REAL ESTATE (Tables)

6 Months Ended

Jun. 30, 2012

Real Estate [Abstract]

Schedule of Real Estate Investments

The following table summarizes the Company’s investments in real estate as of June 30, 2012 (in thousands):

Property	Date Acquired	City	State	Property Type	Total Real Estate at Cost		Accumulated Depreciation and Amortization			Total Real Estate, Net
Domain Gateway	09/29/2011	Austin	TX	Office	$	47,373	$	(1,703	)	$	45,670
Las Cimas	10/28/2011	Austin	TX	Office	36,087		(1,564		)	34,523
Town Center	03/27/2012	Plano	TX	Office	116,630		(2,463		)	114,167
McEwen Building	04/30/2012	Franklin	TN	Office	40,304		(440		)	39,864
Gateway Tech Center	05/09/2012	Salt Lake City	UT	Office	29,831		(337		)	29,494
					$	270,225	$	(6,507	)	$	263,718

Schedule of Future Minimum Rental Income for Company's Properties

As of June 30, 2012, the future minimum rental income from the Company’s properties under its non-cancelable operating leases was as follows (in thousands):

July 1, 2012 through December 31, 2012	$	15,603
2013	24,342
2014	23,186
2015	21,186
2016	19,975
Thereafter	52,590
	$	156,882

Schedules of Concentration of Risk, by Risk Factor

As of June 30, 2012, 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
Finance	15	$	5,790	22.3	%
Other Services	15	4,594		17.7	%
Health Care & Social Services	5	3,130		12.3	%
Computer System Design & Programming	13	2,625		10.1	%
		$	16,139	62.4	%

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⁽¹⁾ Annualized base rent represents annualized contractual base rental income as of June 30, 2012, 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.

As of June 30, 2012, the Company had a concentration of credit risk related to the following tenant lease that represented more than 10% of the Company’s annualized base rent:

Annualized Base Rent Statistics

Tenant

Property

Tenant Industry

Square Feet

% of Portfolio (Net Rentable Sq. Ft.)

Annualized Base Rent (1) (in thousands)

% of Portfolio Annualized Base Rent

Annualized Base Rent per Square Foot

Lease Expiration (2)

OneWest Bank

Domain Gateway

Finance

173,962

14.4

%

$

3,716

14.3

%

$

21.36

08/31/2019

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⁽¹⁾ Annualized base rent represents annualized contractual base rental income as of June 30, 2012, 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.

⁽²⁾ Represents the expiration date of the lease as of June 30, 2012 and does not take into account any tenant renewal or termination options.