$ELME
Elme Communities

2013 Q1 Form 10-Q Financial Statement

#000010489413000054 Filed on May 09, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q1
Revenue $64.56M $75.21M
YoY Change -14.16% 20.17%
Cost Of Revenue $22.55M $25.55M
YoY Change -11.74% 9.89%
Gross Profit $42.01M $49.66M
YoY Change -15.4% 8.07%
Gross Profit Margin 65.07% 66.02%
Selling, General & Admin $3.860M $3.610M
YoY Change 6.93% -2.43%
% of Gross Profit 9.19% 7.27%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $25.52M $25.99M
YoY Change -1.81% 2.95%
% of Gross Profit 60.76% 52.34%
Operating Expenses $24.99M $29.19M
YoY Change -14.39% 14.02%
Operating Profit $16.81M $20.42M
YoY Change -17.69% 0.32%
Interest Expense $16.19M $15.83M
YoY Change 2.27% -6.29%
% of Operating Profit 96.32% 77.52%
Other Income/Expense, Net -$15.95M -$15.59M
YoY Change 2.34% -14.53%
Pretax Income $860.0K $4.830M
YoY Change -82.19% 127.83%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0% 0.0%
Net Earnings $7.335M $5.181M
YoY Change 41.57% 0.0%
Net Earnings / Revenue 11.36% 6.89%
Basic Earnings Per Share $0.11 $0.08
Diluted Earnings Per Share $0.11 $0.08
COMMON SHARES
Basic Shares Outstanding 66.39M shares 66.19M shares
Diluted Shares Outstanding 66.52M shares 66.33M shares

Balance Sheet

Concept 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.70M $17.80M
YoY Change -6.18% 42.4%
Cash & Equivalents $16.74M $17.81M
Short-Term Investments
Other Short-Term Assets $109.9M $114.9M
YoY Change -4.35% 6.39%
Inventory
Prepaid Expenses
Receivables $59.40M $54.70M
Other Receivables $0.00 $0.00
Total Short-Term Assets $186.0M $187.4M
YoY Change -0.75% 7.83%
LONG-TERM ASSETS
Property, Plant & Equipment $1.899B $1.907B
YoY Change -0.41% -2.69%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.80M $21.90M
YoY Change -50.68% -73.42%
Total Long-Term Assets $1.910B $1.929B
YoY Change -0.99% -5.55%
TOTAL ASSETS
Total Short-Term Assets $186.0M $187.4M
Total Long-Term Assets $1.910B $1.929B
Total Assets $2.096B $2.117B
YoY Change -0.97% -4.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $57.50M $57.80M
YoY Change -0.52% -3.83%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $70.00M $109.0M
YoY Change -35.78% -31.88%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $137.3M $175.7M
YoY Change -21.86% -23.64%
LONG-TERM LIABILITIES
Long-Term Debt $1.159B $1.084B
YoY Change 6.89% -4.32%
Other Long-Term Liabilities $15.20M $15.10M
YoY Change 0.66% 14.39%
Total Long-Term Liabilities $1.174B $1.099B
YoY Change 6.81% -4.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $137.3M $175.7M
Total Long-Term Liabilities $1.174B $1.099B
Total Liabilities $1.311B $1.275B
YoY Change 2.86% -7.63%
SHAREHOLDERS EQUITY
Retained Earnings -$366.8M -$303.8M
YoY Change 20.74%
Common Stock $665.0K $662.0K
YoY Change 0.45%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $780.5M $837.9M
YoY Change
Total Liabilities & Shareholders Equity $2.096B $2.117B
YoY Change -0.97% -4.5%

