$ELME
Elme Communities

2014 Q1 Form 10-Q Financial Statement

#000010489414000061 Filed on May 08, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $68.61M $64.56M
YoY Change 6.27% -14.16%
Cost Of Revenue $26.34M $22.55M
YoY Change 16.81% -11.74%
Gross Profit $42.27M $42.01M
YoY Change 0.62% -15.4%
Gross Profit Margin 61.61% 65.07%
Selling, General & Admin $4.430M $3.860M
YoY Change 14.77% 6.93%
% of Gross Profit 10.48% 9.19%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $22.75M $25.52M
YoY Change -10.86% -1.81%
% of Gross Profit 53.83% 60.76%
Operating Expenses $56.57M $24.99M
YoY Change 126.37% -14.39%
Operating Profit $12.04M $16.81M
YoY Change -28.36% -17.69%
Interest Expense $14.53M $16.19M
YoY Change -10.25% 2.27%
% of Operating Profit 120.66% 96.32%
Other Income/Expense, Net -$14.31M -$15.95M
YoY Change -10.31% 2.34%
Pretax Income -$2.270M $860.0K
YoY Change -363.95% -82.19%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings $104.6M $7.335M
YoY Change 1325.41% 41.57%
Net Earnings / Revenue 152.39% 11.36%
Basic Earnings Per Share $1.56 $0.11
Diluted Earnings Per Share $1.56 $0.11
COMMON SHARES
Basic Shares Outstanding 66.70M shares 66.39M shares
Diluted Shares Outstanding 66.70M shares 66.52M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $62.10M $16.70M
YoY Change 271.86% -6.18%
Cash & Equivalents $62.08M $16.74M
Short-Term Investments
Other Short-Term Assets $109.1M $109.9M
YoY Change -0.73% -4.35%
Inventory
Prepaid Expenses
Receivables $52.70M $59.40M
Other Receivables $0.00 $0.00
Total Short-Term Assets $223.9M $186.0M
YoY Change 20.38% -0.75%
LONG-TERM ASSETS
Property, Plant & Equipment $1.744B $1.899B
YoY Change -8.17% -0.41%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $107.0M $10.80M
YoY Change 890.74% -50.68%
Total Long-Term Assets $1.851B $1.910B
YoY Change -3.08% -0.99%
TOTAL ASSETS
Total Short-Term Assets $223.9M $186.0M
Total Long-Term Assets $1.851B $1.910B
Total Assets $2.075B $2.096B
YoY Change -1.0% -0.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $56.80M $57.50M
YoY Change -1.22% -0.52%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $70.00M
YoY Change -100.0% -35.78%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $65.20M $137.3M
YoY Change -52.51% -21.86%
LONG-TERM LIABILITIES
Long-Term Debt $1.151B $1.159B
YoY Change -0.65% 6.89%
Other Long-Term Liabilities $14.70M $15.20M
YoY Change -3.29% 0.66%
Total Long-Term Liabilities $1.166B $1.174B
YoY Change -0.68% 6.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $65.20M $137.3M
Total Long-Term Liabilities $1.166B $1.174B
Total Liabilities $1.231B $1.311B
YoY Change -6.12% 2.86%
SHAREHOLDERS EQUITY
Retained Earnings -$312.4M -$366.8M
YoY Change -14.83% 20.74%
Common Stock $666.0K $665.0K
YoY Change 0.15% 0.45%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $839.6M $780.5M
YoY Change
Total Liabilities & Shareholders Equity $2.075B $2.096B
YoY Change -1.0% -0.97%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income $104.6M $7.335M
YoY Change 1325.41% 41.57%
Depreciation, Depletion And Amortization $22.75M $25.52M
YoY Change -10.86% -1.81%
Cash From Operating Activities $22.49M $36.90M
YoY Change -39.07% 3.78%
INVESTING ACTIVITIES
Capital Expenditures $60.90M $10.20M
YoY Change 497.06% -4.67%
Acquisitions
YoY Change
Other Investing Activities $88.60M $11.40M
YoY Change 677.19% -1525.0%
Cash From Investing Activities $27.64M $1.164M
YoY Change 2274.23% -110.17%
FINANCING ACTIVITIES
Cash Dividend Paid $20.09M $20.03M
YoY Change 0.28% -30.68%
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$118.4M -$40.65M
YoY Change 191.23% 113.2%
NET CHANGE
Cash From Operating Activities $22.49M $36.90M
Cash From Investing Activities $27.64M $1.164M
Cash From Financing Activities -$118.4M -$40.65M
Net Change In Cash -$68.26M -$2.581M
YoY Change 2544.83% -151.17%
FREE CASH FLOW
Cash From Operating Activities $22.49M $36.90M
Capital Expenditures $60.90M $10.20M
Free Cash Flow -$38.42M $26.70M
YoY Change -243.85% 7.42%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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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;color:#000000;font-weight:bold;text-decoration:underline;">NOTE 1: NATURE OF BUSINESS</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;"> </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;Washington REIT&#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, 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 Washington REIT 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 first quarter of 2014, we closed on Transactions III (for the sale of Woodburn Medical Park I and II) and IV (for the sale of Prosperity Medical Center I, II and III) of the Medical Office Portfolio sale for an aggregate contract sales price of </font><font style="font-family:inherit;font-size:10pt;">$193.6 million</font><font style="font-family:inherit;font-size:10pt;">. We have identified a portion of the sold Medical Office Portfolio properties for tax deferred exchange under Section 1031 of the Internal Revenue Code. The remaining sales proceeds designated for Section 1031 exchanges as of March 31, 2014 are reported as restricted cash on our consolidated balance sheets. </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 or as calculated under the alternative minimum tax, as appropriate. There were no material income tax provisions or material net deferred income tax items for our TRSs for the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">three months ended March 31, 2014 and 2013</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div>
