Elme Communities (ELME) 10-Q 1 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Apr. 26, 2018
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, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		78,637,643

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets
Land	$ 614,659	$ 588,025
Income producing property	2,211,529	2,113,977
Real estate investment property, at cost	2,826,188	2,702,002
Accumulated depreciation and amortization	(698,450)	(683,692)
Net income producing property	2,127,738	2,018,310
Properties under development or held for future development	61,712	54,422
Real Estate Investment Property, Net	2,189,450	2,072,732
Investment in real estate sold or held for sale, net	93,048	68,534
Cash and cash equivalents	11,510	9,847
Restricted cash	2,469	2,776
Rents and other receivables, net of allowance for doubtful accounts of $2,539 and $2,426, respectively	71,499	69,766
Prepaid expenses and other assets	148,088	125,087
Other assets related to properties sold or held for sale	2,231	10,684
Total assets	2,518,295	2,359,426
Liabilities
Notes payable, net	994,425	894,358
Mortgage notes payable, net	93,991	95,141
Lines of credit	260,000	166,000
Accounts payable and other liabilities	64,823	61,565
Dividend payable	0	23,581
Advance rents	12,441	12,487
Tenant security deposits	9,466	9,149
Liabilities related to properties sold or held for sale	2,385	1,809
Total liabilities	1,437,531	1,264,090
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; 78,636 and 78,510 shares issued and outstanding, respectively	786	785
Additional paid in capital	1,485,765	1,483,980
Distributions in excess of net income	(419,633)	(399,213)
Accumulated other comprehensive income	13,484	9,419
Total shareholders’ equity	1,080,402	1,094,971
Noncontrolling interests in subsidiaries	362	365
Total equity	1,080,764	1,095,336
Total liabilities and equity	$ 2,518,295	$ 2,359,426

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Rents and other receivables, allowance for doubtful accounts	$ 2,539	$ 2,426
Preferred shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares, shares authorized (in shares)	10,000,000	10,000,000
Preferred shares, shares issued (in shares)	0	0
Preferred shares, 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)	100,000,000	100,000,000
Shares of beneficial interest, shares issued (in shares)	78,636,000	78,510,000
Shares of beneficial interest, shares outstanding (in shares)	78,636,000	78,510,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenue
Real estate rental revenue	$ 84,881	$ 77,501
Expenses
Real estate expenses	29,901	27,863
Depreciation and amortization	29,969	26,069
General and administrative	5,821	5,626
Real estate impairment	1,886	0
Operating expenses	67,577	59,558
Other operating income
Real estate operating income	17,304	17,943
Other (expense) income
Interest expense	(12,827)	(11,405)
Loss on extinguishment of debt	(1,178)	0
Other income	0	77
Total other income (expense)	(14,005)	(11,328)
Net income	3,299	6,615
Less: Net loss attributable to noncontrolling interests in subsidiaries	0	19
Net income attributable to the controlling interests	$ 3,299	$ 6,634
Basic net income per share:
Basic net income attributable to the controlling interests per common share (in dollars per share)	$ 0.04	$ 0.09
Diluted net income per share:
Diluted net income attributable to the controlling interests per common share (in dollars per share)	$ 0.04	$ 0.09
Weighted average shares outstanding - basic (in shares)	78,483	74,854
Weighted average shares outstanding - diluted (in shares)	78,547	74,966
Dividends declared per share (in dollars per share)	$ 0.30	$ 0.30

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 3,299	$ 6,615
Unrealized gain on interest rate hedges	4,065	735
Comprehensive income	7,364	7,350
Less: Comprehensive loss attributable to noncontrolling interests	0	19
Comprehensive income attributable to the controlling interests	$ 7,364	$ 7,369

Consolidated Statement of Equit

Consolidated Statement of Equity - 3 months ended Mar. 31, 2018 - USD ($) $ in Thousands	Total	Shares of Beneficial Interest at Par Value [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Parent [Member]	Noncontrolling Interest [Member]
Balance (in shares) at Dec. 31, 2017		78,510,000
Balance at Dec. 31, 2017	$ 1,095,336	$ 785	$ 1,483,980	$ (399,213)	$ 9,419	$ 1,094,971	$ 365
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to the controlling interests	3,299			3,299		3,299
Net loss attributable to the noncontrolling interests	0
Unrealized gain on interest rate hedge	4,065				4,065	4,065
Distributions to noncontrolling interests	(3)						(3)
Dividends	(23,719)			(23,719)		(23,719)
Shares issued under dividend reinvestment program (in shares)		37,079
Shares issued under dividend reinvestment program	717	$ 0	717			717
Share grants, net of forfeitures (in shares)		89,000
Share grants, net of forfeitures and tax withholdings	1,069	$ 1	1,068			1,069
Balance (in shares) at Mar. 31, 2018		78,636,000
Balance at Mar. 31, 2018	$ 1,080,764	$ 786	$ 1,485,765	$ (419,633)	$ 13,484	$ 1,080,402	$ 362

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities
Net income	$ 3,299	$ 6,615
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	29,969	26,069
Provision for losses on accounts receivable	176	183
Real estate impairment	1,886	0
Share-based compensation expense	1,541	1,147
Amortization of debt premiums, discounts and related financing costs	446	477
Loss on extinguishment of debt	1,178	0
Changes in operating other assets	(1,374)	(7,261)
Changes in operating other liabilities	(475)	3,469
Net cash provided by operating activities	36,646	30,699
Cash flows from investing activities
Real estate acquisitions, net	(106,400)	0
Net cash received for sale of real estate	78,483	0
Capital improvements to real estate	(7,845)	(11,436)
Development in progress	(4,754)	(2,517)
Real estate deposits, net	0	(5,000)
Non-real estate capital improvements	(172)	(575)
Net cash used in investing activities	(40,688)	(19,528)
Cash flows from financing activities
Line of credit borrowings, net	94,000	3,000
Dividends paid	(47,300)	(45,021)
Principal payments – mortgage notes payable	(136,309)	(50,346)
Repayments of unsecured term loan debt	150,000	0
Proceeds from term loan	250,000	50,000
Payment of financing costs	(5,411)	(234)
Distributions to noncontrolling interests	(3)	(36)
Proceeds from dividend reinvestment program	717	1,114
Net proceeds from equity issuances	0	29,959
Payment of tax withholdings for restricted share awards	(296)	(585)
Net cash provided by (used in) financing activities	5,398	(12,149)
Net increase (decrease) in cash, cash equivalents and restricted cash	1,356	(978)
Cash, cash equivalents and restricted cash at beginning of period	12,623	17,622
Cash, cash equivalents and restricted cash at end of period	13,979	16,644
Supplemental disclosure of cash flow information:
Cash paid for interest, net of amounts capitalized	7,416	5,916
Change in accrued capital improvements and development costs	2,675	438
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	11,510	15,214
Restricted cash	$ 2,469	$ 1,430