Cashflow Statement

Concept 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income $7.335M $5.181M
YoY Change 41.57% 0.0%
Depreciation, Depletion And Amortization $25.52M $25.99M
YoY Change -1.81% 2.95%
Cash From Operating Activities $36.90M $35.56M
YoY Change 3.78% 9.21%
INVESTING ACTIVITIES
Capital Expenditures $10.20M $10.70M
YoY Change -4.67% -91.81%
Acquisitions
YoY Change
Other Investing Activities $11.40M -$800.0K
YoY Change -1525.0%
Cash From Investing Activities $1.164M -$11.45M
YoY Change -110.17% -91.25%
FINANCING ACTIVITIES
Cash Dividend Paid $20.03M $28.90M
YoY Change -30.68% 1.08%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$40.65M -$19.07M
YoY Change 113.2% -159.72%
NET CHANGE
Cash From Operating Activities $36.90M $35.56M
Cash From Investing Activities $1.164M -$11.45M
Cash From Financing Activities -$40.65M -$19.07M
Net Change In Cash -$2.581M $5.044M
YoY Change -151.17% -107.61%
FREE CASH FLOW
Cash From Operating Activities $36.90M $35.56M
Capital Expenditures $10.20M $10.70M
Free Cash Flow $26.70M $24.86M
YoY Change 7.42% -125.33%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2013Q1 us-gaap Accounts And Notes Receivable Net
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CY2013Q1 us-gaap Additional Paid In Capital
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CY2012Q1 us-gaap Additions To Noncurrent Assets
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CY2013Q1 us-gaap Additions To Noncurrent Assets
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CY2013Q1 us-gaap Allocated Share Based Compensation Expense
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CY2012Q1 us-gaap Allocated Share Based Compensation Expense
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CY2012Q4 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
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CY2013Q1 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
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CY2013Q1 us-gaap Amortization Of Financing Costs And Discounts
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CY2012Q1 us-gaap Amortization Of Financing Costs And Discounts
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CY2012Q4 us-gaap Area Of Real Estate Property
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CY2013Q1 us-gaap Business Combination Acquisition Related Costs
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CY2013Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2012Q4 us-gaap Common Stock Value
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CY2013Q1 us-gaap Comparability Of Prior Year Financial Data
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CY2012Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
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CY2013Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
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CY2012Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2013Q1 us-gaap Nature Of Operations
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">NATURE OF BUSINESS</font></div><div style="line-height:120%;padding-top:6px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Washington Real Estate Investment Trust (&#8220;WRIT&#8221;), a Maryland real estate investment trust, is a self-administered, self-managed equity real estate investment trust, successor to a trust organized in 1960. Our business consists of the ownership and operation of income-producing real estate properties in the greater Washington metro region. We own a diversified portfolio of office buildings, medical office buildings, multifamily buildings and retail centers.</font></div><div style="line-height:120%;padding-top:6px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Federal Income Taxes</font></div><div style="line-height:120%;padding-top:6px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We believe that we qualify as a real estate investment trust (&#8220;REIT&#8221;) under Sections 856-860 of the Internal Revenue Code and intend to continue to qualify as such. To maintain our status as a REIT, we are required to distribute </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">90%</font><font style="font-family:inherit;font-size:10pt;"> of our ordinary taxable income to our shareholders. When selling properties, we have the option of (a)&#160;reinvesting the sales proceeds of properties sold, allowing for a deferral of income taxes on the sale, (b)&#160;paying out capital gains to the shareholders with no tax to WRIT or (c)&#160;treating the capital gains as having been distributed to the shareholders, paying the tax on the gain deemed distributed and allocating the tax paid as a credit to the shareholders. During the 2013 Quarter, we sold the Atrium