$ELME
Elme Communities

2021 Q4 Form 10-Q Financial Statement

#000010489421000091 Filed on October 29, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $44.75M $42.50M $43.72M
YoY Change 4.58% -2.78% -45.53%
Cost Of Revenue $17.29M $15.45M $16.11M
YoY Change -0.82% -4.15% -47.5%
Gross Profit $27.46M $27.05M $27.60M
YoY Change 8.28% -1.99% -44.31%
Gross Profit Margin 61.37% 63.66% 63.14%
Selling, General & Admin $7.700M $7.909M $6.330M
YoY Change 28.55% 24.94% 4.63%
% of Gross Profit 28.04% 29.23% 22.93%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $20.11M $18.25M $30.50M
YoY Change -33.4% -40.16% -18.45%
% of Gross Profit 73.25% 67.47% 110.5%
Operating Expenses $27.81M $26.16M $24.40M
YoY Change 17.71% 7.22% -43.75%
Operating Profit -$353.0K -$1.622M $1.668M
YoY Change -120.4% -197.24% -71.07%
Interest Expense -$5.676M $8.106M $8.711M
YoY Change -40.63% -6.95% -38.65%
% of Operating Profit 522.24%
Other Income/Expense, Net $1.072M -$20.71M -$8.711M
YoY Change 137.72%
Pretax Income -$6.796M -$22.33M -$7.040M
YoY Change -56.44% 217.19% -16.49%
Income Tax
% Of Pretax Income
Net Earnings -$6.796M $31.32M -$956.0K
YoY Change -38.43% -3376.05% -100.29%
Net Earnings / Revenue -15.19% 73.69% -2.19%
Basic Earnings Per Share -$0.08 $0.37 -$0.01
Diluted Earnings Per Share -$0.08 $0.37 -$0.01
COMMON SHARES
Basic Shares Outstanding 84.64M shares 84.50M shares 82.19M shares
Diluted Shares Outstanding 84.50M shares 82.19M shares

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $233.6M $307.8M $3.800M
YoY Change 2933.77% 7999.92% -70.54%
Cash & Equivalents $233.6M $307.8M $3.814M
Short-Term Investments
Other Short-Term Assets $33.87M $33.11M $84.20M
YoY Change -52.3% -60.68% -20.79%
Inventory
Prepaid Expenses
Receivables $15.07M $14.71M $67.60M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $282.6M $355.6M $155.6M
YoY Change 106.28% 128.53% -17.5%
LONG-TERM ASSETS
Property, Plant & Equipment $1.593B $1.497B $2.376B
YoY Change -29.9% -37.01% -4.38%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $620.0K $605.0K $600.0K
YoY Change 3.33% 0.83% -62.5%
Total Long-Term Assets $1.593B $1.497B $2.377B
YoY Change -29.89% -37.0% -4.42%
TOTAL ASSETS
Total Short-Term Assets $282.6M $355.6M $155.6M
Total Long-Term Assets $1.593B $1.497B $2.377B
Total Assets $1.876B $1.853B $2.532B
YoY Change -22.15% -26.83% -5.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $40.59M $38.86M $99.40M
YoY Change -26.21% -60.9% 31.31%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $59.90M $57.80M $134.7M
YoY Change -36.34% -57.09% 55.72%
LONG-TERM LIABILITIES
Long-Term Debt $496.9M $496.8M $1.083B
YoY Change -49.67% -54.14% -13.66%
Other Long-Term Liabilities $2.082M $1.747M $7.000M
YoY Change -71.08% -75.04% -26.32%
Total Long-Term Liabilities $499.0M $498.6M $1.090B
YoY Change -49.83% -54.28% -13.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $59.90M $57.80M $134.7M
Total Long-Term Liabilities $499.0M $498.6M $1.090B
Total Liabilities $558.9M $556.4M $1.225B
YoY Change -48.66% -54.59% -9.3%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $863.0K $846.0K $824.0K
YoY Change 2.25% 2.67% 2.62%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.317B $1.296B $1.307B
YoY Change
Total Liabilities & Shareholders Equity $1.876B $1.853B $2.532B
YoY Change -22.15% -26.83% -5.34%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income -$6.796M $31.32M -$956.0K
YoY Change -38.43% -3376.05% -100.29%
Depreciation, Depletion And Amortization $20.11M $18.25M $30.50M
YoY Change -33.4% -40.16% -18.45%
Cash From Operating Activities $22.77M $1.761M $33.00M
YoY Change -20.93% -94.66% 7.14%
INVESTING ACTIVITIES
Capital Expenditures -$119.8M -$56.04M $13.10M
YoY Change -711.04% -527.8% -84.04%
Acquisitions
YoY Change
Other Investing Activities -$1.307M $897.5M -$4.800M
YoY Change -101.43% -18797.46% -100.88%
Cash From Investing Activities -$121.1M $841.4M -$17.90M
YoY Change -269.09% -4800.76% -103.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 24.12M -540.8M -19.30M
YoY Change -125.02% 2702.2% -96.04%
NET CHANGE
Cash From Operating Activities 22.77M 1.761M 33.00M
Cash From Investing Activities -121.1M 841.4M -17.90M
Cash From Financing Activities 24.12M -540.8M -19.30M
Net Change In Cash -74.18M 302.4M -4.200M
YoY Change -1954.55% -7299.33% -158.33%
FREE CASH FLOW
Cash From Operating Activities $22.77M $1.761M $33.00M
Capital Expenditures -$119.8M -$56.04M $13.10M
Free Cash Flow $142.5M $57.80M $19.90M
YoY Change 1449.32% 190.47% -138.79%

Facts In Submission

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CY2021Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
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CY2020Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
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us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
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us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
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CY2021Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.63
CY2020Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.07
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.82
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.24
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.37
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.27
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.06
CY2021Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.26
CY2020Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.09
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.55
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.31
CY2021Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.63
CY2020Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.07
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.82
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.24
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.37
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.01
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.27
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
