21 Mar 2019

More Women Are Entering Washington, DC’s Job Market — but There’s One Problem

Washington DC city view at a orange sunset, including Washington Monument from Capitol building.

Finally, some positive news out of the nation’s capital. According to a recent study by GOBankingRates, Washington, D.C., is one of the biggest cities in the nation where women are “taking over” the workforce, but there are some troubling facts beneath the surface.

For the study, GOBankingRates determined the cities where women are taking over based on U.S. Census Bureau data detailing percentages of women and men in the labor force, median earnings for both groups and percentage increase of both women and men in the job market over the last five and 10 years.

Washington, DC, Has More Women in the Workforce Than Men

From 2007 to 2017, data shows that the percentage of women workers in Washington, D.C., increased by 26 percent, but the increase for men was less significant at 23.8 percent. In Washington, D.C., not only has the percentage of women workers seen an upswing, but since 2007, women have comprised the majority of the workforce. Even more impressively, when compared to the top four most populous cities in the nation — New York, Los Angeles, Chicago and Houston — Washington is the only city that has a female majority workforce. In 2017, women made up 51.6 percent of the workforce in Washington, which is up 0.4 percent from 2007. Washington also has seen the largest 5-year and 10-year change in female employment with 15.6 percent and 26.0 percent, respectively.

City Size Rank 5-Year Change 10-Year Change 2017 Civilian employed population 16 years and over with earnings 2017 Male – Employed population 16 years and over with earnings 2017 Female – employed population 16 years and over with earnings Washington, D.C. 21 15.6% 26.0% 357,701 48.4% 51.6%

Not as surprising, however, are the three industries that employ a majority of the female workforce. Scientific and technical services make up 17.2 percent of the employed female population, followed closely by public administration at 16.2 percent and social assistance at 12.7 percent.

Does an Increasing Female Workforce Participation Equate to Better Pay?

As women continue to “take over” the workforce in the nation’s capital, one would assume that the wage gap between men and women must be closing as well. Unfortunately, that is not the case. Since 2007, the median salaries have gone from a difference of $4,123 in favor of men to a difference of $7,893 — a 5.11 percent increase. In 2017, the median female earnings of $46,858 in Washington, D.C. — while much higher compared to the rest of the U.S. — is still nearly $8,000 less than their male counterparts.

The difference in median female earnings to median male earnings in Washington, D.C., is also greater than in any of the nation’s four most populous cities.

So while Washington, D.C., is the standard bearer for big cities in terms of women “taking over” the workforce, there are still some worries about the rising wage gap between men and women in the city. What this study does suggest is that Washington is one of the best places for women to find employment, but, like most things that come from the nation’s capital, there is still a lot of work to be done.

More on Jobs and Making Money

We make money easy. Get weekly email updates, including expert advice to help you Live Richer™.

Methodology: GOBankingRates determined the cities where women are taking over based on several factors: (1) Percentage of women in the labor force; (2) percentage of men in the labor force; (3) percentage increase in women in job market over the last five and ten years; (4) percentage increase in men in job market over the last five and ten years; (5) median earnings for women; and (6) median earnings for men, all sourced from the U.S. Census Bureau’s 2017 American Community Survey, as well as top industries. List of cities was generated based on the largest 200 cities by population in the U.S.

This article originally appeared on GOBankingRates.com: More Women Are Entering Washington, DC’s Job Market — but There’s One Problem

Source Article

Share this
07 Mar 2019

SC reopening a Washington, DC, office to aid state agencies

South Carolina Gov. Henry McMaster speaks during Google’s commemoration ceremony for its 10-year anniversary in South Carolina Friday, February 15, 2019, at the companies data center site in Mt. Holly Commerce Park in Moncks Corner, S.C. Brad Nettles/Staff

COLUMBIA — South Carolina will reopen its Washington, D.C., office that was closed in 2010 to save money during the recession, Gov. Henry McMaster announced at a cabinet meeting Wednesday.

Jordan Marsh, political director for McMaster’s 2018 election campaign, will run the Washington office aiding state agencies in the nation’s capital.

Marsh, a former intern for U.S. Sen. Lindsey Graham, spent two years as vice president of South Carolina Alliance to Fix Our Roads, an advocacy group that supports increased state highway funding.

He will earn $75,000 a year, the governor’s office said. The South Carolina office will rejoin other states as part of the National Governors Association in having a presence in Washington.

McMaster said the office will help South Carolina remain competitive economically and encouraged state agencies, even those outside his cabinet, to reach out to Marsh, who can help set up appointments or visit federal officials.

“Don’t be shy, we’re paying for it,” McMaster said.

South Carolina’s Washington office was closed by Gov. Mark Sanford as a cost-cutting move. His successor, Nikki Haley, did not reopen the office after the economy improved.

South Carolina is reopening its state office in Washington during a time when McMaster has an ally in the White House. As lieutenant governor, McMaster was the first statewide-elected official in the nation to endorse Donald Trump’s Republican presidential bid in 2016.

This story is developing and will be updated.

Source Article

Share this
25 Feb 2019

Fort Bragg resident brings dangerous housing concerns to Capitol Hill

WASHINGTON (Gray DC) — They put everything on the line to serve our country, but many military families say their living conditions are hazardous from toxic mold to bug and rodent infestations.

Ninety-nine percent of military housing is run by private companies. SPC Rachel Kilpatrick traveled from Fort Bragg in North Carolina to Washington D.C. to speak out about her dangerous living conditions.

"During the hurricane, our ceiling caved in and we became exposed to mold during that time and my husband now has permanent asthma," says Kilpatrick.

Kilpatrick says her kids got sick too, and her house wreaked of mildew.

"When we first moved in, there was cat urine everywhere, pet dander. We had told them when we first moved in that my husband had allergies and we couldn’t be in a home with cats," she says.

Kilpatrick is not alone. Other military families are speaking out about what they call unsafe and dangerous conditions in privatized housing on bases.
They are taking their concerns as far as Capitol Hill.

"As a former commander and former fellow patriot, I’m infuriated by what I’m hearing today. This is disgusting," says Sen. Martha McSally (R-AZ), who sits on the Senate Armed Services Committee.

The committee is trying to get answers. Representatives from five private housing companies, including the one that owns Kilpatrick’s home, testified before the senators.

"We owe a debt of gratitude to their families and we need to help," says Corvias Group CEO John Picerne.

In a statement to Gray Television, Corvias Group says it’s "hiring a world-renowned specialist – at no cost to the government to review our mold/mildew procedures."

Kilpatrick says she hopes someone will be watching the housing companies closer.

