Washington real estate investment trust (WRE)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10Mar'10
Cash flows from operating activities
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

1,719

54,198

332,770

987

-4,405

5,688

5,893

10,750

3,299

2,337

2,813

7,847

6,615

5,426

79,662

31,821

2,379

62,095

580

-2,886

29,398

2,309

3,658

1,080

104,554

18,908

5,840

5,263

7,335

2,958

9,561

6,008

5,181

31,098

63,036

6,556

4,688

10,615

6,658

15,021

5,265

Adjustments to reconcile net income to net cash provided by operating activities:
Real estate impairment

0

0

0

0

8,374

0

0

0

1,886

28,152

5,000

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

14,526

0

0

599

-

-

-

-

Gain on sale of real estate

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

59,376

0

1,454

30,277

0

0

282

106,273

18,949

0

0

3,195

1,400

3,724

0

0

-

-

-

-

-

-

-

-

Depreciation and amortization

29,720

38,812

37,399

35,421

29,547

31,109

30,272

29,878

29,969

28,785

27,941

29,261

26,069

26,302

30,905

25,161

26,038

28,808

29,349

25,503

25,275

24,503

24,354

24,401

22,753

22,412

24,383

25,582

25,524

26,131

26,218

25,591

25,994

25,398

24,422

25,459

25,249

24,191

24,278

23,669

23,608

Credit losses on lease related receivables

923

35

88

-133

0

1,059

299

602

176

114

298

287

183

543

455

267

441

31

211

685

441

67

608

159

568

760

721

725

1,566

1,000

834

915

1,098

996

871

797

1,341

831

960

790

1,569

Share-based compensation expense

1,778

1,478

1,738

1,701

2,826

1,682

1,694

1,829

1,541

1,210

1,210

1,204

1,147

755

315

875

1,546

1,150

889

1,221

1,852

1,160

1,330

1,447

1,058

2,631

1,225

1,364

1,026

1,860

1,233

1,334

1,429

1,459

1,393

1,475

1,270

1,883

1,268

1,288

1,413

Amortization of debt premiums, discounts and related financing costs

645

563

1,228

868

536

536

550

569

446

475

474

471

477

798

785

767

837

825

807

982

872

858

976

817

937

1,178

991

973

1,016

1,031

951

917

968

550

1,028

831

785

956

1,576

1,503

1,497

Gain (Loss) on Extinguishment of Debt

468

0

0

0

0

0

0

0

-1,178

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-8,896

-238

0

-42

Changes in operating other assets

-895

-2,267

6,572

3,746

2,035

-559

8,235

-376

1,374

-1,404

10,464

3,878

7,261

2,849

11,881

77

906

763

8,975

-174

932

7,051

8,220

4,883

3,152

1,735

7,341

887

628

-5,859

9,708

656

3,953

-2,654

6,230

2,448

10,392

2,102

10,418

4,138

4,316

Changes in operating other liabilities

-6,352

3,297

2,346

-3,179

-7,265

5,862

-304

-7,450

-475

-927

1,535

-623

3,469

-2,057

1,861

-4,282

1,916

336

-981

-11,625

9,075

-1,606

1,048

-6,101

2,040

-8,109

4,673

-6,931

4,260

-853

280

-2,548

4,842

-4,590

-1,468

-5,257

9,021

-3,161

-3,018

2,722

-52

Net cash provided by operating activities

28,860

39,643

30,737

32,965

27,578

46,495

30,169

34,059

36,646

36,658

28,807

34,462

30,699

28,961

24,501

29,012

32,251

33,106

21,880

18,628

35,704

20,240

23,754

16,638

22,485

19,833

30,492

26,089

36,904

38,683

25,645

31,561

35,559

31,239

26,413

27,413

32,561

28,452

21,542

32,913

29,026

Cash flows from investing activities
Escrow Deposits Related to Property Sales

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-96,610

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

Capital improvements to real estate

