XML 62 R29.htm IDEA: XBRL DOCUMENT v3.25.0.1
REAL ESTATE (Tables)
 12 Months Ended
Dec. 31, 2024
Real Estate [Abstract]  
Schedule of Real Estate Investments The following table summarizes the Company’s investments in real estate as of December 31, 2024 (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$143,310 $(58,514)$84,796 
Gateway Tech Center05/09/2012Salt Lake CityUTOffice37,388 (14,095)23,293 
60 South Sixth01/31/2013MinneapolisMNOffice115,520 (1,825)113,695 
Sterling Plaza06/19/2013DallasTXOffice97,086 (36,020)61,066 
Accenture Tower12/16/2013ChicagoILOffice575,455 (184,634)390,821 
Ten Almaden12/05/2014San JoseCAOffice131,599 (45,433)86,166 
Towers at Emeryville12/23/2014EmeryvilleCAOffice223,697 (73,665)150,032 
3003 Washington Boulevard12/30/2014ArlingtonVAOffice154,814 (49,418)105,396 
Park Place Village06/18/2015LeawoodKSOffice/Retail87,836 (17,430)70,406 
201 17th Street06/23/2015AtlantaGAOffice105,507 (37,952)67,555 
515 Congress 08/31/2015Austin TXOffice137,475 (40,512)96,963 
The Almaden09/23/2015San JoseCAOffice193,133 (56,081)137,052 
3001 Washington Boulevard11/06/2015ArlingtonVAOffice60,999 (16,648)44,351 
Carillon01/15/2016CharlotteNCOffice181,104 (49,165)131,939 
$2,244,923 $(681,392)$1,563,531 
_____________________
(1) Amounts presented are net of impairment charges and write-offs of fully depreciated/amortized assets.
Schedules of Concentration of Risk, by Risk Factor
As of December 31, 2024, 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 $390,821 21.4 %$38,988 93.1 %
_____________________
(1) Annualized base rent represents annualized contractual base rental income as of December 31, 2024, 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 December 31, 2024, the future minimum rental income from the Company’s properties under its non-cancelable operating leases was as follows (in thousands):
2025$173,216 
2026166,042 
2027144,762 
2028125,612 
2029103,562 
Thereafter377,923 
$1,091,117 
Schedule Of Revenue And Expenses / Assets and Liabilities of Real Estate For Non Sale Disposition The following table summarizes the revenues and expenses related to 201 Spear Street for the years ended December 31, 2024, 2023 and 2022, respectively (in thousands).
Years Ended December 31,
202420232022
Revenues
Rental income (1)
$197 $7,930 $20,999 
Other operating income9 507 670 
Total revenues$206 $8,437 $21,669 
Expenses
Operating, maintenance, and management$52 $3,773 $4,140 
Real estate taxes and insurance69 2,701 2,831 
Asset management fees to affiliate26 789 1,054 
General and administrative expenses93 113 67 
Depreciation and amortization— 3,941 5,617 
Interest expense419 10,001 4,256 
Impairment charge— 45,459 — 
Total expenses$659 $66,777 $17,965 
_____________________
(1) For the year ended December 31, 2023, rental income includes a reserve for straight-line rent for a lease at 201 Spear Street.
The following table summarizes the assets and liabilities related to 201 Spear Street, which was held for non-sale disposition as of December 31, 2023 (in thousands):
December 31, 2023
Assets related to real estate held for non-sale disposition
Total real estate, at cost and net of impairment charges$70,571 
Accumulated depreciation and amortization(1,543)
Real estate held for non-sale disposition, net69,028 
Restricted cash3,103 
Rent and other receivables, net1,142 
Prepaid expenses and other assets1,421 
Total assets$74,694 
Liabilities related to real estate held for non-sale disposition
Notes payable, net$125,000 
Accounts payable and accrued liabilities3,927 
Due to affiliate16 
Other liabilities1,816 
Total liabilities$130,759 
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):
Years Ended December 31,
202420232022
Revenues
Rental income$16,164 $22,964 $20,794 
Other operating income1,480 1,592 1,305 
Total revenues$17,644 $24,556 $22,099 
Expenses (1)
Operating, maintenance, and management$3,922 $5,422 $5,512 
Real estate taxes and insurance2,588 3,893 3,938 
Asset management fees to affiliate1,047 1,478 1,442 
Depreciation and amortization6,055 8,906 7,995 
Total expenses$13,612 $19,699 $18,887 
_____________________
(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.
The following summary presents the major components of assets and liabilities related to real estate held for sale as of December 31, 2023 (in thousands).
 December 31, 2023
Real estate held for sale, net:
Total real estate, at cost$185,309 
Accumulated depreciation and amortization(53,701)
Real estate held for sale, net131,608 
Other assets14,126 
Total assets related to real estate held for sale$145,734 
Liabilities related to real estate held for sale:
Notes payable related to real estate held for sale, net$186,527 
Other liabilities2,615 
Total liabilities related to real estate held for sale$189,142