Real Estate (Tables)

9 Months Ended

Sep. 30, 2022

Real Estate [Abstract]

Schedule Of Real Estate Property Acquired

We acquired the following properties during the 2022 Period:

Acquisition Date	Property	Type	# of homes	Ending Occupancy (1)	Contract Purchase Price (in thousands)
February 1, 2022	Carlyle of Sandy Springs	Residential	389	93.1%	$	105,586
May 5, 2022	Marietta Crossing	Residential	420	94.5%	107,900
May 5, 2022	Alder Park	Residential	270	95.2%	69,750
			1,079		$	283,236

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(1)    As of September 30, 2022.

Schedule of Operations from Acquired Properties

The results of operations from the acquired operating properties are included in the condensed consolidated statements of operations as of their acquisition date and were as follows (in thousands):

	Three Months Ended September 30, 2022		Nine Months Ended September 30, 2022
Real estate rental revenue	$	4,897	$	9,623
Net loss	(7,427)		(11,034)

Schedule Of Cost Of Acquisition

The total cost of the 2022 acquisitions was as follows (in thousands):

Contract purchase price	$	283,236
Capitalized acquisition costs	478
Total	$	283,714

Schedule of Acquisition Asset Valuation

We have recorded the 2022 acquisitions as follows (in thousands):

Land	$	50,547
Building	220,825
Absorption costs	7,300
Aggregate discount on assumed mortgages	5,042
Total acquisition cost	283,714
Outstanding balance on assumed mortgages	(76,554)
Total carrying amounts recorded	$	207,160

Schedule of Properties Sold

We sold the following properties during 2021 ($ in thousands):

Disposition Date	Property Name	Property Type	Rentable Square Feet	Contract Sales Price		(Loss) Gain on Sale
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

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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, 2021		Nine Months Ended September 30, 2021
Real estate rental revenue	$	10,932	$	70,519
Expenses
Property operating and maintenance	(1,870)		(11,201)
Real estate taxes and insurance	(1,476)		(11,136)
Property management	(378)		(2,195)
Depreciation and amortization	—		(22,904)
Gain on sale of real estate, net	46,441		46,441
Income from discontinued operations	$	53,649	$	69,524
Basic net income per share	$	0.63	$	0.82
Diluted net income per share	$	0.63	$	0.82
Capital expenditures	$	833	$	3,316