"Active duty members shouldn’t be getting this sick from their housing. Nobody should," she says.

Sen. Tim Kaine (D-VA), who sits on the Armed Service Committee, says he wants legislation to protect tenants and penalize the private housing companies if they’re not maintaining a safe environment for residents.

Source Article

Share this
15 Feb 2019

Washington Real Estate Investment Trust Announces Fourth Quarter and Year-End Operating Results for 2018

WASHINGTON, Feb. 14, 2019 (GLOBE NEWSWIRE) — Washington Real Estate Investment Trust ("Washington REIT” or the “Company”) (NYSE: WRE), a leading owner and operator of commercial and multifamily properties in the Washington, DC area, reported financial and operating results today for the quarter and year ended December 31, 2018:

Full-Year and Fourth Quarter 2018 Financial Results and Highlights

Net Income and NAREIT Funds from Operations (FFO)(1)

Reported net income attributable to controlling interests of $25.6 million, or $0.32 per diluted share, for the year, compared to $19.7 million, or $0.25 per diluted share, in 2017Reported net income attributable to controlling interests of $5.7 million, or $0.07 per diluted share, for the quarter, compared to $2.3 million, or $0.03 per diluted share, for fourth quarter 2017Reported NAREIT FFO of $146.2 million, or $1.84 per diluted share, for the year, compared to $141.0 million, or $1.83 per diluted share, in 2017Reported NAREIT FFO of $36.8 million, or $0.46 per diluted share, for the quarter, compared to $35.4 million, or $0.45 per diluted share, in fourth quarter 2017

Core FFO and Operational Performance:

Reported Core FFO of $1.86 per diluted share for the year, a $0.04 increase over Core FFO of $1.82 per diluted share in 2017Reported Core FFO of $0.46 per diluted share for the quarter, a $0.02 increase over Core FFO of $0.44 per diluted share in fourth quarter 2017Grew same-store(2) Net Operating Income (NOI)(3) by 3.1% and cash NOI by 3.7% for the yearGrew office same-store NOI by 4.5% and cash NOI by 5.5% for the yearGrew multifamily same-store NOI and cash NOI by 3.3% for the yearGrew retail same-store NOI by 0.7% and cash NOI by 1.2% for the year

Other Financial Metrics:

Ended the year with a net debt to adjusted EBITDA(4) ratio of 6.2xEnded the year with a Core FAD(5) payout ratio of 78.4%

"We delivered another year of solid operational performance with healthy same-store NOI growth and recycled office assets to further de-risk the portfolio while implementing a differentiated leasing strategy branded Space+ to maximize value-creation," said Paul T. McDermott, President and Chief Executive Officer. "As a result, we have entered 2019 with a higher-quality, better-located portfolio that is well-suited to meet the fastest-growing segments of demand in the DC Metro region: flexible space in office and value-oriented apartments in multifamily. We are working hard to lease our well-positioned commercial availabilities and to capitalize on demand opportunities, including those emerging from Amazon-related growth, with the goal of creating long-term value for our shareholders."

Operating Results

The Company’s overall portfolio NOI for the fourth quarter was $54.6 million, compared to $51.9 million in the same period one year ago and $53.9 million in the third quarter of 2018. The sequential increase in NOI was primarily due to lower property operating expenses across the portfolio as well as higher reimbursements and lease termination fees in office, partially offset by higher real estate taxes across the portfolio.

Overall portfolio ending occupancy(6) at year-end was 93.1%, compared to 91.8% at year-end 2017, driven by occupancy gains across the portfolio.

Same-store portfolio NOI increased by 3.1% for the full year and 4.5% for the fourth quarter on a year-over-year basis. Same-store portfolio ending occupancy at year-end was 93.0%, compared to 92.6% at year-end 2017.

Same-store portfolio by sector:

Office: 43% of 2018 Same-Store NOI – Office properties’ same-store NOI increased by 4.5% and cash NOI increased by 5.5% for the full year. Same-store NOI increased by 5.4% and cash NOI increased by 7.0% for the fourth quarter compared to the same period a year ago. The year-over-year increase in full-year and fourth quarter office same-store NOI was primarily driven by new lease commencements, annual rent increases and higher recoveries, with these being partially offset by higher operating expenses. Same-store ending occupancy decreased by 30 basis points year-over-year and 40 basis points sequentially to 91.7% due to a few anticipated tenant move-outs in the portfolio. The overall office portfolio was 92.3% occupied and 93.6% leased at year-end.Multifamily: 31% of 2018 Same-Store NOI – Multifamily properties’ same-store NOI and cash NOI increased by 3.3% for the full year. Same-store NOI increased by 4.2% and cash NOI increased by 4.1% for the fourth quarter on a year-over-year basis. Same-store ending occupancy on a unit basis decreased by 20 basis points year-over-year and 50 basis points sequentially to 94.8% as the Company focused on optimizing the portfolio’s rental income growth potential by focusing on rental rate growth. In the fourth quarter, the overall multifamily portfolio achieved 240 basis points of year-over-year rental growth, with Class B average monthly rent per unit growing by 260 basis points year-over-year. The overall multifamily portfolio was 94.8% occupied and 96.5% leased, on a unit basis, at year-end.Retail: 26% of 2018 Same-Store NOI – Retail properties’ same-store NOI increased by 0.7% and cash NOI increased by 1.2% for the full year. Same-store NOI increased by 3.4% and cash NOI increased by 3.5% year-over-year in the fourth quarter due to new lease commencements, higher percentage rent income and higher specialty leasing as well as lower operating expenses compared to the same period a year ago. Same-store ending occupancy increased by 70 basis points year-over-year to 91.9% but declined by 240 basis points sequentially due to seasonally lower levels of specialty leasing relative to third quarter 2018. The retail portfolio was 91.9% occupied and 92.6% leased at year-end.

