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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________________________
FORM 10-K/A
Amendment No. 1
___________________________________________________
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For fiscal year ended December 31, 2019
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
COMMISSION FILE NO. 001-06622
___________________________________________________
WASHINGTON REAL ESTATE INVESTMENT TRUST
(Exact name of registrant as specified in its charter)
___________________________________________________
Maryland
 
53-0261100
(State of incorporation)
 
(IRS Employer Identification Number)
1775 EYE STREET, NW, SUITE 1000, WASHINGTON, DC 20006
(Address of principal executive office) (Zip code)
Registrant’s telephone number, including area code: (202) 774-3200
___________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Shares of Beneficial Interest
WRE
NYSE
Securities registered pursuant to Section 12(g) of the Act: None
___________________________________________________
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒  No ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐  No ☒
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒  No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒  No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.



Large accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
 
 
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐  No ☒
As of June 28, 2019, the aggregate market value of such shares held by non-affiliates of the registrant was $2,125,135,478 (based on the closing price of the stock on June 28, 2019).
As of February 13, 2020, 82,115,352 common shares were outstanding.
___________________________________________________
DOCUMENTS INCORPORATED BY REFERENCE
Portions of our definitive Proxy Statement relating to the 2020 Annual Meeting of Shareholders, to be filed with the Securities and Exchange Commission, are incorporated by reference in Part III, Items 10-14 of this Annual Report on Form 10-K as indicated herein.




Explanatory Note

This Amendment No. 1 to the Annual Report on Form 10-K (the “Amendment”) amends Washington Real Estate Investment Trust's Annual Report on Form 10-K for the fiscal year ended December 31, 2019 (the “Form 10-K”), as filed with the Securities and Exchange Commission on February 19, 2020, and is being filed solely to amend both of the reports titled “Report of Independent Registered Public Accounting Firm” contained in Item 8 of the Form 10-K (the “Audit Reports”) to correct a typographical error in the signature of both reports. The signature in both reports incorrectly identifies the independent registered public accounting firm as "Ernst & Young LLC". The correct name of the firm is "Ernst & Young LLP".

Pursuant to Rule 12b-15 promulgated under the Securities and Exchange Act of 1934, as amended, we have included the entire text of Item 8 of the Form 10-K in this Amendment. However, there have been no changes made to the text of such item other than the change stated in the immediately preceding paragraph. Furthermore, there have been no changes to the XBRL data filed in Exhibit 101 of the Form 10-K.

Except as expressly set forth above, this Amendment does not, and does not purport to, amend, update or restate the information in the remainder of the Form 10-K or reflect any events that have occurred after the filing of the original Form 10-K. Accordingly, this Amendment should be read in conjunction with the Form 10-K.


TABLE OF CONTENTS
 
 
  
 
Page
 
 
 
 
PART II
 
 
 
 
 
 
 
 
Item 8.
Financial Statements and Supplementary Data
 
 
 
 
PART IV
 
 
 
 
 
 
 
 
Item 15.
Exhibits and Financial Statement Schedules
 
 
Signatures





PART II

ITEM 8:  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The financial statements and supplementary data required by this item begin on page 8 of this Amendment No. 1 to the Annual Report on Form 10-K and are incorporated herein by reference.

PART IV

ITEM 15:  EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

(A). The following documents are filed as part of this Amendment No. 1 to the Annual Report on Form 10-K:
1.
Financial Statements
Page
 
 
 
 
Report of Independent Registered Public Accounting Firm
 
Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting
 
Consolidated Balance Sheets as of December 31, 2019 and 2018
 
Consolidated Statements of Operations for the Years Ended December 31, 2019, 2018 and 2017
 
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2019, 2018 and 2017
 
Consolidated Statements of Equity for the Years Ended December 31, 2019, 2018 and 2017
 
Consolidated Statements of Cash Flows for the Years Ended December 31, 2019, 2018 and 2017
 
Notes to Consolidated Financial Statements
 
 
 
2.
Financial Statement Schedules
 
 
 
 
 
Schedule II – Valuation and Qualifying Accounts
 
Schedule III – Consolidated Real Estate and Accumulated Depreciation
 
All other schedules are omitted because they are either not required or the required information is shown in the financial statements or notes thereto.
 
