Elme Communities (ELME) 10-Q 30 Oct 20 2020 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2020	Oct. 28, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	1-6622
Entity Registrant Name	WASHINGTON REAL ESTATE INVESTMENT TRUST
Entity Central Index Key	0000104894
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	53-0261100
Entity Address, Address Line One	1775 EYE STREET, NW
Entity Address, Address Line Two	SUITE 1000
Entity Address, City or Town	WASHINGTON
Entity Address, State or Province	DC
Entity Address, Postal Zip Code	20006
City Area Code	202
Local Phone Number	774-3200
Title of 12(b) Security	Shares of Beneficial Interest
Trading Symbol	WRE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		82,372,383

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets
Land	$ 574,025	$ 566,807
Income producing property	2,497,017	2,392,415
Net income producing property, at cost	3,071,042	2,959,222
Accumulated depreciation and amortization	(772,482)	(693,610)
Net income producing property	2,298,560	2,265,612
Properties under development or held for future development	77,481	124,193
Total real estate held for investment, net	2,376,041	2,389,805
Investment in real estate held for sale, net	0	57,028
Cash and cash equivalents	3,814	12,939
Restricted cash	615	1,812
Rents and other receivables	67,628	65,259
Prepaid expenses and other assets	84,174	95,149
Other assets related to properties held for sale	0	6,336
Total assets	2,532,272	2,628,328
Liabilities
Notes payable, net	897,443	996,722
Mortgage notes payable, net	0	47,074
Line of credit	186,000	56,000
Accounts payable and other liabilities	99,388	71,136
Dividend payable	24,767	24,668
Advance rents	6,979	9,353
Tenant security deposits	10,580	10,595
Other liabilities related to properties held for sale	0	718
Total liabilities	1,225,157	1,216,266
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; 82,351 and 82,099 shares issued and outstanding, as of September 30, 2020 and December 31, 2019, respectively	824	821
Additional paid in capital	1,601,160	1,592,487
Distributions in excess of net income	(262,435)	(183,405)
Accumulated other comprehensive (loss) income	(32,759)	1,823
Total shareholders’ equity	1,306,790	1,411,726
Noncontrolling interests in subsidiaries	325	336
Total equity	1,307,115	1,412,062
Total liabilities and equity	$ 2,532,272	$ 2,628,328

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares, authorized (in shares)	10,000,000	10,000,000
Preferred shares, issued (in shares)	0	0
Preferred shares, outstanding (in shares)	0	0
Shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 0.01
Shares of beneficial interest, authorized (in shares)	100,000,000	100,000,000
Shares of beneficial interest, issued (in shares)	82,351,000	82,099,000
Shares of beneficial interest, outstanding (in shares)	82,351,000	82,099,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue
Real estate rental revenue		$ 73,227	$ 80,259	$ 222,889	$ 228,513
Expenses
Real estate expenses		28,672	30,692	84,196	84,969
Depreciation and amortization		30,470	37,340	89,789	97,441
General and administrative expenses		6,330	6,461	17,963	19,803
Real estate impairment		0	0	0	8,374
Expenses		65,472	74,493	191,948	210,587
Loss on sale of real estate		0	0	(7,539)	(1,046)
Real estate operating income		7,755	5,766	23,402	16,880
Other income (expense)
Interest expense		(8,711)	(14,198)	(28,307)	(41,946)
Gain on extinguishment of debt		0	0	262	0
Total other expense		(8,711)	(14,198)	(28,045)	(41,946)
Loss from continuing operations		(956)	(8,432)	(4,643)	(25,066)
Discontinued operations:
Income from operations of properties sold or held for sale		0	2,942	0	16,158
Gain on sale of real estate		0	339,024	0	339,024
Loss on extinguishment of debt		0	(764)	0	(764)
Income from discontinued operations		0	341,202	0	354,418
Net (loss) income		(956)	332,770	(4,643)	329,352
Less: Net income attributable to noncontrolling interests in subsidiaries		0	0	0	0
Net (loss) income attributable to the controlling interests		$ (956)	$ 332,770	$ (4,643)	$ 329,352
Basic net (loss) income attributable to the controlling interests per share:
Continuing operations, basic (in dollars per share)		$ (0.01)	$ (0.10)	$ (0.06)	$ (0.31)
Discontinued operations, basic (in dollars per share)		0	4.24	0	4.41
Basic net (loss) income attributable to the controlling interests per share (in dollars per share)	[1]	(0.01)	4.14	(0.06)	4.10
Diluted net (loss) income attributable to the controlling interests per share:
Continuing operations, diluted (in dollars per share)		(0.01)	(0.10)	(0.06)	(0.31)
Discontinued operations, diluted (in dollars per share)		0	4.24	0	4.41
Diluted net (loss) income attributable to the controlling interests per share (in dollars per share)	[1]	$ (0.01)	$ 4.14	$ (0.06)	$ 4.10
Weighted average shares outstanding - basic (in shares)		82,186	79,981	82,142	79,933
Weighted average shares outstanding - diluted (in shares)		82,186	79,981	82,142	79,933
Dividends declared per share (in dollars per share)		$ 0.30	$ 0.30	$ 0.90	$ 0.90
Revenue, type [Extensible List]		us-gaap:RealEstateMember	us-gaap:RealEstateMember	us-gaap:RealEstateMember	us-gaap:RealEstateMember
Expenses, type [Extensible List]		us-gaap:RealEstateMember	us-gaap:RealEstateMember	us-gaap:RealEstateMember	us-gaap:RealEstateMember
[1]	Earnings per share may not sum due to rounding

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (956)	$ 332,770	$ (4,643)	$ 329,352
Unrealized gain (loss) on interest rate hedges	1,774	(2,387)	(34,582)	(13,498)
Comprehensive income (loss)	818	330,383	(39,225)	315,854
Less: Comprehensive income attributable to noncontrolling interests	0	0	0	0
Comprehensive income (loss) attributable to the controlling interests	$ 818	$ 330,383	$ (39,225)	$ 315,854

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative effect	Shares of Beneficial Interest	Additional Paid in Capital	Distributions in Excess of Net Income	Distributions in Excess of Net IncomeCumulative effect	Accumulated Other Comprehensive Income (Loss)	Total Shareholders’ Equity	Total Shareholders’ EquityCumulative effect	Noncontrolling Interests in Subsidiaries
Balance (in shares) at Dec. 31, 2018			79,910
Balance at Dec. 31, 2018	$ 1,068,478	$ (906)	$ 799	$ 1,526,574	$ (469,085)	$ (906)	$ 9,839	$ 1,068,127	$ (906)	$ 351
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to the controlling interests	329,352				329,352			329,352
Unrealized gain (loss) on interest rate hedges	(13,498)						(13,498)	(13,498)
Distributions to noncontrolling interests	(8)									(8)
Dividends	(72,339)				(72,339)			(72,339)
Equity issuances, net of issuance costs (in shares)			145
Equity issuances, net of issuance costs	$ 3,681		$ 2	3,679				3,681
Shares issued under Dividend Reinvestment Program (in shares)	128		128
Shares issued under Dividend Reinvestment Program	$ 3,430		$ 1	3,429				3,430
Share grants, net of forfeitures and tax withholdings (in shares)			109
Share grants, net of forfeitures and tax withholdings	6,053		$ 1	6,052				6,053
Balance (in shares) at Sep. 30, 2019			80,292
Balance at Sep. 30, 2019	1,324,243		$ 803	1,539,734	(212,978)		(3,659)	1,323,900		343
Balance (in shares) at Jun. 30, 2019			80,082
Balance at Jun. 30, 2019	1,010,708		$ 801	1,532,497	(521,661)		(1,272)	1,010,365		343
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to the controlling interests	332,770				332,770			332,770
Unrealized gain (loss) on interest rate hedges	(2,387)						(2,387)	(2,387)
Dividends	(24,087)				(24,087)			(24,087)
Equity issuances, net of issuance costs (in shares)			145
Equity issuances, net of issuance costs	$ 3,681		$ 2	3,679				3,681
Shares issued under Dividend Reinvestment Program (in shares)	64		64
Shares issued under Dividend Reinvestment Program	$ 1,757		$ 0	1,757				1,757
Share grants, net of forfeitures and tax withholdings (in shares)			1
Share grants, net of forfeitures and tax withholdings	1,801		$ 0	1,801				1,801
Balance (in shares) at Sep. 30, 2019			80,292
Balance at Sep. 30, 2019	1,324,243		$ 803	1,539,734	(212,978)		(3,659)	1,323,900		343
Balance (in shares) at Dec. 31, 2019			82,099
Balance at Dec. 31, 2019	1,412,062		$ 821	1,592,487	(183,405)		1,823	1,411,726		336
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to the controlling interests	(4,643)				(4,643)			(4,643)
Unrealized gain (loss) on interest rate hedges	(34,582)						(34,582)	(34,582)
Distributions to noncontrolling interests	(11)									(11)
Dividends	(74,387)				(74,387)			(74,387)
Equity issuances, net of issuance costs (in shares)			46
Equity issuances, net of issuance costs	$ 1,242		$ 1	1,241				1,242
Shares issued under Dividend Reinvestment Program (in shares)	64		64
Shares issued under Dividend Reinvestment Program	$ 1,581		$ 1	1,580				1,581
Share grants, net of forfeitures and tax withholdings (in shares)			142
Share grants, net of forfeitures and tax withholdings	5,853		$ 1	5,852				5,853
Balance (in shares) at Sep. 30, 2020			82,351
Balance at Sep. 30, 2020	1,307,115		$ 824	1,601,160	(262,435)		(32,759)	1,306,790		325
Balance (in shares) at Jun. 30, 2020			82,327
Balance at Jun. 30, 2020	1,328,566		$ 823	1,598,620	(236,673)		(34,533)	1,328,237		329
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) attributable to the controlling interests	(956)				(956)			(956)
Unrealized gain (loss) on interest rate hedges	1,774						1,774	1,774
Distributions to noncontrolling interests	(4)									(4)
Dividends	(24,806)				(24,806)			(24,806)
Equity issuances, net of issuance costs	$ 0
Shares issued under Dividend Reinvestment Program (in shares)	23		23
Shares issued under Dividend Reinvestment Program	$ 516		$ 1	515				516
Share grants, net of forfeitures and tax withholdings (in shares)			1
Share grants, net of forfeitures and tax withholdings	2,025		$ 0	2,025				2,025
Balance (in shares) at Sep. 30, 2020			82,351
Balance at Sep. 30, 2020	$ 1,307,115		$ 824	$ 1,601,160	$ (262,435)		$ (32,759)	$ 1,306,790		$ 325

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities
Net (loss) income	$ (4,643)	$ 329,352
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	89,789	102,367
Credit losses (gains) on lease related receivables	3,271	(45)
Real estate impairment	0	8,374
Loss (gain) on sale of real estate	7,539	(337,978)
Share-based compensation expense	5,901	6,265
Amortization of debt premiums, discounts and related financing costs	2,036	2,632
(Gain) loss on extinguishment of debt	(262)	0
(Gain) loss on extinguishment of debt	0	764
Changes in operating other assets	(11,566)	(12,353)
Changes in operating other liabilities	(7,841)	(8,098)
Net cash provided by operating activities	84,224	91,280
Cash flows from investing activities
Real estate acquisitions, net	0	(528,588)
Net cash received for sale of real estate	56,353	582,551
Capital improvements to real estate	(38,490)	(30,588)
Development in progress	(23,454)	(26,884)
Non-real estate capital improvements	(196)	(317)
Net cash used in investing activities	(5,787)	(3,826)
Cash flows from financing activities
Line of credit borrowings, net	130,000	23,000
Dividends paid	(74,285)	(96,361)
Principal payments – mortgage notes payable	(46,567)	(12,596)
Repayments of unsecured notes payable	(250,000)	(450,000)
Proceeds from term loan	150,000	450,000
Payment of financing costs	(567)	(1,219)
Distributions to noncontrolling interests	(11)	(8)
Proceeds from dividend reinvestment program	1,581	3,430
Net proceeds from equity issuances	1,240	3,681
Payment of tax withholdings for restricted share awards	(150)	(512)
Net cash used in financing activities	(88,759)	(80,585)
Net (decrease) increase in cash, cash equivalents and restricted cash	(10,322)	6,869
Cash, cash equivalents and restricted cash at beginning of period	14,751	7,640
Cash, cash equivalents and restricted cash at end of period	4,429	14,509
Supplemental disclosure of cash flow information:
Cash paid for interest, net of amounts capitalized	27,386	34,481
Change in accrued capital improvements and development costs	4,147	13,638
Reconciliation of cash, cash equivalents and restricted cash:
Cash, cash equivalents and restricted cash	$ 4,429	$ 14,509

Nature of Business

Nature of Business	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	NATURE OF BUSINESS Washington Real Estate Investment Trust (“WashREIT”), 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 portfolio of multifamily and commercial (office and retail) properties. 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. 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 September 30, 2020 and December 31, 2019, our TRSs had a deferred tax asset of $1.4 million that was fully reserved. As of both September 30, 2020 and December 31, 2019, we had deferred state and local tax liabilities of $0.6 million. These deferred tax liabilities are recorded in Accounts payable and other liabilities on our consolidated balance sheets and are primarily related to temporary differences in the timing of the recognition of revenue, depreciation and amortization.

