v3.25.1
REAL ESTATE (Tables)
 3 Months Ended
Mar. 31, 2025
Real Estate [Abstract]  
Schedule of Real Estate Investments The following table summarizes the Company’s investments in real estate as of March 31, 2025 (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$144,104 $(60,137)$83,967 
Gateway Tech Center05/09/2012Salt Lake CityUTOffice37,398 (14,575)22,823 
60 South Sixth
01/31/2013MinneapolisMNOffice115,520 (3,644)111,876 
Sterling Plaza 06/19/2013DallasTXOffice98,234 (37,118)61,116 
Accenture Tower
12/16/2013ChicagoILOffice576,067 (190,635)385,432 
Ten Almaden12/05/2014San JoseCAOffice131,599 (46,605)84,994 
Towers at Emeryville
12/23/2014EmeryvilleCAOffice223,725 (75,925)147,800 
3003 Washington Boulevard12/30/2014ArlingtonVAOffice154,926 (50,700)104,226 
Park Place Village 06/18/2015LeawoodKSOffice/Retail88,028 (18,506)69,522 
201 17th Street 06/23/2015AtlantaGAOffice105,538 (39,042)66,496 
515 Congress 08/31/2015Austin TXOffice138,040 (41,839)96,201 
The Almaden09/23/2015San JoseCAOffice192,549 (57,392)135,157 
3001 Washington Boulevard11/06/2015ArlingtonVAOffice60,999 (17,123)43,876 
Carillon 01/15/2016CharlotteNCOffice182,275 (51,063)131,212 
$2,249,002 $(704,304)$1,544,698 
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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, 2025, 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)
Occupancy
Accenture TowerChicago, IL1,457,724 $385,432 21.4 %$37,987 91.2 %
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(1) Annualized base rent represents annualized contractual base rental income as of March 31, 2025, 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, 2025, the future minimum rental income from the Company’s properties under its non-cancelable operating leases was as follows (in thousands):
April 1, 2025 through December 31, 2025$130,036 
2026166,445 
2027145,323 
2028126,960 
2029105,113 
Thereafter383,484 
$1,057,361 
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 (in thousands).
 For the Three Months Ended
March 31, 2024
Revenues
Rental income (1)
$197 
Other operating income9 
Total revenues$206 
Expenses
Operating, maintenance, and management$52 
Real estate taxes and insurance69 
Asset management fees to affiliate26 
General and administrative expenses22 
Interest expense419 
Total expenses$588 
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(1) For the three months ended March 31, 2024, rental income includes a reserve for straight-line rent for a lease at 201 Spear Street.
The following table summarizes certain revenues and expenses related to the Company’s real estate properties that were sold during the year ended December 31, 2024, which were included in continuing operations (in thousands).
 For the Three Months Ended
March 31, 2024
Revenues
Rental income$5,158 
Other operating income403 
Total revenues$5,561 
Expenses (1)
Operating, maintenance, and management$1,317 
Real estate taxes and insurance945 
Asset management fees to affiliate332 
Depreciation and amortization1,817 
Total expenses$4,411 
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(1) The office property sold in February 2024 had served as collateral for the Modified Portfolio Revolving Loan Facility and the property sold in November 2024 had served as collateral for the Amended and Restated Portfolio Loan Facility. Interest expense incurred on these portfolio loans is not allocated to the individual properties that serve as collateral for these portfolio loans and therefore, interest expense incurred for the sold properties is not shown in this table. Upon the sale of the office property in February 2024, $46.2 million of the outstanding principal of the Modified Portfolio Revolving Loan Facility was repaid. Upon the sale of the office property in November 2024, $140.4 million of the outstanding principal of the Amended and Restated Portfolio Loan Facility was repaid.