 
 
 
3.
Exhibits:
 
 
 
Incorporated by Reference
 
 
Exhibit
Number
Exhibit Description
Form
 
File
Number
 
Exhibit
 
Filing Date
 
Filed
Herewith
3.1
DEF 14A
 
001-06622
 
B
 
4/1/2011
 
 
3.2
8-K
 
001-06622
 
3.1
 
6/7/2017
 
 
3.3
10-Q
 
001-06622
 
3.2
 
7/31/2017
 
 
4.1
8-K
 
001-06622
 
(c)
 
8/13/1996
 
 
4.2
8-K
 
001-06622
 
99.1
 
2/25/1998
 
 
4.3
8-K
 
001-06622
 
4.1
 
7/5/2007
 
 
4.4
8-K
 
001-06622
 
4.1
 
9/30/2010
 
 
4.5
8-K
 
001-06622
 
4.2
 
9/30/2010
 
 
4.6
8-K
 
001-06622
 
4.1
 
9/17/2012
 
 
4.7
8-K
 
001-06622
 
4.2
 
9/17/2012
 
 
4.8
10-K
 
001-06622
 
4.8
 
2/19/2020
 
 
10.1*  
10-Q
 
001-06622
 
10(j)
 
11/14/2002
 
 
10.2*  
10-Q
 
001-06622
 
10(k)
 
11/14/2002
 
 
10.3*
10-K
 
001-06622
 
10(p)
 
3/16/2006
 
 
10.4*
DEF 14A
 
001-06622
 
B
 
4/9/2007
 
 
10.5*
10-K
 
001-06622
 
10(gg)
 
2/29/2008
 
 
10.6*
10-K
 
001-06622
 
10(hh)
 
2/29/2008
 
 

4


 
 
Incorporated by Reference
 
 
Exhibit
Number
Exhibit Description
Form
 
File
Number
 
Exhibit
 
Filing Date
 
Filed
Herewith
10.7*
8-K
 
001-06622
 
10(nn)
 
