Elme Communities (ELME) 10-Q 29 Apr 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2021	Apr. 26, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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	2021
Document Fiscal Period Focus	Q1
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		84,581,984

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets
Land	$ 551,578	$ 551,578
Income producing property	2,443,104	2,432,039
Net income producing property, at cost	2,994,682	2,983,617
Accumulated depreciation and amortization	(775,691)	(749,014)
Net income producing property	2,218,991	2,234,603
Properties under development or held for future development	30,840	37,615
Total real estate held for investment, net	2,249,831	2,272,218
Cash and cash equivalents	3,017	7,700
Restricted cash	576	603
Rents and other receivables	59,396	58,257
Prepaid expenses and other assets	67,216	71,040
Total assets	2,380,036	2,409,818
Liabilities
Notes payable, net	945,634	945,370
Line of credit	33,000	42,000
Accounts payable and other liabilities	60,339	58,773
Dividend payable	25,424	25,361
Advance rents	6,642	7,215
Tenant security deposits	10,095	9,990
Total liabilities	1,081,134	1,088,709
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; 150,000 and 100,000 shares authorized; 84,564 and 84,409 shares issued and outstanding, as of March 31, 2021 and December 31, 2020, respectively	846	844
Additional paid in capital	1,651,680	1,649,366
Distributions in excess of net income	(325,469)	(298,860)
Accumulated other comprehensive loss	(28,473)	(30,563)
Total shareholders’ equity	1,298,584	1,320,787
Noncontrolling interests in subsidiaries	318	322
Total equity	1,298,902	1,321,109
Total liabilities and equity	$ 2,380,036	$ 2,409,818
Shares of beneficial interest, authorized (in shares)	150,000,000	100,000,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
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)	150,000,000	100,000,000
Shares of beneficial interest, issued (in shares)	84,564,000	84,409,000
Shares of beneficial interest, outstanding (in shares)	84,564,000	84,409,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue
Real estate rental revenue	$ 69,633	$ 76,792
Expenses
Real estate expenses	26,694	28,639
Depreciation and amortization	29,643	29,720
General and administrative expenses	5,604	6,337
Expenses	61,941	64,696
Real estate operating income	7,692	12,096
Other income (expense)
Interest expense	(10,123)	(10,845)
Gain on extinguishment of debt	0	468
Other income	1,284	0
Total other income (expense)	(8,839)	(10,377)
Net (loss) income	$ (1,147)	$ 1,719
Basic net (loss) income per common share	$ (0.02)	$ 0.02
Diluted net (loss) income per common share	$ (0.02)	$ 0.02
Weighted average shares outstanding - basic (in shares)	84,413	82,086
Weighted average shares outstanding - diluted (in shares)	84,413	82,287
Revenue, type [Extensible List]	us-gaap:RealEstateMember	us-gaap:RealEstateMember
Expenses, type [Extensible List]	us-gaap:RealEstateMember	us-gaap:RealEstateMember

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (1,147)	$ 1,719
Unrealized gain (loss) on interest rate hedges	1,580	(34,567)
Reclassification of unrealized loss on interest rate derivatives to earnings	510	0
Comprehensive income (loss)	$ 943	$ (32,848)

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Shares of Beneficial Interest	Additional Paid in Capital	Distributions in Excess of Net Income	Accumulated Other Comprehensive Income (Loss)	Total Shareholders’ Equity	Noncontrolling Interests in Subsidiaries
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)	1,719			1,719		1,719
Unrealized gain (loss) on interest rate hedges	(34,567)				(34,567)	(34,567)
Amortization of swap settlements	0
Distributions to noncontrolling interests	(3)						(3)
Dividends ($0.30 per common share)	$ (24,820)			(24,820)		(24,820)
Equity issuances, net of issuance costs (in shares)	47	46
Equity issuances, net of issuance costs	$ 1,242	$ 1	1,241			1,242
Shares issued under Dividend Reinvestment Program (in shares)	35	35
Shares issued under Dividend Reinvestment Program	$ 921	$ 0	921			921
Share grants, net of forfeitures and tax withholdings (in shares)		135
Share grants, net of forfeitures and tax withholdings	1,594	$ 1	1,593			1,594
Balance (in shares) at Mar. 31, 2020		82,315
Balance at Mar. 31, 2020	1,358,148	$ 823	1,596,242	(206,506)	(32,744)	1,357,815	333
Balance (in shares) at Dec. 31, 2020		84,409
Balance at Dec. 31, 2020	1,321,109	$ 844	1,649,366	(298,860)	(30,563)	1,320,787	322
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(1,147)			(1,147)		(1,147)
Unrealized gain (loss) on interest rate hedges	1,580				1,580	1,580
Amortization of swap settlements	510				510	510
Distributions to noncontrolling interests	(4)						(4)
Dividends ($0.30 per common share)	$ (25,462)			(25,462)		(25,462)
Equity issuances, net of issuance costs (in shares)	24	24
Equity issuances, net of issuance costs	$ 467	$ 0	467			467
Shares issued under Dividend Reinvestment Program (in shares)	23	23
Shares issued under Dividend Reinvestment Program	$ 520	$ 0	520			520
Share grants, net of forfeitures and tax withholdings (in shares)		108
Share grants, net of forfeitures and tax withholdings	1,329	$ 2	1,327			1,329
Balance (in shares) at Mar. 31, 2021		84,564
Balance at Mar. 31, 2021	$ 1,298,902	$ 846	$ 1,651,680	$ (325,469)	$ (28,473)	$ 1,298,584	$ 318

