REAL ESTATE HELD FOR INVESTMENT (Tables)

12 Months Ended

Dec. 31, 2013

Real Estate [Abstract]

Schedule of Real Estate Investments

The following table summarizes the Company’s real estate held for investment as of December 31, 2013 and December 31, 2012, respectively (in thousands):

	December 31, 2013			December 31, 2012
Land	$	159,918		$	88,794
Buildings and improvements	460,088			197,443
Tenant origination and absorption costs	48,012			21,409
Total real estate, cost	668,018			307,646
Accumulated depreciation and amortization	(29,859		)	(7,615		)
Total real estate, net	$	638,159		$	300,031

The following table provides summary information regarding the Company’s real estate held for investment as of December 31, 2013 (in thousands):

Property	Date Acquired or Foreclosed on	City	State	Property Type	Land		Building and Improvements		Tenant Origination and Absorption		Total Real Estate, at Cost (1)		Accumulated Depreciation and Amortization			Total Real Estate, Net		Ownership %
Village Overlook Buildings	08/02/2010	Stockbridge	GA	Office	$	322	$	952	$	—	$	1,274	$	—		$	1,274	100.0	%
Academy Point Atrium I	11/03/2010	Colorado Springs	CO	Office	1,291		2,009		—		3,300		—			3,300		100.0	%
Northridge Center I & II	03/25/2011	Atlanta	GA	Office	2,234		5,754		—		7,988		(626		)	7,362		100.0	%
Iron Point Business Park	06/21/2011	Folsom	CA	Office	2,670		18,652		191		21,513		(1,821		)	19,692		100.0	%
1635 N. Cahuenga Building	08/03/2011	Los Angeles	CA	Office	3,112		4,508		148		7,768		(493		)	7,275		70.0	%
Richardson Portfolio:
Palisades Central I	11/23/2011	Richardson	TX	Office	1,037		9,099		1,318		11,454		(1,551		)	9,903		90.0	%
Palisades Central II	11/23/2011	Richardson	TX	Office	810		16,408		1,927		19,145		(2,902		)	16,243		90.0	%
Greenway I	11/23/2011	Richardson	TX	Office	561		2,180		—		2,741		(208		)	2,533		90.0	%
Greenway III	11/23/2011	Richardson	TX	Office	702		3,824		944		5,470		(965		)	4,505		90.0	%
Undeveloped Land	11/23/2011	Richardson	TX	Undeveloped Land	6,661		—		—		6,661		—			6,661		90.0	%
Total Richardson Portfolio					9,771		31,511		4,189		45,471		(5,626		)	39,845
Park Highlands	12/30/2011	North Las Vegas	NV	Undeveloped Land	26,287		—		—		26,287		—			26,287		50.1	%
Bellevue Technology Center	07/31/2012	Bellevue	WA	Office	25,506		50,059		3,813		79,378		(3,188		)	76,190		100.0	%
Powers Ferry Landing East	09/24/2012	Atlanta	GA	Office	1,642		5,289		204		7,135		(298		)	6,837		100.0	%
1800 West Loop	12/04/2012	Houston	TX	Office	8,360		56,168		5,709		70,237		(3,678		)	66,559		100.0	%
West Loop I & II	12/07/2012	Houston	TX	Office	7,300		27,903		3,593		38,796		(2,697		)	36,099		100.0	%
Burbank Collection	12/12/2012	Burbank	CA	Retail	4,175		7,765		1,076		13,016		(490		)	12,526		90.0	%
Austin Suburban Portfolio	03/28/2013	Austin	TX	Office	8,288		64,178		5,221		77,687		(3,627		)	74,060		100.0	%
Westmoor Center	06/12/2013	Westminster	CO	Office	10,058		63,566		10,117		83,741		(3,231		)	80,510		100.0	%
Central Building	07/10/2013	Seattle	WA	Office	7,015		23,848		2,364		33,227		(742		)	32,485		100.0	%
50 Congress Street	07/11/2013	Boston	MA	Office	9,876		39,813		3,842		53,531		(1,543		)	51,988		100.0	%
1180 Raymond	08/20/2013	Newark	NJ	Apartment	8,292		35,643		2,733		46,668		(1,716		)	44,952		100.0	%
Park Highlands II	12/10/2013	North Las Vegas	NV	Undeveloped Land	20,285		—		—		20,285		—			20,285		99.5	%
Maitland Promenade II	12/18/2013	Orlando	FL	Office	3,434		22,470		4,812		30,716		(83		)	30,633		100.0	%
					$	159,918	$	460,088	$	48,012	$	668,018	$	(29,859	)	$	638,159

_____________________

⁽¹⁾ Amounts are net of impairment charges. See “—Impairment of Real Estate” below.

Schedule of Future Minimum Rental Income for Company's Properties

As of December 31, 2013, the future minimum rental income from the Company’s properties, excluding apartment leases, under non-cancelable operating leases was as follows (in thousands):

2014	$	51,770
2015	51,340
2016	44,544
2017	34,405
2018	25,775
Thereafter	45,638
	$	253,472

Schedules of Concentration of Risk, by Risk Factor

As of December 31, 2013, the Company had approximately 400 tenants over a diverse range of industries and geographic areas. The Company’s highest tenant industry concentrations (greater than 10% of annualized base rent) were as follows:

Industry	Number of Tenants	Annualized Base Rent (1) (in thousands)		Percentage of Annualized Base Rent
Insurance	23	$	6,803	11.1	%
Professional, Scientific and Legal	47	6,672		10.8	%
Finance	30	6,300		10.2	%
		$	19,775	32.1	%

_____________________

⁽¹⁾ Annualized base rent represents annualized contractual base rental income as of December 31, 2013, adjusted to straight-line any contractual tenant concessions (including free rent), rent increases and rent decreases from the lease’s inception through the balance of the lease term.