7/27/2009
 
 
10.8*
8-K
 
001-06622
 
10.31
 
11/2/2010
 
 
10.9*
8-K
 
001-06622
 
10.32
 
11/2/2010
 
 
10.10*
10-K
 
001-06622
 
10.37
 
2/27/2013
 
 
10.11*
10-Q
 
001-06622
 
10.45
 
5/9/2013
 
 
10.12*
10-Q
 
001-06622
 
10.46
 
5/9/2013
 
 
10.13*
10-Q
 
001-06622
 
10.47
 
5/9/2013
 
 
10.14*
10-Q
 
001-06622
 
10.53
 
11/1/2013
 
 
10.15*
10-Q
 
001-06622
 
10.54
 
11/1/2013
 
 
10.16*
10-K
 
001-06622
 
10.44
 
3/3/2014
 
 
10.17*
10-K
 
001-06622
 
10.45
 
3/3/2014
 
 
10.18*
10-K
 
001-06622
 
10.46
 
3/3/2014
 
 
10.19*
10-Q
 
001-06622
 
10.47
 
5/7/2014
 
 
10.20*
10-Q
 
001-06622
 
10.50
 
8/5/2014
 
 
10.21*
10-Q
 
001-06622
 
10.51
 
8/5/2014
 
 
10.22*
10-Q
 
001-06622
 
10.54
 
10/30/2014
 
 
10.23*
10-K
 
001-06622
 
10.52
 
3/2/2015
 
 
10.24*
10-K
 
001-06622
 
10.54
 
3/2/2015
 
 
10.25*
10-K
 
001-06622
 
10.55
 
3/2/2015
 
 
10.26*
10-K
 
001-06622
 
10.56
 
3/2/2015
 
 
10.27*
10-Q
 
001-06622
 
10.57
 
5/5/2015
 
 
10.28*
10-Q
 
001-06622
 
10.58
 
5/5/2015
 
 
10.29*
10-Q
 
001-06622
 
10.60
 
11/4/2015
 
 
10.30*
10-Q
 
001-06622
 
10.61
 
11/4/2015
 
 
10.31*
DEF 14A
 
001-06622
 
Annex A
 
3/23/2016
 
 
10.32*
10-K
 
001-06622
 
10.49
 
2/20/2018
 
 
10.33*
10-K
 
001-06622
 
10.50
 
2/20/2018
 
 
10.34*
10-Q
 
001-06622
 
10.1
 
7/31/2017
 
 
10.35
10-K
 
001-06622
 
10.52
 
2/20/2018
 
 
10.36
10-Q
 
001-06622
 
10.53
 
5/1/2018
 
 
10.37*
10-Q
 
001-06622
 
10.54
 
4/30/2018
 
 
10.38*
10-Q
 
001-06622
 
10.1
 
4/29/2019
 
 
10.39*
10-Q
 
001-06622
 
10.2
 
4/29/2019
 
 
10.40*
10-Q
 
001-06622
 
10.3
 
4/29/2019
 
 
10.41
10-Q
 
001-06622
 
10.1
 
7/29/2019
 
 
10.42
10-Q
 
001-06622
 
10.2
 
7/29/2019
 
 
10.43
8-K
 
001-06622
 
10.1
 
5/1/2019
 
 
10.44
8-K
 
001-06622
 
10.1
 
7/26/2019
 
 

5


 
 
Incorporated by Reference
 
 
Exhibit
Number
Exhibit Description
Form
 
File
Number
 
Exhibit
 
Filing Date
 
Filed
Herewith
10.45*
10-K
 
001-06622
 
10.45
 
2/19/2020
 
 
10.46*
10-K
 
001-06622
 
10.46
 
2/19/2020
 
 
21
10-K
 
001-06622
 
21
 
2/19/2020
 
 
23.1
10-K
 
001-06622
 
23
 
2/19/2020
 
 
23.2
 
 
 
 
 
 
 
 
X
24
10-K
 
001-06622
 
24
 
2/19/2020
 
 
31.1
10-K
 
001-06622
 
31.1
 
2/19/2020
 
 
31.2
10-K
 
001-06622
 
31.2
 
2/19/2020
 
 
31.3
10-K
 
001-06622
 
31.3
 
2/19/2020
 
 
31.4
 
 
 
 
 
 
 
 
X
31.5
 
  
 
  
 
  
 
  
X
31.6
 
  
 
  
 
  
 
  
X
32.1
10-K
 
001-06622
 
32
 
2/19/2020
 
 
32.2
 
  
 
  
 
  
 
  
X
101.INS
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
 
 
 
 
 
 
 
 
X
101.SCH
Inline XBRL Taxonomy Extension Schema Document
 
 
 
 
 
 
 
 
X
101.CAL
Inline XBRL Taxonomy Extension Calculation Linkbase Document
 
 
 
 
 
 
 
 
X
101.DEF
Inline XBRL Taxonomy Extension Definition Linkbase Document
 
 
 
 
 
 
 
 
X
101.LAB
Inline XBRL Taxonomy Extension Label Linkbase Document
 
 
 
 
 
 
 
 
X
101.PRE
Inline XBRL Taxonomy Extension Presentation Linkbase Document
 
 
 
 
 
 
 
 
X
104
Cover Page Interactive Data File (embedded within the Inline XBRL document and contained in Exhibit 101)
 
 
 
 
 
 
 
 
 

* Management contracts or compensation plans or arrangements in which trustees or executive officers are eligible to participate.

In accordance with Item 601(b)(4)(iii)(A) of Regulation S-K, copies of certain instruments defining the rights of holders of long-term debt of WashREIT or its subsidiaries are not filed herewith. Pursuant to this regulation, we hereby agree to furnish a copy of any such instrument to the SEC upon request.