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Dividends declared per share (in dollars per share)	$ 0.30	$ 0.30

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities
Net (loss) income	$ (1,147)	$ 1,719
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	29,643	29,720
Credit losses on lease related receivables	1,043	923
Share-based compensation expense	1,664	1,778
Net amortization of debt premiums, discounts and related financing costs	1,112	645
Gain on extinguishment of debt	0	(468)
Changes in operating other assets	(1,619)	895
Changes in operating other liabilities	6,543	(6,352)
Net cash provided by operating activities	37,239	28,860
Cash flows from investing activities
Capital improvements to real estate	(4,032)	(10,846)
Development in progress	(4,161)	(9,402)
Non-real estate capital improvements	(7)	(94)
Net cash used in investing activities	(8,200)	(20,342)
Cash flows from financing activities
Line of credit borrowings, net	(9,000)
Line of credit borrowings, net		92,000
Dividends paid	(25,398)	(49,485)
Principal payments – mortgage notes payable	0	(46,567)
Distributions to noncontrolling interests	(4)	(3)
Proceeds from dividend reinvestment program	520	921
Net proceeds from equity issuances	467	1,241
Payment of tax withholdings for restricted share awards	(334)	(141)
Net cash used in financing activities	(33,749)	(2,034)
Net (decrease) increase in cash, cash equivalents and restricted cash	(4,710)	6,484
Cash, cash equivalents and restricted cash at beginning of period	8,303	14,751
Cash, cash equivalents and restricted cash at end of period	3,593	21,235
Supplemental disclosure of cash flow information:
Cash paid for interest, net of amounts capitalized	4,345	5,133
Change in accrued capital improvements and development costs	(3,844)	4,851
Reconciliation of cash, cash equivalents and restricted cash:
Cash, cash equivalents and restricted cash	$ 3,593	$ 21,235

Nature of Business

Nature of Business	3 Months Ended
	Mar. 31, 2021
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 (determined before the deduction for dividends paid and excluding net capital gains 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies and Basis of Presentations	3 Months Ended
	Mar. 31, 2021
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, 2020. 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, 2020. Within these notes to the financial statements, we refer to the three months ended March 31, 2021 and March 31, 2020 as the “2021 Quarter” and the “2020 Quarter,” respectively. Restricted Cash Restricted cash includes funds held in escrow for tenant security deposits. Use of Estimates in the Financial Statements The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Real Estate

Real Estate	3 Months Ended
	Mar. 31, 2021
Real Estate [Abstract]
Real Estate	REAL ESTATE Development/Redevelopment We have properties under development/redevelopment and held for current or future development. As of March 31, 2021, we have invested $28.9 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 ready each project for its intended use. We placed the remainder of the Trove development costs into service during the 2021 Quarter. 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. 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. We did not sell or classify any properties as held for sale during the 2021 Quarter. We sold our interests in the following properties during 2020: 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) December 2, 2020 Monument II Office 207,000 53,000 (8,595) December 17, 2020 1227 25th Street NW Office 135,000 53,500 1,125 Total 2020 565,000 $ 163,500 $ (14,325) We have fully transferred control of the assets associated with these disposed properties and do not have continuing involvement in their operations. As of March 31, 2021, we assessed certain properties for impairment and did not recognize any impairment charges during the 2021 Quarter. We applied reasonable estimates and judgments in evaluating each of the properties as of March 31, 2021. 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.

