale operations (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
schedule of disposal group operations [Table Text Block]	The Maryland Office Portfolio did not meet the criteria for classification as held for sale until after the 2016 Quarter and is included on our consolidated balance sheets as follows: March 31, 2016 December 31, 2015 Land $ 26,380 $ 26,380 Income producing property 215,300 215,108 Accumulated depreciation and amortization (121,686 ) (119,381 ) Other assets 12,885 12,930 Total assets $ 132,879 $ 135,037 Accounts payable and other liabilities $ 1,255 $ 1,339 Advance rents 1,715 1,774 Tenant security deposits 1,761 1,791 Total liabilities $ 4,731 $ 4,904 Real estate rental revenue and net income for the Maryland Office Portfolio for the 2016 and 2015 Quarters is as follows: Three Months Ended March 31, 2016 2015 Real estate rental revenue $ 8,430 $ 7,594 Net income 2,726 1,718

Nature of Business - Narrative

Nature of Business - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of distribution of ordinary taxable income	90.00%
Taxable Reit Subsidiary [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred Tax Assets, Net	$ 0	$ 0
Deferred Tax Liabilities, Net	$ 700,000	$ 700,000

Real Estate - Redevelopment (De

Real Estate - Redevelopment (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Jun. 30, 2015
Real Estate Properties [Line Items]
Properties under development or held for future development	$ 27,313	$ 36,094
7900 Westpark Drive [Member]
Real Estate Properties [Line Items]
Investment Building and Building Improvements	36,300		$ 25,900
Devonshire [Member]
Real Estate Properties [Line Items]
Properties under development or held for future development	$ 16,100

Real Estate - Variable Interest

Real Estate - Variable Interest Entities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016		Dec. 31, 2015
Real Estate Properties [Line Items]
Land	$ 561,256		$ 561,256
Accounts payable and other liabilities	56,348		45,367
Tenant security deposits	$ 9,604		9,378
Six Fifty North Glebe Road [Member]
Real Estate Properties [Line Items]
Variable interest entity, qualitative or quantitative information, ownership percentage	90.00%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	10.00%
Land	$ 12,851		12,851
Investment Building and Building Improvements	37,937		37,791
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	(2,902)		(2,347)
Other Assets	828		1,188
Real Estate Investments, Joint Ventures	48,714		49,483
Loans Payable	32,215	[1]	32,214
Accounts payable and other liabilities	324		256
Tenant security deposits	83		82
Accounts payable and accrued liabilities related to joint ventures	$ 32,622		$ 32,552
[1]	The mortgage notes payable balance as of March 31, 2016 is eliminated in consolidation due to the purchase of the loan by Washington REIT in January 2016.

Real Estate - Held for Sale and

Real Estate - Held for Sale and Sold Properties (Details) $ in Thousands		3 Months Ended		12 Months Ended
		Mar. 31, 2016USD ($)ft²apartmentunit	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Units in Real Estate Property | apartment		506
Rentable Square Feet | ft²		197,000
Disposal Group, Not Discontinued Operation, Sale Price		$ 137,100
Gain on sale of real estate		$ 0	$ 30,277	$ 89,653
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Country Club Towers [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Units in Real Estate Property | unit		227
Disposal Group, Not Discontinued Operation, Sale Price		$ 37,800
Gain on sale of real estate		30,277
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | First Street 1225 [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Not Discontinued Operation, Sale Price	[1]	14,500
Gain on sale of real estate		$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Munson Hill Towers [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Units in Real Estate Property | apartment		279
Disposal Group, Not Discontinued Operation, Sale Price		$ 57,050
Gain on sale of real estate		$ 51,395
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Montgomery Village Center [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rentable Square Feet | ft²		197,000
Disposal Group, Not Discontinued Operation, Sale Price		$ 27,750
Gain on sale of real estate		$ 7,981
[1]	Interest in land held for future development.

Mortgage Notes Payable (Details

Mortgage Notes Payable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016		Mar. 31, 2015	Dec. 31, 2015
Debt Instrument [Line Items]
Repayments of Notes Payable	$ 84,219		$ 1,155
John Marshall II Member
Debt Instrument [Line Items]
Repayments of Notes Payable	50,900
Six Fifty North Glebe Road [Member]
Debt Instrument [Line Items]
Loans Payable	$ 32,215	[1]		$ 32,214
[1]	The mortgage notes payable balance as of March 31, 2016 is eliminated in consolidation due to the purchase of the loan by Washington REIT in January 2016.