Summary of Significant Accounti

Summary of Significant Accounting Policies and Basis of Presentations	9 Months Ended
	Sep. 30, 2020
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, 2019, as amended by Amendment No. 1 to the Annual Report on Form 10-K, filed on March 6, 2020. Pronouncements Adopted Standard/Description Effective Date and Adoption Considerations Effect on Financial Statements or Other significant Matters ASU 2016-13, Measurement of Credit Losses on Financial Instruments . This standard requires financial assets measured on an amortized cost basis, including trade receivables, to be presented at the net amount expected to be collected. We adopted the new standard as of January 1, 2020. The adoption of the new standard did not have a material effect on our consolidated financial statements. ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software . This standard requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance to determine which implementation costs to capitalize as assets. We adopted the new standard as of January 1, 2020. The adoption of the new standard did not have a material effect on our consolidated financial statements. Standard/Description Effective Date and Adoption Considerations Effect on Financial Statements or Other significant Matters ASU 2020-04, Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This standard contains optional practical expedients and exceptions for applying Generally Accepted Accounting Principles (“GAAP”) to contracts, hedging relations, and other transactions affected by reference rate reform if certain criteria are met. We elected certain optional practical expedients as of January 1, 2020. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. As of January 1, 2020, we have elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. COVID-19 Lease Modification Accounting Relief In April 2020, the Financial Accounting Standards Board (“FASB”) staff issued a question-and-answer document (“Q&A”) that addresses their belief that the guidance on lease modifications in GAAP does not contemplate concessions being executed as rapidly as they were executed as a result of the major financial crisis arising from the COVID-19 pandemic. Under ASC 842, Leases , we evaluate, on a lease by lease basis, if a lease concession is the result of a new arrangement reached with the tenant, which could result in lease modification accounting, or if a lease concession is contemplated in the existing lease agreement, which is precluded from lease modification accounting. In the Q&A, the staff stated that entities may elect to not evaluate whether a concession provided by a lessor to a lessee in response to the COVID-19 pandemic is a lease modification. This election must be applied consistently to leases with similar characteristics and circumstances. The election permits entities, if certain criteria are met, to account for concessions as if they were contemplated in the existing contract (and accounted for as a negative variable rental revenue) or evaluate the lease concessions for lease modification accounting. We have elected to utilize the relief provided by the FASB staff. This election did not have a material impact on our consolidated financial statements as of September 30, 2020, and we do not expect material impacts in future periods. Principles of Consolidation and Basis of Presentation The accompanying unaudited consolidated financial statements include the consolidated accounts of WashREIT, our majority-owned subsidiaries and entities in which WashREIT 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, 2019, as amended by Amendment No. 1 to the Annual Report on Form 10-K, filed on March 6, 2020. Within these notes to the financial statements, we refer to the three months ended September 30, 2020 and September 30, 2019 as the “2020 Quarter” and the “2019 Quarter,” respectively, and the nine months ended September 30, 2020 and September 30, 2019 as the “2020 Period” and the “2019 Period,” respectively. Discontinued Operations We classify properties as held for sale when they meet the necessary criteria, which include: (a) senior management commits to a plan to sell the assets, (b) the assets are available for immediate sale in their present condition subject only to terms that are usual and customary for sales of such assets, (c) an active program to locate a buyer and other actions required to complete the plan to sell the assets have been initiated, (d) the sale of the assets is probable, and transfer of the assets is expected to qualify for recognition as a completed sale, within one year, (e) the assets are being actively marketed for sale at a price that is reasonable in relation to its current fair value and (f) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Depreciation on these properties is discontinued at the time they are classified as held for sale, but operating revenues, operating expenses and interest expense continue to be recognized until the date of sale. Revenues and expenses of properties that are either sold or classified as held for sale are presented as discontinued operations for all periods presented in the consolidated statements of operations if the dispositions represent a strategic shift that has (or will have) a major effect on our operations and financial results. Interest on debt that can be identified as specifically attributed to these properties is included in discontinued operations. If the dispositions do not represent a strategic shift that has (or will have) a major effect on our operations and financial results, then the revenues and expenses of the properties that are classified as sold or held for sale are presented as continuing operations in the consolidated statements of operations for all periods presented. Restricted Cash Restricted cash includes funds escrowed for tenant security deposits, real estate tax, insurance and mortgage escrows and escrow deposits required by lenders on certain of our properties to be used for future building renovations or tenant improvements. 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	9 Months Ended
	Sep. 30, 2020
Real Estate [Abstract]
Real Estate	REAL ESTATE Acquisitions We acquired the following properties during the 2019 Period: Acquisition Date Property Name Property Type # of Units (unaudited) Contract Purchase Price (in thousands) April 30, 2019 Assembly Portfolio - Virginia (1) Multifamily 1,685 $ 379,100 June 27, 2019 Assembly Portfolio - Maryland (2) Multifamily 428 82,070 July 23, 2019 Cascade at Landmark Multifamily 277 69,750 Total 2019 2,390 $ 530,920 ______________________________ (1) Consists of Assembly Alexandria, Assembly Manassas, Assembly Dulles, Assembly Leesburg and Assembly Herndon. (2) Consists of Assembly Germantown and Assembly Watkins Mill. The Assembly Portfolio - Virginia and Assembly Portfolio - Maryland properties are collectively the “Assembly Portfolio.” Development/Redevelopment We have properties under development/redevelopment and held for current or future development. As of September 30, 2020, we have invested $130.9 million, including the cost of acquired land, in Trove, a 401-unit multifamily development adjacent to The Wellington. During the 2020 Period, we substantially completed major construction activities for Trove’s base building and garage and delivered 205 units. As of September 30, 2020, we have placed into service assets totaling $83.6 million. We have also invested $28.2 million, including the cost of acquired land, in a multifamily development adjacent to Riverside Apartments. In addition, in our multifamily and office segments, we continue to capitalize qualifying costs on several other projects with minor development activity necessary to get each project ready for its intended use. 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 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. We sold our interests in the following properties during 2020 and 2019: Disposition Date Property Name Property Type Rentable Square Feet Contract Sales Price (Loss) Gain on Sale April 21, 2020 John Marshall II Office 223,000 $ 57,000 $ (6,855) Total 2020 223,000 $ 57,000 $ (6,855) June 26, 2019 Quantico Corporate Center (1) Office 272,000 $ 33,000 $ (1,046) July 23, 2019 Shopping Center Portfolio (2) Retail 800,000 485,250 333,023 August 21, 2019 Frederick Crossing and Frederick County Square Retail 520,000 57,500 9,507 August 27, 2019 Centre at Hagerstown Retail 330,000 23,500 (3,506) December 19, 2019 1776 G Street Office 262,000 129,500 61,007 Total 2019 2,184,000 $ 728,750 $ 398,985 ______________________________ (1) Consists of 925 and 1000 Corporate Drive. (2) Consists of five retail properties: Gateway Overlook, Wheaton Park, Olney Village Center, Bradlee Shopping Center and Shoppes of Foxchase. During the second quarter of 2019, we sold Quantico Corporate Center, an office property in Stafford, Virginia, consisting of two office buildings totaling 272,000 square feet, for a contract sale price of $33.0 million, recognizing a loss on sale of real estate of $1.0 million. Prior to the sale, due to the negotiations to sell the property, we evaluated Quantico Corporate Center for impairment and recognized an $8.4 million impairment charge during the first quarter of 2019 in order to reduce the carrying value of the property to its estimated fair value. In June 2019, we entered into two separate purchase and sale agreements with two separate buyers to sell the Shopping Center Portfolio (Gateway Overlook, Wheaton Park, Olney Village Center, Bradlee Shopping Center and Shoppes of Foxchase) and the Power Center Portfolio (Frederick Crossing, Frederick County Square and Centre at Hagerstown). As of June 30, 2019, the properties in the Retail Portfolio (as defined below) met the criteria for classification as held for sale. We closed on the Shopping Center Portfolio sale transaction on July 23, 2019, recognizing a gain on sale of real estate of $333.0 million. Prior to closing on the disposition of the Shopping Center Portfolio, we prepaid the mortgage note secured by Olney Village Center, incurring a loss on extinguishment of debt of approximately $0.8 million, which we recognized in the third quarter of 2019. In the third quarter of 2019, the purchase and sale agreement to sell the Power Center Portfolio was amended to include only Frederick Crossing and Frederick County Square. We closed on the sale of these assets on August 21, 2019, recognizing a gain on sale of real estate of $9.5 million. Following the amendment to the purchase and sale agreement to sell the Power Center Portfolio, we marketed Centre at Hagerstown for sale and identified a separate buyer. We closed on the sale of this asset on August 27, 2019, recognizing a loss on sale of real estate of $3.5 million. References to the “Retail Portfolio” include the Shopping Center Portfolio, Frederick Crossing, Frederick County Square and Centre at Hagerstown. The disposition of the Retail Portfolio represented a strategic shift that had a major effect on our financial results and we accordingly reported the Retail Portfolio as discontinued operations. The Retail Portfolio represented a majority of our retail assets by net operating income and following its sale, we determined that our retail line of business was no longer a reportable segment. In October 2019, we renewed and extended our lease with the World Bank at 1776 G Street NW, an office property in Washington, DC, through December 31, 2025. In December 2019, we sold the property to the World Bank for a contract sale price of $129.5 million, recognizing a gain on sale of real estate of $61.0 million. In December 2019, we executed a purchase and sale agreement to sell John Marshall II for a contract sale price of $63.4 million. Upon execution of the purchase and sale agreement, the property met the criteria for classification as held for sale. In April 2020, we executed an amendment to the purchase and sale agreement which decreased the contract sale price to $57.0 million and closed on the sale on April 21, 2020, recognizing a loss on sale of real estate of $6.9 million. As of September 30, 2020, we assessed certain properties for impairment and did not recognize any impairment charges during the 2020 Quarter. We applied reasonable estimates and judgments in evaluating each of the properties as of September 30, 2020. Should external or internal circumstances change requiring the need to shorten holding periods or adjust future estimated cash flows from our properties, we could be required to record impairment charges in the future. Discontinued Operations The results of the Retail Portfolio are classified as discontinued operations and are summarized as follows (amounts in thousands, except for share data): Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Real estate rental revenue $ 4,126 $ 28,200 Real estate expenses (1,095) (6,803) Depreciation and amortization (59) (4,926) Interest expense (30) (313) Loss on extinguishment of debt (764) (764) Gain on sale of real estate 339,024 339,024 Income from discontinued operations $ 341,202 $ 354,418 Basic net income per share $ 4.24 $ 4.41 Diluted net income per share $ 4.24 $ 4.41 Capital expenditures $ — $ 809