10,846

37,868

11,954

11,353

7,281

37,633

15,343

10,249

7,845

25,329

11,263

12,487

11,436

18,892

21,846

11,640

4,716

18,422

10,694

7,610

4,781

15,865

12,998

18,578

10,369

16,481

14,279

14,867

10,202

14,870

14,785

11,066

10,459

14,698

7,718

6,709

3,690

10,476

5,497

5,606

3,466

Development in progress

9,402

20,608

7,439

13,354

6,091

9,770

9,608

10,674

4,754

5,162

5,697

4,774

2,517

2,914

1,661

16,878

1,119

2,067

15,804

6,942

6,390

14,901

14,790

9,370

4,203

6,441

2,880

2,717

3,788

1,969

2,307

1,438

780

13,801

326

11,769

33

163

182

507

485

Payments to Acquire Real Estate

-

-

-

-

-

-

-

0

106,400

-

0

138,371

0

-

-

-

-

-

-

-

-

40,410

0

106,075

48,051

48,200

0

0

0

-

-

-

-

0

154,831

-77

126,947

-

-

-

-

Net cash received from sale of real estate

-

-

-

-

-

0

-727

96,541

78,483

30,798

0

0

0

-

-

-

-

83,364

14,507

2,046

37,013

0

0

1,478

189,386

298,604

0

0

15,161

8,426

13,399

0

0

-

-

-

-

-

-

-

-

Non-real estate capital improvements

94

174

196

54

67

337

161

293

172

560

1,356

1,375

575

642

236

29

13

13

280

460

1,376

1,675

3

24

17

37

16

102

7

45

95

205

210

179

211

126

105

136

92

103

61

Real estate deposits, net

-

-

-

-

-

-

-

-

-

-

-

-

5,000

-

-

-

12,500

-

-

3,000

0

-

1,250

-1,250

2,500

-2,900

2,900

3,900

0

-

-

-

-

-

-

-

-

-

-

-

-

Cash released from replacement reserve escrows, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

54

308

-2,309

-

505

1,396

996

867

455

95

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash used in investing activities

-20,342

64,862

463,388

-453,775

-13,439

-47,740

-25,839

75,325

-40,688

-7,278

-17,541

-152,007

-19,528

-24,395

100,314

-123,372

-16,039

65,524

-161,458

-17,362

23,470

-71,218

-29,496

-34,804

27,636

230,345

-20,075

-21,586

1,164

-8,708

-3,788

-64,851

-11,449

84,265

68,018

39,590

-130,775

-49,355

-5,771

-52,012

-4,012

Cash flows from financing activities
Line of credit (repayments) borrowings, net

92,000

-

-

-

40,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Line of credit borrowings, net

-

-

-

-

-

-

14,000

-91,000

94,000

-

-39,000

105,000

3,000

-5,000

-144,000

54,000

110,000

-90,000

10,000

155,000

-20,000

45,000

5,000

0

0

-85,000

10,000

5,000

70,000

0

-221,000

112,000

10,000

-94,000

-52,000

67,000

78,000

-

-

-

-

Line of credit repayments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

18,000

-

28,800

44,000

18,000

Dividends paid

49,485

0

24,087

24,109

48,165

0

24,057

23,702

47,300

0

23,493

23,152

45,021

0

22,364

22,147

41,137

0

20,491

20,500

20,519

20,124

20,019

20,043

20,091

19,972

20,033

20,065

20,034

19,929

19,998

28,907

28,900

28,855

28,804

28,796

28,590

28,562

27,647

26,842

25,898

Principal payments – mortgage notes payable

46,567

128

11,365

621

610

601

32,397

774

136,309

756

740

729

50,346

102,864

981

81,997

84,219

1,154

1,092

1,111

1,155

1,094

1,066

964

830

26,218

1,194

439

30,828

60,140

22,627

1,447

1,453

19,928

10,356

1,042

1,005

1,115

22,680

1,082

1,108

Borrowings under construction loan

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

592

1,580

1,845

-

7,389

3,551

3,197

-

3,033

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Repayments of unsecured term loan debt