6


SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

WASHINGTON REAL ESTATE INVESTMENT TRUST
Date: March 6, 2020
By:    /s/ W. Drew Hammond
W. Drew Hammond
Chief Accounting Officer and Treasurer


7



Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Trustees of Washington Real Estate Investment Trust

Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Washington Real Estate Investment Trust and Subsidiaries (the Company) as of December 31, 2019 and 2018, the related consolidated statements of operations, comprehensive income, equity and cash flows for each of the three years in the period ended December 31, 2019, and the related notes and financial statement schedules listed in the Index at Item 15(a) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2019 and 2018, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2019, in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2019, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 18, 2020 expressed an unqualified opinion thereon.
Basis for Opinion
These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matters
The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.
    
 
Impairment Assessment of Income Producing Properties
 
 
Description of the Matter
The Company had net income producing property of $2.3 billion as of December 31, 2019 and recognized an impairment charge of $8.4 million on real estate during the year ended December 31, 2019 as disclosed in Note 3 to the consolidated financial statements. As discussed in Note 2 to the consolidated financial statements, real estate is evaluated for recoverability based on estimated cash flows if there are indicators of potential impairment.

Auditing the Company's impairment analysis involved a high degree of subjectivity due to the uncertainty around the Company’s estimated cash flows used in the impairment assessment. Estimated future cash flows are based on assumptions, including the projected annual and residual cash flows and the estimated holding period for individual properties, that are forward looking and could be affected by future economic and market conditions.
 
 

8


How We Addressed the Matter in Our Audit
We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s process for assessing impairment of income producing properties. For example, we tested controls over management’s review of properties’ expected future cash flows, which is used to evaluate qualitative and quantitative indicators of impairment and in the recoverability evaluation, and we tested management’s review of the sensitivity of assumptions used in their impairment assessment.

Our testing of the Company’s impairment assessment included, among other procedures, evaluating the significant assumptions and testing the completeness and accuracy of the underlying data used by the Company to develop its estimated future cash flows for individual income producing properties. We held discussions with management about the current status of potential transactions and about management’s judgments to understand the probability of future events that could affect the holding period and other cash flow assumptions for the properties. We searched for and evaluated information that corroborates or contradicts the Company’s assumptions. We also compared the significant assumptions to current industry, market and economic trends and to the historical results of the properties.
 
 
 
Accounting for Acquisition of Real Estate Properties
 
 
Description of the Matter
During 2019, the Company completed a series of acquisitions encompassing eight multifamily properties, for a total purchase price of $531.5 million as disclosed in Notes 2 and 3 to the consolidated financial statements. These transactions were accounted for as asset acquisitions.

Auditing the Company's accounting for these acquisitions was challenging due to the significant estimation required by management to determine the fair values of the acquired assets used to allocate costs of the acquisitions on a relative fair value basis. The significant estimation was primarily due to the sensitivity of the respective fair values to underlying assumptions. The significant assumptions used to estimate the values of the tangible and intangible assets included the replacement cost of the properties, estimated rental and absorption rates, estimated future cash flows and other valuation assumptions.
 
 
How We Addressed the Matter in Our Audit
We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s acquisition and purchase price allocation process, including controls over management’s review of the significant assumptions described above. For example, we tested controls over management’s review of the valuation methodology, the purchase price allocation, and the significant assumptions used.
To test the costs allocated to the tangible and intangible assets, we involved our valuation specialists and performed audit procedures that included, among others, evaluating the Company’s valuation methodologies, testing the significant assumptions described above and testing the completeness and accuracy of the underlying data. For example, we compared the significant assumptions to observable market data, including other properties within the same submarkets, and compared significant projected operating expenses used in the valuation to historical results of the other properties in the Company's existing multifamily portfolio. We also performed sensitivity analyses of the significant assumptions to evaluate the change in fair values resulting from the changes in assumptions. In addition, we compared the Company’s estimated fair values of acquired assets to independent estimates developed by our valuation specialist.

