DEI XBRL Filing Information
DEI XBRL Filing Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 12, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | Douglas Emmett Inc | ||
Entity Central Index Key | 1,364,250 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 147,339,187 | ||
Entity Public Float | $ 3,700 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Land | $ 906,601 | $ 882,449 |
Buildings and improvements | 5,687,145 | 5,585,360 |
Tenant improvements and lease intangibles | 703,683 | 666,672 |
Property under development | 26,900 | 23,122 |
Investment in real estate, gross | 7,324,329 | 7,157,603 |
Less: accumulated depreciation and amortization | (1,703,375) | (1,531,157) |
Investment in real estate, net | 5,620,954 | 5,626,446 |
Cash and cash equivalents | 101,798 | 18,823 |
Tenant receivables, net | 1,907 | 2,143 |
Deferred rent receivables, net | 79,837 | 74,997 |
Acquired lease intangible assets, net | 4,484 | 3,527 |
Interest rate contract assets | 4,830 | 0 |
Investment in unconsolidated real estate funds | 164,631 | 171,390 |
Other assets | 87,720 | 41,647 |
Total assets | 6,066,161 | 5,938,973 |
Liabilities | ||
Secured notes payable and revolving credit facility, net | 3,611,276 | 3,419,667 |
Interest payable, accounts payable and deferred revenue | 57,417 | 54,364 |
Security deposits | 38,683 | 37,450 |
Acquired lease intangible liabilities, net | 28,605 | 45,959 |
Interest rate contract liabilities | 16,310 | 37,386 |
Dividends payable | 32,322 | 30,423 |
Total liabilities | 3,784,613 | 3,625,249 |
Douglas Emmett, Inc. stockholders' equity: | ||
Common Stock, $0.01 par value 750,000,000 authorized, 146,919,187 and 144,869,101 outstanding at December 31, 2015 and December 31, 2014, respectively | 1,469 | 1,449 |
Additional paid-in capital | 2,706,753 | 2,678,798 |
Accumulated other comprehensive loss | (9,285) | (30,089) |
Accumulated deficit | (772,726) | (706,700) |
Total Douglas Emmett, Inc. stockholders' equity | 1,926,211 | 1,943,458 |
Noncontrolling interests | 355,337 | 370,266 |
Total equity | 2,281,548 | 2,313,724 |
Total liabilities and equity | $ 6,066,161 | $ 5,938,973 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 750,000,000 | 750,000,000 |
Common stock, shares outstanding (in shares) | 146,919,187 | 144,869,101 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Office rental | |||
Rental revenues | $ 412,448 | $ 396,524 | $ 394,739 |
Tenant recoveries | 43,139 | 44,461 | 45,144 |
Parking and other income | 85,388 | 78,420 | 74,700 |
Total office revenues | 540,975 | 519,405 | 514,583 |
Multifamily rental | |||
Rental revenues | 87,907 | 74,289 | 71,209 |
Parking and other income | 6,892 | 5,828 | 5,727 |
Total multifamily revenues | 94,799 | 80,117 | 76,936 |
Total revenues | 635,774 | 599,522 | 591,519 |
Operating Expenses | |||
Office expenses | 186,556 | 181,160 | 174,935 |
Multifamily expenses | 23,862 | 20,664 | 19,928 |
General and administrative | 30,496 | 27,332 | 26,614 |
Depreciation and amortization | 205,333 | 202,512 | 191,351 |
Total operating expenses | 446,247 | 431,668 | 412,828 |
Operating income | 189,527 | 167,854 | 178,691 |
Other income | 15,228 | 17,675 | 6,402 |
Other expenses | (6,470) | (7,095) | (4,199) |
Income, including depreciation, from unconsolidated real estate funds | 7,694 | 3,713 | 3,098 |
Interest expense | (135,453) | (128,507) | (130,548) |
Acquisition-related expenses | (1,771) | (786) | (607) |
Net income | 68,755 | 52,854 | 52,837 |
Less: Net income attributable to noncontrolling interests | (10,371) | (8,233) | (7,526) |
Net income attributable to common stockholders | $ 58,384 | $ 44,621 | $ 45,311 |
Net income attributable to common stockholders per share – basic (usd per share) | $ 0.398 | $ 0.309 | $ 0.317 |
Net income attributable to common stockholders per share – diluted (usd per share) | $ 0.386 | $ 0.300 | $ 0.309 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 68,755 | $ 52,854 | $ 52,837 |
Other comprehensive income: cash flow hedges | 24,850 | 25,045 | 39,562 |
Comprehensive income | 93,605 | 77,899 | 92,399 |
Less: comprehensive income attributable to noncontrolling interests | (14,417) | (12,813) | (14,651) |
Comprehensive income attributable to common stockholders | $ 79,188 | $ 65,086 | $ 77,748 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Noncontrolling Interests |
Beginning balance, shares at Dec. 31, 2012 | 141,246,000 | |||||
Stockholders' Equity [Roll Forward] | ||||||
Conversion of OP Units (in shares) | 1,400,000 | 1,359,000 | ||||
Exercise of stock options (in shares) | 0 | |||||
Ending balance, shares at Dec. 31, 2013 | 142,605,000 | |||||
Beginning balance at Dec. 31, 2012 | $ 2,390,459 | $ 1,412 | $ 2,635,408 | $ (82,991) | $ (574,173) | $ 410,803 |
Stockholders' Equity [Roll Forward] | ||||||
Conversion of OP Units | 18,684 | 14 | 18,670 | (18,684) | ||
Repurchase of OP Units | (352) | (173) | (180) | |||
Repurchase of stock options | $ 0 | 0 | ||||
Exercise of stock options | 0 | 0 | ||||
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) | ||||
Issuance of OP Units for cash | 0 | 0 | ||||
Stock-based compensation | 10,805 | 10,805 | ||||
Ending balance at Dec. 31, 2013 | $ 2,367,208 | $ 1,426 | 2,653,905 | (50,554) | (634,380) | 396,811 |
Stockholders' Equity [Roll Forward] | ||||||
Dividends declared per common share (in dollars per share) | $ 0.74 | |||||
Conversion of OP Units (in shares) | 2,200,000 | 2,224,000 | ||||
Exercise of stock options (in shares) | 40,000 | 40,000 | ||||
Ending balance, shares at Dec. 31, 2014 | 144,869,101 | 144,869,000 | ||||
Stockholders' Equity [Roll Forward] | ||||||
Conversion of OP Units | $ 30,035 | $ 22 | 30,013 | (30,035) | ||
Repurchase of OP Units | (2,826) | (1,197) | (1,629) | |||
Repurchase of stock options | (4,524) | (4,524) | ||||
Exercise of stock options | 602 | 1 | 601 | |||
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) | ||||
Issuance of OP Units for cash | 0 | 0 | ||||
Stock-based compensation | 14,829 | 14,829 | ||||
Ending balance at Dec. 31, 2014 | $ 2,313,724 | $ 1,449 | 2,678,798 | (30,089) | (706,700) | 370,266 |
Stockholders' Equity [Roll Forward] | ||||||
Dividends declared per common share (in dollars per share) | $ 0.81 | |||||
Conversion of OP Units (in shares) | 1,800,000 | 1,776,000 | ||||
Exercise of stock options (in shares) | 274,000 | 274,000 | ||||
Ending balance, shares at Dec. 31, 2015 | 146,919,187 | 146,919,000 | ||||
Stockholders' Equity [Roll Forward] | ||||||
Conversion of OP Units | $ 23,703 | $ 17 | 23,686 | (23,703) | ||
Repurchase of OP Units | 0 | 0 | 0 | |||
Repurchase of stock options | 0 | 0 | ||||
Exercise of stock options | 4,272 | 3 | 4,269 | |||
Cash flow hedge adjustment | 24,850 | 20,804 | 4,046 | |||
Net income | 68,755 | 10,371 | ||||
Net income attributable to common stockholders | 58,384 | 58,384 | ||||
Dividends | (124,410) | (124,410) | ||||
Contributions | 0 | 0 | ||||
Distributions | (23,265) | (23,265) | ||||
Issuance of OP Units for cash | 1,000 | 1,000 | ||||
Stock-based compensation | 16,622 | 16,622 | ||||
Ending balance at Dec. 31, 2015 | $ 2,281,548 | $ 1,469 | $ 2,706,753 | $ (9,285) | $ (772,726) | $ 355,337 |
Stockholders' Equity [Roll Forward] | ||||||
Dividends declared per common share (in dollars per share) | $ 0.85 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Activities | |||
Net income | $ 68,755 | $ 52,854 | $ 52,837 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Income, including depreciation, from unconsolidated real estate funds | (7,694) | (3,713) | (3,098) |
Gain from insurance recoveries for damage to real estate | (82) | (6,621) | (431) |
Depreciation and amortization | 205,333 | 202,512 | 191,351 |
Net accretion of acquired lease intangibles | (19,100) | (16,084) | (15,693) |
Straight-line rent | (4,840) | (5,335) | (6,470) |
Increase (decrease) in the allowance for doubtful accounts | 223 | (461) | (98) |
Amortization of deferred loan costs | 6,969 | 4,097 | 4,214 |
Non-cash market value adjustments on interest rate contracts | (66) | 50 | 88 |
Amortization of stock-based compensation | 15,234 | 13,722 | 10,005 |
Operating distributions from unconsolidated real estate funds | 1,068 | 909 | 783 |
Change in working capital components: | |||
Tenant receivables | 13 | 78 | (331) |
Interest payable, accounts payable and deferred revenue | 4,557 | 2,668 | 8,816 |
Security deposits | 1,233 | 1,980 | 1,186 |
Other assets | (176) | 59 | 383 |
Net cash provided by operating activities | 271,427 | 246,715 | 243,542 |
Investing Activities | |||
Capital expenditures for improvements to real estate | (75,541) | (84,444) | (66,907) |
Capital expenditures for developments | (3,720) | (4,259) | (549) |
Insurance recoveries for damage to real estate | 82 | 6,506 | 431 |
Property acquisitions | (89,906) | (220,469) | (150,000) |
Deposits for property acquisitions | (75,000) | (2,500) | 0 |
Note receivable | 0 | (27,500) | 0 |
Proceeds from repayment of note receivable | 1,000 | 0 | 0 |
Loans to related parties | (2,000) | 0 | (2,882) |
Loan payments received from related parties | 2,719 | 1,187 | 213 |
Contributions to unconsolidated real estate funds | (11) | 0 | (26,405) |
Acquisitions of additional interests in unconsolidated real estate funds | 0 | 0 | (8,004) |
Capital distributions from unconsolidated real estate funds | 10,788 | 11,514 | 7,518 |
Net cash used in investing activities | (231,589) | (319,965) | (246,585) |
Financing Activities | |||
Proceeds from borrowings | 1,614,400 | 551,000 | 40,000 |
Repayment of borrowings | (1,415,528) | (356,850) | (240,000) |
Loan costs | (14,232) | (1,974) | (2,596) |
Contributions by noncontrolling interests | 0 | 290 | 653 |
Distributions to noncontrolling interests | (23,265) | (22,813) | (21,237) |
Cash dividends to common stockholders | (122,510) | (115,039) | (102,422) |
Exercise of stock options | 4,272 | 603 | 0 |
Repurchase of stock options | 0 | (4,524) | 0 |
Repurchase of OP Units | 0 | (2,826) | (352) |
Net cash provided by (used in) financing activities | 43,137 | 47,867 | (325,954) |
Increase (decrease) in cash and cash equivalents | 82,975 | (25,383) | (328,997) |
Cash and cash equivalents at beginning of year | 18,823 | 44,206 | 373,203 |
Cash and cash equivalents at end of year | 101,798 | 18,823 | 44,206 |
SUPPLEMENTAL CASH FLOWS INFORMATION | |||
Cash paid for interest, net of capitalized interest of $940, $294 and $75 for 2015, 2014 and 2013, respectively. | 128,178 | 123,967 | 127,185 |
Decrease in accrual for capital expenditures for improvements to real estate and developments | 1,504 | 952 | 1,224 |
Capitalized stock-based compensation for improvements to real estate and developments | 1,358 | 1,086 | 800 |
Write-off of fully depreciated and amortized tenant improvements and lease intangibles | 33,115 | 167,174 | 0 |
Write-off of fully amortized acquired lease intangible assets | 220 | 32,230 | 0 |
Write-off of fully accreted acquired lease intangible liabilities | 49,576 | 137,313 | 0 |
Settlement of note receivable in exchange for land and building acquired | 26,500 | 0 | 0 |
Issuance of OP Units in exchange for land and building acquired | 1,000 | 0 | 0 |
