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Segment Information | 9 Months Ended
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Sep. 30, 2021
Segment Reporting [Abstract] |
Segment Information | SEGMENT INFORMATION We operate in a single reportable segment which includes the ownership, development, redevelopment and acquisition of apartment communities. Each of our operating properties, including our remaining office property, do not meet the criteria to be considered separate operating segments on a stand-alone basis. We do not distinguish or group our consolidated operations based on size, type or geography. All but one community is within the Washington, DC metro region and no community comprises more than 10% of consolidated revenues. Further, our apartment communities have similar long-term economic characteristics and provide similar products and services to our residents. As a result, our operating properties are aggregated into a single reportable segment: residential. Prior to the second quarter of 2021, we had two reportable segments: office and residential. During the 2021 Quarter, we closed on the sales of the Office Portfolio and the Retail Portfolio (see note 3), and following such sales, we have one remaining office property, Watergate 600, which does not meet the criteria for a reportable segment, and has been classified within “Other” on our segment disclosure tables. We evaluate performance based upon net operating income of the combined properties in the segment. Our reportable operating segment consolidates similar properties. GAAP requires that segment disclosures present the measure(s) used by the chief operating decision maker for purposes of assessing each segment’s performance. Net operating income is a key measurement of our segment profit and loss and is defined as real estate rental revenue less real estate expenses. The following tables present revenues, net operating income, capital expenditures and total assets for the three and nine months ended September 30, 2021 and 2020 from our Residential segment as well as Other, and reconcile net operating income to net income (loss) as reported (in thousands):
| Three Months Ended September 30, 2021
| Residential |  | Other (1), (3) |  | Consolidated
Real estate rental revenue | 38,046 |  |  | 4,453 |  |  | $ | 42,499 |
Real estate expenses | 14,146 |  |  | 1,299 |  |  | 15,445 |
Net operating income | $ | 23,900 |  |  | $ | 3,154 |  |  | $ | 27,054 |
Other income (expense): |  |  |  |  |
Property management expenses |  |  |  |  | (1,499) |
General and administrative expenses |  |  |  |  | (7,909) |
Transformation costs |  |  |  |  | (1,016) |
Depreciation and amortization |  |  |  |  | (18,252) |
Interest expense |  |  |  |  | (8,106) |
Loss on interest rate derivatives |  |  |  |  | (106) |
Loss on extinguishment of debt |  |  |  |  | (12,727) |
Other income |  |  |  |  | 231 |
Discontinued operations: |  |  |  |  |
Income from operations of properties sold or held for sale |  |  |  |  | 7,208 |
Gain on sale of real estate, net |  |  |  |  | 46,441 |
Net income |  |  |  |  | $ | 31,319 |
Capital expenditures | $ | 7,283 |  |  | $ | 1,002 |  |  | $ | 8,285 |
Total assets | $ | 1,355,893 |  |  | $ | 496,917 |  |  | $ | 1,852,810 |
| Three Months Ended September 30, 2020
| Residential |  | Other (2), (3) |  | Consolidated
Real estate rental revenue | 36,292 |  |  | 7,424 |  |  | $ | 43,716 |
Real estate expenses | 13,660 |  |  | 2,453 |  |  | 16,113 |
Net operating income | $ | 22,632 |  |  | $ | 4,971 |  |  | $ | 27,603 |
Other income (expense): |  |  |  |  |
Property management expenses |  |  |  |  | (1,541) |
General and administrative expenses |  |  |  |  | (6,330) |
Depreciation and amortization |  |  |  |  | (18,064) |
Interest expense |  |  |  |  | (8,711) |
Discontinued operations: |  |  |  |  |
Income from operations of properties sold or held for sale |  |  |  |  | 6,087 |
Net loss |  |  |  |  | $ | (956) |
Capital expenditures | $ | 6,520 |  |  | $ | 6,590 |  |  | $ | 13,110 |
Total assets | $ | 1,338,812 |  |  | $ | 1,193,460 |  |  | $ | 2,532,272 |
| Nine Months Ended September 30, 2021
| Residential |  | Other (1), (3) |  | Consolidated
Real estate rental revenue | $ | 111,075 |  |  | $ | 13,328 |  |  | $ | 124,403 |
Real estate expenses | 41,440 |  |  | 3,740 |  |  | 45,180 |
Net operating income | $ | 69,635 |  |  | $ | 9,588 |  |  | $ | 79,223 |
Other income (expense): |  |  |  |  |
Property management expenses |  |  |  |  | (4,448) |
General and administrative expenses |  |  |  |  | (19,838) |
Transformation costs |  |  |  |  | (4,796) |
Depreciation and amortization |  |  |  |  | (52,542) |
Interest expense |  |  |  |  | (28,387) |
Loss on interest rate derivatives |  |  |  |  | (5,866) |
Loss on extinguishment of debt |  |  |  |  | (12,727) |
Other income |  |  |  |  | 3,037 |
Discontinued operations: |  |  |  |  |
Income from operations of properties sold or held for sale |  |  |  |  | 23,083 |
Gain on sale of real estate, net |  |  |  |  | 46,441 |
Net income |  |  |  |  | $ | 23,180 |
Capital expenditures | $ | 15,082 |  |  | $ | 3,604 |  |  | $ | 18,686 |
| Nine Months Ended September 30, 2020
| Residential |  | Other (2), (3) |  | Consolidated
Real estate rental revenue | $ | 108,942 |  |  | $ | 24,274 |  |  | $ | 133,216 |
Real estate expenses | 39,100 |  |  | 7,918 |  |  | 47,018 |
Net operating income | $ | 69,842 |  |  | $ | 16,356 |  |  | $ | 86,198 |
Other income (expense): |  |  |  |  |
Property management expenses |  |  |  |  | (4,682) |
General and administrative expenses |  |  |  |  | (17,963) |
Depreciation and amortization |  |  |  |  | (52,683) |
Loss on sale of real estate |  |  |  |  | (7,539) |
Interest expense |  |  |  |  | (28,307) |
Gain on extinguishment of debt |  |  |  |  | 262 |
Discontinued operations: |  |  |  |  |
Income from operations of properties sold or held for sale |  |  |  |  | 20,071 |
Net loss |  |  |  |  | $ | (4,643) |
Capital expenditures | $ | 15,477 |  |  | $ | 23,209 |  |  | $ | 38,686 |
______________________________ (1) Other represents Watergate 600, an office property that does not meet the qualitative or quantitative criteria for a reportable segment. (2) Other represents Watergate 600, an office property that does not meet the qualitative or quantitative criteria for a reportable segment and office properties sold during 2020: John Marshall II, Monument II and 1227 25th Street. (3) Total assets and capital expenditures include office and retail properties classified as discontinued operations.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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