NOTES PAYABLE (Tables)

3 Months Ended

Mar. 31, 2018

Notes Payable [Abstract]

Schedule of Long-term Debt Instruments

As of March 31, 2018 and December 31, 2017, the Company’s notes payable, including notes payable related to real estate held for sale, consisted of the following (dollars in thousands):

	Book Value as of March 31, 2018			Book Value as of December 31, 2017			Contractual Interest Rate as of March 31, 2018 (1)	Effective Interest Rate as of March 31, 2018 (1)	Payment Type	Maturity Date (2)
Amended and Restated Portfolio Revolving Loan Facility (3)	$	—		$	52,638		(3)	(3)	(3)	(3)
Union Bank Plaza Mortgage Loan (3)	—			105,000			(3)	(3)	(3)	(3)
Portfolio Mortgage Loan #1 (3)	—			59,651			(3)	(3)	(3)	(3)
Portfolio Mortgage Loan #3 (3)	—			54,000			(3)	(3)	(3)	(3)
Corporate Technology Centre Mortgage Loan (4)	137,541			138,219			3.50%	3.5%	Principal & Interest	04/01/2020
300-600 Campus Drive Revolving Loan (3)	—			93,125			(3)	(3)	(3)	(3)
Portfolio Loan Facility (5)	375,000			—			One-month LIBOR + 1.45%	3.3%	Interest Only	03/29/2020
Total notes payable principal outstanding	$	512,541		$	502,633
Deferred financing costs, net	(2,693		)	(334		)
Total notes payable, net	$	509,848		$	502,299

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⁽¹⁾ Contractual interest rate represents the interest rate in effect under the loan as of March 31, 2018. Effective interest rate is calculated as the actual interest rate in effect as of March 31, 2018, using interest rate indices as of March 31, 2018, where applicable.

⁽²⁾ Represents the initial maturity date or the maturity date as extended as of March 31, 2018; subject to certain conditions, the maturity dates of certain loans may be extended beyond the maturity date shown.

⁽³⁾ On March 29, 2018, the Company paid off the outstanding balances under these loans with proceeds from the Portfolio Loan Facility. See below, “— Recent Financing Transactions — Portfolio Loan Facility.”

⁽⁴⁾ In connection with the sales of two of the eight buildings at Corporate Technology Centre subsequent to March 31, 2018, the Company made a partial paydown on the Corporate Technology Centre Mortgage Loan. See Note 11, “Subsequent Events — Dispositions Subsequent to March 31, 2018.”

⁽⁵⁾ See below, “— Recent Financing Transactions — Portfolio Loan Facility.”

Schedule of Maturities of Long-term Debt

The following is a schedule of maturities, including principal amortization payments, for all notes payable outstanding as of March 31, 2018 (in thousands):

April 1, 2018 through December 31, 2018	$	2,072
2019	2,848
2020	507,621
	$	512,541