Leasing Activity

During full-year 2018, Washington REIT signed new and renewal commercial leases as follows (all dollar amounts are on a per square foot basis):

Square FeetWeighted Average Term(in years)Weighted Average Free Rent Period(in months)WeightedAverage Rental RatesWeighted AverageRental Rate% IncreaseTenant ImprovementsLeasing CommissionsOffice325,000 5.7 5.0 $49.22 10.3%$40.49 $14.37Retail307,000 5.5 0.6 18.48 5.8%3.52 3.02Total632,000 5.6 3.9 34.31 9.0%22.56 8.86

During the fourth quarter, Washington REIT signed commercial leases totaling 153,000 square feet, including 52,000 square feet of new leases and 101,000 square feet of renewal leases, as follows (all dollar amounts are on a per square foot basis):

Square FeetWeighted Average Term(in years)Weighted Average Free Rent Period(in months)WeightedAverage Rental RatesWeighted AverageRental Rate% IncreaseTenant ImprovementsLeasing CommissionsNew:Office35,000 4.8 3.9 $46.68 5.2%$43.81 $10.57Retail17,000 7.2 5.9 19.82 -11.9%8.51 9.31Total52,000 5.6 4.2 37.69 1.7%31.99 10.15Renewal:Office90,000 6.9 6.2 $57.59 13.6%$51.26 $20.77Retail11,000 7.3 0.1 72.98 15.2%1.39 17.32Total101,000 7.0 5.3 59.23 13.8%45.94 20.41

The fourth quarter weighted average rental rate for new retail leases decreased due to two leases signed with service providers that are expected to further improve the merchandising mix and traffic at two of the Company’s shopping centers.

Earnings Guidance

2019 Core FFO guidance is expected to range from $1.74 to $1.78 per fully diluted share. The following assumptions are included in this guidance:

Same-store NOI change is projected to range from -0.50% to 0.50%○ Excluding Watergate 600, same-store NOI growth is projected to range from 1.75% to 2.75%○ The inclusion of Watergate 600 is the only addition to the same store pool in 2019○ The Company expects the top two floors of Watergate 600 to be built out for a new tenant in 2019 and for rents to commence in January 2020Same-store office NOI is projected to decline by a range of -5.25% to -4.25%○ Excluding Watergate 600, same-store office NOI change is projected to range from -0.50% to 0.50%Same-store multifamily NOI growth is projected to range from 3.75% to 4.25%Same-store retail NOI growth is projected to range from 3.75% to 4.25%Dispositions are projected to range from $175 million to $200 millionThere are no acquisitions assumed in guidanceDevelopment expenditures are projected to range from $65 to $70 millionThe annual impact of the adoption of the new lease accounting standard ASC 842 as of January 1, 2019 is projected to be between $1 million and $1.50 million in 2019General and administrative expense is projected to be approximately $18 to $18.75 millionInterest expense is projected to be approximately $51 to $51.75 millionNon same-store office NOI is projected to range between $16.75 to $17.25 million

The non same-store office pool in 2019 consists of Arlington Tower, which was acquired in 2018.

Washington REIT’s 2019 Core FFO guidance is based on a number of factors, many of which are outside the Company’s control and all of which are subject to change. Washington REIT may change the guidance provided during the year as actual and anticipated results vary from these assumptions.

2019 Guidance Reconciliation Table

A reconciliation of projected net income attributable to the controlling interests per diluted share to projected Core FFO per diluted share for the year-ending December 31, 2019, reflecting the dispositions assumptions above, is as follows:

Net income attributable to the controlling interests per diluted share(a) $0.21 $0.25Real estate depreciation and amortization(a)1.53 1.53NAREIT FFO per diluted share1.74 1.78Core adjustments— —Core FFO per diluted share$1.74 $1.78

(a) Does not include any impact from future acquisitions or any additional dispositions during the year.

Dividends

On January 4, 2019, Washington REIT paid a quarterly dividend of $0.30 per share.

Washington REIT announced today that its Board of Trustees has declared a quarterly dividend of $0.30 per share to be paid on March 29, 2019 to shareholders of record on March 15, 2019.

Conference Call Information

The Conference Call for Full Year and Fourth Quarter 2018 Earnings is scheduled for Friday, February 15, 2019 at 11:00 A.M. Eastern Time. Conference Call access information is as follows:

The instant replay of the Conference Call will be available until March 1, 2019 at 11:00 P.M. Eastern time. Instant replay access information is as follows:

The live on-demand webcast of the Conference Call will be available on the Investor section of Washington REIT’s website at www.washreit.com. Online playback of the webcast will be available for two weeks following the Conference Call.

About Washington REIT

Washington REIT owns and operates uniquely positioned real estate assets in the Washington D.C. market. Backed by decades of experience, expertise and ambition, we create value by transforming insights into strategy and strategy into action. Our portfolio of 48 properties includes approximately 6.1 million square feet of commercial space and 4,268 multifamily apartment units. These 48 properties consist of 19 office properties, 16 retail centers and 13 multifamily properties. Washington REIT shares are publicly traded on the New York Stock Exchange (NYSE:WRE).

Note: Washington REIT’s press releases and supplemental financial information are available on the Company website at www.washreit.com or by contacting Investor Relations at (202) 774-3200.

Certain statements in our earnings release and on our conference call are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. Such statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Washington REIT to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to the risks associated with the ownership of real estate in general and our real estate assets in particular; the economic health of the greater Washington Metro region; fluctuations in interest rates; reductions in or actual or threatened changes to the timing of federal government spending; the risks related to use of third-party providers and joint venture partners; the ability to control our operating expenses; the economic health of our tenants; the supply of competing properties; shifts away from brick and mortar stores to e-commerce; the availability and terms of financing and capital and the general volatility of securities markets; compliance with applicable laws, including those concerning the environment and access by persons with disabilities; terrorist attacks or actions and/or cyber attacks; weather conditions and natural disasters; ability to maintain key personnel; failure to qualify and maintain our qualification as a REIT and the risks of changes in laws affecting REITs; and other risks and uncertainties detailed from time to time in our filings with the SEC, including our 2017 Form 10-K and subsequent Quarterly Reports on Form 10-Q. While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. We undertake no obligation to update our forward-looking statements or risk factors or risk factors to reflect new information, future events, or otherwise.

(1) Funds From Operations (“FFO”) – NAREIT FFO is a widely used measure of operating performance for real estate companies. We provide NAREIT FFO as a supplemental measure to net income calculated in accordance with GAAP. Although NAREIT FFO is a widely used measure of operating performance for REITs, NAREIT FFO does not represent net income calculated in accordance with GAAP. As such, it should not be considered an alternative to net income as an indication of our operating performance. In addition, NAREIT FFO does not represent cash generated from operating activities in accordance with GAAP, nor does it represent cash available to pay distributions and should not be considered as an alternative to cash flow from operating activities, determined in accordance with GAAP, as a measure of our liquidity. In its 2018 NAREIT White Paper Restatement, the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”) defines NAREIT FFO as net income (computed in accordance with GAAP) excluding gains (or losses) associated with sales of properties, impairments of depreciable real estate, and real estate depreciation and amortization. We consider NAREIT FFO to be a standard supplemental measure for REITs because it facilitates an understanding of the operating performance of our properties without giving effect to real estate depreciation and amortization, which historically assumes that the value of real estate assets diminishes predictably over time. Since real estate values have instead historically risen or fallen with market conditions, we believe that NAREIT FFO more accurately provides investors an indication of our ability to incur and service debt, make capital expenditures and fund other needs. Our NAREIT FFO may not be comparable to FFO reported by other REITs. These other REITs may not define the term in accordance with the current NAREIT definition or may interpret the current NAREIT definition differently.

