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REAL ESTATE HELD FOR INVESTMENT (Tables)

3 Months Ended

Mar. 31, 2020

The following table provides summary information regarding the properties owned by the Company as of March 31, 2020 (in thousands):


Property	Date Acquired	City	State	Property Type	Total Real Estate at Cost ⁽¹⁾		Accumulated Depreciation and Amortization ⁽¹⁾		Total Real Estate, Net ⁽¹⁾
Commonwealth Building	06/30/2016	Portland	OR	Office	$	78,863	$	(11,905)	$	66,958
The Offices at Greenhouse	11/14/2016	Houston	TX	Office	47,166		(8,062)		39,104
Institute Property	11/09/2017	Chicago	IL	Office	37,220		—		37,220
					$	163,249	$	(19,967)	$	143,282

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⁽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 March 31, 2020, the following properties represented more than 10% of the Company’s total assets:


Property	Location	Rentable Square Feet	Total Real Estate, Net (in thousands)		Percentage of Total Assets		Annualized Base Rent (in thousands)⁽¹⁾		Average Annualized Base Rent per sq. ft.		Occupancy
Commonwealth Building	Portland, OR	224,122	$	66,958	43.7	%	$	5,585	$	28.60	87.1	%
The Offices at Greenhouse	Houston, TX	203,284	39,104		25.5	%	4,206		20.69		100.0	%
Institute Property	Chicago, IL	155,385	37,220		24.3	%	3,626		28.01		83.3	%

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⁽¹⁾Annualized base rent represents annualized contractual base rental income as of March 31, 2020, 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, 2020, the future minimum rental income from the Company’s properties held for investment under its non-cancelable operating leases was as follows (in thousands):


April 1, 2020 through December 31, 2020	$	10,247
2021	12,692
2022	11,077
2023	8,426
2024	7,317
Thereafter	4,906
	$	54,665

Schedules of Concentration of Risk, by Industry

As of March 31, 2020, the Company’s real estate properties held for investment were leased to 61 tenants over a diverse range of industries. The Company’s highest tenant industry concentration (greater than 10% of annualized base rent) was as follows:


Industry	Number of Tenants	Annualized Base Rent ⁽¹⁾ (in thousands)		Percentage of Annualized Base Rent
Professional, scientific and technical	9	$	4,980	37.1	%
Computer system design and related services	2	1,358		10.1	%

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(1) Annualized base rent represents annualized contractual base rental income as of March 31, 2020, 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.