Unsecured Line of Credit Payabl

Unsecured Line of Credit Payable	3 Months Ended
	Mar. 31, 2021
Unsecured Line of Credit Payable
Debt Instrument [Line Items]
Unsecured Line 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”). In the fourth quarter of 2020, we repaid all $150.0 million of borrowings on the 2015 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 March 31, 2021, the interest rate on the Revolving Credit Facility is one month LIBOR plus 1.00%, the one month LIBOR is 0.11% 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 March 31, 2021 is as follows (in thousands): Committed capacity $ 700,000 Borrowings outstanding (33,000) Unused and available $ 667,000 We executed borrowings and repayments on the Revolving Credit Facility during the 2021 Quarter as follows (in thousands): Balance at December 31, 2020 $ 42,000 Borrowings 27,000 Repayments (36,000) Balance at March 31, 2021 $ 33,000

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	DERIVATIVE INSTRUMENTS 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 scheduled 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 then 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 (“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 $350.0 million aggregate principal amount of 3.44% senior unsecured 10-year notes payable (the “Green Bonds”), we terminated the 2020 Forward Swaps. At the time of termination, the 2020 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 2020 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 effective portion of changes in fair value of the cash flow hedges in other comprehensive income. The resulting unrealized loss on the effective portions of the cash flow 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 March 31, 2021 and December 31, 2020, are as follows (in thousands): Fair Value Derivative Liabilities Derivative Instrument Aggregate Notional Amount Effective Date Maturity Date March 31, 2021 December 31, 2020 Interest rate swaps $ 150,000 March 31, 2017 July 21, 2023 $ (3,263) $ (4,009) Interest rate swaps 100,000 June 29, 2018 July 21, 2023 (5,411) (6,246) $ (8,674) $ (10,255) 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 March 31, 2021 2020 Unrealized gain (loss) on interest rate hedges 1,580 (34,567) Amounts reported in Accumulated other comprehensive loss related to derivatives will be reclassified to interest expense as interest payments are made on our variable-rate debt. The gains or losses reclassified from Accumulated other comprehensive loss into interest expense for the three months ended March 31, 2021 and 2020, were as follows (in thousands): Three Months Ended March 31, 2021 2020 Loss reclassified from Accumulated other comprehensive loss into interest expense $ 510 $ — During the next twelve months, we estimate that an additional $6.1 million will be reclassified as an increase to interest expense. We have agreements with each of our derivative counterparties that contain a provision whereby we could be declared in default on our derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to our default on the indebtedness. As of March 31, 2021, we did not have any derivatives in an asset position and the fair value of the derivative liabilities, including accrued interest, was $8.7 million. As of March 31, 2021, we have not posted any collateral related to these agreements. Derivative instruments expose us to credit risk in the event of non-performance by the counterparty under the terms of the interest rate hedge agreements. We believe that we minimize our credit risk on these transactions by dealing with major, creditworthy financial institutions. We monitor the credit ratings of counterparties and our exposure to any single entity, thus minimizing our credit risk concentration.

Fair Value Disclosures

Fair Value Disclosures	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Disclosures	FAIR VALUE DISCLOSURES Assets and Liabilities Measured at Fair Value For assets and liabilities measured at fair value on a recurring basis, quantitative disclosures about the fair value measurements are required to be disclosed separately for each major category of assets and liabilities, as follows: Level 1: Quoted prices in active markets for identical assets Level 2: Significant other observable inputs Level 3: Significant unobservable inputs The only assets or liabilities we had at March 31, 2021 and December 31, 2020 that are recorded at fair value on a recurring basis are the assets held in the Supplemental Executive Retirement Plan (“SERP”), which primarily consist of investments in mutual funds, and the interest rate swaps (see note 5). We base the valuations related to the SERP on assumptions derived from significant other observable inputs and accordingly these valuations fall into Level 2 in the fair value hierarchy. The valuation of the interest rate swaps is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each interest rate swap. This analysis reflects the contractual terms of the interest rate swaps, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash payments (or receipts) and the discounted expected variable cash receipts (or payments). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. To comply with the provisions of ASC 820, 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 March 31, 2021 and December 31, 2020 were as follows (in thousands): March 31, 2021 December 31, 2020 Fair Level 1 Level 2 Level 3 Fair Level 1 Level 2 Level 3 Assets: SERP $ 2,191 $ — $ 2,191 $ — $ 2,433 $ — $ 2,433 $ — Liabilities: Interest rate swaps $ (8,674) $ — $ (8,674) $ — $ (10,255) $ — $ (10,255) $ — 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 March 31, 2021 may differ significantly from the amounts presented. The valuations of cash and cash equivalents and restricted cash fall into Level 1 in the fair value hierarchy and the valuations of debt instruments fall into Level 3 in the fair value hierarchy. As of March 31, 2021 and December 31, 2020, the carrying values and estimated fair values of our financial instruments were as follows (in thousands): March 31, 2021 December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value Cash and cash equivalents $ 3,017 $ 3,017 $ 7,700 $ 7,700 Restricted cash 576 576 603 603 Line of credit 33,000 33,000 42,000 42,000 Notes payable, net 945,634 974,595 945,370 978,678

