Washington Real Estate Investment Trust engages in the ownership and operation of income-producing real estate properties. It operates through the following segments: Office, Multifamily, and Retail. The Office segment provides office space for various types of businesses and professions. The Multifamily segment provides rental housing for individuals and families throughout Washington metro region. The Retail segment prototypes are typically grocery store anchored neighborhood centers that include other small shop tenants or regional power centers with several junior box tenants. The company was founded by Arthur A. Birney and Benjamin H. Dorsey in 1960 and is headquartered in Washington, DC.
Real estate rental revenue is comprised of (a) minimum base rent, which includes rental revenues recognized on a straight-line basis, (b) revenue from the recovery of operating expenses from our tenants, (c) credit losses on lease related receivables, (d) revenue from the collection of lease termination fees and (e) parking and other tenant charges such as percentage rents.
Real estate rental revenue from acquisitions increased due to the acquisition of Assembly Portfolio ($5.4 million) during the 2019 Quarter, partially offset by lower real estate rental revenue from Arlington Tower ($0.2 million).
Real estate rental revenue from held for sale and sold properties classified as continuing operations decreased due to the sale of 2445 M Street ($4.2 million) during the 2018 Quarter.