REAL ESTATE HELD FOR SALE

In accordance with ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU No. 2014-08”), results of operations from properties that are classified as held for sale in the ordinary course of business on or subsequent to January 1, 2014 would generally be included in continuing operations on the Company’s consolidated statements of operations.

During the year ended December 31, 2017, the Company sold two office properties. As of March 31, 2018, the Company classified two office buildings that are part of an eight-building office campus as held for sale. The results of operations for the two office properties that were sold and the two office buildings classified as held for sale are included in continuing operations on the Company’s consolidated statements of operations. The following table summarizes certain revenue and expenses related to the Company’s real estate properties that were sold during the year ended December 31, 2017 and held for sale as of March 31, 2018, which were included in continuing operations (in thousands):



	Three Months Ended March 31,
	2018			2017
Revenues
Rental income	$	702		$	2,820
Tenant reimbursements	194			583
Total revenues	896			3,403
Expenses
Operating, maintenance, and management	39			529
Real estate taxes and insurance	147			480
Asset management fees to affiliate	82			253
General and administrative expenses	(2		)	56
Depreciation and amortization	389			849
Interest expense	191			397
Total expenses	$	846		$	2,564

The following summary presents the major components of assets and liabilities related to real estate held for sale as of March 31, 2018 and December 31, 2017 (in thousands):



	March 31, 2018			December 31, 2017
Assets related to real estate held for sale
Total real estate, at cost	$	42,984		$	42,755
Accumulated depreciation and amortization	(7,513		)	(7,134		)
Real estate held for sale, net	35,471			35,621
Other assets	471			469
Total assets related to real estate held for sale	$	35,942		$	36,090
Liabilities related to real estate held for sale
Notes payable, net	46,273			46,273
Other liabilities	160			320
Total liabilities related to real estate held for sale	$	46,433		$	46,593