Lease Accounting

Lease Accounting	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Lease Accounting	LEASE ACCOUNTING Leasing as a Lessor Future Minimum Rental Income As of September 30, 2020, non-cancelable commercial operating leases provide for future minimum rental income from continuing operations as follows (in thousands). Apartment leases are not included as the terms are generally for one year or less. 2020 $ 34,386 2021 135,462 2022 122,421 2023 105,347 2024 92,120 Thereafter 327,560 $ 817,296 Leasing as a Lessee 2000 M Street, an office property in Washington, DC, is subject to an operating ground lease with a remaining term of 51 years. Rental payments under this lease are subject to percentage rent variable payments, which are not included as part of our measurement of straight-line rental expense. We recognized straight-line rental expense of $0.1 million during each of the 2020 Quarter and 2019 Quarter and $0.2 million for each of the 2020 Period and 2019 Period, respectively. We recognized variable rental payments of $0.2 million during each of the 2020 Quarter and 2019 Quarter and $0.7 million during each of the 2020 Period and 2019 Period, respectively. We recognized a right of use asset (included in Income producing property) and lease liability (included in Accounts payable and other liabilities) of $4.2 million. We used a discount rate of approximately 5.9%, which was derived from our assessment of securitized rates for similar assets and credit quality. We recognized $0.1 million of right-of-use and lease liability amortization during each of the 2020 Quarter and 2019 Quarter and $0.2 million for each of the 2020 Period and 2019 Period, respectively. The following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments on our operating ground lease as of September 30, 2020 and a reconciliation of those cash flows to the operating lease liability as of September 30, 2020 (in thousands): 2020 $ 65 2021 260 2022 260 2023 260 2024 260 Thereafter 11,895 13,000 Imputed interest (9,210) Lease liability $ 3,790
Lease Accounting	LEASE ACCOUNTING Leasing as a Lessor Future Minimum Rental Income As of September 30, 2020, non-cancelable commercial operating leases provide for future minimum rental income from continuing operations as follows (in thousands). Apartment leases are not included as the terms are generally for one year or less. 2020 $ 34,386 2021 135,462 2022 122,421 2023 105,347 2024 92,120 Thereafter 327,560 $ 817,296 Leasing as a Lessee 2000 M Street, an office property in Washington, DC, is subject to an operating ground lease with a remaining term of 51 years. Rental payments under this lease are subject to percentage rent variable payments, which are not included as part of our measurement of straight-line rental expense. We recognized straight-line rental expense of $0.1 million during each of the 2020 Quarter and 2019 Quarter and $0.2 million for each of the 2020 Period and 2019 Period, respectively. We recognized variable rental payments of $0.2 million during each of the 2020 Quarter and 2019 Quarter and $0.7 million during each of the 2020 Period and 2019 Period, respectively. We recognized a right of use asset (included in Income producing property) and lease liability (included in Accounts payable and other liabilities) of $4.2 million. We used a discount rate of approximately 5.9%, which was derived from our assessment of securitized rates for similar assets and credit quality. We recognized $0.1 million of right-of-use and lease liability amortization during each of the 2020 Quarter and 2019 Quarter and $0.2 million for each of the 2020 Period and 2019 Period, respectively. The following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments on our operating ground lease as of September 30, 2020 and a reconciliation of those cash flows to the operating lease liability as of September 30, 2020 (in thousands): 2020 $ 65 2021 260 2022 260 2023 260 2024 260 Thereafter 11,895 13,000 Imputed interest (9,210) Lease liability $ 3,790

Mortgage Notes Payable

Mortgage Notes Payable	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Mortgage Notes Payable	MORTGAGE NOTES PAYABLEIn January 2020, we prepaid the $45.6 million mortgage note secured by Yale West, which was scheduled to mature in 2052. As a result of the transaction, we recognized a gain on extinguishment of debt of $0.5 million related to the write-off of an unamortized mortgage premium of $1.4 million, partially offset by a prepayment penalty of $0.9 million. Following this repayment, we have no outstanding mortgage notes.

Unsecured Lines of Credit Payab

Unsecured Lines of Credit Payable	9 Months Ended
	Sep. 30, 2020
Unsecured Lines of Credit Payable
Debt Instrument [Line Items]
Unsecured Lines of Credit Payable and Notes Payable	UNSECURED LINE OF CREDIT PAYABLE During the first quarter of 2018, 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. The Credit Agreement has an accordion feature that allows us to increase the aggregate facility to $1.5 billion, subject to the lenders’ agreement 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 WashREIT’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 WashREIT’s credit rating) on the $700.0 million committed revolving loan capacity, without regard to usage. As of September 30, 2020, the interest rate on the Revolving Credit Facility is one month LIBOR plus 1.00%, the one month LIBOR is 0.15% and the facility fee is 0.20%. All outstanding advances for the Revolving Credit Facility are due and payable upon maturity in March 2022, unless extended pursuant to one or both of the two six-month extension options. Interest only payments are due and payable generally on a monthly basis. The 2018 Term Loan increases and replaces the $150.0 million unsecured term loan, initially entered into on July 22, 2016 (“2016 Term Loan”), that was scheduled to mature in July 2023. The 2018 Term Loan is scheduled to mature 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 WashREIT’s credit rating). 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%. In March 2018, we entered into interest rate derivatives that commenced on June 29, 2018 to effectively fix the interest rate on the remaining $100.0 million of the 2018 Term Loan at 3.71%. The 2018 Term Loan has an all-in fixed interest rate of 2.87%. The amount of the Revolving Credit Facility’s unsecured line of credit unused and available at September 30, 2020 is as follows (in thousands): Committed capacity $ 700,000 Borrowings outstanding (186,000) Unused and available $ 514,000 We executed borrowings and repayments on the Revolving Credit Facility during the 2020 Period as follows (in thousands): Balance at December 31, 2019 $ 56,000 Borrowings 399,000 Repayments (269,000) Balance at September 30, 2020 $ 186,000

Notes Payable

Notes Payable	9 Months Ended
	Sep. 30, 2020
Notes Payable
Debt Instrument [Line Items]
Unsecured Lines of Credit Payable and Notes Payable	NOTES PAYABLE On May 5, 2020, we entered into a one-year, $150.0 million unsecured term loan facility (“2020 Term Loan”), maturing on May 5, 2021 with a one-year extension option. The 2020 Term Loan bears interest at LIBOR + 1.50%, which margin is subject to change based on our credit ratings, with a 0.50% floor for the LIBOR rate. We used the proceeds to repay borrowings under our Revolving Credit Facility. On September 29, 2020, we entered into a note purchase agreement to issue $350.0 million aggregate principal amount of 3.44% senior unsecured 10-year notes payable (the “Green Bonds”). The effective interest rate under the Green Bonds, including amortization of the associated interest rate swaps (see note 8), is 4.09%. The closing and funding of the Green Bonds is expected to occur no later than December 29, 2020, with the ability for such closing and funding to occur earlier upon our election, in each case, subject to the satisfaction of standard closing conditions. We incurred $2.5 million of debt issuance costs associated with the Green Bonds which are recorded within Prepaid expenses and other assets on our consolidated balance sheets. Subsequent to the closing and funding of the Green Bonds, the debt issuance costs will be reported on our consolidated balance sheets as an offset to their related debt. The Green Bonds will be senior unsecured obligations of WashREIT and will rank equal in right to payment with all other senior unsecured indebtedness of WashREIT. We intend to use the proceeds of the sale of the Green Bonds to finance or refinance recently completed and future green building and energy efficiency, sustainable water and wastewater management and renewable energy projects (“Eligible Green Projects”) and, pending allocation to such Eligible Green Projects, such net proceeds may be used to repay borrowings outstanding on the Revolving Credit Facility or term loans and may be held in Cash and cash equivalents on our consolidated balance sheets. The note purchase agreement contains customary financial covenants, including a maximum total leverage ratio, a maximum secured leverage ratio, a minimum fixed charge coverage ratio, a minimum unencumbered interest coverage ratio, and a maximum unencumbered leverage ratio. The note purchase agreement also contains restrictive covenants that, among other things, restrict the ability of WashREIT and its subsidiaries to enter into transactions with affiliates, consolidate or merge or transfer or lease all or substantially all of its assets, create liens, make dividends and distributions if an event of default exists, or substantially change the general nature of our business. Such financial and restrictive covenants are substantially similar to the corresponding covenants contained in our amended and restated credit agreement and 2020 Term Loan. The note purchase agreement also contains customary events of default, including payment defaults, cross defaults with certain other indebtedness, breaches of certain covenants and bankruptcy events. In the case of an event of default, we will generally be prohibited from paying any dividends, subject to certain exceptions including payment of dividends necessary to maintain REIT status, and the Purchasers may, among other remedies, accelerate the payment of all obligations. In the event of a change in control of WashREIT, we must offer to prepay the Green Bonds at par.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	DERIVATIVE INSTRUMENTSOn September 15, 2015, 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 $150.0 million 2015 Term Loan 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 $150.0 million 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 $250.0 million 2018 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 a $150.0 million portion of the 2018 Term Loan at 2.31%. On March 29, 2018, we entered into four 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%, that commenced on June 29, 2018 and extending until the maturity of the 2018 Term Loan on July 21, 2023. The $250.0 million 2018 Term Loan has an all-in fixed interest rate of 2.87%. In November 2019, we entered into four forward interest rate swap arrangements, each effective as of April 1, 2020 (“Forward Swaps”) with a total notional amount of $200.0 million to reduce our exposure to adverse fluctuations in interest rates on future fixed-rate debt to replace all $250.0 million of our 4.95% 10-year unsecured notes that were scheduled to mature in October 2020. In April 2020, we used borrowings from our Revolving Credit Facility to prepay all $250.0 million of our 4.95% 10-year unsecured notes without penalty. In September 2020, in conjunction with the entry into the note purchase agreement to issue the Green Bonds (see note 7), we terminated the Forward Swaps. At the time of termination, the Forward Swaps had a liability fair value of $20.4 million, which will be amortized as interest expense over the 10-year term of the Green Bonds. On October 2, 2020, we paid the $20.4 million liability associated with the termination of the Forward Swaps. 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 (loss). The resulting unrealized gain or loss on interest rate hedges was the only activity in other comprehensive income (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 highly effective for all periods presented. The fair values of the interest rate swaps as of September 30, 2020 and December 31, 2019, are as follows (in thousands): Fair Value Derivative Assets (Liabilities) Derivative Instrument Aggregate Notional Amount Effective Date Maturity Date September 30, 2020 December 31, 2019 Interest rate swaps $ 150,000 October 15, 2015 March 15, 2021 $ (1,005) $ (62) Interest rate swaps 150,000 March 31, 2017 July 21, 2023 (4,471) 1,825 Interest rate swaps 100,000 June 29, 2018 July 21, 2023 (6,896) (3,664) Interest rate swaps 200,000 April 1, 2020 April 1, 2030 — 3,724 $ (12,372) $ 1,823 We record interest rate swaps on our consolidated balance sheets within Prepaid expenses and other assets when in a net asset position and within Accounts payable and other liabilities when in a net liability position. The interest rate swaps have been effective since inception. The net unrealized gains or losses on the effective swaps are recognized in Other comprehensive loss, as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Unrealized gain (loss) on interest rate hedges 1,774 (2,387) (34,582) (13,498) Amounts reported in Accumulated other comprehensive (loss) income 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 $6.7 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 September 30, 2020, we did not have any derivatives in an asset position and the fair value of the derivative liabilities, including accrued interest, was $12.4 million. As of September 30, 2020, we have not posted any collateral related to these agreements.