Application of deposit to purchase price of property | 2,500 | 0 | 0 |
(Loss) gain from market value adjustments | (11,549) | (11,116) | 903 |
Dividends declared | 124,410 | 116,941 | 105,519 |
Common stock issued in exchange for OP Units | 23,703 | 30,035 | 18,684 |
Fund X [Member] | |||
SUPPLEMENTAL CASH FLOWS INFORMATION | |||
(Loss) gain from market value adjustments | $ (1,922) | $ (1,767) | $ 1,779 |
Consolidated Statements of Cas8
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Cash Flow Elements [Abstract] | |||
Capitalized interest | $ (940) | $ (294) | $ (75) |
Overview
Overview | 12 Months Ended |
Dec. 31, 2015 | |
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 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, acquiring, developing and managing 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 our Operating Partnership and its subsidiaries, as well as our investment in our Funds, we own or partially own, acquire, develop and manage real estate, consisting primarily of office and multifamily properties in Los Angeles County, California and Honolulu, Hawaii. As of December 31, 2015 , we owned a consolidated portfolio of fifty-four 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 from which we earn ground rent income. Alongside our consolidated portfolio, we also manage and own equity interests in our Funds which, at December 31, 2015 , owned eight additional office properties, for a combined sixty-two office properties in our total portfolio. The terms "us," "we" and "our" used in these financial statements refer to Douglas Emmett, Inc. and its subsidiaries. Basis of Presentation The accompanying financial statements 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 to conform to additional line items added in the current period presentation, we have reported more detail for the prior periods. During the current reporting period, we reported our proceeds from, and repayments of, borrowings related to our credit facility on a gross basis in the accompanying Consolidated Statements of Cash Flows, and we reclassified the prior periods, which were previously reported on a net basis, to conform to the current period presentation. The change in presentation did not change the net cash provided by (used in) financing activities that we previously reported for the prior periods. During the current reporting period, we reclassified deferred loan fees from Other assets to Secured notes payable and revolving credit facility in the accompanying Consolidated Balance Sheets, and we reclassified the prior period to conform to the current period presentation. See "New Accounting Pronouncements" in Note 2 for more detail regarding the reclassification of deferred loan fees. The accompanying financial statements have been prepared pursuant to the rules and regulations of the SEC in conformity with US GAAP as established by the FASB in the ASC, including modifications issued under 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, per square footage amounts, apartment units 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 PCAOB. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
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. Investment in Real Estate We account for acquisitions of properties as business combinations, 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 (including for lease renewal options), and acquired above- and below-market ground leases (including for lease renewal options). 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 we expect such occupancy level to 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 and any impairment charges, on our balance sheet until they are sold. Tenant improvements are depreciated on a straight-line basis over the life of the related lease, with any remaining balance depreciated in the period of any early termination of that lease. During 2015 and 2014 , we removed the cost and accumulated depreciation of $16.0 million and $84.6 million , respectively, 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 2015 and 2014 , we removed the cost and accumulated amortization of $17.1 million and $82.6 million , respectively, of fully amortized leasing intangibles from our balance sheet. Acquired above- and below-market tenant leases are amortized/accreted on a straight line basis 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 revenue. During 2015 and 2014 , we removed the cost and accumulated amortization/accretion of $0.2 million and $ 32.2 million , respectively, of fully amortized above-market tenant leases and $37.4 million and $ 137.3 million , respectively, of fully accreted below-market tenant leases from our balance sheet. Acquired above- and below-market ground leases, from which we earn ground rent income, are amortized/accreted on a straight line basis over the life of the lease and recorded either as an increase (for below-market leases) or a decrease (for above-market leases) to rental revenue. Acquired above- and below-market ground leases, for which we incur ground rent expense, are accreted/ 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 expense. During 2015 , we removed the cost and accumulated accretion of $12.2 million for a fully accreted above-market ground lease 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 our results of operations for the respective period. We did not dispose of any properties during 2015 , 2014 or 2013 . Repairs and maintenance are recorded as expense when incurred. 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 the activities that are necessary to begin 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. Capitalized costs are included in Property under development in our Consolidated Balance Sheets. Once major construction activity has ceased and the development or redevelopment property is in the lease-up phase, the capitalized costs are transferred to (i) Land, (ii) Building and improvements and (iii) Tenant improvements and lease intangibles on our Consolidated Balance Sheets as the historical cost of the property. During 2015 and 2014 , we capitalized $3.8 million and $4.3 million of costs related to our multifamily developments, respectively, which included $940 thousand and $294 thousand of capitalized interest, respectively. Investment in Unconsolidated Real Estate Funds At December 31, 2015 , 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 (primarily due to the inclusion of the cost of raising capital that is accounted for as part of our investment basis) of $2.9 million as of December 31, 2015 and 2014 , and notes receivable with a total outstanding balance of $0.8 million and $1.5 million as of December 31, 2015 and 2014 , respectively. See Note 5 for our Fund disclosures. Impairment of Long-Lived Assets We periodically assess whether there has been an impairment in the value of our long-lived assets whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. 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. Recoverability of assets to be held and used is measured by a comparison of the carrying value to the undiscounted future cash flows expected to be generated by the asset. If the carrying value exceeds the estimated undiscounted future cash flows, an impairment loss is recorded equal to the difference between the asset’s carrying value and its fair value based on the estimated discounted future cash flows. Based upon such periodic assessments, no impairments occurred during 2015 , 2014 or 2013 . We periodically assess whether there has been an impairment in the value of our investments in our Funds whenever events or changes in circumstances indicate that the carrying value of our investments in our Funds may not be recoverable. An impairment charge is recorded when events or changes 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 upon a number of factors, including the performance of the investment and market conditions. Based upon such periodic assessments, no impairments occurred during 2015 , 2014 or 2013 . Assets to be disposed of are reported at the lower of their carrying value or fair value, less costs to sell. 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 carrying value of the asset, excluding long-term debt, is presented on the balance sheet as properties held for disposition, we cease to depreciate the asset, and the operating results of the asset may be presented as discontinued operations for all periods presented. As of December 31, 2015 , we did not have any assets classified as held for sale. Cash and Cash Equivalents We consider short-term investments with maturities of three months or less when purchased to be cash equivalents. Revenue and Gain Recognition We recognize revenue when four basic criteria are met: (i) persuasive evidence of an arrangement exists, (ii) services are rendered, (iii) the fee is fixed and determinable and (iv) collectibility is reasonably assured. All of our tenant 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. Rental revenue from month-to-month leases or leases with no scheduled rent increases or other adjustments are recognized on a monthly basis when earned. 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 the former tenant. We recorded lease termination revenue of $2.2 million , $2.6 million , $0.7 million during 2015 , 2014 and 2013 , respectively. We record tenant improvements and deferred revenue for leasehold improvements constructed by us as our assets that are reimbursed by tenants, and then amortize that deferred revenue as additional rental revenue over the related lease term. We recorded revenue for leasehold improvements of $1.9 million , $1.7 million , $1.8 million during 2015 , 2014 and 2013 , respectively. Amortization of deferred revenue is included in rental revenues in the accompanying Consolidated Statements of Operations. Estimated tenant recoveries for real estate taxes, common area maintenance and other recoverable operating expenses are recognized as revenue on a gross basis in the period that the recoverable 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. 