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Real Estate | 12 Months Ended
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Dec. 31, 2020
Real Estate [Abstract] |
Real Estate | REAL ESTATE Construction in Progress Construction in progress includes land, preconstruction and development costs of active projects. Preconstruction costs include legal, zoning and permitting costs and other project carrying costs incurred prior to the commencement of construction. Development costs include direct construction costs and indirect costs incurred subsequent to the start of construction such as architectural, engineering, construction management and carrying costs consisting of interest, real estate taxes and insurance. The following table shows the components of construction in progress.
|  | December 31,
(in thousands) |  | 2020 |  | 2019
Hampden House (formerly 7316 Wisconsin Avenue) |  | $ | 50,723 |  |  | $ | 44,638 |
The Waycroft |  | 8,651 |  |  | 255,443 |
Ashbrook Marketplace |  | 153 |  |  | 19,128 |
Other |  | 9,950 |  |  | 16,435 |
Total |  | $ | 69,477 |  |  | $ | 335,644 |
Acquisitions Ashbrook Marketplace In May 2018, the Company acquired from the Saul Trust, in exchange for 176,680 limited partnership units, approximately 13.7 acres of land located at the intersection of Ashburn Village Boulevard and Russell Branch Parkway in Loudoun County, Virginia. Based on the closing price of the Company's common stock, the land and the limited partnership units were recorded at a value of $8.8 million. Acquisition costs related to the transaction totaled approximately $0.2 million. Hampden House (formerly 7316 Wisconsin Avenue) In September 2018, the Company purchased for $35.5 million, plus $0.7 million of acquisition costs, an office building and the underlying ground located at 7316 Wisconsin Avenue in Bethesda, Maryland. In December 2018, the Company purchased for $4.5 million, including acquisition costs, an interest in an adjacent parcel of land and retail building. The purchase price was funded through the Company's credit facility. Effective September 1, 2019, the asset was removed from service and transferred to construction in progress at its carrying value of $42.6 million. Allocation of Purchase Price of Real Estate Acquired The Company allocates the purchase price of real estate investment properties to various components, such as land, buildings and intangibles related to in-place leases and customer relationships, based on their relative fair values. During 2018, the Company acquired properties that had an aggregate cost of $49.5 million, including acquisition costs. The purchase price was allocated to assets acquired and liabilities assumed based on their relative fair values as shown in the following table.
(in thousands) | Ashbrook Marketplace |  | Hampden House (formerly 7316 Wisconsin Avenue) |  | Total
Land | $ | 8,776 |  |  | $ | 38,662 |  |  | $ | 47,438 |
Buildings | — |  |  | 979 |  |  | 979 |
In-place Leases | — |  |  | 886 |  |  | 886 |
Above Market Rent | — |  |  | 168 |  |  | 168 |
Below Market Rent | — |  |  | (21) |  |  | (21) |
Total Purchase Price | $ | 8,776 |  |  | $ | 40,674 |  |  | $ | 49,450 |
The gross carrying amount of lease intangible assets included in deferred leasing costs as of December 31, 2020 and 2019 was $11.0 million and $11.7 million, respectively, and accumulated amortization was $8.6 million and $8.5 million, respectively. Amortization expense totaled $0.6 million, $0.9 million and $1.3 million, for the years ended December 31, 2020, 2019, and 2018, respectively. The gross carrying amount of below market lease intangible liabilities included in deferred income as of December 31, 2020 and 2019 was $23.7 million and $24.1 million, respectively, and accumulated amortization was $15.0 million and $13.9 million, respectively. Accretion income totaled $1.4 million, $1.5 million, and $1.7 million, for the years ended December 31, 2020, 2019, and 2018, respectively. The gross carrying amount of above market lease intangible assets included in accounts receivable as of December 31, 2020 and 2019 was $0.6 million and $0.6 million, respectively, and accumulated amortization was $128,900 and $108,300, respectively. Amortization expense totaled $43,600, $109,600 and $110,500, for the years ended December 31, 2020, 2019 and 2018, respectively. The remaining weighted-average amortization period as of December 31, 2020 is 4.3 years, 7.0 years, and 5.0 years for lease acquisition costs, above market leases and below market leases, respectively. As of December 31, 2020, scheduled amortization of intangible assets and deferred income related to in place leases is as follows:
(In thousands) | Lease acquisition costs |  | Above market leases |  | Below market leases
2021 | $ | 495 |  |  | $ | 33 |  |  | $ | 1,409 |
2022 | 368 |  |  | 33 |  |  | 1,306 |
2023 | 317 |  |  | 33 |  |  | 1,297 |
2024 | 198 |  |  | 33 |  |  | 878 |
2025 | 153 |  |  | 33 |  |  | 601 |
Thereafter | 843 |  |  | 309 |  |  | 3,253 |
Total | $ | 2,374 |  |  | $ | 474 |  |  | $ | 8,744 |

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- References No definition available. + Details
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- Definition The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=121593590&loc=d3e4437-111522 + Details
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