Building, an office property, for a contract sales price of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$15.8 million</font><font style="font-family:inherit;font-size:10pt;">, and the capital gain from the sale is expected to be treated as a distribution to shareholders. </font></div><div style="line-height:120%;padding-top:6px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Generally, and subject to our ongoing qualification as a REIT, no provisions for income taxes are necessary except for taxes on undistributed REIT taxable income and taxes on the income generated by our taxable REIT subsidiaries (&#8220;TRSs&#8221;). Our TRSs are subject to corporate federal and state income tax on their taxable income at regular statutory rates. There were no material income tax provisions or material net deferred income tax items for our TRSs for the three months ended March 31, 2013 and 2012.</font></div></div>
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CY2013Q1 us-gaap Preferred Stock Value
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CY2012Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
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10000000 USD
CY2013Q1 us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
15161000 USD
CY2012Q1 us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
0 USD
CY2012Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
23000 USD
CY2013Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
CY2012Q1 us-gaap Profit Loss
ProfitLoss
5181000 USD
CY2013Q1 us-gaap Profit Loss
ProfitLoss
7335000 USD
CY2013Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1566000 USD
CY2012Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1098000 USD
CY2012Q4 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
11528000 USD
CY2013Q1 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
0 USD
CY2012Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
604614000 USD
CY2013Q1 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
625774000 USD
CY2013Q1 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
2472127000 USD
CY2012Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
2462546000 USD
CY2013Q1 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
1899259000 USD
CY2012Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
1907067000 USD
CY2013Q1 us-gaap Real Estate Investments
RealEstateInvestments
1846353000 USD
CY2013Q1 us-gaap Security Deposit Liability
SecurityDepositLiability
9849000 USD
CY2012Q4 us-gaap Security Deposit Liability
SecurityDepositLiability
9936000 USD
CY2012Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1429000 USD
CY2013Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1026000 USD
CY2012Q4 us-gaap Real Estate Investments
RealEstateInvestments
1857932000 USD
CY2013Q1 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
76924000 USD
CY2012Q1 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
75214000 USD
CY2013Q1 us-gaap Rental Properties
RentalProperties
1988929000 USD
CY2012Q4 us-gaap Rental Properties
RentalProperties
1979348000 USD
CY2012Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
1453000 USD
CY2013Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
30828000 USD
CY2012Q1 us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
0 USD
CY2013Q1 us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
60000000 USD
CY2012Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
14582000 USD
CY2013Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
10804000 USD
CY2013Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-366821000 USD
CY2012Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-354122000 USD
CY2013Q1 us-gaap Secured Debt
SecuredDebt
312396000 USD
CY2012Q4 us-gaap Secured Debt
SecuredDebt
342970000 USD
CY2013Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
1169000 USD
CY2013Q1 us-gaap Stockholders Equity
StockholdersEquity
780527000 USD
CY2012Q4 us-gaap Stockholders Equity
StockholdersEquity
792057000 USD
CY2012Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
796143000 USD
CY2013Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
784826000 USD
CY2012Q1 us-gaap Undistributed Earnings Allocated To Participating Securities
UndistributedEarningsAllocatedToParticipatingSecurities
175000 USD
CY2013Q1 us-gaap Undistributed Earnings Allocated To Participating Securities
UndistributedEarningsAllocatedToParticipatingSecurities
65000 USD
CY2013Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates in the Financial Statements</font></div><div style="line-height:120%;padding-top:6px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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.</font></div></div>
CY2013Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
66519000 shares