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. We did not sell any properties during 2015 , 2014 and 2013 . Allowances for Tenant Receivables and Deferred Rent Receivables We carry tenant receivables and deferred rent receivables net of allowances. Tenant receivables consist primarily of amounts due for contractual lease payments and reimbursements of common area maintenance expenses, property taxes, and other costs recoverable from tenants. Deferred rent receivables represent the amount by which the cumulative straight-line rental revenue recorded to date exceeds cash rents billed to date under the lease agreement. We take into consideration many factors to evaluate the level of reserves necessary, including evaluations of individual tenant receivables, historical loss activity, current economic conditions and other relevant factors. As of December 31, 2015 and 2014 , we had an allowance for tenant receivables of $2.2 million and $2.0 million , respectively, and an allowance for deferred rent receivables of $6.0 million and $5.8 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, 2015 and 2014 , we had a total of $14.7 million of letters of credit held for security, as well as $38.7 million and $37.5 million of cash security deposits, respectively. The net impact on our results of operations from changes in our tenant receivable allowance, net of charges and recoveries, was a decrease of $223 thousand , and an increase of $ 461 thousand and $ 98 thousand d uring 2015 , 2014 and 2013 , respectively. The net impact on our results of operations from changes in our deferred rent receivable allowance, net of charges and recoveries was a decrease of $ 242 thousand , and an increase of $ 2.4 million and $ 3.9 million d uring 2015 , 2014 and 2013 , respectively. Insurance Recoveries Insurance recoveries related to property 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 6 for details regarding our notes receivable. Loan Costs Loan costs incurred directly with the issuance of secured notes payable and revolving credit facilities are deferred and amortized to interest expense over the respective loan or credit facility term. Any unamortized amounts are written off upon early repayment of the secured notes payable, and the related cost and accumulated amortization are removed from our balance sheet. To the extent that a refinancing is considered an exchange of debt with the same lender, we account for loan costs based upon whether the old debt is determined to be modified or extinguished for accounting purposes. If the old debt is determined to be modified then we (i) continue to defer and amortize any unamortized deferred loan fees associated with the old debt at the time of the modification over the new term of the modified debt, (ii) defer and amortize the lender fees incurred in connection with the exchange over the new term of the modified debt, and (iii) expense all other costs associated with the exchange. If the old debt is determined to be extinguished then we (i) write off any unamortized amounts associated with the extinguished debt at the time of the extinguishment and remove the related cost and accumulated amortization from our balance sheet, (ii) expense all lender fees associated with the extinguishment, and (iii) defer and amortize all other costs incurred directly in connection with the extinguishment over the term of the new debt. In circumstances where we modify or exchange our revolving credit facility with the same lender, we account for the loan costs based upon whether the borrowing capacity (defined as the product of the remaining term and the maximum available credit) of the new arrangement is (a) greater than or equal to the borrowing capacity of the old arrangement, or (b) less than the borrowing capacity of the old arrangement. If the borrowing capacity of the new arrangement is greater than or equal to the borrowing capacity of the old arrangement, then we (i) continue to defer and amortize the deferred loan fees from the old arrangement over the term of the new arrangement and (ii) defer all lender and other fees directly incurred in connection with the new arrangement over the term of the new arrangement. If the borrowing capacity of the new arrangement is less than the borrowing capacity of the old arrangement, then we (i) amortize any unamortized deferred loan costs at the time of the change related to the old arrangement in proportion to the decrease in the borrowing capacity of the old arrangement and (ii) defer all lender and other fees incurred directly in connection with the new arrangement over the term of the new arrangement. Deferred loan costs are presented in the balance sheet as a direct deduction from the carrying amount of our secured notes payable and revolving credit facility. All loan costs expensed and deferred loan costs amortized are included in interest expense in our Consolidated Statements of Operations. See "Recently Adopted Accounting Pronouncements" at the end of this footnote regarding our early adoption of ASU No. 2015-3 and ASU No. 2015-15. See Note 7 for our deferred loan cost disclosures. Derivative Contracts We make use of interest rate swap and interest rate cap contracts to manage the risk associated with changes in interest rates on our floating-rate debt. 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 our floating-rate debt. We do not speculate in derivatives and we do not make use of any other derivative instruments. When we enter into derivative agreements, we generally elect to have them designated as cash flow hedges for accounting purposes. For hedging instruments designated as cash flow hedges, changes in fair value of the hedging instrument are recorded in accumulated other comprehensive income (loss) (AOCI), which is a component of equity outside of earnings, and any hedge ineffectiveness is recorded as interest expense. Amounts recorded in AOCI related to our designated hedges are reclassified to interest expense as interest payments are made on the hedged floating rate debt. Amounts reported in AOCI related to our Funds' hedges are reclassified to income, including depreciation, from unconsolidated real estate funds, as interest payments are made by our Funds on their hedged floating rate debt. For hedging instruments which are not designated as cash flow hedges, changes in fair value of the hedging instrument are recorded as interest expense. We record all derivatives on the balance sheet at fair value on a gross basis. See Note 9 for our derivative disclosures. Stock-Based Compensation We account for stock-based compensation, including stock options and LTIP 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 12 for our stock-based compensation disclosures. EPS We calculate basic EPS by dividing the net income attributable to common stockholders for the period by the weighted average number of common shares outstanding during the period. We calculate diluted EPS by dividing the net income attributable to common stockholders for the period by the weighted average number of common shares and dilutive instruments outstanding during the period using the treasury stock method. We account for unvested LTIP Units that contain nonforfeitable rights to dividends as participating securities and include these securities in the computation of basic and diluted EPS using the two-class method. See Note 11 for our EPS disclosures. 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 services for our office segment include primarily rental of office space and other tenant services, including parking and storage space rental. The services for our multifamily segment include primarily rental of apartments and other tenant services, including parking and storage space rental. See Note 14 for our segment disclosures. Income Taxes We have elected to be taxed as a REIT under the Code, 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 Code 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 are unable to avail ourselves of certain savings provisions set forth in the Code, 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-TRS, 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 or flow-through entities (including certain 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 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 did not have significant tax provisions or deferred income tax items for 2015 , 2014 or 2013 . New Accounting Pronouncements Changes to GAAP are established by the FASB in the form of ASUs. We consider the applicability and impact of all ASUs. Recently Issued and Adopted Accounting Pronouncements 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 ASU change the requirements for reporting discontinued operations in Subtopic 205-20, Presentation of Financial Statements. The ASU was effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2014, which for us was the first quarter of 2015. We adopted the ASU in the first quarter of 2015 and it did not have a material impact on our financial position, results of operations or disclosures. In March 2015, the FASB issued ASU No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30), which provides guidance on the presentation of debt issuance costs. To simplify the presentation of debt issuance costs, the amendments in this ASU require that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the related debt, consistent with the manner in which debt discounts or premiums are presented. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, which for us would be the first quarter of 2016, and early adoption is permitted. We early adopted the ASU on a retrospective basis for the year ending December 31, 2015. We reclassified deferred loan costs with a carrying amount of $22.9 million and $15.6 million as of December 31, 2015 and December 31, 2014 , respectively, from Other assets to Secured notes payable and revolving credit facility, net in our Consolidated Balance Sheets. The adoption of the ASU did not impact the Consolidated Statement of Operations. See Note 7 for our deferred loan cost disclosures. In August 2015, the FASB issued ASU No. 2015-15, which provides additional guidance regarding the presentation of debt issuance costs associated with line-of-credit arrangements. The ASU permits the debt issuance costs associated with line-of-credit arrangements to be presented as an asset, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, which for us would be the first quarter of 2016, and early adoption is permitted. We early adopted the ASU for the year ending December 31, 2015. In accordance with ASU No. 2015-03 we reclassified deferred loan costs, which included deferred loan costs associated with our revolving credit facility, from Other assets to Secured notes payable and revolving credit facility, net in our Consolidated Balance Sheets. The adoption of the ASU did not impact the Consolidated Statement of Operations. See Note 7 for our deferred loan cost disclosures. Recently Issued Accounting Pronouncements In August 2015, the FASB issued ASU No. 2015-14, which defers the effective date of ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) by one year. As a result, the ASU is now effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, which for us is the first quarter of 2018. Earlier application is permitted for fiscal years beginning after December 15, 2016, including interim reporting periods within those years, which for us is the first quarter of 2017. We do not expect this ASU to have a material impact on our financial position, results of operations or disclosures, as lease contracts are not within the scope of this ASU. In September 2015, the FASB issued ASU No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments, which amends Business Combinations (Topic 805). The ASU requires that an acquirer (i) recognize adjustments to provisional amounts from Business Combinations that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, (ii) record, in the same period’s financial statements, the effect on earnings, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date and (iii) disclose of the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, which for us would be the first quarter of 2016, and early adoption is permitted. The amendments in this ASU should be applied prospectively to adjustments to provisional amounts that occur after the effective date of this ASU with earlier application permitted for financial statements that have not been issued. We do not expect the ASU to have a material impact on our financial position, results of operations or disclosures. The FASB has not issued any other ASUs during 2015 or 2016 that we expect to be applicable and have a material impact on our future financial position, results of operations or disclosures. |
