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): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Property | | Date Acquired | | City | | State | | Property Type | | Total Real Estate, at Cost (1) | | Accumulated Depreciation and Amortization (1) | | Total Real Estate, Net (1) | | | | | | | | | | | | | | | | Town Center | | 03/27/2012 | | Plano | | TX | | Office | | $ | 141,958 | | | $ | (53,763) | | | $ | 88,195 | | | | | | | | | | | | | | | | | Gateway Tech Center | | 05/09/2012 | | Salt Lake City | | UT | | Office | | 36,550 | | | (12,717) | | | 23,833 | | 60 South Sixth | | 01/31/2013 | | Minneapolis | | MN | | Office | | 185,621 | | | (59,700) | | | 125,921 | | Preston Commons | | 06/19/2013 | | Dallas | | TX | | Office | | 145,358 | | | (43,122) | | | 102,236 | | Sterling Plaza | | 06/19/2013 | | Dallas | | TX | | Office | | 96,078 | | | (31,689) | | | 64,389 | | | | | | | | | | | | | | | | | Accenture Tower | | 12/16/2013 | | Chicago | | IL | | Office | | 574,136 | | | (169,864) | | | 404,272 | | Ten Almaden | | 12/05/2014 | | San Jose | | CA | | Office | | 131,462 | | | (41,828) | | | 89,634 | | Towers at Emeryville | | 12/23/2014 | | Emeryville | | CA | | Office | | 223,242 | | | (67,706) | | | 155,536 | | 3003 Washington Boulevard | | 12/30/2014 | | Arlington | | VA | | Office | | 154,985 | | | (47,306) | | | 107,679 | | Park Place Village | | 06/18/2015 | | Leawood | | KS | | Office/Retail | | 87,613 | | | (14,418) | | | 73,195 | | 201 17th Street | | 06/23/2015 | | Atlanta | | GA | | Office | | 105,512 | | | (34,669) | | | 70,843 | | 515 Congress | | 08/31/2015 | | Austin | | TX | | Office | | 137,127 | | | (36,896) | | | 100,231 | | The Almaden | | 09/23/2015 | | San Jose | | CA | | Office | | 192,751 | | | (50,746) | | | 142,005 | | 3001 Washington Boulevard | | 11/06/2015 | | Arlington | | VA | | Office | | 60,992 | | | (15,204) | | | 45,788 | | Carillon | | 01/15/2016 | | Charlotte | | NC | | Office | | 175,231 | | | (43,703) | | | 131,528 | | | | | | | | | | | | $ | 2,448,616 | | | $ | (723,331) | | | $ | 1,725,285 | |
_____________________ (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: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | Accenture Tower | | Chicago, IL | | 1,457,724 | | | $ | 404,272 | | | 20.1 | % | | $ | 38,193 | | | $ | 27.86 | | | 94.0 | % |
___________________ (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: | | | | | | | | | | | | | | | | | | | | | Industry | | Number of Tenants | | Annualized Base Rent (1) (in thousands) | | Percentage of Annualized Base Rent | Finance | | 106 | | $ | 35,809 | | | 18.6 | % | Legal Services | | 54 | | 24,980 | | | 13.0 | % | | | | | | | | | | | | $ | 60,789 | | | 31.6 | % |
_____________________ (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 | | 2025 | 178,256 | | 2026 | 165,217 | | 2027 | 142,410 | | 2028 | 123,167 | | Thereafter | 458,135 | | | $ | 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, | | | | | | | 2024 | | 2023 | Revenues | | | | | | | | | Rental income | | | | | | $ | 197 | | | $ | 4,152 | | Other operating income | | | | | | 9 | | | 118 | | Total revenues | | | | | | $ | 206 | | | $ | 4,270 | | Expenses | | | | | | | | | Operating, maintenance, and management | | | | | | $ | 52 | | | $ | 888 | | Real estate taxes and insurance | | | | | | 69 | | | 749 | | Asset management fees to affiliate | | | | | | 26 | | | 288 | | General and administrative expenses | | | | | | 22 | | | 40 | | Depreciation and amortization | | | | | | — | | | 1,255 | | Interest expense | | | | | | 419 | | | 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, net | | 69,028 | | | | | Restricted cash | | 3,103 | | | | | Rent and other receivables, net | | 1,142 | | Prepaid expenses and other assets | | 1,421 | | Total assets | | $ | 74,694 | | Liabilities related to real estate held for non-sale disposition | | | Notes payable, net | | $ | 125,000 | | Accounts payable and accrued liabilities | | 3,927 | | Due to affiliate | | 16 | | | | | Other liabilities | | 1,816 | | 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, | | | | | | | 2024 | | 2023 | Revenues | | | | | | | | | Rental income | | | | | | $ | 864 | | | $ | 1,334 | | Other operating income | | | | | | 6 | | | 16 | | Total revenues | | | | | | $ | 870 | | | $ | 1,350 | | Expenses | | | | | | | | | Operating, maintenance, and management | | | | | | $ | 334 | | | $ | 314 | | Real estate taxes and insurance | | | | | | 90 | | | 154 | | Asset management fees to affiliate | | | | | | 48 | | | 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, net | | 28,347 | | Other assets | | 4,635 | | 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 liabilities | | 515 | | Total liabilities related to real estate held for sale | | $ | 46,692 | |
|