Fair Value Disclosures

Fair Value Disclosures	9 Months Ended
	Sep. 30, 2020
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 September 30, 2020 and December 31, 2019 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 8). 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, Fair Value Measurement , 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 September 30, 2020 and December 31, 2019 were as follows (in thousands): September 30, 2020 December 31, 2019 Fair Level 1 Level 2 Level 3 Fair Level 1 Level 2 Level 3 Assets: SERP $ 2,126 $ — $ 2,126 $ — $ 1,792 $ — $ 1,792 $ — Interest rate swaps — — — — 5,549 — 5,549 — Liabilities: Interest rate swaps $ (12,372) $ — $ (12,372) $ — $ (3,726) $ — $ (3,726) $ — 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 models. 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 September 30, 2020 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 September 30, 2020 and December 31, 2019, the carrying values and estimated fair values of our financial instruments were as follows (in thousands): September 30, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value Cash and cash equivalents $ 3,814 $ 3,814 $ 12,939 $ 12,939 Restricted cash 615 615 1,812 1,812 Mortgage notes payable, net — — 47,074 47,899 Line of credit 186,000 186,000 56,000 56,000 Notes payable, net 897,443 921,394 996,722 1,022,937

Stock Based Compensation

Stock Based Compensation	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock Based Compensation	STOCK BASED COMPENSATION WashREIT 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. On February 14, 2020, the board of trustees adopted an Amended and Restated Executive Officer Short-Term Incentive Plan (the “Officer STIP”) and an Amended and Restated Executive Officer Long-Term Incentive Plan (the “Officer LTIP”). Upon adoption by the board of trustees, both plans became effective for the performance periods beginning January 1, 2020. Officer LTIP Under the Officer LTIP, as revised, all named executive officers will have the opportunity to receive awards based on (i) the achievement of performance measures, which will be established for each performance period, and (ii) continued employment with the Company. The aggregate weighting for the performance measures and the time-based measures, as determined by the Compensation Committee, will total 100%. The performance measures will consist of one or more shareholder return measures and one or more strategic measures. The awards earned under the Officer LTIP, if any, are payable in our common shares of beneficial interest. Each participant’s total award under the Officer LTIP with respect to a performance period will be stated as a percentage of the participant’s annual base salary determined as of the beginning of that performance period. The percentage will depend upon the participant’s position and the degree of achievement of threshold, target, and high performance goals for the performance period which, except as otherwise determined by the Compensation Committee, will be as set forth in the table below: Threshold Target High President and Chief Executive Officer 198% 275% 440% Executive Vice President 143% 200% 295% Senior Vice President 100% 143% 207% Any time-based awards under the Officer LTIP will be subject to a three-year vesting schedule, with any award vesting in one-third increments on December 15 of each year of the applicable performance period if the participant remains employed by the Company on each of such dates. The Officer LTIP provides that following a performance period, 100% of any performance-based award will vest immediately upon grant. Each year, the Compensation Committee will establish the threshold, target and high performance goals for each performance measures. Upon or following completion of a performance period, the degree of achievement of each performance measure will be determined by the Compensation Committee in its discretion. If a Change in Control (as defined in the Officer LTIP) occurs during a performance period while the participant is employed, the Officer LTIP provides that all time-based awards which are unvested will become vested, and the participant will receive a pro-rated portion of the shareholder return measure-based awards and the strategic measure-based awards will be calculated at target. Total Compensation Expense Total compensation expense recognized in the consolidated financial statements for all outstanding share based awards was $2.1 million and $1.7 million for the 2020 Quarter and 2019 Quarter, respectively, and $5.9 million and $6.3 million for the 2020 Period and 2019 Period, respectively. Restricted Share Awards The total fair values of restricted share awards vested was $0.8 million and $1.7 million for the 2020 Period and 2019 Period, respectively.

Earnings per Common Share

Earnings per Common Share	9 Months Ended
	Sep. 30, 2020
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. 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 and nine months ended September 30, 2020 and 2019 were as follows (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Numerator: Loss from continuing operations $ (956) $ (8,432) $ (4,643) $ (25,066) Allocation of earnings to unvested restricted share awards to continuing operations (151) 47 (453) 118 Adjusted loss from continuing operations attributable to the controlling interests (1,107) (8,385) (5,096) (24,948) Income from discontinued operations — 341,202 — 354,418 Allocation of earnings to unvested restricted share awards to discontinued operations — (1,841) — (1,870) Adjusted income from discontinuing operations — 339,361 — 352,548 Adjusted net (loss) income attributable to the controlling interests $ (1,107) $ 330,976 $ (5,096) $ 327,600 Denominator: Weighted average shares outstanding – basic 82,186 79,981 82,142 79,933 Effect of dilutive securities: Employee restricted share awards — — — — Operating partnership units — — — — Weighted average shares outstanding – diluted 82,186 79,981 82,142 79,933 Earnings per common share, basic: Continuing operations $ (0.01) $ (0.10) $ (0.06) $ (0.31) Discontinued operations — 4.24 — 4.41 Basic net (loss) income attributable to the controlling interests per common share (1) $ (0.01) $ 4.14 $ (0.06) $ 4.10 Earnings per common share, diluted: Continuing operations $ (0.01) $ (0.10) $ (0.06) $ (0.31) Discontinued operations — 4.24 — 4.41 Diluted net (loss) income attributable to the controlling interests per common share (1) $ (0.01) $ 4.14 $ (0.06) $ 4.10 Dividends declared per common share $ 0.30 $ 0.30 $ 0.90 $ 0.90 ______________________________ (1) Earnings per share may not sum due to rounding.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Segment Information	SEGMENT INFORMATION We evaluate real estate performance and allocate resources by property type through two reportable segments: office and multifamily. 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. We have eight retail properties that do not meet the qualitative or quantitative criteria for a reportable segment and are classified as “Corporate and other” in our segment disclosure tables. We evaluate performance based upon net operating income of 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 each segment’s performance. Net operating income is a key measurement of our segment profit and loss and is defined as real estate rental revenue less real estate expenses. The following tables present revenues, net operating income, capital expenditures and total assets for the three and nine months ended September 30, 2020 and 2019 from these segments, and reconcile net operating income of our reportable segments to net (loss) income attributable to the controlling interests as reported (in thousands): Three Months Ended September 30, 2020 Office Multifamily Corporate and Other Consolidated Real estate rental revenue $ 32,579 $ 36,266 $ 4,382 $ 73,227 Real estate expenses 12,342 14,988 1,342 28,672 Net operating income $ 20,237 $ 21,278 $ 3,040 $ 44,555 Depreciation and amortization (30,470) General and administrative expenses (6,330) Interest expense (8,711) Net loss (956) Less: Net income attributable to noncontrolling interests in subsidiaries — Net loss attributable to the controlling interests $ (956) Capital expenditures $ 6,201 $ 6,520 $ 389 $ 13,110 Total assets $ 1,056,074 $ 1,338,812 $ 137,386 $ 2,532,272 Three Months Ended September 30, 2019 Office Multifamily Corporate and Other (1) Consolidated Real estate rental revenue $ 39,810 $ 35,790 $ 4,659 $ 80,259 Real estate expenses 15,148 14,232 1,312 30,692 Net operating income $ 24,662 $ 21,558 $ 3,347 $ 49,567 Depreciation and amortization (37,340) General and administrative expenses (6,461) Interest expense (14,198) Discontinued operations: Income from operations of properties sold or held for sale 2,942 Gain on sale of real estate 339,024 Loss on extinguishment of debt (764) Net income 332,770 Less: Net income attributable to noncontrolling interests in subsidiaries — Net income attributable to the controlling interests $ 332,770 Capital expenditures $ 6,039 $ 5,742 $ 369 $ 12,150 Total assets $ 1,191,838 $ 1,333,146 $ 150,092 $ 2,675,076 ______________________________ (1) Total assets and capital expenditures include all retail properties, including those classified as discontinued operations. Nine Months Ended September 30, 2020 Office Multifamily Corporate and Other Consolidated Real estate rental revenue $ 101,163 $ 108,882 $ 12,844 $ 222,889 Real estate expenses 37,176 43,083 3,937 84,196 Net operating income $ 63,987 $ 65,799 $ 8,907 $ 138,693 Depreciation and amortization (89,789) General and administrative (17,963) Interest expense (28,307) Loss on sale of real estate (7,539) Gain on extinguishment of debt 262 Net loss (4,643) Less: Net income attributable to noncontrolling interests in subsidiaries — Net loss attributable to the controlling interests $ (4,643) Capital expenditures $ 21,120 $ 15,477 $ 2,089 $ 38,686 Nine Months Ended September 30, 2019 Office Multifamily Corporate and Other (1) Consolidated Real estate rental revenue $ 124,164 $ 90,012 $ 14,337 $ 228,513 Real estate expenses 45,937 34,928 4,104 84,969 Net operating income $ 78,227 $ 55,084 $ 10,233 $ 143,544 Depreciation and amortization (97,441) General and administrative (19,803) Interest expense (41,946) Loss on sale of real estate (1,046) Real estate impairment (8,374) Discontinued operations: Income from operations of properties sold or held for sale 16,158 Gain on sale of real estate 339,024 Loss on extinguishment of debt (764) Net income 329,352 Less: Net income attributable to noncontrolling interests in subsidiaries — Net income attributable to the controlling interests $ 329,352 Capital expenditures $ 16,347 $ 12,841 $ 1,717 $ 30,905 ______________________________ (1) Total assets and capital expenditures include all retail properties, including those classified as discontinued operations.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Shareholders' Equity	SHAREHOLDERS' EQUITY On May 4, 2018, we entered into eight separate equity distribution agreements (collectively, the “Equity Distribution Agreements”) with Wells Fargo Securities, LLC, BNY Mellon Capital Markets, LLC, Capital One Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc. and SunTrust Robinson Humphrey, Inc. relating to the issuance of up to $250.0 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 first quarter of 2020, we issued 46,500 shares under this program at a weighted average price of $31.07 for net proceeds of $1.2 million. We did not issue common shares under the Equity Distribution Agreements during the 2020 Quarter or during the second quarter of 2020. During the 2019 Quarter and Period, we issued 0.1 million common shares at a weighted average price of $27.52 for net proceeds of $3.7 million. We have a dividend reinvestment program whereby shareholders may use their dividends and optional cash payments to purchase common shares. The shares sold under this program may either be common shares issued by us or common shares purchased in the open market. Net proceeds under this program are used for general corporate purposes. Our issuances and net proceeds on the dividend reinvestment program for the three and nine months ended September 30, 2020 and 2019 are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Issuance of common shares 23 64 64 128 Weighted average price per share $ 22.51 $ 27.67 $ 25.12 $ 26.97 Net proceeds $ 516 $ 1,757 $ 1,581 $ 3,430