Investment in Real Estate
Investment in Real Estate | 12 Months Ended |
Dec. 31, 2015 | |
Investment In Real Estate [Abstract] | |
Investment in Real Estate | Investment in Real Estate The tables below (in thousands) summarize our purchase price allocations for the acquisitions (these allocations are subject to adjustments within twelve months of the acquisition date). See Note 19 regarding the potential purchase of four Class A office properties in Westwood that we expect to close in the first quarter of 2016. 2015 Acquisitions During 2015 , we made two acquisitions: (i) on February 12, 2015 , we acquired the fee interest in the land (Harbor Court Land) under one of our office buildings for $27.5 million . We recognized $6.6 million of accretion of an above-market ground lease related to the purchase of the Harbor Court Land, which is included in other income in the Consolidated Statement of Operations, see Note 4 , and (ii) on March 5, 2015 , we purchased a 227,000 square foot Class A multi-tenant office property (First Financial Plaza), located in Encino, California, for $92.4 million , or approximately $407 per square foot. Harbor Court Land First Financial Plaza Land $ 12,060 $ 12,092 Buildings and improvements 15,440 75,039 Tenant improvements and lease intangibles — 6,065 Acquired above and below-market leases, net — (790 ) Net assets and liabilities acquired $ 27,500 $ 92,406 2014 Acquisitions During 2014 , we made two acquisitions: (i) 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 (ii) 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. Carthay Campus Waena 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: (i) 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 (ii)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. 8484 Wilshire 16501 Ventura 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 |
Acquired Lease Intangibles
Acquired Lease Intangibles | 12 Months Ended |
Dec. 31, 2015 | |
Acquired Lease Intangibles [Abstract] | |
Acquired Lease Intangibles | Acquired Lease Intangibles The table below (in thousands) summarizes our above/below-market leases as of December 31 : December 31, 2015 December 31, 2014 Above-market tenant leases (1) $ 4,661 $ 3,040 Accumulated amortization - above-market tenant leases (1) (2,670 ) (2,082 ) Below-market ground leases 3,198 3,198 Accumulated amortization - below-market ground leases (705 ) (629 ) Acquired lease intangible assets, net $ 4,484 $ 3,527 Below-market tenant leases (1) $ 103,327 $ 138,088 Accumulated accretion - below-market tenant leases (1) (78,280 ) (102,335 ) Above-market ground leases (1) 4,017 16,200 Accumulated accretion - above-market ground leases (1) (459 ) (5,994 ) Acquired lease intangible liabilities, net $ 28,605 $ 45,959 _____________________________________________________________________________________ (1) During 2015 , we removed the cost and accumulated amortization/accretion of fully amortized/accreted leases from our balance sheet. See Note 2 "Investment in Real Estate". Impact on the Consolidated Statements of Operations The table below (in thousands) summarizes the net amortization/accretion related to our above/below-market leases: Year Ended December 31, 2015 2014 2013 Net accretion of above/below-market tenant leases (1) $ 12,467 $ 13,752 $ 15,511 Amortization of above-market ground leases (2) (17 ) (17 ) (17 ) Accretion of above-market ground lease (3) 50 50 50 Accretion of an above-market ground lease (4) 6,600 2,299 149 Total $ 19,100 $ 16,084 $ 15,693 _______________________________________________________________________________________ (1) Recorded as a net increase to office and multifamily rental revenues. (2) Ground leases from which we earn ground rent income. Recorded as a decrease to office parking and other income. (3) Ground lease from which we incur ground rent expense. Recorded as a decrease to office expense. (4) Ground lease from which we incurred ground rent expense. Recorded as an increase to other income. During 2015 , we acquired the fee interest in the land (Harbor Court Land). S ee Note 3 . The table below presents (in thousands) the estimated net accretion of above- and below-market tenant and ground leases at December 31, 2015 for the next five years: Year Net increase to revenues Decrease to expenses Net impact 2016 $ 7,869 $ 50 $ 7,919 2017 3,574 50 3,624 2018 3,094 50 3,144 2019 2,920 50 2,970 2020 1,411 50 1,461 Thereafter 1,695 3,307 5,002 Total $ 20,563 $ 3,557 $ 24,120 |
Investments In Unconsolidated R
Investments In Unconsolidated Real Estate Funds | 12 Months Ended |
Dec. 31, 2015 | |
Real Estate Investments, Net [Abstract] | |
Investments In Unconsolidated Real Estate Funds | Investments in Unconsolidated Real Estate Funds Description of our Funds We manage and own equity interest in two Funds, Fund X and Partnership X, through which we and investors own eight office properties totaling 1.8 million square feet in our core markets. At December 31, 2015 , we held equity interests of 68.61% of Fund X and 24.25% of Partnership X. We did not acquire any additional interests in our Funds in 2015 or 2014 . During 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. Our Funds pay us fees and reimburse us for certain expenses related to property management and other services we provide to the Funds. We also receive distributions based on invested capital and on any profits that exceed certain specified cash returns to the investors. The table below presents (in thousands) cash distributions received from our Funds: Year Ended December 31, 2015 2014 2013 Cash distributions received from our Funds $ 11,856 $ 12,423 $ 8,301 Notes receivable Our investment in the Funds includes two unsecured notes receivable. In April 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% per annum, 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, 2015 , and 2014 , the balance outstanding on the loan was $0.3 million and $1.5 million , respectively. In November 2015 , we loaned $0.5 million to Partnership X to fund working capital. The loan carries interest at one month LIBOR plus 2.5% per annum, and is due and payable no later than March 31, 2016 . As of December 31, 2015 , the balance outstanding on the loan was $0.5 million . The interest income recognized on our notes receivable is included in Other income in our Consolidated Statements of Operations. See Note 13 for our fair value disclosures. Summarized Financial Information for our Funds The accounting policies of the Funds are consistent with ours. The tables below present (in thousands) selected financial information for the Funds on a combined basis. The amounts presented represent 100% (not our pro-rata share) of amounts related to the Funds, and are based upon historical acquired book value: December 31, 2015 December 31, 2014 Total assets $ 691,543 $ 703,130 Total liabilities 389,372 389,413 Total equity 302,171 313,717 Year Ended December 31, 2015 2014 2013 Total revenues $ 69,702 $ 66,234 $ 63,976 Operating income 17,866 11,737 10,151 Net income 6,323 254 (829 ) |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2015 | |
Other Assets [Abstract] | |
Other Assets | Other Assets Other assets consisted of the following (in thousands) at December 31 : December 31, 2015 December 31, 2014 Note receivable (1) $ — $ 27,500 Restricted cash 194 194 Prepaid expenses 6,720 6,108 Other indefinite-lived intangible 1,988 1,988 Deposits in escrow (2) 75,000 2,500 Furniture, fixtures and equipment, net 1,448 1,425 Other 2,370 1,932 Total other assets $ 87,720 $ 41,647 ___________________________________________________ (1) On February 12, 2015 , the owner of a fee interest in the land related to one of our office buildings, to whom we previously loaned $27.5 million , repaid $1.0 million of the loan with cash, and then contributed the respective fee interest valued at $27.5 million to our Operating Partnership, subject to the remaining balance of that loan of $26.5 million , in exchange for 34,412 OP Units valued at $1.0 million . See Notes 3 and 10 . (2) At December 31, 2015 , deposits in escrow included a $75.0 million deposit in connection with the potential purchase of four Class A office properties in Westwood, expected to close in the first quarter of 2016. See Note 19 . |
Secured Notes Payable and Revol
Secured Notes Payable and Revolving Credit Facility | 12 Months Ended |
Dec. 31, 2015 | |
Secured Debt [Abstract] | |
Secured Notes Payable and Revolving Credit Facility | Secured Notes Payable and Revolving Credit Facility, Net The following summarizes (in thousands) our secured notes payable and revolving credit facility at December 31 , 2015 and 2014 : Description (1) Maturity Date (2) Principal Balance as of December 31, 2015 Principal Balance as of December 31, 2014 Variable Interest Rate Fixed Interest Rate (3) Swap Maturity Date Fannie Mae Loan 3/1/2016 $ — $ 82,000 LIBOR + 0.62% N/A -- Term Loan (4) 3/1/2016 15,740 16,140 LIBOR + 1.60% 3.72% 4/1/2016 Term Loan 12/24/2016 20,000 20,000 LIBOR + 1.45% 3.57% 4/1/2016 Fannie Mae Loans 6/1/2017 — 18,000 LIBOR + 0.62% N/A -- Term Loan 10/2/2017 — 400,000 LIBOR + 2.00% 4.45% 7/1/2015 Term Loan 4/2/2018 256,140 510,000 LIBOR + 2.00% 4.12% 4/1/2016 Term Loan 8/1/2018 530,000 530,000 LIBOR + 1.70% 3.74% 8/1/2016 Term Loan (5) 8/5/2018 355,000 355,000 N/A 4.14% -- Term Loan (6) 2/1/2019 152,733 155,000 N/A 4.00% -- Term Loan (7) 6/5/2019 285,000 285,000 N/A 3.85% -- Fannie Mae Loan 10/1/2019 145,000 145,000 LIBOR + 1.25% 3.37% 4/1/2016 Term Loan (8) 3/1/2020 349,070 349,070 N/A 4.46% -- Fannie Mae Loans 11/2/2020 388,080 388,080 LIBOR + 1.65% 3.65% 11/1/2017 Term Loan 4/15/2022 340,000 — LIBOR + 1.40% 2.77% 4/1/2020 Term Loan 7/27/2022 180,000 — LIBOR + 1.45% 3.06% 7/1/2020 Term Loan 11/2/2022 400,000 — LIBOR + 1.35% 2.64% 11/1/2020 Fannie Mae Loan 4/1/2025 102,400 — LIBOR + 1.25% 2.84% 3/1/2020 Fannie Mae Loan 12/10/2025 115,000 — LIBOR + 1.25% 2.76% 12/1/2020 Aggregate loan principal $ 3,634,163 $ 3,253,290 Revolving credit facility (9) 8/21/2020 — 182,000 LIBOR + 1.40% N/A -- Total (10) $ 3,634,163 $ 3,435,290 Deferred loan costs, net (11) (22,887 ) (15,623 ) Total, net $ 3,611,276 $ 3,419,667 Aggregate effectively fixed rate loans $ 2,492,360 $ 1,828,080 3.35% Aggregate fixed rate loans 1,141,803 1,144,070 4.15% Aggregate variable rate loans — 463,140 N/A Total (10) $ 3,634,163 $ 3,435,290 __________________________________________________ (1) At December 31, 2015 , the weighted average