82186000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
84457000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
82142000 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
84496000 shares
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
82186000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
84457000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
82142000 shares
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
31319000 USD
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
23180000 USD
us-gaap Net Income Loss
NetIncomeLoss
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CY2021Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
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221000 USD
CY2020Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
1774000 USD
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
2805000 USD
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
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CY2021Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
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CY2020Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
0 USD
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax
-7290000 USD
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
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us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
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1468000 USD
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
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CY2021Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
32051000 USD
CY2020Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
818000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
33275000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-39225000 USD
CY2020Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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us-gaap Net Income Loss
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23180000 USD
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
2805000 USD
wre Other Comprehensive Income Loss Cash Flow Hedge Realized Gain Loss Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeRealizedGainLossReclassificationAfterTax
-5760000 USD
wre Other Comprehensive Income Loss Cash Flow Hedge Amortization Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeAmortizationReclassificationAfterTax
-1530000 USD
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
13000 USD
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.77
us-gaap Dividends
Dividends
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us-gaap Stock Issued During Period Value New Issues
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467000 USD
CY2021Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2019Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1412062000 USD
us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
-34582000 USD
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
11000 USD
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.90
us-gaap Dividends
Dividends
74387000 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
1242000 USD
us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
1581000 USD
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
5853000 USD
CY2020Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1307115000 USD
CY2021Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1276435000 USD
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
31319000 USD
CY2021Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
221000 USD
CY2021Q3 wre Other Comprehensive Income Loss Cash Flow Hedge Amortization Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeAmortizationReclassificationAfterTax
-511000 USD
CY2021Q3 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
5000 USD
CY2021Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.17
CY2021Q3 us-gaap Dividends
Dividends
14437000 USD
CY2021Q3 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
459000 USD
CY2021Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
1953000 USD
CY2021Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1296456000 USD
CY2020Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1328566000 USD
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-956000 USD
CY2020Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
1774000 USD
CY2020Q3 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
4000 USD
CY2020Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.30
CY2020Q3 us-gaap Dividends
Dividends
24806000 USD
CY2020Q3 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
516000 USD
CY2020Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
2025000 USD
CY2020Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1307115000 USD
us-gaap Net Income Loss
NetIncomeLoss
23180000 USD
us-gaap Net Income Loss
NetIncomeLoss
-4643000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
75446000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
89789000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1631000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
3271000 USD
us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
46441000 USD
us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
-7539000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
6478000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
5901000 USD
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
3322000 USD
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
2036000 USD
us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
-5866000 USD
us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
0 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-12727000 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
262000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
4720000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
11566000 USD
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-11106000 USD
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-7841000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
66383000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
84224000 USD
