DEI_XBRL_Filing_Information
DEI XBRL Filing Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 20, 2015 | Jun. 30, 2014 |
DEI XBRL Filing Information [Abstract] | |||
Entity Registrant Name | Douglas Emmett Inc | ||
Entity Central Index Key | 1364250 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 145,298,143 | ||
Entity Public Float | $3.81 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Assets | ||||
Land | $900,813 | $867,284 | ||
Buildings and improvements | 5,590,118 | 5,386,446 | ||
Tenant improvements and lease intangibles | 666,672 | 759,003 | ||
Investment in real estate, gross | 7,157,603 | 7,012,733 | ||
Less: accumulated depreciation and amortization | -1,531,157 | -1,495,819 | ||
Investment in real estate, net | 5,626,446 | 5,516,914 | ||
Cash and cash equivalents | 18,823 | 44,206 | ||
Tenant receivables, net | 2,143 | 1,760 | ||
Deferred rent receivables, net | 74,997 | 69,662 | ||
Acquired lease intangible assets, net | 3,527 | 3,744 | ||
Investment in unconsolidated real estate funds | 171,390 | 182,896 | ||
Other assets | 57,270 | 28,607 | ||
Total assets | 5,954,596 | 5,847,789 | ||
Liabilities | ||||
Secured notes payable and revolving credit facility | 3,435,290 | [1] | 3,241,140 | [1] |
Interest payable, accounts payable and deferred revenue | 54,364 | 52,763 | ||
Security deposits | 37,450 | 35,470 | ||
Acquired lease intangible liabilities, net | 45,959 | 59,543 | ||
Interest rate contracts | 37,386 | [2] | 63,144 | [2] |
Dividends payable | 30,423 | 28,521 | ||
Total liabilities | 3,640,872 | 3,480,581 | ||
Douglas Emmett, Inc. stockholders' equity: | ||||
Common Stock, $0.01 par value 750,000,000 authorized, 144,869,101 and 142,605,390 outstanding at December 31, 2014 and December 31, 2013, respectively | 1,449 | 1,426 | ||
Additional paid-in capital | 2,678,798 | 2,653,905 | ||
Accumulated other comprehensive income (loss) | -30,089 | -50,554 | ||
Accumulated deficit | -706,700 | -634,380 | ||
Total Douglas Emmett, Inc. stockholders' equity | 1,943,458 | 1,970,397 | ||
Noncontrolling interests | 370,266 | 396,811 | ||
Total equity | 2,313,724 | 2,367,208 | ||
Total liabilities and equity | $5,954,596 | $5,847,789 | ||
[1] | See Note 12 for our fair value disclosures. | |||
[2] | We did not have any derivative assets as of December 31, 2014 and December 31, 2013. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 750,000,000 | 750,000,000 |
Common stock, shares outstanding | 144,869,101 | 142,605,390 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Office rental | |||
Rental revenues | $396,524 | $394,739 | $391,447 |
Tenant recoveries | 44,461 | 45,144 | 44,093 |
Parking and other income | 78,437 | 74,717 | 69,736 |
Total office revenues | 519,422 | 514,600 | 505,276 |
Multifamily rental | |||
Rental revenues | 74,289 | 71,209 | 68,262 |
Parking and other income | 5,828 | 5,727 | 5,461 |
Total multifamily revenues | 80,117 | 76,936 | 73,723 |
Total revenues | 599,539 | 591,536 | 578,999 |
Operating Expenses: | |||
Office expense | 181,177 | 174,952 | 170,725 |
Multifamily expense | 20,664 | 19,928 | 19,672 |
General and administrative | 27,332 | 26,614 | 27,943 |
Depreciation and amortization | 202,512 | 191,351 | 184,849 |
Total operating expenses | 431,685 | 412,845 | 403,189 |
Operating income | 167,854 | 178,691 | 175,810 |
Other income | 17,675 | 6,402 | 2,821 |
Other expenses | -7,095 | -4,199 | -1,883 |
Income (loss), including depreciation, from unconsolidated real estate funds | 3,713 | 3,098 | -1,710 |
Interest expense | -128,507 | -130,548 | -146,693 |
Acquisition-related expenses | -786 | -607 | 0 |
Net income | 52,854 | 52,837 | 28,345 |
Less: Net income attributable to noncontrolling interests | -8,233 | -7,526 | -5,403 |
Net income attributable to common stockholders | $44,621 | $45,311 | $22,942 |
Net income attributable to common stockholders per share – basic (usd per share) | $0.31 | $0.32 | $0.16 |
Net income attributable to common stockholders per share – diluted (usd per share) | $0.30 | $0.31 | $0.16 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net income | $52,854 | $52,837 | $28,345 |
Other comprehensive income: cash flow hedges | 25,045 | 39,562 | 10,491 |
Comprehensive income | 77,899 | 92,399 | 38,836 |
Less: comprehensive income attributable to noncontrolling interests | -12,813 | -14,651 | -9,705 |
Comprehensive income attributable to common stockholders | $65,086 | $77,748 | $29,131 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Noncontrolling Interests |
In Thousands, except Share data, unless otherwise specified | ||||||
Beginning balance at Dec. 31, 2011 | $2,315,955 | $1,311 | $2,461,649 | ($89,180) | ($508,674) | $450,849 |
Beginning balance, shares at Dec. 31, 2011 | 131,070,000 | |||||
Stockholders' Equity [Roll Forward] | ||||||
Conversion of operating partnership units (in shares) | 3,200,000 | 3,239,000 | ||||
Issuance of common stock (in shares) | 6,900,000 | 6,937,000 | ||||
Exercise of stock options (in shares) | 0 | |||||
Conversion of operating partnership units | 44,876 | 32 | 44,876 | -44,908 | ||
Issuance of common stock | 128,257 | 69 | 128,188 | |||
Exercise of stock options | 0 | 0 | 0 | |||
Repurchase of operating partnership units | 0 | 0 | 0 | |||
Purchase price of stock options | 0 | 0 | ||||
Equity compensation | 14,177 | 695 | 13,482 | |||
Cash flow hedge adjustment | 10,491 | 6,189 | 4,302 | |||
Net Income | 28,345 | 5,403 | ||||
Net Income attributable to common stockholders | 22,942 | 22,942 | ||||
Dividends | -88,441 | -88,441 | ||||
Contributions | -10 | -10 | ||||
Distributions | -18,315 | -18,315 | ||||
Dividends declared per common share | $0.63 | |||||
Ending balance at Dec. 31, 2012 | 2,390,459 | 1,412 | 2,635,408 | -82,991 | -574,173 | 410,803 |
Ending balance, shares at Dec. 31, 2012 | 141,246,000 | |||||
Stockholders' Equity [Roll Forward] | ||||||
Conversion of operating partnership units (in shares) | 1,400,000 | 1,359,000 | ||||
Issuance of common stock (in shares) | 0 | |||||
Exercise of stock options (in shares) | 0 | |||||
Conversion of operating partnership units | 18,670 | 14 | 18,670 | -18,684 | ||
Issuance of common stock | 0 | 0 | 0 | |||
Exercise of stock options | 0 | 0 | 0 | |||
Repurchase of operating partnership units | -352 | -173 | -180 | |||
Purchase price of stock options | 0 | 0 | ||||
Equity compensation | 10,805 | 0 | 10,805 | |||
Cash flow hedge adjustment | 39,562 | 32,437 | 7,125 | |||
Net Income | 52,837 | 7,526 | ||||
Net Income attributable to common stockholders | 45,311 | 45,311 | ||||
Dividends | -105,519 | -105,518 | ||||
Contributions | 653 | 653 | ||||
Distributions | -21,237 | -21,237 | ||||
Dividends declared per common share | $0.74 | |||||
Ending balance at Dec. 31, 2013 | 2,367,208 | 1,426 | 2,653,905 | -50,554 | -634,380 | 396,811 |
Ending balance, shares at Dec. 31, 2013 | 142,605,390 | 142,605,000 | ||||
Stockholders' Equity [Roll Forward] | ||||||
Conversion of operating partnership units (in shares) | 2,200,000 | 2,224,000 | ||||
Issuance of common stock (in shares) | 0 | |||||
Exercise of stock options (in shares) | 40,000 | 40,000 | ||||
Conversion of operating partnership units | 30,013 | 22 | 30,013 | -30,035 | ||
Issuance of common stock | 0 | 0 | 0 | |||
Exercise of stock options | 602 | 1 | 601 | |||
Repurchase of operating partnership units | -2,826 | -1,197 | -1,629 | |||
Purchase price of stock options | 4,524 | 4,524 | ||||
Equity compensation | 14,829 | 0 | 14,829 | |||
Cash flow hedge adjustment | 25,045 | 20,465 | 4,580 | |||
Net Income | 52,854 | 8,233 | ||||
Net Income attributable to common stockholders | 44,621 | 44,621 | ||||
Dividends | -116,941 | -116,941 | ||||
Contributions | 290 | 290 | ||||
Distributions | -22,813 | -22,813 | ||||
Dividends declared per common share | $0.81 | |||||
Ending balance at Dec. 31, 2014 | $2,313,724 | $1,449 | $2,678,798 | ($30,089) | ($706,700) | $370,266 |
Ending balance, shares at Dec. 31, 2014 | 144,869,101 | 144,869,000 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Cash Flows [Abstract] | |||
Interest Paid, Capitalized | $294 | $75 | $0 |
Operating Activities | |||
Net income | 52,854 | 52,837 | 28,345 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
(Income) loss, including depreciation, from unconsolidated real estate funds | -3,713 | -3,098 | 1,710 |
Gain from insurance recoveries for damage to real estate | -6,621 | -431 | 0 |
Depreciation and amortization | 202,512 | 191,351 | 184,849 |
Net accretion of acquired lease intangibles | -16,084 | -15,693 | -18,094 |
Decrease in the allowance for doubtful accounts | -2,865 | -3,988 | -4,392 |
Amortization of deferred loan costs | 4,097 | 4,214 | 4,211 |
Amortization of loan premium | 0 | 0 | -1,060 |
Non-cash market value adjustments on interest rate contracts | 50 | 88 | 8,956 |
Non-cash amortization of equity compensation | 13,722 | 10,005 | 10,581 |
Operating distributions from unconsolidated real estate funds | 909 | 783 | 752 |
Change in working capital components: | |||
Tenant receivables | 78 | -331 | 4,113 |
Deferred rent receivables | -2,931 | -2,580 | -3,841 |
Interest payable, accounts payable and deferred revenue | 2,668 | 8,816 | -6,873 |
Security deposits | 1,980 | 1,186 | 330 |
Other assets | 59 | 383 | 786 |
Net cash provided by operating activities | 246,715 | 243,542 | 210,373 |
Investing Activities | |||
Capital expenditures for improvements to real estate | -84,444 | -66,907 | -60,158 |
Capital expenditures for developments | -4,259 | -549 | 0 |
Insurance recoveries for damage to real estate | 6,506 | 431 | 0 |
Property acquisitions | -220,469 | -150,000 | 0 |
Deposits for property acquisitions | -2,500 | 0 | 0 |
Note receivable | -27,500 | 0 | 0 |
Loan to related party | 0 | -2,882 | 0 |
Loan payments received from related party | 1,187 | 213 | 0 |
Contributions to unconsolidated real estate funds | 0 | -26,405 | -2,604 |
Acquisitions of additional interests in unconsolidated real estate funds | 0 | -8,004 | -33,454 |
Capital distributions from unconsolidated real estate funds | 11,514 | 7,518 | 4,699 |
Net cash used in investing activities | -319,965 | -246,585 | -91,517 |
Financing Activities | |||
Proceeds from borrowings | 307,000 | 40,000 | 440,000 |
Deferred loan cost payments | -1,974 | -2,596 | -2,125 |
Refund of refundable loan deposit | 0 | 0 | 1,575 |
Repayment of borrowings | -112,850 | -240,000 | -621,956 |
Contributions by noncontrolling interests | 290 | 653 | 0 |
Distributions to noncontrolling interests | -22,813 | -21,237 | -18,315 |
Distributions of capital to noncontrolling interests | 0 | 0 | -10 |
Repurchase of stock options | -4,524 | 0 | 0 |
Repurchase of operating partnership units | -2,826 | -352 | 0 |
Cash dividends to common stockholders | -115,039 | -102,422 | -80,056 |
Issuance of common stock, net | 0 | 0 | 128,257 |
Exercise of stock options | 603 | 0 | 0 |
Net cash provided by (used in) financing activities | 47,867 | -325,954 | -152,630 |
Decrease in Cash and Cash Equivalents | -25,383 | -328,997 | -33,774 |
Cash and Cash Equivalents at Beginning of Year | 44,206 | 373,203 | 406,977 |
Cash and Cash Equivalents at End of Year | 18,823 | 44,206 | 373,203 |
Supplemental disclosure of cash flow information | |||
Cash paid for interest (net of capitalized interest of $294 and $75 for 2014 and 2013, respectively) | 123,673 | 127,110 | 134,830 |
Accrual for capital expenditures for improvements to real estate and developments | 1,504 | 2,455 | 2,233 |
Write-off of fully depreciated and amortized tenant improvements and lease intangibles | 161,828 | 0 | 0 |
Write-off of fully amortized above-market acquired lease intangible assets | 32,230 | 0 | 0 |
Write-off of fully accreted below-market acquired lease intangible liabilities | 137,313 | 0 | 0 |
Accrual for dividends payable to common stockholders | 30,423 | 28,521 | 25,424 |
Operating Partnership units redeemed with shares of the Company's common stock | $30,035 | $18,685 | $44,908 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows - Parenthetical (Parentheticals) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Supplemental Cash Flow Elements [Abstract] | |||
Interest Paid, Capitalized | $294 | $75 | $0 |
Overview
Overview | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Overview | Overview |
Organization and Description of Business | |
Douglas Emmett, Inc. is a fully integrated, self-administered and self-managed Real Estate Investment Trust (REIT). We are one of the largest owners and operators of high-quality office and multifamily properties in Los Angeles County, California and Honolulu, Hawaii. We focus on owning and acquiring a substantial share of top-tier office properties and premier multifamily communities in neighborhoods that possess significant supply constraints, high-end executive housing and key lifestyle amenities. | |
Through our interest in Douglas Emmett Properties, LP (our operating partnership) and its subsidiaries, as well as our investment in our two institutional unconsolidated real estate funds (Funds), we own or partially own, manage, lease, acquire and develop real estate, consisting primarily of office and multifamily properties in Los Angeles County, California and Honolulu, Hawaii. As of December 31, 2014, we owned a consolidated portfolio of fifty-three office properties (including ancillary retail space) and ten multifamily properties, as well as the fee interests in two parcels of land subject to ground leases. Alongside our consolidated portfolio, we also manage and own equity interests in our Funds which, at December 31, 2014, owned eight additional office properties, for a combined sixty-one office properties in our total portfolio. | |
The terms "us," "we" and "our" as used in these financial statements refer to Douglas Emmett, Inc. and its subsidiaries. | |
Basis of Presentation | |
The financial statements presented are the consolidated financial statements of Douglas Emmett, Inc. and its subsidiaries, including our operating partnership. All significant intercompany balances and transactions have been eliminated in our consolidated financial statements, and certain prior period amounts have been reclassified to conform with the current period presentation. Substantially all of our business is conducted through our consolidated operating partnership, in which other investors own a noncontrolling interest. See Note 9. Our business also includes a consolidated joint venture in which our operating partnership owns a two-thirds interest. The balances and results of the property owned by this consolidated joint venture are included in our financial statements. | |
The accompanying financial statements have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (SEC) in conformity with Generally Accepted Accounting Principles of the United States (GAAP) as established by the Financial Accounting Standards Board (FASB) in the Accounting Standards Codification (ASC), including modifications issued under Accounting Standards Updates (ASUs). The accompanying financial statements include, in our opinion, all adjustments, consisting of normal recurring adjustments, necessary to present fairly the financial information set forth therein. Any reference to the number of properties, square footage and geography, are unaudited and outside the scope of our independent registered public accounting firm’s audit of our financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board. |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | Summary of Significant Accounting Policies |
Use of Estimates | |
The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. | |
Investments in Real Estate | |
We account for acquisitions of properties utilizing the purchase method, and include the results of operations of the acquired properties in our results of operations from their respective dates of acquisition. We expense transaction costs related to acquisitions when they are incurred. | |
When we acquire a property, we determine the fair values of the tangible assets on an ‘‘as-if-vacant’’ basis. We use estimates of future cash flows, comparable sales, other relevant information obtained in connection with the acquisition of the property, and other valuation techniques to allocate the purchase price of each acquired property between land, buildings and improvements, tenant improvements and leasing costs, and identifiable intangible assets and liabilities such as amounts related to in-place at-market leases, acquired above- and below-market tenant leases, and acquired above- and below-market ground leases. | |
The estimated fair value of acquired in-place at-market tenant leases represents the estimated costs that we would have incurred to lease the property to the occupancy level of the property at the date of acquisition, including the fair value of leasing commissions and legal costs. Additionally, we evaluate the time period over which such occupancy level would be achieved and include an estimate of the net operating costs (primarily real estate taxes, insurance and utilities) incurred during the lease-up period. We record above-market and below-market in-place lease intangibles as an asset or liability based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between the contractual amounts to be received or paid pursuant to the in-place tenant or ground leases, respectively, and our estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. Our initial valuations and allocations are subject to change until the allocation is finalized within 12 months after the acquisition date. See Note 3 for our property acquisition disclosures. | |
Buildings and site improvements are depreciated on a straight-line basis using an estimated life of forty years for buildings and fifteen years for site improvements. We carry buildings and site improvements, offset by the related accumulated depreciation, on our balance sheet until they are either sold or impaired. | |
Tenant improvements are depreciated over the life of the related lease, with any remaining balance depreciated in the period of any early termination of that lease. During 2014, we removed the cost and accumulated depreciation of $79.2 million of fully depreciated tenant improvements determined to be no longer in use from our balance sheet. | |
Acquired in-place leases are amortized on a straight line basis over the weighted average remaining term of the acquired in-place leases. We carry acquired in-place leases, offset by the related accumulated amortization, on our balance sheet until the related building is either sold or impaired. | |
Leasing intangibles are amortized on a straight-line basis over the related lease term, with any remaining balance amortized in the period of any early termination of that lease. During 2014, we removed the cost and accumulated amortization of $82.6 million of fully amortized leasing intangibles from our balance sheet. | |
Acquired above- and below-market tenant leases are amortized over the life of the related lease and recorded as either an increase (for below-market leases) or a decrease (for above-market leases) to rental income. Acquired above- and below-market ground leases are amortized over the life of the lease and recorded either as an increase (for below-market leases) or a decrease (for above-market leases) to revenue. During 2014, we removed the cost and accumulated amortization/accretion of $32.2 million of fully amortized above-market tenant leases and $137.3 million of fully accreted below-market tenant leases from our balance sheet. | |
When assets are sold or retired, their cost and related accumulated depreciation or amortization are removed from our balance sheet with the resulting gains or losses, if any, reflected in discontinued operations for the respective period. Repairs and maintenance are recorded as expense when incurred. | |
Interest, insurance, property taxes and other costs incurred during the period of construction of real estate are capitalized. Cost capitalization of development and redevelopment activities begins during the predevelopment period, which we define as activities that are necessary for the development of the property. We cease capitalization upon substantial completion of the project, but no later than one year from cessation of major construction activity. We also cease capitalization when activities necessary to prepare the property for its intended use have been suspended. During 2014 and 2013, we capitalized $4.3 million and $549 thousand of costs related to our multifamily developments in Honolulu and Brentwood, respectively, which includes $294 thousand and $75 thousand of capitalized interest expense, respectively. We did not capitalize any costs during 2012 related to development or redevelopment activities. | |
Investment in Unconsolidated Real Estate Funds | |
At December 31, 2014, we managed and held equity interests in two Funds: Fund X and Partnership X. We held a 68.61% interest in Fund X, and an aggregate 24.25% interest in the properties held by Partnership X and its subsidiaries. We account for our investments in the Funds using the equity method because we have significant influence but not control over the entities and our Funds do not qualify as variable interest entities. Our investment balance represents our share of the net assets of the combined Funds, additional basis of approximately $2.9 million (primarily due to the inclusion of the cost of raising capital that is accounted for as part of our investment basis), and a note receivable with an outstanding balance of $1.5 million. See Note 18. | |
Impairment of Long-Lived Assets | |
We assess whether there has been impairment in the value of our long-lived assets whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount to the undiscounted future cash flows expected to be generated by the asset. If the current carrying value exceeds the estimated undiscounted cash flows, an impairment loss is recorded equal to the difference between the asset’s current carrying value and its fair value based on the discounted estimated future cash flows. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less costs to sell. Based upon such periodic assessments, no impairments occurred during 2014, 2013 or 2012. | |
We assess whether there has been impairment in the value of our investments in our Funds periodically. An impairment charge is recorded when events or change in circumstances indicate that a decline in the fair value below the carrying value has occurred and such decline is other-than-temporary. The ultimate realization of the investments in our Funds is dependent on a number of factors, including the performance of the investment and market conditions. We will record an impairment charge if we determine that a decline in the value of an investment in one of our Funds is other-than-temporary. Based upon such periodic assessments, no impairment occurred during 2014, 2013 or 2012. | |
An asset is classified as an asset held for sale when it meets certain requirements, including the approval of the sale of the asset, the marketing of the asset for sale, and our expectation that the sale will likely occur within the next 12 months. Upon classification of an asset as held for disposition, the net book value of the asset, excluding long-term debt, is included on the balance sheet as properties held for disposition, we cease to depreciate the asset, and the operating results of the asset are included in discontinued operations for all periods presented. As of December 31, 2014, we did not have any assets classified as held for sale. | |
Cash and Cash Equivalents | |
For purposes of the consolidated statements of cash flows, we consider short-term investments with maturities of three months or less when purchased to be cash equivalents. | |
Revenue and Gain Recognition | |
Four basic criteria must be met before revenue can be recognized: persuasive evidence of an arrangement exists; services are rendered; the fee is fixed and determinable; and collectibility is reasonably assured. All leases are classified as operating leases. For all lease terms exceeding one year, rental income is recognized on a straight-line basis over the term of the lease. Deferred rent receivables represent rental revenue recognized on a straight-line basis in excess of billed rents. Lease termination fees, which are included in rental revenues in the accompanying consolidated statements of operations, are recognized when the related lease is canceled and we have no continuing obligation to provide services to such former tenant. We recorded total lease termination revenue of $2.6 million for 2014, $576 thousand for 2013 and $985 thousand for 2012. | |
Estimated recoveries from tenants for real estate taxes, common area maintenance and other recoverable operating expenses are recognized as revenues in the period that the expenses are incurred. Subsequent to year-end, we perform reconciliations on a lease-by-lease basis and bill or credit each tenant for any cumulative annual adjustments. In addition, we record a tenant improvement and deferred revenue for leasehold improvements constructed by us that are reimbursed by tenants. The deferred revenue is amortized as additional rental revenue over the related lease term. Rental revenue from month-to-month leases or leases with no scheduled rent increases or other adjustments is recognized on a monthly basis when earned. | |
The recognition of gains on sales of real estate requires that we measure the timing of a sale against various criteria related to the terms of the transaction, as well as any continuing involvement in the form of management or financial assistance associated with the property. If the sales criteria are not met, we defer gain recognition and account for the continued operations of the property by applying the finance, profit-sharing or leasing method. If the sales criteria have been met, we further analyze whether profit recognition is appropriate using the full accrual method. If the criteria to recognize profit using the full accrual method have not been met, we defer the gain and recognize it when the criteria are met or use the installment or cost recovery method as appropriate under the circumstances. | |
Monitoring of Rents and Other Receivables | |
We maintain an allowance for estimated losses that may result from the inability of tenants to make required payments. If a tenant fails to make contractual payments beyond any allowance, we may recognize bad debt expense in future periods equal to the amount of unpaid rent and deferred rent. We take into consideration many factors to evaluate the level of reserves necessary, including historical termination/default activity and current economic conditions. As of December 31, 2014 and 2013, we had an allowance for doubtful accounts of $7.8 million and $10.7 million, respectively. | |
We generally do not require collateral or other security from our tenants other than letters of credit or cash security deposits. As of December 31, 2014 and 2013, we had a total of approximately $14.7 million and $17.0 million, respectively, of letters of credit held for security, as well as $37.5 million and $35.5 million, respectively, of cash security deposits. | |
Insurance Recoveries | |
The amount by which insurance recoveries related to property damage exceed any losses recognized from that damage are recorded as other income when payment is either received or receipt is determined to be probable. | |
Interest Income | |
Interest income on our notes receivable is recognized over the life of the respective notes using the effective interest method and recognized on the accrual basis. Interest income is included in other income in the consolidated statements of operations. See Notes 5 and 18. | |
Deferred Loan Costs | |
Costs incurred directly with the issuance of secured notes payable are capitalized and amortized to interest expense over the respective loan term. Any unamortized amounts are fully amortized upon early repayment of secured notes payable, and the related cost and accumulated amortization are removed from our balance sheet. Deferred loan costs are included in other assets in the consolidated balance sheets. See Note 5. | |
Interest Rate Agreements | |
We generally manage our interest rate risk associated with floating rate borrowings by entering into interest rate swap and interest rate cap contracts. The interest rate swap agreements that we utilize effectively modify our exposure to interest rate risk by converting our floating-rate debt to a fixed-rate basis, thus reducing the impact of interest-rate changes on future interest expense. These agreements involve the receipt of floating-rate amounts in exchange for fixed-rate interest payments over the life of the agreements without an exchange of the underlying principal amount. We do not use any other derivative instruments. | |
We record all derivatives on the balance sheet at fair value on a gross basis. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, are considered to be fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered to be cash flow hedges. | |
Our objective in using derivatives is to add stability to interest expense and to manage our exposure to interest rate movements and other identified risks. To accomplish this objective, we primarily use interest rate swaps as part of our cash flow hedging strategy. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative are initially reported in other comprehensive income (a component of equity outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings. The ineffective portion of changes in the fair value of the derivative are recognized directly in earnings. We assess the effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. For derivatives not designated as hedges, changes in fair value are recognized directly in earnings. The fair value of these hedges is obtained through independent third-party valuation sources that use conventional valuation algorithms. See Note 8. | |
Stock-Based Compensation | |
We account for stock-based compensation, including stock options and long-term incentive plan units, using the fair value method of accounting. The estimated fair value of the stock options and the long-term incentive units is amortized over their respective vesting periods. See Note 11. | |
Earnings Per Share | |
Basic earnings per share is calculated by dividing the net income attributable to common stockholders for the period by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated by dividing the net income attributable to common stockholders and noncontrolling interests in our consolidated operating partnership for the period by the weighted average number of common shares and dilutive instruments outstanding during the period using the treasury stock method. See Note 10. | |
Segment Information | |
Segment information is prepared on the same basis that our management reviews information for operational decision-making purposes. We operate two business segments: the acquisition, development, ownership and management of office real estate, and the acquisition, development, ownership and management of multifamily real estate. | |
The products for our office segment include primarily rental of office space and other tenant services, including parking and storage space rental. The products for our multifamily segment include primarily rental of apartments and other tenant services, including parking and storage space rental. See Note 16. | |
Income Taxes | |