Nature of Business

Nature of Business	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	NATURE OF BUSINESS Washington Real Estate Investment Trust (“Washington REIT”), a Maryland real estate investment trust, is a self-administered 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 of 1986, as amended (the "Code"), and intend to continue to qualify as such. We have considered the provisions of the Tax Cuts and Jobs Act (the "TCJA"), which was signed into law on December 22, 2017 and which generally takes effect for taxable years beginning on or after January 1, 2018, and do not expect the TCJA to have a material impact on our ability to continue to qualify as a REIT. 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 2018, we sold our interests in Braddock Metro Center, a 356,000 square foot office property in Alexandria, Virginia (see note 3). 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, 2018 and December 31, 2017 , our TRSs had a deferred tax asset of $1.4 million that was fully reserved. As of both March 31, 2018 and December 31, 2017 , we had a deferred state and local tax liability of $0.6 million . This deferred tax liability is primarily related to temporary differences in the timing of the recognition of revenue, amortization and depreciation.

Summary of Significant Accounti

Summary of Significant Accounting Policies and Basis of Presentations	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies and Basis of Presentations	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, 2017 . Pronouncements Adopted In August 2017, the Financial Accounting Standards Board (”FASB”) issued Accounting Standards Update (“ASU”) 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities . The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The transition guidance provides companies with the option of early adopting the new standard using a modified retrospective transition method in any interim period after issuance of the update, or alternatively requires adoption for fiscal years beginning after December 15, 2018. We adopted the new standard as of January 1, 2018 and adoption did not have a material impact on our consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718) - Scope of Modification Accounting, which provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The new standard is effective for all entities for fiscal years beginning after December 15, 2017 and for interim periods therein, with early adoption permitted. We adopted the new standard as of January 1, 2018 and adoption did not have a material impact on our consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments , which provides specific guidance on how cash receipts and payments should be presented and classified in the statement of cash flows for eight specific issues. The new standard is effective for public entities for fiscal years beginning after December 15, 2017 and for interim periods therein, with early adoption permitted. We adopted the new standard as of January 1, 2018 and adoption did not have a material impact on our consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Liabilities , which eliminates the requirement for public entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. The new standard is effective for public entities for fiscal years beginning after December 15, 2017 and for interim periods therein. We adopted the new standard as of January 1, 2018 and adoption did not have a material impact on our consolidated financial statements. In June 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), 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. We adopted the new standard for the fiscal year beginning on January 1, 2018. We evaluated the requirements for recognition of revenue from contracts with customers and measuring gains and losses on the sale of properties in accordance with ASU 2014-09 and concluded that adoption of the new standard did not impact the amount or timing of our revenue recognition. Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”) , 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. Upon adoption, for leases in which we are the lessor, the lease contract will be separated into lease and non-lease components in accordance with the provisions outlined within ASU No. 2014-09. We currently expect to be able to use a practical expedient tentatively approved by the FASB that would allow us to account for the combined lease and non-lease components under the new leasing standard. For lease contracts with a duration of more than one year in which we are the lessee, the present value of future lease payments will be recognized on our balance sheet as a right-of-use asset and a corresponding lease liability. Also, only direct leasing costs may be capitalized under the new standard, while current accounting standards allow for the capitalization of indirect leasing costs. We are currently evaluating the impact ASU 2016-02 may have on Washington REIT’s consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments , which requires financial assets measured at an amortized cost basis, including trade receivables, to be presented at the net amount expected to be collected. The new standard is effective for public entities for fiscal years beginning after December 15, 2019 and for interim periods therein with adoption one year earlier permitted. We are currently evaluating the impact the new standard may have on Washington REIT’s consolidated financial statements. 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. 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 (“SEC”). 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, 2017 . Within these notes to the financial statements, we refer to the three months ended March 31, 2018 and March 31, 2017 as the “ 2018 Quarter” and the “ 2017 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, 2018
Real Estate [Abstract]
Real Estate	REAL ESTATE Acquisition Our current strategy includes recycling 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. We acquired the following property during the 2018 Quarter (the “2018 acquisition”): Acquisition Date Property Type Net Rentable Square Feet Contract Purchase Price (In thousands) January 18, 2018 Arlington Tower Office 396,000 $ 250,000 The results of operations from the 2018 acquisition are included in the consolidated statements of income from the acquisition date and are as follows (in thousands): Three Months Ended March 31, 2018 Real estate rental revenue $ 4,635 Net income 640 We accounted for the 2018 acquisition as an asset acquisition. Accordingly, we capitalized $0.6 million of costs directly associated with the acquisition. We measured the value of the acquired physical assets (land and building), in-place leases (tenant origination costs, leasing commissions, absorption costs and lease intangible assets/liabilities), and any other liabilities by allocating the total cost of the acquisition on a relative fair value basis. We have recorded the total cost of the 2018 acquisition as follows (in thousands): Land $ 63,970 Building 142,900 Tenant origination costs 13,625 Leasing commissions/absorption costs 27,465 Lease intangible assets 3,142 Lease intangible liabilities (545 ) Total $ 250,557 The weighted remaining average life for the 2018 acquisition components above, other than land and building, are 83 months for tenant origination costs, 72 months for leasing commissions/absorption costs, 75 months for net lease intangible assets and 88 months for net lease intangible liabilities. The difference in the total contract purchase price of $250.0 million for the 2018 acquisition and cash paid for the acquisition per the consolidated statements of cash flows of $106.4 million is primarily due to a mortgage note repaid at settlement ( $135.5 million ), an acquisition deposit made during 2017 ( $6.3 million ) and a net credit to the buyer for certain expenditures ( $1.8 million ). Development/Redevelopment We have properties under development/redevelopment and held for current or future development as of March 31, 2018 . In the multifamily segment, we have The Trove, a multifamily development adjacent to The Wellington, and own land held for future multifamily development adjacent to Riverside Apartments. As of March 31, 2018 , we had invested $36.1 million and $20.3 million , including the costs of acquired land, in The Trove and the development adjacent to Riverside Apartments, respectively. In the retail segment, we currently have a redevelopment project to add rentable space at Spring Valley Village. As of March 31, 2018 , we had invested $5.1 million in the redevelopment. Properties Sold and Held for Sale We intend to hold our properties for investment with a view to long-term appreciation, to engage in the business of acquiring, developing and owning our properties, and to make occasional sales of the properties that no longer meet our long-term strategy or return objectives and where market conditions for sale are favorable. The proceeds from the sales may be reinvested into other properties, used to fund development operations or to support other corporate needs, or distributed to our shareholders. Depreciation on these properties is discontinued when classified as held for sale, but operating revenues, other operating expenses and interest continue to be recognized until the date of sale. We sold our interests in the following properties in 2018 and 2017 : Disposition Date Property Name Segment Rentable Square Feet/ Number of Units Contract Gain on Sale January 19, 2018 Braddock Metro Center Office 356,000 $ 93,000 $ — October 23, 2017 Walker House Apartments Multifamily 212 $ 32,200 $ 23,838 We have fully transferred control of the assets associated with these disposed properties. During the 2018 Quarter, we sold Braddock Metro Center, a 356,000 square foot office property in Alexandria, Virginia, for a contract sale price of $93.0 million . Due to the negotiations to sell the property, we evaluated Braddock Metro Center for impairment and recognized a $9.1 million impairment charge during 2017 in order to reduce the carrying value of the property to its estimated fair value, less selling costs. We based this fair valuation on the expected sale price from a potential sale. There are few observable market transactions for similar properties. This fair valuation falls into Level 2 of the fair value hierarchy due to its reliance on a quoted price in a market that is not active. On January 23, 2018, we executed a purchase and sale agreement to sell 2445 M Street, a 292,000 square foot office property in Washington, DC, for a contract sale price of $100.0 million . We anticipate settlement during 2018. During 2017, we evaluated 2445 M Street for impairment and recognized a $24.1 million impairment charge in order to reduce the carrying value of the property to its estimated fair value. Upon execution of the purchase and sale agreement, the property met the criteria for classification as held for sale. Due to the property’s classification as held for sale during the 2018 Quarter, we recorded an additional impairment charge of $1.9 million in the 2018 Quarter in order to reduce the carrying value of the property to its estimated fair value, less estimated selling costs. We based this fair valuation on the expected sale price from a potential sale. There are few observable market transactions for similar properties. This fair valuation falls into Level 2 of the fair value hierarchy due to its reliance on a quoted price in a market that is not active.