remaining life, including extension options, of our term debt (excluding our revolving credit facility) was 4.5 years . For the $3.63 billion of term debt on which the interest rate was fixed under the terms of the loan or a swap, (i) the weighted average remaining life was 4.5 years , (ii) the weighted average remaining period during which interest was fixed was 2.6 years , (iii) the weighted average annual interest rate was 3.60% and (iv) including the non-cash amortization of deferred loan costs, the weighted average effective interest rate was 3.72% . Except as otherwise noted below, each loan (including our revolving credit facility) is secured by one or more separate collateral pools consisting of one or more properties, requiring monthly payments of interest only, with the outstanding principal due upon maturity. (2) Maturity dates include the effect of extension options. (3) Includes the effect of interest rate swaps and excludes the effect of prepaid loan fees. See Note 9 for details of our interest rate swaps. (4) Borrower is a consolidated entity in which our Operating Partnership owns a two-thirds interest. The loan maturity was extended to March 1, 2017 after year end. See Note 19 . (5) Interest-only until February 2016 , with principal amortization thereafter based upon a 30 -year amortization schedule. (6) Requires monthly payments of principal and interest. Principal amortization is based upon a 30 -year amortization schedule. (7) Interest only until February 2017 , with principal amortization thereafter based upon a 30 -year amortization schedule. (8) Interest is fixed until March 2018 . Interest-only until May 2016 , with principal amortization thereafter based upon a 30 -year amortization schedule. (9) $400.0 million revolving credit facility. Unused commitment fees range from 0.15% to 0.20% . (10) See Note 13 for our fair value disclosures. (11) Net of accumulated amortization of $15.2 million and $13.0 million at December 31, 2015 and 2014 , respectively. Deferred loan cost amortization was $7.0 million , $4.1 million and $4.2 million during 2015 , 2014 and 2013 , respectively. As of December 31, 2015 , 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: 2016 $ 46,939 2017 19,410 2018 1,478,014 2019 564,320 2020 683,080 Thereafter 842,400 Total future principal payments $ 3,634,163 |
Interest Payable, Accounts Paya
Interest Payable, Accounts Payable and Deferred Revenue | 12 Months Ended |
Dec. 31, 2015 | |
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 consisted of the following (in thousands) as of December 31 : December 31, 2015 December 31, 2014 Interest payable $ 10,028 $ 9,656 Accounts payable and accrued liabilities 23,716 22,195 Deferred revenue 23,673 22,513 Total interest payable, accounts payable and deferred revenue $ 57,417 $ 54,364 |
Derivative Contracts
Derivative Contracts | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Contracts | Derivative Contracts 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 interest rates on our floating-rate debt. 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 our floating-rate debt. We do not speculate in derivatives and we do not make use of any other derivative instruments. See note 7 for the details of our floating-rate debt that we have hedged. Summary of our derivatives As of December 31, 2015 , all of our interest rate swaps were designated as cash flow hedges: Number of Interest Rate Swaps Notional (in thousands) (1) Consolidated 15 $2,565,480 Unconsolidated Fund (2) 1 $325,000 ___________________________________________________ (1) See Note 13 for our derivative fair value disclosures. (2) The notional amount presented represents 100% , not our pro-rata share, of the amounts related to the Fund. At December 31, 2015 , we held an equity interest of 68.61% of that Fund. See Note 5 for more information regarding our Funds. Credit-risk-related Contingent Features We have agreements with each of our interest rate swap 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, 2015 , there have been no events of default with respect to our interest rate swaps or our Fund's interest rate swap. The fair value of our interest rate swaps in a liability position were as follows (in thousands): December 31, 2015 December 31, 2014 Fair value of derivatives in a liability position (1) Consolidated $ 19,047 $ 40,953 __________________________________________________________________________________ (1) At December 31, 2015 , we had consolidated derivative assets of $4.2 million and our Fund's derivative was in an asset position of $737 thousand (100%, not our pro-rata share). Amounts include accrued interest and exclude any adjustment for nonperformance risk. See Note 17 with regards to our counterparty credit risk. Impact of Hedges on AOCI and Consolidated Statements of Operations The table below presents (in thousands) the effect of our derivative instruments and our Fund's derivative instrument on our AOCI and statements of operations: Year Ended December 31, 2015 2014 2013 Derivatives Designated as Cash Flow Hedges: (Loss) gain recorded in AOCI (effective portion) - our derivatives (1)(8) $ (11,549 ) $ (11,116 ) $ 903 (Loss) gain recorded in AOCI (effective portion) - our Fund's derivative (2)(8) $ (1,922 ) $ (1,767 ) $ 1,779 Loss reclassified from AOCI (effective portion) - our derivatives (3)(8) $ (37,390 ) $ (36,873 ) $ (36,246 ) Loss reclassified from AOCI (effective portion) - our Fund's derivative (4)(8) $ (931 ) $ (1,005 ) $ (549 ) Loss reclassified from AOCI (ineffective portion) - our derivatives (5)(7) $ — $ (50 ) $ (85 ) Gain recorded as interest expense (ineffective portion) (6) $ 66 $ — — Derivatives Not Designated as Cash Flow Hedges: Loss recorded as interest expense (7) $ — $ — $ (4 ) __________________________________________________ (1) Represents the change in fair value of our interest rate swaps designated as cash flow hedges, which does not impact the statement of operations. See Note 13 for our fair value disclosures. (2) Represents our share of the change in fair value of our Fund's interest rate swap designated as a cash flow hedge, which does not impact the statement of operations. (3) Reclassified from AOCI as an increase to interest expense. (4) Reclassified from AOCI as a decrease to income, including depreciation, from unconsolidated real estate funds. (5) Excluded from effectiveness testing. Reclassified from AOCI as an increase to interest expense. (6) Excluded from effectiveness testing. (7) Represents the change in fair value of our derivatives not designated as cash flow hedges. (8) See the reconciliation of our AOCI in Note 10 . Future Reclassifications from AOCI We estimate that $20.2 million of our AOCI related to our consolidated derivatives designated as cash flow hedges will be reclassified as an increase to interest expense during the next twelve months, and $193 thousand of our AOCI related to our unconsolidated Fund's derivative designated as a cash flow hedge will be reclassified as an increase to income, including depreciation, from unconsolidated real estate funds during the next twelve months. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Equity | Equity Equity Transactions During 2015 , we (i) acquired 1.8 million OP Units in exchange for issuing to the holders of the OP Units an equal number of shares of our common stock and (ii) issued 274 thousand shares of our common stock for the exercise of options for net proceeds of $4.3 million at an average price of $15.58 per share. In addition, we issued 34 thousand OP Units valued at $1.0 million in connection with the acquisition of land under one of our office buildings (see Notes 3 and 6 ). During 2014 , we (i) acquired 2.2 million OP Units in exchange for issuing to the holders of the OP Units an equal number of shares of our common stock, (ii) acquired 120 thousand OP Units for cash for a total purchase price of $2.8 million at an average price of $23.56 per unit and (iii) cash-settled options covering 691 thousand shares of our common stock for a total cost of $4.5 million at an average price of $6.55 per option. We issued 40 thousand shares of our common stock for the exercise of options for net proceeds of $603 thousand , for an average price of $15.05 per share. During 2013 , we (i) acquired 1.4 million OP Units in exchange for issuing to the holders of the OP Units an equal number of shares of our common stock and (ii) acquired 13 thousand OP Units for cash for a total purchase price of $352 thousand at an average price of $26.68 per unit. We did not sell any shares of our common stock during 2013 . Noncontrolling Interests Our noncontrolling interests consist of (i) interests in our Operating Partnership that are not owned by us and (ii) a minority partner's one-third interest in a consolidated joint venture which owns an office building in Honolulu, Hawaii. Noncontrolling interests in our Operating Partnership consist of OP Units and fully-vested LTIP Units and represented approximately 15% of our Operating Partnership's total interests as of December 31, 2015 when we and our Operating Partnership had 146.9 million shares of common stock and 26.7 million OP Units and LTIP Units outstanding, respectively. A share of our common stock, an OP Unit and an LTIP Unit (once vested and booked up) have essentially the same economic characteristics, sharing equally in the distributions from our Operating Partnership. Investors who own OP Units have the right to cause our Operating Partnership to redeem their OP Units for an amount of cash per unit equal to the market value of one share of our common stock at the date of redemption, or, at our election, exchange their OP Units for shares of our common stock on a one-for-one b asis. LTIP Units have been granted to our key employees and non-employee directors as part of their compensation. These awards generally vest over the service period and once vested can generally be converted to OP Units. See Note 12 for details of our stock-based compensation. Changes in our Ownership Interest in our Operating Partnership The table below presents (in thousands) the effect on our equity from changes in our ownership interest in our Operating Partnership for the year ended December 31 : 2015 2014 2013 Net income attributable to common stockholders $ 58,384 $ 44,621 $ 45,311 Transfers from noncontrolling interests: Exchange of OP Units with noncontrolling interests 23,703 30,035 18,684 Repurchase of OP Units from noncontrolling interests — (1,197 ) (173 ) Net transfers from noncontrolling interests $ 23,703 $ 28,838 $ 18,511 Change from net income attributable to common stockholders and transfers from noncontrolling interests $ 82,087 $ 73,459 $ 63,822 AOCI Reconciliation The table below presents (in thousands) a reconciliation of our AOCI, which consists solely of adjustments related to derivatives designated as cash flow hedges for the year ended December 31 : 2015 2014 2013 Beginning balance $ (30,089 ) $ (50,554 ) $ (82,991 ) Other comprehensive (loss) income before reclassifications - our derivatives (11,549 ) (11,116 ) 903 Other comprehensive (loss) income before reclassifications - our Fund's derivative (1,922 ) (1,767 ) 1,779 Reclassifications from AOCI - our derivatives (1) 37,390 36,923 36,331 Reclassifications from AOCI - our Fund's derivative (2) 931 1,005 549 Net current period OCI 24,850 25,045 39,562 Less OCI attributable to noncontrolling interests (4,046 ) (4,580 ) (7,125 ) OCI attributable to common stockholders 20,804 20,465 32,437 Ending balance $ (9,285 ) $ (30,089 ) $ (50,554 ) __________________________________________________ (1) Reclassification as an increase to interest expense. (2) Reclassification as a decrease to income, including depreciation, from unconsolidated real estate funds. (3) See Note 9 for the details of our derivatives and Note 13 for our derivative fair value disclosures. Dividends (unaudited) Our common stock dividends paid during 2015 are classified for federal income tax purposes as follows: Record Date Paid Date Dividend Per Share Ordinary Income Capital Gain Return of Capital 12/30/2014 1/15/2015 $0.21 $0.0735 $— $0.1365 3/31/2015 4/15/2015 0.21 0.0735 — 0.1365 6/30/2015 7/15/2015 0.21 0.0735 — 0.1365 9/30/2015 10/15/2015 0.21 0.0735 — 0.1365 Total: $0.84 $0.2940 $— $0.5460 |
