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Real Estate (Tables) | 9 Months Ended
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Sep. 30, 2021
Real Estate [Abstract] |
Schedule Of Real Estate Property Acquired | We acquired the following property during the 2021 Period (the “2021 acquisition”):
Acquisition Date |  | Property |  | Type |  | # of homes (unaudited) |  | Average Occupancy (unaudited) |  | Contract Purchase Price (in thousands)
August 10, 2021 |  | The Oxford |  | Residential |  | 240 |  | 93.5% |  | $ | 48,000 |
______________________________
Schedule of Operations from Acquired Properties | The results of operations from the acquired operating property are included in the consolidated statements of operations as of its acquisition date and are as follows (in thousands):
|  |  | Three and Nine Months Ended September 30, 2021
Real estate rental revenue |  |  | $ | 488 |
Net loss |  |  | (349) |
Schedule Of Cost Of Acquisition | The total cost of the 2021 acquisition was as follows (in thousands):
Contract purchase price |  |  | $ | 48,000 |
Capitalized acquisition costs |  |  | 52 |
Total |  |  | $ | 48,052 |
Schedule of Acquisition Asset Valuation | We have recorded the total cost of the 2021 acquisition as follows (in thousands):
Land |  |  | $ | 4,798 |
Building |  |  | 42,079 |
Absorption costs |  |  | 1,175 |
Total |  |  | $ | 48,052 |
Schedule of Properties Sold | We sold the following properties during 2021 and 2020:
Disposition Date |  | Property Name |  | Property Type |  | Rentable Square Feet |  | Contract Sales Price (in thousands) |  | (Loss) Gain on Sale (in thousands)
July 26, 2021 |  | Office Portfolio (1) |  | Office |  | 2,370,000 |  |  | $ | 766,000 |  |  | $ | (11,220) |
September 22, 2021 |  | Retail Portfolio (2) |  | Retail |  | 693,000 |  |  | 168,314 |  |  | 57,661 |
|  |  |  | Total 2021 |  | 3,063,000 |  | $ | 934,314 |  |  | $ | 46,441 |
April 21, 2020 |  | John Marshall II |  | Office |  | 223,000 |  | $ | 57,000 |  |  | $ | (6,855) |
December 2, 2020 |  | Monument II |  | Office |  | 207,000 |  | 53,000 |  |  | (8,595) |
December 17, 2020 |  | 1227 25th Street NW |  | Office |  | 135,000 |  | 53,500 |  |  | 1,125 |
|  |  |  | Total 2020 |  | 565,000 |  | $ | 163,500 |  |  | $ | (14,325) |
______________________________ (1) Consists of twelve office properties: 1901 Pennsylvania Avenue, 515 King Street, 1220 19th Street, 1600 Wilson Boulevard, Silverline Center, Courthouse Square, 2000 M Street, 1140 Connecticut Avenue, Army Navy Club, 1775 Eye Street, Fairgate at Ballston and Arlington Tower. (2) Consists of eight retail properties: Takoma Park, Westminster, Concord Centre, Chevy Chase Metro Plaza, 800 S. Washington Street, Randolph Shopping Center, Montrose Shopping Center and Spring Valley Village. The results of the Office Portfolio and Retail Portfolio are classified as discontinued operations and are summarized as follows (amounts in thousands, except for share data):
| Three months ended September 30, |  | Nine months ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Real estate rental revenue | $ | 10,932 |  |  | $ | 29,511 |  |  | $ | 70,519 |  |  | $ | 89,673 |
Expenses |  |  |  |  |  |  |
Property operating and maintenance | (1,870) |  |  | (5,232) |  |  | (11,201) |  |  | (15,433) |
Real estate taxes and insurance | (1,476) |  |  | (4,839) |  |  | (11,136) |  |  | (14,233) |
Property management | (378) |  |  | (947) |  |  | (2,195) |  |  | (2,830) |
Depreciation and amortization | — |  |  | (12,406) |  |  | (22,904) |  |  | (37,106) |
Gain on sale of real estate, net | 46,441 |  |  | — |  |  | 46,441 |  |  | — |
Income from discontinued operations | $ | 53,649 |  |  | $ | 6,087 |  |  | $ | 69,524 |  |  | $ | 20,071 |
Basic net income per share | $ | 0.63 |  |  | $ | 0.07 |  |  | $ | 0.82 |  |  | $ | 0.24 |
Diluted net income per share | $ | 0.63 |  |  | $ | 0.07 |  |  | $ | 0.82 |  |  | $ | 0.24 |
Capital expenditures | $ | 833 |  |  | $ | 4,239 |  |  | $ | 3,316 |  |  | $ | 11,825 |
All assets and liabilities related to the Office Portfolio and Retail Portfolio were sold as of September 30, 2021. As of December 31, 2020, assets and liabilities related to the Office Portfolio and Retail Portfolio were as follows (in thousands):
|  | December 31, 2020
Land |  | $ | 249,869 |
Income producing property |  | 958,704 |
|  | 1,208,573 |
Accumulated depreciation and amortization |  | (414,008) |
Income producing property, net |  | 794,565 |
Development in progress and land held for development |  | 1,122 |
Investment in real estate, net |  | $ | 795,687 |
Cash and cash equivalents |  | 3 |
Restricted cash |  | 10 |
Rents and other receivables |  | 48,532 |
Prepaid expenses and other assets |  | 41,452 |
Total assets |  | $ | 885,684 |
Accounts payable and other liabilities |  | $ | 14,706 |
Advance rents |  | 4,754 |
Tenant security deposits |  | 5,769 |
Liabilities related to properties sold or held for sale |  | $ | 25,229 |

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