Unsecured Lines of Credit Payab

Unsecured Lines of Credit Payable	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Unsecured Lines of Credit Payable	UNSECURED LINES OF CREDIT PAYABLE During the 2018 Quarter, we entered into an amended and restated credit agreement (“Credit Agreement”) which provides for a $700.0 million unsecured revolving credit facility (“Revolving Credit Facility”), the continuation of an existing $150.0 million unsecured term loan (“2015 Term Loan”) and an additional $250.0 million unsecured term loan (“2018 Term Loan”). The Revolving Credit Facility has a four -year term ending in March 2022 , with two six -month extension options, and expands our prior $600.0 million unsecured revolving credit facility that was set to expire in June 2019 . The Credit Agreement has an accordion feature that allows us to increase the aggregate facility to $1.5 billion , subject to the extent lenders agree to provide additional revolving loan commitments or term loans. The Revolving Credit Facility bears interest at a rate of either one month LIBOR plus a margin ranging from 0.775% 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 0.10% to 0.30% (depending on Washington REIT’s credit rating) on the $700.0 million committed revolving loan capacity, without regard to usage. As of March 31, 2018 , the interest rate on the Revolving Credit Facility is one month LIBOR plus 1.00% , the one month LIBOR is 1.88% and the facility fee is 0.20% . The 2018 Term Loan increases and replaces the $150.0 million unsecured term loan, initially incurred on July 22, 2016 (“2016 Term Loan”), that was set to mature in July 2023 . The 2018 Term Loan matures in July 2023 and bears interest at a rate of either one month LIBOR plus a margin ranging from 0.85% to 1.75% or the base rate plus a margin ranging from 0.0% to 0.75% (in each case depending upon Washington REIT’s credit rating). As of March 31, 2018, the interest rate of the 2016 Term Loan is one month LIBOR plus 110 basis points. We used the $100.0 million of additional proceeds from the 2018 Term Loan primarily to repay outstanding borrowings on the Revolving Credit Facility. We had previously used interest rate derivatives to effectively fix the interest rate of the 2016 Term Loan. These interest rate derivatives now effectively fix the interest rate on a $150.0 million portion of the 2018 Term Loan at 2.31% . We also have entered into forward interest rate derivatives commencing June 29, 2018 to effectively fix the interest rate on the remaining $100.0 million of the 2018 Term Loan at 3.71% . The amount of the Revolving Credit Facility’s unsecured line of credit unused and available at March 31, 2018 is as follows (in thousands): Committed capacity $ 700,000 Borrowings outstanding (260,000 ) Unused and available $ 440,000 We executed borrowings and repayments on the Revolving Credit Facility during the 2018 Quarter as follows (in thousands): Balance at December 31, 2017 $ 166,000 Borrowings 290,000 Repayments (196,000 ) Balance at March 31, 2018 $ 260,000