Stock Based Compensation

Stock Based Compensation	3 Months Ended
	Mar. 31, 2021
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. Total Compensation Expense Total compensation expense recognized in the consolidated financial statements for all outstanding share based awards was $1.7 million and $1.8 million for the 2021 Quarter and 2020 Quarter, respectively. Restricted Share Awards The total fair values of restricted share awards vested was $1.0 million and $0.4 million for the 2021 Quarter and 2020 Quarter, respectively.

Earnings per Common Share

Earnings per Common Share	3 Months Ended
	Mar. 31, 2021
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 less the allocation of undistributed earnings to unvested restricted share awards and units by the weighted-average number of common shares outstanding for the period. We also determine “Diluted earnings per share” as the more dilutive of the two-class method or the treasury stock method with respect to the unvested restricted share awards. We further evaluate any other potentially dilutive securities at the end of the period and adjust the basic earnings per share calculation for the impact of those securities that are dilutive. Our dilutive earnings per share calculation includes the dilutive impact of operating partnership units under the if-converted method and our share based awards with performance conditions prior to the grant date and all market condition awards under the contingently issuable method. The computations of basic and diluted earnings per share for the three months ended March 31, 2021 and 2020 were as follows (in thousands, except per share data): Three Months Ended March 31, 2021 2020 Numerator: Net (loss) income $ (1,147) $ 1,719 Allocation of distributed earnings to unvested restricted share awards (139) (151) Adjusted net (loss) income $ (1,286) $ 1,568 Denominator: Weighted average shares outstanding – basic 84,413 82,086 Effect of dilutive securities: Employee restricted share awards — 189 Operating partnership units — 12 Weighted average shares outstanding – diluted 84,413 82,287 Basic net (loss) income per common share $ (0.02) $ 0.02 Diluted net (loss) income per common share $ (0.02) $ 0.02 Dividends declared per common share $ 0.30 $ 0.30

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2021
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 months ended March 31, 2021 and 2020 from these segments, and reconcile net operating income of our reportable segments to net (loss) income as reported (in thousands): Three Months Ended March 31, 2021 Multifamily Office Corporate and Other Consolidated Real estate rental revenue $ 36,132 $ 28,599 $ 4,902 $ 69,633 Real estate expenses 15,172 10,117 1,405 26,694 Net operating income $ 20,960 $ 18,482 $ 3,497 $ 42,939 Depreciation and amortization (29,643) General and administrative expenses (5,604) Interest expense (10,123) Other income 1,284 Net loss $ (1,147) Capital expenditures $ 3,737 $ 172 $ 130 $ 4,039 Total assets $ 1,322,738 $ 927,757 $ 129,541 $ 2,380,036 Three Months Ended March 31, 2020 Multifamily Office Corporate and Other Consolidated Real estate rental revenue $ 36,578 $ 35,670 $ 4,544 $ 76,792 Real estate expenses 13,985 13,317 1,337 28,639 Net operating income $ 22,593 $ 22,353 $ 3,207 $ 48,153 Depreciation and amortization (29,720) General and administrative expenses (6,337) Interest expense (10,845) Gain on extinguishment of debt 468 Net income $ 1,719 Capital expenditures $ 3,469 $ 7,088 $ 383 $ 10,940 Total assets $ 1,339,925 $ 1,130,013 $ 152,682 $ 2,622,620

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Shareholders' Equity	SHAREHOLDERS' EQUITY On February 17, 2021, we entered into separate amendments to each of our existing equity distribution agreements (“Original Equity Distribution Agreements”) with each of 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 Truist Securities, Inc. (f/k/a SunTrust Robinson Humphrey, Inc.), each dated May 4, 2018 (collectively, as amended, the “Amended Equity Distribution Agreements”). Also on February 17, 2021, we entered into a separate equity distribution agreement with BTIG, LLC on the same terms as the Amended Equity Distribution Agreements (the “BTIG Equity Distribution Agreement,” together with the Amended Equity Distribution Agreements, the “Equity Distribution Agreements”). Pursuant to the Equity Distribution Agreements, we may sell, from time to time, up to an aggregate price of $550.0 million of our common shares of beneficial interest, $0.01 par value per share. 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 business purposes, including, without limitation, working capital, the acquisition, renovation, expansion, improvement, development or redevelopment of income producing properties or the repayment of debt. Our issuances and net proceeds on the Equity Distribution Agreements and the Original Equity Distribution Agreements, respectively, for the three months ended March 31, 2021 and 2020 are as follows: Three Months Ended March 31, 2021 2020 Issuance of common shares 24 47 Weighted average price per share $ 22.06 $ 31.07 Net proceeds $ 467 $ 1,241 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 months ended March 31, 2021 and 2020 are as follows: Three Months Ended March 31, 2021 2020 Issuance of common shares 23 35 Weighted average price per share $ 22.07 $ 26.96 Net proceeds $ 520 $ 921