CY2012Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
66328000 shares
CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
66393000 shares
CY2012Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
66194000 shares
CY2012Q1 wre Adjusted Income From Discontinuing Operations Attributable To Controlling Interests
AdjustedIncomeFromDiscontinuingOperationsAttributableToControllingInterests
334000 USD
CY2013Q1 wre Adjusted Income From Discontinuing Operations Attributable To Controlling Interests
AdjustedIncomeFromDiscontinuingOperationsAttributableToControllingInterests
3325000 USD
CY2013Q1 wre Adjusted Income Loss From Continuing Operations
AdjustedIncomeLossFromContinuingOperations
3890000 USD
CY2012Q1 wre Adjusted Income Loss From Continuing Operations
AdjustedIncomeLossFromContinuingOperations
4659000 USD
CY2013Q1 wre Adjusted Net Income Attributable To Controlling Interests Income Numerator
AdjustedNetIncomeAttributableToControllingInterestsIncomeNumerator
7215000 USD
CY2012Q1 wre Adjusted Net Income Attributable To Controlling Interests Income Numerator
AdjustedNetIncomeAttributableToControllingInterestsIncomeNumerator
4993000 USD
CY2013Q1 wre Disposal Group Including Discontinued Operation Depreciation And Amortization
DisposalGroupIncludingDiscontinuedOperationDepreciationAndAmortization
0 USD
CY2012Q1 wre Disposal Group Including Discontinued Operation Depreciation And Amortization
DisposalGroupIncludingDiscontinuedOperationDepreciationAndAmortization
412000 USD
CY2012Q4 wre Disposal Group Including Discontinued Operation Sale Price
DisposalGroupIncludingDiscontinuedOperationSalePrice
23000000 USD
CY2013Q1 wre Fair Value Assets Measured On Recurring Basis Supplemental Executive Retirement Program
FairValueAssetsMeasuredOnRecurringBasisSupplementalExecutiveRetirementProgram
2650000 USD
CY2012Q4 wre Fair Value Assets Measured On Recurring Basis Supplemental Executive Retirement Program
FairValueAssetsMeasuredOnRecurringBasisSupplementalExecutiveRetirementProgram
2421000 USD
CY2012Q1 wre Incremental Common Shares Attributable To Operating Partnership Units
IncrementalCommonSharesAttributableToOperatingPartnershipUnits
117000 shares
CY2013Q1 wre Incremental Common Shares Attributable To Operating Partnership Units
IncrementalCommonSharesAttributableToOperatingPartnershipUnits
117000 shares
CY2012Q1 wre Operating Income Loss Net
OperatingIncomeLossNet
49663000 USD
CY2013Q1 wre Operating Income Loss Net
OperatingIncomeLossNet
49833000 USD
CY2011Q2 wre Percentage Of Capital Contribution Through Debt
PercentageOfCapitalContributionThroughDebt
0.70
CY2013Q1 wre Percentage Of Distribution Of Ordinary Taxable Income
PercentageOfDistributionOfOrdinaryTaxableIncome
0.9
CY2012Q1 wre Undistributed Earnings Allocated To Participating Securites Discontinued Operations
UndistributedEarningsAllocatedToParticipatingSecuritesDiscontinuedOperations
13000 USD
CY2013Q1 wre Undistributed Earnings Allocated To Participating Securites Discontinued Operations
UndistributedEarningsAllocatedToParticipatingSecuritesDiscontinuedOperations
55000 USD
CY2013Q1 dei Amendment Flag
AmendmentFlag
false
CY2013Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2013Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2013Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
CY2013Q1 dei Document Period End Date
DocumentPeriodEndDate
2013-03-31
CY2013Q1 dei Document Type
DocumentType
10-Q
CY2013Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000104894
CY2013Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
66500018 shares
CY2013Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2013Q1 dei Entity Registrant Name
EntityRegistrantName
WASHINGTON REAL ESTATE INVESTMENT TRUST

Files In Submission

Name View Source Status
0000104894-13-000054-index-headers.html Edgar Link pending
0000104894-13-000054-index.html Edgar Link pending
0000104894-13-000054.txt Edgar Link pending
0000104894-13-000054-xbrl.zip Edgar Link pending
exhibit12-q1201310xq.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
q12013amendmenttodirectord.htm Edgar Link pending
q12013amendmenttoofficerdcp.htm Edgar Link pending
q12013officerstipamendment.htm Edgar Link pending
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report.css Edgar Link pending
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wre-03312013x10xq.htm Edgar Link pending
wre-03312013xexhibit311.htm Edgar Link pending
wre-03312013xexhibit312.htm Edgar Link pending
wre-03312013xexhibit313.htm Edgar Link pending
wre-03312013xexhibit32.htm Edgar Link pending
wre-20130331.xml Edgar Link completed
wre-20130331.xsd Edgar Link pending
wre-20130331_cal.xml Edgar Link unprocessable
wre-20130331_def.xml Edgar Link unprocessable
wre-20130331_lab.xml Edgar Link unprocessable
wre-20130331_pre.xml Edgar Link unprocessable