EPS
EPS | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
EPS | EPS The table below presents the calculation of basic and diluted EPS: Year Ended December 31, 2015 2014 2013 Numerator (in thousands): Net income attributable to common stockholders $ 58,384 $ 44,621 $ 45,311 Allocation to participating securities: Unvested LTIP Units (312 ) (175 ) (178 ) Numerator for basic and diluted net income attributable to common stockholders $ 58,072 $ 44,446 $ 45,133 Denominator (in thousands): Weighted average shares of common stock outstanding - basic 146,089 144,013 142,556 Effect of dilutive securities: Stock options (1) 4,515 4,108 3,288 Weighted average shares of common stock and common stock equivalents outstanding - diluted 150,604 148,121 145,844 Basic EPS: Net income attributable to common stockholders per share $ 0.398 $ 0.309 $ 0.317 Diluted EPS: Net income attributable to common stockholders per share $ 0.386 $ 0.300 $ 0.309 ____________________________________________________ (1) The following securities (in thousands) were excluded from the computation of the weighted average diluted shares because the effect of including them would be anti-dilutive to the calculation of diluted EPS: Year Ended December 31, 2015 2014 2013 OP Units 26,371 27,444 28,026 Vested LTIP Units 181 130 355 Unvested LTIP Units 622 526 577 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
Share-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 14.8 million shares available for grant as of December 31, 2015 . “Full value” awards (such as LTIP unit awards, deferred stock awards, restricted stock awards) are counted against our stock incentive plan overall limits as two shares, 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 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. Once vested, LTIP Units can generally be converted to OP Units on a one for one basis. See Note 10 . Employee Awards We grant stock-based compensation in the form of LTIP Units as a part of our 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 date. 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 (we award 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 date, and some of these grants include a portion which vests at the date of grant. Certain amounts of stock-based compensation expense are capitalized for employees who provide leasing and construction services. We granted 0.9 million , 1.1 million and 0.6 million LTIP Units to employees during 2015 , 2014 and 2013 , respectively. Non-Employee Director Awards We granted 33 thousand , 15 thousand and 19 thousand LTIP Units to our non-employee directors during 2015 , 2014 and 2013 , respectively, which vest ratably over the year of grant in lieu of cash retainers. Historically, we made long-term grants of LTIP Units to our non-employee directors which vested over the following three years , and during 2015 we made a proportional grant to a new director who joined our board of 1 thousand LTIP units, which vested during the remainder of 2015. Compensation Expense Total net stock-based compensation expense for equity grants was $15.2 million , $13.7 million and $10.0 million during 2015 , 2014 and 2013 , respectively. These amounts are net of capitalized stock-based compensation of $1.4 million , $1.1 million , and $0.8 million during 2015 , 2014 and 2013 , respectively. 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 for post-vesting restrictions. The total grant date fair value of all LTIP Units granted to employees and non-employee directors in 2015 , 2014 and 2013 was $18.7 million , $21.4 million and $10.1 million , respectively. The total grant date fair value of LTIP Units granted to employees and non-employee directors which vested in 2015 , 2014 and 2013 was $15.2 million , $14.8 million and $11.1 million , respectively. The total intrinsic value of options exercised and repurchased was $4.0 million and $5.0 million during 2015 and 2014 , respectively (our policy is to issue new shares of common stock for stock options exercised on a one-for-one basis). The total unrecognized stock-based compensation expense related to nonvested LTIP Unit awards granted to employees and non-employee directors was $17.3 million at December 31, 2015 . This expense will be recognized over a weighted-average term of twenty-four months . Stock-Based Award Activity The table below presents the activity of our outstanding stock options: Stock Options: Number of Stock Options (thousands) Weighted Average Exercise Price Weighted Average Remaining Contract Life (months) Total Intrinsic Value (thousands) Outstanding at December 31, 2012 12,540 $ 18.10 59 $ 65,177 Granted — Outstanding at December 31, 2013 12,540 18.10 47 $ 65,051 Granted — Exercised (731 ) 20.03 Outstanding at December 31, 2014 11,809 17.98 36 $ 123,017 Granted — Exercised (274 ) 15.58 Outstanding at December 31, 2015 11,535 18.04 23 $ 151,569 Exercisable at December 31, 2015 11,535 18.04 23 $ 151,569 The table below presents the activity of our unvested LTIP Units: Unvested LTIP Units: Number of Units (thousands) Weighted Average Grant Date Fair Value 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 Granted 922 20.26 Vested (816 ) 18.59 Forfeited (8 ) 24.86 Outstanding at December 31, 2015 1,096 19.85 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
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 widely used valuation methods. Considerable judgment is necessary to interpret market data and determine an estimated fair value. The use of different market assumptions or valuation methods may have a material effect on the estimated fair values. 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, 2015 , we did not have any fair value measurements of financial instruments using Level 3 inputs. Financial instruments disclosed at fair value Short term financial instruments: 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. Notes receivable : See Note 5 for the details of our notes receivable. Based on observable market interest rates which we consider to be Level 2 inputs, the fair value of our notes receivable approximated their carrying value at December 31, 2015 . Secured notes payable : See Note 7 for the details of our secured notes payable. We estimate the fair value of our secured notes payable by calculating the credit-adjusted present value of the principal and interest payments for each secured note payable. The calculation incorporates observable market interest rates which we consider to be Level 2 inputs, assumes that the loans will be outstanding through maturity, and excludes any maturity extension options. The table below presents (in thousands) the estimated fair value of our secured notes payable: Secured Notes Payable: December 31, 2015 December 31, 2014 Fair value $ 3,691,075 $ 3,293,351 Carrying value $ 3,634,163 $ 3,253,290 Financial instruments measured at fair value Derivative instruments: See Note 9 for the details of our derivatives. We present our derivatives on the balance sheet at fair value, on a gross basis, excluding accrued interest. We estimate the fair value of our derivative instruments by calculating the credit-adjusted present value of the expected future cash flows of each derivative. The calculation incorporates the contractual terms of the derivatives, observable market interest rates which we consider to be Level 2 inputs, and credit risk adjustments to reflect the counterparty's as well as our own nonperformance risk. Our derivatives are not subject to master netting arrangements. The table below presents (in thousands) the estimated fair value of our derivatives: December 31, 2015 December 31, 2014 Derivative Assets: Fair value - our derivatives (1) $ 4,830 $ — Fair value - our Fund's derivative (2) $ 837 $ 2,282 Derivative Liabilities: Fair value - our derivatives (1) $ 16,310 $ 37,386 ___________________________________________________________________________________ (1) The fair value of our derivatives are included in interest rate contracts in our consolidated balance sheet. (2) The fair value presented represents 100.00% , not our pro-rata share, of the fair value related to our Fund's derivative. At December 31, 2015 , we held an equity interest of 68.61% of that Fund. Our pro-rata share of the fair value of the Fund's derivative is included in our investment in unconsolidated real estate funds in our consolidated balance sheet. See Note 5 for more information regarding our Funds. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting Segment information is prepared on the same basis that our management reviews 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, it is not indicative of cash available to fund cash needs, and it should not be considered as 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, 2015 2014 2013 Office Segment Total office revenues $ 540,975 $ 519,405 $ 514,583 Office expenses (186,556 ) (181,160 ) (174,935 ) Office Segment profit 354,419 338,245 339,648 Multifamily Segment Total multifamily revenues 94,799 80,117 76,936 Multifamily expenses (23,862 ) (20,664 ) (19,928 ) Multifamily Segment profit 70,937 59,453 57,008 Total profit from all segments $ 425,356 $ 397,698 $ 396,656 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, 2015 2014 2013 Total profit from all segments $ 425,356 $ 397,698 $ 396,656 General and administrative expenses (30,496 ) (27,332 ) (26,614 ) Depreciation and amortization (205,333 ) (202,512 ) (191,351 ) Other income 15,228 17,675 6,402 Other expenses (6,470 ) (7,095 ) (4,199 ) Income, including depreciation, from unconsolidated real estate funds 7,694 3,713 3,098 Interest expense (135,453 ) (128,507 ) (130,548 ) Acquisition-related expenses (1,771 ) (786 ) (607 ) Net income 68,755 52,854 52,837 Less: Net income attributable to noncontrolling interests (10,371 ) (8,233 ) (7,526 ) Net income attributable to common stockholders $ 58,384 $ 44,621 $ 45,311 |
Future Minimum Lease Receipts