Summary of Significant Accoun_2

Summary of Significant Accounting Policies and Basis of Presentations (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
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, 2020. Within these notes to the financial statements, we refer to the three months ended March 31, 2021 and March 31, 2020 as the “2021 Quarter” and the “2020 Quarter,” respectively.
Restricted Cash	Restricted Cash Restricted cash includes funds held in escrow for tenant security deposits.
Use of Estimates in the Financial Statements	Use of Estimates in the Financial Statements The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Real Estate (Tables)

Real Estate (Tables)	3 Months Ended
	Mar. 31, 2021
Real Estate [Abstract]
Schedule of Properties Sold	We sold our interests in the following properties during 2020: 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) December 2, 2020 Monument II Office 207,000 53,000 (8,595) December 17, 2020 1227 25th Street NW Office 135,000 53,500 1,125 Total 2020 565,000 $ 163,500 $ (14,325)

Unsecured Line of Credit Paya_2

Unsecured Line of Credit Payable (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Revolving Credit Facility	The amount of the Revolving Credit Facility’s unsecured line of credit unused and available at March 31, 2021 is as follows (in thousands): Committed capacity $ 700,000 Borrowings outstanding (33,000) Unused and available $ 667,000 We executed borrowings and repayments on the Revolving Credit Facility during the 2021 Quarter as follows (in thousands): Balance at December 31, 2020 $ 42,000 Borrowings 27,000 Repayments (36,000) Balance at March 31, 2021 $ 33,000

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020, are as follows (in thousands): Fair Value Derivative Liabilities Derivative Instrument Aggregate Notional Amount Effective Date Maturity Date March 31, 2021 December 31, 2020 Interest rate swaps $ 150,000 March 31, 2017 July 21, 2023 $ (3,263) $ (4,009) Interest rate swaps 100,000 June 29, 2018 July 21, 2023 (5,411) (6,246) $ (8,674) $ (10,255)
Schedule of Unrealized Gain (Loss) and Reclassification of Interest Rate Swap	The net unrealized gains or losses on the effective swaps are recognized in Other comprehensive loss, as follows (in thousands): Three Months Ended March 31, 2021 2020 Unrealized gain (loss) on interest rate hedges 1,580 (34,567) Amounts reported in Accumulated other comprehensive loss related to derivatives will be reclassified to interest expense as interest payments are made on our variable-rate debt. The gains or losses reclassified from Accumulated other comprehensive loss into interest expense for the three months ended March 31, 2021 and 2020, were as follows (in thousands): Three Months Ended March 31, 2021 2020 Loss reclassified from Accumulated other comprehensive loss into interest expense $ 510 $ —

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Assets and Liabilities	The fair values of these assets and liabilities at March 31, 2021 and December 31, 2020 were as follows (in thousands): March 31, 2021 December 31, 2020 Fair Level 1 Level 2 Level 3 Fair Level 1 Level 2 Level 3 Assets: SERP $ 2,191 $ — $ 2,191 $ — $ 2,433 $ — $ 2,433 $ — Liabilities: Interest rate swaps $ (8,674) $ — $ (8,674) $ — $ (10,255) $ — $ (10,255) $ —
Schedule of Carrying Values and Estimated Fair Values of Financial Instruments	As of March 31, 2021 and December 31, 2020, the carrying values and estimated fair values of our financial instruments were as follows (in thousands): March 31, 2021 December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value Cash and cash equivalents $ 3,017 $ 3,017 $ 7,700 $ 7,700 Restricted cash 576 576 603 603 Line of credit 33,000 33,000 42,000 42,000 Notes payable, net 945,634 974,595 945,370 978,678

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	3 Months Ended
	Mar. 31, 2021
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 months ended March 31, 2021 and 2020 were as follows (in thousands, except per share data): Three Months Ended March 31, 2021 2020 Numerator: Net (loss) income $ (1,147) $ 1,719 Allocation of distributed earnings to unvested restricted share awards (139) (151) Adjusted net (loss) income $ (1,286) $ 1,568 Denominator: Weighted average shares outstanding – basic 84,413 82,086 Effect of dilutive securities: Employee restricted share awards — 189 Operating partnership units — 12 Weighted average shares outstanding – diluted 84,413 82,287 Basic net (loss) income per common share $ (0.02) $ 0.02 Diluted net (loss) income per common share $ (0.02) $ 0.02 Dividends declared per common share $ 0.30 $ 0.30