Core Funds From Operations (“Core FFO”) is calculated by adjusting FFO for the following items (which we believe are not indicative of the performance of Washington REIT’s operating portfolio and affect the comparative measurement of Washington REIT’s operating performance over time): (1) gains or losses on extinguishment of debt, (2) expenses related to acquisition and structuring activities, (3) executive transition costs and severance expense related to corporate reorganization and related to executive retirements or resignations, (4) property impairments, casualty gains, and gains or losses on sale not already excluded from FFO, as appropriate, and (5) relocation expense. These items can vary greatly from period to period, depending upon the volume of our acquisition activity and debt retirements, among other factors. We believe that by excluding these items, Core FFO serves as a useful, supplementary measure of Washington REIT’s ability to incur and service debt and to distribute dividends to its shareholders. Core FFO is a non-GAAP and non-standardized measure and may be calculated differently by other REITs.

(2) For purposes of evaluating comparative operating performance, we categorize our properties as “same-store”, “non-same-store” or discontinued operations. Same-store properties include properties that were owned for the entirety of the years being compared, and exclude properties under redevelopment or development and properties acquired, sold or classified as held for sale during the years being compared. We define development properties as those for which we have planned or ongoing major construction activities on existing or acquired land pursuant to an authorized development plan. We consider a property’s development activities to be complete when the property is ready for its intended use. The property is categorized as same-store when it has been ready for its intended use for the entirety of the years being compared. We define redevelopment properties as those for which have planned or ongoing significant development and construction activities on existing or acquired buildings pursuant to an authorized plan, which has an impact on current operating results, occupancy and the ability to lease space with the intended result of a higher economic return on the property. We categorize a redevelopment property as same-store when redevelopment activities have been complete for the majority of each year being compared.

(3) Net Operating Income (“NOI”), defined as real estate rental revenue less real estate expenses, is a non-GAAP measure. NOI is calculated as net income, less non-real estate revenue and the results of discontinued operations (including the gain or loss on sale, if any), plus interest expense, depreciation and amortization, general and administrative expenses, acquisition costs, real estate impairment and gain or loss on extinguishment of debt. We also present NOI on a cash basis ("cash NOI") which is calculated as NOI less the impact of straight-lining of rent and amortization of market intangibles. We believe that NOI and cash NOI are useful performance measures because, when compared across periods, they reflect the impact on operations of trends in occupancy rates, rental rates and operating costs on an unleveraged basis, providing perspective not immediately apparent from net income. NOI [and cash NOI] excludes certain components from net income in order to provide results more closely related to a property’s results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. As a result of the foregoing, we provide each of NOI and cash NOI as a supplement to net income, calculated in accordance with GAAP. Neither represents net income or income from continuing operations, in either case calculated in accordance with GAAP. As such, NOI and cash NOI should not be considered alternatives to these measures as an indication of our operating performance.

(4) Net Debt to Adjusted EBITDA represents net debt as of period end divided by adjusted EBITDA for the period, as annualized (i.e. three months periods are multiplied by four) or on a trailing 12 month basis. We define net debt as the total outstanding debt reported as per our consolidated balance sheets less cash and cash equivalents at the end of the period. Adjusted EBITDA is earnings before interest expense, taxes, depreciation, amortization, gain/loss on sale of real estate, casualty gain/loss, real estate impairment, gain/loss on extinguishment of debt, severance expense, relocation expense, acquisition and structuring expense and gain from non-disposal activities. We consider Adjusted EBITDA to be an appropriate performance measure because it permits investors to view income from operations without the effect of depreciation, and the cost of debt or non-operating gains and losses. Adjusted EBITDA and Net Debt to Adjusted EBITDA are a non-GAAP measures.

(5) Funds Available for Distribution (“FAD”) is a non-GAAP measure. It is calculated by subtracting from FFO (1) recurring expenditures, tenant improvements and leasing costs, that are capitalized and amortized and are necessary to maintain our properties and revenue stream (excluding items contemplated prior to acquisition or associated with development / redevelopment of a property) and (2) straight line rents, then adding (3) non-real estate depreciation and amortization, (4) non-cash fair value interest expense and (5) amortization of restricted share compensation, then adding or subtracting the (6) amortization of lease intangibles, (7) real estate impairment and (8) non-cash gain/loss on extinguishment of debt, as appropriate. FAD is included herein, because we consider it to be a performance measure of a REIT’s ability to incur and service debt and to distribute dividends to its shareholders. FAD is a non-GAAP and non-standardized measure, and may be calculated differently by other REITs.

Core Funds Available for Distribution ("Core FAD") is calculated by adjusting FAD for the following items (which we believe are not indicative of the performance of Washington REIT’s operating portfolio and affect the comparative measurement of Washington REIT’s operating performance over time): (1) gains or losses on extinguishment of debt, (2) costs related to the acquisition of properties, (3) non-share-based severance expense related to corporate reorganization and related to executive retirements or resignations, (4) property impairments, casualty gains and losses, and gains or losses on sale not already excluded from FAD, as appropriate, and (5) relocation expense. These items can vary greatly from period to period, depending upon the volume of our acquisition activity and debt retirements, among other factors. We believe that by excluding these items, Core FAD serves as a useful, supplementary performance measure of Washington REIT’s ability to incur and service debt, and distribute dividends to its shareholders. Core FAD is a non-GAAP and non-standardized measure, and may be calculated differently by other REITs.

The Core FAD payout ratio is calculated by dividing dividends declared per share by Core FAD per diluted share for a given reporting period.

(6) Ending Occupancy is calculated as occupied square footage as a percentage of total square footage as of the last day of that period.