Summary of Significant Accoun_2

Summary of Significant Accounting Policies and Basis of Presentations (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Pronouncements Adopted	Pronouncements Adopted Standard/Description Effective Date and Adoption Considerations Effect on Financial Statements or Other significant Matters ASU 2016-13, Measurement of Credit Losses on Financial Instruments . This standard requires financial assets measured on an amortized cost basis, including trade receivables, to be presented at the net amount expected to be collected. We adopted the new standard as of January 1, 2020. The adoption of the new standard did not have a material effect on our consolidated financial statements. ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software . This standard requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance to determine which implementation costs to capitalize as assets. We adopted the new standard as of January 1, 2020. The adoption of the new standard did not have a material effect on our consolidated financial statements. Standard/Description Effective Date and Adoption Considerations Effect on Financial Statements or Other significant Matters ASU 2020-04, Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This standard contains optional practical expedients and exceptions for applying Generally Accepted Accounting Principles (“GAAP”) to contracts, hedging relations, and other transactions affected by reference rate reform if certain criteria are met. We elected certain optional practical expedients as of January 1, 2020. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. As of January 1, 2020, we have elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.
COVID-19 Lease Modification Accounting Relief	COVID-19 Lease Modification Accounting Relief In April 2020, the Financial Accounting Standards Board (“FASB”) staff issued a question-and-answer document (“Q&A”) that addresses their belief that the guidance on lease modifications in GAAP does not contemplate concessions being executed as rapidly as they were executed as a result of the major financial crisis arising from the COVID-19 pandemic. Under ASC 842, Leases
Principles of Consolidation	Principles of Consolidation and Basis of Presentation The accompanying unaudited consolidated financial statements include the consolidated accounts of WashREIT, our majority-owned subsidiaries and entities in which WashREIT has a controlling interest. All intercompany balances and transactions have been eliminated in consolidation.
Basis of Presentation	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, 2019, as amended by Amendment No. 1 to the Annual Report on Form 10-K, filed on March 6, 2020. Within these notes to the financial statements, we refer to the three months ended September 30, 2020 and September 30, 2019 as the “2020 Quarter” and the “2019 Quarter,” respectively, and the nine months ended September 30, 2020 and September 30, 2019 as the “2020 Period” and the “2019 Period,” respectively.
Discontinued Operations	Discontinued Operations We classify properties as held for sale when they meet the necessary criteria, which include: (a) senior management commits to a plan to sell the assets, (b) the assets are available for immediate sale in their present condition subject only to terms that are usual and customary for sales of such assets, (c) an active program to locate a buyer and other actions required to complete the plan to sell the assets have been initiated, (d) the sale of the assets is probable, and transfer of the assets is expected to qualify for recognition as a completed sale, within one year, (e) the assets are being actively marketed for sale at a price that is reasonable in relation to its current fair value and (f) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Depreciation on these properties is discontinued at the time they are classified as held for sale, but operating revenues, operating expenses and interest expense continue to be recognized until the date of sale.
Restricted Cash	Restricted Cash Restricted cash includes funds escrowed for tenant security deposits, real estate tax, insurance and mortgage escrows and escrow deposits required by lenders on certain of our properties to be used for future building renovations or tenant improvements.
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.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies and Basis of Presentations (Tables)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Schedule of Pronouncements Adopted	Pronouncements Adopted Standard/Description Effective Date and Adoption Considerations Effect on Financial Statements or Other significant Matters ASU 2016-13, Measurement of Credit Losses on Financial Instruments . This standard requires financial assets measured on an amortized cost basis, including trade receivables, to be presented at the net amount expected to be collected. We adopted the new standard as of January 1, 2020. The adoption of the new standard did not have a material effect on our consolidated financial statements. ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software . This standard requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance to determine which implementation costs to capitalize as assets. We adopted the new standard as of January 1, 2020. The adoption of the new standard did not have a material effect on our consolidated financial statements. Standard/Description Effective Date and Adoption Considerations Effect on Financial Statements or Other significant Matters ASU 2020-04, Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This standard contains optional practical expedients and exceptions for applying Generally Accepted Accounting Principles (“GAAP”) to contracts, hedging relations, and other transactions affected by reference rate reform if certain criteria are met. We elected certain optional practical expedients as of January 1, 2020. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. As of January 1, 2020, we have elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.

Real Estate (Tables)

Real Estate (Tables)	9 Months Ended
	Sep. 30, 2020
Real Estate [Abstract]
Schedule of Real Estate Properties Acquired	We acquired the following properties during the 2019 Period: Acquisition Date Property Name Property Type # of Units (unaudited) Contract Purchase Price (in thousands) April 30, 2019 Assembly Portfolio - Virginia (1) Multifamily 1,685 $ 379,100 June 27, 2019 Assembly Portfolio - Maryland (2) Multifamily 428 82,070 July 23, 2019 Cascade at Landmark Multifamily 277 69,750 Total 2019 2,390 $ 530,920 ______________________________ (1) Consists of Assembly Alexandria, Assembly Manassas, Assembly Dulles, Assembly Leesburg and Assembly Herndon. (2) Consists of Assembly Germantown and Assembly Watkins Mill. The Assembly Portfolio - Virginia and Assembly Portfolio - Maryland properties are collectively the “Assembly Portfolio.”
Schedule of Properties Held-for-Sale or Sold and Discontinued Operations	We sold our interests in the following properties during 2020 and 2019: Disposition Date Property Name Property Type Rentable Square Feet Contract Sales Price (Loss) Gain on Sale April 21, 2020 John Marshall II Office 223,000 $ 57,000 $ (6,855) Total 2020 223,000 $ 57,000 $ (6,855) June 26, 2019 Quantico Corporate Center (1) Office 272,000 $ 33,000 $ (1,046) July 23, 2019 Shopping Center Portfolio (2) Retail 800,000 485,250 333,023 August 21, 2019 Frederick Crossing and Frederick County Square Retail 520,000 57,500 9,507 August 27, 2019 Centre at Hagerstown Retail 330,000 23,500 (3,506) December 19, 2019 1776 G Street Office 262,000 129,500 61,007 Total 2019 2,184,000 $ 728,750 $ 398,985 ______________________________ (1) Consists of 925 and 1000 Corporate Drive. (2) Consists of five retail properties: Gateway Overlook, Wheaton Park, Olney Village Center, Bradlee Shopping Center and Shoppes of Foxchase. The results of the Retail Portfolio are classified as discontinued operations and are summarized as follows (amounts in thousands, except for share data): Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Real estate rental revenue $ 4,126 $ 28,200 Real estate expenses (1,095) (6,803) Depreciation and amortization (59) (4,926) Interest expense (30) (313) Loss on extinguishment of debt (764) (764) Gain on sale of real estate 339,024 339,024 Income from discontinued operations $ 341,202 $ 354,418 Basic net income per share $ 4.24 $ 4.41 Diluted net income per share $ 4.24 $ 4.41 Capital expenditures $ — $ 809

Lease Accounting (Tables)

Lease Accounting (Tables)	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Schedule of Future Minimum Rental Income	As of September 30, 2020, non-cancelable commercial operating leases provide for future minimum rental income from continuing operations as follows (in thousands). Apartment leases are not included as the terms are generally for one year or less. 2020 $ 34,386 2021 135,462 2022 122,421 2023 105,347 2024 92,120 Thereafter 327,560 $ 817,296
Schedule of Obligations for Future Minimum Payments on Operating Ground Lease	The following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments on our operating ground lease as of September 30, 2020 and a reconciliation of those cash flows to the operating lease liability as of September 30, 2020 (in thousands): 2020 $ 65 2021 260 2022 260 2023 260 2024 260 Thereafter 11,895 13,000 Imputed interest (9,210) Lease liability $ 3,790

Unsecured Lines of Credit Pay_2

Unsecured Lines of Credit Payable (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of Revolving Credit Facility	The amount of the Revolving Credit Facility’s unsecured line of credit unused and available at September 30, 2020 is as follows (in thousands): Committed capacity $ 700,000 Borrowings outstanding (186,000) Unused and available $ 514,000 We executed borrowings and repayments on the Revolving Credit Facility during the 2020 Period as follows (in thousands): Balance at December 31, 2019 $ 56,000 Borrowings 399,000 Repayments (269,000) Balance at September 30, 2020 $ 186,000

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Values of Interest Rate Swaps	The fair values of the interest rate swaps as of September 30, 2020 and December 31, 2019, are as follows (in thousands): Fair Value Derivative Assets (Liabilities) Derivative Instrument Aggregate Notional Amount Effective Date Maturity Date September 30, 2020 December 31, 2019 Interest rate swaps $ 150,000 October 15, 2015 March 15, 2021 $ (1,005) $ (62) Interest rate swaps 150,000 March 31, 2017 July 21, 2023 (4,471) 1,825 Interest rate swaps 100,000 June 29, 2018 July 21, 2023 (6,896) (3,664) Interest rate swaps 200,000 April 1, 2020 April 1, 2030 — 3,724 $ (12,372) $ 1,823
Schedule of Net Gains or Losses on the Effective Swaps	The net unrealized gains or losses on the effective swaps are recognized in Other comprehensive loss, as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Unrealized gain (loss) on interest rate hedges 1,774 (2,387) (34,582) (13,498)

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value	The fair values of these assets and liabilities at September 30, 2020 and December 31, 2019 were as follows (in thousands): September 30, 2020 December 31, 2019 Fair Level 1 Level 2 Level 3 Fair Level 1 Level 2 Level 3 Assets: SERP $ 2,126 $ — $ 2,126 $ — $ 1,792 $ — $ 1,792 $ — Interest rate swaps — — — — 5,549 — 5,549 — Liabilities: Interest rate swaps $ (12,372) $ — $ (12,372) $ — $ (3,726) $ — $ (3,726) $ —
Schedule of Carrying Values and Estimated Fair Values of Financial Instruments	As of September 30, 2020 and December 31, 2019, the carrying values and estimated fair values of our financial instruments were as follows (in thousands): September 30, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value Cash and cash equivalents $ 3,814 $ 3,814 $ 12,939 $ 12,939 Restricted cash 615 615 1,812 1,812 Mortgage notes payable, net — — 47,074 47,899 Line of credit 186,000 186,000 56,000 56,000 Notes payable, net 897,443 921,394 996,722 1,022,937

Stock Based Compensation (Table

Stock Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Award Valuation Performance Period Metrics	Each participant’s total award under the Officer LTIP with respect to a performance period will be stated as a percentage of the participant’s annual base salary determined as of the beginning of that performance period. The percentage will depend upon the participant’s position and the degree of achievement of threshold, target, and high performance goals for the performance period which, except as otherwise determined by the Compensation Committee, will be as set forth in the table below: Threshold Target High President and Chief Executive Officer 198% 275% 440% Executive Vice President 143% 200% 295% Senior Vice President 100% 143% 207%

