Schedule of Real Estate Investments |
The following table summarizes the Company’s investments in real estate as of December 31, 2017 (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 | | $ | 47,374 |
| | $ | (13,536 | ) | | $ | 33,838 |
| Town Center | | 03/27/2012 | | Plano | | TX | | Office | | 115,789 |
| | (24,742 | ) | | 91,047 |
| McEwen Building | | 04/30/2012 | | Franklin | | TN | | Office | | 36,928 |
| | (7,178 | ) | | 29,750 |
| Gateway Tech Center | | 05/09/2012 | | Salt Lake City | | UT | | Office | | 24,804 |
| | (6,189 | ) | | 18,615 |
| Tower on Lake Carolyn | | 12/21/2012 | | Irving | | TX | | Office | | 53,412 |
| | (12,444 | ) | | 40,968 |
| RBC Plaza | | 01/31/2013 | | Minneapolis | | MN | | Office | | 152,315 |
| | (31,227 | ) | | 121,088 |
| One Washingtonian Center | | 06/19/2013 | | Gaithersburg | | MD | | Office | | 91,509 |
| | (15,357 | ) | | 76,152 |
| Preston Commons | | 06/19/2013 | | Dallas | | TX | | Office | | 118,211 |
| | (19,846 | ) | | 98,365 |
| Sterling Plaza | | 06/19/2013 | | Dallas | | TX | | Office | | 79,621 |
| | (11,513 | ) | | 68,108 |
| 201 Spear Street | | 12/03/2013 | | San Francisco | | CA | | Office | | 142,408 |
| | (12,085 | ) | | 130,323 |
| 500 West Madison | | 12/16/2013 | | Chicago | | IL | | Office | | 432,842 |
| | (61,865 | ) | | 370,977 |
| 222 Main | | 02/27/2014 | | Salt Lake City | | UT | | Office | | 160,501 |
| | (25,147 | ) | | 135,354 |
| Anchor Centre | | 05/22/2014 | | Phoenix | | AZ | | Office | | 94,620 |
| | (13,279 | ) | | 81,341 |
| 171 17th Street | | 08/25/2014 | | Atlanta | | GA | | Office | | 133,262 |
| | (21,341 | ) | | 111,921 |
| Reston Square | | 12/03/2014 | | Reston | | VA | | Office | | 46,819 |
| | (6,707 | ) | | 40,112 |
| Ten Almaden | | 12/05/2014 | | San Jose | | CA | | Office | | 123,800 |
| | (14,121 | ) | | 109,679 |
| Towers at Emeryville | | 12/23/2014 | | Emeryville | | CA | | Office | | 267,381 |
| | (27,503 | ) | | 239,878 |
| 101 South Hanley | | 12/24/2014 | | St. Louis | | MO | | Office | | 71,483 |
| | (8,615 | ) | | 62,868 |
| 3003 Washington Boulevard | | 12/30/2014 | | Arlington | | VA | | Office | | 151,096 |
| | (15,124 | ) | | 135,972 |
| Village Center Station | | 05/20/2015 | | Greenwood Village | | CO | | Office | | 78,399 |
| | (9,610 | ) | | 68,789 |
| Park Place Village | | 06/18/2015 | | Leawood | | KS | | Office/Retail | | 128,609 |
| | (13,589 | ) | | 115,020 |
| 201 17th Street | | 06/23/2015 | | Atlanta | | GA | | Office | | 102,578 |
| | (10,239 | ) | | 92,339 |
| Promenade I & II at Eilan | | 07/14/2015 | | San Antonio | | TX | | Office | | 62,643 |
| | (6,787 | ) | | 55,856 |
| CrossPoint at Valley Forge | | 08/18/2015 | | Wayne | | PA | | Office | | 90,352 |
| | (8,364 | ) | | 81,988 |
| 515 Congress | | 08/31/2015 | | Austin | | TX | | Office | | 117,522 |
| | (11,008 | ) | | 106,514 |
| The Almaden | | 09/23/2015 | | San Jose | | CA | | Office | | 168,354 |
| | (13,467 | ) | | 154,887 |
| 3001 Washington Boulevard | | 11/06/2015 | | Arlington | | VA | | Office | | 57,093 |
| | (3,055 | ) | | 54,038 |
| Carillon | | 01/15/2016 | | Charlotte | | NC | | Office | | 152,374 |
| | (11,870 | ) | | 140,504 |
| Hardware Village (1) | | 08/26/2016 | | Salt Lake City | | UT | | Development/Apartment | | 67,826 |
| | — |
| | 67,826 |
| | | | | | | | | | | $ | 3,369,925 |
| | $ | (435,808 | ) | | $ | 2,934,117 |
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_____________________(1) On August 26, 2016, the Company, through an indirect wholly-owned subsidiary, entered into a joint venture (the “Hardware Village Joint Venture”) to develop and subsequently operate a multifamily apartment complex, located on the developable land at Gateway Tech Center. The Company owns a 99.24% equity interest in the joint venture.
