Real Estate (Tables)

9 Months Ended

Sep. 30, 2021

Real Estate [Abstract]

Schedule Of Real Estate Property Acquired

We acquired the following property during the 2021 Period (the “2021 acquisition”):

Acquisition Date	Property	Type	# of homes (unaudited)	Average Occupancy (unaudited)	Contract Purchase Price (in thousands)
August 10, 2021	The Oxford	Residential	240	93.5%	$	48,000

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Schedule of Operations from Acquired Properties

The results of operations from the acquired operating property are included in the consolidated statements of operations as of its acquisition date and are as follows (in thousands):

	Three and Nine Months Ended September 30, 2021
Real estate rental revenue	$	488
Net loss	(349)

Schedule Of Cost Of Acquisition

The total cost of the 2021 acquisition was as follows (in thousands):

Contract purchase price	$	48,000
Capitalized acquisition costs	52
Total	$	48,052

Schedule of Acquisition Asset Valuation

We have recorded the total cost of the 2021 acquisition as follows (in thousands):

Land	$	4,798
Building	42,079
Absorption costs	1,175
Total	$	48,052

Schedule of Properties Sold

We sold the following properties during 2021 and 2020:

Disposition Date	Property Name	Property Type	Rentable Square Feet	Contract Sales Price (in thousands)		(Loss) Gain on Sale (in thousands)
July 26, 2021	Office Portfolio (1)	Office	2,370,000	$	766,000	$	(11,220)
September 22, 2021	Retail Portfolio (2)	Retail	693,000	168,314		57,661
		Total 2021	3,063,000	$	934,314	$	46,441
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)

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(1)     Consists of twelve office properties: 1901 Pennsylvania Avenue, 515 King Street, 1220 19th Street, 1600 Wilson Boulevard, Silverline Center, Courthouse Square, 2000 M Street, 1140 Connecticut Avenue, Army Navy Club, 1775 Eye Street, Fairgate at Ballston and Arlington Tower.

(2)    Consists of eight retail properties: Takoma Park, Westminster, Concord Centre, Chevy Chase Metro Plaza, 800 S. Washington Street, Randolph Shopping Center, Montrose Shopping Center and Spring Valley Village.

The results of the Office Portfolio and Retail Portfolio are classified as discontinued operations and are summarized as follows (amounts in thousands, except for share data):

	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Real estate rental revenue	$	10,932	$	29,511	$	70,519	$	89,673
Expenses
Property operating and maintenance	(1,870)		(5,232)		(11,201)		(15,433)
Real estate taxes and insurance	(1,476)		(4,839)		(11,136)		(14,233)
Property management	(378)		(947)		(2,195)		(2,830)
Depreciation and amortization	—		(12,406)		(22,904)		(37,106)
Gain on sale of real estate, net	46,441		—		46,441		—
Income from discontinued operations	$	53,649	$	6,087	$	69,524	$	20,071
Basic net income per share	$	0.63	$	0.07	$	0.82	$	0.24
Diluted net income per share	$	0.63	$	0.07	$	0.82	$	0.24
Capital expenditures	$	833	$	4,239	$	3,316	$	11,825

All assets and liabilities related to the Office Portfolio and Retail Portfolio were sold as of September 30, 2021. As of December 31, 2020, assets and liabilities related to the Office Portfolio and Retail Portfolio were as follows (in thousands):

	December 31, 2020
Land	$	249,869
Income producing property	958,704
	1,208,573
Accumulated depreciation and amortization	(414,008)
Income producing property, net	794,565
Development in progress and land held for development	1,122
Investment in real estate, net	$	795,687
Cash and cash equivalents	3
Restricted cash	10
Rents and other receivables	48,532
Prepaid expenses and other assets	41,452
Total assets	$	885,684
Accounts payable and other liabilities	$	14,706
Advance rents	4,754
Tenant security deposits	5,769
Liabilities related to properties sold or held for sale	$	25,229