On February 25, 2019, the Company, through a wholly owned subsidiary of the Operating
Partnership, closed on the acquisition of Canyon Park, a 206,771 square foot property in Seattle, Washington, for $63.0 million.
On
May 7, 2019, the Company sold the 10455 Pacific Center building of the Sorrento Mesa property in San Diego, California for $16.5 million, resulting in an aggregate gain of $0.5 million net of disposal-related costs, which has been
classified as net gain on sale of real estate property in the consolidated statements of operations.
On June 13, 2019, the Company,
through a wholly owned subsidiary of the Operating Partnership, closed on the acquisition of Cascade Station, a 127,508 square foot property in Portland, Oregon, for $32.5 million.
On September 5, 2019, the Company, through a wholly owned subsidiary of the Operating Partnership, closed on the acquisition of 7601
Tech, a 191,368 square foot property in Denver, Colorado, for $48.8 million.
On October 7, 2019, the Company completed a public
offering pursuant to which the Company sold 6,900,000 shares of its common stock, inclusive of the overallotment option. The Company raised $95.6 million in gross proceeds, resulting in net proceeds to the Company of approximately
$94.1 million after deducting underwriting discounts and offering expenses.
On December 12, 2019, the Company sold the Logan
Tower property in Denver, Colorado for $12.6 million, resulting in an aggregate gain of $2.9 million net of disposal-related costs, which has been classified as net gain on sale of real estate property in the consolidated statements of
operations.
During the year ended December 31, 2019, the Company issued 8,000,000 shares of common stock under its at-the-market offering program (the ATM Program). The Company raised $106.5 million in aggregate gross proceeds, resulting in aggregate net proceeds to the
Company of approximately $104.8 million after deducting sales commissions and offering expenses.
Indebtedness
On February 25, 2019, the Company closed on a $41.0 million loan secured by a first mortgage lien on the Canyon Park property in
Seattle, Washington. The mortgage loan anticipated repayment date is March 2027. Interest is payable at a fixed rate of 4.30% per annum.
On June 13, 2019, the Company assumed a $22.5 million loan secured by a first mortgage lien on the Cascade Station property in
Portland, Oregon. The mortgage loan matures in May 2024. Interest is payable at a fixed rate of 4.55% per annum.
On August 30, 2019,
the Company closed on a loan modification agreement reducing the interest rate from 4.60% to 3.15% per annum on the Greenwood Blvd property in Orlando, Florida. The modification has the same maturity of December 2025 and loan amount of
$22.4 million as the original agreement.
On August 30, 2019, the Company closed on a loan modification agreement reducing the
interest rate from 3.85% to 3.10% per annum on the FRP Collection property in Orlando, Florida. The modification has the same maturity of September 2023 and loan amount of $30.9 million as the original agreement.
On August 30, 2019, the Company closed on a loan modification agreement reducing the interest rate from 3.50% to 3.10% per annum on the
Carillon property in Tampa, Florida. The modification has the same maturity of October 2023 and loan amount of $17.1 million as the original agreement.
On September 24, 2019, the Company closed on a loan modification agreement reducing the interest rate from 4.00% to 3.15% per annum on
the Central Fairwinds property in Orlando, Florida. The modification has the same maturity of June 2024 and loan amount of $18.0 million as the original agreement.
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