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SUBSEQUENT EVENTS
3 Months Ended
Mar. 31, 2018
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS
The Company evaluates subsequent events up until the date the consolidated financial statements are issued.
Distributions Paid
On April 2, 2018, the Company paid distributions of $3.9 million, which related to distributions declared for March 2018 in the amount of $0.02076575 per share of common stock to stockholders of record as of the close of business on March 20, 2018. On May 1, 2018, the Company paid distributions of $3.8 million, which related to distributions declared for April 2018 in the amount of $0.02009589 per share of common stock to stockholders of record as of the close of business on April 20, 2018.
Distributions Authorized
On March 7, 2018, the Company’s board of directors authorized a May 2018 distribution in the amount of $0.02076575 per share of common stock to stockholders of record as of the close of business on May 18, 2018, which the Company expects to pay in June 2018. On May 8, 2018, the Company’s board of directors authorized a June 2018 distribution in the amount of $0.02009589 per share of common stock to stockholders of record as of the close of business on June 20, 2018, which the Company expects to pay in July 2018, and a July 2018 distribution in the amount of $0.02076575 per share of common stock to stockholders of record as of the close of business on July 20, 2018, which the Company expects to pay in August 2018.
Dispositions Subsequent to March 31, 2018
On March 28, 2013, the Company, through an indirect wholly owned subsidiary, acquired an office campus consisting of eight office buildings totaling 610,083 rentable square feet located on approximately 32.7 acres of land in San Jose, California (“Corporate Technology Centre”). 
On April 4, 2018, the Company completed the sale of one office building in Corporate Technology Centre containing 98,423 rentable square feet (“450 Holger”) to an unaffiliated buyer for $39.0 million, net of closing costs and fees.  In connection with the disposition of 450 Holger, the Company paid down $39.1 million of the principal balance due under the Corporate Technology Centre Mortgage Loan.
On April 13, 2018, the Company completed the sale of one office building in Corporate Technology Centre containing 19,550 rentable square feet (“475 Holger”) to an unaffiliated buyer for $7.1 million, net of closing costs and fees.  In connection with the disposition of 475 Holger, the Company paid down $7.1 million of the principal balance due under the Corporate Technology Centre Mortgage Loan.