us-gaap Payments To Acquire Commercial Real Estate
PaymentsToAcquireCommercialRealEstate
47757000 USD
us-gaap Payments To Acquire Commercial Real Estate
PaymentsToAcquireCommercialRealEstate
0 USD
us-gaap Proceeds From Sale Of Property Held For Sale
ProceedsFromSaleOfPropertyHeldForSale
897783000 USD
us-gaap Proceeds From Sale Of Property Held For Sale
ProceedsFromSaleOfPropertyHeldForSale
56353000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
18649000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
38490000 USD
us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
8099000 USD
us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
23454000 USD
us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
37000 USD
us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
196000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
823241000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-5787000 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
-42000000 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
130000000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
76292000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
74285000 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
0 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
46567000 USD
wre Repayments Of Unsecured Notes
RepaymentsOfUnsecuredNotes
311894000 USD
wre Repayments Of Unsecured Notes
RepaymentsOfUnsecuredNotes
0 USD
us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
150000000 USD
us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
250000000 USD
us-gaap Proceeds From Issuance Of Unsecured Debt
ProceedsFromIssuanceOfUnsecuredDebt
0 USD
us-gaap Proceeds From Issuance Of Unsecured Debt
ProceedsFromIssuanceOfUnsecuredDebt
150000000 USD
us-gaap Payments For Hedge Financing Activities
PaymentsForHedgeFinancingActivities
5866000 USD
us-gaap Payments For Hedge Financing Activities
PaymentsForHedgeFinancingActivities
0 USD
us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
4828000 USD
us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
567000 USD
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
13000 USD
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
11000 USD
us-gaap Proceeds From Issuance Of Common Stock Dividend Reinvestment Plan
ProceedsFromIssuanceOfCommonStockDividendReinvestmentPlan
1468000 USD
us-gaap Proceeds From Issuance Of Common Stock Dividend Reinvestment Plan
ProceedsFromIssuanceOfCommonStockDividendReinvestmentPlan
1581000 USD
wre Proceeds From Issuance Of Stock
ProceedsFromIssuanceOfStock
467000 USD
wre Proceeds From Issuance Of Stock
ProceedsFromIssuanceOfStock
1240000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
554000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
150000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-589512000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-88759000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
300112000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-10322000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
8290000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
14751000 USD
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
308402000 USD
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4429000 USD
us-gaap Interest Paid Net
InterestPaidNet
26409000 USD
us-gaap Interest Paid Net
InterestPaidNet
27386000 USD
wre Change In Accrued Capital Improvement And Development Costs
ChangeInAccruedCapitalImprovementAndDevelopmentCosts
-4885000 USD
wre Change In Accrued Capital Improvement And Development Costs
ChangeInAccruedCapitalImprovementAndDevelopmentCosts
4147000 USD
CY2021Q3 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
14440000 USD
CY2020Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
615000 USD
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
308402000 USD
CY2020Q3 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
24767000 USD
CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
307797000 USD
CY2020Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
3814000 USD
CY2021Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
605000 USD
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4429000 USD
us-gaap Nature Of Operations
NatureOfOperations
NATURE OF BUSINESS <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 primarily consists of the ownership of apartment communities in the greater Washington, DC metro and Southeastern regions. Within these notes to the financial statements, we refer to the three months ended September 30, 2021 and September 30, 2020 as the “2021 Quarter” and the “2020 Quarter,” respectively, and the nine months ended September 30, 2021 and September 30, 2020 as the “2021 Period” and the “2020 Period,” respectively. During the 2021 Period, we executed the sale of twelve office properties and the sale of eight retail properties in two separate transactions (see note 3). The sold office and retail properties are classified as discontinued operations. We have one remaining office property, Watergate 600, that does not meet the qualitative or quantitative criteria for a reportable segment (see note 10). The dispositions of the office and retail properties are part of a strategic shift away from the commercial sector to the residential sector which simplifies our portfolio to one reportable segment (residential) (the “strategic transformation”). </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Federal Income Taxes</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. The net taxable gains on the sales of our office and retail properties were distributed to shareholders through quarterly dividends in 2021. </span></div>Generally, and subject to our ongoing qualification as a REIT, no provisions for income taxes are necessary except for taxes on undistributed taxable income and taxes on the income generated by our taxable REIT subsidiaries (“TRSs”). Our TRSs are subject to corporate federal and state income tax on their taxable income at regular statutory rates. As of both September 30, 2021 and December 31, 2020, our TRSs had a deferred tax asset of $1.4 million that was fully reserved.