Ending Occupancy Levels by Same-Store Properties (i) and All PropertiesSame-Store Properties All PropertiesDecember 31, December 31,Multifamily94.8% 94.1% 94.8% 94.1%Office91.7% 92.0% 92.3% 90.1%Retail91.9% 91.2% 91.9% 91.2%Overall Portfolio93.0% 92.6% 93.1% 91.8%

(i) Same-store properties include properties that were owned for the entirety of the years being compared, and exclude properties under redevelopment or development and properties acquired, sold or classified as held for sale during the years being compared. We define development properties as those for which we have planned or ongoing major construction activities on existing or acquired land pursuant to an authorized development plan. We consider a property’s development activities to be complete when the property is ready for its intended use. The property is categorized as same-store when it has been ready for its intended use for the entirety of the years being compared. We define redevelopment properties as those for which we have planned or ongoing significant development and construction activities on existing or acquired buildings pursuant to an authorized plan, which has an impact on current operating results, occupancy and the ability to lease space with the intended result of a higher economic return on the property. We categorize a redevelopment property as same-store when redevelopment activities have been complete for the majority of each year being compared. For Q4 2018 and Q4 2017, same-store properties exclude:

Acquisitions:
Office – Arlington Tower and Watergate 600
Sold properties:
Multifamily – Walker House
Office – Braddock Metro Center and 2445 M Street

WASHINGTON REAL ESTATE INVESTMENT TRUSTQuarter Ended December 31, Year Ended December 31,OPERATING RESULTS2018 2017 2018 2017Real estate rental revenue$82,901 $81,302 $336,890 $325,078Real estate expenses28,255 29,450 116,230 115,650Depreciation and amortization31,109 28,785 121,228 112,056Real estate impairment— 28,152 1,886 33,152General and administrative5,352 5,868 22,089 22,58064,716 92,255 261,433 283,438Other operating incomeGain on sale of real estate— 24,915 2,495 24,915Real estate operating income18,185 13,962 77,952 66,555Other income (expense):Interest expense(12,497) (11,900) (51,144) (47,534)Other income— 298 — 507Loss on extinguishment of debt— — (1,178) —Income tax (expense) benefit— (23) — 84(12,497) (11,625) (52,322) (46,943)Net income5,688 2,337 25,630 19,612Less: Net loss attributable to noncontrolling interests in subsidiaries— — — 56Net income attributable to the controlling interests$5,688 $2,337 $25,630 $19,668Net income$5,688 $2,337 $25,630 $19,612Depreciation and amortization31,109 28,785 121,228 112,056Real estate impairment— 28,152 1,886 33,152Gain on sale of depreciable real estate— (23,838) (2,495) (23,838)NAREIT funds from operations(1)$36,797 $35,436 $146,249 $140,982Non-cash loss on extinguishment of debt— — 1,178 —Tenant improvements and leasing incentives(10,730) (7,788) (23,535) (18,182)External and internal leasing commissions capitalized(3,556) (1,741) (5,856) (7,405)Recurring capital improvements(2,110) (4,455) (3,954) (6,838)Straight-line rents, net(959) (1,238) (4,343) (4,380)Non-cash fair value interest expense(214) (221) (865) (970)Non real estate depreciation & amortization of debt costs989 943 3,887 3,537Amortization of lease intangibles, net372 436 1,842 2,431Amortization and expensing of restricted share and unit compensation1,682 1,211 6,746 4,772Funds available for distribution(4)$22,271 $22,583 $121,349 $113,947
Quarter Ended December 31, Year Ended December 31,Per share data: 2018 2017 2018 2017Net income attributable to the controlling interests(Basic)$0.07 $0.03 $0.32 $0.25(Diluted)$0.07 $0.03 $0.32 $0.25NAREIT funds from operations(Basic)$0.46 $0.45 $1.85 $1.83(Diluted)$0.46 $0.45 $1.84 $1.83Dividends declared $0.30 $0.30 $1.20 $1.20Weighted average shares outstanding – basic 79,748 78,386 78,960 76,820Weighted average shares outstanding – diluted 79,760 78,478 79,042 76,935
Land$614,659 $588,025Income producing property2,271,926 2,113,9772,886,585 2,702,002Accumulated depreciation and amortization(770,535) (683,692)Net income producing property2,116,050 2,018,310Properties under development or held for future development87,231 54,422Total real estate held for investment, net2,203,281 2,072,732Investment in real estate sold or held for sale, net— 68,534Cash and cash equivalents6,016 9,847Restricted cash1,624 2,776Rents and other receivables, net of allowance for doubtful accounts of $3,561 and $2,426 respectively73,861 69,766Prepaid expenses and other assets132,322 125,087Other assets related to properties sold or held for sale— 10,684Total assets$2,417,104 $2,359,426Notes payable, net$995,397 $894,358Mortgage notes payable, net59,792 95,141Lines of credit188,000 166,000Accounts payable and other liabilities59,567 61,565Dividend payable24,022 23,581Advance rents11,736 12,487Tenant security deposits10,112 9,149Other liabilities related to properties sold or held for sale— 1,809Total liabilities1,348,626 1,264,090Preferred shares; $0.01 par value; 10,000 shares authorized; no shares issued or outstanding— —Shares of beneficial interest, $0.01 par value; 100,000 shares authorized; 79,910 and 78,510 shares issued and outstanding, respectively799 785Additional paid-in capital1,526,574 1,483,980Distributions in excess of net income(469,085) (399,213)Accumulated other comprehensive income9,839 9,419Total shareholders’ equity1,068,127 1,094,971Noncontrolling interests in subsidiaries351 365Total equity1,068,478 1,095,336Total liabilities and equity$2,417,104 $2,359,426
The following tables contain reconciliations of same-store net operating income to net income attributable to the controlling interests for the periods presented (in thousands):Quarter Ended December 31, 2018Multifamily Office Retail TotalSame-store net operating income(3)$14,803 $20,056 $11,917 $46,776Add: Net operating income from non-same-store properties(3)— 7,870 — 7,870Total net operating income(2)$14,803 $27,926 $11,917 $54,646Add/(deduct):Interest expense (12,497)Depreciation and amortization (31,109)General and administrative expenses (5,352)Net income 5,688Less: Net income attributable to noncontrolling interests in subsidiaries —Net income attributable to the controlling interests $5,688Quarter Ended December 31, 2017Multifamily Office Retail TotalSame-store net operating income(3)$14,212 $19,021 $11,530 $44,763Add: Net operating income from non-same-store properties(3)101 6,988 — 7,089Total net operating income(2)$14,313 $26,009 $11,530 $51,852Add/(deduct):Other income 298Interest expense (11,900)Depreciation and amortization (28,785)General and administrative expenses (5,868)Income tax expense (23)Gain on sale of real estate 24,915Real estate impairment (28,152)Net income 2,337Less: Net income attributable to noncontrolling interests in subsidiaries —Net income attributable to the controlling interests $2,337
The following tables contain reconciliations of same-store net operating income to net income attributable to the controlling interests for the periods presented (in thousands):Year Ended December 31, 2018Multifamily Office Retail TotalSame-store net operating income(3)$57,980 $79,742 $47,548 $185,270Add: Net operating income from non-same-store properties(3)(21) 35,411 — 35,390Total net operating income(2)$57,959 $115,153 $47,548 $220,660Add/(deduct):Interest expense (51,144)Depreciation and amortization (121,228)General and administrative expenses (22,089)Real estate impairment (1,886)Gain on sale of real estate 2,495Loss on extinguishment of debt (1,178)Net income 25,630Less: Net income attributable to noncontrolling interests in subsidiaries —Net income attributable to the controlling interests $25,630Year Ended December 31, 2017Multifamily Office Retail TotalSame-store net operating income(3)$56,137 $76,330 $47,204 $179,671Add: Net operating income from non-same-store properties(3)1,473 28,284 — 29,757Total net operating income(2)$57,610 $104,614 $47,204 $209,428Add/(deduct):Other income 507Interest expense (47,534)Depreciation and amortization (112,056)General and administrative expenses (22,580)Income tax benefit 84Gain on sale of real estate 24,915Real estate impairment (33,152)Net income 19,612Less: Net loss attributable to noncontrolling interests in subsidiaries 56Net income attributable to the controlling interests $19,668
The following table contains a reconciliation of net income to core funds from operations for the periods presented (in thousands, except per share amounts): Quarter Ended December 31, Year Ended December 31,Net income $5,688 $2,337 $25,630 $19,612Add/(deduct):Real estate depreciation and amortization 31,109 28,785 121,228 112,056Gain on sale of depreciable real estate — (23,838) (2,495) (23,838)Real estate impairment — 28,152 1,886 33,152NAREIT funds from operations(1) 36,797 35,436 146,249 140,982Add/(deduct):Loss on extinguishment of debt — — 1,178 —Gain on sale of non-depreciable real estate, net — (1,077) — (1,077)Structuring expenses — — — 319Core funds from operations(1) $36,797 $34,359 $147,427 $140,224 Quarter Ended December 31, Year Ended December 31,Per share data: 2018 2017 2018 2017NAREIT FFO(Basic)$0.46 $0.45 $1.85 $1.83(Diluted)$0.46 $0.45 $1.84 $1.83Core FFO(Basic)$0.46 $0.44 $1.86 $1.82(Diluted)$0.46 $0.44 $1.86 $1.82Weighted average shares outstanding – basic 79,748 78,386 78,960 76,820Fully diluted weighted average shares outstanding 79,760 78,478 79,042 76,935