We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (IRC), commencing with our initial taxable year ending December 31, 2006. To qualify as a REIT, we are required (among other things) to distribute at least 90% of our REIT taxable income to our stockholders and meet the various other requirements imposed by the IRC relating to matters such as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided that we qualify for taxation as a REIT, we are generally not subject to corporate-level income tax on the earnings distributed currently to our stockholders that we derive from our REIT qualifying activities. If we fail to qualify as a REIT in any taxable year, and were unable to avail ourselves of certain savings provisions set forth in the IRC, all of our taxable income would be subject to federal income tax at regular corporate rates, including any applicable alternative minimum tax. | |
In addition, we are subject to taxation by various state and local jurisdictions, including those in which we transact business or reside. Our non taxable REIT subsidiaries, including our operating partnership, are either partnerships or disregarded entities for federal income tax purposes. Under applicable federal and state income tax rules, the allocated share of net income or loss from disregarded entities (including limited partnerships and S-Corporations) is reportable in the income tax returns of the respective partners and stockholders. Accordingly, no income tax provision is included in the accompanying consolidated financial statements. | |
We have elected to treat two of our subsidiaries as taxable REIT subsidiaries (TRS) which generally may engage in any business, including the provision of customary or non-customary services for our tenants. A TRS is treated as a regular corporation and is subject to federal income tax and applicable state income and franchise taxes at regular corporate rates. Our TRS subsidiaries did not have significant tax provisions or deferred income tax items for 2014, 2013 or 2012. | |
New Accounting Pronouncements | |
Changes to GAAP are established by the Financial Accounting Standards Board (FASB) in the form of Accounting Standard Updates (ASUs). We consider the applicability and impact of all ASUs. | |
In February 2013, the FASB issued ASU No. 2013-04, Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date (Topic 405), which provides guidance for the recognition, measurement and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this ASU is fixed at the reporting date, except for obligations addressed within existing guidance in GAAP. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013, which for us was the first quarter of 2014. We adopted ASU No. 2013-04 during the first quarter of 2014, and it did not have a material impact on our financial position or results of operations, as we do not currently have any obligations within the scope of this ASU. | |
In April 2014, the FASB issued ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (Topics 205 and 360), which provides guidance for reporting discontinued operations. The amendments in this Update change the requirements for reporting discontinued operations in Subtopic 205-20, Presentation of Financial Statements. The ASU is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2014, which for us is the first quarter of 2015. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. We do not expect this ASU to have a material impact on our financial position or results of operations. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which provides guidance for the accounting of revenue from contracts with customers. The guidance supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the Codification. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, which for us is the first quarter of 2017. Early adoption is not permitted. We do not expect this ASU to have a material impact on our financial position or results of operations, as lease contracts are not within the scope of this ASU. | |
In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40), which provides guidance about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures if necessary. The ASU is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter, which for us is the fiscal year ended December 31, 2016. Early application is permitted. We do not expect this ASU to have a material impact on our disclosures. | |
In November 2014, the FASB issued ASU No. 2014-17, Pushdown Accounting (Topic 805), which provides guidance regarding pushdown accounting for acquired entities when an acquirer obtains control of the acquired entity. The objective of this ASU is to provide guidance on whether and at what threshold an acquired entity can apply pushdown accounting in its separate financial statements. The ASU was effective on November 18, 2014. We do not expect this ASU to have a material impact on our financial position or results of operations. | |
In January 2015, the FASB issued ASU No. 2015-01, Income Statement—Extraordinary and Unusual Items (Subtopic 225-20), which eliminates from GAAP the concept of extraordinary items. The Board is issuing this Update as part of its initiative to reduce complexity in accounting standards (the Simplification Initiative). The objective of the Simplification Initiative is to identify, evaluate, and improve areas of generally accepted accounting principles (GAAP) for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to the users of financial statements. The amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, which for us is the first quarter of 2016. A reporting entity may apply the amendments prospectively or retrospectively to all prior periods presented in the financial statements, and early adoption is permitted. We do not expect this ASU to have a material impact on our disclosures. | |
In February 2015, the FASB issued ASU No. 2015-02, Amendments to the Consolidation Analysis (Consolidation - Topic 810), which provides guidance regarding the consolidation of certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. The amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, which for us is the first quarter of 2016. Early adoption is permitted, including adoption in an interim period. We are currently evaluating the impact of this ASU. | |
The FASB has not issued any other ASUs during 2014 or 2015 that we expect to be applicable and have a material impact on our future financial position or results of operations. |
Investment_in_Real_Estate
Investment in Real Estate | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Investment In Real Estate [Abstract] | ||||||||
Investment in Real Estate | Investment in Real Estate | |||||||
2014 Acquisitions | ||||||||
During 2014, we made two acquisitions: on October 16, 2014, we purchased a 216 thousand square foot Class A multi-tenant office property located adjacent to Beverly Hills (Carthay Campus) for $74.5 million, or approximately $345 per square foot, and on December 30, 2014, we purchased a 468 unit multifamily property in Honolulu, Hawaii (Waena) for $146.0 million, or approximately $312 thousand per unit. The results of operations for these acquired properties are included in our consolidated statements of operations after the respective date of their acquisitions. | ||||||||
The table below (in thousands) summarizes our preliminary purchase price allocations for the acquired properties (these allocations are subject to adjustment within twelve months of the acquisition date): | ||||||||
Carthay Campus | Waena | |||||||
Investment in real estate: | ||||||||
Land | $ | 6,595 | $ | 26,864 | ||||
Buildings and improvements | 64,511 | 117,541 | ||||||
Tenant improvements and lease intangibles | 5,943 | 1,732 | ||||||
Acquired above and below-market leases, net | (2,580 | ) | (137 | ) | ||||
Net assets and liabilities acquired | $ | 74,469 | $ | 146,000 | ||||
2013 Acquisitions | ||||||||
During 2013, we made two acquisitions: on May 15, 2013, we purchased a 225 thousand square foot Class A multi-tenant office property located in Beverly Hills (8484 Wilshire) for $89.0 million, or approximately $395 per square foot, and on August 15, 2013, we purchased a 191 thousand square foot Class A multi-tenant office property located in Encino (16501 Ventura) for $61.0 million, or approximately $319 per square foot. The results of operations for these acquired properties are included in our consolidated statements of operations after the respective date of their acquisitions. | ||||||||
The table below (in thousands) summarizes our purchase price allocations for the acquired properties: | ||||||||
8484 Wilshire | 16501 Ventura | |||||||
Investment in real estate: | ||||||||
Land | $ | 8,847 | $ | 6,759 | ||||
Buildings and improvements | 77,158 | 55,179 | ||||||
Tenant improvements and lease intangibles | 6,485 | 4,736 | ||||||
Acquired above and below-market leases, net | (3,490 | ) | (5,674 | ) | ||||
Net assets and liabilities acquired | $ | 89,000 | $ | 61,000 | ||||
2012 Acquisitions | ||||||||
We did not acquire any properties during 2012. |
Acquired_Lease_Intangibles
Acquired Lease Intangibles | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Acquired Lease Intangibles [Abstract] | |||||||||
Acquired Lease Intangibles | Acquired Lease Intangibles | ||||||||
The following summarizes (in thousands) our acquired lease intangibles related to above and below-market leases as of December 31: | |||||||||
2014 | 2013 | ||||||||
Above-market tenant leases(1) | $ | 3,040 | $ | 34,997 | |||||
Accumulated amortization(1) | (2,082 | ) | (33,899 | ) | |||||
Below-market ground leases | 3,198 | 3,198 | |||||||
Accumulated amortization | (629 | ) | (552 | ) | |||||
Acquired lease intangible assets, net | $ | 3,527 | $ | 3,744 | |||||
Below-market tenant leases(2) | $ | 138,088 | $ | 272,413 | |||||
Accumulated accretion(2) | (102,335 | ) | (225,425 | ) | |||||
Above-market ground leases | 16,200 | 16,200 | |||||||
Accumulated accretion | (5,994 | ) | (3,645 | ) | |||||
Acquired lease intangible liabilities, net | $ | 45,959 | $ | 59,543 | |||||
________________________________________ | |||||||||
-1 | During 2014, we removed the cost and accumulated amortization of $32.2 million of fully amortized above-market tenant leases from our balance sheet. December 31, 2013 balances include $31.1 million of fully amortized above-market tenant leases. | ||||||||
-2 | During 2014, we removed the cost and accumulated accretion of $137.3 million of fully accreted below-market tenant leases from our balance sheet. December 31, 2013 balances include $131.1 million of fully accreted below-market tenant leases. | ||||||||
Net accretion of above- and below-market tenant leases recorded as an increase to rental income totaled $13.9 million in 2014, $15.7 million in 2013 and $18.1 million in 2012. Net accretion of above- and below-market ground leases recorded as an increased to other income totaled $2.2 million in 2014, and decreased office rental operating expense by $122 thousand for 2014, 2013 and 2012. | |||||||||
The accretion of an above-market ground lease of $2.2 million that we recognized in other income in 2014 resulted from a change in estimate regarding the acquisition of the related fee interest. We expect that an additional $6.6 million of accretion will be recognized in other income in the first quarter of 2015. The impact on our basic and diluted EPS for 2014 was 2 cents per share and 1 cent per share respectively. See Note 19. | |||||||||
The table below presents (in thousands) the estimated net accretion of above- and below-market tenant leases and ground leases (excluding the impact of any acquisitions or dispositions) at December 31, 2014 for the next five years: | |||||||||
Year | |||||||||
2015 | $ | 18,448 | (1) | ||||||
2016 | 8,626 | ||||||||
2017 | 3,825 | ||||||||
2018 | 3,402 | ||||||||
2019 | 2,803 | ||||||||
Thereafter | 5,328 | ||||||||
Total | $ | 42,432 | |||||||
__________________________________________ | |||||||||
-1 | Includes $6.6 million of accretion of an above-market ground lease as a result of our acquisition of the related fee interest in February 2015. See Note 19. |
Other_Assets
Other Assets | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Other Assets [Abstract] | ||||||||
Other Assets | Other Assets | |||||||
Other assets consisted of the following (in thousands) at December 31: | ||||||||
2014 | 2013 | |||||||
Deferred loan costs, net of accumulated amortization of $13,042 and $9,395 at December 31, 2014 and December 31, 2013, respectively(1) | $ | 15,623 | $ | 17,745 | ||||
Note receivable(2) | 27,500 | — | ||||||
Restricted cash | 194 | 194 | ||||||
Prepaid expenses | 6,108 | 5,747 | ||||||
Other indefinite-lived intangible | 1,988 | 1,988 | ||||||
Deposits in escrow | 2,500 | — | ||||||
Other | 3,357 | 2,933 | ||||||
Total other assets | $ | 57,270 | $ | 28,607 | ||||
___________________________________________________ | ||||||||
-1 | We recognized deferred loan cost amortization expense of $4.1 million in 2014 and $4.2 million in 2013 and 2012. Deferred loan cost amortization is included as a component of interest expense in the consolidated statements of operations. | |||||||
-2 | On February 28, 2014, we loaned $27.5 million to the owner of a fee interest related to one of our office buildings. The loan carried interest of 4.9% and was repaid in February 2015. See Note 19. The interest recognized on this note is included in other income in the consolidated statements of operations. |
Secured_Notes_Payable_and_Revo
Secured Notes Payable and Revolving Credit Facility | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Secured Debt [Abstract] | ||||||||||||||||
Secured Notes Payable and Revolving Credit Facility | Secured Notes Payable and Revolving Credit Facility | |||||||||||||||
The following table summarizes (in thousands) our secured notes payable and revolving credit facility: | ||||||||||||||||
Description (1) | Maturity | Outstanding Principal Balance as of December 31, 2014 | Outstanding Principal Balance as of December 31, 2013 | Variable Interest Rate | Effective | Swap Maturity Date | ||||||||||
Date | Annual | |||||||||||||||
Fixed Interest | ||||||||||||||||
Rate (2) | ||||||||||||||||
Fannie Mae Loan | 2/1/15 | — | 111,920 | DMBS + 0.707% | N/A | -- | ||||||||||
Term Loan | 12/24/15 | 20,000 | — | LIBOR + 1.45% | N/A | -- | ||||||||||
Term Loan (3) | 3/1/16 | 16,140 | 16,140 | LIBOR + 1.60% | N/A | -- | ||||||||||
Fannie Mae Loan | 3/1/16 | 82,000 | 82,000 | LIBOR + 0.62% | N/A | -- | ||||||||||
Fannie Mae Loan | 6/1/17 | 18,000 | 18,000 | LIBOR + 0.62% | N/A | -- | ||||||||||
Term Loan | 10/2/17 | 400,000 | 400,000 | LIBOR + 2.00% | 4.45% | 7/1/15 | ||||||||||
Term Loan | 4/2/18 | 510,000 | 510,000 | LIBOR + 2.00% | 4.12% | 4/1/16 | ||||||||||
Term Loan | 8/1/18 | 530,000 | 530,000 | LIBOR + 1.70% | 3.74% | 8/1/16 | ||||||||||
Term Loan (4) | 8/5/18 | 355,000 | 355,000 | N/A | 4.14% | -- | ||||||||||
Term Loan (5) | 2/1/19 | 155,000 | 155,000 | N/A | 4.00% | -- | ||||||||||
Term Loan (6) | 6/5/19 | 285,000 | 285,000 | N/A | 3.85% | -- | ||||||||||
Fannie Mae Loan | 10/1/19 | 145,000 | — | LIBOR + 1.25% | N/A | -- | ||||||||||
Term Loan (7) | 3/1/20 | (8) | 349,070 | 350,000 | N/A | 4.46% | -- | |||||||||
Fannie Mae Loans | 11/2/20 | 388,080 | 388,080 | LIBOR + 1.65% | 3.65% | 11/1/17 | ||||||||||
Aggregate loan principal | 3,253,290 | 3,201,140 | ||||||||||||||
Revolving credit line (9) | 12/11/17 | 182,000 | 40,000 | LIBOR + 1.40% | N/A | -- | ||||||||||
Total (10) | $ | 3,435,290 | $ | 3,241,140 | ||||||||||||
Aggregate effectively fixed rate loans | $ | 1,828,080 | $ | 1,828,080 | 3.98% | |||||||||||
Aggregate fixed rate loans | 1,144,070 | 1,145,000 | 4.15% | |||||||||||||
Aggregate variable rate loans | 463,140 | 268,060 | N/A | |||||||||||||
Total (10) | $ | 3,435,290 | $ | 3,241,140 | ||||||||||||
__________________________________________________ | ||||||||||||||||
-1 | As of December 31, 2014, (i) the weighted average remaining life of our outstanding term debt (excluding our revolving credit line) was 3.9 years ; (ii) of the $2.97 billion of term debt on which the interest rate was fixed under the terms of the loan or a swap, (a) the weighted average remaining life was 4.0 years, the weighted average remaining period during which the interest rate was fixed was 2.4 years and the weighted average annual interest rate was 4.05%; and (b) including the non-cash amortization of prepaid loan fees, the effective weighted average interest rate was 4.15%. Except as otherwise noted below, each loan is secured by a separate collateral pool consisting of one or more properties, requiring monthly payments of interest only, with the outstanding principal due upon maturity. | |||||||||||||||
-2 | Includes the effect of interest rate contracts as of December 31, 2014, and excludes amortization of prepaid loan fees, all shown on an actual/360-day basis. See Note 8 for the details of our interest rate contracts. | |||||||||||||||
-3 | The borrower is a consolidated entity in which our operating partnership owns a two-thirds interest. | |||||||||||||||
-4 | Interest-only until February 2016, with principal amortization thereafter based upon a thirty years amortization table. | |||||||||||||||
-5 | Interest-only until February 2015, with principal amortization thereafter based upon a thirty years amortization table. | |||||||||||||||
-6 | Interest only until February 2017, with principal amortization thereafter based upon a thirty years amortization table. | |||||||||||||||
-7 | Interest at a fixed interest rate until March 2018 and a floating rate thereafter, with interest-only payments until May 2016 and payments thereafter based upon a thirty years amortization table. | |||||||||||||||
-8 | We have two one-year extension options, which would extend the maturity to March 1, 2020 from March 1, 2018, subject to meeting certain conditions. | |||||||||||||||
-9 | Revolving credit facility under which we can borrow up to $300.0 million, and which is secured by 3 separate collateral pools consisting of a total of 6 properties. We are charged unused fees on the unused balance ranging from 0.15% to 0.20%. | |||||||||||||||
-10 | See Note 12 for our fair value disclosures. | |||||||||||||||
As of December 31, 2014, the minimum future principal payments due on our secured notes payable and revolving credit facility, excluding any maturity extension options, were as follows (in thousands): | ||||||||||||||||
Twelve months ending December 31: | ||||||||||||||||
2015 | $ | 22,267 | ||||||||||||||
2016 | 109,339 | |||||||||||||||
2017 | 619,410 | |||||||||||||||
2018 | 1,731,874 | |||||||||||||||
2019 | 564,320 | |||||||||||||||
Thereafter | 388,080 | |||||||||||||||
Total future principal payments | $ | 3,435,290 | ||||||||||||||
Interest_Payable_Accounts_Paya
Interest Payable, Accounts Payable and Deferred Revenue | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Accounts Payable and Accrued Liabilities [Abstract] | |||||||||
Interest Payable, Accounts Payable and Deferred Revenue | Interest Payable, Accounts Payable and Deferred Revenue | ||||||||
Interest payable, accounts payable and deferred revenue consist of the following (in thousands) as of December 31: | |||||||||
2014 | 2013 | ||||||||
Interest payable | $ | 9,656 | $ | 9,263 | |||||
Accounts payable and accrued liabilities | 22,195 | 20,761 | |||||||
Deferred revenue | 22,513 | 22,739 | |||||||
Total interest payable, accounts payable and deferred revenue | $ | 54,364 | $ | 52,763 | |||||
Interest_Rate_Contracts
Interest Rate Contracts | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||
Interest Rate Contracts | Interest Rate Contracts | |||||||||||
Cash Flow Hedges of Interest Rate Risk | ||||||||||||
We make use of interest rate swap and interest rate cap contracts to manage the risk associated with changes in the interest rates on our floating-rate borrowings. When we enter into a floating-rate term loan, we generally enter into an interest rate swap agreement for the equivalent principal amount, for a period covering the majority of the loan term, which effectively converts our floating-rate debt to a fixed-rate basis during that time. In limited instances, we make use of interest rate caps to limit our exposure to interest rate increases on underlying floating-rate debt. | ||||||||||||
We may enter into derivative contracts that are intended to hedge certain economic risks, even though hedge accounting does not apply or we elect to not apply hedge accounting. We do not make use of any other derivative instruments, and we do not speculate in derivatives. See note 6 for the details of our floating-rate debt that we have hedged. | ||||||||||||
Designated Hedges | ||||||||||||
As of December 31, 2014, the totals of our existing swaps that qualified as highly effective cash flow hedges were as follows: | ||||||||||||
Interest Rate Derivative | Number of Instruments | Notional (in thousands) | ||||||||||
Interest Rate Swaps | 7 | $1,828,080 | ||||||||||
As of December 31, 2014, the totals of our Funds' existing swaps that qualified as highly effective cash flow hedges were as follows: | ||||||||||||
Interest Rate Derivative | Number of Instruments | Notional (in thousands) | ||||||||||
Interest Rate Swap | 1 | $325,000 | ||||||||||
Non-designated Hedges | ||||||||||||
Derivatives not designated as hedges are not speculative. As of December 31, 2014, we had the following outstanding interest rate derivatives that were not designated for accounting purposes as hedging instruments, but were used to hedge our economic exposure to interest rate risk: | ||||||||||||
Interest Rate Derivative | Number of Instruments | Notional (in thousands) | ||||||||||
Purchased Caps | 4 | $100,000 | ||||||||||
Credit-risk-related Contingent Features | ||||||||||||
We have agreements with each of our derivative counterparties that contain a provision under which we could also be declared in default on our derivative obligations if we default on the underlying indebtedness that we are hedging. As of December 31, 2014, there have been no events of default with respect to any of our derivatives. | ||||||||||||
As of December 31, 2014 and 2013, the fair value of our derivatives in a net liability position, when aggregated by counterparty, was $41.0 million and $67.2 million, respectively, which includes accrued interest but excludes any adjustment for nonperformance risk related to these agreements. As of December 31, 2014 and 2013, our Funds did not have any derivatives in a net liability position. | ||||||||||||
Accounting for Interest Rate Contracts | ||||||||||||
For hedging instruments designated as cash flow hedges, gain or loss recognition are generally matched to the earnings effect of the related hedged item or transaction, with any resulting hedge ineffectiveness recorded as interest expense. Hedge ineffectiveness is determined by comparing the changes in the fair value or cash flows of the hedge to the changes in the fair value or cash flows of the related hedged item or transaction. All other changes in the fair value of these hedges are recorded in accumulated other comprehensive income (loss) (AOCI), which is a component of equity outside of earnings. Amounts reported in AOCI related to our hedges are then reclassified to interest expense as interest payments are made on the hedged item or transaction. Amounts reported in AOCI related to our Funds' hedges are reclassified to income (loss), including depreciation, from unconsolidated real estate funds as interest payments are made by our Funds on their hedged items or transactions. Changes in fair value of derivatives not designated as hedges are recorded as interest expense. | ||||||||||||
We estimate that $29.2 million of our AOCI related to our derivatives designated as cash flow hedges will be reclassified as an increase to interest expense during the next twelve months, and $584 thousand of our AOCI related to our Funds derivatives designated as cash flow hedges will be reclassified as a decrease to income (increase to loss), including depreciation, from unconsolidated real estate funds during the next twelve months. | ||||||||||||
We terminated cash flow swaps in December 2011 that had an AOCI balance of $10.1 million at the time they were terminated. Amortization of $1.3 million of this balance was included as part of the reclassification from AOCI to interest expense in 2011, and the remaining $8.8 million was reclassified from AOCI to interest expense in 2012. | ||||||||||||
The table below presents (in thousands) the effect of our derivative instruments on our AOCI and consolidated statements of operations for the year ended December 31: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Derivatives Designated as Cash Flow Hedges: | ||||||||||||
Gain (loss) recognized in AOCI (effective portion)1 | $ | (11,116 | ) | $ | 903 | $ | (49,432 | ) | ||||
Gain (loss) recognized in AOCI (effective portion)1 related to our investment in unconsolidated real estate funds | $ | (1,767 | ) | $ | 1,779 | $ | (1,356 | ) | ||||
Loss reclassified from AOCI into interest expense (effective portion) | $ | (36,874 | ) | $ | (36,247 | ) | $ | (55,748 | ) | |||
Loss reclassified from AOCI into income (loss), including depreciation, from unconsolidated real estate funds (effective portion) | $ | (1,005 | ) | $ | (549 | ) | $ | (5,535 | ) | |||
Gain (loss) reclassified from AOCI into interest expense (ineffective portion and amount excluded from effectiveness testing) | $ | (50 | ) | $ | (85 | ) | $ | 4 | ||||
Loss on derivatives recognized as interest expense (ineffective portion and amount excluded from effectiveness testing) | $ | — | $ | — | (64 | ) | ||||||
Derivatives Not Designated as Cash Flow Hedges: | ||||||||||||
Realized and unrealized loss recognized as interest expense | $ | — | $ | (4 | ) | $ | (42 | ) | ||||
__________________________________________________ | ||||||||||||
-1 | Gains and losses recognized in AOCI do not impact the income statement. Refer to the reconciliation of our AOCI in Note 9. | |||||||||||
Fair Value Measurement | ||||||||||||
We record all derivatives on the balance sheet at fair value, on a gross basis, excluding accrued interest. See Note 12 for our fair value disclosures. The table below presents (in thousands) the fair values of derivative instruments: | ||||||||||||
2014 | 2013 | |||||||||||
Derivative liabilities disclosed as "Interest Rate Contracts" (1): | ||||||||||||
Derivatives designated as cash flow hedges | $ | 37,386 | $ | 63,144 | ||||||||
Derivatives not designated as cash flow hedges | — | — | ||||||||||
Total derivative liabilities | $ | 37,386 | $ | 63,144 | ||||||||
_________________________________________________________ | ||||||||||||
(1) We did not have any derivative assets as of December 31, 2014 and December 31, 2013. |
Equity
Equity | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Stockholders' Equity Attributable to Parent [Abstract] | |||||||||||||
Equity | Equity | ||||||||||||
Equity Transactions | |||||||||||||
During 2014, we exchanged 2.2 million units in our operating partnership for shares of our common stock, and we redeemed 120 thousand units for cash, for a total purchase price of $2.8 million, for an average price of $23.56 per unit. We also cash settled options covering 691 thousand shares of our common stock for a total cost of $4.5 million, for an average price of $6.55 per option. We issued 40 thousand shares of our common stock on the exercise of options for net proceeds of $603 thousand, for an average price of $15.05 per share. | |||||||||||||
During 2013, we exchanged 1.4 million units in our operating partnership for shares of our common stock, and we redeemed 13 thousand units for cash, for a total purchase price of $352 thousand, for an average price of $26.68 per unit. We did not sell any shares of our common stock during 2013. | |||||||||||||
During 2012, we exchanged 3.2 million units in our operating partnership for shares of our common stock, and we sold 6.9 million shares of our common stock in open market transactions under our ATM program for net proceeds of $128.3 million after commissions and other expenses. | |||||||||||||
Noncontrolling Interests | |||||||||||||
As of December 31, 2014, we had 144.9 million shares of common stock and 27.6 million operating partnership units and fully-vested LTIP units outstanding. Noncontrolling interests in our operating partnership relate to interests in our operating partnership that are not owned by us. As of December 31, 2014, noncontrolling interests represented approximately 16% of our operating partnership. A unit in our operating partnership and a share of our common stock have essentially the same economic characteristics, as they share equally in the total net income or loss distributions of our operating partnership. Investors who own units in our operating partnership have the right to cause our operating partnership to redeem any or all of their units in our operating partnership for an amount of cash per unit equal to the then current market value of one share of common stock, or, at our election, shares of our common stock on a one-for-one basis. Noncontrolling interests also include a one-third interest of a minority partner in a consolidated joint venture which owns an office building in Honolulu, Hawaii. | |||||||||||||
The table below presents (in thousands) the net income attributable to common stockholders and transfers from the noncontrolling interests for the year ended December 31: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net income attributable to common stockholders | $ | 44,621 | $ | 45,311 | $ | 22,942 | |||||||
Transfers from the noncontrolling interests: | |||||||||||||
Increase in common stockholders paid-in capital for redemption of operating partnership units | 30,013 | 18,670 | 44,876 | ||||||||||
Change from net income attributable to common stockholders and transfers from noncontrolling interests | $ | 74,634 | $ | 63,981 | $ | 67,818 | |||||||
AOCI Reconciliation | |||||||||||||
The table below presents (in thousands) a reconciliation of our AOCI, which consists solely of adjustments related to our cash flow hedges and the cash flow hedges of our unconsolidated Funds for the year ended December 31: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at beginning of period | $ | (50,554 | ) | $ | (82,991 | ) | $ | (89,180 | ) | ||||
Other comprehensive income (loss) before reclassifications 1 | (12,884 | ) | 2,681 | (50,788 | ) | ||||||||
Reclassifications from AOCI 2 | 37,929 | 36,881 | 61,279 | ||||||||||
Net current period other comprehensive income | 25,045 | 39,562 | 10,491 | ||||||||||
Less other comprehensive income attributable to noncontrolling interests | (4,580 | ) | (7,125 | ) | (4,302 | ) | |||||||
Other comprehensive income attributable to common stockholders | 20,465 | 32,437 | 6,189 | ||||||||||
Balance at end of period | $ | (30,089 | ) | $ | (50,554 | ) | $ | (82,991 | ) | ||||
__________________________________________________ | |||||||||||||
-1 | Includes (i) the fair value adjustments to our derivatives designated as cash flow hedges of $(11.1) million, $0.9 million and $(49.4) million in 2014 , 2013 and 2012, respectively, as well as (ii) our share of the fair value adjustments to the derivatives designated as cash flow hedges of our unconsolidated Funds of $(1.8) million, $1.8 million and $(1.4) million in 2014, 2013 and 2012, respectively. | ||||||||||||
-2 | Includes (i) a reclassification from AOCI to interest expense of $36.9 million, $36.3 million and $55.7 million in 2014, 2013 and 2012, respectively, of our derivatives designated as cash flow hedges, as well as (ii) a reclassification from AOCI to income (loss), including depreciation, of our unconsolidated real estate funds of $1 million, $0.5 million and $5.5 million in 2014, 2013 and 2012, respectively, related to derivatives designated as cash flow hedges of our unconsolidated Funds. | ||||||||||||