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Schedule of the Computation of Basic and Diluted Earnings per Share	The computations of basic and diluted earnings per share for the three and nine months ended September 30, 2020 and 2019 were as follows (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Numerator: Loss from continuing operations $ (956) $ (8,432) $ (4,643) $ (25,066) Allocation of earnings to unvested restricted share awards to continuing operations (151) 47 (453) 118 Adjusted loss from continuing operations attributable to the controlling interests (1,107) (8,385) (5,096) (24,948) Income from discontinued operations — 341,202 — 354,418 Allocation of earnings to unvested restricted share awards to discontinued operations — (1,841) — (1,870) Adjusted income from discontinuing operations — 339,361 — 352,548 Adjusted net (loss) income attributable to the controlling interests $ (1,107) $ 330,976 $ (5,096) $ 327,600 Denominator: Weighted average shares outstanding – basic 82,186 79,981 82,142 79,933 Effect of dilutive securities: Employee restricted share awards — — — — Operating partnership units — — — — Weighted average shares outstanding – diluted 82,186 79,981 82,142 79,933 Earnings per common share, basic: Continuing operations $ (0.01) $ (0.10) $ (0.06) $ (0.31) Discontinued operations — 4.24 — 4.41 Basic net (loss) income attributable to the controlling interests per common share (1) $ (0.01) $ 4.14 $ (0.06) $ 4.10 Earnings per common share, diluted: Continuing operations $ (0.01) $ (0.10) $ (0.06) $ (0.31) Discontinued operations — 4.24 — 4.41 Diluted net (loss) income attributable to the controlling interests per common share (1) $ (0.01) $ 4.14 $ (0.06) $ 4.10 Dividends declared per common share $ 0.30 $ 0.30 $ 0.90 $ 0.90 ______________________________ (1) Earnings per share may not sum due to rounding.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Schedule of Reconciliation of Net Operating Income of Reportable Segments	The following tables present revenues, net operating income, capital expenditures and total assets for the three and nine months ended September 30, 2020 and 2019 from these segments, and reconcile net operating income of our reportable segments to net (loss) income attributable to the controlling interests as reported (in thousands): Three Months Ended September 30, 2020 Office Multifamily Corporate and Other Consolidated Real estate rental revenue $ 32,579 $ 36,266 $ 4,382 $ 73,227 Real estate expenses 12,342 14,988 1,342 28,672 Net operating income $ 20,237 $ 21,278 $ 3,040 $ 44,555 Depreciation and amortization (30,470) General and administrative expenses (6,330) Interest expense (8,711) Net loss (956) Less: Net income attributable to noncontrolling interests in subsidiaries — Net loss attributable to the controlling interests $ (956) Capital expenditures $ 6,201 $ 6,520 $ 389 $ 13,110 Total assets $ 1,056,074 $ 1,338,812 $ 137,386 $ 2,532,272 Three Months Ended September 30, 2019 Office Multifamily Corporate and Other (1) Consolidated Real estate rental revenue $ 39,810 $ 35,790 $ 4,659 $ 80,259 Real estate expenses 15,148 14,232 1,312 30,692 Net operating income $ 24,662 $ 21,558 $ 3,347 $ 49,567 Depreciation and amortization (37,340) General and administrative expenses (6,461) Interest expense (14,198) Discontinued operations: Income from operations of properties sold or held for sale 2,942 Gain on sale of real estate 339,024 Loss on extinguishment of debt (764) Net income 332,770 Less: Net income attributable to noncontrolling interests in subsidiaries — Net income attributable to the controlling interests $ 332,770 Capital expenditures $ 6,039 $ 5,742 $ 369 $ 12,150 Total assets $ 1,191,838 $ 1,333,146 $ 150,092 $ 2,675,076 ______________________________ (1) Total assets and capital expenditures include all retail properties, including those classified as discontinued operations. Nine Months Ended September 30, 2020 Office Multifamily Corporate and Other Consolidated Real estate rental revenue $ 101,163 $ 108,882 $ 12,844 $ 222,889 Real estate expenses 37,176 43,083 3,937 84,196 Net operating income $ 63,987 $ 65,799 $ 8,907 $ 138,693 Depreciation and amortization (89,789) General and administrative (17,963) Interest expense (28,307) Loss on sale of real estate (7,539) Gain on extinguishment of debt 262 Net loss (4,643) Less: Net income attributable to noncontrolling interests in subsidiaries — Net loss attributable to the controlling interests $ (4,643) Capital expenditures $ 21,120 $ 15,477 $ 2,089 $ 38,686 Nine Months Ended September 30, 2019 Office Multifamily Corporate and Other (1) Consolidated Real estate rental revenue $ 124,164 $ 90,012 $ 14,337 $ 228,513 Real estate expenses 45,937 34,928 4,104 84,969 Net operating income $ 78,227 $ 55,084 $ 10,233 $ 143,544 Depreciation and amortization (97,441) General and administrative (19,803) Interest expense (41,946) Loss on sale of real estate (1,046) Real estate impairment (8,374) Discontinued operations: Income from operations of properties sold or held for sale 16,158 Gain on sale of real estate 339,024 Loss on extinguishment of debt (764) Net income 329,352 Less: Net income attributable to noncontrolling interests in subsidiaries — Net income attributable to the controlling interests $ 329,352 Capital expenditures $ 16,347 $ 12,841 $ 1,717 $ 30,905 ______________________________ (1) Total assets and capital expenditures include all retail properties, including those classified as discontinued operations.

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Schedule of Dividend Reinvestment Program Activity	Our issuances and net proceeds on the dividend reinvestment program for the three and nine months ended September 30, 2020 and 2019 are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Issuance of common shares 23 64 64 128 Weighted average price per share $ 22.51 $ 27.67 $ 25.12 $ 26.97 Net proceeds $ 516 $ 1,757 $ 1,581 $ 3,430

Nature of Business (Details)

Nature of Business (Details) - TRSs - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Properties Sold and Held for Sale [Line Items]
Deferred tax asset	$ 1.4	$ 1.4
Deferred tax valuation allowance	1.4	1.4
Deferred tax liabilities	$ 0.6	$ 0.6

Real Estate - Acquisitions (Det

Real Estate - Acquisitions (Details) - 2019 Acquisitions $ in Thousands	Jul. 23, 2019USD ($)unit	Jun. 27, 2019USD ($)unit	Apr. 30, 2019USD ($)unit	Sep. 30, 2019USD ($)unit
Real Estate [Line Items]
Number of Units | unit				2,390
Contract Purchase Price | $				$ 530,920
Multifamily | Assembly Portfolio - Virginia
Real Estate [Line Items]
Number of Units | unit			1,685
Contract Purchase Price | $			$ 379,100
Multifamily | Assembly Portfolio - Maryland
Real Estate [Line Items]
Number of Units | unit		428
Contract Purchase Price | $		$ 82,070
Multifamily | Cascade at Landmark
Real Estate [Line Items]
Number of Units | unit	277
Contract Purchase Price | $	$ 69,750

Real Estate - Development_Redev

Real Estate - Development/Redevelopment Narrative (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)unit	Dec. 31, 2019USD ($)
Real Estate [Line Items]
Properties under development or held for future development	$ 77,481	$ 124,193
The Trove
Real Estate [Line Items]
Total investment to date for property in development	$ 130,900
Number of units in property | unit	401
Number of units in development project delivered | unit	205
Assets placed into service	$ 83,600
Riverside Developments
Real Estate [Line Items]
Properties under development or held for future development	$ 28,200

Real Estate - Properties Sold a

Real Estate - Properties Sold and Held for Sale (Details) ft² in Thousands, $ in Thousands

Apr. 21, 2020USD ($)ft²

Dec. 19, 2019USD ($)ft²

Aug. 27, 2019USD ($)ft²

Aug. 21, 2019USD ($)ft²

Jul. 23, 2019USD ($)ft²property

Jun. 26, 2019USD ($)ft²

Dec. 31, 2019USD ($)ft²

Sep. 30, 2020USD ($)ft²

Sep. 30, 2019USD ($)

Sep. 30, 2020USD ($)ft²

Sep. 30, 2019USD ($)

Dec. 31, 2019USD ($)ft²

Properties Sold and Held for Sale [Line Items]

(Loss) gain on sale

$ 0

$ 0

$ (7,539)

$ (1,046)

(Loss) gain on sale

$ 0

$ 339,024

$ 0

$ 339,024

Quantico Corporate Center | Office

Properties Sold and Held for Sale [Line Items]

Rentable Square Feet (sq ft) | ft²

272

Contract Sales Price

$ 33,000

(Loss) gain on sale

$ 1,000

Shopping Center Portfolio

Properties Sold and Held for Sale [Line Items]

(Loss) gain on sale

$ 333,000

Frederick Crossing and Frederick County Square

Properties Sold and Held for Sale [Line Items]

(Loss) gain on sale

$ 9,500

Centre at Hagerstown

Properties Sold and Held for Sale [Line Items]

(Loss) gain on sale

$ (3,500)

Held for sale | John Marshall II | Office

Properties Sold and Held for Sale [Line Items]

Contract sales price per agreement

$ 57,000

$ 63,400

$ 63,400

2020 Properties

Properties Sold and Held for Sale [Line Items]

Rentable Square Feet (sq ft) | ft²

223

223

Contract Sales Price

$ 57,000

$ 57,000

(Loss) gain on sale

$ (6,855)

2020 Properties | Disposal group, not discontinued operations | John Marshall II | Office

Properties Sold and Held for Sale [Line Items]

Rentable Square Feet (sq ft) | ft²

223

Contract Sales Price

$ 57,000

(Loss) gain on sale

$ (6,855)

2019 Properties

Properties Sold and Held for Sale [Line Items]

Rentable Square Feet (sq ft) | ft²

2,184

2,184

Contract Sales Price

$ 728,750

$ 728,750

(Loss) gain on sale

398,985

2019 Properties | Disposal group, not discontinued operations | Quantico Corporate Center | Office

Properties Sold and Held for Sale [Line Items]

Rentable Square Feet (sq ft) | ft²

272

Contract Sales Price

$ 33,000

(Loss) gain on sale

$ (1,046)

2019 Properties | Disposal group, not discontinued operations | 1776 G Street | Office

Properties Sold and Held for Sale [Line Items]

Rentable Square Feet (sq ft) | ft²

262

Contract Sales Price

$ 129,500

129,500

$ 129,500

(Loss) gain on sale

$ 61,007

$ 61,000

2019 Properties | Discontinued operations | Shopping Center Portfolio | Retail

Properties Sold and Held for Sale [Line Items]

Rentable Square Feet (sq ft) | ft²

800

Contract Sales Price

$ 485,250

(Loss) gain on sale

$ 333,023

Number of properties | property

5

2019 Properties | Discontinued operations | Frederick Crossing and Frederick County Square | Retail

Properties Sold and Held for Sale [Line Items]

Rentable Square Feet (sq ft) | ft²

520

Contract Sales Price

$ 57,500

(Loss) gain on sale

$ 9,507

2019 Properties | Discontinued operations | Centre at Hagerstown | Retail

Properties Sold and Held for Sale [Line Items]

Rentable Square Feet (sq ft) | ft²

330

Contract Sales Price

$ 23,500

(Loss) gain on sale

$ (3,506)

Real Estate - Properties Sold_2

Real Estate - Properties Sold and Held for Sale Narrative (Details) ft² in Thousands, $ in Thousands	Apr. 21, 2020USD ($)ft²	Dec. 19, 2019USD ($)ft²	Aug. 27, 2019USD ($)	Aug. 21, 2019USD ($)	Jul. 23, 2019USD ($)	Jun. 26, 2019USD ($)ft²building	Dec. 31, 2019USD ($)ft²	Jun. 30, 2019buyeragreement	Sep. 30, 2020USD ($)ft²	Sep. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Sep. 30, 2020USD ($)ft²	Sep. 30, 2019USD ($)
Properties Sold and Held for Sale [Line Items]
(Loss) gain on sale									$ 0	$ 0		$ (7,539)	$ (1,046)
Real estate impairment									0	0		0	8,374
(Loss) gain on sale									0	339,024		0	339,024
Loss on extinguishment of debt									$ 0	$ 764		$ 0	$ 764
2020 Properties
Properties Sold and Held for Sale [Line Items]
Rentable square feet (sq ft) | ft²									223			223
Contract sales price									$ 57,000			$ 57,000
2019 Properties
Properties Sold and Held for Sale [Line Items]
Rentable square feet (sq ft) | ft²							2,184
Contract sales price							$ 728,750
Quantico Corporate Center | Office
Properties Sold and Held for Sale [Line Items]
Number of buildings | building						2
Rentable square feet (sq ft) | ft²						272
Contract sales price						$ 33,000
(Loss) gain on sale						$ 1,000
Real estate impairment											$ 8,400
Quantico Corporate Center | Disposal group, not discontinued operations | Office | 2019 Properties
Properties Sold and Held for Sale [Line Items]
Rentable square feet (sq ft) | ft²						272
Contract sales price						$ 33,000
(Loss) gain on sale						$ (1,046)
Shopping Center Portfolio and Power Center Portfolio
Properties Sold and Held for Sale [Line Items]
Number of purchase and sale agreements | agreement								2
Number of buyers | buyer								2
Shopping Center Portfolio
Properties Sold and Held for Sale [Line Items]
(Loss) gain on sale					$ 333,000
Frederick Crossing and Frederick County Square
Properties Sold and Held for Sale [Line Items]
(Loss) gain on sale				$ 9,500
Centre at Hagerstown
Properties Sold and Held for Sale [Line Items]
(Loss) gain on sale			$ (3,500)
John Marshall II | Held for sale | Office
Properties Sold and Held for Sale [Line Items]
Contract sales price per agreement	$ 57,000						63,400
John Marshall II | Disposal group, not discontinued operations | Office | 2020 Properties
Properties Sold and Held for Sale [Line Items]
Rentable square feet (sq ft) | ft²	223
Contract sales price	$ 57,000
(Loss) gain on sale	$ (6,855)
1776 G Street | Disposal group, not discontinued operations | Office | 2019 Properties
Properties Sold and Held for Sale [Line Items]
Rentable square feet (sq ft) | ft²		262
Contract sales price		$ 129,500					129,500
(Loss) gain on sale		$ 61,007					$ 61,000

