XML 58 R24.htm IDEA: XBRL DOCUMENT v3.8.0.1
REAL ESTATE (Tables)
12 Months Ended
Dec. 31, 2017
Real Estate [Abstract]  
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

_____________________
(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.
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.
Schedule of Future Minimum Rental Income for Company's Properties
As of December 31, 2017, the future minimum rental income from the Company’s properties under its non-cancelable operating leases was as follows (in thousands):
2018
$
290,995

2019
272,742

2020
239,864

2021
208,998

2022
174,953

Thereafter
494,026

 
$
1,681,578

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

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