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	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 the 2015 Term Loan (see note 4 ) to an all-in fixed interest rate of 2.72% starting on October 15, 2015 and extending until the maturity of the 2015 Term Loan on March 15, 2021 . On July 22, 2016 , we entered into two forward interest rate swap arrangements with a total notional amount of $150.0 million to swap the floating interest rate under the 2016 Term Loan to an all-in fixed interest rate of 2.86% starting on March 31, 2017 and extending until the maturity of the 2016 Term Loan on July 21, 2023 . On March 29, 2018, we entered into the 2018 Term Loan, a $250.0 million floating interest rate term loan maturing on July 21, 2023, which increased and replaced the 2016 Term Loan. The interest rate swap arrangements that had effectively fixed the 2016 Term Loan now effectively fix the interest rate on $150.0 million of the 2018 Term Loan at 2.31% . On March 29, 2018, we entered into four forward interest rate swap arrangements with a total notional amount of $100.0 million to effectively fix the interest rate on the remaining $100.0 million of the 2018 Term Loan at 3.71% , starting on June 29, 2018 and extending until the maturity of the 2018 Term Loan on July 21, 2023 . 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 total change in fair value of the interest rate swap arrangements associated with our cash flow hedges in other comprehensive income. The resulting unrealized gain (loss) of the cash flow hedges was the only activity in other comprehensive income 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 2018 Quarter and 2017 Quarter. The fair values of the interest rate swaps as of March 31, 2018 and December 31, 2017 , are as follows (in thousands): Fair Value Asset Derivatives Liability Derivatives Derivative Instrument Aggregate Notional Amount Effective Date Maturity Date March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 Interest rate swaps $ 150,000 October 15, 2015 March 15, 2021 $ 3,531 $ 1,987 $ — $ — Interest rate swaps 150,000 March 31, 2017 July 21, 2023 10,085 7,432 — — Interest rate swaps 100,000 June 29, 2018 July 21, 2023 — — (132 ) — $ 400,000 $ 13,616 $ 9,419 $ (132 ) $ — We record interest rate swaps on our consolidated balance sheets with prepaid expenses and other assets when in a net asset position and with accounts payable and other liabilities when in a net liability position. The interest rate swaps have been effective since inception. The net gains or losses on the effective swaps are recognized in other comprehensive income, as follows (in thousands): Three Months Ended March 31, 2018 2017 Unrealized gain on interest rate hedges $ 4,065 $ 735 Amounts reported in accumulated other comprehensive income (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 $1.9 million will be reclassified as a decrease 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, 2018 , the fair value of derivatives is in a net asset position of $13.5 million , which includes accrued interest but excludes any adjustment for nonperformance risk. As of March 31, 2018 , we have not posted any collateral related to these agreements. 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	3 Months Ended
	Mar. 31, 2018
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, 2018 and December 31, 2017 that are recorded at fair value on a recurring basis are the assets held in the Supplemental Executive Retirement Plan (“SERP”), which primarily consist of investments in mutual funds, and the interest rate swaps (see note 5 ). 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, 2018 and December 31, 2017 were as follows (in thousands): March 31, 2018 December 31, 2017 Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Assets: SERP $ 1,945 $ — $ 1,945 $ — $ 1,858 $ — $ 1,858 $ — Interest rate swaps 13,616 — 13,616 — 9,419 — 9,419 — Liabilities: Interest rate swaps $ 132 $ — $ 132 $ — $ — $ — $ — $ — 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, 2018 may differ significantly from the amounts presented. The valuations of cash and cash equivalents and restricted cash fall into Level 1 in the fair value hierarchy and the valuations of debt instruments fall into Level 3 in the fair value hierarchy. As of March 31, 2018 and December 31, 2017 , the carrying values and estimated fair values of our financial instruments were as follows (in thousands): March 31, 2018 December 31, 2017 Carrying Value Fair Value Carrying Value Fair Value Cash and cash equivalents $ 11,510 $ 11,510 $ 9,847 $ 9,847 Restricted cash 2,469 2,469 2,776 2,776 Mortgage notes payable, net 93,991 95,211 95,141 97,181 Lines of credit 260,000 260,000 166,000 166,000 Notes payable, net 994,425 1,024,763 894,358 931,377

Stock Based Compensation

Stock Based Compensation	3 Months Ended
	Mar. 31, 2018
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 2016 Omnibus Incentive Plan which allows for awards in the form of restricted shares, restricted share units, options and other awards up to an aggregate of 2,400,000 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. During the 2018 Quarter, we amended the LTIP for executive officers to eliminate the absolute total shareholder return (“TSR”) component and only utilize relative TSR in the measurement of market condition performance. Under the amended LTIP, relative TSR will be evaluated 50% relative to a defined population of peer companies and 50% relative to the FTSE NAREIT Diversified Index. Prior to this amendment, the LTIP utilized both absolute TSR and relative TSR, with each component having a 50% weighting, and relative TSR was evaluated relative only to a defined population of peer companies. The amendment is effective for three -year performance periods commencing on or after January 1, 2018. Total Compensation Expense Total compensation expense recognized in the consolidated financial statements for all outstanding share based awards was $1.5 million and $1.1 million for the 2018 Quarter and 2017 Quarter, respectively. Restricted Share Awards The total fair values of restricted share awards vested was $0.7 million and $1.6 million for the 2018 Quarter and 2017 Quarter, respectively. The total unvested restricted share awards at March 31, 2018 was 481,116 shares, which had a weighted average grant date fair value of $28.57 per share. As of March 31, 2018 , the total compensation cost related to unvested restricted share awards was $11.8 million , which we expect to recognize over a weighted average period of 32 months.

Earnings per Common Share

Earnings per Common Share	3 Months Ended
	Mar. 31, 2018
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 operating partnership units under the if-converted 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 computations of basic and diluted earnings per share for the three months ended March 31, 2018 and 2017 were as follows (in thousands, except per share data): Three Months Ended March 31, 2018 2017 Numerator: Net income $ 3,299 $ 6,615 Net loss attributable to noncontrolling interests in subsidiaries — 19 Allocation of earnings to unvested restricted share awards (144 ) (78 ) Adjusted net income attributable to the controlling interests $ 3,155 $ 6,556 Denominator: Weighted average shares outstanding – basic 78,483 74,854 Effect of dilutive securities: Operating partnership units 12 — Employee restricted share awards 52 112 Weighted average shares outstanding – diluted 78,547 74,966 Basic net income attributable to the controlling interests per common share $ 0.04 $ 0.09 Diluted net income attributable to the controlling interests per common share $ 0.04 $ 0.09

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2018
Segment Reporting [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 greater 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 three months ended March 31, 2018 and 2017 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, 2018 Office Retail Multifamily Corporate and Other Consolidated Real estate rental revenue $ 45,547 $ 15,671 $ 23,663 $ — $ 84,881 Real estate expenses 16,302 4,160 9,439 — 29,901 Net operating income $ 29,245 $ 11,511 $ 14,224 $ — $ 54,980 Depreciation and amortization (29,969 ) General and administrative (5,821 ) Interest expense (12,827 ) Real estate impairment (1,886 ) Loss on extinguishment of debt (1,178 ) Net income 3,299 Less: Net loss attributable to noncontrolling interests in subsidiaries — Net income attributable to the controlling interests $ 3,299 Capital expenditures $ 4,945 $ 475 $ 2,425 $ 172 $ 8,017 Total assets $ 1,361,880 $ 344,904 $ 769,643 $ 41,868 $ 2,518,295 Three Months Ended March 31, 2017 Office Retail Multifamily Corporate and Other Consolidated Real estate rental revenue $ 38,027 $ 15,705 $ 23,769 $ — $ 77,501 Real estate expenses 14,414 3,863 9,586 — 27,863 Net operating income $ 23,613 $ 11,842 $ 14,183 $ — $ 49,638 Depreciation and amortization (26,069 ) General and administrative (5,626 ) Interest expense (11,405 ) Other income 77 Net income 6,615 Less: Net loss attributable to noncontrolling interests in subsidiaries 19 Net income attributable to the controlling interests $ 6,634 Capital expenditures $ 4,955 $ 184 $ 6,297 $ 575 $ 12,011 Total assets $ 1,097,256 $ 348,221 $ 764,732 $ 43,900 $ 2,254,109

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Shareholders' Equity	SHAREHOLDERS' EQUITY On June 23, 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 of up to $200.0 million of our common shares from time to time. Issuances of our common shares are made at market prices prevailing at the time of issuance. We may use net proceeds from the issuance 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. During the 2018 Quarter, we did not issue common shares under the Equity Distribution Agreements. 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. During the 2018 Quarter, we issued 37,079 common shares under this program at a weighted average price of $28.16 per share, raising $0.7 million in net proceeds.