Real Estate - Discontinued Oper

Real Estate - Discontinued Operations Results of Retail Portfolio (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Results of Discontinued Operations
Loss on extinguishment of debt	$ 0	$ (764)	$ 0	$ (764)
Gain on sale of real estate	0	339,024	0	339,024
Income from discontinued operations	$ 0	$ 341,202	$ 0	$ 354,418
Discontinued operations, basic (in dollars per share)	$ 0	$ 4.24	$ 0	$ 4.41
Discontinued operations, diluted (in dollars per share)	$ 0	$ 4.24	$ 0	$ 4.41
Retail Portfolio | Discontinued Operations
Results of Discontinued Operations
Real estate rental revenue		$ 4,126		$ 28,200
Real estate expenses		(1,095)		(6,803)
Depreciation and amortization		(59)		(4,926)
Interest expense		(30)		(313)
Loss on extinguishment of debt		(764)		(764)
Gain on sale of real estate		339,024		339,024
Income from discontinued operations		341,202		354,418
Capital expenditures		$ 0		$ 809

Lease Accounting - Leasing as a

Lease Accounting - Leasing as a Lessor Narrative (Details)	Sep. 30, 2020
Multifamily Properties
Lessor, Lease, Description [Line Items]
Lessor operating lease terms (in years)	1 year

Lease Accounting - Schedule of

Lease Accounting - Schedule of Future Minimum Rental Income (Details) $ in Thousands	Sep. 30, 2020USD ($)
Future Minimum Rental Income
2020	$ 34,386
2021	135,462
2022	122,421
2023	105,347
2024	92,120
Thereafter	327,560
Total	$ 817,296

Lease Accounting - Leasing as_2

Lease Accounting - Leasing as a Lessee Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jan. 01, 2019
Leases [Abstract]
Operating ground lease remaining lease term (in years)	51 years		51 years
Straight-line rental expense	$ 100	$ 100	$ 200	$ 200
Variable rental payments	200	200	700	700
Right-of-use asset					$ 4,200
Lease liability	3,790		3,790		$ 4,200
Operating lease discount rate					5.90%
Right-of-use asset and lease liability amortization	$ 100	$ 100	$ 200	$ 200
Right-of-use asset, statement of financial position line item					us-gaap:RentalProperties
Lease liability, statement of financial position line item					us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent

Lease Accounting - Schedule o_2

Lease Accounting - Schedule of Obligations for Future Minimum Payments on Operating Ground Lease (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jan. 01, 2019
Obligations for Future Minimum Payments on Operating Ground Lease
2020	$ 65
2021	260
2022	260
2023	260
2024	260
Thereafter	11,895
Total minimum payments due	13,000
Imputed interest	(9,210)
Lease liability	$ 3,790	$ 4,200

Mortgage Notes Payable (Details

Mortgage Notes Payable (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 31, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Debt Instrument [Line Items]
Gain on extinguishment of debt		$ 0	$ 0	$ 262,000	$ 0
Mortgage notes payable, net		$ 0		$ 0		$ 47,074,000
Mortgages
Debt Instrument [Line Items]
Mortgage notes payable, net	$ 0
Yale West | Mortgages
Debt Instrument [Line Items]
Prepayment of mortgage note	45,600,000
Gain on extinguishment of debt	500,000
Write-off of unamortized premium	1,400,000
Prepayment penalty	$ 900,000

Unsecured Lines of Credit Pay_3

Unsecured Lines of Credit Payable - Narrative (Details)	Sep. 30, 2020USD ($)	Mar. 31, 2018USD ($)extension_option	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Mar. 29, 2018USD ($)	Jul. 22, 2016USD ($)	Sep. 15, 2015USD ($)
Line of Credit Facility [Line Items]
Repayments of unsecured debt			$ 250,000,000	$ 450,000,000
Credit Agreement 2018
Line of Credit Facility [Line Items]
Credit agreement, aggregate maximum borrowing capacity including accordion feature		$ 1,500,000,000
2015 Term Loan
Line of Credit Facility [Line Items]
Debt instrument face amount							$ 150,000,000
2015 Term Loan | Interest Rate Swap
Line of Credit Facility [Line Items]
Derivative notional amount	$ 150,000,000		$ 150,000,000				$ 150,000,000
Derivative, fixed interest rate (percent)							2.72%
2018 Term Loan
Line of Credit Facility [Line Items]
Debt instrument face amount					$ 250,000,000
2018 Term Loan | Interest Rate Swap
Line of Credit Facility [Line Items]
Derivative, fixed interest rate (percent)	2.87%		2.87%		2.87%
2018 Term Loan A | Interest Rate Swap
Line of Credit Facility [Line Items]
Derivative notional amount	$ 150,000,000		$ 150,000,000		$ 150,000,000
Derivative, fixed interest rate (percent)	2.31%		2.31%		2.31%
2018 Term Loan B
Line of Credit Facility [Line Items]
Debt instrument face amount					$ 100,000,000
2018 Term Loan B | Interest Rate Swap
Line of Credit Facility [Line Items]
Derivative notional amount	$ 100,000,000		$ 100,000,000		$ 100,000,000
Derivative, fixed interest rate (percent)	3.71%		3.71%		3.71%
2016 Term Loan
Line of Credit Facility [Line Items]
Debt instrument face amount						$ 150,000,000
2016 Term Loan | Interest Rate Swap
Line of Credit Facility [Line Items]
Derivative notional amount						$ 150,000,000
Derivative, fixed interest rate (percent)						2.86%
Term Loan | 2015 Term Loan
Line of Credit Facility [Line Items]
Debt instrument face amount		150,000,000
Term Loan | 2018 Term Loan
Line of Credit Facility [Line Items]
Debt instrument face amount		250,000,000
Term Loan | 2018 Term Loan | LIBOR | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)			0.85%
Term Loan | 2018 Term Loan | LIBOR | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)			1.75%
Term Loan | 2018 Term Loan | Base Rate | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)			0.00%
Term Loan | 2018 Term Loan | Base Rate | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)			0.75%
Term Loan | 2016 Term Loan
Line of Credit Facility [Line Items]
Repayments of unsecured debt		150,000,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Revolving credit facility borrowing capacity	$ 700,000,000	$ 700,000,000	$ 700,000,000
Debt instrument term		4 years
Number of extensions allowed | extension_option		2
Term of allowable extensions (in months)		6 months
Commitment fee (percent)	0.20%
One-month LIBOR (percent)	0.15%		0.15%
Repayment of borrowings on credit facility		$ 100,000,000	$ 269,000,000
Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Commitment fee (percent)			0.10%
Revolving Credit Facility | Maximum
Line of Credit Facility [Line Items]
Commitment fee (percent)			0.30%
Revolving Credit Facility | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)	1.00%
Base rate component, spread on variable rate (percent)			1.00%
Revolving Credit Facility | LIBOR | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)			0.775%
Revolving Credit Facility | LIBOR | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)			1.55%
Revolving Credit Facility | Base Rate | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)			0.00%
Revolving Credit Facility | Base Rate | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate (percent)			0.55%
Revolving Credit Facility | Federal Funds Rate
Line of Credit Facility [Line Items]
Base rate component, spread on variable rate (percent)			0.50%

Unsecured Lines of Credit Pay_4

Unsecured Lines of Credit Payable - Revolving Credit Facility Unused and Available Credit (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019	Mar. 31, 2018
Line of Credit Facility [Line Items]
Borrowings outstanding	$ (186,000,000)	$ (56,000,000)
Revolving Credit Facility
Line of Credit Facility [Line Items]
Committed capacity	700,000,000		$ 700,000,000
Borrowings outstanding	(186,000,000)	$ (56,000,000)
Unused and available	$ 514,000,000

Unsecured Lines of Credit Pay_5

Unsecured Lines of Credit Payable - Revolving Credit Facility Borrowings and Repayments (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2018	Sep. 30, 2020	Sep. 30, 2019
Line of Credit [Roll Forward]
Balance, December 31, 2019		$ 56,000
Borrowings		130,000	$ 23,000
Balance, September 30, 2020		186,000
Revolving Credit Facility
Line of Credit [Roll Forward]
Balance, December 31, 2019		56,000
Borrowings		399,000
Repayments	$ (100,000)	(269,000)
Balance, September 30, 2020		$ 186,000

Notes Payable (Details)

Notes Payable (Details) - USD ($)	Sep. 29, 2020	May 05, 2020
Green Bonds
Debt Instrument [Line Items]
Debt instrument term	10 years
Term Loan | 2020 Term Loan
Debt Instrument [Line Items]
Debt instrument term		1 year
Debt instrument face amount		$ 150,000,000
Debt instrument extension term (in years)		1 year
Term Loan | 2020 Term Loan | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (percent)		1.50%
Term Loan | 2020 Term Loan | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (percent)		0.50%
Notes Payable | Green Bonds
Debt Instrument [Line Items]
Debt instrument term	10 years
Debt instrument face amount	$ 350,000,000
Stated interest rate (percent)	3.44%
Effective interest rate (percent)	4.09%
Debt issuance costs incurred	$ 2,500,000

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details)	Sep. 29, 2020USD ($)	Apr. 30, 2020USD ($)	Nov. 30, 2019USD ($)arrangement	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Oct. 02, 2020USD ($)	Dec. 31, 2019USD ($)	Mar. 29, 2018USD ($)arrangement	Jul. 22, 2016USD ($)arrangement	Sep. 15, 2015USD ($)arrangement
Derivative [Line Items]
Repayments of unsecured notes				$ 250,000,000	$ 450,000,000
Forward Interest Rate Swap
Derivative [Line Items]
Estimated amount to be reclassified within next twelve months as an increase to interest expense				6,700,000
Derivative liabilities				12,400,000
2015 Term Loan
Derivative [Line Items]
Debt instrument face amount										$ 150,000,000
2015 Term Loan | Forward Interest Rate Swap
Derivative [Line Items]
Number of derivative instruments | arrangement										2
Derivative notional amount				$ 150,000,000						$ 150,000,000
All-in fixed interest rate (percent)										2.72%
2016 Term Loan
Derivative [Line Items]
Debt instrument face amount									$ 150,000,000
2016 Term Loan | Forward Interest Rate Swap
Derivative [Line Items]
Number of derivative instruments | arrangement									2
Derivative notional amount									$ 150,000,000
All-in fixed interest rate (percent)									2.86%
2018 Term Loan
Derivative [Line Items]
Debt instrument face amount								$ 250,000,000
2018 Term Loan | Forward Interest Rate Swap
Derivative [Line Items]
All-in fixed interest rate (percent)				2.87%				2.87%
2018 Term Loan A | Forward Interest Rate Swap
Derivative [Line Items]
Derivative notional amount				$ 150,000,000				$ 150,000,000
All-in fixed interest rate (percent)				2.31%				2.31%
2018 Term Loan B
Derivative [Line Items]
Debt instrument face amount								$ 100,000,000
2018 Term Loan B | Forward Interest Rate Swap
Derivative [Line Items]
Number of derivative instruments | arrangement								4
Derivative notional amount				$ 100,000,000				$ 100,000,000
All-in fixed interest rate (percent)				3.71%				3.71%
Forward Swaps for future fixed-rate debt | Forward Interest Rate Swap
Derivative [Line Items]
Number of derivative instruments | arrangement			4
Derivative notional amount			$ 200,000,000				$ 200,000,000
Derivative liabilities	$ 20,400,000
Forward Swaps for future fixed-rate debt | Forward Interest Rate Swap | Subsequent Event
Derivative [Line Items]
Derivative liabilities						$ 20,400,000
10-year unsecured notes 4.95%
Derivative [Line Items]
Debt instrument face amount			$ 250,000,000
Stated interest rate (percent)		4.95%	4.95%
Debt instrument term		10 years	10 years
Repayments of unsecured notes		$ 250,000,000
Green Bonds
Derivative [Line Items]
Debt instrument term	10 years