Source Article

Share this
06 Feb 2019

Howard University Expands Student Housing P3 with Corvias

Corvias completed a $71-million comprehensive renovation to revamp two Howard University residence halls—the Howard Plaza Towers East and West—housing approximately 2,175 students and staff in 758 units.

WASHINGTON, DC—Howard University has expanded its existing public-private partnership with Corvias of East Greenwich, RI to provide student housing with a deal to renovate Howard Center, into a mixed-use facility that will feature 183 student beds.

Want to continue reading?Become a Free ALM Digital Reader.
Once you are an ALM digital member, you’ll receive:
Unlimited access to GlobeSt and other free ALM publications Access to 15 years of GlobeSt archives Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications 5 free articles across the ALM subscription network every 30 days Exclusive discounts on ALM events and publications

Source Article

Share this
26 Jan 2019

Six Exciting Real Estate Developments That Will Arrive in 2019

Rendering courtesy of Hord Coplan Macht and Interface.
By the Ballpark . . .

A lot more people will soon be living directly across the street from Nationals Park (see rendering above). Developer Jair Lynch is erecting a two-phase project with 312 apartments, 127 condos, and 55,000 square feet of retail.

Phase one, with the apartments, is expected to open in the fall at 1250 Half Street, Southeast. In addition to the typical amenities for a luxury building—such as a pool and fitness center—residents will get to take in Nats games from the rooftop and private terraces. The condo phase, fronting N Street, will open in early 2020, though Lynch says pre-sales will start in the spring. Punch Bowl Social—an entertainment concept with cocktails, food, and games including bocce and bowling—will take over nearly half the retail space.

In Silver Spring . . .
Rendering courtesy of WPC.

Even as Discovery prepares to move its headquarters out of the Montgomery County suburb, construction continues in downtown Silver Spring. The Ripley District—a pocket just southeast of the Metro that not long ago was dominated by auto shops—will get increasingly residential with the arrival of Solaire 8250 Georgia, an apartment building scheduled to open in April.

The development is the latest project there from Washington Property Company, which built the Ripley District’s first apartment tower in 2012. It will include 338 units on 20 floors; the developer hopes to attract restaurants to its ground level. Nearby, another mixed-use building—Thayer & Spring, from Fairfield Residential—is arriving soon with nearly 400 apartments.

In Shaw . . .
Rendering courtesy of JBG Smith.

Before JBG Smith was in the news for masterminding Amazon’s HQ2 in “National Landing” (a.k.a. Crystal City), the developer was probably best known for building out the blocks around Ninth and U streets, Northwest—an area it has branded as North End Shaw (though we still prefer just plain Shaw).

The next installment of its work in the neighborhood will arrive at the end of 2019, with a pair of conjoined buildings the developer is calling Atlantic Plumbing C. It’s about two blocks from the original Atlantic Plumbing condos, which opened in 2014. This new phase comes with 256 apartments and 20,000 square feet of retail. Looking further ahead to 2020, Shaw’s long awaited Whole Foods is slated to open next door.

Next to Union Market . . .
Rendering courtesy of Eric Colbert & Associates and VertigoVisual.

Within the first quarter of 2019, the neighborhood around Northeast DC’s Union Market will get 750 more apartments—roughly four times what’s there now. The biggest project, at 1270 Fourth Street, has 432 units atop roughly 20,000 square feet of retail. A block down, a building called the Highline will include 318 units and a 10,000-square-foot ground floor with space for up to six retailers. Both apartment projects are from developer Level 2.

It’s unclear which building will finish first, but both will have a mix of studios and one- and two-bedrooms. Their rooftop pools will be the first in the Union Market district.

On H Street . . .
Rendering courtesy of Archibim.

No part of H Street, Northeast, better encapsulates the corridor’s transformation than the two blocks where the mixed-use mega-development Avec is slated to open in the third quarter of 2019. The site between Eighth and Tenth streets is the former home of H Street Connection, a strip mall built in the 1980s as part of the city’s effort to revitalize the struggling neighborhood. Before the year is out, 419 luxury apartments and 45,000 square feet of retail will occupy the land.