Summary of Significant Accoun18

Summary of Significant Accounting Policies and Basis of Presentations (Policy)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Fiscal Period	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, 2017 .
New Accounting Pronouncements	Pronouncements Adopted In August 2017, the Financial Accounting Standards Board (”FASB”) issued Accounting Standards Update (“ASU”) 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities . The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The transition guidance provides companies with the option of early adopting the new standard using a modified retrospective transition method in any interim period after issuance of the update, or alternatively requires adoption for fiscal years beginning after December 15, 2018. We adopted the new standard as of January 1, 2018 and adoption did not have a material impact on our consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718) - Scope of Modification Accounting, which provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The new standard is effective for all entities for fiscal years beginning after December 15, 2017 and for interim periods therein, with early adoption permitted. We adopted the new standard as of January 1, 2018 and adoption did not have a material impact on our consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments , which provides specific guidance on how cash receipts and payments should be presented and classified in the statement of cash flows for eight specific issues. The new standard is effective for public entities for fiscal years beginning after December 15, 2017 and for interim periods therein, with early adoption permitted. We adopted the new standard as of January 1, 2018 and adoption did not have a material impact on our consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Liabilities , which eliminates the requirement for public entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. The new standard is effective for public entities for fiscal years beginning after December 15, 2017 and for interim periods therein. We adopted the new standard as of January 1, 2018 and adoption did not have a material impact on our consolidated financial statements. In June 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), 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. We adopted the new standard for the fiscal year beginning on January 1, 2018. We evaluated the requirements for recognition of revenue from contracts with customers and measuring gains and losses on the sale of properties in accordance with ASU 2014-09 and concluded that adoption of the new standard did not impact the amount or timing of our revenue recognition. Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”) , 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. Upon adoption, for leases in which we are the lessor, the lease contract will be separated into lease and non-lease components in accordance with the provisions outlined within ASU No. 2014-09. We currently expect to be able to use a practical expedient tentatively approved by the FASB that would allow us to account for the combined lease and non-lease components under the new leasing standard. For lease contracts with a duration of more than one year in which we are the lessee, the present value of future lease payments will be recognized on our balance sheet as a right-of-use asset and a corresponding lease liability. Also, only direct leasing costs may be capitalized under the new standard, while current accounting standards allow for the capitalization of indirect leasing costs. We are currently evaluating the impact ASU 2016-02 may have on Washington REIT’s consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments , which requires financial assets measured at an amortized cost basis, including trade receivables, to be presented at the net amount expected to be collected. The new standard is effective for public entities for fiscal years beginning after December 15, 2019 and for interim periods therein with adoption one year earlier permitted. We are currently evaluating the impact the new standard may have on Washington REIT’s consolidated financial statements.
Principles of Consolidation and Basis of Presentation	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. 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 (“SEC”). 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, 2017 . Within these notes to the financial statements, we refer to the three months ended March 31, 2018 and March 31, 2017 as the “ 2018 Quarter” and the “ 2017 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, 2018
Real Estate [Abstract]
Schedule of Real Estate Property Acquired	We acquired the following property during the 2018 Quarter (the “2018 acquisition”): Acquisition Date Property Type Net Rentable Square Feet Contract Purchase Price (In thousands) January 18, 2018 Arlington Tower Office 396,000 $ 250,000
Revenue and Earnings From Acquisition	The results of operations from the 2018 acquisition are included in the consolidated statements of income from the acquisition date and are as follows (in thousands): Three Months Ended March 31, 2018 Real estate rental revenue $ 4,635 Net income 640
Total Purchase Price Of Acquisitions	We have recorded the total cost of the 2018 acquisition as follows (in thousands): Land $ 63,970 Building 142,900 Tenant origination costs 13,625 Leasing commissions/absorption costs 27,465 Lease intangible assets 3,142 Lease intangible liabilities (545 ) Total $ 250,557
Schedule of Properties Sold	We sold our interests in the following properties in 2018 and 2017 : Disposition Date Property Name Segment Rentable Square Feet/ Number of Units Contract Gain on Sale January 19, 2018 Braddock Metro Center Office 356,000 $ 93,000 $ — October 23, 2017 Walker House Apartments Multifamily 212 $ 32,200 $ 23,838

Unsecured Lines of Credit Pay20

Unsecured Lines of Credit Payable (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Schedule of Revolving Credit Facility	The amount of the Revolving Credit Facility’s unsecured line of credit unused and available at March 31, 2018 is as follows (in thousands): Committed capacity $ 700,000 Borrowings outstanding (260,000 ) Unused and available $ 440,000 We executed borrowings and repayments on the Revolving Credit Facility during the 2018 Quarter as follows (in thousands): Balance at December 31, 2017 $ 166,000 Borrowings 290,000 Repayments (196,000 ) Balance at March 31, 2018 $ 260,000

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Value of Derivatives	The fair values of the interest rate swaps as of March 31, 2018 and December 31, 2017 , are as follows (in thousands): Fair Value Asset Derivatives Liability Derivatives Derivative Instrument Aggregate Notional Amount Effective Date Maturity Date March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 Interest rate swaps $ 150,000 October 15, 2015 March 15, 2021 $ 3,531 $ 1,987 $ — $ — Interest rate swaps 150,000 March 31, 2017 July 21, 2023 10,085 7,432 — — Interest rate swaps 100,000 June 29, 2018 July 21, 2023 — — (132 ) — $ 400,000 $ 13,616 $ 9,419 $ (132 ) $ —
Schedule of Derivative Gains and Losses Recognized in Other Comprehensive Income	The interest rate swaps have been effective since inception. The net gains or losses on the effective swaps are recognized in other comprehensive income, as follows (in thousands): Three Months Ended March 31, 2018 2017 Unrealized gain on interest rate hedges $ 4,065 $ 735

