Real Estate Properties (Tables)

9 Months Ended

Sep. 30, 2018

As of September 30, 2018, we had 20 properties (50 buildings) with an aggregate undepreciated carrying value of $355,858 under agreement to sell in three separate transactions, as presented in the table below. We have classified these properties as held for sale in our condensed consolidated balance sheet at September 30, 2018.



Date of Agreement ⁽¹⁾	Number of Properties	Number of Buildings	Location	Square Footage	Gross Sale Price ⁽²⁾
August 2018	1	1	Washington D.C.	129,035	$	70,000
September 2018	8	34	Northern Virginia and Maryland	1,635,868	201,500
October 2018	11	15	Southern Virginia	1,641,109	167,000
	20	50		3,406,012	$	438,500


(1)	These pending sales are subject to conditions; accordingly, we cannot be sure that we will complete these sales or that these sales will not be delayed or their terms will not change.


(2)	Gross sale price excludes closing costs.

Schedule of Pro Forma Information

The following table presents our pro forma results of operations for the nine months ended September 30, 2017 as if the FPO Transaction and related financing activities had occurred on January 1, 2017. The historical FPO results of operations included in this pro forma financial information have been adjusted to eliminate the results of operations of FPO properties and joint venture interests that were sold from January 1, 2017 to October 2, 2017, the closing date of the FPO Transaction. The effect of these adjustments was a decrease in pro forma rental income of $804 and a decrease in net income of $47,019 for the nine months ended September 30, 2017.

This pro forma financial information is not necessarily indicative of what our actual financial position or results of operations would have been for the periods presented or for any future period. Differences could result from numerous factors, including future changes in our portfolio of investments, capital structure, property level operating expenses and revenues, including rents expected to be received pursuant to our existing leases or leases we may enter during the remainder of 2018 and thereafter, changes in interest rates and other reasons. Actual future results are likely to be different from amounts presented in this pro forma financial information and such differences could be significant.



	Nine Months Ended September 30, 2017
Rental income	$	328,255
Net loss	$	(4,733	)
Net loss per share	$	(0.05	)

Schedule of Joint Ventures

As of September 30, 2018, our investment in unconsolidated joint ventures consisted of the following:



Joint Venture	GOV Ownership	GOV Carrying Value of Investment at September 30, 2018		Property Type	Number of Buildings	Location	Square Feet
Prosperity Metro Plaza	51%	$	24,821	Office	2	Fairfax, VA	328,456
1750 H Street, NW	50%	20,340		Office	1	Washington, DC	115,411
Total		$	45,161		3		443,867

The following table provides a summary of the mortgage debt of our unconsolidated joint ventures:



Joint Venture	Interest Rate ⁽¹⁾	Maturity Date	Principal Balance at September 30, 2018 ⁽²⁾
Prosperity Metro Plaza	4.09%	12/1/2029	$	50,000
1750 H Street, NW	3.69%	8/1/2024	32,000
Weighted Average/Total	3.93%		$	82,000


(1)	Includes the effect of mark to market purchase accounting.


(2)	Reflects the entire balance of the debt secured by the properties and is not adjusted to reflect the interests in the joint venture we do not own. None of the debt is recourse to us.