REAL ESTATE SALES

During the three and nine months ended September 30, 2018, the Company disposed of one office building. During the year ended December 31, 2017, the Company disposed of 12 office properties.

On July 10, 2013, the Company, through an indirect wholly owned subsidiary, acquired an office building containing 191,784 rentable square feet located on approximately 0.6 acres of land in Seattle, Washington (the “Central Building”). On July 17, 2018, the Company sold the Central Building to a purchaser unaffiliated with the Company or the Advisor for $67.5 million before closing costs and credits. The carrying value of the Central Building as of the disposition date was $32.6 million, which was net of $5.6 million of accumulated depreciation and amortization. The Company recognized a gain on sale of $32.1 million related to the disposition of the Central Building.

The following summary presents the major components of assets and liabilities related to real estate held for sale as of September 30, 2018 and December 31, 2017 (in thousands):



	September 30, 2018		December 31, 2017
Assets related to real estate held for sale
Real estate, cost	$	—	$	35,308
Accumulated depreciation and amortization	—		(4,663		)
Real estate, net	—		30,645
Other assets	—		1,965
Total assets related to real estate held for sale	$	—	$	32,610
Liabilities related to real estate held for sale
Notes payable, net	—		27,515
Total liabilities related to real estate held for sale	$	—	$	27,515

The operations of properties sold and related gain on sales are included in continuing operations on the accompanying statements of operations. The following table summarizes certain revenue and expenses related to these properties for the three and nine months ended September 30, 2018 and 2017 (in thousands):



	Three Months Ended September 30,					Nine Months Ended September 30,
	2018			2017		2018		2017
Revenues
Rental income	$	185		$	17,129	$	2,255	$	53,262
Tenant reimbursements and other operating income	16			5,028		267		15,511
Total revenues	$	201		$	22,157	$	2,522	$	68,773
Expenses
Operating, maintenance, and management	$	20		$	6,702	$	453	$	19,453
Real estate taxes and insurance	(137		)	3,170		150		9,649
Asset management fees to affiliate	79			1,371		351		4,197
Depreciation and amortization	—			8,064		483		24,296
Interest expense	83			3,843		623		10,843
Total expenses	$	45		$	23,150	$	2,060	$	68,438