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Financial Assets and Liabilities Measured at Fair Value	The fair values of these assets and liabilities at March 31, 2018 and December 31, 2017 were as follows (in thousands): March 31, 2018 December 31, 2017 Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Assets: SERP $ 1,945 $ — $ 1,945 $ — $ 1,858 $ — $ 1,858 $ — Interest rate swaps 13,616 — 13,616 — 9,419 — 9,419 — Liabilities: Interest rate swaps $ 132 $ — $ 132 $ — $ — $ — $ — $ —
Financial Assets and Liabilities Not Measured at Fair Value	As of March 31, 2018 and December 31, 2017 , the carrying values and estimated fair values of our financial instruments were as follows (in thousands): March 31, 2018 December 31, 2017 Carrying Value Fair Value Carrying Value Fair Value Cash and cash equivalents $ 11,510 $ 11,510 $ 9,847 $ 9,847 Restricted cash 2,469 2,469 2,776 2,776 Mortgage notes payable, net 93,991 95,211 95,141 97,181 Lines of credit 260,000 260,000 166,000 166,000 Notes payable, net 994,425 1,024,763 894,358 931,377

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	3 Months Ended
	Mar. 31, 2018
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, 2018 and 2017 were as follows (in thousands, except per share data): Three Months Ended March 31, 2018 2017 Numerator: Net income $ 3,299 $ 6,615 Net loss attributable to noncontrolling interests in subsidiaries — 19 Allocation of earnings to unvested restricted share awards (144 ) (78 ) Adjusted net income attributable to the controlling interests $ 3,155 $ 6,556 Denominator: Weighted average shares outstanding – basic 78,483 74,854 Effect of dilutive securities: Operating partnership units 12 — Employee restricted share awards 52 112 Weighted average shares outstanding – diluted 78,547 74,966 Basic net income attributable to the controlling interests per common share $ 0.04 $ 0.09 Diluted net income attributable to the controlling interests per common share $ 0.04 $ 0.09

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Reconciliation of Net Operating Income of Reportable Segments	The following tables present revenues, net operating income, capital expenditures and total assets for the three months ended March 31, 2018 and 2017 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, 2018 Office Retail Multifamily Corporate and Other Consolidated Real estate rental revenue $ 45,547 $ 15,671 $ 23,663 $ — $ 84,881 Real estate expenses 16,302 4,160 9,439 — 29,901 Net operating income $ 29,245 $ 11,511 $ 14,224 $ — $ 54,980 Depreciation and amortization (29,969 ) General and administrative (5,821 ) Interest expense (12,827 ) Real estate impairment (1,886 ) Loss on extinguishment of debt (1,178 ) Net income 3,299 Less: Net loss attributable to noncontrolling interests in subsidiaries — Net income attributable to the controlling interests $ 3,299 Capital expenditures $ 4,945 $ 475 $ 2,425 $ 172 $ 8,017 Total assets $ 1,361,880 $ 344,904 $ 769,643 $ 41,868 $ 2,518,295 Three Months Ended March 31, 2017 Office Retail Multifamily Corporate and Other Consolidated Real estate rental revenue $ 38,027 $ 15,705 $ 23,769 $ — $ 77,501 Real estate expenses 14,414 3,863 9,586 — 27,863 Net operating income $ 23,613 $ 11,842 $ 14,183 $ — $ 49,638 Depreciation and amortization (26,069 ) General and administrative (5,626 ) Interest expense (11,405 ) Other income 77 Net income 6,615 Less: Net loss attributable to noncontrolling interests in subsidiaries 19 Net income attributable to the controlling interests $ 6,634 Capital expenditures $ 4,955 $ 184 $ 6,297 $ 575 $ 12,011 Total assets $ 1,097,256 $ 348,221 $ 764,732 $ 43,900 $ 2,254,109

Nature of Business - Narrative

Nature of Business - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of distribution of ordinary taxable income	90.00%
Deferred tax liabilities, net	$ 0.6	$ 0.6
Taxable Reit Subsidiary [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred Tax Assets, Net of Valuation Allowance	$ 0	$ 0

Nature of Business - Disposal G

Nature of Business - Disposal Group (Details) ft² in Thousands	Mar. 31, 2018ft²
Braddock Metro Center [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Square footage of office property sold	356

Real Estate - Schedule of Acqui

Real Estate - Schedule of Acquisitions (Details) - Arlington Tower [Member] $ in Thousands	Mar. 31, 2018USD ($)ft²
Real Estate [Line Items]
Net Rentable Square Feet | ft²	396,000
Contract Purchase Price | $	$ 250,000

Real Estate - Operating Results

Real Estate - Operating Results of Acquisitions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Real Estate [Line Items]
Real estate rental revenue	$ 84,881	$ 77,501
Net income	3,299	$ 6,615
Arlington Tower [Member]
Real Estate [Line Items]
Real estate rental revenue	4,635
Net income	$ 640

Real Estate - Schedule of Asset

Real Estate - Schedule of Assets Acquired (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Real Estate [Line Items]
Land	$ 614,659	$ 588,025
Arlington Tower [Member]
Real Estate [Line Items]
Land	63,970
Building	142,900
Tenant origination costs	13,625
Leasing commissions/absorption costs	27,465
Lease intangible assets	3,142
Lease intangible liabilities	(545)
Total	$ (250,557)

Real Estate - Acquisition Infor

Real Estate - Acquisition Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Business Acquisition [Line Items]
Payments to acquire real estate	$ 106,400	$ 0
Repayments of Secured Debt	136,309	50,346
Arlington Tower [Member]
Business Acquisition [Line Items]
Asset acquisition, transaction costs capitalized	600
Contract purchase price	250,000
Repayments of Secured Debt	135,500
Payments for deposits on real estate acquisitions		$ 6,300
Other payments to acquire businesses	$ 1,800
Arlington Tower [Member] | Tenant Origination Costs Member
Business Acquisition [Line Items]
Weighted Average useful life of acquisition components	83 months
Arlington Tower [Member] | Leasing Commissions Absorption Costs Member
Business Acquisition [Line Items]
Weighted Average useful life of acquisition components	72 months
Arlington Tower [Member] | Net Lease Intangible Assets [Member]
Business Acquisition [Line Items]
Weighted Average useful life of acquisition components	75 months
Arlington Tower [Member] | Net Lease Intangible Liability [Member]
Business Acquisition [Line Items]
Weighted Average useful life of acquisition components	88 months

Real Estate - Development_Redev

Real Estate - Development/Redevelopment (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Real Estate Properties [Line Items]
Properties under development or held for future development	$ 61,712	$ 54,422
The Wellington land parcel [Member]
Real Estate Properties [Line Items]
Properties under development or held for future development	36,100
Riverside Developments [Member]
Real Estate Properties [Line Items]
Properties under development or held for future development	20,300
Spring Vally Retail Center [Member]
Real Estate Properties [Line Items]
Properties under development or held for future development	$ 5,100