Future Minimum Lease Receipts | 12 Months Ended |
Dec. 31, 2015 | |
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, and we own fee interests in two parcels of land subject to ground leases from which we earn ground rent income. The table below presents (in thousands) the future minimum base rentals on our non-cancelable office tenant and ground operating leases at December 31, 2015 : Minimum base rentals (1) during: 2016 $ 396,812 2017 358,267 2018 295,593 2019 242,862 2020 190,154 Thereafter 540,485 Total future minimum base rentals $ 2,024,173 _____________________________________________________ (1) Does not include (i) residential leases, which typically have a term of one year or less, (ii) tenant reimbursements, (iii) straight line rent, (iv) amortization/accretion of acquired above/below-market lease intangibles and (v) percentage rents. The amounts assume that those tenants with early termination options do not exercise them. |
Future Minimum Lease Payments
Future Minimum Lease Payments | 12 Months Ended |
Dec. 31, 2015 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
Future Minimum Lease Payments | Future Minimum Lease Payments We incurred lease payments related to two ground leases of $0.7 million , $2.6 million and $2.2 million during 2015 , 2014 and 2013 , respectively. We acquired the fee interest related to one of those ground leases in February 2015 (see Notes 3 and 6 ). The table below presents (in thousands) the future minimum ground lease payments as of December 31, 2015 under our remaining ground lease: Minimum ground lease payments during: 2016 $ 733 2017 733 2018 733 2019 733 2020 733 Thereafter 48,377 Total future minimum lease payments (1) $ 52,042 ___________________________________________________ (1) Lease term ends on December 31, 2086. Ground rent is fixed at $733 thousand per year until February 28, 2019, and will then be reset to the greater of the existing ground rent or market. The table above assumes that the rental payments will continue to be $733 thousand per year after February 28, 2019. |
Commitments, Contingencies and
Commitments, Contingencies and Guarantees | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Guarantees | Commitments, Contingencies and Guarantees Legal Proceedings From time to time, we are party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of our 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 Risk We are subject to credit risk with respect to our tenant receivables and deferred rent receivables related to our tenant leases. Our tenants' ability to honor the terms of their respective leases remains dependent upon the economic, regulatory and social factors. We seek to minimize our credit risk from our tenant leases by (i) targeting smaller, more affluent tenants, from a diverse mix of industries, (ii) performing credit evaluations of prospective tenants and (iii) obtaining security deposits from our tenants. In 2015 , 2014 and 2013 , no tenant accounted for more than 10% of our total revenues. See Note 2 for the details of our allowances for tenant receivables and deferred rent receivables. All of our properties (including the properties owned by our Funds) are located in Los Angeles County, California and Honolulu, Hawaii, and we are dependent on the Southern California and Honolulu economies. Therefore, we are susceptible to adverse local conditions and regulations, as well as natural disasters in those areas. We are also subject to credit risk from the counterparties on our interest rate swap and interest rate cap contracts that we use to manage the risk associated with our floating rate debt. See Note 9 for the details of our interest rate contracts. We seek to minimize our credit risk by entering into agreements with a variety of high quality counterparties with investment grade ratings. 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 FDIC up to $250 thousand . 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 upon 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, which contain asbestos, and would have to be removed in compliance with applicable environmental regulations if these properties undergo major renovations or are demolished. As of December 31, 2015 , 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 through an interest rate swap which matures on May 1, 2017 . We have also guaranteed the related swap. The Fund has agreed to indemnify us for any amounts that we would be required to pay under these agreements. As of December 31, 2015 , all obligations under the loan and swap agreements have been performed by the Fund in accordance with the terms of those agreements and the maximum future payments remaining under the swap agreement were $2.6 million . Acquisitions We did not have any commitments for acquisitions, except for the agreement that we entered into to purchase four Class A office properties in Westwood in 2016 . See Note 19 . |
Quarterly Financial Information
Quarterly Financial Information (unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 and 2014 : Three Months Ended March 31, June 30, 2015 September 30, 2015 December 31, 2015 Total revenue $ 154,809 $ 160,457 $ 160,077 $ 160,431 Net income before noncontrolling interests 22,096 15,894 14,159 16,606 Net income attributable to common stockholders 18,699 13,448 12,070 14,167 Net income per common share - basic $ 0.128 $ 0.092 $ 0.082 $ 0.096 Net income per common share - diluted $ 0.124 $ 0.089 $ 0.080 $ 0.093 Weighted average shares of common stock outstanding - basic 145,327 145,898 146,331 146,780 Weighted average shares of common stock and common stock equivalents outstanding - diluted 149,802 150,304 150,740 151,531 Three Months Ended March 31, 2014 June 30, 2014 September 30, 2014 December 31, 2014 Total revenue $ 148,872 $ 151,422 $ 148,141 $ 151,087 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 $ 0.090 $ 0.093 $ 0.051 $ 0.075 Net income per common share - diluted $ 0.088 $ 0.090 $ 0.050 $ 0.073 Weighted average shares of common stock outstanding - basic 143,140 143,717 144,361 144,823 Weighted average shares of common stock and common stock equivalents outstanding - diluted 146,861 147,945 148,641 148,943 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent events On December 21, 2015 , we entered into a contract under which a joint venture which we will manage is expected to pay $1.34 billion , or approximately $779 per square foot, for a portfolio of four Class A office properties totaling 1.7 million square feet in our Westwood submarket. Subject to typical closing conditions, we expect the acquisition to close in the first quarter of 2016 . On January 21, 2016 a consolidated joint venture in which we own a two thirds interest extended the maturity of a $15.7 million loan to March 1, 2017 . The loan is interest only and secured by a single office property. |
Schedule III - Consolidated Rea
Schedule III - Consolidated Real Estate and Accumulated Depreciation and Amortization | 12 Months Ended |
Dec. 31, 2015 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III | Initial Cost Cost Capitalized Subsequent to Acquisition Gross Carrying Amount Property Name Encumbrances Land Building & Improvements Improvements Land Building & Improvements Total Accumulated Depreciation & Amortization Year Built / Renovated Year Acquired Office Properties 100 Wilshire $ 139,199 $ 12,769 $ 78,447 $ 139,015 $ 27,108 $ 203,123 $ 230,231 $ (55,453 ) 1968/2002 1999 11777 San Vicente 25,931 5,032 15,768 29,652 6,714 43,738 50,452 (11,672 ) 1974/1998 1999 12400 Wilshire 61,436 5,013 34,283 76,037 8,828 106,505 115,333 (29,203 ) 1985 1996 16501 Ventura 39,803 6,759 53,112 8,357 6,759 61,469 68,228 (5,826 ) 1986/2012 2013 1901 Avenue of the Stars 152,733 18,514 131,752 111,569 26,163 235,672 261,835 (65,741 ) 1968/2001 2001 401 Wilshire 79,787 9,989 29,187 115,820 21,787 133,209 154,996 (37,307 ) 1981/2000 1996 8484 Wilshire (1) — 8,846 77,780 14,982 8,846 92,763 101,609 (7,683 ) 1972/2013 2013 9601 Wilshire 145,845 16,597 54,774 110,173 17,658 163,886 181,544 (46,309 ) 1962/2004 2001 Beverly Hills Medical Center 31,469 4,955 27,766 28,176 6,435 54,462 60,897 (15,469 ) 1964/2004 2004 Bishop Place 73,813 8,317 105,651 60,435 8,833 165,570 174,403 (48,947 ) 1992 2004 Bishop Square 180,000 16,273 213,793 25,303 16,273 239,096 255,369 (47,217 ) 1972/1983 2010 Brentwood Court 6,318 2,564 8,872 722 2,563 9,595 12,158 (2,714 ) 1984 2006 Brentwood Executive Plaza 25,461 3,255 9,654 33,518 5,921 40,506 46,427 (11,863 ) 1983/1996 1995 Brentwood Medical Plaza 25,805 5,934 27,836 2,296 5,933 30,133 36,066 (8,958 ) 1975 2006 Brentwood San Vicente Medical 13,297 5,557 16,457 1,142 5,557 17,599 23,156 (4,918 ) 1957/1985 2006 Brentwood/Saltair 13,065 4,468 11,615 12,195 4,775 23,503 28,278 (6,916 ) 1986 2000 Bundy/Olympic 24,056 4,201 11,860 30,036 6,030 40,067 46,097 (11,127 ) 1991/1998 1994 Camden Medical Arts 38,021 3,102 12,221 27,931 5,298 37,956 43,254 (10,446 ) 1972/1992 1995 Carthay Campus 48,007 6,595 70,454 2,252 6,594 72,707 79,301 (3,455 ) 1965/2008 2014 Century Park Plaza 77,984 10,275 70,761 107,147 16,153 172,030 188,183 (47,291 ) 1972/1987 1999 Century Park West (1) — 3,717 29,099 528 3,667 29,677 33,344 (8,436 ) 1971 2007 Columbus Center 10,559 2,096 10,396 9,648 2,333 19,807 22,140 (5,702 ) 1987 2001 Coral Plaza 25,831 4,028 15,019 19,069 5,366 32,750 38,116 (9,516 ) 1981 1998 Cornerstone Plaza (1) — 8,245 80,633 5,380 8,263 85,995 94,258 (21,316 ) 1986 2007 Encino Gateway 51,463 8,475 48,525 53,166 15,653 94,513 110,166 (28,212 ) 1974/1998 2000 Encino Plaza 30,011 5,293 23,125 47,307 6,165 69,560 75,725 (20,173 ) 1971/1992 2000 Encino Terrace 91,133 12,535 59,554 94,210 15,533 150,766 166,299 (44,433 ) 1986 1999 Executive Tower (1) — 6,660 32,045 60,942 9,471 90,176 99,647 (26,110 ) 1989 1995 First Financial Plaza 54,085 12,092 81,104 877 12,092 81,981 94,073 (2,304 ) 1986 2015 Gateway Los Angeles 28,429 2,376 15,302 48,669 5,119 61,228 66,347 (17,204 ) 1987 1994 Harbor Court 30,992 51 41,001 49,029 12,060 78,021 90,081 (19,859 ) 1994 2004 Honolulu Club 15,740 1,863 16,766 6,631 1,863 23,397 25,260 (6,406 ) 1980 2008 Landmark II 118,684 6,086 109,259 82,081 13,070 184,356 197,426 (62,616 ) 1989 1997 Lincoln/Wilshire 38,021 3,833 12,484 23,382 7,475 32,224 39,699 (8,623 ) 1996 2000 MB Plaza 25,769 4,533 22,024 30,973 7,503 50,027 57,530 (15,846 ) 1971/1996 1998 Olympic Center 25,656 5,473 22,850 32,645 8,247 52,721 60,968 (15,584 ) 1985/1996 1997 One Westwood (1) — 10,350 29,784 59,698 9,194 90,638 99,832 (24,762 ) 1987/2004 1999 Palisades Promenade 35,904 5,253 15,547 53,637 9,664 64,773 74,437 (17,498 ) 1990 1995 Initial Cost Cost Capitalized Subsequent to Acquisition Gross Carrying Amount Property Name Encumbrances Land Building & Improvements Improvements Land Building & Improvements Total Accumulated Depreciation & Amortization Year Built / Renovated Year Acquired Office Properties (continued) Saltair/San Vicente 21,269 5,075 6,946 16,995 7,557 21,459 29,016 (6,289 ) 1964/1992 1997 San Vicente Plaza 9,430 7,055 12,035 481 7,055 12,516 19,571 (4,050 ) 1985 2006 Santa Monica Square (1) — 5,366 18,025 