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CY2013Q1 us-gaap Payments Of Dividends
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CY2014Q1 us-gaap Payments To Acquire Buildings
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CY2014Q1 us-gaap Payments To Acquire Land Held For Use
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CY2014Q1 us-gaap Payments To Acquire Productive Assets
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CY2013Q1 us-gaap Payments To Acquire Productive Assets
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CY2014Q1 us-gaap Payments To Acquire Real Estate
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48051000 USD
CY2013Q1 us-gaap Payments To Acquire Real Estate
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0 USD
CY2013Q1 us-gaap Payments To Develop Real Estate Assets
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CY2014Q1 us-gaap Payments To Develop Real Estate Assets
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CY2014Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.01
CY2014Q1 us-gaap Preferred Stock Shares Authorized
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CY2013Q4 us-gaap Preferred Stock Shares Authorized
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CY2013Q4 us-gaap Preferred Stock Shares Issued
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CY2014Q1 us-gaap Preferred Stock Shares Issued
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CY2014Q1 us-gaap Preferred Stock Shares Outstanding
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CY2013Q4 us-gaap Preferred Stock Value
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0 USD
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CY2013Q4 us-gaap Prepaid Expense And Other Assets
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CY2013Q1 us-gaap Proceeds From Construction Loans Payable
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0 USD
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CY2014Q1 us-gaap Proceeds From Payments To Minority Shareholders
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0 USD
CY2013Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
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CY2014Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
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0 USD
CY2014Q1 us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
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CY2013Q1 us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
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CY2014Q1 us-gaap Profit Loss
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ProfitLoss
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CY2014Q1 us-gaap Provision For Doubtful Accounts
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568000 USD
CY2013Q1 us-gaap Provision For Doubtful Accounts
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CY2013Q4 us-gaap Real Estate Heldforsale
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CY2014Q1 us-gaap Real Estate Heldforsale
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CY2013Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
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CY2014Q1 us-gaap Real Estate Investment Property Accumulated Depreciation
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CY2013Q4 us-gaap Real Estate Investments
RealEstateInvestments
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CY2013Q1 us-gaap Real Estate Revenue Net
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CY2014Q1 us-gaap Real Estate Revenue Net
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CY2014Q1 us-gaap Repayments Of Secured Debt
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CY2013Q1 us-gaap Repayments Of Secured Debt
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CY2014Q1 us-gaap Repayments Of Unsecured Debt
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CY2013Q1 us-gaap Repayments Of Unsecured Debt
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CY2014Q1 us-gaap Retained Earnings Accumulated Deficit
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CY2014Q1 us-gaap Secured Debt
SecuredDebt
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CY2013Q4 us-gaap Secured Debt
SecuredDebt
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CY2014Q1 us-gaap Security Deposit Liability
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CY2013Q4 us-gaap Security Deposit Liability
SecurityDepositLiability
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CY2014Q1 us-gaap Share Based Compensation
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CY2013Q1 us-gaap Share Based Compensation
ShareBasedCompensation
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CY2014Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
180000 USD
CY2014Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2014Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2014Q1 us-gaap Undistributed Earnings Allocated To Participating Securities
UndistributedEarningsAllocatedToParticipatingSecurities
10000 USD
CY2013Q1 us-gaap Undistributed Earnings Allocated To Participating Securities
