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REAL ESTATE (Tables)
3 Months Ended
Mar. 31, 2024
Real Estate [Abstract]  
Schedule of Real Estate Investments The following table summarizes the Company’s investments in real estate as of March 31, 2024 (in thousands):
PropertyDate AcquiredCityStateProperty Type
Total Real Estate, at Cost (1)
Accumulated Depreciation and Amortization (1)
Total Real Estate, Net (1)
Town Center03/27/2012PlanoTXOffice$141,958 $(53,763)$88,195 
Gateway Tech Center05/09/2012Salt Lake CityUTOffice36,550 (12,717)23,833 
60 South Sixth
01/31/2013MinneapolisMNOffice185,621 (59,700)125,921 
Preston Commons06/19/2013DallasTXOffice145,358 (43,122)102,236 
Sterling Plaza 06/19/2013DallasTXOffice96,078 (31,689)64,389 
Accenture Tower
12/16/2013ChicagoILOffice574,136 (169,864)404,272 
Ten Almaden12/05/2014San JoseCAOffice131,462 (41,828)89,634 
Towers at Emeryville
12/23/2014EmeryvilleCAOffice223,242 (67,706)155,536 
3003 Washington Boulevard12/30/2014ArlingtonVAOffice154,985 (47,306)107,679 
Park Place Village 06/18/2015LeawoodKSOffice/Retail87,613 (14,418)73,195 
201 17th Street 06/23/2015AtlantaGAOffice105,512 (34,669)70,843 
515 Congress 08/31/2015Austin TXOffice137,127 (36,896)100,231 
The Almaden09/23/2015San JoseCAOffice192,751 (50,746)142,005 
3001 Washington Boulevard11/06/2015ArlingtonVAOffice60,992 (15,204)45,788 
Carillon 01/15/2016CharlotteNCOffice175,231 (43,703)131,528 
$2,448,616 $(723,331)$1,725,285 
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(1) Amounts presented are net of impairment charges and write-offs of fully depreciated/amortized assets.
Schedule of Concentration of Risk, by Risk Factor
As of March 31, 2024, the following property represented more than 10% of the Company’s total assets:
PropertyLocationRentable Square FeetTotal Real Estate, Net
(in thousands)
Percentage of Total Assets
Annualized Base Rent
(in thousands) (1)
Average Annualized Base Rent per sq. ft.Occupancy
Accenture TowerChicago, IL1,457,724 $404,272 20.1 %$38,193 $27.86 94.0 %
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(1) Annualized base rent represents annualized contractual base rental income as of March 31, 2024, 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.The Company’s highest tenant industry concentrations (greater than 10% of annualized base rent) were as follows:
IndustryNumber of Tenants
Annualized Base Rent (1)
(in thousands)
Percentage of
Annualized Base Rent
Finance106$35,809 18.6 %
Legal Services5424,980 13.0 %
$60,789 31.6 %
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(1) Annualized base rent represents annualized contractual base rental income as of March 31, 2024, 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 March 31, 2024, the future minimum rental income from the Company’s properties under its non-cancelable operating leases was as follows (in thousands):
April 1, 2024 through December 31, 2024$138,343 
2025178,256 
2026165,217 
2027142,410 
2028123,167 
Thereafter458,135 
$1,205,528 
Schedule Of Revenue And Expenses / Assets and Liabilities of Real Estate For Non Sale Disposition The following table summarizes the revenue and expenses related to 201 Spear Street for the three months ended March 31, 2024 and 2023, respectively (in thousands).
 For the Three Months Ended
March 31,
20242023
Revenues
Rental income$197 $4,152 
Other operating income118 
Total revenues$206 $4,270 
Expenses
Operating, maintenance, and management$52 $888 
Real estate taxes and insurance69 749 
Asset management fees to affiliate26 288 
General and administrative expenses22 40 
Depreciation and amortization— 1,255 
Interest expense419 1,932 
Impairment charge— 26,988 
Total expenses$588 $32,140 


The following table summarizes the assets and liabilities related to 201 Spear Street, which was held for non-sale disposition as of December 31, 2023 (in thousands):
December 31, 2023
Assets related to real estate held for non-sale disposition
Total real estate, at cost and net of impairment charges$70,571 
Accumulated depreciation and amortization(1,543)
Real estate held for non-sale disposition, net69,028 
Restricted cash3,103 
Rent and other receivables, net1,142 
Prepaid expenses and other assets1,421 
Total assets$74,694 
Liabilities related to real estate held for non-sale disposition
Notes payable, net$125,000 
Accounts payable and accrued liabilities3,927 
Due to affiliate16 
Other liabilities1,816 
Total liabilities$130,759 
The following table summarizes certain revenues and expenses related to the office property sold for the three months ended March 31, 2024 and 2023, respectively (in thousands).
 For the Three Months Ended
March 31,
20242023
Revenues
Rental income$864 $1,334 
Other operating income16 
Total revenues$870 $1,350 
Expenses
Operating, maintenance, and management$334 $314 
Real estate taxes and insurance90 154 
Asset management fees to affiliate48 83 
Depreciation and amortization— 399 
Total expenses$472 $950 


The following summary presents the major components of assets and liabilities to real estate held for sale as of December 31, 2023 (in thousands).
 December 31, 2023
Real estate held for sale, net:
Total real estate, at cost$40,187 
Accumulated depreciation and amortization(11,840)
Real estate held for sale, net28,347 
Other assets4,635 
Total assets related to real estate held for sale$32,982 
Liabilities related to real estate held for sale:
Notes payable related to real estate held for sale, net$46,177 
Other liabilities515 
Total liabilities related to real estate held for sale$46,692