Derivative Instruments - Fair V

Derivative Instruments - Fair Value of Interest Rate Swaps (Details) - Interest Rate Swap - USD ($)	Sep. 30, 2020	Dec. 31, 2019	Nov. 30, 2019	Mar. 29, 2018	Sep. 15, 2015
Derivatives, Fair Value [Line Items]
Derivative Assets (Liabilities)	$ (12,372,000)	$ 1,823,000
2015 Term Loan
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	150,000,000				$ 150,000,000
2015 Term Loan | Accounts Payable and Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative Assets (Liabilities)	(1,005,000)	(62,000)
2018 Term Loan A
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	150,000,000			$ 150,000,000
2018 Term Loan A | Accounts Payable and Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative Assets (Liabilities)	(4,471,000)
2018 Term Loan A | Prepaid Expenses and Other Assets
Derivatives, Fair Value [Line Items]
Derivative Assets (Liabilities)		1,825,000
2018 Term Loan B
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	100,000,000			$ 100,000,000
2018 Term Loan B | Accounts Payable and Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative Assets (Liabilities)	(6,896,000)	(3,664,000)
Forward Swaps for future fixed-rate debt
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount		200,000,000	$ 200,000,000
Forward Swaps for future fixed-rate debt | Accounts Payable and Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative Assets (Liabilities)	$ 0
Forward Swaps for future fixed-rate debt | Prepaid Expenses and Other Assets
Derivatives, Fair Value [Line Items]
Derivative Assets (Liabilities)		$ 3,724,000

Derivative Instruments - Net Un

Derivative Instruments - Net Unrealized Gains or Losses on Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Unrealized gain (loss) on interest rate hedges	$ 1,774	$ (2,387)	$ (34,582)	$ (13,498)

Fair Value Disclosures - Assets

Fair Value Disclosures - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Interest Rate Swap
Liabilities:
Interest rate swaps	$ (12,400)
Recurring | SERP
Assets:
SERP	2,126	$ 1,792
Recurring | Interest Rate Swap
Assets:
Interest rate swaps	0	5,549
Liabilities:
Interest rate swaps	(12,372)	(3,726)
Recurring | Level 1 | SERP
Assets:
SERP	0	0
Recurring | Level 1 | Interest Rate Swap
Assets:
Interest rate swaps	0	0
Liabilities:
Interest rate swaps	0	0
Recurring | Level 2 | SERP
Assets:
SERP	2,126	1,792
Recurring | Level 2 | Interest Rate Swap
Assets:
Interest rate swaps	0	5,549
Liabilities:
Interest rate swaps	(12,372)	(3,726)
Recurring | Level 3 | SERP
Assets:
SERP	0	0
Recurring | Level 3 | Interest Rate Swap
Assets:
Interest rate swaps	0	0
Liabilities:
Interest rate swaps	$ 0	$ 0

Fair Value Disclosures - Financ

Fair Value Disclosures - Financial Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Carrying Value
Carrying Value and Estimated Fair Values [Line Items]
Cash and cash equivalents	$ 3,814	$ 12,939
Restricted cash	615	1,812
Mortgage notes payable, net	0	47,074
Line of credit	186,000	56,000
Notes payable, net	897,443	996,722
Fair Value
Carrying Value and Estimated Fair Values [Line Items]
Cash and cash equivalents	3,814	12,939
Restricted cash	615	1,812
Mortgage notes payable, net	0	47,899
Line of credit	186,000	56,000
Notes payable, net	$ 921,394	$ 1,022,937

Stock Based Compensation - Narr

Stock Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 2.1	$ 1.7	$ 5.9	$ 6.3
Restricted Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of share awards vested			$ 0.8	$ 1.7
Total unvested restricted share awards (in shares)	502,300		502,300
Weighted average grant date fair value (in dollars per share)	$ 29.99		$ 29.99
Total compensation cost related to unvested restricted share awards	$ 8.7		$ 8.7
Total compensation cost related to unvested restricted share awards, expected period for recognition (in months)			23 months
Washington Real Estate Investment Trust 2016 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate number of shares authorized for stock based awards (in shares)	2,400,000		2,400,000
Stock based plan, period in effect (in years)			10 years
Officer LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate weighting of performance and time-based measures (percent)	100.00%		100.00%
Officer LTIP | Time-based award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)			3 years
Vesting percentage per year over three-year vesting period (percent)			33.33%
Officer LTIP | Performance award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of awards that vest immediately after performance period (percent)	100.00%		100.00%

Stock Based Compensation - Offi

Stock Based Compensation - Officer LTIP (Details) - Officer LTIP - Performance award	Sep. 30, 2020
President and Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award as percentage of base salary, threshold performance goal (percent)	198.00%
Award as percentage of base salary, target performance goal (percent)	275.00%
Award as percentage of base salary, high performance goal (percent)	440.00%
Executive Vice President
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award as percentage of base salary, threshold performance goal (percent)	143.00%
Award as percentage of base salary, target performance goal (percent)	200.00%
Award as percentage of base salary, high performance goal (percent)	295.00%
Senior Vice President
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award as percentage of base salary, threshold performance goal (percent)	100.00%
Award as percentage of base salary, target performance goal (percent)	143.00%
Award as percentage of base salary, high performance goal (percent)	207.00%

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Numerator:
Loss from continuing operations		$ (956)	$ (8,432)	$ (4,643)	$ (25,066)
Allocation of earnings to unvested restricted share awards to continuing operations		(151)	47	(453)	118
Adjusted loss from continuing operations attributable to the controlling interests		(1,107)	(8,385)	(5,096)	(24,948)
Income from discontinued operations		0	341,202	0	354,418
Allocation of earnings to unvested restricted share awards to discontinued operations		0	(1,841)	0	(1,870)
Adjusted income from discontinuing operations		0	339,361	0	352,548
Adjusted net (loss) income attributable to the controlling interests		$ (1,107)	$ 330,976	$ (5,096)	$ 327,600
Denominator:
Weighted average shares outstanding - basic (in shares)		82,186	79,981	82,142	79,933
Employee restricted share awards (in shares)		0	0	0	0
Operating partnership units (in shares)		0	0	0	0
Weighted average shares outstanding - diluted (in shares)		82,186	79,981	82,142	79,933
Earnings per common share, basic:
Continuing operations, basic (in dollars per share)		$ (0.01)	$ (0.10)	$ (0.06)	$ (0.31)
Discontinued operations, basic (in dollars per share)		0	4.24	0	4.41
Basic net income (loss) attributable to the controlling interests per common share (in dollars per share)	[1]	(0.01)	4.14	(0.06)	4.10
Earnings per common share, diluted:
Continuing operations, diluted (in dollars per share)		(0.01)	(0.10)	(0.06)	(0.31)
Discontinued operations, diluted (in dollars per share)		0	4.24	0	4.41
Diluted net income (loss) attributable to the controlling interests per common share (in dollars per share)	[1]	(0.01)	4.14	(0.06)	4.10
Dividends declared per common share:
Dividends declared per common share (in dollars per share)		$ 0.30	$ 0.30	$ 0.90	$ 0.90
[1]	Earnings per share may not sum due to rounding

Segment Information - Narrative

Segment Information - Narrative (Details)	9 Months Ended
	Sep. 30, 2020propertysegment
Segment Reporting [Abstract]
Number of reportable segments | segment	2
Number of properties that do not meet criteria for reportable segment | property	8

Segment Information - Financial

Segment Information - Financial Information by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Real estate rental revenue	$ 73,227	$ 80,259	$ 222,889	$ 228,513
Real estate expenses	28,672	30,692	84,196	84,969
Net operating income	44,555	49,567	138,693	143,544
Depreciation and amortization	(30,470)	(37,340)	(89,789)	(97,441)
General and administrative expenses	(6,330)	(6,461)	(17,963)	(19,803)
Interest expense	(8,711)	(14,198)	(28,307)	(41,946)
Loss on sale of real estate	0	0	(7,539)	(1,046)
Gain on extinguishment of debt	0	0	262	0
Real estate impairment	0	0	0	(8,374)
Income from operations of properties sold or held for sale	0	2,942	0	16,158
Gain on sale of real estate	0	339,024	0	339,024
Loss on extinguishment of debt	0	(764)	0	(764)
Net (loss) income	(956)	332,770	(4,643)	329,352
Less: Net income attributable to noncontrolling interests in subsidiaries	0	0	0	0
Net (loss) income attributable to the controlling interests	(956)	332,770	(4,643)	329,352
Capital expenditures	13,110	12,150	38,686	30,905
Total assets	2,532,272	2,675,076	2,532,272	2,675,076	$ 2,628,328
Office | Reportable Segments
Segment Reporting Information [Line Items]
Real estate rental revenue	32,579	39,810	101,163	124,164
Real estate expenses	12,342	15,148	37,176	45,937
Net operating income	20,237	24,662	63,987	78,227
Capital expenditures	6,201	6,039	21,120	16,347
Total assets	1,056,074	1,191,838	1,056,074	1,191,838
Multifamily | Reportable Segments
Segment Reporting Information [Line Items]
Real estate rental revenue	36,266	35,790	108,882	90,012
Real estate expenses	14,988	14,232	43,083	34,928
Net operating income	21,278	21,558	65,799	55,084
Capital expenditures	6,520	5,742	15,477	12,841
Total assets	1,338,812	1,333,146	1,338,812	1,333,146
Corporate and Other
Segment Reporting Information [Line Items]
Real estate rental revenue	4,382	4,659	12,844	14,337
Real estate expenses	1,342	1,312	3,937	4,104
Net operating income	3,040	3,347	8,907	10,233
Capital expenditures	389	369	2,089	1,717
Total assets	$ 137,386	$ 150,092	$ 137,386	$ 150,092

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details)	3 Months Ended				9 Months Ended
	Sep. 30, 2020shares	Jun. 30, 2020shares	Mar. 31, 2020USD ($)$ / sharesshares	Sep. 30, 2019USD ($)$ / sharesshares	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)$ / sharesshares	May 04, 2018USD ($)agreement
Class of Stock [Line Items]
Number of separate equity distribution agreements | agreement							8
Shares issued, weighted average price per share (in dollars per share) | $ / shares			$ 31.07	$ 27.52		$ 27.52
Net proceeds from equity issuances			$ 1,200,000	$ 3,700,000	$ 1,240,000	$ 3,681,000
Common Stock
Class of Stock [Line Items]
Shares reserved for future issuances							$ 250,000,000
Common shares issued (in shares) | shares	0	0	46,500	100,000		100,000

Shareholders' Equity - Dividend

Shareholders' Equity - Dividend Reinvestment Program Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Equity [Abstract]
Issuance of common shares, dividend reinvestment program	23	64	64	128
Weighted average price per share, dividend reinvestment program (in dollars per share)	$ 22.51	$ 27.67	$ 25.12	$ 26.97
Proceeds from dividend reinvestment program	$ 516,000	$ 1,757	$ 1,581	$ 3,430