On July 31, 2018, the Company, through a wholly-owned subsidiary of the Operating
Partnership, closed on the acquisition of The Quad, a 162,902 square foot property in Phoenix, Arizona for $51.0 million.
On
August 1, 2018, the Company entered into an agreement with Second City whereby Second City agreed to sell its seven percent minority interest in Central Fairwinds Limited Partnership to the Company for $1.1 million.
On November 1, 2018, the Company and the Operating Partnership entered into amendments (the Amendments) to the equity
distribution agreements (the Original Agreements and, as amended by the Amendments, the Agreements) with each of KeyBanc Capital Markets Inc., Raymond James & Associates, Inc. and BMO Capital Markets Corp.,
(collectively, the Sales Agents). Pursuant to the terms of the Agreements, the Company may issue and sell from time to time, up to 8,000,000 shares of the Companys common stock, $0.01 par value per share and up to 1,000,000 shares
of the Companys 6.625% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share (the Series A Preferred Stock and together with the Common Stock, the Shares) through the Sales Agents, acting as agents
or principals (the ATM Program).
On December 20, 2018, the Company, through a wholly-owned subsidiary of the Operating
Partnership, closed on the acquisition of a land parcel in Denver, Colorado for $5.1 million.
On December 27, 2018, the
Company, through a wholly-owned subsidiary of the Operating Partnership, closed on the acquisition of Greenwood Boulevard (Greenwood Blvd), a 155,048 square foot property in Orlando, Florida for $34.5 million.
On December 28, 2018, the Company, through a wholly-owned subsidiary of the Operating Partnership, closed on the acquisition of Camelback
Square, a 173,206 square foot property in Phoenix, Arizona for $53.2 million.
During the year ended December 31, 2018, the
Company issued 3,410,802 shares of common stock under the ATM Program. The Company raised $43.6 million in gross proceeds, resulting in net proceeds to us of approximately $42.9 million after deducting sales commissions and offering
expenses.
Indebtedness
On
August 20, 2018, the Company closed on a $39.7 million loan secured by a first mortgage lien on the Circle Point property in Denver, Colorado. The loan matures in September 2028. Interest is payable at a fixed rate of 4.49% per annum.
On August 23, 2018, the Company closed on a modification agreement providing an additional $3.1 million loan secured by a first
mortgage lien on the Central Fairwinds property in Orlando, Florida. The modification has the same maturity as the original agreement of June 2024. Interest payable has remained the same at a fixed rate of 4.00% per annum.
On August 30, 2018, the Company closed on a $30.6 million loan secured by a first mortgage lien on The Quad property in Phoenix,
Arizona. The loan matures in September 2028. Interest is payable at a fixed rate of 4.20% per annum.
On December 28, 2018, the
Company closed on a $22.4 million loan secured by a first mortgage lien on the Greenwood Blvd property in Orlando, Florida. The loan matures December 2025. Interest is payable at a fixed rate of 4.60% per annum.
For additional information regarding these mortgage loans and the Unsecured Credit Facility, please refer to Liquidity and Capital
Resources below.
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