-3 | See Note 8 for the details of our derivatives that qualified and were designated as cash flow hedges. | ||||||||||||
-4 | See Note 12 for our fair value disclosures. | ||||||||||||
Dividends | |||||||||||||
During the fourth quarter of 2013, we increased our quarterly dividend from $0.18 per share to $0.20 per share, so that we paid aggregate dividends of $0.80 per share during 2014. Earnings and profits, which determine the taxability of distributions to stockholders, may differ from income reported for financial reporting purposes, due to the differences for federal income tax purposes in the treatment of loss on extinguishment of debt, revenue recognition, and compensation expense, and in the basis of depreciable assets and estimated useful lives used to compute depreciation. Our common stock dividends are classified for United States federal income tax purposes as follows (unaudited): | |||||||||||||
Record Date | Paid Date | Dividend Per Share | Ordinary Income | Capital Gain | Return of Capital | ||||||||
12/30/13 | 1/15/14 | $0.20 | $0.07 | $— | $0.13 | ||||||||
3/31/14 | 4/15/14 | 0.2 | 0.074 | — | 0.126 | ||||||||
6/30/14 | 7/15/14 | 0.2 | 0.074 | — | 0.126 | ||||||||
9/30/14 | 10/15/14 | 0.2 | 0.074 | — | 0.126 | ||||||||
Total: | $0.80 | $0.30 | $— | $0.50 |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Earnings Per Share | Earnings Per Share | |||||||||||
We calculate basic EPS by dividing the net income attributable to common stockholders for the year by the weighted average number of common shares outstanding during the year. We calculate diluted EPS by dividing the net income attributable to common stockholders and noncontrolling interests in our consolidated operating partnership for the year by the weighted average number of common shares and dilutive instruments outstanding during the year using the treasury stock method. The table below presents the calculation of basic and diluted EPS: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator (in thousands): | ||||||||||||
Net income attributable to common stockholders | $ | 44,621 | $ | 45,311 | $ | 22,942 | ||||||
Add back: Net income attributable to noncontrolling interests in our Operating Partnership | 8,543 | 9,021 | 4,965 | |||||||||
Numerator for diluted net income attributable to all equity holders | $ | 53,164 | $ | 54,332 | $ | 27,907 | ||||||
Denominator (in thousands): | ||||||||||||
Weighted average shares of common stock outstanding - basic | 144,013 | 142,556 | 139,791 | |||||||||
Effect of dilutive securities(1): | ||||||||||||
Operating partnership units and vested long term incentive plan (LTIP) units | 27,574 | 28,381 | 30,251 | |||||||||
Stock options | 4,108 | 3,288 | 2,487 | |||||||||
Unvested LTIP units | 526 | 577 | 591 | |||||||||
Weighted average shares of common stock and common stock equivalents outstanding - diluted | 176,221 | 174,802 | 173,120 | |||||||||
Basic earnings per share: | ||||||||||||
Net income attributable to common stockholders per share | $ | 0.31 | $ | 0.32 | $ | 0.16 | ||||||
Diluted earnings per share: | ||||||||||||
Net income attributable to common stockholders per share | $ | 0.3 | $ | 0.31 | $ | 0.16 | ||||||
____________________________________________________ | ||||||||||||
-1 | Diluted shares are calculated in accordance with GAAP, and represent ownership in our company through shares of common stock, units in our operating partnership and other convertible equity instruments. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Share-based Compensation [Abstract] | ||||||||||||||
Stock-Based Compensation | Stock-Based Compensation | |||||||||||||
2006 Omnibus Stock Incentive Plan | ||||||||||||||
The Douglas Emmett, Inc. 2006 Omnibus Stock Incentive Plan, as amended, our stock incentive plan, permits us to make grants of incentive stock options, non-qualified stock options, stock appreciation rights, deferred stock awards, restricted stock awards, dividend equivalent rights and other stock-based awards. We had an aggregate of 16.7 million shares available for grant as of December 31, 2014, although “full value” awards (such as deferred stock awards, restricted stock awards and LTIP unit awards) are counted against our stock incentive plan overall limits as two shares (rather than one), while options and Stock Appreciation Rights are counted as one share (0.9 shares for options or Stock Appreciation Rights with terms of five years or less). The number of shares reserved under our stock incentive plan is also subject to adjustment in the event of a stock split, stock dividend or other change in our capitalization. Shares that are forfeited or canceled from awards under our stock incentive plan also will generally be available for future awards. | ||||||||||||||
Our stock incentive plan is administered by the compensation committee of our board of directors. The compensation committee may interpret our stock incentive plan and make all determinations necessary or desirable for the administration of our plan. The committee has full power and authority to select the participants to whom awards will be granted, to make any combination of awards to participants, to accelerate the exercisability or vesting of any award and to determine the specific terms and conditions of each award, subject to the provisions of our stock incentive plan. All full-time and part-time officers, employees, directors and other key persons (including consultants and prospective employees) are eligible to participate in our stock incentive plan. | ||||||||||||||
Other stock-based awards under our stock incentive plan include awards that are valued in whole or in part by reference to shares of our common stock, including convertible preferred stock, convertible debentures and other convertible or exchangeable securities, partnership interests in a subsidiary or our operating partnership, awards valued by reference to book value, fair value or performance of a subsidiary and any class of profits interest or limited liability company membership interest. We have made certain awards in the form of a separate series of units of limited partnership interests in our operating partnership called long term incentive plan units ("LTIP Units"), which can be granted either as free-standing awards or in tandem with other awards under our stock incentive plan. Our LTIP Units are valued by reference to the value of our common stock at the time of grant, and are subject to such conditions and restrictions as the compensation committee may determine, including continued employment or service, computation of financial metrics and/or achievement of pre-established performance goals and objectives. | ||||||||||||||
We grant equity compensation in the form of LTIP Units as a part of the annual incentive compensation to our key employees each year, a portion which vests at the date of grant, and the remainder which vests in three equal annual installments over the three calendar years following the grant. We accrue compensation expense during each year for the portion of the annual bonuses which we expect to pay out in the form of immediately vested equity grants. Grants with respect to years prior to 2012 were awarded shortly after the respective year end, but commencing in 2012, we awarded the grants before the end of the year for which they were awarded. Compensation expense for LTIP Units which are not vested at the grant date is recognized on a straight-line basis over the requisite service period for each separately vesting portion of the award. In addition to our annual incentive compensation, we also make long-term grants in the form of LTIP Units to our executives and certain key employees. The grants generally vest in equal annual installments over four to five calendar years following the grant, and some of these grants include a portion which vests at the date of grant. Compensation expense for options which are not vested at the grant date is recognized on a straight-line basis over the requisite service period for the entire award. Certain amounts of equity compensation expense are capitalized for employees who provide leasing and construction services. | ||||||||||||||
We granted LTIP Units to employees totaling 1.1 million in 2014, 0.6 million in 2013 and 1.2 million in 2012. We did not grant any options in 2014, 2013, and 2012. | ||||||||||||||
Each year, we grant LTIP Units to our non-employee directors which vest ratably over the year of grant in lieu of cash retainers. These awards totaled 15 thousand in 2014, 19 thousand in 2013 and 46 thousand in 2012. In addition, every three years we have also made long-term grants of LTIP Units to our non-employee directors which vest over the following three years. These awards totaled 54 thousand at the end of 2012. When a new director joins our board, we have made pro rata grants vesting over the remainder of the respective three year vesting period. Those grants totaled 1 thousand in 2012. | ||||||||||||||
Total equity compensation expense during 2014, 2013 and 2012 was $13.7 million, $10.0 million, and $10.6 million, respectively. These amounts do not include capitalized equity compensation totaling $1.1 million, $800 thousand, and $561 thousand during 2014, 2013 and 2012, respectively. Total equity compensation expense is included in general and administrative expenses in the consolidated statements of operations. | ||||||||||||||
We calculate the fair value of the LTIP Units granted using the market value of our common stock on the date of grant with a discount estimated by a third-party consultant for post-vesting restrictions. The total grant date fair value of LTIP Units which were granted in 2014, 2013 and 2012 was $21.4 million, $10.1 million and $19.2 million, respectively. The total grant date fair value of LTIP Units which vested in 2014, 2013 and 2012 was $14.9 million, $10.9 million and $13.5 million, respectively. Equity grants fully vested at the time of grant to satisfy a portion of the annual bonuses that were accrued during the prior year were $4.1 million for 2012. The total intrinsic value of options exercised and repurchased in 2014 was $5.0 million. Our policy is to issue new shares of common stock for stock options exercised on a one for one basis. Total unrecognized compensation cost related to nonvested option and LTIP Unit awards was $15.4 million at December 31, 2014. This expense will be recognized over a weighted-average term of twenty-six months. | ||||||||||||||
The table below presents the activity of our outstanding stock options granted under our stock incentive plan: | ||||||||||||||
Stock Options: | Number of Stock Options (thousands) | Weighted Average Exercise Price | Weighted | Total | ||||||||||
Average | Intrinsic Value (thousands) | |||||||||||||
Remaining | ||||||||||||||
Contract Life | ||||||||||||||
(months) | ||||||||||||||
Outstanding at December 31, 2011 | 12,540 | $ | 18.1 | 72 | $ | 26,051 | ||||||||
Granted | — | |||||||||||||
Outstanding at December 31, 2012 | 12,540 | 18.1 | 59 | 65,177 | ||||||||||
Granted | — | |||||||||||||
Outstanding at December 31, 2013 | 12,540 | 18.1 | 47 | 65,051 | ||||||||||
Granted | — | |||||||||||||
Exercised | (731 | ) | 20.03 | |||||||||||
Outstanding at December 31, 2014 | 11,809 | 17.98 | 36 | 123,017 | ||||||||||
Exercisable at December 31, 2014 | 11,809 | 17.98 | 36 | $ | 123,017 | |||||||||
The table below presents the activity of our outstanding unvested LTIP Units granted under our stock incentive plan: | ||||||||||||||
Unvested LTIP Units: | Number of Units (thousands) | Weighted Average | ||||||||||||
Grant Date | ||||||||||||||
Fair Value | ||||||||||||||
Outstanding at December 31, 2011 | 603 | $ | 12.64 | |||||||||||
Granted | 1,255 | 15.26 | ||||||||||||
Vested | (965 | ) | 13.76 | |||||||||||
Forfeited | (2 | ) | 17.43 | |||||||||||
Outstanding at December 31, 2012 | 891 | 15.12 | ||||||||||||
Granted | 663 | 15.26 | ||||||||||||
Vested | (785 | ) | 14.15 | |||||||||||
Forfeited | (15 | ) | 21.52 | |||||||||||
Outstanding at December 31, 2013 | 754 | 15.63 | ||||||||||||
Granted | 1,106 | 19.31 | ||||||||||||
Vested | (854 | ) | 17.44 | |||||||||||
Forfeited | (8 | ) | 22.48 | |||||||||||
Outstanding at December 31, 2014 | 998 | 18.48 | ||||||||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Fair Value Disclosures [Abstract] | ||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments | |||||||
Our estimates of the fair value of financial instruments were determined using available market information and appropriate valuation methods. Considerable judgment is necessary to interpret market data and develop an estimated fair value. The use of different market assumptions or estimation methods may have a material effect on the estimated fair value amounts. The FASB fair value framework hierarchy distinguishes between assumptions based on market data obtained from sources independent of the reporting entity, and the reporting entity’s own assumptions about market-based inputs. The hierarchy is as follows: | ||||||||
Level 1 - inputs utilize unadjusted quoted prices in active markets for identical assets or liabilities. | ||||||||
Level 2 - inputs are observable either directly or indirectly for similar assets and liabilities in active markets. | ||||||||
Level 3 - inputs are unobservable assumptions generated by the reporting entity. | ||||||||
As of December 31, 2014, we did not have any fair value measurements using Level 3 inputs. | ||||||||
Short term financial instruments (disclosure of fair value) | ||||||||
The carrying amounts for cash and cash equivalents, tenant receivables, revolving credit lines, interest payable, accounts payable, security deposits and dividends payable approximate fair value because of the short-term nature of these instruments. | ||||||||
Secured notes receivable (disclosure of fair value) | ||||||||
See Notes 5 and 18 for the details of our secured notes receivable. The fair value of our secured notes receivable is determined using Level 2 inputs based on current market interest rates. The carrying value of our secured notes receivable approximated their fair values at December 31, 2014. | ||||||||
Secured notes payable (disclosure of fair value) | ||||||||
See Note 6 for the details of our secured notes payable. We calculate the fair value of our secured notes payable by calculating the credit-adjusted present value of the principal and interest payments using current market interest rates, assuming that the loans will be outstanding through maturity, and excluding any maturity extension options. We determined that the fair value of our secured notes payable is calculated using Level 2 inputs. The table below presents (in thousands) the estimated fair value of our secured notes payable: | ||||||||
Secured Notes Payable: | December 31, 2014 | December 31, 2013 | ||||||
Fair value | $ | 3,293,351 | $ | 3,233,555 | ||||
Carrying value | $ | 3,253,290 | $ | 3,201,140 | ||||
Derivative instruments (measured at fair value) | ||||||||
See Note 8 for the details of our derivatives. We present our derivatives on the balance sheet at fair value, on a gross basis, excluding accrued interest, without reflecting any net settlement positions with the same counterparty, using the framework for measuring fair value established by the FASB. The valuation of our interest rate swaps and caps is determined using widely accepted valuation methods, including discounted cash flow analysis of the expected future cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, and uses observable market-based inputs, including forward interest rate curves. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. We determined that the fair value of our derivatives are calculated using Level 2 inputs. The table below presents (in thousands) the estimated fair value of our derivative liabilities: | ||||||||
Derivative Instruments in a liability position:(1) | December 31, 2014 | December 31, 2013 | ||||||
Level 1 | $ | — | $ | — | ||||
Level 2 | 37,386 | 63,144 | ||||||
Level 3 | — | — | ||||||
Fair Value of Derivative Instruments | $ | 37,386 | $ | 63,144 | ||||
_________________________________________________________ | ||||||||
(1) We did not have any derivative assets as of December 31, 2014 and December 31, 2013. |
Future_Minimum_Lease_Receipts
Future Minimum Lease Receipts | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Operating Leases, Future Minimum Payments Receivable [Abstract] | ||||
Future Minimum Lease Receipts | Future Minimum Lease Receipts | |||
We lease space to tenants primarily under non-cancelable operating leases that generally contain provisions for a base rent plus reimbursement for certain operating expenses. Operating expense reimbursements are reflected in our consolidated statements of operations as tenant recoveries. | ||||
We also lease space to certain tenants under non-cancelable leases that provide for percentage rents based upon tenant revenues. Percentage rental income totaled $548 thousand for 2014, $576 thousand for 2013 and $658 thousand for 2012. | ||||
The table below presents (in thousands) the future minimum base rentals on our non-cancelable office and ground operating leases at December 31, 2014: | ||||
Twelve months ending December 31: | ||||
2015 | $ | 376,141 | ||
2016 | 335,928 | |||
2017 | 284,546 | |||
2018 | 226,177 | |||
2019 | 182,292 | |||
Thereafter | 444,007 | |||
Total future minimum base rentals | $ | 1,849,091 | ||
The above future minimum lease receipts exclude residential leases, which typically have a term of one year or less, as well as tenant reimbursements, amortization of deferred rent receivables, and amortization of acquired above/below-market lease intangibles. Some leases are subject to termination options, generally upon payment of a termination fee. The preceding table assumes that these termination options are not exercised. |
Future_Minimum_Lease_Payments
Future Minimum Lease Payments | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||||
Future Minimum Lease Payments | Future Minimum Lease Payments | ||||
We leased portions of the land underlying two of our office buildings. We expensed ground lease payments of $2.6 million for 2014 and $2.2 million for both 2013 and 2012. We acquired the fee interest related to one of these two leases in February 2015. See Note 19. Because we had the ability to acquire the respective fee interest, we excluded payments under this lease from the future minimum ground rent payments in the table below. | |||||
The table below presents (in thousands) our future minimum ground lease payments as of December 31, 2014: | |||||
Twelve months ending December 31: | |||||
2015 | $ | 733 | |||
2016 | 733 | ||||
2017 | 733 | ||||
2018 | 733 | ||||
2019 | 733 | ||||
Thereafter | 49,110 | ||||
Total future minimum lease payments | $ | 52,775 | (1) | ||
___________________________________________________ | |||||
-1 | Lease term ends on December 31, 2086, and requires ground rent payments totaling $733 thousand per year that will continue until February 28, 2019, rental payments for successive rental periods thereafter shall be determined by mutual agreement with the lessor. The future minimum ground lease payments in the table above assume that the rental will continue to be $733 thousand per year after February 28, 2019. |
Commitments_Contingencies_and_
Commitments, Contingencies and Guarantees | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Guarantees | Commitments, Contingencies and Guarantees |
Legal Proceedings | |
We are subject to various legal proceedings and claims that arise in the ordinary course of business. Excluding ordinary, routine litigation incidental to our business, we are not currently a party to any legal proceedings that we believe would reasonably be expected to have a materially adverse effect on our business, financial condition or results of operations. | |
Concentration of Credit Risk | |
Our properties are located in Los Angeles County, California and Honolulu, Hawaii. The ability of our tenants to honor the terms of their respective leases is dependent upon the economic, regulatory and social factors affecting the markets in which the tenants operate. We perform ongoing credit evaluations of our tenants for potential credit losses. In addition, we have financial instruments that subject us to credit risk, which consist primarily of accounts receivable, deferred rents receivable and interest rate contracts. We maintain our cash and cash equivalents at high quality financial institutions with investment grade ratings. Interest bearing accounts at each U.S. banking institution are insured by the Federal Deposit Insurance Corporation up to $250 thousand. To date, we have not experienced any losses on our deposited cash. | |
Asset Retirement Obligations | |
Conditional asset retirement obligations represent a legal obligation to perform an asset retirement activity in which the timing and/or method of settlement is conditional on a future event that may or may not be within our control. A liability for a conditional asset retirement obligation must be recorded if the fair value of the obligation can be reasonably estimated. Environmental site assessments and investigations have identified twenty-three properties in our consolidated portfolio, and four properties owned by our Funds, containing asbestos, which would have to be removed in compliance with applicable environmental regulations if these properties undergo major renovations or are demolished. As of December 31, 2014, the obligations to remove the asbestos from these properties have indeterminable settlement dates, and we are unable to reasonably estimate the fair value of the associated conditional asset retirement obligation. | |
Guarantees | |
We made certain environmental and other limited indemnities and guarantees covering customary non-recourse carve outs for a $325.0 million loan of one of our Funds. The loan matures on May 1, 2018, and carries interest that is effectively fixed by an interest rate swap which matures on May 1, 2017. We have also guaranteed the related swap. We have an indemnity from the Fund for any amounts that we would be required to pay under these agreements. As of December 31, 2014, the maximum future payments under the swap agreement were approximately $4.6 million. As of December 31, 2014, all of the obligations under the loan and swap agreements have been performed by the Fund in accordance with the terms of those agreements. | |
Tenant Concentrations | |
In 2014, 2013 and 2012, no tenant accounted for more than 10% of our total rental revenue and tenant recoveries. |
Segment_Reporting
Segment Reporting | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Segment Reporting | Segment Reporting | |||||||||||
Segment information is prepared on the same basis that we review information for operational decision-making purposes. We operate in two business segments: (i) the acquisition, development, ownership and management of office real estate and (ii) the acquisition, development, ownership and management of multifamily real estate. The services for our office segment primarily include rental of office space and other tenant services, including parking and storage space rental. The services for our multifamily segment include rental of apartments and other tenant services, including parking and storage space rental. | ||||||||||||
Asset information by segment is not reported because we do not use this measure to assess performance or make decisions to allocate resources. Therefore, depreciation and amortization expense is not allocated among segments. General and administrative expenses and interest expense are not included in segment profit as our internal reporting addresses these items on a corporate level. | ||||||||||||
Segment profit is not a measure of operating income or cash flows from operating activities as measured by GAAP, is not indicative of cash available to fund cash needs and should not be considered an alternative to cash flows as a measure of liquidity. Not all companies may calculate segment profit in the same manner. We consider segment profit to be an appropriate supplemental measure to net income because it can assist both investors and management in understanding the core operations of our properties. | ||||||||||||
The table below presents (in thousands) the operating activity of our reportable segments: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Office Segment | ||||||||||||
Total office revenues | $ | 519,422 | $ | 514,600 | $ | 505,276 | ||||||
Office expenses | (181,177 | ) | (174,952 | ) | (170,725 | ) | ||||||
Segment profit | 338,245 | 339,648 | 334,551 | |||||||||
Multifamily Segment | ||||||||||||
Total multifamily revenues | 80,117 | 76,936 | 73,723 | |||||||||
Multifamily expenses | (20,664 | ) | (19,928 | ) | (19,672 | ) | ||||||
Segment profit | 59,453 | 57,008 | 54,051 | |||||||||
Total profit from all segments | $ | 397,698 | $ | 396,656 | $ | 388,602 | ||||||
The table below (in thousands) is a reconciliation of the total profit from all segments to net income attributable to common stockholders: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Total profit from all segments | $ | 397,698 | $ | 396,656 | $ | 388,602 | ||||||
General and administrative expenses | (27,332 | ) | (26,614 | ) | (27,943 | ) | ||||||
Depreciation and amortization | (202,512 | ) | (191,351 | ) | (184,849 | ) | ||||||
Other income | 17,675 | 6,402 | 2,821 | |||||||||
Other expenses | (7,095 | ) | (4,199 | ) | (1,883 | ) | ||||||
Income (loss), including depreciation, from unconsolidated real estate funds | 3,713 | 3,098 | (1,710 | ) | ||||||||
Interest expense | (128,507 | ) | (130,548 | ) | (146,693 | ) | ||||||
Acquisition-related expenses | (786 | ) | (607 | ) | — | |||||||
Net income | 52,854 | 52,837 | 28,345 | |||||||||
Less: Net income attributable to noncontrolling interests | (8,233 | ) | (7,526 | ) | (5,403 | ) | ||||||
Net income attributable to common stockholders | $ | 44,621 | $ | 45,311 | $ | 22,942 | ||||||
Quarterly_Financial_Informatio
Quarterly Financial Information (unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information [Abstract] | |||||||||||||||||
Quarterly Financial Information (unaudited) | Quarterly Financial Information (unaudited) | ||||||||||||||||
The tables below present (in thousands, except per share amounts) selected quarterly information for 2014 and 2013: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | 30-Jun-14 | 30-Sep-14 | 31-Dec-14 | ||||||||||||||
2014 | |||||||||||||||||
Total revenue | $ | 148,876 | $ | 151,426 | $ | 148,146 | $ | 151,091 | |||||||||
Net income before noncontrolling interests | 15,458 | 15,917 | 8,681 | 12,798 | |||||||||||||
Net income attributable to common stockholders | 12,976 | 13,363 | 7,389 | 10,893 | |||||||||||||
Net income per common share - basic | $ | 0.09 | $ | 0.09 | $ | 0.05 | $ | 0.08 | |||||||||
Net income per common share - diluted | $ | 0.09 | $ | 0.09 | $ | 0.05 | $ | 0.07 | |||||||||
Weighted average shares of common stock outstanding - basic | 143,140 | 143,717 | 144,361 | 144,823 | |||||||||||||
Weighted average shares of common stock outstanding - diluted | 175,751 | 176,310 | 176,413 | 176,436 | |||||||||||||
Three Months Ended | |||||||||||||||||
31-Mar-13 | 30-Jun-13 | 30-Sep-13 | 31-Dec-13 | ||||||||||||||
Total revenue | $ | 145,458 | $ | 148,716 | $ | 149,686 | $ | 147,676 | |||||||||
Net income before noncontrolling interests | 14,612 | 14,978 | 12,743 | 10,504 | |||||||||||||
Net income attributable to common stockholders | 12,082 | 13,635 | 10,751 | 8,843 | |||||||||||||
Net income per common share - basic | $ | 0.08 | $ | 0.1 | $ | 0.08 | $ | 0.06 | |||||||||
Net income per common share - diluted | $ | 0.08 | $ | 0.09 | $ | 0.07 | $ | 0.06 | |||||||||
Weighted average shares of common stock outstanding - basic | 142,440 | 142,581 | 142,598 | 142,603 | |||||||||||||
Weighted average shares of common stock outstanding - diluted | 174,579 | 175,252 | 174,756 | 174,600 | |||||||||||||
Investments_In_Unconsolidated_
Investments In Unconsolidated Real Estate Funds | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Real Estate Investments, Net [Abstract] | |||||||||
Investments In Unconsolidated Real Estate Funds | Investments in Unconsolidated Real Estate Funds | ||||||||
We manage and own an equity interest in two Funds, Fund X and Partnership X, through which we and institutional investors own 8 office properties totaling 1.8 million square feet in our core markets. At December 31, 2014, we held equity interests of 68.61% of Fund X and 24.25% of Partnership X. We received cash distributions from our Funds totaling $12.4 million for 2014, $8.3 million for 2013 and $5.5 million for 2012. | |||||||||
We did not acquire any additional interests in our Funds in 2014. During the first quarter of 2013, we acquired an additional 3.3% interest in Fund X and an additional 0.9% interest in Partnership X from an existing investor for an aggregate of approximately $8.0 million in cash. During the first quarter of 2012, we acquired an additional 16.3% interest in Fund X from existing investors for approximately $33.4 million in cash. | |||||||||
Our investment in the Funds includes a note receivable. On April 3, 2013, we loaned $2.9 million to a related party investor in connection with a capital call made by Fund X. The loan carries interest at one month LIBOR plus 2.5%, and is due and payable no later than April 1, 2017, with mandatory prepayments equal to any distributions with respect to the related party's interest in Fund X. As of December 31, 2014, and 2013 the balance outstanding on the loan was $1.5 million and $2.7 million, respectively. The interest recognized on this note is included in other income in the consolidated statements of operations. | |||||||||
The tables below present (in thousands) selected financial information for the Funds on a combined basis. The accounting policies of the Funds are consistent with those of the Company. The amounts presented represent 100% (not our pro-rata share) of amounts related to the Funds and are based upon historical acquired book value: | |||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Total revenues | $ | 66,234 | $ | 63,976 | |||||
Operating income | 11,738 | 10,151 | |||||||
Net income (loss) | 254 | (829 | ) | ||||||
December 31, 2014 | December 31, 2013 | ||||||||
Total assets | $ | 703,130 | $ | 722,983 | |||||
Total liabilities | 389,413 | 391,892 | |||||||
Total equity | 313,717 | 331,091 | |||||||
Subsequent_Events_Notes
Subsequent Events (Notes) | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent events |
On December 29, 2014, we entered into an agreement to purchase a 224 thousand square foot Class “A” multi-tenant office property in Encino for $89.0 million, or approximately $397 per square foot. Subject to typical closing conditions, the purchase is scheduled to close during the first quarter of 2015. | |
On February 12, 2015, the owner of a fee interest related to one of our office buildings, to whom we previously loaned $27.5 million, repaid $1.0 million of the loan and then contributed the fee interest, subject to the remaining balance of that loan of $26.5 million, in exchange for 34,412 units in our operating partnership valued at $1.0 million. We expect that an additional $6.6 million of accretion of an above-market ground lease related to the fee interest will be recognized in other income in the first quarter of 2015 as a result of this transaction. See Note 4. |
