Subsequent Events

6 Months Ended

Jun. 30, 2018

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

In July 2018, we borrowed $200.0 million under the Tranche A-2 Term Loan, in accordance with the delayed draw provisions of the credit facility. We also repaid the outstanding revolving credit facility balance of $35.7 million.

In July 2018, the buyer’s deposit became non-refundable in our agreement for the sale of Commerce Executive, a 394,000 square foot office asset located in Reston, Virginia, for $115.0 million, which had a net carrying value of $75.3 million as of June 30, 2018 and met the held for sale criteria subsequent to June 30, 2018.

In July 2018, our partner in the real estate venture that owns the Investment Building, a 401,000 square foot office building located in Washington, D.C., became obligated to acquire our 5.0% interest in the venture for $20.9 million, following their exercise of the buy-sell provisions of the venture agreement. As of June 30, 2018, our investment balance in the real estate venture was $9.2 million.

In August 2018, our Board of Trustees declared a quarterly dividend of $0.225 per common share, payable on August 27, 2018 to shareholders of record on August 14, 2018.