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, 2018USD ($)ft²	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)apartment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Real estate impairment	$ 1,886	$ 0
Braddock Metro Center [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rentable Square Feet | ft²	356,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Braddock Metro Center [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Real estate impairment			$ 9,100
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | M Street 2445 [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract Sales Price	$ 100,000
Real estate impairment	$ 1,900		24,100
Office [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | M Street 2445 [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rentable Square Feet | ft²	292,000
2018 Properties Sold Group [Member] | Office [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Braddock Metro Center [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rentable Square Feet | ft²	356,000
Contract Sales Price	$ 93,000
Gain on Sale			$ 0
2017 Properties Sold Group [Member] | Multifamily [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Walker House [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Units | apartment			212
Contract Sales Price			$ 32,200
Gain on Sale			$ 23,838

Unsecured Lines of Credit Pay33

Unsecured Lines of Credit Payable - Narrative (Details)	3 Months Ended
	Mar. 31, 2018USD ($)extension_option	Mar. 29, 2018USD ($)	Jul. 22, 2016USD ($)	Sep. 15, 2015USD ($)
Interest Rate Swap [Member]
Line of Credit Facility [Line Items]
Derivative, notional amount	$ 400,000,000
LIBOR [Member]
Line of Credit Facility [Line Items]
Debt instrument variable rate (percent)	1.88%
Line of Credit
Line of Credit Facility [Line Items]
Commitment fee (percent)	0.20%
Interest rate during period (percent)	1.00%
Line of Credit | Minimum [Member]
Line of Credit Facility [Line Items]
Commitment fee (percent)	0.10%
Line of Credit | Maximum [Member]
Line of Credit Facility [Line Items]
Commitment fee (percent)	0.30%
Line of Credit | LIBOR [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	1.00%
Line of Credit | LIBOR [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	0.775%
Line of Credit | LIBOR [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	1.55%
Line of Credit | Base Rate [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	0.00%
Line of Credit | Base Rate [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	0.55%
Line of Credit | Federal Funds Effective Swap Rate [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	0.50%
2015 Term Loan [Member] | Interest Rate Swap [Member]
Line of Credit Facility [Line Items]
Derivative, notional amount				$ 150,000,000
Derivative, fixed interest rate (percent)				2.72%
2018 Term Loan [Member]
Line of Credit Facility [Line Items]
Debt instrument, face amount		$ 250,000,000
2018 Term Loan A [Member] | Interest Rate Swap [Member]
Line of Credit Facility [Line Items]
Derivative, notional amount		$ 150,000,000	$ 150,000,000
Derivative, fixed interest rate (percent)		2.31%
2018 Term Loan A [Member] | LIBOR [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	0.85%
2018 Term Loan A [Member] | LIBOR [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	1.75%
2018 Term Loan A [Member] | Base Rate [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	0.00%
2018 Term Loan A [Member] | Base Rate [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	0.75%
2018 Term Loan B [Member]
Line of Credit Facility [Line Items]
Derivative, notional amount		$ 100,000,000
2018 Term Loan B [Member] | Interest Rate Swap [Member]
Line of Credit Facility [Line Items]
Derivative, notional amount		$ 100,000,000
Derivative, fixed interest rate (percent)		3.71%
Credit facility 2018 [Member]
Line of Credit Facility [Line Items]
Committed capacity	$ 1,500,000,000
Credit facility 2018 [Member] | Line of Credit
Line of Credit Facility [Line Items]
Committed capacity	$ 700,000,000
Debt instrument, term	4 years
Debt instrument, maturity date	Mar. 29, 2022
Number of extensions allowed | extension_option	2
Term of extension	6 months
Credit facility 2018 [Member] | 2015 Term Loan [Member]
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 150,000,000
Credit facility 2018 [Member] | 2018 Term Loan [Member]
Line of Credit Facility [Line Items]
Debt instrument, face amount	250,000,000
Credit facility 2018 [Member] | 2018 Term Loan A [Member]
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 150,000,000
Credit facility 2018 [Member] | 2018 Term Loan A [Member] | LIBOR [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	1.10%
Credit facility 2018 [Member] | 2018 Term Loan B [Member]
Line of Credit Facility [Line Items]
Proceeds from term loan	$ 100,000,000
Credit facility 2015 [Member] | Line of Credit
Line of Credit Facility [Line Items]
Committed capacity	$ 600,000,000
Debt instrument, maturity date	Jun. 22, 2019

Unsecured Lines of Credit Pay34

Unsecured Lines of Credit Payable - Schedule of Credit Unused and Available (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Line of Credit Facility [Line Items]
Borrowings outstanding	$ (260,000,000)	$ (166,000,000)
Credit facility 2018 [Member]
Line of Credit Facility [Line Items]
Committed capacity	1,500,000,000
Line of Credit | Credit facility 2018 [Member]
Line of Credit Facility [Line Items]
Committed capacity	700,000,000
Borrowings outstanding	(260,000,000)	$ (166,000,000)
Unused and available	$ 440,000,000

Unsecured Lines of Credit Pay35

Unsecured Lines of Credit Payable - Borrowings and Repayments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Line of Credit Facility, Increase (Decrease) During the Period [Roll Forward]
Balance at December 31, 2017	$ 166,000
Balance at March 31, 2018	260,000
Line of Credit | Credit facility 2018 [Member]
Line of Credit Facility, Increase (Decrease) During the Period [Roll Forward]
Balance at December 31, 2017	166,000
Borrowings	290,000
Repayments	(196,000)
Balance at March 31, 2018	$ 260,000

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details)	3 Months Ended
	Mar. 31, 2018USD ($)	Mar. 29, 2018USD ($)arrangement	Jul. 22, 2016USD ($)arrangement	Sep. 15, 2015USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Estimated derivative gain (loss) to be reclassified within twelve months	$ 1,900,000
Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount	400,000,000
Fair value of derivative net asset position	$ 13,500,000
2015 Term Loan [Member] | Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Number of derivative instruments held				2
Derivative, notional amount				$ 150,000,000
Derivative, fixed interest rate (percent)				2.72%
2016 Term Loan [Member] | Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Number of derivative instruments held | arrangement			2
Derivative, fixed interest rate (percent)			2.86%
2018 Term Loan [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Debt instrument, face amount		$ 250,000,000
2018 Term Loan [Member] | Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Number of derivative instruments held | arrangement		4
2018 Term Loan A [Member] | Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount		$ 150,000,000	$ 150,000,000
Derivative, fixed interest rate (percent)		2.31%
2018 Term Loan B [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount		$ 100,000,000
2018 Term Loan B [Member] | Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount		$ 100,000,000
Derivative, fixed interest rate (percent)		3.71%

