Discontinued Operations

9 Months Ended

Sep. 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 essentially 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, results of operations and the details of the cash flows related to discontinued operations as of the dates thereof and for the periods set forth below.

(Amounts in thousands)	As of
Balance Sheets: ⁽¹⁾	September 30, 2020		December 31, 2019
Real estate, net	$	93,837	$	94,251
Deferred rent receivable		3,880		4,206
Deferred charges, net		780		804
Intangible assets, net		5,290		5,575
Assets related to discontinued operations	$	103,787	$	104,836

(Amounts in thousands)	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
Income Statements: ⁽²⁾	2020			2019		2020			2019
Revenues:
Rental revenue	$	3,556		$	6,964	$	10,634		$	21,335
Fee and other income		85			100		215			372
Total revenues		3,641			7,064		10,849			21,707
Expenses:
Operating		1,483			2,802		4,333			8,558
Depreciation and amortization		-			2,362		690			7,087
Total expenses		1,483			5,164		5,023			15,645
Other Income:
Gain on sale of real estate ⁽³⁾		-			1,140		-			1,140
Income before income taxes		2,158			3,040		5,826			7,202
Income tax expense		(11	)		-		(11	)		-
Income from discontinued operations, net	$	2,147		$	3,040	$	5,815		$	7,202

(Amounts in thousands)	For the Nine Months Ended September 30,
Statements of Cash Flows: ⁽⁴⁾	2020		2019
Cash provided by operating activities	$	3,262	$	9,732
Cash provided by investing activities		-		148,814		⁽⁵⁾

Additional Cash Flow information:
Depreciation and amortization	$	690	$	7,087
Additions to real estate		-		(1,493	)

⁽¹⁾

^{Represents assets of 1899 Pennsylvania Avenue.}

⁽²⁾

^{Represents revenues, expenses and net income of 1899 Pennsylvania Avenue in the three and nine months ended September 30, 2020 and 1899 Pennsylvania Avenue and Liberty Place in the three and nine months ended September 30, 2019.}

⁽³⁾

^{Represents the gain on sale of Liberty Place. See Note 3, Dispositions.}

⁽⁴⁾

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

⁽⁵⁾

^{Includes $150,307 of proceeds from the sale of Liberty Place.}