Schedule III—Real Estate and Accumulated Depreciation

December 31, 2017

(in thousands)



			Initial Cost				Net Improvements (Write-Offs) Since Acquisition			Gross Amount at Which Carried
Property Name, City and State	Encumbrances		Land		Building and Improvements		Net Improvements (Write-Offs) Since Acquisition			Land		Building and Improvements		Total		Acc. Deprec.		Year Built / Renovated	Year of Acquisition
Office
260 Townsend Street
San Francisco, CA	$	28,200	$	7,574	$	13,843	$	3,333		$	7,574	$	17,176	$	24,750	$	7,042	1986	2006
830 1st Street
Washington, D.C.	46,000		18,095		62,017		(1,104		)	18,095		60,913		79,008		17,712		2002	2006
3601 S Congress Avenue
Austin, TX	—		9,569		18,593		2,281			9,569		20,874		30,443		7,060		1918/2001	2007
899 N Capitol Street
Washington, D.C.	—		34,641		84,466		15,361			34,641		99,827		134,468		28,822		1969-1973/1999 & 2011	2007
999 N Capitol Street
Washington, D.C.	—		32,221		86,526		13,615			32,221		100,141		132,362		29,563		1969-1973/1999 & 2011	2007
901 N Capitol Street
Washington, D.C.	—		27,117		—		4,329			27,117		4,329		31,446		1,349		N/A	2007
1333 Broadway
Oakland, CA	39,500		7,048		41,578		9,386			7,048		50,964		58,012		13,385		1972/1995	2008
1901 Harrison Street
Oakland, CA	42,500		3,838		68,106		9,273			3,838		77,379		81,217		22,176		1985	2008
2100 Franklin Street
Oakland, CA	80,000		4,277		34,033		10,506			4,277		44,539		48,816		14,489		2008	2008
2101 Webster Street
Oakland, CA	83,000		4,752		109,812		32,394			4,752		142,206		146,958		41,100		1984	2008
2353 Webster Street Parking Garage
Oakland, CA	—		—		9,138		29			—		9,167		9,167		2,125		1986	2008
1 Kaiser Plaza
Oakland, CA	97,100		9,261		113,619		18,073			9,261		131,692		140,953		35,942		1970/2008	2008
2 Kaiser Plaza Parking Lot
Oakland, CA	—		10,931		110		1,504			10,931		1,614		12,545		54		N/A	2015
11600 Wilshire Boulevard
Los Angeles, CA	—		3,477		18,522		1,969			3,477		20,491		23,968		4,388		1955	2010
11620 Wilshire Boulevard
Los Angeles, CA	—		7,672		51,999		7,949			7,672		59,948		67,620		13,291		1976	2010
4750 Wilshire Boulevard
Los Angeles, CA	—		16,633		28,985		58			16,633		29,043		45,676		3,206		1984/2014	2014
Lindblade Media Center
Los Angeles, CA	—		6,342		11,568		—			6,342		11,568		17,910		1,235		1930 & 1957 / 2010	2014
1130 Howard Street
San Francisco, CA	—		8,290		10,480		—			8,290		10,480		18,770		—		1930/2016 & 2017	2017

Hotel
Sheraton Grand Hotel
Sacramento, CA	—		3,497		107,447		(3,688		)	3,497		103,759		107,256		25,449		2001	2008
Sheraton Grand Hotel Parking & Retail
Sacramento, CA	—		6,550		10,996		(111		)	6,550		10,885		17,435		2,667		2001	2008
	$	416,300	$	221,785	$	881,838	$	125,157		$	221,785	$	1,006,995	$	1,228,780	$	271,055

The aggregate gross cost of property included above for federal income tax purposes approximates $1,233,414,000 (unaudited) as of December 31, 2017.

Schedule III—Real Estate and Accumulated Depreciation (Continued)

December 31, 2017

(in thousands)

The following table reconciles our investments in real estate from January 1, 2015 to December 31, 2017:



	Year Ended December 31,
	2017			2016			2015
	(in thousands)
Investments in Real Estate
Balance, beginning of period	$	2,021,494		$	2,061,372		$	2,036,794

Additions:
Improvements	26,078			31,844			31,342
Property acquisitions	18,770			—			11,041
Deductions:
Asset sales	(815,357		)	(61,801		)	(6,237		)
Impairment	(13,100		)	—			—
Retirements	(9,105		)	(9,921		)	(11,568		)
Balance, end of period	$	1,228,780		$	2,021,494		$	2,061,372

The following table reconciles the accumulated depreciation from January 1, 2015 to December 31, 2017:



	Year Ended December 31,
	2017			2016			2015
	(in thousands)
Accumulated Depreciation
Balance, beginning of period	$	(414,552	)	$	(369,661	)	$	(320,857	)

Additions: depreciation	(49,427		)	(62,239		)	(61,915		)
Deductions:
Asset sales	183,819			7,427			1,543
Retirements	9,105			9,921			11,568
Balance, end of period	$	(271,055	)	$	(414,552	)	$	(369,661	)