Schedule_III
Schedule III | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
Schedule III | |||||||||||||||||||||||||||||||||||||
Douglas Emmett, Inc. | |||||||||||||||||||||||||||||||||||||
Schedule III | |||||||||||||||||||||||||||||||||||||
Consolidated Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||
Initial Cost | Cost Capitalized Subsequent to Acquisition | Gross Carrying Amount | |||||||||||||||||||||||||||||||||||
at December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Property Name | Encumbrances at December 31, 2014 | Land | Building & Improvements | Improvements | Land | Building & Improvements | Total | Accumulated Depreciation at December 31, 2014 | Year Built / Renovated | Year Acquired | |||||||||||||||||||||||||||
Office Properties | |||||||||||||||||||||||||||||||||||||
100 Wilshire | $ | 139,199 | $ | 12,769 | $ | 78,447 | $ | 139,026 | $ | 27,108 | $ | 203,134 | $ | 230,242 | $ | (50,341 | ) | 1968/2002 | 1999 | ||||||||||||||||||
11777 San Vicente | 25,931 | 5,032 | 15,768 | 29,614 | 6,714 | 43,700 | 50,414 | (10,434 | ) | 1974/1998 | 1999 | ||||||||||||||||||||||||||
12400 Wilshire | 61,436 | 5,013 | 34,283 | 75,233 | 8,828 | 105,701 | 114,529 | (26,048 | ) | 1985 | 1996 | ||||||||||||||||||||||||||
16501 Ventura | — | 6,759 | 53,112 | 7,715 | 6,759 | 60,827 | 67,586 | (3,314 | ) | 1986/2012 | 2013 | ||||||||||||||||||||||||||
1901 Avenue of the Stars | 155,000 | 18,514 | 131,752 | 111,562 | 26,163 | 235,665 | 261,828 | (60,316 | ) | 1968/2001 | 2001 | ||||||||||||||||||||||||||
401 Wilshire | 79,787 | 9,989 | 29,187 | 115,305 | 21,787 | 132,694 | 154,481 | (33,816 | ) | 1981/2000 | 1996 | ||||||||||||||||||||||||||
8484 Wilshire | 32,209 | 8,846 | 77,780 | 13,838 | 8,846 | 91,619 | 100,465 | (4,588 | ) | 1972/2013 | 2013 | ||||||||||||||||||||||||||
9601 Wilshire | 112,144 | 16,597 | 54,774 | 110,371 | 17,658 | 164,084 | 181,742 | (41,612 | ) | 1962/2004 | 2001 | ||||||||||||||||||||||||||
Beverly Hills Medical Center | 31,469 | 4,955 | 27,766 | 28,218 | 6,435 | 54,504 | 60,939 | (14,058 | ) | 1964/2004 | 2004 | ||||||||||||||||||||||||||
Bishop Place | 73,813 | 8,317 | 105,651 | 59,385 | 8,833 | 164,520 | 173,353 | (44,204 | ) | 1992 | 2004 | ||||||||||||||||||||||||||
Bishop Square | 139,131 | 16,273 | 213,793 | 20,495 | 16,273 | 234,288 | 250,561 | (39,269 | ) | 1972/1983 | 2010 | ||||||||||||||||||||||||||
Brentwood Court | 6,318 | 2,564 | 8,872 | 291 | 2,563 | 9,164 | 11,727 | (2,491 | ) | 1984 | 2006 | ||||||||||||||||||||||||||
Brentwood Executive Plaza | 25,461 | 3,255 | 9,654 | 33,511 | 5,921 | 40,499 | 46,420 | (10,826 | ) | 1983/1996 | 1995 | ||||||||||||||||||||||||||
Brentwood Medical Plaza | 25,805 | 5,934 | 27,836 | 2,103 | 5,933 | 29,940 | 35,873 | (8,106 | ) | 1975 | 2006 | ||||||||||||||||||||||||||
Brentwood San Vicente Medical | 13,297 | 5,557 | 16,457 | 1,020 | 5,557 | 17,477 | 23,034 | (4,587 | ) | 1957/1985 | 2006 | ||||||||||||||||||||||||||
Brentwood/Saltair | 13,065 | 4,468 | 11,615 | 11,712 | 4,775 | 23,020 | 27,795 | (6,133 | ) | 1986 | 2000 | ||||||||||||||||||||||||||
Bundy/Olympic | 24,056 | 4,201 | 11,860 | 29,180 | 6,030 | 39,211 | 45,241 | (10,122 | ) | 1991/1998 | 1994 | ||||||||||||||||||||||||||
Camden Medical Arts | 28,606 | 3,102 | 12,221 | 27,813 | 5,298 | 37,838 | 43,136 | (9,461 | ) | 1972/1992 | 1995 | ||||||||||||||||||||||||||
Carthay Campus | — | 6,595 | 70,454 | 131 | 6,595 | 70,585 | 77,180 | (486 | ) | 1965/2008 | 2014 | ||||||||||||||||||||||||||
Century Park Plaza | 85,010 | 10,275 | 70,761 | 104,974 | 16,153 | 169,857 | 186,010 | (42,650 | ) | 1972/1987 | 1999 | ||||||||||||||||||||||||||
Century Park West | 11,989 | 3,717 | 29,099 | 528 | 3,667 | 29,677 | 33,344 | (7,492 | ) | 1971 | 2007 | ||||||||||||||||||||||||||
Columbus Center | 10,559 | 2,096 | 10,396 | 9,610 | 2,333 | 19,769 | 22,102 | (5,249 | ) | 1987 | 2001 | ||||||||||||||||||||||||||
Coral Plaza | 23,327 | 4,028 | 15,019 | 18,899 | 5,366 | 32,580 | 37,946 | (8,473 | ) | 1981 | 1998 | ||||||||||||||||||||||||||
Cornerstone Plaza | 24,085 | 8,245 | 80,633 | 4,729 | 8,263 | 85,344 | 93,607 | (19,210 | ) | 1986 | 2007 | ||||||||||||||||||||||||||
Encino Gateway | 51,463 | 8,475 | 48,525 | 53,012 | 15,653 | 94,359 | 110,012 | (25,523 | ) | 1974/1998 | 2000 | ||||||||||||||||||||||||||
Encino Plaza | 30,011 | 5,293 | 23,125 | 46,267 | 6,165 | 68,520 | 74,685 | (19,106 | ) | 1971/1992 | 2000 | ||||||||||||||||||||||||||
Encino Terrace | 67,307 | 12,535 | 59,554 | 94,319 | 15,533 | 150,875 | 166,408 | (40,360 | ) | 1986 | 1999 | ||||||||||||||||||||||||||
Executive Tower | 33,909 | 6,660 | 32,045 | 60,291 | 9,471 | 89,525 | 98,996 | (23,327 | ) | 1989 | 1995 | ||||||||||||||||||||||||||
Gateway Los Angeles | 28,429 | 2,376 | 15,302 | 48,370 | 5,119 | 60,929 | 66,048 | (15,708 | ) | 1987 | 1994 | ||||||||||||||||||||||||||
Harbor Court | — | 51 | 41,001 | 21,332 | — | 62,384 | 62,384 | (17,811 | ) | 1994 | 2004 | ||||||||||||||||||||||||||
Honolulu Club | 16,140 | 1,863 | 16,766 | 6,731 | 1,863 | 23,497 | 25,360 | (5,578 | ) | 1980 | 2008 | ||||||||||||||||||||||||||
Landmark II | 118,684 | 19,156 | 109,259 | 79,641 | 26,139 | 181,917 | 208,056 | (56,866 | ) | 1989 | 1997 | ||||||||||||||||||||||||||
Lincoln/Wilshire | 24,895 | 3,833 | 12,484 | 22,879 | 7,475 | 31,721 | 39,196 | (7,802 | ) | 1996 | 2000 | ||||||||||||||||||||||||||
MB Plaza | 28,091 | 4,533 | 22,024 | 30,582 | 7,503 | 49,636 | 57,139 | (14,314 | ) | 1971/1996 | 1998 | ||||||||||||||||||||||||||
Douglas Emmett, Inc. | |||||||||||||||||||||||||||||||||||||
Schedule III (continued) | |||||||||||||||||||||||||||||||||||||
Consolidated Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||
Initial Cost | Cost Capitalized Subsequent to Acquisition | Gross Carrying Amount | |||||||||||||||||||||||||||||||||||
at December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Property Name | Encumbrances at December 31, 2014 | Land | Building & Improvements | Improvements | Land | Building & Improvements | Total | Accumulated Depreciation at December 31, 2014 | Year Built / Renovated | Year Acquired | |||||||||||||||||||||||||||
Office Properties (continued) | |||||||||||||||||||||||||||||||||||||
Olympic Center | 27,968 | 5,473 | 22,850 | 31,899 | 8,247 | 51,975 | 60,222 | (13,879 | ) | 1985/1996 | 1997 | ||||||||||||||||||||||||||
One Westwood | 45,577 | 10,350 | 29,784 | 59,738 | 9,194 | 90,678 | 99,872 | (23,751 | ) | 1987/2004 | 1999 | ||||||||||||||||||||||||||
Palisades Promenade | 35,904 | 5,253 | 15,547 | 51,903 | 9,664 | 63,039 | 72,703 | (16,207 | ) | 1990 | 1995 | ||||||||||||||||||||||||||
Saltair/San Vicente | 15,472 | 5,075 | 6,946 | 16,920 | 7,557 | 21,384 | 28,941 | (5,738 | ) | 1964/1992 | 1997 | ||||||||||||||||||||||||||
San Vicente Plaza | 9,430 | 7,055 | 12,035 | 404 | 7,055 | 12,439 | 19,494 | (3,720 | ) | 1985 | 2006 | ||||||||||||||||||||||||||
Santa Monica Square | 25,487 | 5,366 | 18,025 | 20,241 | 6,863 | 36,769 | 43,632 | (9,723 | ) | 1983/2004 | 2001 | ||||||||||||||||||||||||||
Second Street Plaza | 35,802 | 4,377 | 15,277 | 35,296 | 7,421 | 47,529 | 54,950 | (12,979 | ) | 1991 | 1997 | ||||||||||||||||||||||||||
Sherman Oaks Galleria | 264,297 | 33,213 | 17,820 | 409,279 | 48,328 | 411,984 | 460,312 | (114,233 | ) | 1981/2002 | 1997 | ||||||||||||||||||||||||||
Studio Plaza | 115,591 | 9,347 | 73,358 | 129,449 | 15,015 | 197,139 | 212,154 | (55,486 | ) | 1988/2004 | 1995 | ||||||||||||||||||||||||||
The Trillium | 67,283 | 20,688 | 143,263 | 82,897 | 21,989 | 224,859 | 246,848 | (58,705 | ) | 1988 | 2005 | ||||||||||||||||||||||||||
Tower at Sherman Oaks | 20,000 | 4,712 | 15,747 | 37,584 | 8,685 | 49,358 | 58,043 | (13,740 | ) | 1967/1991 | 1997 | ||||||||||||||||||||||||||
Valley Executive Tower | 86,055 | 8,446 | 67,672 | 100,068 | 11,737 | 164,449 | 176,186 | (43,120 | ) | 1984 | 1998 | ||||||||||||||||||||||||||
Valley Office Plaza | 35,037 | 5,731 | 24,329 | 46,978 | 8,957 | 68,081 | 77,038 | (18,643 | ) | 1966/2002 | 1998 | ||||||||||||||||||||||||||
Verona | 14,262 | 2,574 | 7,111 | 13,968 | 5,111 | 18,542 | 23,653 | (4,931 | ) | 1991 | 1997 | ||||||||||||||||||||||||||
Village on Canon | 33,583 | 5,933 | 11,389 | 48,622 | 13,303 | 52,641 | 65,944 | (13,039 | ) | 1989/1995 | 1994 | ||||||||||||||||||||||||||
Warner Center Towers | 285,000 | 43,110 | 292,147 | 393,398 | 59,418 | 669,237 | 728,655 | (175,984 | ) | 1982-1993/2004 | 2002 | ||||||||||||||||||||||||||
Westside Towers | 80,216 | 8,506 | 79,532 | 77,913 | 14,568 | 151,383 | 165,951 | (39,016 | ) | 1985 | 1998 | ||||||||||||||||||||||||||
Westwood Place | 52,094 | 8,542 | 44,419 | 51,895 | 11,448 | 93,408 | 104,856 | (23,753 | ) | 1987 | 1999 | ||||||||||||||||||||||||||
Multifamily Properties | |||||||||||||||||||||||||||||||||||||
555 Barrington | 43,440 | 6,461 | 27,639 | 40,392 | 14,903 | 59,589 | 74,492 | (14,641 | ) | 1989 | 1999 | ||||||||||||||||||||||||||
Barrington Plaza | 153,630 | 28,568 | 81,485 | 152,529 | 58,208 | 204,374 | 262,582 | (48,912 | ) | 1963/1998 | 1998 | ||||||||||||||||||||||||||
Barrington/Kiowa | 7,750 | 5,720 | 10,052 | 526 | 5,720 | 10,578 | 16,298 | (2,616 | ) | 1974 | 2006 | ||||||||||||||||||||||||||
Barry | 7,150 | 6,426 | 8,179 | 481 | 6,426 | 8,660 | 15,086 | (2,264 | ) | 1973 | 2006 | ||||||||||||||||||||||||||
Kiowa | 3,100 | 2,605 | 3,263 | 262 | 2,605 | 3,525 | 6,130 | (907 | ) | 1972 | 2006 | ||||||||||||||||||||||||||
Landmark II Development | — | — | — | 1,162 | — | 1,162 | 1,162 | — | 2013/2014 | N/A | |||||||||||||||||||||||||||
Moanalua Hillside Apartments | 145,000 | 24,720 | 85,895 | 42,309 | 35,365 | 117,559 | 152,924 | (27,649 | ) | 1968/2004 | 2005 | ||||||||||||||||||||||||||
Pacific Plaza | 46,400 | 10,091 | 16,159 | 74,205 | 27,816 | 72,639 | 100,455 | (17,217 | ) | 1963/1998 | 1999 | ||||||||||||||||||||||||||
The Shores | 144,610 | 20,809 | 74,191 | 197,659 | 60,555 | 232,104 | 292,659 | (54,582 | ) | 1965-67/2002 | 1999 | ||||||||||||||||||||||||||
Villas at Royal Kunia | 82,000 | 42,887 | 71,376 | 14,274 | 35,164 | 93,373 | 128,537 | (26,041 | ) | 1990/1995 | 2006 | ||||||||||||||||||||||||||
Waena | — | 26,864 | 119,273 | — | 26,864 | 119,273 | 146,137 | — | 1970/2009-2014 | 2014 | |||||||||||||||||||||||||||
Ground Lease | |||||||||||||||||||||||||||||||||||||
Owensmouth/Warner | 12,526 | 23,848 | — | — | 23,848 | — | 23,848 | — | N/A | 2006 | |||||||||||||||||||||||||||
TOTAL | $ | 3,435,290 | $ | 634,627 | $ | 2,972,038 | $ | 3,550,938 | $ | 900,813 | $ | 6,256,790 | $ | 7,157,603 | $ | (1,531,157 | ) | ||||||||||||||||||||
The aggregate cost of total real estate for federal income tax purposes was approximately $4.25 billion at December 31, 2014. | |||||||||||||||||||||||||||||||||||||
Douglas Emmett, Inc. | |||||||||||||||||||||||||||||||||||||
Schedule III (continued) | |||||||||||||||||||||||||||||||||||||
Consolidated Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Real Estate Assets | |||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 7,012,733 | $ | 6,786,537 | $ | 6,726,018 | |||||||||||||||||||||||||||||||
Additions: | property acquisitions | 223,186 | 146,497 | — | |||||||||||||||||||||||||||||||||
improvements | 84,578 | 79,150 | 60,519 | ||||||||||||||||||||||||||||||||||
developments | 4,280 | 549 | — | ||||||||||||||||||||||||||||||||||
Write-offs: | (167,174 | ) | — | — | |||||||||||||||||||||||||||||||||
Balance, end of period | $ | 7,157,603 | $ | 7,012,733 | $ | 6,786,537 | |||||||||||||||||||||||||||||||
Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | (1,495,819 | ) | $ | (1,304,468 | ) | $ | (1,119,619 | ) | ||||||||||||||||||||||||||||
Additions: | depreciation | (202,512 | ) | (191,351 | ) | (184,849 | ) | ||||||||||||||||||||||||||||||
Write-offs: | 167,174 | — | — | ||||||||||||||||||||||||||||||||||
Balance, end of period | $ | (1,531,157 | ) | $ | (1,495,819 | ) | $ | (1,304,468 | ) |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates |
The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. | |
Investments in Real Estate | Investments in Real Estate |
We account for acquisitions of properties utilizing the purchase method, and include the results of operations of the acquired properties in our results of operations from their respective dates of acquisition. We expense transaction costs related to acquisitions when they are incurred. | |
When we acquire a property, we determine the fair values of the tangible assets on an ‘‘as-if-vacant’’ basis. We use estimates of future cash flows, comparable sales, other relevant information obtained in connection with the acquisition of the property, and other valuation techniques to allocate the purchase price of each acquired property between land, buildings and improvements, tenant improvements and leasing costs, and identifiable intangible assets and liabilities such as amounts related to in-place at-market leases, acquired above- and below-market tenant leases, and acquired above- and below-market ground leases. | |
The estimated fair value of acquired in-place at-market tenant leases represents the estimated costs that we would have incurred to lease the property to the occupancy level of the property at the date of acquisition, including the fair value of leasing commissions and legal costs. Additionally, we evaluate the time period over which such occupancy level would be achieved and include an estimate of the net operating costs (primarily real estate taxes, insurance and utilities) incurred during the lease-up period. We record above-market and below-market in-place lease intangibles as an asset or liability based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between the contractual amounts to be received or paid pursuant to the in-place tenant or ground leases, respectively, and our estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. Our initial valuations and allocations are subject to change until the allocation is finalized within 12 months after the acquisition date. See Note 3 for our property acquisition disclosures. | |
Buildings and site improvements are depreciated on a straight-line basis using an estimated life of forty years for buildings and fifteen years for site improvements. We carry buildings and site improvements, offset by the related accumulated depreciation, on our balance sheet until they are either sold or impaired. | |
Tenant improvements are depreciated over the life of the related lease, with any remaining balance depreciated in the period of any early termination of that lease. During 2014, we removed the cost and accumulated depreciation of $79.2 million of fully depreciated tenant improvements determined to be no longer in use from our balance sheet. | |
Acquired in-place leases are amortized on a straight line basis over the weighted average remaining term of the acquired in-place leases. We carry acquired in-place leases, offset by the related accumulated amortization, on our balance sheet until the related building is either sold or impaired. | |
Leasing intangibles are amortized on a straight-line basis over the related lease term, with any remaining balance amortized in the period of any early termination of that lease. During 2014, we removed the cost and accumulated amortization of $82.6 million of fully amortized leasing intangibles from our balance sheet. | |
Acquired above- and below-market tenant leases are amortized over the life of the related lease and recorded as either an increase (for below-market leases) or a decrease (for above-market leases) to rental income. Acquired above- and below-market ground leases are amortized over the life of the lease and recorded either as an increase (for below-market leases) or a decrease (for above-market leases) to revenue. During 2014, we removed the cost and accumulated amortization/accretion of $32.2 million of fully amortized above-market tenant leases and $137.3 million of fully accreted below-market tenant leases from our balance sheet. | |
When assets are sold or retired, their cost and related accumulated depreciation or amortization are removed from our balance sheet with the resulting gains or losses, if any, reflected in discontinued operations for the respective period. Repairs and maintenance are recorded as expense when incurred. | |
Interest, insurance, property taxes and other costs incurred during the period of construction of real estate are capitalized. Cost capitalization of development and redevelopment activities begins during the predevelopment period, which we define as activities that are necessary for the development of the property. We cease capitalization upon substantial completion of the project, but no later than one year from cessation of major construction activity. We also cease capitalization when activities necessary to prepare the property for its intended use have been suspended. During 2014 and 2013, we capitalized $4.3 million and $549 thousand of costs related to our multifamily developments in Honolulu and Brentwood, respectively, which includes $294 thousand and $75 thousand of capitalized interest expense, respectively. We did not capitalize any costs during 2012 related to development or redevelopment activities. | |
Insurance Recoveries | |
The amount by which insurance recoveries related to property damage exceed any losses recognized from that damage are recorded as other income when payment is either received or receipt is determined to be probable. | |
Investment in Unconsolidated Real Estate Funds | Investment in Unconsolidated Real Estate Funds |
At December 31, 2014, we managed and held equity interests in two Funds: Fund X and Partnership X. We held a 68.61% interest in Fund X, and an aggregate 24.25% interest in the properties held by Partnership X and its subsidiaries. We account for our investments in the Funds using the equity method because we have significant influence but not control over the entities and our Funds do not qualify as variable interest entities. Our investment balance represents our share of the net assets of the combined Funds, additional basis of approximately $2.9 million (primarily due to the inclusion of the cost of raising capital that is accounted for as part of our investment basis), and a note receivable with an outstanding balance of $1.5 million. See Note 18. | |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets |
We assess whether there has been impairment in the value of our long-lived assets whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount to the undiscounted future cash flows expected to be generated by the asset. If the current carrying value exceeds the estimated undiscounted cash flows, an impairment loss is recorded equal to the difference between the asset’s current carrying value and its fair value based on the discounted estimated future cash flows. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less costs to sell. Based upon such periodic assessments, no impairments occurred during 2014, 2013 or 2012. | |
We assess whether there has been impairment in the value of our investments in our Funds periodically. An impairment charge is recorded when events or change in circumstances indicate that a decline in the fair value below the carrying value has occurred and such decline is other-than-temporary. The ultimate realization of the investments in our Funds is dependent on a number of factors, including the performance of the investment and market conditions. We will record an impairment charge if we determine that a decline in the value of an investment in one of our Funds is other-than-temporary. Based upon such periodic assessments, no impairment occurred during 2014, 2013 or 2012. | |
An asset is classified as an asset held for sale when it meets certain requirements, including the approval of the sale of the asset, the marketing of the asset for sale, and our expectation that the sale will likely occur within the next 12 months. Upon classification of an asset as held for disposition, the net book value of the asset, excluding long-term debt, is included on the balance sheet as properties held for disposition, we cease to depreciate the asset, and the operating results of the asset are included in discontinued operations for all periods presented. As of December 31, 2014, we did not have any assets classified as held for sale. | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
For purposes of the consolidated statements of cash flows, we consider short-term investments with maturities of three months or less when purchased to be cash equivalents. | |
Revenue and Gain Recognition | Revenue and Gain Recognition |
Four basic criteria must be met before revenue can be recognized: persuasive evidence of an arrangement exists; services are rendered; the fee is fixed and determinable; and collectibility is reasonably assured. All leases are classified as operating leases. For all lease terms exceeding one year, rental income is recognized on a straight-line basis over the term of the lease. Deferred rent receivables represent rental revenue recognized on a straight-line basis in excess of billed rents. Lease termination fees, which are included in rental revenues in the accompanying consolidated statements of operations, are recognized when the related lease is canceled and we have no continuing obligation to provide services to such former tenant. We recorded total lease termination revenue of $2.6 million for 2014, $576 thousand for 2013 and $985 thousand for 2012. | |
Estimated recoveries from tenants for real estate taxes, common area maintenance and other recoverable operating expenses are recognized as revenues in the period that the expenses are incurred. Subsequent to year-end, we perform reconciliations on a lease-by-lease basis and bill or credit each tenant for any cumulative annual adjustments. In addition, we record a tenant improvement and deferred revenue for leasehold improvements constructed by us that are reimbursed by tenants. The deferred revenue is amortized as additional rental revenue over the related lease term. Rental revenue from month-to-month leases or leases with no scheduled rent increases or other adjustments is recognized on a monthly basis when earned. | |
The recognition of gains on sales of real estate requires that we measure the timing of a sale against various criteria related to the terms of the transaction, as well as any continuing involvement in the form of management or financial assistance associated with the property. If the sales criteria are not met, we defer gain recognition and account for the continued operations of the property by applying the finance, profit-sharing or leasing method. If the sales criteria have been met, we further analyze whether profit recognition is appropriate using the full accrual method. If the criteria to recognize profit using the full accrual method have not been met, we defer the gain and recognize it when the criteria are met or use the installment or cost recovery method as appropriate under the circumstances. | |
Monitoring of Rents and Other Receivables | Monitoring of Rents and Other Receivables |
We maintain an allowance for estimated losses that may result from the inability of tenants to make required payments. If a tenant fails to make contractual payments beyond any allowance, we may recognize bad debt expense in future periods equal to the amount of unpaid rent and deferred rent. We take into consideration many factors to evaluate the level of reserves necessary, including historical termination/default activity and current economic conditions. As of December 31, 2014 and 2013, we had an allowance for doubtful accounts of $7.8 million and $10.7 million, respectively. | |
We generally do not require collateral or other security from our tenants other than letters of credit or cash security deposits. As of December 31, 2014 and 2013, we had a total of approximately $14.7 million and $17.0 million, respectively, of letters of credit held for security, as well as $37.5 million and $35.5 million, respectively, of cash security deposits. | |
Interest Income | Interest Income |
Interest income on our notes receivable is recognized over the life of the respective notes using the effective interest method and recognized on the accrual basis. Interest income is included in other income in the consolidated statements of operations. See Notes 5 and 18. | |
Deferred Loan Costs | Deferred Loan Costs |
Costs incurred directly with the issuance of secured notes payable are capitalized and amortized to interest expense over the respective loan term. Any unamortized amounts are fully amortized upon early repayment of secured notes payable, and the related cost and accumulated amortization are removed from our balance sheet. Deferred loan costs are included in other assets in the consolidated balance sheets. See Note 5. | |
Interest Rate Agreements | Interest Rate Agreements |
We generally manage our interest rate risk associated with floating rate borrowings by entering into interest rate swap and interest rate cap contracts. The interest rate swap agreements that we utilize effectively modify our exposure to interest rate risk by converting our floating-rate debt to a fixed-rate basis, thus reducing the impact of interest-rate changes on future interest expense. These agreements involve the receipt of floating-rate amounts in exchange for fixed-rate interest payments over the life of the agreements without an exchange of the underlying principal amount. We do not use any other derivative instruments. | |
We record all derivatives on the balance sheet at fair value on a gross basis. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, are considered to be fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered to be cash flow hedges. | |
Our objective in using derivatives is to add stability to interest expense and to manage our exposure to interest rate movements and other identified risks. To accomplish this objective, we primarily use interest rate swaps as part of our cash flow hedging strategy. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative are initially reported in other comprehensive income (a component of equity outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings. The ineffective portion of changes in the fair value of the derivative are recognized directly in earnings. We assess the effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. For derivatives not designated as hedges, changes in fair value are recognized directly in earnings. The fair value of these hedges is obtained through independent third-party valuation sources that use conventional valuation algorithms. See Note 8. | |
Stock-Based Compensation | Stock-Based Compensation |
We account for stock-based compensation, including stock options and long-term incentive plan units, using the fair value method of accounting. The estimated fair value of the stock options and the long-term incentive units is amortized over their respective vesting periods. See Note 11. | |
Earnings Per Share | Earnings Per Share |
Basic earnings per share is calculated by dividing the net income attributable to common stockholders for the period by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated by dividing the net income attributable to common stockholders and noncontrolling interests in our consolidated operating partnership for the period by the weighted average number of common shares and dilutive instruments outstanding during the period using the treasury stock method. See Note 10. | |
Segment Information | Segment Information |
Segment information is prepared on the same basis that our management reviews information for operational decision-making purposes. We operate two business segments: the acquisition, development, ownership and management of office real estate, and the acquisition, development, ownership and management of multifamily real estate. | |
The products for our office segment include primarily rental of office space and other tenant services, including parking and storage space rental. The products for our multifamily segment include primarily rental of apartments and other tenant services, including parking and storage space rental. See Note 16. | |
Income Taxes | Income Taxes |
We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (IRC), commencing with our initial taxable year ending December 31, 2006. To qualify as a REIT, we are required (among other things) to distribute at least 90% of our REIT taxable income to our stockholders and meet the various other requirements imposed by the IRC relating to matters such as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided that we qualify for taxation as a REIT, we are generally not subject to corporate-level income tax on the earnings distributed currently to our stockholders that we derive from our REIT qualifying activities. If we fail to qualify as a REIT in any taxable year, and were unable to avail ourselves of certain savings provisions set forth in the IRC, all of our taxable income would be subject to federal income tax at regular corporate rates, including any applicable alternative minimum tax. | |
In addition, we are subject to taxation by various state and local jurisdictions, including those in which we transact business or reside. Our non taxable REIT subsidiaries, including our operating partnership, are either partnerships or disregarded entities for federal income tax purposes. Under applicable federal and state income tax rules, the allocated share of net income or loss from disregarded entities (including limited partnerships and S-Corporations) is reportable in the income tax returns of the respective partners and stockholders. Accordingly, no income tax provision is included in the accompanying consolidated financial statements. | |
We have elected to treat two of our subsidiaries as taxable REIT subsidiaries (TRS) which generally may engage in any business, including the provision of customary or non-customary services for our tenants. A TRS is treated as a regular corporation and is subject to federal income tax and applicable state income and franchise taxes at regular corporate rates. Our TRS subsidiaries did not have significant tax provisions or deferred income tax items for 2014, 2013 or 2012. | |
New Accounting Pronouncements | New Accounting Pronouncements |
Changes to GAAP are established by the Financial Accounting Standards Board (FASB) in the form of Accounting Standard Updates (ASUs). We consider the applicability and impact of all ASUs. | |
In February 2013, the FASB issued ASU No. 2013-04, Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date (Topic 405), which provides guidance for the recognition, measurement and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this ASU is fixed at the reporting date, except for obligations addressed within existing guidance in GAAP. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013, which for us was the first quarter of 2014. We adopted ASU No. 2013-04 during the first quarter of 2014, and it did not have a material impact on our financial position or results of operations, as we do not currently have any obligations within the scope of this ASU. | |
