REAL ESTATE HELD FOR INVESTMENT (Tables)

6 Months Ended

Jun. 30, 2017

The following table summarizes the Company’s real estate held for investment as of June 30, 2017 and December 31, 2016, respectively (in thousands):



	June 30, 2017			December 31, 2016
Land	$	333,890		$	312,623
Buildings and improvements	885,308			814,347
Tenant origination and absorption costs	48,435			46,557
Total real estate, cost	1,267,633			1,173,527
Accumulated depreciation and amortization	(132,190		)	(113,429		)
Total real estate, net	$	1,135,443		$	1,060,098

The following table provides summary information regarding the Company’s real estate held for investment as of June 30, 2017 (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		Accumulated Depreciation and Amortization			Total Real Estate, Net		Ownership %
Northridge Center I & II	03/25/2011	Atlanta	GA	Office	$	2,234	$	7,116	$	—	$	9,350	$	(2,538	)	$	6,812	100.0	%
Iron Point Business Park	06/21/2011	Folsom	CA	Office	2,671		19,490		—		22,161		(5,366		)	16,795		100.0	%
Richardson Portfolio:
Palisades Central I	11/23/2011	Richardson	TX	Office	1,037		10,385		657		12,079		(2,902		)	9,177		90.0	%
Palisades Central II	11/23/2011	Richardson	TX	Office	810		17,707		153		18,670		(4,271		)	14,399		90.0	%
Greenway I	11/23/2011	Richardson	TX	Office	561		2,396		—		2,957		(816		)	2,141		90.0	%
Greenway III	11/23/2011	Richardson	TX	Office	702		3,800		559		5,061		(1,649		)	3,412		90.0	%
Undeveloped Land	11/23/2011	Richardson	TX	Undeveloped Land	3,134		—		—		3,134		—			3,134		90.0	%
Total Richardson Portfolio					6,244		34,288		1,369		41,901		(9,638		)	32,263
Park Highlands ⁽¹⁾	12/30/2011	North Las Vegas	NV	Undeveloped Land	32,019		—		—		32,019		—			32,019		⁽¹⁾
Bellevue Technology Center	07/31/2012	Bellevue	WA	Office	25,506		56,381		1,767		83,654		(9,761		)	73,893		100.0	%
Powers Ferry Landing East	09/24/2012	Atlanta	GA	Office	1,643		8,021		99		9,763		(2,809		)	6,954		100.0	%
1800 West Loop	12/04/2012	Houston	TX	Office	8,360		60,557		4,435		73,352		(13,854		)	59,498		100.0	%
West Loop I & II	12/07/2012	Houston	TX	Office	7,300		32,699		1,715		41,714		(6,627		)	35,087		100.0	%
Burbank Collection	12/12/2012	Burbank	CA	Retail	4,175		12,545		725		17,445		(2,008		)	15,437		90.0	%
Austin Suburban Portfolio	03/28/2013	Austin	TX	Office	8,288		69,550		1,513		79,351		(11,610		)	67,741		100.0	%
Westmoor Center	06/12/2013	Westminster	CO	Office	10,058		72,880		5,175		88,113		(14,031		)	74,082		100.0	%
Central Building	07/10/2013	Seattle	WA	Office	7,015		26,900		1,428		35,343		(4,367		)	30,976		100.0	%
1180 Raymond	08/20/2013	Newark	NJ	Apartment	8,292		37,916		—		46,208		(4,595		)	41,613		100.0	%
Park Highlands II	12/10/2013	North Las Vegas	NV	Undeveloped Land	24,284		—		—		24,284		—			24,284		100.0	%
Maitland Promenade II	12/18/2013	Orlando	FL	Office	3,434		25,163		3,519		32,116		(5,403		)	26,713		100.0	%
Plaza Buildings	01/14/2014	Bellevue	WA	Office	53,040		139,378		7,228		199,646		(22,052		)	177,594		100.0	%
424 Bedford	01/31/2014	Brooklyn	NY	Apartment	8,860		25,603		—		34,463		(2,425		)	32,038		90.0	%
Richardson Land II	09/04/2014	Richardson	TX	Undeveloped Land	3,418		—		—		3,418		—			3,418		90.0	%
Westpark Portfolio	05/10/2016	Redmond	WA	Office/Flex/Industrial	36,085		86,692		8,243		131,020		(7,283		)	123,737		100.0	%
353 Sacramento	07/11/2016	San Francisco	CA	Office	58,374		113,003		5,353		176,730		(6,144		)	170,586		100.0	%
Crown Pointe	02/14/2017	Dunwoody	GA	Office	22,590		57,126		5,866		85,582		(1,679		)	83,903		100.0	%
					$	333,890	$	885,308	$	48,435	$	1,267,633	$	(132,190	)	$	1,135,443

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⁽¹⁾ On March 18, 2016, the Company increased its membership interest in the Park Highlands joint venture from 50.1% to 51.58% by acquiring an additional 1.48% membership interest from one of the joint venture partners. On June 6, 2016, the Company increased its membership interest in the Park Highlands joint venture from 51.58% to 97.62% by acquiring an additional 46.04% membership interest from one of the joint venture partners. On June 25, 2016, the Company increased its membership interest in the Park Highlands joint venture from 97.62% to 100% by acquiring the remaining 2.38% membership interest from the remaining joint venture partner. On September 7, 2016, a subsidiary of the Company that owns a portion of Park Highlands, sold 820 units of 10% Class A non-voting preferred membership units for $0.8 million to accredited investors. The amount of the Class A non-voting preferred membership units raised, net of offering costs, is included in other liabilities on the accompanying consolidated balance sheets.

Schedule of Future Minimum Rental Income for Company's Properties

As of June 30, 2017, the future minimum rental income from the Company’s properties, excluding apartment leases, under non-cancelable operating leases was as follows (in thousands):



July 1, 2017 through December 31, 2017	$	52,032
2018	95,912
2019	81,432
2020	65,629
2021	48,604
Thereafter	102,355
	$	445,964

Schedules of Concentration of Risk, by Risk Factor

As of June 30, 2017, the Company’s commercial real estate properties were leased to approximately 600 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 Carriers & Related Activities	35	$	11,844	11.0	%
Computer System Design & Programming	57	11,407		10.6	%
		$	23,251	21.6	%

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⁽¹⁾Annualized base rent represents annualized contractual base rental income as of June 30, 2017, 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.