Solidcore has already signed on, and developers WC Smith, Rappaport, and the Lustine family are getting interest from potential restaurant tenants, too. Upstairs, units will average about 720 square feet, and the rooftop will feature a pool and community garden.

In Ballston . . .
Rendering courtesy of Forest City.

Arlington’s tired Ballston Common Mall is officially dead. An enormous new destination—Ballston Quarter, from developer Forest City—began to replace it in late 2018 and will continue to grow in the new year. The mix of shops, restaurants, and residences already includes retailers such as Drybar and Scout & Molly’s. But much more is set to open in the first half of 2019, including Quarter Market food hall, which will arrive in February with eateries such as Turu’s by Timber Pizza Co., Ice Cream Jubilee, and Mi & Yu Noodle Bar.

Origin—Ballston Quarter’s 22-story luxury apartment building—will begin to lease its 406 units in the spring.

This article appears in the January 2019 issue of Washingtonian.

Source Article

Share this
16 Jan 2019

Navy medic accused of stabbing man 40 times in his DC apartment

Shutterstock

A US Navy medic is facing murder charges for allegedly stabbing a man more than 40 times in his Washington, DC, apartment, according to new reports.

Navy Hospital Corpsman 3rd Class Collin Potter was busted by police Sunday in connection with the death of Vongell Lugo, 36, NBC Washington reported.

Police responded to a call at Potter’s apartment building on Wisconsin Avenue Northwest near Washington National Cathedral around 4:15 a.m. Sunday.

They found Potter, 26, naked and covered in blood while standing over Lugo’s dead body. Lugo was also nude and covered in a blanket, authorities said.

The victim, from DC, was stabbed 40 times in the neck and upper chest and seven times in the abdomen, court documents said.

Potter allegedly told police he had consumed alcohol and marijuana, the filing said. While handcuffed, the serviceman allegedly asked cops to kill him and told them he wanted to die.

He was charged with second-degree murder.

Multiple bottles of booze were found in his apartment and investigators also discovered a bloodstained knife in a butcher block and another knife in a sink that had its tap running.

Potter enlisted in the Navy in September 2010. The Marines said he is assigned to the Marine Corps’ The Basic School in Quantico, Virginia.

Friends of Lugo told NBC he was openly gay. In the past, he ran the men’s department at Bloomingdales in Chevy Chase, Maryland.

Source Article

Share this
06 Jan 2019

Is DC Still As Transient As Everyone Says It Is?

There’s no doubt that Washington, DC is a unique place to work and live. If you’ve spent any time here at all, you’re almost sure to have heard the (not necessarily funny) joke that no one is ever really “from DC.” Even with the increasing short-term population of big cities around the country, DC still continues to struggle with its reputation for being a temporary stop. Is it true? Is DC a city made up almost solely of interns, tourists, and college students?

Well, Yes And No.

Because politics plays such a momentous role in the city’s everyday operations, it would make sense that people come and go depending on who controls the White House, Congress, and the House of Representatives. After all, many of the people working for Democratic or Republican leadership are likely to leave the city once their party member is out of office. But politics is just the tip of the iceberg when it comes to determining whether people work (and live) in the city.

Tax Reports Show Many People Are Just Passing Through

American University reports that DC’s chief financial officer’s Office of Revenue Analysis found only twenty-five percent of people who filed for taxes in DC in 2004 still filed taxes there in 2012.

This would seem to indicate that after a mere eight years, a quarter of DC’s population no longer lived there. The reason the report gives for this high turnover? An abnormally large population of “interns, political appointees, and students.” One particularly interesting find from the study was that those who remained single were more likely to leave DC than those who were married or took on a dependent (ie: had a child). Those with higher incomes were also more likely to stay put for an extended period of time…which makes sense when you consider the high cost of living in the city.

So according to the Office of Revenue Analysis, it seems like a pretty cut and dried case of DC continuing to be a transient city. However, the tax data is so extremely black and white it doesn’t allow for other considerations.

Search for your next job now:
Housing Data Shows Many Are Here To Stay

The tax study only takes into consideration those who file taxes in DC proper. As everyone who works in DC knows, working there has very little bearing on whether you actually live there. When people talk about what kind of city DC is, they very rarely consider the fact that some people have worked and “lived” (ie: spent most of their time) in DC for far longer than it may at first appear.

The GW Hatchet instead cites the US census housing data as a more accurate way to determine whether DC should still be considered a “transient city.” According to this measure, DC is no more transient than most other cities and is, in fact, less transient than cities such as San Francisco and Boston.

The census housing data is even backed up by reports from mortgage companies, which have a vested interest in tracking population migration. According to a recent study, Smart Asset mortgage group took data from the Census Bureau American Community Survey to rank the most transient cities in America. They took into consideration both the number of people moving in and the number of people moving out to create a total number of people moving. Comparing that to the total population of individual cities allowed them to find the percentage of population that moved. And guess what? DC didn’t even rank in the top twenty-five most transient cities.

All of this is to say that it seems to be high time we reconsider our view of DC as simply a transient city, and instead allow for the fact that the area is comprised of a much more nuanced set of people who—while working jobs that necessarily come and go depending on politics, seasons, and school years—help make this city what it is.

Source Article

Share this
27 Dec 2018

The Year 2018 in Housing

A major homeless shelter closed, several government agency heads departed, and the D.C. Auditor’s reports criticized the city’s efforts to create affordable housing.

Darrow Montgomery

Everywhere across D.C., from Trinidad to Anacostia and Michigan Park, it’s getting more expensive to live. For the first time, the Washington Business Journal reported in October, the median sales price of a single-family home in the District topped $700,000. (It’s now north of $730,000.) Renters aren’t exactly having better luck: Though median rental prices are down slightly since 2017, it’s still about $2,160 a month to rent a one-bedroom apartment.

In the shadow of a ballooning housing market, there was a slew of high-level departures this year. Chiefs of the Office of Planning, Department of Consumer and Regulatory Affairs, and Department of General Services—all of whom have a hand in where (and how well) people live—were asked to step down shortly after Mayor Muriel Bowser’s re-election.

Budget cuts threatened some of the District’s most vulnerable people, as well as lauded non-profit housing organizations, and Attorney General Karl Racine announced lawsuits against some of the District’s worst slumlords.

City Paper also reported on a little-known program within DCRA that helps big developers pay more to fast-track large construction projects, like an Apple store in Mount Vernon Square’s Carnegie Library, as well as the start-to-finish mess that was the construction of a luxury hotel in Adams Morgan.

Below, some of the most significant pieces of news from this chaotic year. The biggest takeaway? It is very, very expensive to live in D.C.