/s/ Ernst & Young LLP

We have served as the Company’s auditor since 2002.
Tysons, Virginia
February 18, 2020




9


Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Trustees of Washington Real Estate Investment Trust

Opinion on Internal Control over Financial Reporting

We have audited Washington Real Estate Investment Trust and Subsidiaries’ internal control over financial reporting as of December 31, 2019, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), (the COSO criteria). In our opinion, Washington Real Estate Investment Trust and Subsidiaries (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2019, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the 2019 consolidated financial statements of the Company and our report dated February 18, 2020 expressed an unqualified opinion thereon.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.
Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
/s/ Ernst & Young LLP

Tysons, Virginia
February 18, 2020

10



WASHINGTON REAL ESTATE INVESTMENT TRUST AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
 
December 31,
 
2019
 
2018
Assets
 
 
 
Land
$
566,807

 
$
526,572

Income producing property
2,392,415

 
2,055,349

 
2,959,222

 
2,581,921

Accumulated depreciation and amortization
(693,610
)
 
(669,281
)
          Net income producing property
2,265,612

 
1,912,640

Properties under development or held for future development
124,193

 
87,231

Total real estate held for investment, net
2,389,805

 
1,999,871

Investment in real estate held for sale, net
57,028

 
203,410

Cash and cash equivalents
12,939

 
6,016

Restricted cash
1,812

 
1,624

Rents and other receivables
65,259

 
63,962

Prepaid expenses and other assets
95,149

 
123,670

Other assets related to properties sold or held for sale
6,336

 
18,551

Total assets
$
2,628,328

 
$
2,417,104

Liabilities
 
 
 
Notes payable, net
$
996,722

 
$
995,397

Mortgage notes payable, net
47,074

 
48,277

Line of credit
56,000

 
188,000

Accounts payable and other liabilities
71,136

 
57,946

Dividend payable
24,668

 
24,022

Advance rents
9,353

 
9,965

Tenant security deposits
10,595

 
9,501

Other liabilities related to properties sold or held for sale
718

 
15,518

Total liabilities
1,216,266

 
1,348,626

Equity
 
 
 
Shareholders’ equity
 
 
 
Preferred shares; $0.01 par value; 10,000 shares authorized; no shares issued or outstanding
—

 
—

Shares of beneficial interest, $0.01 par value; 100,000 shares authorized; 82,099 and 79,910 shares issued and outstanding, as of December 31, 2019 and December 31, 2018 respectively
821

 
799

Additional paid in capital
1,592,487

 
1,526,574

Distributions in excess of net income
(183,405
)
 
(469,085
)
Accumulated other comprehensive income
1,823

 
9,839

Total shareholders’ equity
1,411,726

 
1,068,127

Noncontrolling interests in subsidiaries
336

 
351

Total equity
1,412,062

 
1,068,478

Total liabilities and equity
$
2,628,328

 
$
2,417,104


See accompanying notes to the consolidated financial statements.

11


WASHINGTON REAL ESTATE INVESTMENT TRUST AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
 
Year Ended December 31,
 
2019
 
2018
 
2017
Revenue
 
 
 
 
 
Real estate rental revenue
$
309,180

 
$
291,730

 
$
280,281

Expenses
 
 
 
 
 
Real estate expenses
115,580

 
105,592

 
105,400

Depreciation and amortization
136,253

 
111,826

 
101,430

Real estate impairment
8,374

 
1,886

 
33,152

General and administrative expenses
24,370

 
22,089

 
22,580

Lease origination expenses
1,698

 
—

 
—

 
286,275

 
241,393

 
262,562

Other operating income
 
 
 
 
 
Gain on sale of real estate
59,961

 
2,495

 
24,915

Real estate operating income
82,866

 
52,832

 
42,634

Other income (expense)
 
 
 
 
 
Interest expense
(53,734
)
 
(50,501
)
 
(46,793
)
Other income
—

 
—

 
507

Loss on extinguishment of debt
—

 
(1,178
)
 