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2021
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 months ended March 31, 2021 and 2020 from these segments, and reconcile net operating income of our reportable segments to net (loss) income as reported (in thousands): Three Months Ended March 31, 2021 Multifamily Office Corporate and Other Consolidated Real estate rental revenue $ 36,132 $ 28,599 $ 4,902 $ 69,633 Real estate expenses 15,172 10,117 1,405 26,694 Net operating income $ 20,960 $ 18,482 $ 3,497 $ 42,939 Depreciation and amortization (29,643) General and administrative expenses (5,604) Interest expense (10,123) Other income 1,284 Net loss $ (1,147) Capital expenditures $ 3,737 $ 172 $ 130 $ 4,039 Total assets $ 1,322,738 $ 927,757 $ 129,541 $ 2,380,036 Three Months Ended March 31, 2020 Multifamily Office Corporate and Other Consolidated Real estate rental revenue $ 36,578 $ 35,670 $ 4,544 $ 76,792 Real estate expenses 13,985 13,317 1,337 28,639 Net operating income $ 22,593 $ 22,353 $ 3,207 $ 48,153 Depreciation and amortization (29,720) General and administrative expenses (6,337) Interest expense (10,845) Gain on extinguishment of debt 468 Net income $ 1,719 Capital expenditures $ 3,469 $ 7,088 $ 383 $ 10,940 Total assets $ 1,339,925 $ 1,130,013 $ 152,682 $ 2,622,620

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Schedule of Equity Distribution Agreement Activity	Our issuances and net proceeds on the Equity Distribution Agreements and the Original Equity Distribution Agreements, respectively, for the three months ended March 31, 2021 and 2020 are as follows: Three Months Ended March 31, 2021 2020 Issuance of common shares 24 47 Weighted average price per share $ 22.06 $ 31.07 Net proceeds $ 467 $ 1,241
Schedule of Dividend Reinvestment Program Activity	Our issuances and net proceeds on the dividend reinvestment program for the three months ended March 31, 2021 and 2020 are as follows: Three Months Ended March 31, 2021 2020 Issuance of common shares 23 35 Weighted average price per share $ 22.07 $ 26.96 Net proceeds $ 520 $ 921

Nature of Business (Details)

Nature of Business (Details) - TRSs - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Properties Sold and Held for Sale [Line Items]
Deferred tax asset	$ 1.4	$ 1.4
Deferred tax valuation allowance	$ 1.4	$ 1.4

Real Estate - Development_Redev

Real Estate - Development/Redevelopment Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Real Estate [Line Items]
Properties under development or held for future development	$ 30,840	$ 37,615
Riverside Developments
Real Estate [Line Items]
Properties under development or held for future development	$ 28,900

Real Estate - Summary of Proper

Real Estate - Summary of Properties Sold (Details) - 2020 Properties ft² in Thousands, $ in Thousands	Dec. 17, 2020USD ($)ft²	Dec. 02, 2020USD ($)ft²	Apr. 21, 2020USD ($)ft²	Dec. 31, 2020USD ($)ft²
Properties Sold and Held for Sale [Line Items]
Rentable Square Feet (sq ft) | ft²				565
Contract Sales Price				$ 163,500
(Loss) gain on sale				$ (14,325)
Disposal group | 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)
Disposal group | Monument II | Office
Properties Sold and Held for Sale [Line Items]
Rentable Square Feet (sq ft) | ft²		207
Contract Sales Price		$ 53,000
(Loss) gain on sale		$ (8,595)
Disposal group | 1227 25th Street | Office
Properties Sold and Held for Sale [Line Items]
Rentable Square Feet (sq ft) | ft²	135
Contract Sales Price	$ 53,500
(Loss) gain on sale	$ 1,125