DC General

At the beginning of the year, Mayor Bowser doubled down on her commitment to close DC General, the city’s largest family homeless shelter, by the end of 2018.

Smaller replacement shelters in wards 4, 7, and 8 opened a month apart from each other this fall, though the latter two were delayed after the company hired to build them bungled the job. (And residents of the Ward 4 shelter are already complaining about its quality.) Neighbors of planned homeless shelters in wards 3 and 5 continued to mount legal challenges against each of them, though construction is now underway on both. A court recently gave approval to the shelter in Ward 3, allowing the final phases of its construction to move forward. Construction is also ongoing on Ward 6’s shelter, and District officials plan on opening the three of them between the summer of 2019 and spring of 2020.

In October, Bowser finally shuttered DC General on what would have been Relisha Rudd’s 13th birthday. (Rudd was a resident of DC General when she went missing in 2014. Law enforcement officials have not located her in the intervening years, and she was last seen at a Holiday Inn Express with a janitor who worked at the shelter.) Advocates for the homeless loudly protested Bowser’s decision to fast-track the shelter’s closure, arguing that she did so to offer valuable District land to Jeff Bezos for Amazon’s East Coast headquarters. (The company eventually announced that it would split HQ2 between Long Island City, New York, and Crystal City, Virginia.)

DC Housing Authority

The DC Court of Appeals struck down a redevelopment plan this spring for Barry Farm, the beleaguered public housing complex in Ward 8, where District officials later found traces of lead. The discovery, made during a structural audit of DCHA’s housing portfolio, was representative of more pervasive issues across the authority’s housing stock. Almost one-third of its units are nearly uninhabitable, the audit found. DCHA will need an estimated $343 million next fiscal year to make interim repairs, and is preparing a commensurate financial ask from the city come budget season in the spring. Also this year, a member of DCHA’s board of commissioners stepped down after he organized a “unity” rally where an attendee referred to Jews as “termites.”

A seniors-only apartment complex in Ward 6, the Arthur Capper senior center, endured a mammoth fire this summer that displaced dozens of residents. Many of those seniors are living in hotels around the city until Capper is restored.

The American Civil Liberties Union of D.C. filed a lawsuit against DCHA this year after security guards of a DCHA property allegedly violated the Americans with Disabilities Act. Filed in U.S. District Court on Aug. 30, the lawsuit alleges that a “profoundly deaf” tenant of Ward 2’s Claridge Towers, who experienced difficulty breathing, was unable to access health services in a timely fashion.

Affordable housing developments

Ward 8 Councilmember Trayon White held demonstrations against the construction of two housing developments in his ward—Maple View Flats and Reunion Square. White protested the construction of Maple View Flats, alleging that the developer, Tim Chapman, lied about how many Ward 8 residents he hired to work on the project. Reunion Square was a proposed tax increment financing project in Anacostia that would have boasted tens of thousands of square feet of retail and office space, as well as some affordable housing. White sunk that deal in November, arguing that it was too generous to the developer.

Another tax increment financed project, the redevelopment of Rhode Island Avenue NE’s Brookland Manor, passed the D.C. Council this winter. Dozens of residents and their advocates lobbied against the project, believing that it will lead to the displacement of low-income families and those with large households.

DCHA broke ground this year on Parkway Overlook, an apartment complex on Robinson Place SE long-planned for redevelopment. Once home to 1,000 low-income residents, the property fell into disrepair, with $5 million in vacant property taxes owed at one point on the complex.

And hitting back against landlords they say violated the city’s housing code, tenant associations across the city organized actions against them this year, launching rent control strikes in Brightwood Park and legal action in Deanwood, among others. Dozens of these tenants live in apartments without heat or clean water, and where mold, pests, and crumbling infrastructure are the norm.

Legislative news

A controversial move to limit how frequently homeowners list their spaces on Airbnb passed the D.C. Council, even after the District’s chief financial officer estimated that the city could lose $21 million annually in hotel tax revenue. The Council also introduced a bill to seal eviction records, and passed separate measures to make ownership of limited liability companies more transparent, make the Tenant Opportunity to Purchase Act more restrictive, and help curb rent concessions scams. The Bowser administration finally published regulations to implement the District Opportunity to Purchase Act, which will allow the city to buy apartment buildings, ostensibly providing another opportunity to keep rental units affordable.

The D.C. Council also weighed how to legislate around eviction reforms, after the U.S. Marshals Service told City Paper in April that it would change its enforcement of evictions. USMS no longer mandates that landlords move former tenants’ belongings onto the street, making evictions in D.C. more like those in other major metropolitan areas.

Former Councilmember Kathy Patterson, now D.C.’s auditor, released multiple reports this year criticizing the District’s efforts to preserve and create affordable housing. Those include audits skeptical of the efficacy of an affordable housing “trust fund” within the Department of Housing and Community Development, as well as an audit criticizing DCRA’s ability to effectively oversee the abatement of housing code violations.

Dc Gen2 5a9d81373101f

Source Article

Share this
12 Dec 2018

Canceled Metro 2033 Film Moved The Action to Washington DC

Despite their dubious success rate, a slew of video game movies remain in various stages of production in Hollywood. Some try to stay true to what brought them to the dance. Others look to translate the source material into something new. MGM’s project based on Metro 2033 and a script by F. Scott Frazier looked to be the latter, so it might not be so bad that it’s now on ice.

For those not in the know, Metro 2033 is a video game based on a novel by Russian author Dmitry Glukhovsky. It features a post-apocalyptic Moscow infected by Dark Ones, mutant creatures inspired by gargoyles and werewolves. The proposed movie version made quite a few changes to this vision, including moving the action from Russia to Washington DC. This happens a lot in Hollywood adaptions, with Spielberg’s War of the Worlds moving the action from England to America as just one example.

In a lengthy interview with VG247, Glukhovsky spoke about the canceled project. “In Washington DC, Nazis don’t work, Communists don’t work at all, and the Dark Ones don’t work. Washington DC is a black city basically.” Speaking of, the mutant Dark Ones became “random creatures” in the script, stripping the enemy of their intended message about xenophobia. “They turned it into a very generic thing.”

There are hopes for a further Metro adaption down the line if talks with producers bear fruit. “I’m still optimistic. We’ll see if the release of Metro Exodus can push the IP across a little bit the oceans and see how that works.” The third game in the franchise, Metro Exodus is currently scheduled for release on February 22 on PlayStation 4, Xbox One and PC. Set over the course of an entire in-game year, players will wield handmade weapons in a mixture of open areas and linear environments.

Source Article

Share this

All rights reserved.

Click Me