—

Income tax benefit
—

 
—

 
84

 
(53,734
)
 
(51,679
)
 
(46,202
)
Income (loss) from continuing operations
29,132

 
1,153

 
(3,568
)
Discontinued operations:
 
 
 
 
 
Income from operations of properties sold or held for sale
16,158

 
24,477

 
23,180

Gain on sale of real estate
339,024

 
—

 
—

Loss on extinguishment of debt
(764
)
 
—

 
—

Income from discontinued operations
354,418

 
24,477

 
23,180

Net income
383,550

 
25,630

 
19,612

Less: Net loss attributable to noncontrolling interests in subsidiaries
—

 
—

 
56

Net income attributable to the controlling interests
$
383,550

 
$
25,630

 
$
19,668

Basic net income (loss) attributable to the controlling interests per share
 
 
 
 
 
Continuing operations
$
0.36

 
$
0.01

 
$
(0.05
)
Discontinued operations, including gain on sale of real estate
4.39

 
0.31

 
0.30

Net income attributable to the controlling interests per share
$
4.75

 
$
0.32

 
$
0.25

Diluted net income (loss) attributable to the controlling interests per share
 
 
 
 
 
Continuing operations
$
0.36

 
$
0.01

 
$
(0.05
)
Discontinued operations, including gain on sale of real estate
4.39

 
0.31

 
0.30

Net income attributable to the controlling interests per share
$
4.75

 
$
0.32

 
$
0.25

Weighted average shares outstanding – basic
80,257

 
78,960

 
76,820

Weighted average shares outstanding – diluted
80,335

 
79,042

 
76,820

See accompanying notes to the consolidated financial statements.


12


WASHINGTON REAL ESTATE INVESTMENT TRUST AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(IN THOUSANDS)

 
Year Ended December 31,
 
2019
 
2018
 
2017
Net income
$
383,550

 
$
25,630

 
$
19,612

Other comprehensive income:
 
 
 
 
 
Unrealized (loss) gain on interest rate hedges
(8,016
)
 
420

 
1,808

Comprehensive income
375,534

 
26,050

 
21,420

Less: Net loss attributable to noncontrolling interests
—

 
—

 
56

Comprehensive income attributable to the controlling interests
$
375,534

 
$
26,050

 
$
21,476


See accompanying notes to the financial statements.


13


WASHINGTON REAL ESTATE INVESTMENT TRUST AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(IN THOUSANDS)

 
Shares
 
Shares of
Beneficial
Interest at
Par Value
 
Additional
Paid in
Capital
 
Distributions  in Excess
of Net Income
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Total
Shareholders’
Equity
 
Non- controlling
Interests in
Subsidiary
 
Total
Equity
Balance, December 31, 2016
74,606

 
$
746

 
$
1,368,636

 
$
(326,047
)
 
$
7,611

 
$
1,050,946

 
$
1,116

 
$
1,052,062

Net income attributable to the controlling interests
—

 
—

 
—

 
19,668

 
—

 
19,668

 
—

 
19,668

Net loss attributable to noncontrolling interests
—

 
—

 
—

 
—

 
—

 
—

 
(56
)
 
(56
)
Unrealized gain on interest rate hedges
—

 
—

 
—

 
—

 
1,808

 
1,808

 
—

 
1,808

Distributions to noncontrolling interests
—

 
—

 
(3,128
)
 
—

 
—

 
(3,128
)
 
(1,071
)
 
(4,199
)
Contributions from noncontrolling interest
—

 
—

 
—

 
—

 
—

 
—

 
376

 
376

Dividends
—

 
—

 
—

 
(92,834
)
 
—

 
(92,834
)
 


 
(92,834
)
Equity offerings, net of issuance costs
3,587

 
36

 
113,158

 
—

 
—

 
113,194

 
—

 
113,194

Shares issued under Dividend Reinvestment Program
80

 
1

 
2,575

 
—

 
—

 
2,576

 
—