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INVESTMENTS IN REAL ESTATE | 12 Months Ended
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Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract] |
INVESTMENTS IN REAL ESTATE | 3. INVESTMENTS IN REAL ESTATE Investments in real estate consist of the following:
| December 31,
| 2021 |  | 2020
| (in thousands)
Land | $ | 141,236 |  |  | $ | 139,397 |
Land improvements | 2,644 |  |  | 2,611 |
Buildings and improvements | 454,431 |  |  | 450,741 |
Furniture, fixtures, and equipment | 4,398 |  |  | 4,969 |
Tenant improvements | 29,733 |  |  | 31,414 |
Work in progress | 10,260 |  |  | 8,073 |
Investments in real estate | 642,702 |  |  | 637,205 |
Accumulated depreciation | (144,718) |  |  | (131,165) |
Net investments in real estate | $ | 497,984 |  |  | $ | 506,040 |
For the years ended December 31, 2021 and 2020, the Company recorded depreciation expense of $16.9 million and $17.7 million, respectively. 2021 Transactions—During the year ended December 31, 2021, the Company acquired a 100% fee-simple interest in the following property from an unrelated third-party. The purchase was accounted for as an asset acquisition.
|  | Asset |  | Date of |  |  |  | Purchase
Property |  | Type |  | Acquisition |  | Square Feet |  | Price (1)
|  |  |  |  |  |  |  | (in thousands)
1037 North Sycamore, Los Angeles, CA |  | Office |  | July 13, 2021 |  | 4,900 |  | $ | 2,900 |
(1)Transaction costs that were capitalized as a component of the assets acquired and liabilities assumed in connection with the acquisition of this property totaled $33,000, which are not included in the purchase price above. There were no dispositions during the year ended December 31, 2021. 2020 Transactions—During the year ended December 31, 2020, the Company acquired a 100% fee-simple interest in the following property from an unrelated third-party. The purchase was accounted for as an asset acquisition.
|  | Asset |  | Date of |  |  |  | Purchase
Property |  | Type |  | Acquisition |  | Square Feet |  | Price (1)
|  |  |  |  |  |  |  | (in thousands)
1021 East 7th Street, Austin, TX |  | Office |  | November 30, 2020 |  | 11,180 |  | $ | 6,079 |
(1)Transaction costs that were capitalized as a component of the assets acquired and liabilities assumed in connection with the acquisition of this property totaled $51,000, which are not included in the purchase price above. There were no dispositions during the year ended December 31, 2020. The results of operations of the properties the Company acquired have been included in the consolidated statements of operations from the date of acquisition. The purchase price of the acquisitions completed during the years ended December 31, 2021 and 2020 were less than 10% of the Company’s total assets as of the respective most recent annual consolidated financial statements filed at or prior to the date of acquisition. The following table summarizes the purchase price allocation of the aforementioned acquisitions during the years ended December 31, 2021 and 2020.
| Year Ended December 31,
| 2021 |  | 2020 |  |
| (in thousands)
Land | $ | 1,839 |  |  | $ | 4,976 |  |  |
Land improvements | 33 |  |  | 9 |  |  |
Buildings and improvements | 1,061 |  |  | 534 |  |  |
Tenant improvements | — |  |  | 190 |  |  |
Acquired in-place leases (1) | — |  |  | 408 |  |  |
Acquired above-market leases (2) | — |  |  | 18 |  |  |
Acquired below-market leases (3) | — |  |  | (5) |  |  |
Net assets acquired | $ | 2,933 |  |  | $ | 6,130 |  |  |
(1)Acquired in-place leases have a weighted average amortization period of 3 years for the 2020 acquisition. (2)Acquired above-market leases have a weighted average amortization period of 3 years for the 2020 acquisition. (3)Acquired below-market leases have a weighted average amortization period of 3 years for the 2020 acquisition. Property Concentrations—Kaiser Foundation Health Plan, Incorporated (“Kaiser”), which occupied space in one of the Company’s Oakland, California properties accounted for 30.9% of its annualized rental income for the year ended December 31, 2021.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 + Details
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