Discontinued Operations

3 Months Ended

Mar. 31, 2020

Discontinued Operations And Disposal Groups [Abstract]

4.	Discontinued Operations

On March 6, 2020, we entered into an agreement to sell 1899 Pennsylvania Avenue, our sole remaining property in Washington, D.C. This disposition represents a strategic shift in our operations, where over the past two years, we have exited the Washington, D.C. office market by selling or entering into agreements to sell all of the assets in our Washington, D.C. portfolio. The disposition of this sole remaining asset meets the criteria of discontinued operations, under ASC Topic 205, Presentation of Financial Statements. Accordingly, we have reclassified the assets and liabilities and the results of operations of our Washington, D.C. segment as discontinued operations for all periods presented.

The tables below set forth the details of the assets and liabilities and results of operations related to discontinued operations as of the dates hereof and for the periods set forth below.

(Amounts in thousands)	As of
Balance Sheets: ⁽¹⁾	March 31, 2020		December 31, 2019
Real estate, net	$	93,837	$	94,251
Deferred rent receivable		4,121		4,206
Deferred charges, net		780		804
Intangible assets, net		5,290		5,575
Assets related to discontinued operations	$	104,028	$	104,836

(Amounts in thousands)	For the Three Months Ended
Income Statements: ⁽²⁾	March 31, 2020		March 31, 2019
Revenues:
Rental revenue	$	3,563	$	7,275
Fee and other income		99		128
Total revenues		3,662		7,403
Expenses:
Operating		1,451		2,920
Depreciation and amortization		690		2,377
Total expenses		2,141		5,297
Income from discontinued operations, net	$	1,521	$	2,106

⁽¹⁾

^{Represents assets of 1899 Pennsylvania Avenue.}

⁽²⁾

^{Represents revenues, expenses and net income of 1899 Pennsylvania Avenue in the three months ended March 31, 2020 and 1899 Pennsylvania Avenue and Liberty Place in the three months ended March 31, 2019.}

The table below sets forth the details of the cash flows from discontinued operations for the periods set forth below.

(Amounts in thousands)	For the Three Months Ended
Statements of Cash Flows: ⁽¹⁾	March 31, 2020			March 31, 2019
Cash (used in) provided by operating activities	$	(2,448	)	$	2,648
Cash used in investing activities		-			(224	)

Additional Cash Flow information:
Depreciation and amortization	$	690		$	2,377
Additions to real estate		-			(224	)

⁽¹⁾

^{Represents cash flow information of 1899 Pennsylvania Avenue in the three months ended March 31, 2020 and 1899 Pennsylvania Avenue and Liberty Place in the three months ended March 31, 2019.}