In April 2014, the FASB issued ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (Topics 205 and 360), which provides guidance for reporting discontinued operations. The amendments in this Update change the requirements for reporting discontinued operations in Subtopic 205-20, Presentation of Financial Statements. The ASU is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2014, which for us is the first quarter of 2015. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. We do not expect this ASU to have a material impact on our financial position or results of operations. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which provides guidance for the accounting of revenue from contracts with customers. The guidance supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the Codification. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, which for us is the first quarter of 2017. Early adoption is not permitted. We do not expect this ASU to have a material impact on our financial position or results of operations, as lease contracts are not within the scope of this ASU. | |
In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40), which provides guidance about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures if necessary. The ASU is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter, which for us is the fiscal year ended December 31, 2016. Early application is permitted. We do not expect this ASU to have a material impact on our disclosures. | |
In November 2014, the FASB issued ASU No. 2014-17, Pushdown Accounting (Topic 805), which provides guidance regarding pushdown accounting for acquired entities when an acquirer obtains control of the acquired entity. The objective of this ASU is to provide guidance on whether and at what threshold an acquired entity can apply pushdown accounting in its separate financial statements. The ASU was effective on November 18, 2014. We do not expect this ASU to have a material impact on our financial position or results of operations. | |
In January 2015, the FASB issued ASU No. 2015-01, Income Statement—Extraordinary and Unusual Items (Subtopic 225-20), which eliminates from GAAP the concept of extraordinary items. The Board is issuing this Update as part of its initiative to reduce complexity in accounting standards (the Simplification Initiative). The objective of the Simplification Initiative is to identify, evaluate, and improve areas of generally accepted accounting principles (GAAP) for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to the users of financial statements. The amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, which for us is the first quarter of 2016. A reporting entity may apply the amendments prospectively or retrospectively to all prior periods presented in the financial statements, and early adoption is permitted. We do not expect this ASU to have a material impact on our disclosures. | |
In February 2015, the FASB issued ASU No. 2015-02, Amendments to the Consolidation Analysis (Consolidation - Topic 810), which provides guidance regarding the consolidation of certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. The amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, which for us is the first quarter of 2016. Early adoption is permitted, including adoption in an interim period. We are currently evaluating the impact of this ASU. | |
The FASB has not issued any other ASUs during 2014 or 2015 that we expect to be applicable and have a material impact on our future financial position or results of operations. |
Investment_in_Real_Estate_Tabl
Investment in Real Estate (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Investment In Real Estate [Abstract] | ||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The table below (in thousands) summarizes our purchase price allocations for the acquired properties: | |||||||
8484 Wilshire | 16501 Ventura | |||||||
Investment in real estate: | ||||||||
Land | $ | 8,847 | $ | 6,759 | ||||
Buildings and improvements | 77,158 | 55,179 | ||||||
Tenant improvements and lease intangibles | 6,485 | 4,736 | ||||||
Acquired above and below-market leases, net | (3,490 | ) | (5,674 | ) | ||||
Net assets and liabilities acquired | $ | 89,000 | $ | 61,000 | ||||
The table below (in thousands) summarizes our preliminary purchase price allocations for the acquired properties (these allocations are subject to adjustment within twelve months of the acquisition date): | ||||||||
Carthay Campus | Waena | |||||||
Investment in real estate: | ||||||||
Land | $ | 6,595 | $ | 26,864 | ||||
Buildings and improvements | 64,511 | 117,541 | ||||||
Tenant improvements and lease intangibles | 5,943 | 1,732 | ||||||
Acquired above and below-market leases, net | (2,580 | ) | (137 | ) | ||||
Net assets and liabilities acquired | $ | 74,469 | $ | 146,000 | ||||
Acquired_Lease_Intangibles_Tab
Acquired Lease Intangibles (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Acquired Lease Intangibles [Abstract] | |||||||||
Summary Of Acquired Lease Intangibles | The following summarizes (in thousands) our acquired lease intangibles related to above and below-market leases as of December 31: | ||||||||
2014 | 2013 | ||||||||
Above-market tenant leases(1) | $ | 3,040 | $ | 34,997 | |||||
Accumulated amortization(1) | (2,082 | ) | (33,899 | ) | |||||
Below-market ground leases | 3,198 | 3,198 | |||||||
Accumulated amortization | (629 | ) | (552 | ) | |||||
Acquired lease intangible assets, net | $ | 3,527 | $ | 3,744 | |||||
Below-market tenant leases(2) | $ | 138,088 | $ | 272,413 | |||||
Accumulated accretion(2) | (102,335 | ) | (225,425 | ) | |||||
Above-market ground leases | 16,200 | 16,200 | |||||||
Accumulated accretion | (5,994 | ) | (3,645 | ) | |||||
Acquired lease intangible liabilities, net | $ | 45,959 | $ | 59,543 | |||||
________________________________________ | |||||||||
-1 | During 2014, we removed the cost and accumulated amortization of $32.2 million of fully amortized above-market tenant leases from our balance sheet. December 31, 2013 balances include $31.1 million of fully amortized above-market tenant leases. | ||||||||
-2 | During 2014, we removed the cost and accumulated accretion of $137.3 million of fully accreted below-market tenant leases from our balance sheet. December 31, 2013 balances include $131.1 million of fully accreted below-market tenant leases. | ||||||||
Schedule Of Estimated Net Accretion | The table below presents (in thousands) the estimated net accretion of above- and below-market tenant leases and ground leases (excluding the impact of any acquisitions or dispositions) at December 31, 2014 for the next five years: | ||||||||
Year | |||||||||
2015 | $ | 18,448 | (1) | ||||||
2016 | 8,626 | ||||||||
2017 | 3,825 | ||||||||
2018 | 3,402 | ||||||||
2019 | 2,803 | ||||||||
Thereafter | 5,328 | ||||||||
Total | $ | 42,432 | |||||||
__________________________________________ | |||||||||
-1 | Includes $6.6 million of accretion of an above-market ground lease as a result of our acquisition of the related fee interest in February 2015. See Note 19. |
Other_Assets_Tables
Other Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Other Assets [Abstract] | ||||||||
Schedule Of Other Assets | Other assets consisted of the following (in thousands) at December 31: | |||||||
2014 | 2013 | |||||||
Deferred loan costs, net of accumulated amortization of $13,042 and $9,395 at December 31, 2014 and December 31, 2013, respectively(1) | $ | 15,623 | $ | 17,745 | ||||
Note receivable(2) | 27,500 | — | ||||||
Restricted cash | 194 | 194 | ||||||
Prepaid expenses | 6,108 | 5,747 | ||||||
Other indefinite-lived intangible | 1,988 | 1,988 | ||||||
Deposits in escrow | 2,500 | — | ||||||
Other | 3,357 | 2,933 | ||||||
Total other assets | $ | 57,270 | $ | 28,607 | ||||
___________________________________________________ | ||||||||
-1 | We recognized deferred loan cost amortization expense of $4.1 million in 2014 and $4.2 million in 2013 and 2012. Deferred loan cost amortization is included as a component of interest expense in the consolidated statements of operations. | |||||||
-2 | On February 28, 2014, we loaned $27.5 million to the owner of a fee interest related to one of our office buildings. The loan carried interest of 4.9% and was repaid in February 2015. See Note 19. The interest recognized on this note is included in other income in the consolidated statements of operations. |
Secured_Notes_Payable_and_Revo1
Secured Notes Payable and Revolving Credit Facility (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Secured Debt [Abstract] | ||||||||||||||||
Schedule Of Secured Notes Payable | The following table summarizes (in thousands) our secured notes payable and revolving credit facility: | |||||||||||||||
Description (1) | Maturity | Outstanding Principal Balance as of December 31, 2014 | Outstanding Principal Balance as of December 31, 2013 | Variable Interest Rate | Effective | Swap Maturity Date | ||||||||||
Date | Annual | |||||||||||||||
Fixed Interest | ||||||||||||||||
Rate (2) | ||||||||||||||||
Fannie Mae Loan | 2/1/15 | — | 111,920 | DMBS + 0.707% | N/A | -- | ||||||||||
Term Loan | 12/24/15 | 20,000 | — | LIBOR + 1.45% | N/A | -- | ||||||||||
Term Loan (3) | 3/1/16 | 16,140 | 16,140 | LIBOR + 1.60% | N/A | -- | ||||||||||
Fannie Mae Loan | 3/1/16 | 82,000 | 82,000 | LIBOR + 0.62% | N/A | -- | ||||||||||
Fannie Mae Loan | 6/1/17 | 18,000 | 18,000 | LIBOR + 0.62% | N/A | -- | ||||||||||
Term Loan | 10/2/17 | 400,000 | 400,000 | LIBOR + 2.00% | 4.45% | 7/1/15 | ||||||||||
Term Loan | 4/2/18 | 510,000 | 510,000 | LIBOR + 2.00% | 4.12% | 4/1/16 | ||||||||||
Term Loan | 8/1/18 | 530,000 | 530,000 | LIBOR + 1.70% | 3.74% | 8/1/16 | ||||||||||
Term Loan (4) | 8/5/18 | 355,000 | 355,000 | N/A | 4.14% | -- | ||||||||||
Term Loan (5) | 2/1/19 | 155,000 | 155,000 | N/A | 4.00% | -- | ||||||||||
Term Loan (6) | 6/5/19 | 285,000 | 285,000 | N/A | 3.85% | -- | ||||||||||
Fannie Mae Loan | 10/1/19 | 145,000 | — | LIBOR + 1.25% | N/A | -- | ||||||||||
Term Loan (7) | 3/1/20 | (8) | 349,070 | 350,000 | N/A | 4.46% | -- | |||||||||
Fannie Mae Loans | 11/2/20 | 388,080 | 388,080 | LIBOR + 1.65% | 3.65% | 11/1/17 | ||||||||||
Aggregate loan principal | 3,253,290 | 3,201,140 | ||||||||||||||
Revolving credit line (9) | 12/11/17 | 182,000 | 40,000 | LIBOR + 1.40% | N/A | -- | ||||||||||
Total (10) | $ | 3,435,290 | $ | 3,241,140 | ||||||||||||
Aggregate effectively fixed rate loans | $ | 1,828,080 | $ | 1,828,080 | 3.98% | |||||||||||
Aggregate fixed rate loans | 1,144,070 | 1,145,000 | 4.15% | |||||||||||||
Aggregate variable rate loans | 463,140 | 268,060 | N/A | |||||||||||||
Total (10) | $ | 3,435,290 | $ | 3,241,140 | ||||||||||||
__________________________________________________ | ||||||||||||||||
-1 | As of December 31, 2014, (i) the weighted average remaining life of our outstanding term debt (excluding our revolving credit line) was 3.9 years ; (ii) of the $2.97 billion of term debt on which the interest rate was fixed under the terms of the loan or a swap, (a) the weighted average remaining life was 4.0 years, the weighted average remaining period during which the interest rate was fixed was 2.4 years and the weighted average annual interest rate was 4.05%; and (b) including the non-cash amortization of prepaid loan fees, the effective weighted average interest rate was 4.15%. Except as otherwise noted below, each loan is secured by a separate collateral pool consisting of one or more properties, requiring monthly payments of interest only, with the outstanding principal due upon maturity. | |||||||||||||||
-2 | Includes the effect of interest rate contracts as of December 31, 2014, and excludes amortization of prepaid loan fees, all shown on an actual/360-day basis. See Note 8 for the details of our interest rate contracts. | |||||||||||||||
-3 | The borrower is a consolidated entity in which our operating partnership owns a two-thirds interest. | |||||||||||||||
-4 | Interest-only until February 2016, with principal amortization thereafter based upon a thirty years amortization table. | |||||||||||||||
-5 | Interest-only until February 2015, with principal amortization thereafter based upon a thirty years amortization table. | |||||||||||||||
-6 | Interest only until February 2017, with principal amortization thereafter based upon a thirty years amortization table. | |||||||||||||||
-7 | Interest at a fixed interest rate until March 2018 and a floating rate thereafter, with interest-only payments until May 2016 and payments thereafter based upon a thirty years amortization table. | |||||||||||||||
-8 | We have two one-year extension options, which would extend the maturity to March 1, 2020 from March 1, 2018, subject to meeting certain conditions. | |||||||||||||||
-9 | Revolving credit facility under which we can borrow up to $300.0 million, and which is secured by 3 separate collateral pools consisting of a total of 6 properties. We are charged unused fees on the unused balance ranging from 0.15% to 0.20%. | |||||||||||||||
-10 | See Note 12 for our fair value disclosures. | |||||||||||||||
Schedule Of Minimum Future Principal Payments Due On Secured Notes Payable | As of December 31, 2014, the minimum future principal payments due on our secured notes payable and revolving credit facility, excluding any maturity extension options, were as follows (in thousands): | |||||||||||||||
Twelve months ending December 31: | ||||||||||||||||
2015 | $ | 22,267 | ||||||||||||||
2016 | 109,339 | |||||||||||||||
2017 | 619,410 | |||||||||||||||
2018 | 1,731,874 | |||||||||||||||
2019 | 564,320 | |||||||||||||||
Thereafter | 388,080 | |||||||||||||||
Total future principal payments | $ | 3,435,290 | ||||||||||||||
Interest_Payable_Accounts_Paya1
Interest Payable, Accounts Payable and Deferred Revenue (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Accounts Payable and Accrued Liabilities [Abstract] | |||||||||
Schedule Of Accounts Payable And Accrued Expenses | Interest payable, accounts payable and deferred revenue consist of the following (in thousands) as of December 31: | ||||||||
2014 | 2013 | ||||||||
Interest payable | $ | 9,656 | $ | 9,263 | |||||
Accounts payable and accrued liabilities | 22,195 | 20,761 | |||||||
Deferred revenue | 22,513 | 22,739 | |||||||
Total interest payable, accounts payable and deferred revenue | $ | 54,364 | $ | 52,763 | |||||
Interest_Rate_Contracts_Tables
Interest Rate Contracts (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions | Derivatives not designated as hedges are not speculative. As of December 31, 2014, we had the following outstanding interest rate derivatives that were not designated for accounting purposes as hedging instruments, but were used to hedge our economic exposure to interest rate risk: | |||||||||||
Interest Rate Derivative | Number of Instruments | Notional (in thousands) | ||||||||||
Purchased Caps | 4 | $100,000 | ||||||||||
As of December 31, 2014, the totals of our Funds' existing swaps that qualified as highly effective cash flow hedges were as follows: | ||||||||||||
Interest Rate Derivative | Number of Instruments | Notional (in thousands) | ||||||||||
Interest Rate Swap | 1 | $325,000 | ||||||||||
As of December 31, 2014, the totals of our existing swaps that qualified as highly effective cash flow hedges were as follows: | ||||||||||||
Interest Rate Derivative | Number of Instruments | Notional (in thousands) | ||||||||||
Interest Rate Swaps | 7 | $1,828,080 | ||||||||||
Effect Of Derivative Instruments On Consolidated Statements Of Operations | The table below presents (in thousands) the effect of our derivative instruments on our AOCI and consolidated statements of operations for the year ended December 31: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Derivatives Designated as Cash Flow Hedges: | ||||||||||||
Gain (loss) recognized in AOCI (effective portion)1 | $ | (11,116 | ) | $ | 903 | $ | (49,432 | ) | ||||
Gain (loss) recognized in AOCI (effective portion)1 related to our investment in unconsolidated real estate funds | $ | (1,767 | ) | $ | 1,779 | $ | (1,356 | ) | ||||
Loss reclassified from AOCI into interest expense (effective portion) | $ | (36,874 | ) | $ | (36,247 | ) | $ | (55,748 | ) | |||
Loss reclassified from AOCI into income (loss), including depreciation, from unconsolidated real estate funds (effective portion) | $ | (1,005 | ) | $ | (549 | ) | $ | (5,535 | ) | |||
Gain (loss) reclassified from AOCI into interest expense (ineffective portion and amount excluded from effectiveness testing) | $ | (50 | ) | $ | (85 | ) | $ | 4 | ||||
Loss on derivatives recognized as interest expense (ineffective portion and amount excluded from effectiveness testing) | $ | — | $ | — | (64 | ) | ||||||
Derivatives Not Designated as Cash Flow Hedges: | ||||||||||||
Realized and unrealized loss recognized as interest expense | $ | — | $ | (4 | ) | $ | (42 | ) | ||||
__________________________________________________ | ||||||||||||
-1 | Gains and losses recognized in AOCI do not impact the income statement. Refer to the reconciliation of our AOCI in Note 9. | |||||||||||
Schedule Of Fair Values Of Derivative Instruments | The table below presents (in thousands) the fair values of derivative instruments: | |||||||||||
2014 | 2013 | |||||||||||
Derivative liabilities disclosed as "Interest Rate Contracts" (1): | ||||||||||||
Derivatives designated as cash flow hedges | $ | 37,386 | $ | 63,144 | ||||||||
Derivatives not designated as cash flow hedges | — | — | ||||||||||
Total derivative liabilities | $ | 37,386 | $ | 63,144 | ||||||||
_________________________________________________________ | ||||||||||||
(1) We did not have any derivative assets as of December 31, 2014 and December 31, 2013. |
Equity_Tables
Equity (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Stockholders' Equity Attributable to Parent [Abstract] | |||||||||||||
Net Income Attributable To Common Stockholders And Transfers (To) From Noncontrolling Interests | The table below presents (in thousands) the net income attributable to common stockholders and transfers from the noncontrolling interests for the year ended December 31: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net income attributable to common stockholders | $ | 44,621 | $ | 45,311 | $ | 22,942 | |||||||
Transfers from the noncontrolling interests: | |||||||||||||
Increase in common stockholders paid-in capital for redemption of operating partnership units | 30,013 | 18,670 | 44,876 | ||||||||||
Change from net income attributable to common stockholders and transfers from noncontrolling interests | $ | 74,634 | $ | 63,981 | $ | 67,818 | |||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The table below presents (in thousands) a reconciliation of our AOCI, which consists solely of adjustments related to our cash flow hedges and the cash flow hedges of our unconsolidated Funds for the year ended December 31: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at beginning of period | $ | (50,554 | ) | $ | (82,991 | ) | $ | (89,180 | ) | ||||
Other comprehensive income (loss) before reclassifications 1 | (12,884 | ) | 2,681 | (50,788 | ) | ||||||||
Reclassifications from AOCI 2 | 37,929 | 36,881 | 61,279 | ||||||||||
Net current period other comprehensive income | 25,045 | 39,562 | 10,491 | ||||||||||
Less other comprehensive income attributable to noncontrolling interests | (4,580 | ) | (7,125 | ) | (4,302 | ) | |||||||
Other comprehensive income attributable to common stockholders | 20,465 | 32,437 | 6,189 | ||||||||||
Balance at end of period | $ | (30,089 | ) | $ | (50,554 | ) | $ | (82,991 | ) | ||||
__________________________________________________ | |||||||||||||
-1 | Includes (i) the fair value adjustments to our derivatives designated as cash flow hedges of $(11.1) million, $0.9 million and $(49.4) million in 2014 , 2013 and 2012, respectively, as well as (ii) our share of the fair value adjustments to the derivatives designated as cash flow hedges of our unconsolidated Funds of $(1.8) million, $1.8 million and $(1.4) million in 2014, 2013 and 2012, respectively. | ||||||||||||
-2 | Includes (i) a reclassification from AOCI to interest expense of $36.9 million, $36.3 million and $55.7 million in 2014, 2013 and 2012, respectively, of our derivatives designated as cash flow hedges, as well as (ii) a reclassification from AOCI to income (loss), including depreciation, of our unconsolidated real estate funds of $1 million, $0.5 million and $5.5 million in 2014, 2013 and 2012, respectively, related to derivatives designated as cash flow hedges of our unconsolidated Funds. | ||||||||||||
Common Stock Dividends Classification For United States Federal Income Tax Purposes | Our common stock dividends are classified for United States federal income tax purposes as follows (unaudited): | ||||||||||||
Record Date | Paid Date | Dividend Per Share | Ordinary Income | Capital Gain | Return of Capital | ||||||||
12/30/13 | 1/15/14 | $0.20 | $0.07 | $— | $0.13 | ||||||||
3/31/14 | 4/15/14 | 0.2 | 0.074 | — | 0.126 | ||||||||
6/30/14 | 7/15/14 | 0.2 | 0.074 | — | 0.126 | ||||||||
9/30/14 | 10/15/14 | 0.2 | 0.074 | — | 0.126 | ||||||||
Total: | $0.80 | $0.30 | $— | $0.50 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The table below presents the calculation of basic and diluted EPS: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator (in thousands): | ||||||||||||
Net income attributable to common stockholders | $ | 44,621 | $ | 45,311 | $ | 22,942 | ||||||
Add back: Net income attributable to noncontrolling interests in our Operating Partnership | 8,543 | 9,021 | 4,965 | |||||||||
Numerator for diluted net income attributable to all equity holders | $ | 53,164 | $ | 54,332 | $ | 27,907 | ||||||
Denominator (in thousands): | ||||||||||||
Weighted average shares of common stock outstanding - basic | 144,013 | 142,556 | 139,791 | |||||||||
Effect of dilutive securities(1): | ||||||||||||
Operating partnership units and vested long term incentive plan (LTIP) units | 27,574 | 28,381 | 30,251 | |||||||||
Stock options | 4,108 | 3,288 | 2,487 | |||||||||
Unvested LTIP units | 526 | 577 | 591 | |||||||||
Weighted average shares of common stock and common stock equivalents outstanding - diluted | 176,221 | 174,802 | 173,120 | |||||||||
Basic earnings per share: | ||||||||||||
Net income attributable to common stockholders per share | $ | 0.31 | $ | 0.32 | $ | 0.16 | ||||||
Diluted earnings per share: | ||||||||||||
Net income attributable to common stockholders per share | $ | 0.3 | $ | 0.31 | $ | 0.16 | ||||||
____________________________________________________ | ||||||||||||
-1 | Diluted shares are calculated in accordance with GAAP, and represent ownership in our company through shares of common stock, units in our operating partnership and other convertible equity instruments. |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Share-based Compensation [Abstract] | ||||||||||||||
Summary Of Outstanding Stock Options | The table below presents the activity of our outstanding stock options granted under our stock incentive plan: | |||||||||||||
Stock Options: | Number of Stock Options (thousands) | Weighted Average Exercise Price | Weighted | Total | ||||||||||
Average | Intrinsic Value (thousands) | |||||||||||||
Remaining | ||||||||||||||
Contract Life | ||||||||||||||
(months) | ||||||||||||||
Outstanding at December 31, 2011 | 12,540 | $ | 18.1 | 72 | $ | 26,051 | ||||||||
Granted | — | |||||||||||||
Outstanding at December 31, 2012 | 12,540 | 18.1 | 59 | 65,177 | ||||||||||
Granted | — | |||||||||||||
Outstanding at December 31, 2013 | 12,540 | 18.1 | 47 | 65,051 | ||||||||||
Granted | — | |||||||||||||
Exercised | (731 | ) | 20.03 | |||||||||||
Outstanding at December 31, 2014 | 11,809 | 17.98 | 36 | 123,017 | ||||||||||
Exercisable at December 31, 2014 | 11,809 | 17.98 | 36 | $ | 123,017 | |||||||||
LTIP Units Granted Under Stock Incentive Plan | The table below presents the activity of our outstanding unvested LTIP Units granted under our stock incentive plan: | |||||||||||||
Unvested LTIP Units: | Number of Units (thousands) | Weighted Average | ||||||||||||
Grant Date | ||||||||||||||
Fair Value | ||||||||||||||
Outstanding at December 31, 2011 | 603 | $ | 12.64 | |||||||||||
Granted | 1,255 | 15.26 | ||||||||||||
Vested | (965 | ) | 13.76 | |||||||||||
Forfeited | (2 | ) | 17.43 | |||||||||||
Outstanding at December 31, 2012 | 891 | 15.12 | ||||||||||||
Granted | 663 | 15.26 | ||||||||||||
Vested | (785 | ) | 14.15 | |||||||||||
Forfeited | (15 | ) | 21.52 | |||||||||||
Outstanding at December 31, 2013 | 754 | 15.63 | ||||||||||||
Granted | 1,106 | 19.31 | ||||||||||||
Vested | (854 | ) | 17.44 | |||||||||||
Forfeited | (8 | ) | 22.48 | |||||||||||
Outstanding at December 31, 2014 | 998 | 18.48 | ||||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments Schedule of derivative instruments fair value (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Fair Value Disclosures [Abstract] | ||||||||
Schedule of Estimated Fair Value of Secured Notes Payable | The table below presents (in thousands) the estimated fair value of our secured notes payable: | |||||||
Secured Notes Payable: | December 31, 2014 | December 31, 2013 | ||||||
Fair value | $ | 3,293,351 | $ | 3,233,555 | ||||
Carrying value | $ | 3,253,290 | $ | 3,201,140 | ||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The table below presents (in thousands) the estimated fair value of our derivative liabilities: | |||||||
Derivative Instruments in a liability position:(1) | December 31, 2014 | December 31, 2013 | ||||||
Level 1 | $ | — | $ | — | ||||
Level 2 | 37,386 | 63,144 | ||||||
Level 3 | — | — | ||||||
Fair Value of Derivative Instruments | $ | 37,386 | $ | 63,144 | ||||
_________________________________________________________ | ||||||||
(1) We did not have any derivative assets as of December 31, 2014 and December 31, 2013. |
Future_Minimum_Lease_Receipts_
Future Minimum Lease Receipts (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Operating Leases, Future Minimum Payments Receivable [Abstract] | ||||
Schedule Of Future Minimum Base Rentals On Non-Cancelable Office And Ground Operating Leases | The table below presents (in thousands) the future minimum base rentals on our non-cancelable office and ground operating leases at December 31, 2014: | |||
Twelve months ending December 31: | ||||
2015 | $ | 376,141 | ||
2016 | 335,928 | |||
2017 | 284,546 | |||
2018 | 226,177 | |||
2019 | 182,292 | |||
Thereafter | 444,007 | |||
Total future minimum base rentals | $ | 1,849,091 | ||
Future_Minimum_Lease_Payments_
Future Minimum Lease Payments (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||||
Future Minimum Ground Lease Payments | The table below presents (in thousands) our future minimum ground lease payments as of December 31, 2014: | ||||
Twelve months ending December 31: | |||||
2015 | $ | 733 | |||
2016 | 733 | ||||
2017 | 733 | ||||
2018 | 733 | ||||
2019 | 733 | ||||
Thereafter | 49,110 | ||||
Total future minimum lease payments | $ | 52,775 | (1) | ||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Operating Activity Within Reportable Segments | The table below presents (in thousands) the operating activity of our reportable segments: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Office Segment | ||||||||||||
Total office revenues | $ | 519,422 | $ | 514,600 | $ | 505,276 | ||||||
Office expenses | (181,177 | ) | (174,952 | ) | (170,725 | ) | ||||||
Segment profit | 338,245 | 339,648 | 334,551 | |||||||||
Multifamily Segment | ||||||||||||
Total multifamily revenues | 80,117 | 76,936 | 73,723 | |||||||||
Multifamily expenses | (20,664 | ) | (19,928 | ) | (19,672 | ) | ||||||
Segment profit | 59,453 | 57,008 | 54,051 | |||||||||
Total profit from all segments | $ | 397,698 | $ | 396,656 | $ | 388,602 | ||||||
Reconciliation Of Segment Profit To Net Loss Attributable To Common Stockholders | The table below (in thousands) is a reconciliation of the total profit from all segments to net income attributable to common stockholders: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Total profit from all segments | $ | 397,698 | $ | 396,656 | $ | 388,602 | ||||||
General and administrative expenses | (27,332 | ) | (26,614 | ) | (27,943 | ) | ||||||
Depreciation and amortization | (202,512 | ) | (191,351 | ) | (184,849 | ) | ||||||
Other income | 17,675 | 6,402 | 2,821 | |||||||||
Other expenses | (7,095 | ) | (4,199 | ) | (1,883 | ) | ||||||
Income (loss), including depreciation, from unconsolidated real estate funds | 3,713 | 3,098 | (1,710 | ) | ||||||||
Interest expense | (128,507 | ) | (130,548 | ) | (146,693 | ) | ||||||
Acquisition-related expenses | (786 | ) | (607 | ) | — | |||||||
Net income | 52,854 | 52,837 | 28,345 | |||||||||
Less: Net income attributable to noncontrolling interests | (8,233 | ) | (7,526 | ) | (5,403 | ) | ||||||
Net income attributable to common stockholders | $ | 44,621 | $ | 45,311 | $ | 22,942 | ||||||
Quarterly_Financial_Informatio1
Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information [Abstract] | |||||||||||||||||
Schedule of Quarterly Financial Information | The tables below present (in thousands, except per share amounts) selected quarterly information for 2014 and 2013: | ||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | 30-Jun-14 | 30-Sep-14 | 31-Dec-14 | ||||||||||||||
2014 | |||||||||||||||||
Total revenue | $ | 148,876 | $ | 151,426 | $ | 148,146 | $ | 151,091 | |||||||||
Net income before noncontrolling interests | 15,458 | 15,917 | 8,681 | 12,798 | |||||||||||||
Net income attributable to common stockholders | 12,976 | 13,363 | 7,389 | 10,893 | |||||||||||||
Net income per common share - basic | $ | 0.09 | $ | 0.09 | $ | 0.05 | $ | 0.08 | |||||||||
Net income per common share - diluted | $ | 0.09 | $ | 0.09 | $ | 0.05 | $ | 0.07 | |||||||||
Weighted average shares of common stock outstanding - basic | 143,140 | 143,717 | 144,361 | 144,823 | |||||||||||||
Weighted average shares of common stock outstanding - diluted | 175,751 | 176,310 | 176,413 | 176,436 | |||||||||||||
Three Months Ended | |||||||||||||||||
31-Mar-13 | 30-Jun-13 | 30-Sep-13 | 31-Dec-13 | ||||||||||||||
Total revenue | $ | 145,458 | $ | 148,716 | $ | 149,686 | $ | 147,676 | |||||||||
Net income before noncontrolling interests | 14,612 | 14,978 | 12,743 | 10,504 | |||||||||||||
Net income attributable to common stockholders | 12,082 | 13,635 | 10,751 | 8,843 | |||||||||||||
Net income per common share - basic | $ | 0.08 | $ | 0.1 | $ | 0.08 | $ | 0.06 | |||||||||
Net income per common share - diluted | $ | 0.08 | $ | 0.09 | $ | 0.07 | $ | 0.06 | |||||||||
Weighted average shares of common stock outstanding - basic | 142,440 | 142,581 | 142,598 | 142,603 | |||||||||||||
Weighted average shares of common stock outstanding - diluted | 174,579 | 175,252 | 174,756 | 174,600 | |||||||||||||
Investments_In_Unconsolidated_1
Investments In Unconsolidated Real Estate Funds (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Real Estate Investments, Net [Abstract] | |||||||||
Equity investees summarized financial information | The amounts presented represent 100% (not our pro-rata share) of amounts related to the Funds and are based upon historical acquired book value: | ||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Total revenues | $ | 66,234 | $ | 63,976 | |||||
Operating income | 11,738 | 10,151 | |||||||
Net income (loss) | 254 | (829 | ) | ||||||
December 31, 2014 | December 31, 2013 | ||||||||
Total assets | $ | 703,130 | $ | 722,983 | |||||
Total liabilities | 389,413 | 391,892 | |||||||
Total equity | 313,717 | 331,091 | |||||||
Overview_Details
Overview (Details) | 12 Months Ended |
Dec. 31, 2014 | |
fund | |
property | |
Overview [Line Items] | |
Number of real estate funds owned and managed | 2 |
Number of office properties owned | 61 |
Wholly Owned Consolidated Office Properties [Member] | |
Overview [Line Items] | |
Number of office properties owned | 53 |
Number of multifamily properties owned | 10 |
Number of land parcels | 2 |
Partially Owned Unconsolidated Office Properties [Member] | |
Overview [Line Items] | |
Number of office properties owned | 8 |
Recovered_Sheet1
