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Real Estate Assets (Tables)

12 Months Ended

Dec. 31, 2017

Real Estate Properties Owned

The Company’s real estate assets consisted of the following as of December 31, 2017 and 2016:

						Real estate assets, net (in thousands)
Property Name		Acquired		Location		2017				2016
Garden Gateway Plaza		March 2007		Colorado Springs, Colorado			11,434				11,656
World Plaza (1)		September 2007		San Bernardino, California			5,743				5,750
Regatta Square		October 2007		Denver, Colorado			-				1,836
Executive Office Park		July 2008		Colorado Springs, Colorado			8,076				8,125
Waterman Plaza		August 2008		San Bernardino, California			5,624				5,753
Pacific Oaks Plaza		September 2008		Escondido, California			4,040				4,146
Morena Office Center		January 2009		San Diego, California			4,870				5,079
Rangewood Medical Office Building		March 2009		Colorado Springs, Colorado			-				2,054
Genesis Plaza		August 2010		San Diego, California			8,609				8,670
Dakota Center		May 2011		Fargo, North Dakota			9,635				10,148
Yucca Valley Retail Center (1)		September 2011		Yucca Valley, California			6,605				6,738
Port of San Diego Complex		December 2011		San Diego, California			13,888				14,153
Shoreline Medical Building		May 2012		Half Moon Bay, California			-				5,821
The Presidio		November 2012		Aurora, Colorado			6,415				6,609
Grand Pacific Center		March 2014		Bismarck, ND			5,854				5,392
Union Terrace Building		August 2014		Lakewood, Colorado			8,287				8,276
Centennial Tech Center		December 2014		Colorado Springs, Colorado			13,431				14,157
Arapahoe Service Center		December 2014		Centennial, Colorado			10,638				11,207
Union Town Center		December 2014		Colorado Springs, Colorado			10,209				10,544
West Fargo Industrial		August 2015		Fargo, North Dakota			7,455				7,632
300 N.P.		August 2015		Fargo, North Dakota			3,636				3,751
Research Parkway		August 2015		Colorado Springs, Colorado			2,686				2,776
One Park Centre		August 2015		Westminster, Colorado			8,514				8,515
Highland Court		August 2015		Centennial, Colorado			12,287				12,511
Shea Center II		December 2015		Highlands Ranch, Colorado			23,352				24,409
Office/Industrial and Retail Properties							191,288				205,708
Model Home Properties		2011-2017		AZ, CA, FL, IL, NC, NJ, PA, SC, TX, UT			43,246				34,814
		Total real estate assets and lease intangibles held for investment, net				$	234,534			$	240,522

(1) Properties held for sale as of December 31, 2017.

Office/Industrial and Retail Properties [Member]

Summary of Future Minimum Rental Revenues under Existing Leases

The Company’s commercial properties are leased to tenants under non-cancelable operating leases for which terms and expirations vary.  Future minimum rental revenues under existing leases on Office/Industrial and Retail Properties as of December 31, 2017 are expected to be as follows:

2018			$	4,152,902
2019				3,024,939
2020				4,038,939
2021				3,639,270
2022				3,274,748
Thereafter				2,847,435
Totals			$	20,978,233

Model Home Properties [Member]

Summary of Future Minimum Rental Revenues under Existing Leases

The Company generally rents Model Home Properties to homebuilders under non-cancelable lease agreements with a term of eighteen months with an option to extend in six month increments. Future minimum rental revenues under existing leases on Model Home Properties as of December 31, 2017 are expected to be as follows:

2018			$	2,374,680
2019				1,348,776
			$	3,723,456

X

- Definition

Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 30
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=77888428&loc=SL77919396-209981

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