-

-

-

-

-

0

0

0

150,000

0

0

0

0

-

-

-

-

-

-

-

-

0

0

0

100,000

0

0

0

60,000

0

0

50,000

0

-

-

-

-

184,956

7,619

0

1,224

Proceeds from term loan

-

-

-

-

-

0

0

0

250,000

0

0

0

50,000

100,000

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payment of financing costs

0

84

0

967

252

85

0

154

5,411

85

0

0

234

82

1,272

0

236

185

1,155

3,517

238

82

0

0

660

843

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Contributions from noncontrolling interests

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

11

0

177

213

87

299

-66

-22

-2,639

44

82

25

-300

46

44

47

Distributions to noncontrolling interests

3

7

0

4

4

3

4

4

3

4,132

8

23

36

53

33

19

91

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from dividend reinvestment program

921

1,325

1,757

576

1,097

162

566

528

717

94

686

682

1,114

155

545

0

0

-

-

-

-

-

-

-

-

-

-

-

-

1

-30

103

1,242

1,193

1,206

1,277

1,367

1,362

1,369

1,275

1,280

Net proceeds from equity issuances

1,200

-

-

-

0

-

-

-

-

-25

49,319

33,947

29,959

0

29,579

143,357

0

136

-42

30

5,091

30,690

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

50,812

50,991

51,322

15,755

Payment of tax withholdings for restricted share awards

141

1,604

8

52

452

1,750

1

4

296

1,615

5

81

585

1,071

80

30

779

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net proceeds from exercise of share options

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,053

77

0

23

204

0

908

180

91

39

50

3,783

Net cash used in financing activities

-2,034

-104,263

-487,022

414,823

-8,386

2,723

-6,421

-115,110

5,398

-29,525

-13,241

115,644

-12,149

-8,915

-138,606

93,164

-16,462

-92,733

137,812

-18,513

-34,976

58,234

-8,696

-20,905

-118,384

-127,758

-8,194

-15,327

-40,649

-78,959

32,179

29,848

-19,066

-143,719

-96,566

-36,597

31,927

-162,743

233,304

21,679

-25,459

Net increase in cash, cash equivalents and restricted cash

6,484

242

7,103

-5,987

5,753

1,478

-2,091

-5,726

1,356

-145

-1,975

-1,901

-978

-4,349

-13,791

-1,196

-250

5,897

-1,766

-17,247

24,198

7,256

-14,438

-39,071

-68,263

122,420

2,223

-10,824

-2,581

-48,984

54,036

-3,442

5,044

-28,215

-2,135

30,406

-66,287

-183,646

249,075

2,580

-445

Supplemental disclosure of cash flow information:
Cash paid for interest, net of amounts capitalized

5,133

16,518

8,063

19,570

6,848

17,037

6,825

17,780

7,416

16,542

6,518

16,754

5,916

16,633

7,267

18,515

8,639

19,156

7,906

22,586

7,531

21,253

6,935

20,865

8,970

20,669

9,432

21,959

10,684

15,867

12,420

17,780

12,215

18,391

12,584

20,879

12,062

14,544

14,905

16,156

15,017

Change in accrued capital improvements and development costs

4,851

-5,730

18,915

-13,396

8,119

-9,121

5,467

-1,790

2,675

-695

2,869

652

438

1,166

-850

7,686

-4,214

4,885

-273

3,721

-4,104

15,014

-19,942

11,698

-2,616

3,306

-2,295

-1,237

554

-

-

-

-

-

-

-

-

-

-

-

-

Cash paid for income taxes, net of refunds

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-4

0

4

-

-

-

0

-

-

-

-

-

-

-

-

Reconciliation of cash, cash equivalents and restricted cash:
Mortgage notes payable assumed in connection with the acquisition of real estate

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

100,861

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-