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 03, 2013 | |
segment | ||||
subsidiary | ||||
Tenant improvements, fully depreciated, written off | $79,200,000 | |||
Leasing intangibles, fully amortized, written off | 82,600,000 | |||
Above-market leases, fully amortized, written off | 32,230,000 | 0 | 0 | |
Below-market Leases, fully accreted, written off | 137,313,000 | 0 | 0 | |
Development costs capitalized | 4,300,000 | 549,000 | ||
Interest costs capitalized | 294,000 | 75,000 | ||
Additional basis | 2,900,000 | |||
Lease termination revenue | 2,600,000 | 576,000 | 985,000 | |
Allowance for doubtful accounts | 7,800,000 | 10,700,000 | ||
Letters of credit held for security | 14,700,000 | 17,000,000 | ||
Security deposits | 37,450,000 | 35,470,000 | ||
Number of segments | 2 | |||
Percentage of minimum distribution of taxable income to qualify as a REIT | 90.00% | |||
Number of subsidiaries elected to be treated as taxable REIT subsidiaries | 2 | |||
Building [Member] | ||||
Useful life | 40 years 0 months | |||
Site Improvements [Member] | ||||
Useful life | 15 years 0 months | |||
Fund X [Member] | ||||
Note receivable from related party | 1,500,000 | 2,700,000 | 2,900,000 | |
Above Market Tenant Leases [Member] | ||||
Above-market leases, fully amortized, written off | 32,230,000 | |||
Below Market Tenant Leases [Member] | ||||
Below-market Leases, fully accreted, written off | 137,313,000 | |||
Fully accreted below-market leases | $131,100,000 | |||
Partnership X [Member] | ||||
Ownership percentage | 24.25% | |||
Fund X [Member] | ||||
Ownership percentage | 68.61% |
Investment_in_Real_Estate_Deta
Investment in Real Estate (Details) (USD $) | Oct. 16, 2014 | Dec. 30, 2014 | 15-May-13 | Aug. 15, 2013 |
In Thousands, unless otherwise specified | ||||
Carthay Campus [Member] | ||||
Real Estate Acquisition [Line Items] | ||||
Land | $6,595 | |||
Buildings and improvements | 64,511 | |||
Tenant improvements and lease intangibles | 5,943 | |||
Acquired above and below-market leases, net | -2,580 | |||
Net assets and liabilities acquired | 74,469 | |||
Waena [Member] | ||||
Real Estate Acquisition [Line Items] | ||||
Land | 26,864 | |||
Buildings and improvements | 117,541 | |||
Tenant improvements and lease intangibles | 1,732 | |||
Acquired above and below-market leases, net | -137 | |||
Net assets and liabilities acquired | 146,000 | |||
8484 Wilshire [Member] | ||||
Real Estate Acquisition [Line Items] | ||||
Land | 8,847 | |||
Buildings and improvements | 77,158 | |||
Tenant improvements and lease intangibles | 6,485 | |||
Acquired above and below-market leases, net | -3,490 | |||
Net assets and liabilities acquired | 89,000 | |||
16501 Ventura [Member] | ||||
Real Estate Acquisition [Line Items] | ||||
Land | 6,759 | |||
Buildings and improvements | 55,179 | |||
Tenant improvements and lease intangibles | 4,736 | |||
Acquired above and below-market leases, net | -5,674 | |||
Net assets and liabilities acquired | $61,000 |
Investment_In_Real_Estate_Narr
Investment In Real Estate (Narrative) (Details) (USD $) | 0 Months Ended | |||
In Millions, unless otherwise specified | Dec. 30, 2014 | Oct. 16, 2014 | 15-May-13 | Aug. 15, 2013 |
multifamily_unit | sqft | sqft | sqft | |
Carthay Campus [Member] | ||||
Real Estate Acquisition [Line Items] | ||||
Area of real estate property acquired | 216,000 | |||
Price of real estate acquired | $74.50 | |||
Price paid for real estate acquired per square foot | 345 | |||
Waena [Member] | ||||
Real Estate Acquisition [Line Items] | ||||
Price of real estate acquired | 146 | |||
Number of multifamily units acquired | 468 | |||
Price of real estate acquired (usd per multifamily unit) | 312,000 | |||
8484 Wilshire [Member] | ||||
Real Estate Acquisition [Line Items] | ||||
Area of real estate property acquired | 225,000 | |||
Price of real estate acquired | 89 | |||
Price paid for real estate acquired per square foot | 395 | |||
16501 Ventura [Member] | ||||
Real Estate Acquisition [Line Items] | ||||
Area of real estate property acquired | 191,000 | |||
Price of real estate acquired | $61 | |||
Price paid for real estate acquired per square foot | 319 |
Acquired_Lease_Intangibles_Sum
Acquired Lease Intangibles (Summary Of Acquired Lease Intangibles) (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Schedule Of Acquired Lease Intangibles [Line Items] | |||||
Above-market leases, fully amortized, written off | $32,230,000 | $0 | $0 | ||
Acquired lease intangible assets, net | 3,527,000 | 3,744,000 | |||
Acquired lease intangible liabilities, net | 45,959,000 | 59,543,000 | |||
Below-market Leases, fully accreted, written off | 137,313,000 | 0 | 0 | ||
Above Market Tenant Leases [Member] | |||||
Schedule Of Acquired Lease Intangibles [Line Items] | |||||
Above-market leases, fully amortized, written off | 32,230,000 | ||||
Acquired lease intangible assets, gross | 3,040,000 | [1] | 34,997,000 | [1] | |
Accumulated amortization | -2,082,000 | [1] | -33,899,000 | [1] | |
Fully amortized above-market leases | 31,100,000 | ||||
Below Market Ground Leases [Member] | |||||
Schedule Of Acquired Lease Intangibles [Line Items] | |||||
Acquired lease intangible assets, gross | 3,198,000 | 3,198,000 | |||
Accumulated amortization | -629,000 | -552,000 | |||
Below Market Tenant Leases [Member] | |||||
Schedule Of Acquired Lease Intangibles [Line Items] | |||||
Acquired lease intangible liabilities, gross | 138,088,000 | [2] | 272,413,000 | [2] | |
Accumulated accretion | -102,335,000 | [2] | -225,425,000 | [2] | |
Below-market Leases, fully accreted, written off | 137,313,000 | ||||
Fully accreted below-market leases | 131,100,000 | ||||
Above Market Ground Leases [Member] | |||||
Schedule Of Acquired Lease Intangibles [Line Items] | |||||
Acquired lease intangible liabilities, gross | 16,200,000 | 16,200,000 | |||
Accumulated accretion | ($5,994,000) | ($3,645,000) | |||
[1] | During 2014, we removed the cost and accumulated amortization of $32.2 million of fully amortized above-market tenant leases from our balance sheet. December 31, 2013 balances include $31.1 million of fully amortized above-market tenant leases. | ||||
[2] | During 2014, we removed the cost and accumulated accretion of $137.3 million of fully accreted below-market tenant leases from our balance sheet. December 31, 2013 balances include $131.1 million of fully accreted below-market tenant leases. |
Acquired_Lease_Intangibles_Est
Acquired Lease Intangibles Estimated Net Accretion for the Next Five Years (Details) (USD $) | Dec. 31, 2014 | |
In Thousands, unless otherwise specified | ||
Estimated Net Accretion for the Next Five Years [Abstract] | ||
2015 | $18,448 | [1] |
2016 | 8,626 | |
2017 | 3,825 | |
2018 | 3,402 | |
2019 | 2,803 | |
Thereafter | 5,328 | |
Total | $42,432 | |
[1] | Includes $6.6 million of accretion of an above-market ground lease as a result of our acquisition of the related fee interest in February 2015. See Note 19. |
Acquired_Lease_Intangibles_Nar
Acquired Lease Intangibles (Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2015 | |
Schedule Of Acquired Lease Intangibles [Line Items] | ||||
Net Accretion of above and below market leases recognized in other income | $2,200,000 | |||
Net Accretion of above and below market leases recognized in rental income | 13,934,000 | 15,693,000 | 18,094,000 | |
Net Accretion of above and below market leases recognized in office rental expenses | 122,000 | 122,000 | 122,000 | |
Change In Estimate, Basic Earnings Per Share Impact | $0.02 | |||
Change In Estimate, Diluted Earnings Per Share Impact | $0.01 | |||
Scenario, Forecast [Member] | ||||
Schedule Of Acquired Lease Intangibles [Line Items] | ||||
Net Accretion of above and below market leases recognized in other income | $6,600,000 |
Other_Assets_Narrative_Details
Other Assets (Narrative) (Details) (USD $) | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Feb. 28, 2014 | ||
Rate | |||||||
Other Assets [Abstract] | |||||||
Amortization of deferred loan costs | $4,097 | $4,214 | $4,211 | ||||
Note receivable | $27,500 | [1] | $0 | [1] | $27,500 | ||
Loan receivable interest rate | 4.90% | ||||||
[1] | On February 28, 2014, we loaned $27.5 million to the owner of a fee interest related to one of our office buildings. The loan carried interest of 4.9% and was repaid in February 2015. See Note 19. The interest recognized on this note is included in other income in the consolidated statements of operations. |
Other_Assets_Schedule_Of_Other
Other Assets (Schedule Of Other Assets) (Details) (USD $) | Dec. 31, 2014 | Feb. 28, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | |||||
Other Assets [Abstract] | |||||
Deferred loan costs, net of accumulated amortization of $13,042 and $9,395 at December 31, 2014 and December 31, 2013, respectively(1) | $15,623 | [1] | $17,745 | [1] | |
Note receivable | 27,500 | [2] | 27,500 | 0 | [2] |
Restricted cash | 194 | 194 | |||
Prepaid expenses | 6,108 | 5,747 | |||
Other indefinite-lived intangible | 1,988 | 1,988 | |||
Deposits in escrow | 2,500 | 0 | |||
Other | 3,357 | 2,933 | |||
Total other assets | 57,270 | 28,607 | |||
Accumulated amortization of deferred loan costs | $13,042 | $9,395 | |||
[1] | We recognized deferred loan cost amortization expense of $4.1Â million in 2014 and $4.2Â million in 2013 and 2012. Deferred loan cost amortization is included as a component of interest expense in the consolidated statements of operations. | ||||
[2] | On February 28, 2014, we loaned $27.5 million to the owner of a fee interest related to one of our office buildings. The loan carried interest of 4.9% and was repaid in February 2015. See Note 19. The interest recognized on this note is included in other income in the consolidated statements of operations. |
Secured_Notes_Payable_and_Revo2
Secured Notes Payable and Revolving Credit Facility (Schedule Of Secured Notes Payable) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | |||
Debt Instrument [Line Items] | ||||
Carrying value of secured loans | $3,435,290,000 | [1] | $3,241,140,000 | [1] |
Aggregate loan principal | 3,253,290,000 | [2] | 3,201,140,000 | |
Weighted average remaining life of outstanding term debt | 3 years 11 months | |||
Debt at fixed interest rate | 2,970,000,000 | |||
Weighted average remaining life of interest rate swaps and fixed rate debt (in years) | 4 years 0 months | |||
Weighted average interest rate for fixed & effectively fixed rate debt | 4.05% | |||
Effective weighted average interest rate for fixed & effectively fixed rate debt | 4.15% | |||
Ownership percentage in joint venture | 66.67% | |||
Fixed Interest Rate Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Weighted average life of fixed interest rate for fixed & effectively fixed rate debt (in years) | 2 years 5 months | |||
Effective Fixed Rate Loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Carrying value of secured loans | 1,828,080,000 | 1,828,080,000 | ||
Annual fixed interest rate | 3.98% | [3] | ||
Fixed Rate Loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Carrying value of secured loans | 1,144,070,000 | 1,145,000,000 | ||
Annual fixed interest rate | 4.15% | [3] | ||
Variable Rate Loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Carrying value of secured loans | 463,140,000 | 268,060,000 | ||
Fannie Mae Loan With Interest Rate At 0.707% BPS Over DMBS [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | 1-Feb-15 | |||
Carrying value of secured loans | 0 | 111,920,000 | ||
Variable interest rate | DMBS + 0.707% | |||
Term Loan With Maturity Date Of 12/24/2015 [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | 24-Dec-15 | |||
Carrying value of secured loans | 20,000,000 | 0 | ||
Variable interest rate | LIBOR + 1.45% | |||
DEG III term loan debt with maturity date of 3/1/16 [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | 1-Mar-16 | |||
Carrying value of secured loans | 16,140,000 | [4] | 16,140,000 | [4] |
Variable interest rate | LIBOR + 1.60% | |||
Term Loan With Maturity Date 3/1/2016 [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | 1-Mar-16 | |||
Carrying value of secured loans | 82,000,000 | 82,000,000 | ||
Variable interest rate | LIBOR + 0.62% | |||
TermLoanWithMaturityDateOf6/1/2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | 1-Jun-17 | |||
Carrying value of secured loans | 18,000,000 | 18,000,000 | ||
Variable interest rate | LIBOR + 0.62% | |||
Term Loan With Effective Annual Fixed Interest Rate At 4.45% [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | 2-Oct-17 | |||
Carrying value of secured loans | 400,000,000 | 400,000,000 | ||
Variable interest rate | LIBOR + 2.00% | |||
Annual fixed interest rate | 4.45% | [3] | ||
Swap maturity date | 1-Jul-15 | |||
Term Loan With Effective Annual Fixed Interest Rate At 4.12% [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | 2-Apr-18 | |||
Carrying value of secured loans | 510,000,000 | 510,000,000 | ||
Variable interest rate | LIBOR + 2.00% | |||
Annual fixed interest rate | 4.12% | [3] | ||
Swap maturity date | 1-Apr-16 | |||
Term Loan With Effective Annual Fixed Interest Rate At 3.74% [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | 1-Aug-18 | |||
Carrying value of secured loans | 530,000,000 | 530,000,000 | ||
Variable interest rate | LIBOR + 1.70% | |||
Annual fixed interest rate | 3.74% | [3] | ||
Swap maturity date | 1-Aug-16 | |||
Term Loan With Effective Annual Fixed Interest Rate At Four Point One Four Percentage [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | 5-Aug-18 | |||
Carrying value of secured loans | 355,000,000 | [5] | 355,000,000 | [5] |
Annual fixed interest rate | 4.14% | [3] | ||
Monthly interest-only payments end date | 5-Feb-16 | |||
Fixed Rate Debt Amortization Period | 30 years | |||
Term Loan With Effective Annual Fixed Interest Rate At 4.00% [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | 1-Feb-19 | |||
Carrying value of secured loans | 155,000,000 | [6] | 155,000,000 | [6] |
Annual fixed interest rate | 4.00% | [3] | ||
Monthly interest-only payments end date | 1-Feb-15 | |||
Fixed Rate Debt Amortization Period | 30 years | |||
Long term Fixed Rate Debt with effective interest rate of 385 bps [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | 5-Jun-19 | |||
Carrying value of secured loans | 285,000,000 | [7] | 285,000,000 | [7] |
Annual fixed interest rate | 3.85% | [3] | ||
Monthly interest-only payments end date | 5-Feb-17 | |||
Fixed Rate Debt Amortization Period | 30 years | |||
Term Loan With Maturity Date Of 10/1/2019 [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | 1-Oct-19 | |||
Carrying value of secured loans | 145,000,000 | 0 | ||
Variable interest rate | LIBOR + 1.25% | |||
Term Loan With Effective Annual Fixed Interest Rate At 4.46% [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | 1-Mar-20 | |||
Carrying value of secured loans | 349,070,000 | [8],[9] | 350,000,000 | [8],[9] |
Annual fixed interest rate | 4.46% | [3] | ||
Monthly interest-only payments end date | 1-May-16 | |||
Fixed Rate Debt Amortization Period | 30 years | |||
Debt instrument period of fixed interest end date | 1-Mar-18 | |||
Number of one-year extension options | 2 | |||
Entity One Rate Six With Effective Annual Fixed Interest Rate At Three Point Six Five Percentage [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | 2-Nov-20 | |||
Carrying value of secured loans | 388,080,000 | 388,080,000 | ||
Variable interest rate | LIBOR + 1.65% | |||
Annual fixed interest rate | 3.65% | [3] | ||
Swap maturity date | 1-Nov-17 | |||
Revolving Credit Facility With Maturity Date 12/11/17 [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | 11-Dec-17 | |||
Revolving credit line | 182,000,000 | [10] | 40,000,000 | [10] |
Variable interest rate | LIBOR + 1.40% | |||
Revolving credit facility, maximum borrowing capacity | $300,000,000 | |||
Revolving credit facility, collateral | 3 separate collateral pools consisting of a total of 6 properties | |||
Number of collateral pools | 3 | |||
Number of properties in collateral pools | 6 | |||
LIBOR [Member] | Term Loan With Maturity Date Of 12/24/2015 [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.45% | |||
LIBOR [Member] | DEG III term loan debt with maturity date of 3/1/16 [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.60% | |||
LIBOR [Member] | Term Loan With Maturity Date 3/1/2016 [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 0.62% | |||
LIBOR [Member] | TermLoanWithMaturityDateOf6/1/2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 0.62% | |||
LIBOR [Member] | Term Loan With Effective Annual Fixed Interest Rate At 4.45% [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 2.00% | |||
LIBOR [Member] | Term Loan With Effective Annual Fixed Interest Rate At 4.12% [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 2.00% | |||
LIBOR [Member] | Term Loan With Effective Annual Fixed Interest Rate At 3.74% [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.70% | |||
LIBOR [Member] | Term Loan With Maturity Date Of 10/1/2019 [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.25% | |||
LIBOR [Member] | Entity One Rate Six With Effective Annual Fixed Interest Rate At Three Point Six Five Percentage [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.65% | |||
LIBOR [Member] | Revolving Credit Facility With Maturity Date 12/11/17 [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.40% | |||
DMBS [Member] | Fannie Mae Loan With Interest Rate At 0.707% BPS Over DMBS [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 0.71% | |||
outstanding principal is greater than $100,000,000 [Member] | Revolving Credit Facility With Maturity Date 12/11/17 [Member] | ||||
Debt Instrument [Line Items] | ||||
Commitment fee, percentage | 0.15% | |||
outstanding principal is less than $100,000,000 [Member] | Revolving Credit Facility With Maturity Date 12/11/17 [Member] | ||||
Debt Instrument [Line Items] | ||||
Commitment fee, percentage | 0.20% | |||
[1] | See Note 12 for our fair value disclosures. | |||
[2] | As of December 31, 2014, (i) the weighted average remaining life of our outstanding term debt (excluding our revolving credit line) was 3.9 years ; (ii) of the $2.97 billion of term debt on which the interest rate was fixed under the terms of the loan or a swap, (a) the weighted average remaining life was 4.0 years, the weighted average remaining period during which the interest rate was fixed was 2.4 years and the weighted average annual interest rate was 4.05%; and (b) including the non-cash amortization of prepaid loan fees, the effective weighted average interest rate was 4.15%. Except as otherwise noted below, each loan is secured by a separate collateral pool consisting of one or more properties, requiring monthly payments of interest only, with the outstanding principal due upon maturity. | |||
[3] | Includes the effect of interest rate contracts as of December 31, 2014, and excludes amortization of prepaid loan fees, all shown on an actual/360-day basis. See Note 8 for the details of our interest rate contracts. | |||
[4] | The borrower is a consolidated entity in which our operating partnership owns a two-thirds interest. | |||
[5] | Interest-only until February 2016, with principal amortization thereafter based upon a thirty years amortization table. | |||
[6] | Interest-only until February 2015, with principal amortization thereafter based upon a thirty years amortization table. | |||
[7] | Interest only until February 2017, with principal amortization thereafter based upon a thirty years amortization table. | |||
[8] | We have two one-year extension options, which would extend the maturity to March 1, 2020 from March 1, 2018, subject to meeting certain conditions. | |||
[9] | Interest at a fixed interest rate until March 2018 and a floating rate thereafter, with interest-only payments until May 2016 and payments thereafter based upon a thirty years amortization table. | |||
[10] | Revolving credit facility under which we can borrow up to $300.0 million, and which is secured by 3 separate collateral pools consisting of a total of 6 properties. We are charged unused fees on the unused balance ranging from 0.15% to 0.20%. |
Secured_Notes_Payable_and_Revo3
Secured Notes Payable and Revolving Credit Facility (Schedule Of Minimum Future Principal Payments Due On Secured Notes Payable) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Secured Debt [Abstract] | ||||
2015 | $22,267 | |||
2016 | 109,339 | |||
2017 | 619,410 | |||
2018 | 1,731,874 | |||
2019 | 564,320 | |||
Thereafter | 388,080 | |||
Total future principal payments | $3,435,290 | [1] | $3,241,140 | [1] |
[1] | See Note 12 for our fair value disclosures. |
Interest_Payable_Accounts_Paya2
Interest Payable, Accounts Payable and Deferred Revenue Interest Payable, Accounts Payable and Deferred Revenue (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts Payable and Accrued Liabilities [Abstract] | ||
Interest payable | $9,656 | $9,263 |
Accounts payable and accrued liabilities | 22,195 | 20,761 |
Deferred revenue | 22,513 | 22,739 |
Total interest payable, accounts payable and deferred revenue | $54,364 | $52,763 |
Interest_Rate_Contracts_Narrat
Interest Rate Contracts (Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | |
Terminated in 2011 [Member] | ||||
Derivative [Line Items] | ||||
AOCI balance of cash flow swaps terminated | $10,100,000 | |||
Amortization of the AOCI balance of cash flow swaps terminated | 8,800,000 | 1,300,000 | ||
Parent [Member] | ||||
Derivative [Line Items] | ||||
Fair value of derivatives in a net liability position | 41,000,000 | 67,200,000 | ||
Derivative designated as cash flow hedge to be reclassified | 29,200,000 | |||
Fund X [Member] | ||||
Derivative [Line Items] | ||||
Derivative designated as cash flow hedge to be reclassified | $584,000 |
Interest_Rate_Contracts_Intere
Interest Rate Contracts (Interest Rate Derivatives Designated As Hedging Instruments) (Details) (Interest Rate Swaps, USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | instrument |
Parent [Member] | |
Derivative [Line Items] | |
Number of Instruments | 7 |
Notional | $1,828,080 |
Fund X [Member] | |
Derivative [Line Items] | |
Number of Instruments | 1 |
Notional | $325,000 |
Interest_Rate_Contracts_Intere1
Interest Rate Contracts (Interest Rate Derivatives Non-Designated As Hedging Instruments) (Details) (Parent [Member], Purchased Caps, USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | instrument |
Parent [Member] | Purchased Caps | |
Derivative [Line Items] | |
Number of Instruments | 4 |
Notional | $100,000 |
Interest_Rate_Contracts_Effect
Interest Rate Contracts (Effect Of Derivative Instruments On Consolidated Statements Of Operations) (Details) (Cash Flow Hedging [Member], USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Parent [Member] | Derivatives Designated As Hedges [Member] | ||||||
Derivative [Line Items] | ||||||
Gain (loss) recognized in AOCI (effective portion) | ($11,116) | [1] | $903 | [1] | ($49,432) | [1] |
Loss reclassified from AOCI into earnings (effective portion) | -36,874 | -36,247 | -55,748 | |||
Parent [Member] | Interest Expense [Member] | Derivatives Designated As Hedges [Member] | ||||||
Derivative [Line Items] | ||||||
Gain (loss) reclassified from AOCI into interest expense (ineffective portion and amount excluded from effectiveness testing) | -50 | -85 | 4 | |||
Loss on derivatives recognized as interest expense (ineffective portion and amount excluded from effectiveness testing) | 0 | 0 | -64 | |||
Parent [Member] | Interest Expense [Member] | Derivatives Not Designated As Hedges [Member] | ||||||
Derivative [Line Items] | ||||||
Realized and unrealized loss recognized as interest expense | 0 | -4 | -42 | |||
Fund X [Member] | Derivatives Designated As Hedges [Member] | ||||||
Derivative [Line Items] | ||||||
Gain (loss) recognized in AOCI (effective portion) | -1,767 | [1] | 1,779 | [1] | -1,356 | [1] |
Loss reclassified from AOCI into earnings (effective portion) | ($1,005) | ($549) | ($5,535) | |||
[1] | Gains and losses recognized in AOCI do not impact the income statement. Refer to the reconciliation of our AOCI in Note 9. |
Interest_Rate_Contracts_Deriva
Interest Rate Contracts (Derivatives Fair Value) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liability, fair value | $37,386 | [1] | $63,144 | [1] |
Derivatives designated as cash flow hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liability, fair value | 37,386 | 63,144 | ||
Derivatives not designated as cash flow hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liability, fair value | $0 | $0 | ||
[1] | We did not have any derivative assets as of December 31, 2014 and December 31, 2013. |
Equity_Narrative_Details
Equity (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stockholders' Equity Attributable to Parent [Abstract] | ||||
Number of operating partnership units converted to shares of common stock | 2,200,000 | 1,400,000 | 3,200,000 | |
Number of operating partnership units redeemed for cash | 120,000 | 13,000 | ||
Total purchase price | $2,826 | $352 | $0 | |
Average redemption price (usd per share) | $23.56 | $26.68 | ||
Common stock options settled (in shares) | 691,000 | |||
Purchase price of stock options | 4,524 | 0 | 0 | |
Average purchase price of options (usd per share) | $6.55 | |||
Exercise of stock options (in shares) | 40,000 | |||
Exercise of stock options | 603 | 0 | 0 | |
Exercise of stock options, average share price (usd per share) | $15.05 | |||
Issuance of common stock, net | $0 | $0 | $128,257 | |
Common stock sold (in shares) | 6,900,000 | |||
Common stock, shares outstanding | 142,605,390 | 144,869,101 | 142,605,390 | |
Operating partnership units and fully-vested long-term incentive plan units outstanding | 27,600,000 | |||
Noncontrolling interest, ownership percentage by noncontrolling owners | 16.00% | |||
Ownership percentage in joint venture | 66.67% | |||
Number of Shares of Common Stock issued upon redemption of one OP unit | 1 | |||
Common Stock, Dividends, Per Share, Cash Paid | $0.18 | $0.80 |
Equity_Net_Income_Attributable
Equity (Net Income Attributable To Common Stockholders And Transfers (To) From Noncontrolling Interests) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stockholders' Equity Attributable to Parent [Abstract] | |||||||||||
Net income attributable to common stockholders | $10,893 | $7,389 | $13,363 | $12,976 | $8,843 | $10,751 | $13,635 | $12,082 | $44,621 | $45,311 | $22,942 |
Increase in common stockholders paid-in capital for redemption of operating partnership units | 30,013 | 18,670 | 44,876 | ||||||||
Change from net income attributable to common stockholders and transfers from noncontrolling interests | $74,634 | $63,981 | $67,818 |
Equity_Accumulated_Other_Compr
Equity Accumulated Other Comprehensive Income Schedule (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Balance at beginning of period | ($50,554) | |||||
Net current period other comprehensive income | 25,045 | 39,562 | 10,491 | |||
Balance at end of period | -30,089 | -50,554 | ||||
Fund X [Member] | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Other comprehensive income (loss) before reclassifications 1 | -1,800 | 1,800 | -1,400 | |||
Reclassifications from AOCI | 1,000 | 500 | 5,500 | |||
Parent [Member] | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Other comprehensive income (loss) before reclassifications 1 | -11,100 | 900 | -49,400 | |||
Reclassifications from AOCI | 36,900 | 36,300 | 55,700 | |||
Cash Flow Hedging [Member] | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Balance at beginning of period | -50,554 | [1],[2] | -82,991 | [1],[2] | -89,180 | |
Other comprehensive income (loss) before reclassifications 1 | -12,884 | [3] | 2,681 | [3] | -50,788 | [3] |
Reclassifications from AOCI | 37,929 | [4] | 36,881 | [4] | 61,279 | [4] |
Net current period other comprehensive income | 25,045 | 39,562 | 10,491 | |||
Less other comprehensive income attributable to noncontrolling interests | -4,580 | -7,125 | -4,302 | |||
Other comprehensive income attributable to common stockholders | 20,465 | 32,437 | 6,189 | |||
Balance at end of period | ($30,089) | [1],[2] | ($50,554) | [1],[2] | ($82,991) | [1],[2] |
[1] | See Note 12 for our fair value disclosures. | |||||
[2] | See Note 8 for the details of our derivatives that qualified and were designated as cash flow hedges. | |||||
[3] | Includes (i) the fair value adjustments to our derivatives designated as cash flow hedges of $(11.1)Â million, $0.9Â million and $(49.4)Â million in 2014 , 2013 and 2012, respectively, as well as (ii) our share of the fair value adjustments to the derivatives designated as cash flow hedges of our unconsolidated Funds of $(1.8)Â million, $1.8 million and $(1.4)Â million in 2014, 2013 and 2012, respectively. | |||||
[4] | Includes (i) a reclassification from AOCI to interest expense of $36.9Â million, $36.3Â million and $55.7Â million in 2014, 2013 and 2012, respectively, of our derivatives designated as cash flow hedges, as well as (ii) a reclassification from AOCI to income (loss), including depreciation, of our unconsolidated real estate funds of $1Â million, $0.5Â million and $5.5Â million in 2014, 2013 and 2012, respectively, related to derivatives designated as cash flow hedges of our unconsolidated Funds. |
Equity_Dividends_Details
Equity (Dividends) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | |
Dividends Payable [Line Items] | ||||||
Dividend Per Share (usd per share) | $0.18 | $0.80 | ||||
Ordinary Income (usd per share) | $0.30 | |||||
Capital Gain (usd per share) | $0 | |||||
Return of Capital (usd per share) | $0.50 | |||||
Dividends Paid, 1/15/2014 [Member] | ||||||
Dividends Payable [Line Items] | ||||||
Record Date | 30-Dec-13 | |||||
Paid Date | 15-Jan-14 | |||||
Dividend Per Share (usd per share) | $0.20 | |||||
Ordinary Income (usd per share) | $0.07 | |||||
Capital Gain (usd per share) | $0 | |||||
Return of Capital (usd per share) | $0.13 | |||||
Dividends Paid, 4/15/2014 [Member] | ||||||
Dividends Payable [Line Items] | ||||||
Record Date | 31-Mar-14 | |||||
Paid Date | 15-Apr-14 | |||||
Dividend Per Share (usd per share) | $0.20 | |||||
Ordinary Income (usd per share) | $0.07 | |||||
Capital Gain (usd per share) | $0 | |||||
Return of Capital (usd per share) | $0.13 | |||||
Dividends Paid, 7/15/2014 [Member] | ||||||
Dividends Payable [Line Items] | ||||||
Record Date | 30-Jun-14 | |||||
Paid Date | 15-Jul-14 | |||||
Dividend Per Share (usd per share) | $0.20 | |||||
Ordinary Income (usd per share) | $0.07 | |||||
Capital Gain (usd per share) | $0 | |||||
Return of Capital (usd per share) | $0.13 | |||||
Dividends Paid, 10/15/2014 [Member] | ||||||
Dividends Payable [Line Items] | ||||||
Record Date | 30-Sep-14 | |||||
Paid Date | 15-Oct-14 | |||||
Dividend Per Share (usd per share) | $0.20 | |||||
Ordinary Income (usd per share) | $0.07 | |||||
Capital Gain (usd per share) | $0 | |||||
Return of Capital (usd per share) | $0.13 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Earnings Per Share [Abstract] | ||||||||||||||
Net income attributable to common stockholders | $10,893 | $7,389 | $13,363 | $12,976 | $8,843 | $10,751 | $13,635 | $12,082 | $44,621 | $45,311 | $22,942 | |||
Add back: Net income attributable to noncontrolling interests in our Operating Partnership | 8,543 | 9,021 | 4,965 | |||||||||||
Numerator for diluted net income attributable to all equity holders | $53,164 | $54,332 | $27,907 | |||||||||||
Weighted average shares of common stock outstanding - basic | 144,823 | 144,361 | 143,717 | 143,140 | 142,603 | 142,598 | 142,581 | 142,440 | 144,013 | 142,556 | 139,791 | |||
Operating partnership units and vested long term incentive plan (LTIP) units | 27,574 | [1] | 28,381 | [1] | 30,251 | [1] | ||||||||