Unsecured Lines of Credit Pay32

Unsecured Lines of Credit Payable - Schedule of Credit Unused and Available (Details)	Jun. 23, 2015USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Line of Credit Facility [Line Items]
Borrowings outstanding		$ (215,000,000)	$ (105,000,000)
Revolving Credit Facility
Line of Credit Facility [Line Items]
Committed capacity	$ 1,000,000,000
Line of Credit | Revolving Credit Facility
Line of Credit Facility [Line Items]
Committed capacity	$ 600,000,000	$ 600,000,000
line of credit facility, number of extensions allowed		2
Line of Credit Facility, extension period		6 months
Borrowings outstanding		$ (215,000,000)	$ (105,000,000)
Letters of credit issued		0
Unused and available		$ 385,000,000
Term Loan [Member] | Revolving Credit Facility
Line of Credit Facility [Line Items]
Debt Instrument, Term		5 years 6 months
London Interbank Offered Rate (LIBOR) [Member] | Line of Credit
Line of Credit Facility [Line Items]
Line of Credit Facility, Description	P1M
London Interbank Offered Rate (LIBOR) [Member] | Term Loan [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Term		1 month

Unsecured Lines of Credit Pay33

Unsecured Lines of Credit Payable - Line of Credit Facility, Increase (decrease), net (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Line of Credit Facility, Increase (Decrease) During the Period [Roll Forward]
Balance at December 31, 2015	$ 105,000
Balance at March 31, 2016	215,000
Revolving Credit Facility | Line of Credit
Line of Credit Facility, Increase (Decrease) During the Period [Roll Forward]
Balance at December 31, 2015	105,000
Borrowings	110,000
Repayments	0
Balance at March 31, 2016	$ 215,000

Unsecured Lines of Credit Pay34

Unsecured Lines of Credit Payable - Narrative (Details)	Jun. 23, 2015USD ($)	Mar. 31, 2016USD ($)	Sep. 15, 2015USD ($)	Mar. 31, 2015USD ($)
Line of Credit
Line of Credit Facility [Line Items]
Line of Credit Facility, Commitment Fee Percentage		0.20%
Line of Credit Facility, Interest Rate During Period		1.00%
Revolving Credit Facility
Line of Credit Facility [Line Items]
Committed capacity	$ 1,000,000,000
Revolving Credit Facility | Term Loan [Member]
Line of Credit Facility [Line Items]
Long-term Line of Credit, Noncurrent			$ 150,000,000
Debt Instrument, Term		5 years 6 months
Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Committed capacity	$ 600,000,000	$ 600,000,000
Debt Instrument, Maturity Date	Jun. 22, 2019
line of credit facility, number of extensions allowed		2
Line of Credit Facility, extension period		6 months
Minimum [Member] | Line of Credit
Line of Credit Facility [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.125%
Maximum [Member] | Line of Credit
Line of Credit Facility [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.30%
London Interbank Offered Rate (LIBOR) [Member] | Term Loan [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Term		1 month
Debt Instrument, Basis Spread on Variable Rate		1.10%
London Interbank Offered Rate (LIBOR) [Member] | Line of Credit
Line of Credit Facility [Line Items]
Line of Credit Facility, Description	P1M
Debt Instrument, Basis Spread on Variable Rate	1.00%
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Line of Credit
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.875%
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Line of Credit
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.55%
Base Rate [Member] | Minimum [Member] | Line of Credit
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.00%
Base Rate [Member] | Maximum [Member] | Line of Credit
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.55%
Federal Funds Effective Swap Rate [Member] | Line of Credit
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.50%
Interest Rate Swap [Member]
Line of Credit Facility [Line Items]
Derivative, Number of Instruments Held			2	0
Interest Rate Swap [Member] | Revolving Credit Facility | Term Loan [Member]
Line of Credit Facility [Line Items]
Derivative, Fixed Interest Rate		2.70%

Derivatives - Schedule of Deriv

Derivatives - Schedule of Derivative Liability at Fair Value (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Interest rate swaps	$ 4,225,000	$ 550,000
Interest Rate Swap [Member] | Accounts Payable and Other Liabilities [Member]
Derivatives, Fair Value [Line Items]
Interest rate swaps	$ 4,225,000	$ 550,000

Derivatives - Schedule of Gains

Derivatives - Schedule of Gains (Losses) on Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Loss Recognized in Other Comprehensive Income (Loss), Effective Portion	$ (3,675)	$ 0

Derivatives - Narrative (Detail

Derivatives - Narrative (Details)	3 Months Ended
	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 15, 2015USD ($)	Mar. 31, 2015USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Interest rate swaps	$ 4,225,000	$ 550,000
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	1,600,000
Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Number of Instruments Held			2	0
Derivative, Notional Amount			$ 150,000,000
Accounts Payable and Other Liabilities [Member] | Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Interest rate swaps	$ 4,225,000	$ 550,000
Term Loan [Member] | Revolving Credit Facility | Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Fixed Interest Rate	2.70%

Stock Based Compensation (Detai

Stock Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1.5	$ 1.9
Restricted Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of share grants vested	$ 2	$ 1.7
Total unvested restricted share awards (in shares)	248,475
Weighted average grant date fair value (in dollars per share)	$ 26.33
Total compensation costs, non-vested restricted share awards	$ 4
Total compensation cost not yet recognized, period for recognition (in months)	25 months
Washington Real Estate Investment Trust 2007 Omnibus Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based plan, aggregate number of shares authorized (in shares)	2,000,000
Stock based plan, period in effect (in years)	10 years
New LTIP [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		3 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period	3 years