Unsecured Line of Credit Paya_3

Unsecured Line of Credit Payable - Narrative (Details)	Mar. 31, 2021USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Mar. 31, 2018USD ($)extension_option	Mar. 29, 2018USD ($)	Dec. 31, 2017USD ($)	Jul. 22, 2016USD ($)
Line of Credit Facility [Line Items]
Repayment of outstanding borrowings		$ 9,000,000
Credit Agreement
Line of Credit Facility [Line Items]
Credit agreement, aggregate maximum borrowing capacity including accordion feature				$ 1,500,000,000
2016 Term Loan
Line of Credit Facility [Line Items]
Debt instrument face amount							$ 150,000,000
2016 Term Loan | Interest rate swaps
Line of Credit Facility [Line Items]
Derivative notional amount							$ 150,000,000
Derivative fixed interest rate (percent)							2.86%
2018 Term Loan
Line of Credit Facility [Line Items]
Debt instrument face amount					$ 250,000,000
2018 Term Loan | Interest rate swaps
Line of Credit Facility [Line Items]
Derivative fixed interest rate (percent)					2.87%
2018 Term Loan A | Interest rate swaps
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 swaps
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%
Term loan | 2015 Term Loan
Line of Credit Facility [Line Items]
Debt instrument face amount				150,000,000
Repayment of borrowings			$ 150,000,000
Term loan | 2016 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
All-in fixed interest rate (percent)	2.87%	2.87%
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%
Revolving Credit Facility
Line of Credit Facility [Line Items]
Revolving credit facility borrowing capacity	$ 700,000,000	$ 700,000,000
Debt instrument term (in years)				4 years
Number of extensions allowed | extension_option				2
Term of allowable extension (in months)				6 months
Facility fee (percent)	0.20%
One-month LIBOR (percent)	0.11%	0.11%
Repayment of outstanding borrowings		$ 36,000,000		$ 100,000,000
Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Facility fee (percent)		0.10%
Revolving Credit Facility | Maximum
Line of Credit Facility [Line Items]
Facility 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 Line of Credit Paya_4

Unsecured Line of Credit Payable - Revolving Credit Facility Unused and Available Credit (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Borrowings outstanding	$ (33,000,000)	$ (42,000,000)
Revolving Credit Facility
Line of Credit Facility [Line Items]
Committed capacity	700,000,000
Borrowings outstanding	(33,000,000)	$ (42,000,000)
Unused and available	$ 667,000,000

Unsecured Line of Credit Paya_5

Unsecured Line of Credit Payable - Revolving Credit Facility Borrowings and Repayments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2018
Line of Credit [Roll Forward]
Beginning balance	$ 42,000
Borrowings		$ 92,000
Repayments	(9,000)
Ending balance	33,000
Revolving Credit Facility
Line of Credit [Roll Forward]
Beginning balance	42,000
Borrowings	27,000
Repayments	(36,000)		$ (100,000)
Ending balance	$ 33,000

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details)	Oct. 02, 2020USD ($)	Sep. 29, 2020USD ($)	Apr. 30, 2020USD ($)	Nov. 30, 2019USD ($)arrangement	Mar. 31, 2021USD ($)	Mar. 29, 2018USD ($)arrangement	Jul. 22, 2016USD ($)arrangement
Interest rate swaps
Derivative [Line Items]
Fair value of derivative liabilities					$ 8,700,000
Estimated amount to be reclassified within next twelve months as an increase to interest expense					6,100,000
Fair value of derivative assets					0
2016 Term Loan
Derivative [Line Items]
Debt instrument face amount							$ 150,000,000
2016 Term Loan | Interest rate swaps
Derivative [Line Items]
Number of derivative arrangements | 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 | Interest rate swaps
Derivative [Line Items]
All-in fixed interest rate (percent)						2.87%
2018 Term Loan A | Interest rate swaps
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 | Interest rate swaps
Derivative [Line Items]
Number of derivative arrangements | 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 | Interest rate swaps
Derivative [Line Items]
Number of derivative arrangements | arrangement				4
Derivative notional amount				$ 200,000,000
Fair value of derivative liabilities		$ 20,400,000
Repayment of derivative liability	$ 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%
Debt instrument term (in years)				10 years
10-year unsecured notes 4.95% | Notes payable
Derivative [Line Items]
Stated interest rate (percent)			4.95%
Debt instrument term (in years)			10 years
Repayment of borrowings			$ 250,000,000
Green Bonds
Derivative [Line Items]
Debt instrument term (in years)		10 years
Green Bonds | Notes payable
Derivative [Line Items]
Debt instrument face amount		$ 350,000,000
Stated interest rate (percent)		3.44%
Debt instrument term (in years)		10 years

Derivative Instruments - Fair V

Derivative Instruments - Fair Value of Interest Rate Swaps (Details) - Interest rate swaps - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Mar. 29, 2018
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ (8,674,000)	$ (10,255,000)
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 Liabilities	(3,263,000)	(4,009,000)
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 Liabilities	$ (5,411,000)	$ (6,246,000)

Derivative Instruments - Unreal

Derivative Instruments - Unrealized Gains and Losses and Reclassification (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Unrealized gain (loss) on interest rate hedges	$ 1,580	$ (34,567)
Loss reclassified from Accumulated other comprehensive loss into interest expense	$ 510	$ 0