Stock options | 4,108 | [1] | 3,288 | [1] | 2,487 | [1] | ||||||||
Unvested LTIP units | 526 | [1] | 577 | [1] | 591 | [1] | ||||||||
Weighted average shares of common stock and common stock equivalents outstanding - diluted | 176,436 | 176,413 | 176,310 | 175,751 | 174,600 | 174,756 | 175,252 | 174,579 | 176,221 | [1] | 174,802 | [1] | 173,120 | [1] |
Net income attributable to common stockholders per share – basic (usd per share) | $0.08 | $0.05 | $0.09 | $0.09 | $0.06 | $0.08 | $0.10 | $0.08 | $0.31 | $0.32 | $0.16 | |||
Net income attributable to common stockholders per share – diluted (usd per share) | $0.07 | $0.05 | $0.09 | $0.09 | $0.06 | $0.07 | $0.09 | $0.08 | $0.30 | $0.31 | $0.16 | |||
[1] | Diluted shares are calculated in accordance with GAAP, and represent ownership in our company through shares of common stock, units in our operating partnership and other convertible equity instruments. |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for grant | 16,700,000 | |||
Number of full value shares counted against overall limits of the stock incentive plan | 2 | |||
Number of shares counted against overall limits of the stock incentive plan, vesting in over five years | 1 | |||
Number of shares counted against overall limits of the stock incentive plan, vesting in five years or less | 0.9 | |||
Awards granted to key employees (in shares) | 1,100,000 | 600,000 | 1,200,000 | |
Non-employee director awards granted in lieu of cash compensation (shares) | 15,000 | 19,000 | 46,000 | |
Non-employee director aggregate triennial awards (in shares) | 54,000 | |||
New non-employee director aggregate triennial awards (in shares) | 1,000 | |||
Equity compensation expense | $13,722,000 | $10,005,000 | $10,581,000 | |
Capitalized equity compensation | 1,100,000 | 800,000 | 561,000 | |
Total Grant Date Fair Value of LTIP Awards | 21,400,000 | 10,100,000 | 19,200,000 | 4,100,000 |
Intrinsic Value of Option Exercises | 5,000,000 | |||
Total grant date fair value of LTIP Units which vested during the period | 14,900,000 | 10,900,000 | 13,500,000 | |
Unrecognized compensation cost related to nonvested options and LTIP Unit awards | $15,400,000 | |||
Unrecognized compensation cost related to nonvested options and LTIP Unit awards, recognition period | 26 months | |||
Stock Appreciation Rights and Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting Period | 5 years | |||
Key Employees [Member] | Long-term Incentive Plan Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting Period | 3 years | |||
Number Of Annual Vesting Installments | 3 | |||
Executives And Certain Key Employees [Member] | Long-term Incentive Plan Units [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting Period | 4 years | |||
Executives And Certain Key Employees [Member] | Long-term Incentive Plan Units [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting Period | 5 years | |||
Non-employee Director [Member] | Long-term Incentive Plan Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting Period | 3 years | |||
Period between grants | 3 years |
Fair_value_of_stock_options_De
Fair value of stock options (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Outstanding, Number of Stock Options (Beginning Balance) | 12,540 | 12,540 | 12,540 | |
Outstanding, Weighted Average Exercise Price (usd per share) (Beginning Balance) | $18.10 | $18.10 | $18.10 | |
Outstanding, Weighted Average Remaining Contract Life (Beginning Balance) | 36 months | 47 months | 59 months | 72 months |
Outstanding, Total Intrinsic Value (Beginning Balance) | $65,051 | $65,177 | $26,051 | |
Granted Number of Stock Options | 0 | 0 | 0 | |
Exercised, Number of Stock Options | -731 | |||
Exercised, Weighted Average Exercise Price (usd per share) | $20.03 | |||
Outstanding, Number of Stock Options (Ending Balance) | 11,809 | 12,540 | 12,540 | 12,540 |
Outstanding, Weighted Average Exercise Price (usd per share) (Ending Balance) | $17.98 | $18.10 | $18.10 | $18.10 |
Outstanding, Weighted Average Remaining Contract Life (Ending Balance) | 36 months | 47 months | 59 months | 72 months |
Outstanding, Total Intrinsic Value (Ending Balance) | 123,017 | 65,051 | 65,177 | 26,051 |
Exercisable, Number of Stock Options | 11,809 | |||
Exercisable, Weighted Average Exercise Price (usd per share) | $17.98 | |||
Exercisable, Weighted Average Remaining Contract Life | 36 months | |||
Exercisable, Total Intrinsic Value | $123,017 |
LTIP_Units_Details
LTIP Units (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
LTIP Units [Roll Forward] | |||
Outstanding, Number of Units (Beginning Balance) | 754 | 891 | 603 |
Outstanding, Weighted Average Grant Date Fair Value (usd per share) (Beginning Balance) | $15.63 | $15.12 | $12.64 |
Granted, Number of Units | 1,106 | 663 | 1,255 |
Granted, Weighted Average Grant Date Fair Value (usd per share) | $19.31 | $15.26 | $15.26 |
Vested, Number of Units | -854 | -785 | -965 |
Vested, Weighted Average Grant Date Fair Value (usd per share) | $17.44 | $14.15 | $13.76 |
Forfeited, Number of Units | -8 | -15 | -2 |
Forfeited, Weighted Average Grant Date Fair Value (usd per share) | $22.48 | $21.52 | $17.43 |
Outstanding, Number of Units (Ending Balance) | 998 | 754 | 891 |
Outstanding, Weighted Average Grant Date Fair Value (usd per share) (Ending Balance) | $18.48 | $15.63 | $15.12 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Estimated Fair Value of Secured Notes Payable (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Fair Value Disclosures [Abstract] | |||
Fair value | $3,293,351 | $3,233,555 | |
Carrying value | $3,253,290 | [1] | $3,201,140 |
[1] | As of December 31, 2014, (i) the weighted average remaining life of our outstanding term debt (excluding our revolving credit line) was 3.9 years ; (ii) of the $2.97 billion of term debt on which the interest rate was fixed under the terms of the loan or a swap, (a) the weighted average remaining life was 4.0 years, the weighted average remaining period during which the interest rate was fixed was 2.4 years and the weighted average annual interest rate was 4.05%; and (b) including the non-cash amortization of prepaid loan fees, the effective weighted average interest rate was 4.15%. Except as otherwise noted below, each loan is secured by a separate collateral pool consisting of one or more properties, requiring monthly payments of interest only, with the outstanding principal due upon maturity. |
Recovered_Sheet2
Fair Value Of Financial Instruments (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value of Derivative Instruments | $37,386 | [1] | $63,144 | [1] |
Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value of Derivative Instruments | 0 | 0 | ||
Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value of Derivative Instruments | 37,386 | 63,144 | ||
Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value of Derivative Instruments | $0 | $0 | ||
[1] | We did not have any derivative assets as of December 31, 2014 and December 31, 2013. |
Future_Minimum_Lease_Receipts_1
Future Minimum Lease Receipts (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |||
Percentage rental income | $548 | $576 | $658 |
Future_Minimum_Lease_Receipts_2
Future Minimum Lease Receipts (Schedule Of Future Minimum Base Rentals On Non-Cancelable Office And Ground Operating Leases) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
2015 | $376,141 |
2016 | 335,928 |
2017 | 284,546 |
2018 | 226,177 |
2019 | 182,292 |
Thereafter | 444,007 |
Total future minimum base rentals | $1,849,091 |
Future_Minimum_Lease_Payments_1
Future Minimum Lease Payments (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
lease | |||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Office properties | 2 | ||
Ground lease payments expense | $2.60 | $2.20 | $2.20 |
Number of ground leases with purchase options | 1 |
Future_Minimum_Lease_Payments_2
Future Minimum Lease Payments (Future Minimum Ground Lease Payments) (Details) (USD $) | Dec. 31, 2014 | Mar. 01, 2019 | |
In Thousands, unless otherwise specified | |||
Operating Leased Assets [Line Items] | |||
Future ground rent payments per year | $733 | ||
2015 | 733 | ||
2016 | 733 | ||
2017 | 733 | ||
2018 | 733 | ||
2019 | 733 | ||
Thereafter | 49,110 | ||
Total future minimum lease payments | 52,775 | [1] | |
Scenario, Forecast [Member] | |||
Operating Leased Assets [Line Items] | |||
Future ground rent payments per year | $733 | ||
[1] | Lease term ends on December 31, 2086, and requires ground rent payments totaling $733 thousand per year that will continue until February 28, 2019, rental payments for successive rental periods thereafter shall be determined by mutual agreement with the lessor. The future minimum ground lease payments in the table above assume that the rental will continue to be $733 thousand per year after February 28, 2019. |
Commitments_Contingencies_and_1
Commitments, Contingencies and Guarantees (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
tenant | tenant | |||
Other Commitments [Line Items] | ||||
Amount accounts are insured by Federal Deposit Insurance Corporation | $250,000 | |||
Loan principal | 3,253,290,000 | [1] | 3,201,140,000 | |
Number of tenants accounting for more than 10% of our total rental revenue and tenant recoveries | 0 | 0 | 0 | |
Fund X [Member] | ||||
Other Commitments [Line Items] | ||||
Loan principal | 325,000,000 | |||
Maturity date | 1-May-18 | |||
Swap maturity date | 1-May-17 | |||
Maximum future payments under the swap agreement | $4,600,000 | |||
Parent [Member] | ||||
Other Commitments [Line Items] | ||||
Number of properties containing Asbestos | 23 | |||
Fund X [Member] | ||||
Other Commitments [Line Items] | ||||
Number of properties containing Asbestos | 4 | |||
[1] | As of December 31, 2014, (i) the weighted average remaining life of our outstanding term debt (excluding our revolving credit line) was 3.9 years ; (ii) of the $2.97 billion of term debt on which the interest rate was fixed under the terms of the loan or a swap, (a) the weighted average remaining life was 4.0 years, the weighted average remaining period during which the interest rate was fixed was 2.4 years and the weighted average annual interest rate was 4.05%; and (b) including the non-cash amortization of prepaid loan fees, the effective weighted average interest rate was 4.15%. Except as otherwise noted below, each loan is secured by a separate collateral pool consisting of one or more properties, requiring monthly payments of interest only, with the outstanding principal due upon maturity. |
Segment_Reporting_Narrative_De
Segment Reporting (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
segment | |
Segment Reporting [Abstract] | |
Number of segments | 2 |
Segment_Reporting_Operating_Ac
Segment Reporting (Operating Activity Within Reportable Segments) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||
Total office revenues | $519,422 | $514,600 | $505,276 |
Office expenses | -181,177 | -174,952 | -170,725 |
Total multifamily revenues | 80,117 | 76,936 | 73,723 |
Multifamily expenses | -20,664 | -19,928 | -19,672 |
Segment profit | 397,698 | 396,656 | 388,602 |
Office Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Total office revenues | 519,422 | 514,600 | 505,276 |
Office expenses | -181,177 | -174,952 | -170,725 |
Segment profit | 338,245 | 339,648 | 334,551 |
Multifamily Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Total multifamily revenues | 80,117 | 76,936 | 73,723 |
Multifamily expenses | -20,664 | -19,928 | -19,672 |
Segment profit | $59,453 | $57,008 | $54,051 |
Segment_Reporting_Reconciliati
Segment Reporting (Reconciliation Of Segment Profit To Net Income Attributable To Common Stockholders) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting [Abstract] | |||||||||||
Total profit from all segments | $397,698 | $396,656 | $388,602 | ||||||||
General and administrative expenses | -27,332 | -26,614 | -27,943 | ||||||||
Depreciation and amortization | -202,512 | -191,351 | -184,849 | ||||||||
Other income | 17,675 | 6,402 | 2,821 | ||||||||
Other expenses | -7,095 | -4,199 | -1,883 | ||||||||
Income (loss), including depreciation, from unconsolidated real estate funds | 3,713 | 3,098 | -1,710 | ||||||||
Interest expense | -128,507 | -130,548 | -146,693 | ||||||||
Acquisition-related expenses | -786 | -607 | 0 | ||||||||
Net income | 12,798 | 8,681 | 15,917 | 15,458 | 10,504 | 12,743 | 14,978 | 14,612 | 52,854 | 52,837 | 28,345 |
Less: Net income attributable to noncontrolling interests | -8,233 | -7,526 | -5,403 | ||||||||
Net income attributable to common stockholders | $10,893 | $7,389 | $13,363 | $12,976 | $8,843 | $10,751 | $13,635 | $12,082 | $44,621 | $45,311 | $22,942 |
Quarterly_Financial_Informatio2
Quarterly Financial Information (unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Quarterly Financial Information [Abstract] | ||||||||||||||
Total revenue | $151,091 | $148,146 | $151,426 | $148,876 | $147,676 | $149,686 | $148,716 | $145,458 | $599,539 | $591,536 | $578,999 | |||
Net income | 12,798 | 8,681 | 15,917 | 15,458 | 10,504 | 12,743 | 14,978 | 14,612 | 52,854 | 52,837 | 28,345 | |||
Net income attributable to common stockholders | $10,893 | $7,389 | $13,363 | $12,976 | $8,843 | $10,751 | $13,635 | $12,082 | $44,621 | $45,311 | $22,942 | |||
Net income per common share - basic | $0.08 | $0.05 | $0.09 | $0.09 | $0.06 | $0.08 | $0.10 | $0.08 | $0.31 | $0.32 | $0.16 | |||
Net income per common share - diluted | $0.07 | $0.05 | $0.09 | $0.09 | $0.06 | $0.07 | $0.09 | $0.08 | $0.30 | $0.31 | $0.16 | |||
Weighted average shares of common stock outstanding - basic | 144,823 | 144,361 | 143,717 | 143,140 | 142,603 | 142,598 | 142,581 | 142,440 | 144,013 | 142,556 | 139,791 | |||
Weighted average shares of common stock outstanding - diluted | 176,436 | 176,413 | 176,310 | 175,751 | 174,600 | 174,756 | 175,252 | 174,579 | 176,221 | [1] | 174,802 | [1] | 173,120 | [1] |
[1] | Diluted shares are calculated in accordance with GAAP, and represent ownership in our company through shares of common stock, units in our operating partnership and other convertible equity instruments. |
Investments_In_Unconsolidated_2
Investments In Unconsolidated Real Estate Funds Narrative (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Mar. 31, 2012 | Apr. 03, 2013 |
fund | ||||||
property | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of real estate funds owned and managed | 2 | |||||
Number of office properties owned | 61 | |||||
Total equity method distributions received | $12.40 | $8.30 | $5.50 | |||
Percentage Of amounts related to Fund | 100.00% | |||||
Partnership X [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Additional interest acquired, percent | 0.90% | |||||
Partially Owned Unconsolidated Office Properties [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Area of real estate property | 1,800,000 | |||||
Additional interest acquired, value | 8 | |||||
Fund X [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Additional interest acquired, percent | 3.30% | 16.30% | ||||
Additional interest acquired, value | 33.4 | |||||
Fund X [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Note receivable from related party | $1.50 | $2.70 | $2.90 | |||
Related party transaction date | 1-Apr-17 | |||||
Partially Owned Unconsolidated Office Properties [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of office properties owned | 8 | |||||
Partnership X [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage | 24.25% | |||||
Fund X [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage | 68.61% | |||||
LIBOR [Member] | Fund X [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Variable rate description | LIBOR plus 2.5% | |||||
Basis spread | 2.50% |
Investments_In_Unconsolidated_3
Investments In Unconsolidated Real Estate Funds (Summary Of Statement Of Operations For Investments In Unconsolidated Real Estate Funds) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Real Estate Investments, Net [Abstract] | ||
Total revenues | $66,234 | $63,976 |
Operating income | 11,738 | 10,151 |
Net income (loss) | $254 | ($829) |
Investments_In_Unconsolidated_4
Investments In Unconsolidated Real Estate Funds (Summary Of Financial Position For Investments In Unconsolidated Real Estate Funds) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Real Estate Investments, Net [Abstract] | ||
Total assets | $703,130 | $722,983 |
Total liabilities | 389,413 | 391,892 |
Total equity | $313,717 | $331,091 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | |||||
Dec. 31, 2014 | Feb. 12, 2015 | Dec. 29, 2014 | Mar. 31, 2015 | Feb. 28, 2014 | Dec. 31, 2013 | |||
Subsequent Event [Line Items] | ||||||||
Note receivable | $27,500,000 | [1] | $27,500,000 | $0 | [1] | |||
Net Accretion of above and below market leases recognized in other income | 2,200,000 | |||||||
Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Note receivable, non cash consideration repayment | 26,500,000 | |||||||
Note receivable, cash consideration, repayment | 1,000,000 | |||||||
Issuance of operating partnership units (in units) | 34,412 | |||||||
Value of operating partnership units issued | 1,000,000 | |||||||
Encino Property [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Area of real estate property acquired | 224,000 | |||||||
Price of real estate acquired | 89,000,000 | |||||||
Price paid for real estate acquired per square foot | 397 | |||||||
Scenario, Forecast [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Net Accretion of above and below market leases recognized in other income | $6,600,000 | |||||||
[1] | On February 28, 2014, we loaned $27.5 million to the owner of a fee interest related to one of our office buildings. The loan carried interest of 4.9% and was repaid in February 2015. See Note 19. The interest recognized on this note is included in other income in the consolidated statements of operations. |
Schedule_III_Details
Schedule III (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Encumbrances at December 31, 2014 | $3,435,290,000 | ||
Initial Cost of Land | 634,627,000 | ||
Initial Cost of Buildings & Improvements | 2,972,038,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 3,550,938,000 | ||
Gross Carrying Amount of Land | 900,813,000 | ||
Gross Carrying Amount of Buildings & Improvements | 6,256,790,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 7,157,603,000 | 7,012,733,000 | 6,786,537,000 |
Accumulated Depreciation at December 31, 2014 | -1,531,157,000 | -1,495,819,000 | -1,304,468,000 |
Aggregate cost of total real estate for federal income tax purposes | 4,250,000,000 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, beginning of period | 7,012,733,000 | 6,786,537,000 | 6,726,018,000 |
Real Estate Assets, Additions: property acquisitions | 223,186,000 | 146,497,000 | 0 |
Real Estate Assets, Additions: improvements | 84,578,000 | 79,150,000 | 60,519,000 |
Real Estate Assets, Additions: developments | 4,280,000 | 549,000 | 0 |
Real Estate Assets, Write-offs | -167,174,000 | 0 | 0 |
Real Estate Assets, Balance, end of period | 7,157,603,000 | 7,012,733,000 | 6,786,537,000 |
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, beginning of period | -1,495,819,000 | -1,304,468,000 | -1,119,619,000 |
Accumulated Depreciation, Additions: depreciation | -202,512,000 | -191,351,000 | -184,849,000 |
Accumulated Depreciation, Write-offs | 167,174,000 | 0 | 0 |
Accumulated Depreciation, Balance, end of period | -1,531,157,000 | -1,495,819,000 | -1,304,468,000 |
100 Wilshire [Member] | |||
Encumbrances at December 31, 2014 | 139,199,000 | ||
Initial Cost of Land | 12,769,000 | ||
Initial Cost of Buildings & Improvements | 78,447,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 139,026,000 | ||
Gross Carrying Amount of Land | 27,108,000 | ||
Gross Carrying Amount of Buildings & Improvements | 203,134,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 230,242,000 | ||
Accumulated Depreciation at December 31, 2014 | -50,341,000 | ||
Year Built | 1-Jan-68 | ||
Year Renovated | 1-Jan-02 | ||
Year Acquired | 1-Jan-99 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 230,242,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -50,341,000 | ||
11777 San Vicente [Member] | |||
Encumbrances at December 31, 2014 | 25,931,000 | ||
Initial Cost of Land | 5,032,000 | ||
Initial Cost of Buildings & Improvements | 15,768,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 29,614,000 | ||
Gross Carrying Amount of Land | 6,714,000 | ||
Gross Carrying Amount of Buildings & Improvements | 43,700,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 50,414,000 | ||
Accumulated Depreciation at December 31, 2014 | -10,434,000 | ||
Year Built | 1-Jan-74 | ||
Year Renovated | 1-Jan-98 | ||
Year Acquired | 1-Jan-99 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 50,414,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -10,434,000 | ||
12400 Wilshire [Member] | |||
Encumbrances at December 31, 2014 | 61,436,000 | ||
Initial Cost of Land | 5,013,000 | ||
Initial Cost of Buildings & Improvements | 34,283,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 75,233,000 | ||
Gross Carrying Amount of Land | 8,828,000 | ||
Gross Carrying Amount of Buildings & Improvements | 105,701,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 114,529,000 | ||
Accumulated Depreciation at December 31, 2014 | -26,048,000 | ||
Year Built | 1-Jan-85 | ||
Year Acquired | 1-Jan-96 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 114,529,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -26,048,000 | ||
16501 Ventura [Member] | |||
Encumbrances at December 31, 2014 | 0 | ||
Initial Cost of Land | 6,759,000 | ||
Initial Cost of Buildings & Improvements | 53,112,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 7,715,000 | ||
Gross Carrying Amount of Land | 6,759,000 | ||
Gross Carrying Amount of Buildings & Improvements | 60,827,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 67,586,000 | ||
Accumulated Depreciation at December 31, 2014 | -3,314,000 | ||
Year Built | 1-Jan-86 | ||
Year Renovated | 1-Jan-12 | ||
Year Acquired | 1-Jan-13 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 67,586,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -3,314,000 | ||
1901 Avenue Of Stars [Member] | |||
Encumbrances at December 31, 2014 | 155,000,000 | ||
Initial Cost of Land | 18,514,000 | ||
Initial Cost of Buildings & Improvements | 131,752,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 111,562,000 | ||
Gross Carrying Amount of Land | 26,163,000 | ||
Gross Carrying Amount of Buildings & Improvements | 235,665,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 261,828,000 | ||
Accumulated Depreciation at December 31, 2014 | -60,316,000 | ||
Year Built | 1-Jan-68 | ||
Year Renovated | 1-Jan-01 | ||
Year Acquired | 1-Jan-01 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 261,828,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -60,316,000 | ||
401 Wilshire [Member] | |||
Encumbrances at December 31, 2014 | 79,787,000 | ||
Initial Cost of Land | 9,989,000 | ||
Initial Cost of Buildings & Improvements | 29,187,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 115,305,000 | ||
Gross Carrying Amount of Land | 21,787,000 | ||
Gross Carrying Amount of Buildings & Improvements | 132,694,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 154,481,000 | ||
Accumulated Depreciation at December 31, 2014 | -33,816,000 | ||
Year Built | 1-Jan-81 | ||
Year Renovated | 1-Jan-00 | ||
Year Acquired | 1-Jan-96 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 154,481,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -33,816,000 | ||
8484 Wilshire [Member] | |||
Encumbrances at December 31, 2014 | 32,209,000 | ||
Initial Cost of Land | 8,846,000 | ||
Initial Cost of Buildings & Improvements | 77,780,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 13,838,000 | ||
Gross Carrying Amount of Land | 8,846,000 | ||
Gross Carrying Amount of Buildings & Improvements | 91,619,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 100,465,000 | ||
Accumulated Depreciation at December 31, 2014 | -4,588,000 | ||
Year Built | 1-Jan-72 | ||
Year Renovated | 1-Jan-13 | ||
Year Acquired | 1-Jan-13 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 100,465,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -4,588,000 | ||
9601 Wilshire [Member] | |||
Encumbrances at December 31, 2014 | 112,144,000 | ||
Initial Cost of Land | 16,597,000 | ||
Initial Cost of Buildings & Improvements | 54,774,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 110,371,000 | ||
Gross Carrying Amount of Land | 17,658,000 | ||
Gross Carrying Amount of Buildings & Improvements | 164,084,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 181,742,000 | ||
Accumulated Depreciation at December 31, 2014 | -41,612,000 | ||
Year Built | 1-Jan-62 | ||
Year Renovated | 1-Jan-04 | ||
Year Acquired | 1-Jan-01 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 181,742,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -41,612,000 | ||
Beverly Hills Medical Center [Member] | |||
Encumbrances at December 31, 2014 | 31,469,000 | ||
Initial Cost of Land | 4,955,000 | ||
Initial Cost of Buildings & Improvements | 27,766,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 28,218,000 | ||
Gross Carrying Amount of Land | 6,435,000 | ||
Gross Carrying Amount of Buildings & Improvements | 54,504,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 60,939,000 | ||
Accumulated Depreciation at December 31, 2014 | -14,058,000 | ||
Year Built | 1-Jan-64 | ||
Year Renovated | 1-Jan-04 | ||
Year Acquired | 1-Jan-04 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 60,939,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -14,058,000 | ||
Bishop Place [Member] | |||
Encumbrances at December 31, 2014 | 73,813,000 | ||
Initial Cost of Land | 8,317,000 | ||
Initial Cost of Buildings & Improvements | 105,651,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 59,385,000 | ||
Gross Carrying Amount of Land | 8,833,000 | ||
Gross Carrying Amount of Buildings & Improvements | 164,520,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 173,353,000 | ||
Accumulated Depreciation at December 31, 2014 | -44,204,000 | ||
Year Built | 1-Jan-92 | ||
Year Acquired | 1-Jan-04 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 173,353,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -44,204,000 | ||
Bishop Square [Member] | |||
Encumbrances at December 31, 2014 | 139,131,000 | ||
Initial Cost of Land | 16,273,000 | ||
Initial Cost of Buildings & Improvements | 213,793,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 20,495,000 | ||
Gross Carrying Amount of Land | 16,273,000 | ||
Gross Carrying Amount of Buildings & Improvements | 234,288,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 250,561,000 | ||
Accumulated Depreciation at December 31, 2014 | -39,269,000 | ||
Year Built | 1-Jan-72 | ||
Year Renovated | 1-Jan-83 | ||
Year Acquired | 1-Jan-10 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 250,561,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -39,269,000 | ||
Brentwood Court [Member] | |||
Encumbrances at December 31, 2014 | 6,318,000 | ||
Initial Cost of Land | 2,564,000 | ||
Initial Cost of Buildings & Improvements | 8,872,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 291,000 | ||
Gross Carrying Amount of Land | 2,563,000 | ||
Gross Carrying Amount of Buildings & Improvements | 9,164,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 11,727,000 | ||
Accumulated Depreciation at December 31, 2014 | -2,491,000 | ||
Year Built | 1-Jan-84 | ||
Year Acquired | 1-Jan-06 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 11,727,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -2,491,000 | ||
Brentwood Executive Plaza [Member] | |||
Encumbrances at December 31, 2014 | 25,461,000 | ||
Initial Cost of Land | 3,255,000 | ||
Initial Cost of Buildings & Improvements | 9,654,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 33,511,000 | ||
Gross Carrying Amount of Land | 5,921,000 | ||
Gross Carrying Amount of Buildings & Improvements | 40,499,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 46,420,000 | ||
Accumulated Depreciation at December 31, 2014 | -10,826,000 | ||
Year Built | 1-Jan-83 | ||
Year Renovated | 1-Jan-96 | ||
Year Acquired | 1-Jan-95 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 46,420,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -10,826,000 | ||
Brentwood Medical Plaza [Member] | |||
Encumbrances at December 31, 2014 | 25,805,000 | ||
Initial Cost of Land | 5,934,000 | ||
Initial Cost of Buildings & Improvements | 27,836,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 2,103,000 | ||
Gross Carrying Amount of Land | 5,933,000 | ||
Gross Carrying Amount of Buildings & Improvements | 29,940,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 35,873,000 | ||
Accumulated Depreciation at December 31, 2014 | -8,106,000 | ||
Year Built | 1-Jan-75 | ||
Year Acquired | 1-Jan-06 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 35,873,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -8,106,000 | ||
Brentwood San Vicente Medical [Member] | |||
Encumbrances at December 31, 2014 | 13,297,000 | ||
Initial Cost of Land | 5,557,000 | ||
Initial Cost of Buildings & Improvements | 16,457,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 1,020,000 | ||
Gross Carrying Amount of Land | 5,557,000 | ||
Gross Carrying Amount of Buildings & Improvements | 17,477,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 23,034,000 | ||
Accumulated Depreciation at December 31, 2014 | -4,587,000 | ||
Year Built | 1-Jan-57 | ||
Year Renovated | 1-Jan-85 | ||
Year Acquired | 1-Jan-06 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 23,034,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -4,587,000 | ||
Brentwood Saltair [Member] | |||
Encumbrances at December 31, 2014 | 13,065,000 | ||
Initial Cost of Land | 4,468,000 | ||
Initial Cost of Buildings & Improvements | 11,615,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 11,712,000 | ||
Gross Carrying Amount of Land | 4,775,000 | ||
Gross Carrying Amount of Buildings & Improvements | 23,020,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 27,795,000 | ||
Accumulated Depreciation at December 31, 2014 | -6,133,000 | ||
Year Built | 1-Jan-86 | ||
Year Acquired | 1-Jan-00 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 27,795,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -6,133,000 | ||
Bundy Olympic [Member] | |||
Encumbrances at December 31, 2014 | 24,056,000 | ||
Initial Cost of Land | 4,201,000 | ||
Initial Cost of Buildings & Improvements | 11,860,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 29,180,000 | ||
Gross Carrying Amount of Land | 6,030,000 | ||
Gross Carrying Amount of Buildings & Improvements | 39,211,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 45,241,000 | ||
Accumulated Depreciation at December 31, 2014 | -10,122,000 | ||
Year Built | 1-Jan-91 | ||
Year Renovated | 1-Jan-98 | ||
Year Acquired | 1-Jan-94 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 45,241,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -10,122,000 | ||
Camden Medical Arts [Member] | |||
Encumbrances at December 31, 2014 | 28,606,000 | ||
Initial Cost of Land | 3,102,000 | ||
Initial Cost of Buildings & Improvements | 12,221,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 27,813,000 | ||
Gross Carrying Amount of Land | 5,298,000 | ||
Gross Carrying Amount of Buildings & Improvements | 37,838,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 43,136,000 | ||
Accumulated Depreciation at December 31, 2014 | -9,461,000 | ||
Year Built | 1-Jan-72 | ||
Year Renovated | 1-Jan-92 | ||