Fair Value Disclosures - Financ

Fair Value Disclosures - Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
SERP	$ 1,473	$ 1,408
Interest rate swaps	4,225	550
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
SERP	0	0
Interest rate swaps	0	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
SERP	1,473	1,408
Interest rate swaps	4,225	550
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
SERP	0	0
Interest rate swaps	$ 0	$ 0

Fair Value Disclosures - Fina40

Fair Value Disclosures - Financial Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial paper, maturity	90
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 23,575	$ 23,825
Restricted cash	9,889	13,383
Mortgage notes payable, net	333,853	418,052
Lines of credit	215,000	105,000
Notes payable, net	743,475	743,181
Carrying Value | 2445 M Street Note Receivable [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
2445 M Street note receivable	3,884	3,849
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	23,575	23,825
Restricted cash	9,889	13,383
Mortgage notes payable, net	342,496	426,693
Lines of credit	215,000	105,000
Notes payable, net	777,755	753,816
Fair Value | 2445 M Street Note Receivable [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
2445 M Street note receivable	$ 3,897	$ 4,275

Earnings per Common Share - EPS

Earnings per Common Share - EPS Schedule (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Net income	$ 2,379	$ 29,398
Less: Net loss attributable to noncontrolling interests in subsidiaries	5	108
Allocation of earnings to unvested restricted share awards	90	108
Adjusted net income attributable to the controlling interests	$ 2,294	$ 29,398
Weighted average shares outstanding - basic (in shares)	68,301	68,141
Effect of dilutive securities: Employee stock options and restricted share awards	187	50
Weighted average shares outstanding - diluted (in shares)	68,488	68,191
Net income per share (in dollars per share)	$ 0.03	$ 0.43
Net income per share (in dollars per share)	$ 0.03	$ 0.43

Segment Information - Segment S

Segment Information - Segment Schedules (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016USD ($)segment	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	3
Real estate rental revenue	$ 77,137	$ 74,856
Real estate expenses	28,734	29,208
Net operating income	48,403	45,648
Depreciation and amortization	(26,038)	(25,275)
General and administrative	(5,511)	(6,080)
Acquisition costs	(154)	(16)
Interest expense	(14,360)	(15,348)
Other income	39	192
Gain on sale of real estate	0	30,277	$ 89,653
Net income	2,379	29,398
Less: Net loss attributable to noncontrolling interests in subsidiaries	5	108
Net income attributable to the controlling interests	2,384	29,506
Capital expenditures	4,729	6,157
Total assets	2,185,303	2,118,032	$ 2,191,168
Office
Segment Reporting Information [Line Items]
Real estate rental revenue	43,818	42,495
Real estate expenses	17,075	17,143
Net operating income	26,743	25,352
Capital expenditures	2,171	2,518
Total assets	1,254,906	1,278,900
Retail
Segment Reporting Information [Line Items]
Real estate rental revenue	15,380	16,330
Real estate expenses	4,406	4,787
Net operating income	10,974	11,543
Capital expenditures	543	850
Total assets	351,616	383,415
Multifamily [Member]
Segment Reporting Information [Line Items]
Real estate rental revenue	17,939	16,031
Real estate expenses	7,253	7,278
Net operating income	10,686	8,753
Capital expenditures	2,002	1,413
Total assets	524,856	406,897
Corporate and Other
Segment Reporting Information [Line Items]
Real estate rental revenue	0	0
Real estate expenses	0	0
Net operating income	0	0
Capital expenditures	13	1,376
Total assets	$ 53,925	$ 48,820

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 28, 2016USD ($)buildingsunitContracts	Mar. 31, 2016USD ($)apartment	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Subsequent Event [Line Items]
Disposal Group, Not Discontinued Operation, Sale Price		$ 137,100
Number of Units in Real Estate Property | apartment		506
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations [Member] | Maryland Portfolio [Member]
Subsequent Event [Line Items]
Land		$ 26,380		$ 26,380
Income producing property		215,300		215,108
Accumulated depreciation and amortization		(121,686)		(119,381)
Other assets		12,885		12,930
Total assets		132,879		135,037
Accounts payable and other liabilities		1,255		1,339
Advance rents		1,715		1,774
Tenant security deposits		1,761		1,791
Total liabilities		4,731		$ 4,904
Real estate rental revenue		8,430	$ 7,594
Net income		$ 2,726	$ 1,718
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations [Member] | Maryland Portfolio [Member] | Subsequent Event
Subsequent Event [Line Items]
Number of Purchase and Sale Agreements | Contracts	2
number of buildings held for sale | buildings	6
Proceeds from Sale of Property Held-for-sale	$ 10,000
Disposal Group, Not Discontinued Operation, Sale Price	$ 240,000
Multifamily [Member] | Subsequent Event
Subsequent Event [Line Items]
Number of Units in Real Estate Property | unit	1,222
Purchase and sale agreement, purchase price	$ 244,800
Change in Escrow Deposit To Non-refundable, Related to Property Acquisition	$ 12,500