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Schedules of Concentration of Risk, by Risk Factor |
The Company’s highest tenant industry concentration (greater than 10% of annualized base rent) was as follows: | | | | | | | | | | | Industry | | Number of Tenants | | Annualized Base Rent(1) (in thousands) | | Percentage of Annualized Base Rent | Finance | | 151 | | $ | 60,840 |
| | 20.1 | % |
_____________________(1) Annualized base rent represents annualized contractual base rental income as of December 31, 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. As of December 31, 2017, the following property represented more than 10% of the Company’s total assets: | | | | | | | | | | | | | | | | | | | | | | | | | Property | | Location | | Rentable Square Feet | | Total Real Estate, Net (in thousands) | | Percentage of Total Assets | | Annualized Base Rent (in thousands) (1) | | Average Annualized Base Rent per sq. ft. | | Occupancy | 500 West Madison | | Chicago, IL | | 1,457,724 |
| | $ | 370,977 |
| | 11.5 | % | | $ | 36,031 |
| | $ | 27.58 |
| | 89.6 | % |
_____________________(1) Annualized base rent represents annualized contractual base rental income as of December 31, 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.
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Schedule of Revenue and Expenses of Real Estate Held-for-Sale |
The following table summarizes certain revenues and expenses related to this property, which were included in continuing operations (in thousands): | | | | | | | | | | | | | | | | Years Ended December 31, | | | 2017 | | 2016 | | 2015 | Revenues | | | | | | | Rental income | | $ | 4,513 |
| | $ | 4,458 |
| | $ | 4,086 |
| Tenant reimbursements and other operating income | | 153 |
| | 68 |
| | 76 |
| Total revenues | | $ | 4,666 |
| | $ | 4,526 |
| | $ | 4,162 |
| Expenses | | | | | | | Operating, maintenance, and management | | $ | 1,363 |
| | $ | 1,272 |
| | $ | 1,323 |
| Real estate taxes and insurance | | 456 |
| | 436 |
| | 442 |
| Asset management fees to affiliate | | 264 |
| | 340 |
| | 163 |
| Acquisition related costs | | — |
| | — |
| | 13 |
| Depreciation and amortization | | 1,880 |
| | 2,200 |
| | 2,985 |
| Interest expense | | 662 |
| | 503 |
| | 287 |
| Total expenses | | $ | 4,625 |
| | $ | 4,751 |
| | $ | 5,213 |
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Schedule of Assets and Liabilities of Real Estate Held-for-Sale |
The following summary presents the major components of assets and liabilities related to real estate held for sale as of December 31, 2017 and December 31, 2016 (in thousands): | | | | | | | | | | December 31, 2017 | | December 31, 2016 | Assets related to real estate held for sale | | | | Total real estate, at cost | $ | 33,575 |
| | $ | 33,252 |
| Accumulated depreciation and amortization | (5,558 | ) | | (3,867 | ) | Real estate held for sale, net | 28,017 |
| | 29,385 |
| Other assets | 1,786 |
| | 1,820 |
| Total assets related to real estate held for sale | $ | 29,803 |
| | $ | 31,205 |
| Liabilities related to real estate held for sale | | | | Notes payable, net | 21,648 |
| | 20,727 |
| Other liabilities | 50 |
| | 65 |
| Total liabilities related to real estate held for sale | $ | 21,698 |
| | $ | 20,792 |
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