Year Acquired | 1-Jan-95 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 43,136,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -9,461,000 | ||
Carthay Campus [Member] | |||
Encumbrances at December 31, 2014 | 0 | ||
Initial Cost of Land | 6,595,000 | ||
Initial Cost of Buildings & Improvements | 70,454,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 131,000 | ||
Gross Carrying Amount of Land | 6,595,000 | ||
Gross Carrying Amount of Buildings & Improvements | 70,585,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 77,180,000 | ||
Accumulated Depreciation at December 31, 2014 | -486,000 | ||
Year Built | 1-Jan-65 | ||
Year Renovated | 1-Jan-09 | ||
Year Acquired | 1-Jan-14 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 77,180,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -486,000 | ||
Century Park Plaza [Member] | |||
Encumbrances at December 31, 2014 | 85,010,000 | ||
Initial Cost of Land | 10,275,000 | ||
Initial Cost of Buildings & Improvements | 70,761,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 104,974,000 | ||
Gross Carrying Amount of Land | 16,153,000 | ||
Gross Carrying Amount of Buildings & Improvements | 169,857,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 186,010,000 | ||
Accumulated Depreciation at December 31, 2014 | -42,650,000 | ||
Year Built | 1-Jan-72 | ||
Year Renovated | 1-Jan-87 | ||
Year Acquired | 1-Jan-99 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 186,010,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -42,650,000 | ||
Century Park West [Member] | |||
Encumbrances at December 31, 2014 | 11,989,000 | ||
Initial Cost of Land | 3,717,000 | ||
Initial Cost of Buildings & Improvements | 29,099,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 528,000 | ||
Gross Carrying Amount of Land | 3,667,000 | ||
Gross Carrying Amount of Buildings & Improvements | 29,677,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 33,344,000 | ||
Accumulated Depreciation at December 31, 2014 | -7,492,000 | ||
Year Built | 1-Jan-71 | ||
Year Acquired | 1-Jan-07 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 33,344,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -7,492,000 | ||
Columbus Center [Member] | |||
Encumbrances at December 31, 2014 | 10,559,000 | ||
Initial Cost of Land | 2,096,000 | ||
Initial Cost of Buildings & Improvements | 10,396,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 9,610,000 | ||
Gross Carrying Amount of Land | 2,333,000 | ||
Gross Carrying Amount of Buildings & Improvements | 19,769,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 22,102,000 | ||
Accumulated Depreciation at December 31, 2014 | -5,249,000 | ||
Year Built | 1-Jan-87 | ||
Year Acquired | 1-Jan-01 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 22,102,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -5,249,000 | ||
Coral Plaza [Member] | |||
Encumbrances at December 31, 2014 | 23,327,000 | ||
Initial Cost of Land | 4,028,000 | ||
Initial Cost of Buildings & Improvements | 15,019,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 18,899,000 | ||
Gross Carrying Amount of Land | 5,366,000 | ||
Gross Carrying Amount of Buildings & Improvements | 32,580,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 37,946,000 | ||
Accumulated Depreciation at December 31, 2014 | -8,473,000 | ||
Year Built | 1-Jan-81 | ||
Year Acquired | 1-Jan-98 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 37,946,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -8,473,000 | ||
Cornerstone Plaza [Member] | |||
Encumbrances at December 31, 2014 | 24,085,000 | ||
Initial Cost of Land | 8,245,000 | ||
Initial Cost of Buildings & Improvements | 80,633,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 4,729,000 | ||
Gross Carrying Amount of Land | 8,263,000 | ||
Gross Carrying Amount of Buildings & Improvements | 85,344,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 93,607,000 | ||
Accumulated Depreciation at December 31, 2014 | -19,210,000 | ||
Year Built | 1-Jan-86 | ||
Year Acquired | 1-Jan-07 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 93,607,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -19,210,000 | ||
Encino Gateway [Member] | |||
Encumbrances at December 31, 2014 | 51,463,000 | ||
Initial Cost of Land | 8,475,000 | ||
Initial Cost of Buildings & Improvements | 48,525,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 53,012,000 | ||
Gross Carrying Amount of Land | 15,653,000 | ||
Gross Carrying Amount of Buildings & Improvements | 94,359,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 110,012,000 | ||
Accumulated Depreciation at December 31, 2014 | -25,523,000 | ||
Year Built | 1-Jan-74 | ||
Year Renovated | 1-Jan-98 | ||
Year Acquired | 1-Jan-00 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 110,012,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -25,523,000 | ||
Encino Plaza [Member] | |||
Encumbrances at December 31, 2014 | 30,011,000 | ||
Initial Cost of Land | 5,293,000 | ||
Initial Cost of Buildings & Improvements | 23,125,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 46,267,000 | ||
Gross Carrying Amount of Land | 6,165,000 | ||
Gross Carrying Amount of Buildings & Improvements | 68,520,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 74,685,000 | ||
Accumulated Depreciation at December 31, 2014 | -19,106,000 | ||
Year Built | 1-Jan-71 | ||
Year Renovated | 1-Jan-92 | ||
Year Acquired | 1-Jan-00 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 74,685,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -19,106,000 | ||
Encino Terrace [Member] | |||
Encumbrances at December 31, 2014 | 67,307,000 | ||
Initial Cost of Land | 12,535,000 | ||
Initial Cost of Buildings & Improvements | 59,554,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 94,319,000 | ||
Gross Carrying Amount of Land | 15,533,000 | ||
Gross Carrying Amount of Buildings & Improvements | 150,875,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 166,408,000 | ||
Accumulated Depreciation at December 31, 2014 | -40,360,000 | ||
Year Built | 1-Jan-86 | ||
Year Acquired | 1-Jan-99 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 166,408,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -40,360,000 | ||
Executive Tower [Member] | |||
Encumbrances at December 31, 2014 | 33,909,000 | ||
Initial Cost of Land | 6,660,000 | ||
Initial Cost of Buildings & Improvements | 32,045,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 60,291,000 | ||
Gross Carrying Amount of Land | 9,471,000 | ||
Gross Carrying Amount of Buildings & Improvements | 89,525,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 98,996,000 | ||
Accumulated Depreciation at December 31, 2014 | -23,327,000 | ||
Year Built | 1-Jan-89 | ||
Year Acquired | 1-Jan-95 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 98,996,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -23,327,000 | ||
Gateway Los Angeles [Member] | |||
Encumbrances at December 31, 2014 | 28,429,000 | ||
Initial Cost of Land | 2,376,000 | ||
Initial Cost of Buildings & Improvements | 15,302,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 48,370,000 | ||
Gross Carrying Amount of Land | 5,119,000 | ||
Gross Carrying Amount of Buildings & Improvements | 60,929,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 66,048,000 | ||
Accumulated Depreciation at December 31, 2014 | -15,708,000 | ||
Year Built | 1-Jan-87 | ||
Year Acquired | 1-Jan-94 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 66,048,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -15,708,000 | ||
Harbor Court [Member] | |||
Encumbrances at December 31, 2014 | 0 | ||
Initial Cost of Land | 51,000 | ||
Initial Cost of Buildings & Improvements | 41,001,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 21,332,000 | ||
Gross Carrying Amount of Land | 0 | ||
Gross Carrying Amount of Buildings & Improvements | 62,384,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 62,384,000 | ||
Accumulated Depreciation at December 31, 2014 | -17,811,000 | ||
Year Built | 1-Jan-94 | ||
Year Acquired | 1-Jan-04 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 62,384,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -17,811,000 | ||
Honolulu Club [Member] | |||
Encumbrances at December 31, 2014 | 16,140,000 | ||
Initial Cost of Land | 1,863,000 | ||
Initial Cost of Buildings & Improvements | 16,766,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 6,731,000 | ||
Gross Carrying Amount of Land | 1,863,000 | ||
Gross Carrying Amount of Buildings & Improvements | 23,497,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 25,360,000 | ||
Accumulated Depreciation at December 31, 2014 | -5,578,000 | ||
Year Built | 1-Jan-80 | ||
Year Acquired | 1-Jan-08 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 25,360,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -5,578,000 | ||
Landmark Two [Member] | |||
Encumbrances at December 31, 2014 | 118,684,000 | ||
Initial Cost of Land | 19,156,000 | ||
Initial Cost of Buildings & Improvements | 109,259,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 79,641,000 | ||
Gross Carrying Amount of Land | 26,139,000 | ||
Gross Carrying Amount of Buildings & Improvements | 181,917,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 208,056,000 | ||
Accumulated Depreciation at December 31, 2014 | -56,866,000 | ||
Year Built | 1-Jan-89 | ||
Year Acquired | 1-Jan-97 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 208,056,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -56,866,000 | ||
Lincoln Wilshire [Member] | |||
Encumbrances at December 31, 2014 | 24,895,000 | ||
Initial Cost of Land | 3,833,000 | ||
Initial Cost of Buildings & Improvements | 12,484,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 22,879,000 | ||
Gross Carrying Amount of Land | 7,475,000 | ||
Gross Carrying Amount of Buildings & Improvements | 31,721,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 39,196,000 | ||
Accumulated Depreciation at December 31, 2014 | -7,802,000 | ||
Year Built | 1-Jan-96 | ||
Year Acquired | 1-Jan-00 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 39,196,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -7,802,000 | ||
Mb Plaza [Member] | |||
Encumbrances at December 31, 2014 | 28,091,000 | ||
Initial Cost of Land | 4,533,000 | ||
Initial Cost of Buildings & Improvements | 22,024,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 30,582,000 | ||
Gross Carrying Amount of Land | 7,503,000 | ||
Gross Carrying Amount of Buildings & Improvements | 49,636,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 57,139,000 | ||
Accumulated Depreciation at December 31, 2014 | -14,314,000 | ||
Year Built | 1-Jan-71 | ||
Year Renovated | 1-Jan-96 | ||
Year Acquired | 1-Jan-98 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 57,139,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -14,314,000 | ||
Olympic Center [Member] | |||
Encumbrances at December 31, 2014 | 27,968,000 | ||
Initial Cost of Land | 5,473,000 | ||
Initial Cost of Buildings & Improvements | 22,850,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 31,899,000 | ||
Gross Carrying Amount of Land | 8,247,000 | ||
Gross Carrying Amount of Buildings & Improvements | 51,975,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 60,222,000 | ||
Accumulated Depreciation at December 31, 2014 | -13,879,000 | ||
Year Built | 1-Jan-85 | ||
Year Renovated | 1-Jan-96 | ||
Year Acquired | 1-Jan-97 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 60,222,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -13,879,000 | ||
One Westwood [Member] | |||
Encumbrances at December 31, 2014 | 45,577,000 | ||
Initial Cost of Land | 10,350,000 | ||
Initial Cost of Buildings & Improvements | 29,784,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 59,738,000 | ||
Gross Carrying Amount of Land | 9,194,000 | ||
Gross Carrying Amount of Buildings & Improvements | 90,678,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 99,872,000 | ||
Accumulated Depreciation at December 31, 2014 | -23,751,000 | ||
Year Built | 1-Jan-87 | ||
Year Renovated | 1-Jan-04 | ||
Year Acquired | 1-Jan-99 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 99,872,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -23,751,000 | ||
Palisades Promenade [Member] | |||
Encumbrances at December 31, 2014 | 35,904,000 | ||
Initial Cost of Land | 5,253,000 | ||
Initial Cost of Buildings & Improvements | 15,547,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 51,903,000 | ||
Gross Carrying Amount of Land | 9,664,000 | ||
Gross Carrying Amount of Buildings & Improvements | 63,039,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 72,703,000 | ||
Accumulated Depreciation at December 31, 2014 | -16,207,000 | ||
Year Built | 1-Jan-90 | ||
Year Acquired | 1-Jan-95 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 72,703,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -16,207,000 | ||
Saltair San Vicente [Member] | |||
Encumbrances at December 31, 2014 | 15,472,000 | ||
Initial Cost of Land | 5,075,000 | ||
Initial Cost of Buildings & Improvements | 6,946,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 16,920,000 | ||
Gross Carrying Amount of Land | 7,557,000 | ||
Gross Carrying Amount of Buildings & Improvements | 21,384,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 28,941,000 | ||
Accumulated Depreciation at December 31, 2014 | -5,738,000 | ||
Year Built | 1-Jan-64 | ||
Year Renovated | 1-Jan-92 | ||
Year Acquired | 1-Jan-97 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 28,941,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -5,738,000 | ||
San Vicente Plaza [Member] | |||
Encumbrances at December 31, 2014 | 9,430,000 | ||
Initial Cost of Land | 7,055,000 | ||
Initial Cost of Buildings & Improvements | 12,035,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 404,000 | ||
Gross Carrying Amount of Land | 7,055,000 | ||
Gross Carrying Amount of Buildings & Improvements | 12,439,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 19,494,000 | ||
Accumulated Depreciation at December 31, 2014 | -3,720,000 | ||
Year Built | 1-Jan-85 | ||
Year Acquired | 1-Jan-06 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 19,494,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -3,720,000 | ||
Santa Monica Square [Member] | |||
Encumbrances at December 31, 2014 | 25,487,000 | ||
Initial Cost of Land | 5,366,000 | ||
Initial Cost of Buildings & Improvements | 18,025,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 20,241,000 | ||
Gross Carrying Amount of Land | 6,863,000 | ||
Gross Carrying Amount of Buildings & Improvements | 36,769,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 43,632,000 | ||
Accumulated Depreciation at December 31, 2014 | -9,723,000 | ||
Year Built | 1-Jan-83 | ||
Year Renovated | 1-Jan-04 | ||
Year Acquired | 1-Jan-01 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 43,632,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -9,723,000 | ||
Second Street Plaza [Member] | |||
Encumbrances at December 31, 2014 | 35,802,000 | ||
Initial Cost of Land | 4,377,000 | ||
Initial Cost of Buildings & Improvements | 15,277,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 35,296,000 | ||
Gross Carrying Amount of Land | 7,421,000 | ||
Gross Carrying Amount of Buildings & Improvements | 47,529,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 54,950,000 | ||
Accumulated Depreciation at December 31, 2014 | -12,979,000 | ||
Year Built | 1-Jan-91 | ||
Year Acquired | 1-Jan-97 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 54,950,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -12,979,000 | ||
Sherman Oaks Galleria [Member] | |||
Encumbrances at December 31, 2014 | 264,297,000 | ||
Initial Cost of Land | 33,213,000 | ||
Initial Cost of Buildings & Improvements | 17,820,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 409,279,000 | ||
Gross Carrying Amount of Land | 48,328,000 | ||
Gross Carrying Amount of Buildings & Improvements | 411,984,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 460,312,000 | ||
Accumulated Depreciation at December 31, 2014 | -114,233,000 | ||
Year Built | 1-Jan-81 | ||
Year Renovated | 1-Jan-02 | ||
Year Acquired | 1-Jan-97 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 460,312,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -114,233,000 | ||
Studio Plaza [Member] | |||
Encumbrances at December 31, 2014 | 115,591,000 | ||
Initial Cost of Land | 9,347,000 | ||
Initial Cost of Buildings & Improvements | 73,358,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 129,449,000 | ||
Gross Carrying Amount of Land | 15,015,000 | ||
Gross Carrying Amount of Buildings & Improvements | 197,139,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 212,154,000 | ||
Accumulated Depreciation at December 31, 2014 | -55,486,000 | ||
Year Built | 1-Jan-88 | ||
Year Renovated | 1-Jan-04 | ||
Year Acquired | 1-Jan-95 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 212,154,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -55,486,000 | ||
Trillium [Member] | |||
Encumbrances at December 31, 2014 | 67,283,000 | ||
Initial Cost of Land | 20,688,000 | ||
Initial Cost of Buildings & Improvements | 143,263,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 82,897,000 | ||
Gross Carrying Amount of Land | 21,989,000 | ||
Gross Carrying Amount of Buildings & Improvements | 224,859,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 246,848,000 | ||
Accumulated Depreciation at December 31, 2014 | -58,705,000 | ||
Year Built | 1-Jan-88 | ||
Year Acquired | 1-Jan-05 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 246,848,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -58,705,000 | ||
Tower At Sherman Oaks [Member] | |||
Encumbrances at December 31, 2014 | 20,000,000 | ||
Initial Cost of Land | 4,712,000 | ||
Initial Cost of Buildings & Improvements | 15,747,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 37,584,000 | ||
Gross Carrying Amount of Land | 8,685,000 | ||
Gross Carrying Amount of Buildings & Improvements | 49,358,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 58,043,000 | ||
Accumulated Depreciation at December 31, 2014 | -13,740,000 | ||
Year Built | 1-Jan-67 | ||
Year Renovated | 1-Jan-91 | ||
Year Acquired | 1-Jan-97 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 58,043,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -13,740,000 | ||
Valley Executive Tower [Member] | |||
Encumbrances at December 31, 2014 | 86,055,000 | ||
Initial Cost of Land | 8,446,000 | ||
Initial Cost of Buildings & Improvements | 67,672,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 100,068,000 | ||
Gross Carrying Amount of Land | 11,737,000 | ||
Gross Carrying Amount of Buildings & Improvements | 164,449,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 176,186,000 | ||
Accumulated Depreciation at December 31, 2014 | -43,120,000 | ||
Year Built | 1-Jan-84 | ||
Year Acquired | 1-Jan-98 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 176,186,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -43,120,000 | ||
Valley Office Plaza [Member] | |||
Encumbrances at December 31, 2014 | 35,037,000 | ||
Initial Cost of Land | 5,731,000 | ||
Initial Cost of Buildings & Improvements | 24,329,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 46,978,000 | ||
Gross Carrying Amount of Land | 8,957,000 | ||
Gross Carrying Amount of Buildings & Improvements | 68,081,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 77,038,000 | ||
Accumulated Depreciation at December 31, 2014 | -18,643,000 | ||
Year Built | 1-Jan-66 | ||
Year Renovated | 1-Jan-02 | ||
Year Acquired | 1-Jan-98 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 77,038,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -18,643,000 | ||
Verona [Member] | |||
Encumbrances at December 31, 2014 | 14,262,000 | ||
Initial Cost of Land | 2,574,000 | ||
Initial Cost of Buildings & Improvements | 7,111,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 13,968,000 | ||
Gross Carrying Amount of Land | 5,111,000 | ||
Gross Carrying Amount of Buildings & Improvements | 18,542,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 23,653,000 | ||
Accumulated Depreciation at December 31, 2014 | -4,931,000 | ||
Year Built | 1-Jan-91 | ||
Year Acquired | 1-Jan-97 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 23,653,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -4,931,000 | ||
Village On Canon [Member] | |||
Encumbrances at December 31, 2014 | 33,583,000 | ||
Initial Cost of Land | 5,933,000 | ||
Initial Cost of Buildings & Improvements | 11,389,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 48,622,000 | ||
Gross Carrying Amount of Land | 13,303,000 | ||
Gross Carrying Amount of Buildings & Improvements | 52,641,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 65,944,000 | ||
Accumulated Depreciation at December 31, 2014 | -13,039,000 | ||
Year Built | 1-Jan-89 | ||
Year Renovated | 1-Jan-95 | ||
Year Acquired | 1-Jan-94 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 65,944,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -13,039,000 | ||
Warner Center Towers [Member] | |||
Encumbrances at December 31, 2014 | 285,000,000 | ||
Initial Cost of Land | 43,110,000 | ||
Initial Cost of Buildings & Improvements | 292,147,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 393,398,000 | ||
Gross Carrying Amount of Land | 59,418,000 | ||
Gross Carrying Amount of Buildings & Improvements | 669,237,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 728,655,000 | ||
Accumulated Depreciation at December 31, 2014 | -175,984,000 | ||
Year Renovated | 1-Jan-04 | ||
Year Acquired | 1-Jan-02 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 728,655,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -175,984,000 | ||
Westside Towers [Member] | |||
Encumbrances at December 31, 2014 | 80,216,000 | ||
Initial Cost of Land | 8,506,000 | ||
Initial Cost of Buildings & Improvements | 79,532,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 77,913,000 | ||
Gross Carrying Amount of Land | 14,568,000 | ||
Gross Carrying Amount of Buildings & Improvements | 151,383,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 165,951,000 | ||
Accumulated Depreciation at December 31, 2014 | -39,016,000 | ||
Year Built | 1-Jan-85 | ||
Year Acquired | 1-Jan-98 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 165,951,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -39,016,000 | ||
Westwood Place [Member] | |||
Encumbrances at December 31, 2014 | 52,094,000 | ||
Initial Cost of Land | 8,542,000 | ||
Initial Cost of Buildings & Improvements | 44,419,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 51,895,000 | ||
Gross Carrying Amount of Land | 11,448,000 | ||
Gross Carrying Amount of Buildings & Improvements | 93,408,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 104,856,000 | ||
Accumulated Depreciation at December 31, 2014 | -23,753,000 | ||
Year Built | 1-Jan-87 | ||
Year Acquired | 1-Jan-99 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 104,856,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -23,753,000 | ||
Five Hundred Fifty Five Barrington [Member] | |||
Encumbrances at December 31, 2014 | 43,440,000 | ||
Initial Cost of Land | 6,461,000 | ||
Initial Cost of Buildings & Improvements | 27,639,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 40,392,000 | ||
Gross Carrying Amount of Land | 14,903,000 | ||
Gross Carrying Amount of Buildings & Improvements | 59,589,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 74,492,000 | ||
Accumulated Depreciation at December 31, 2014 | -14,641,000 | ||
Year Built | 1-Jan-89 | ||
Year Acquired | 1-Jan-99 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 74,492,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -14,641,000 | ||
Barrington Plaza [Member] | |||
Encumbrances at December 31, 2014 | 153,630,000 | ||
Initial Cost of Land | 28,568,000 | ||
Initial Cost of Buildings & Improvements | 81,485,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 152,529,000 | ||
Gross Carrying Amount of Land | 58,208,000 | ||
Gross Carrying Amount of Buildings & Improvements | 204,374,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 262,582,000 | ||
Accumulated Depreciation at December 31, 2014 | -48,912,000 | ||
Year Built | 1-Jan-63 | ||
Year Renovated | 1-Jan-98 | ||
Year Acquired | 1-Jan-98 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 262,582,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -48,912,000 | ||
Barrington Kiowa [Member] | |||
Encumbrances at December 31, 2014 | 7,750,000 | ||
Initial Cost of Land | 5,720,000 | ||
Initial Cost of Buildings & Improvements | 10,052,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 526,000 | ||
Gross Carrying Amount of Land | 5,720,000 | ||
Gross Carrying Amount of Buildings & Improvements | 10,578,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 16,298,000 | ||
Accumulated Depreciation at December 31, 2014 | -2,616,000 | ||
Year Built | 1-Jan-74 | ||
Year Acquired | 1-Jan-06 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 16,298,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -2,616,000 | ||
Barry [Member] | |||
Encumbrances at December 31, 2014 | 7,150,000 | ||
Initial Cost of Land | 6,426,000 | ||
Initial Cost of Buildings & Improvements | 8,179,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 481,000 | ||
Gross Carrying Amount of Land | 6,426,000 | ||
Gross Carrying Amount of Buildings & Improvements | 8,660,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 15,086,000 | ||
Accumulated Depreciation at December 31, 2014 | -2,264,000 | ||
Year Built | 1-Jan-73 | ||
Year Acquired | 1-Jan-06 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 15,086,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -2,264,000 | ||
Kiowa [Member] | |||
Encumbrances at December 31, 2014 | 3,100,000 | ||
Initial Cost of Land | 2,605,000 | ||
Initial Cost of Buildings & Improvements | 3,263,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 262,000 | ||
Gross Carrying Amount of Land | 2,605,000 | ||
Gross Carrying Amount of Buildings & Improvements | 3,525,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 6,130,000 | ||
Accumulated Depreciation at December 31, 2014 | -907,000 | ||
Year Built | 1-Jan-72 | ||
Year Acquired | 1-Jan-06 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 6,130,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -907,000 | ||
Landmark II Development [Member] [Member] | |||
Encumbrances at December 31, 2014 | 0 | ||
Initial Cost of Land | 0 | ||
Initial Cost of Buildings & Improvements | 0 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 1,162,000 | ||
Gross Carrying Amount of Land | 0 | ||
Gross Carrying Amount of Buildings & Improvements | 1,162,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 1,162,000 | ||
Accumulated Depreciation at December 31, 2014 | 0 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 1,162,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | 0 | ||
Moanalua Hillside [Member] | |||
Encumbrances at December 31, 2014 | 145,000,000 | ||
Initial Cost of Land | 24,720,000 | ||
Initial Cost of Buildings & Improvements | 85,895,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 42,309,000 | ||
Gross Carrying Amount of Land | 35,365,000 | ||
Gross Carrying Amount of Buildings & Improvements | 117,559,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 152,924,000 | ||
Accumulated Depreciation at December 31, 2014 | -27,649,000 | ||
Year Built | 1-Jan-68 | ||
Year Renovated | 1-Jan-04 | ||
Year Acquired | 1-Jan-05 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 152,924,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -27,649,000 | ||
Pacific Plaza [Member] | |||
Encumbrances at December 31, 2014 | 46,400,000 | ||
Initial Cost of Land | 10,091,000 | ||
Initial Cost of Buildings & Improvements | 16,159,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 74,205,000 | ||
Gross Carrying Amount of Land | 27,816,000 | ||
Gross Carrying Amount of Buildings & Improvements | 72,639,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 100,455,000 | ||
Accumulated Depreciation at December 31, 2014 | -17,217,000 | ||
Year Built | 1-Jan-63 | ||
Year Renovated | 1-Jan-98 | ||
Year Acquired | 1-Jan-99 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 100,455,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -17,217,000 | ||
Shores [Member] | |||
Encumbrances at December 31, 2014 | 144,610,000 | ||
Initial Cost of Land | 20,809,000 | ||
Initial Cost of Buildings & Improvements | 74,191,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 197,659,000 | ||
Gross Carrying Amount of Land | 60,555,000 | ||
Gross Carrying Amount of Buildings & Improvements | 232,104,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 292,659,000 | ||
Accumulated Depreciation at December 31, 2014 | -54,582,000 | ||
Year Renovated | 1-Jan-02 | ||
Year Acquired | 1-Jan-99 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 292,659,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -54,582,000 | ||
Villas At Royal Kunia [Member] | |||
Encumbrances at December 31, 2014 | 82,000,000 | ||
Initial Cost of Land | 42,887,000 | ||
Initial Cost of Buildings & Improvements | 71,376,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 14,274,000 | ||
Gross Carrying Amount of Land | 35,164,000 | ||
Gross Carrying Amount of Buildings & Improvements | 93,373,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 128,537,000 | ||
Accumulated Depreciation at December 31, 2014 | -26,041,000 | ||
Year Built | 1-Jan-90 | ||
Year Renovated | 1-Jan-95 | ||
Year Acquired | 1-Jan-06 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 128,537,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | -26,041,000 | ||
Waena [Member] | |||
Encumbrances at December 31, 2014 | 0 | ||
Initial Cost of Land | 26,864,000 | ||
Initial Cost of Buildings & Improvements | 119,273,000 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 0 | ||
Gross Carrying Amount of Land | 26,864,000 | ||
Gross Carrying Amount of Buildings & Improvements | 119,273,000 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 146,137,000 | ||
Accumulated Depreciation at December 31, 2014 | 0 | ||
Year Built | 1-Jan-70 | ||
Year Acquired | 1-Jan-14 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 146,137,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | 0 | ||
Owensmouth Warner [Member] | |||
Encumbrances at December 31, 2014 | 12,526,000 | ||
Initial Cost of Land | 23,848,000 | ||
Initial Cost of Buildings & Improvements | 0 | ||
Costs Capitalized Subsequent to Acquisition, Improvements | 0 | ||
Gross Carrying Amount of Land | 23,848,000 | ||
Gross Carrying Amount of Buildings & Improvements | 0 | ||
Gross Carrying Amount of Land and Buildings & Improvements | 23,848,000 | ||
Accumulated Depreciation at December 31, 2014 | 0 | ||
Year Acquired | 1-Jan-06 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||
Real Estate Assets, Balance, end of period | 23,848,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Accumulated Depreciation, Balance, end of period | $0 | ||
Minimum [Member] | Warner Center Towers [Member] | |||
Year Built | 1-Jan-82 | ||
Minimum [Member] | Landmark II Development [Member] [Member] | |||
Year Built | 1-Jan-13 | ||
Minimum [Member] | Shores [Member] | |||
Year Built | 1-Jan-65 | ||
Minimum [Member] | Waena [Member] | |||
Year Renovated | 1-Jan-09 | ||
Maximum [Member] | Warner Center Towers [Member] | |||
Year Built | 1-Jan-93 | ||
Maximum [Member] | Landmark II Development [Member] [Member] | |||
Year Built | 1-Jan-14 | ||
Maximum [Member] | Shores [Member] | |||
Year Built | 1-Jan-67 | ||
Maximum [Member] | Waena [Member] | |||
Year Renovated | 1-Jan-14 |