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
4600000 USD
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
4600000 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates in the Financial Statements</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with Generally Accepted Accounting Principles (“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.</span></div>
wre Asset Acquisition Revenue Of Acquiree Since Acquisition Date Actual
AssetAcquisitionRevenueOfAcquireeSinceAcquisitionDateActual
488000 USD
CY2021Q3 wre Asset Acquisition Revenue Of Acquiree Since Acquisition Date Actual
AssetAcquisitionRevenueOfAcquireeSinceAcquisitionDateActual
488000 USD
wre Asset Acquisition Earnings Or Loss Of Acquiree Since Acquisition Date Actual
AssetAcquisitionEarningsOrLossOfAcquireeSinceAcquisitionDateActual
-349000 USD
CY2021Q3 wre Asset Acquisition Earnings Or Loss Of Acquiree Since Acquisition Date Actual
AssetAcquisitionEarningsOrLossOfAcquireeSinceAcquisitionDateActual
-349000 USD
wre Asset Acquisition Contract Purchase Price
AssetAcquisitionContractPurchasePrice
48000000 USD
wre Asset Acquisition Transaction Costs Capitalized
AssetAcquisitionTransactionCostsCapitalized
52000 USD
us-gaap Asset Acquisition Consideration Transferred
AssetAcquisitionConsiderationTransferred
48052000 USD
wre Asset Acquisition Assets Acquired And Liabilities Assumed Net
AssetAcquisitionAssetsAcquiredAndLiabilitiesAssumedNet
48052000 USD
CY2021Q3 wre Absorption Costs Weighted Average Useful Life
AbsorptionCostsWeightedAverageUsefulLife
P4M
CY2021Q3 us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
-11200000 USD
CY2021Q3 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0 USD
CY2021Q3 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
10932000 USD
CY2020Q3 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
29511000 USD
us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
70519000 USD
us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
89673000 USD
CY2021Q3 us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
1870000 USD
CY2020Q3 us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
5232000 USD
us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
11201000 USD
us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
15433000 USD
CY2021Q3 wre Disposal Group Including Discontinued Operation Real Estate Taxes And Insurance
DisposalGroupIncludingDiscontinuedOperationRealEstateTaxesAndInsurance
1476000 USD
CY2020Q3 wre Disposal Group Including Discontinued Operation Real Estate Taxes And Insurance
DisposalGroupIncludingDiscontinuedOperationRealEstateTaxesAndInsurance
4839000 USD
wre Disposal Group Including Discontinued Operation Real Estate Taxes And Insurance
DisposalGroupIncludingDiscontinuedOperationRealEstateTaxesAndInsurance
11136000 USD
wre Disposal Group Including Discontinued Operation Real Estate Taxes And Insurance
DisposalGroupIncludingDiscontinuedOperationRealEstateTaxesAndInsurance
14233000 USD
CY2021Q3 wre Disposal Group Including Discontinued Operation Property Management
DisposalGroupIncludingDiscontinuedOperationPropertyManagement
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CY2020Q3 wre Disposal Group Including Discontinued Operation Property Management
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CY2020Q3 us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
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us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
StockIssuedDuringPeriodSharesDividendReinvestmentPlan
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CY2021Q3 wre Stock Issued During Period Weighted Average Price Per Share Dividend Reinvestment Plan
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CY2020Q3 wre Stock Issued During Period Weighted Average Price Per Share Dividend Reinvestment Plan
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us-gaap Proceeds From Issuance Of Common Stock Dividend Reinvestment Plan
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1581000 USD

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