Fair Value Disclosures - Assets

Fair Value Disclosures - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Interest rate swaps
Liabilities:
Interest rate swaps	$ (8,700)
Recurring | SERP
Assets:
SERP	2,191	$ 2,433
Recurring | Interest rate swaps
Liabilities:
Interest rate swaps	(8,674)	(10,255)
Recurring | Level 1 | SERP
Assets:
SERP	0	0
Recurring | Level 1 | Interest rate swaps
Liabilities:
Interest rate swaps	0	0
Recurring | Level 2 | SERP
Assets:
SERP	2,191	2,433
Recurring | Level 2 | Interest rate swaps
Liabilities:
Interest rate swaps	(8,674)	(10,255)
Recurring | Level 3 | SERP
Assets:
SERP	0	0
Recurring | Level 3 | Interest rate swaps
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	Mar. 31, 2021	Dec. 31, 2020
Carrying Value
Carrying Value and Estimated Fair Values [Line Items]
Cash and cash equivalents	$ 3,017	$ 7,700
Restricted cash	576	603
Line of credit	33,000	42,000
Notes payable, net	945,634	945,370
Fair Value
Carrying Value and Estimated Fair Values [Line Items]
Cash and cash equivalents	3,017	7,700
Restricted cash	576	603
Line of credit	33,000	42,000
Notes payable, net	$ 974,595	$ 978,678

Stock Based Compensation (Detai

Stock Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 1.7	$ 1.8
Restricted share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of share awards vested	$ 1	$ 0.4
Total unvested restricted share awards (in shares)	463,100
Weighted average grant date fair value (in dollars per share)	$ 28.36
Compensation costs not yet recognized	$ 9.2
Recognition period for compensation expense	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
Incentive plan, period in effect (in years)	10 years

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net (loss) income	$ (1,147)	$ 1,719
Allocation of distributed earnings to unvested restricted share awards	(139)	(151)
Adjusted net (loss) income	$ (1,286)	$ 1,568
Denominator:
Weighted average shares outstanding - basic (in shares)	84,413	82,086
Employee restricted share awards (in shares)	0	189
Operating partnership units (in shares)	0	12
Weighted average shares outstanding - diluted (in shares)	84,413	82,287
Basic net (loss) income per common share	$ (0.02)	$ 0.02
Diluted net (loss) income per common share	(0.02)	0.02
Dividends declared per common share (in dollars per share)	$ 0.30	$ 0.30

Segment Information - Narrative

Segment Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2021segmentproperty
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
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Real estate rental revenue	$ 69,633	$ 76,792
Real estate expenses	26,694	28,639
Net operating income	42,939	48,153
Depreciation and amortization	(29,643)	(29,720)
General and administrative expenses	(5,604)	(6,337)
Interest expense	(10,123)	(10,845)
Other income	1,284	0
Gain on extinguishment of debt	0	468
Net (loss) income	(1,147)	1,719
Capital expenditures	4,039	10,940
Total assets	2,380,036	2,622,620	$ 2,409,818
Office | Reportable Segments
Segment Reporting Information [Line Items]
Real estate rental revenue	28,599	35,670
Real estate expenses	10,117	13,317
Net operating income	18,482	22,353
Capital expenditures	172	7,088
Total assets	927,757	1,130,013
Multifamily | Reportable Segments
Segment Reporting Information [Line Items]
Real estate rental revenue	36,132	36,578
Real estate expenses	15,172	13,985
Net operating income	20,960	22,593
Capital expenditures	3,737	3,469
Total assets	1,322,738	1,339,925
Corporate and Other
Segment Reporting Information [Line Items]
Real estate rental revenue	4,902	4,544
Real estate expenses	1,405	1,337
Net operating income	3,497	3,207
Capital expenditures	130	383
Total assets	$ 129,541	$ 152,682

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Common shares of beneficial interest reserved for future issuance	$ 550,000,000
Shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 0.01

Shareholders' Equity - Equity D

Shareholders' Equity - Equity Distribution Agreements (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Equity Distribution Agreements
Issuance of common shares (in shares)	24	47
Weighted average price per share (in dollars per share)	$ 22.06	$ 31.07
Net proceeds	$ 467	$ 1,241

Shareholders' Equity - Dividend

Shareholders' Equity - Dividend Reinvestment Program (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Dividend Reinvestment Program
Issuance of common shares (in shares)	23	35
Weighted average price per share (in dollars per share)	$ 22.07	$ 26.96
Net proceeds	$ 520	$ 921