UndistributedEarningsAllocatedToParticipatingSecurities
14000 USD
CY2014Q1 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>
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2013Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2013Q1 wre Adjusted Income From Discontinuing Operations Attributable To Controlling Interests
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6372000 USD
CY2014Q1 wre Adjusted Income From Discontinuing Operations Attributable To Controlling Interests
AdjustedIncomeFromDiscontinuingOperationsAttributableToControllingInterests
106534000 USD
CY2014Q1 wre Adjusted Income Loss From Continuing Operations
AdjustedIncomeLossFromContinuingOperations
-2275000 USD
CY2013Q1 wre Adjusted Income Loss From Continuing Operations
AdjustedIncomeLossFromContinuingOperations
843000 USD
CY2014Q1 wre Adjusted Net Income Attributable To Controlling Interests Income Numerator
AdjustedNetIncomeAttributableToControllingInterestsIncomeNumerator
104259000 USD
CY2013Q1 wre Adjusted Net Income Attributable To Controlling Interests Income Numerator
AdjustedNetIncomeAttributableToControllingInterestsIncomeNumerator
7215000 USD
CY2013Q1 wre Capital Expenditures
CapitalExpenditures
10209000 USD
CY2014Q1 wre Capital Expenditures
CapitalExpenditures
10386000 USD
CY2014Q1 wre Commercial Paper Maturity
CommercialPaperMaturity
90
CY2013Q4 wre Disposal Group Including Discontinued Operation Sale Price
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322939000 USD
CY2014Q1 wre Disposal Group Including Discontinued Operation Sale Price
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193561000 USD
CY2014Q1 wre Fair Value Assets Measured On Recurring Basis Supplemental Executive Retirement Program
FairValueAssetsMeasuredOnRecurringBasisSupplementalExecutiveRetirementProgram
3382000 USD
CY2013Q4 wre Fair Value Assets Measured On Recurring Basis Supplemental Executive Retirement Program
FairValueAssetsMeasuredOnRecurringBasisSupplementalExecutiveRetirementProgram
3290000 USD
CY2014Q1 wre Increase Decreasein Accrued Capital Improvements
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-2616000 USD
CY2013Q1 wre Increase Decreasein Accrued Capital Improvements
IncreaseDecreaseinAccruedCapitalImprovements
554000 USD
CY2013Q1 wre Incremental Common Shares Attributable To Operating Partnership Units
IncrementalCommonSharesAttributableToOperatingPartnershipUnits
117000 shares
CY2014Q1 wre Incremental Common Shares Attributable To Operating Partnership Units
IncrementalCommonSharesAttributableToOperatingPartnershipUnits
0 shares
CY2014Q1 wre Leasing Commissions Absorption Costs
LeasingCommissionsAbsorptionCosts
7335000 USD
CY2014Q1 wre Net Lease Intangible Assets
NetLeaseIntangibleAssets
3499000 USD
CY2014Q1 wre Net Lease Intangible Liabilities
NetLeaseIntangibleLiabilities
54000 USD
CY2014Q1 wre Number Of Mortgage Notes Assumed
NumberOfMortgageNotesAssumed
2 note
CY2013Q1 wre Operating Income Loss Net
OperatingIncomeLossNet
42006000 USD
CY2014Q1 wre Operating Income Loss Net
OperatingIncomeLossNet
42269000 USD
CY2014Q1 wre Percentage Of Capital Contribution Through Debt
PercentageOfCapitalContributionThroughDebt
0.70
CY2014Q1 wre Percentage Of Distribution Of Ordinary Taxable Income
PercentageOfDistributionOfOrdinaryTaxableIncome
0.9
CY2014Q1 wre Real Estate Held For Sale Gross
RealEstateHeldForSaleGross
0 USD
CY2013Q4 wre Real Estate Held For Sale Gross
RealEstateHeldForSaleGross
125967000 USD
CY2013Q4 wre Real Estate Heldfor Sale Accumulated Depreciation
RealEstateHeldforSaleAccumulatedDepreciation
46066000 USD
CY2014Q1 wre Real Estate Heldfor Sale Accumulated Depreciation
RealEstateHeldforSaleAccumulatedDepreciation
0 USD
CY2014Q1 wre Tenant Origination Costs
TenantOriginationCosts
3856000 USD
CY2014Q1 wre Total Property Purchase Price
TotalPropertyPurchasePrice
50740000 USD
CY2014Q1 wre Undistributed Earnings Allocated To Participating Securites Discontinued Operations
UndistributedEarningsAllocatedToParticipatingSecuritesDiscontinuedOperations
285000 USD
CY2013Q1 wre Undistributed Earnings Allocated To Participating Securites Discontinued Operations
UndistributedEarningsAllocatedToParticipatingSecuritesDiscontinuedOperations
106000 USD
CY2014Q1 dei Amendment Flag
AmendmentFlag
false
CY2014Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000104894
CY2014Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
66630035 shares
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2014Q1 dei Entity Registrant Name
EntityRegistrantName
WASHINGTON REAL ESTATE INVESTMENT TRUST

Files In Submission

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0000104894-14-000061.txt Edgar Link pending
0000104894-14-000061-xbrl.zip Edgar Link pending
exhibit12-q1201410xq.htm Edgar Link pending
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report.css Edgar Link pending
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wre-03312014x10xq.htm Edgar Link pending
wre-03312014xexhibit311.htm Edgar Link pending
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wre-03312014xexhibit313.htm Edgar Link pending
wre-03312014xexhibit32.htm Edgar Link pending
wre-20140331.xml Edgar Link completed
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wre-20140331_cal.xml Edgar Link unprocessable
wre-20140331_def.xml Edgar Link unprocessable
wre-20140331_lab.xml Edgar Link unprocessable
wre-20140331_pre.xml Edgar Link unprocessable