Discontinued Operations

6 Months Ended

Jun. 30, 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 thereof and for the periods set forth below.

(Amounts in thousands)	As of
Balance Sheets: ⁽¹⁾	June 30, 2020		December 31, 2019
Real estate, net	$	93,837	$	94,251
Deferred rent receivable		4,008		4,206
Deferred charges, net		780		804
Intangible assets, net		5,290		5,575
Assets related to discontinued operations	$	103,915	$	104,836

(Amounts in thousands)	For the Three Months Ended				For the Six Months Ended
Income Statements: ⁽²⁾	June 30, 2020		June 30, 2019		June 30, 2020		June 30, 2019
Revenues:
Rental revenue	$	3,515	$	7,096	$	7,078	$	14,371
Fee and other income		31		144		130		272
Total revenues		3,546		7,240		7,208		14,643
Expenses:
Operating		1,399		2,836		2,850		5,756
Depreciation and amortization		-		2,348		690		4,725
Total expenses		1,399		5,184		3,540		10,481
Income from discontinued operations, net	$	2,147	$	2,056	$	3,668	$	4,162

⁽¹⁾

^{Represents assets of 1899 Pennsylvania Avenue.}

⁽²⁾

^{Represents revenues, expenses and net income of 1899 Pennsylvania Avenue in the three and six months ended June 30, 2020 and 1899 Pennsylvania Avenue and Liberty Place in the three and six months ended June 30, 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 Six Months Ended
Statements of Cash Flows: ⁽¹⁾	June 30, 2020		June 30, 2019
Cash provided by operating activities	$	2,292	$	9,059
Cash used in investing activities		-		(645	)

Additional Cash Flow information:
Depreciation and amortization	$	690	$	4,725
Additions to real estate		-		(645	)

⁽¹⁾

^{Represents cash flow information of 1899 Pennsylvania Avenue in the six months ended June 30, 2020 and 1899 Pennsylvania Avenue and Liberty Place in the six months ended June 30, 2019.}