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Fair Value of Interest Rate Swaps (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 29, 2018	Dec. 31, 2017	Jul. 22, 2016	Sep. 15, 2015
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 132		$ 0
Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	400,000
Asset Derivatives	13,616		9,419
Interest Rate Swap [Member] | Prepaid Expenses and Other Assets [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	13,616		9,419
Interest Rate Swap [Member] | Accounts Payable and Other Liabilities [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives	(132)
2015 Term Loan [Member] | Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount					$ 150,000
2015 Term Loan [Member] | Interest Rate Swap [Member] | Prepaid Expenses and Other Assets [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	3,531		1,987
2018 Term Loan A [Member] | Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount		$ 150,000		$ 150,000
2018 Term Loan A [Member] | Interest Rate Swap [Member] | Prepaid Expenses and Other Assets [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	10,085		$ 7,432
2018 Term Loan B [Member]
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount		100,000
2018 Term Loan B [Member] | Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount		$ 100,000
2018 Term Loan B [Member] | Interest Rate Swap [Member] | Accounts Payable and Other Liabilities [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ (132)

Derivative Instruments - Sche38

Derivative Instruments - Schedule of Gains and Losses on Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain on interest rate hedges	$ 4,065	$ 735

Fair Value Disclosures - Financ

Fair Value Disclosures - Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps	$ 132	$ 0
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps	0	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps	132	0
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps	0	0
Supplemental Employee Retirement Plan [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
SERP	1,945	1,858
Supplemental Employee Retirement Plan [Member] | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
SERP	0	0
Supplemental Employee Retirement Plan [Member] | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
SERP	1,945	1,858
Supplemental Employee Retirement Plan [Member] | Level 3
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]
Interest rate swaps	13,616	9,419
Interest Rate Swap [Member] | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps	0	0
Interest Rate Swap [Member] | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swaps	13,616	9,419
Interest Rate Swap [Member] | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
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	Mar. 31, 2018	Dec. 31, 2017
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 11,510	$ 9,847
Restricted cash	2,469	2,776
Mortgage notes payable, net	93,991	95,141
Lines of credit	260,000	166,000
Notes payable, net	994,425	894,358
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	11,510	9,847
Restricted cash	2,469	2,776
Mortgage notes payable, net	95,211	97,181
Lines of credit	260,000	166,000
Notes payable, net	$ 1,024,763	$ 931,377

Stock Based Compensation (Detai

Stock Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of relative TSR evaluated relative to peer companies	50.00%		50.00%
Percent of relative TSR evaluated relative to FTSE NAREIT Diversified Index	50.00%
Percent of absolute TSR evaluated			50.00%
Performance period per amendment	3 years
Stock based compensation expense	$ 1.5	$ 1.1
Restricted Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of share grants vested	$ 0.7	$ 1.6
Total unvested restricted share awards (in shares)	481,116
Weighted average grant date fair value (in dollars per share)	$ 28.57
Total compensation costs, non-vested restricted share awards	$ 11.8
Total compensation cost not yet recognized, period for recognition (in months)	32 months
Washington Real Estate Investment Trust 2016 Omnibus Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based plan, aggregate number of shares authorized (in shares)	2,400,000
Stock based plan, period in effect (in years)	10 years

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, 2018	Mar. 31, 2017
Earnings Per Share [Abstract]
Net income	$ 3,299	$ 6,615
Less: Net loss attributable to noncontrolling interests in subsidiaries	0	19
Allocation of earnings to unvested restricted share awards	(144)	(78)
Adjusted net income attributable to the controlling interests	$ 3,155	$ 6,556
Weighted average shares outstanding - basic (in shares)	78,483	74,854
Operating partnership units	12	0
Employee restricted share awards	52	112
Weighted average shares outstanding - diluted (in shares)	78,547	74,966
Basic net income attributable to the controlling interests per common share (in dollars per share)	$ 0.04	$ 0.09
Diluted net income attributable to the controlling interests per common share (in dollars per share)	$ 0.04	$ 0.09

Segment Information - Segment S

Segment Information - Segment Schedules (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)segment	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment	3
Segment Reporting Information [Line Items]
Real estate rental revenue	$ 84,881	$ 77,501
Real estate expenses	29,901	27,863
Net operating income	54,980	49,638
Depreciation and amortization	(29,969)	(26,069)
General and administrative	(5,821)	(5,626)
Interest expense	(12,827)	(11,405)
Other income	0	77
Real estate impairment	(1,886)	0
Net income	3,299	6,615
Less: Net loss attributable to noncontrolling interests in subsidiaries	0	19
Net income attributable to the controlling interests	3,299	6,634
Capital expenditures	8,017	12,011
Total assets	2,518,295	2,254,109	$ 2,359,426
Office
Segment Reporting Information [Line Items]
Real estate rental revenue	45,547	38,027
Real estate expenses	16,302	14,414
Net operating income	29,245	23,613
Capital expenditures	4,945	4,955
Total assets	1,361,880	1,097,256
Retail
Segment Reporting Information [Line Items]
Real estate rental revenue	15,671	15,705
Real estate expenses	4,160	3,863
Net operating income	11,511	11,842
Capital expenditures	475	184
Total assets	344,904	348,221
Multifamily [Member]
Segment Reporting Information [Line Items]
Real estate rental revenue	23,663	23,769
Real estate expenses	9,439	9,586
Net operating income	14,224	14,183
Capital expenditures	2,425	6,297
Total assets	769,643	764,732
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	172	575
Total assets	$ 41,868	$ 43,900

Shareholders' Equity (Details)

Shareholders' Equity (Details)	3 Months Ended
	Mar. 31, 2018USD ($)$ / sharesshares	Mar. 31, 2017USD ($)	Jun. 23, 2015USD ($)agreements
Class of Stock [Line Items]
Number of separate equity distribution agreements | agreements			4
Net proceeds from equity issuances	$ 0	$ 29,959,000
Shares issued under dividend reinvestment program	$ 717,000
Common Stock [Member]
Class of Stock [Line Items]
Capital shares reserved for future issuances			$ 200,000,000
Shares issued under dividend reinvestment program (in shares) | shares	37,079
Stock issued during period, weighted share price, Dividend Reinstated Plan | $ / shares	$ 28.16
Shares issued under dividend reinvestment program	$ 0
Additional Paid-in Capital [Member]
Class of Stock [Line Items]
Shares issued under dividend reinvestment program	$ 717,000