20,271 6,863 36,799 43,662 (10,856 ) 1983/2004 2001 Second Street Plaza 35,802 4,377 15,277 35,589 7,421 47,822 55,243 (13,800 ) 1991 1997 Sherman Oaks Galleria 264,297 33,213 17,820 409,918 48,328 412,623 460,951 (123,734 ) 1981/2002 1997 Studio Plaza 115,591 9,347 73,358 131,054 15,015 198,744 213,759 (61,295 ) 1988/2004 1995 The Trillium (1) — 20,688 143,263 83,941 21,989 225,903 247,892 (65,067 ) 1988 2005 Tower at Sherman Oaks 20,000 4,712 15,747 37,861 8,685 49,635 58,320 (15,377 ) 1967/1991 1997 Valley Executive Tower 78,943 8,446 67,672 100,195 11,737 164,576 176,313 (47,454 ) 1984 1998 Valley Office Plaza 41,271 5,731 24,329 47,504 8,957 68,607 77,564 (21,048 ) 1966/2002 1998 Verona 14,262 2,574 7,111 14,672 5,111 19,246 24,357 (5,482 ) 1991 1997 Village on Canon 58,337 5,933 11,389 49,122 13,303 53,141 66,444 (14,486 ) 1989/1995 1994 Warner Center Towers 285,000 43,110 292,147 400,021 59,418 675,860 735,278 (192,550 ) 1982-1993/2004 2002 Westside Towers 107,386 8,506 79,532 81,586 14,568 155,056 169,624 (42,921 ) 1985 1998 Westwood Place 47,788 8,542 44,419 51,742 11,448 93,255 104,703 (25,998 ) 1987 1999 Multifamily Properties 555 Barrington 43,440 6,461 27,639 40,513 14,903 59,710 74,613 (16,178 ) 1989 1999 Barrington Plaza 153,630 28,568 81,485 152,861 58,208 204,706 262,914 (54,394 ) 1963/1998 1998 Barrington/Kiowa 11,345 5,720 10,052 513 5,720 10,565 16,285 (2,885 ) 1974 2006 Barry 9,000 6,426 8,179 493 6,426 8,672 15,098 (2,492 ) 1973 2006 Kiowa 4,535 2,605 3,263 260 2,605 3,523 6,128 (1,009 ) 1972 2006 Moanalua Hillside Apartments 145,000 19,426 85,895 38,827 30,071 114,077 144,148 (30,710 ) 1968/2004 2005 Pacific Plaza 46,400 10,091 16,159 74,058 27,816 72,492 100,308 (19,035 ) 1963/1998 1999 The Shores 144,610 20,809 74,191 198,035 60,555 232,480 293,035 (60,515 ) 1965-67/2002 1999 Villas at Royal Kunia 90,120 42,887 71,376 14,473 35,164 93,572 128,736 (28,714 ) 1990/1995 2006 Waena 102,400 26,864 119,273 317 26,864 119,590 146,454 (3,921 ) 1970/2009-2014 2014 Ground Lease Owensmouth/Warner (1) — 23,848 — — 23,848 — 23,848 — N/A 2006 Total Operating Properties $ 3,634,163 $ 628,354 $ 3,053,142 $ 3,615,933 $ 906,601 $ 6,390,828 $ 7,297,429 $ (1,703,375 ) Property Under Development Landmark II Development — 13,070 — 2,154 13,070 2,154 15,224 — 2013/2015 N/A Moanalua Hillside Apartments Development — 5,294 — 6,382 5,294 6,382 11,676 — 2013/2015 N/A Total Property Under Development $ — $ 18,364 $ — $ 8,536 $ 18,364 $ 8,536 $ 26,900 $ — Grand Total $ 3,634,163 $ 646,718 $ 3,053,142 $ 3,624,469 $ 924,965 $ 6,399,364 $ 7,324,329 $ (1,703,375 ) __________________________________________________ (1) Encumbered by our revolving credit facility, which had a zero balance at December 31, 2015 . The aggregate cost of consolidated real estate in the table above for federal income tax purposes was $4.41 billion at December 31, 2015 . The table below presents (in thousands) a reconciliation of our investment in real estate: Year Ended December 31, 2015 2014 2013 Real Estate Assets Balance, beginning of period $ 7,157,603 $ 7,012,733 $ 6,786,537 Additions: Property acquisitions 120,696 223,186 159,164 Improvements 75,367 84,578 66,483 Developments 3,778 4,280 549 Deductions: Write-offs (33,115 ) (167,174 ) — Balance, end of period $ 7,324,329 $ 7,157,603 $ 7,012,733 Accumulated Depreciation and Amortization Balance, beginning of period $ (1,531,157 ) $ (1,495,819 ) $ (1,304,468 ) Additions: Depreciation and amortization (205,333 ) (202,512 ) (191,351 ) Deductions: Write-offs 33,115 167,174 — Balance, end of period $ (1,703,375 ) $ (1,531,157 ) $ (1,495,819 ) |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2015 | |
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. |
Investment in Real Estate | Investment in Real Estate We account for acquisitions of properties as business combinations, 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 (including for lease renewal options), and acquired above- and below-market ground leases (including for lease renewal options). 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 we expect such occupancy level to 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 and any impairment charges, on our balance sheet until they are sold. Tenant improvements are depreciated on a straight-line basis over the life of the related lease, with any remaining balance depreciated in the period of any early termination of that lease. During 2015 and 2014 , we removed the cost and accumulated depreciation of $16.0 million and $84.6 million , respectively, 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 2015 and 2014 , we removed the cost and accumulated amortization of $17.1 million and $82.6 million , respectively, of fully amortized leasing intangibles from our balance sheet. Acquired above- and below-market tenant leases are amortized/accreted on a straight line basis 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 revenue. During 2015 and 2014 , we removed the cost and accumulated amortization/accretion of $0.2 million and $ 32.2 million , respectively, of fully amortized above-market tenant leases and $37.4 million and $ 137.3 million , respectively, of fully accreted below-market tenant leases from our balance sheet. Acquired above- and below-market ground leases, from which we earn ground rent income, are amortized/accreted on a straight line basis over the life of the lease and recorded either as an increase (for below-market leases) or a decrease (for above-market leases) to rental revenue. Acquired above- and below-market ground leases, for which we incur ground rent expense, are accreted/ 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 expense. During 2015 , we removed the cost and accumulated accretion of $12.2 million for a fully accreted above-market ground lease 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 our results of operations for the respective period. We did not dispose of any properties during 2015 , 2014 or 2013 . Repairs and maintenance are recorded as expense when incurred. 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 the activities that are necessary to begin 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. Capitalized costs are included in Property under development in our Consolidated Balance Sheets. Once major construction activity has ceased and the development or redevelopment property is in the lease-up phase, the capitalized costs are transferred to (i) Land, (ii) Building and improvements and (iii) Tenant improvements and lease intangibles on our Consolidated Balance Sheets as the historical cost of the property. During 2015 and 2014 , we capitalized $3.8 million and $4.3 million of costs related to our multifamily developments, respectively, which included $940 thousand and $294 thousand of capitalized interest, respectively. |
Investment in Unconsolidated Real Estate Funds | Investment in Unconsolidated Real Estate Funds At December 31, 2015 , 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 (primarily due to the inclusion of the cost of raising capital that is accounted for as part of our investment basis) of $2.9 million as of December 31, 2015 and 2014 , and notes receivable with a total outstanding balance of $0.8 million and $1.5 million as of December 31, 2015 and 2014 , respectively. See Note 5 for our Fund disclosures. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets We periodically assess whether there has been an impairment in the value of our long-lived assets whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. 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. Recoverability of assets to be held and used is measured by a comparison of the carrying value to the undiscounted future cash flows expected to be generated by the asset. If the carrying value exceeds the estimated undiscounted future cash flows, an impairment loss is recorded equal to the difference between the asset’s carrying value and its fair value based on the estimated discounted future cash flows. Based upon such periodic assessments, no impairments occurred during 2015 , 2014 or 2013 . We periodically assess whether there has been an impairment in the value of our investments in our Funds whenever events or changes in circumstances indicate that the carrying value of our investments in our Funds may not be recoverable. An impairment charge is recorded when events or changes 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 upon a number of factors, including the performance of the investment and market conditions. Based upon such periodic assessments, no impairments occurred during 2015 , 2014 or 2013 . Assets to be disposed of are reported at the lower of their carrying value or fair value, less costs to sell. 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 carrying value of the asset, excluding long-term debt, is presented on the balance sheet as properties held for disposition, we cease to depreciate the asset, and the operating results of the asset may be presented as discontinued operations for all periods presented. As of December 31, 2015 , we did not have any assets classified as held for sale. |
Cash and Cash Equivalents | Cash and Cash Equivalents 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 We recognize revenue when four basic criteria are met: (i) persuasive evidence of an arrangement exists, (ii) services are rendered, (iii) the fee is fixed and determinable and (iv) collectibility is reasonably assured. All of our tenant 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. Rental revenue from month-to-month leases or leases with no scheduled rent increases or other adjustments are recognized on a monthly basis when earned. 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 the former tenant. We recorded lease termination revenue of $2.2 million , $2.6 million , $0.7 million during 2015 , 2014 and 2013 , respectively. We record tenant improvements and deferred revenue for leasehold improvements constructed by us as our assets that are reimbursed by tenants, and then amortize that deferred revenue as additional rental revenue over the related lease term. We recorded revenue for leasehold improvements of $1.9 million , $1.7 million , $1.8 million during 2015 , 2014 and 2013 , respectively. Amortization of deferred revenue is included in rental revenues in the accompanying Consolidated Statements of Operations. Estimated tenant recoveries for real estate taxes, common area maintenance and other recoverable operating expenses are recognized as revenue on a gross basis in the period that the recoverable 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. 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. We did not sell any properties during 2015 , 2014 and 2013 . |
Allowances for Tenant Receivables and Deferred Rent Receivables | Allowances for Tenant Receivables and Deferred Rent Receivables We carry tenant receivables and deferred rent receivables net of allowances. Tenant receivables consist primarily of amounts due for contractual lease payments and reimbursements of common area maintenance expenses, property taxes, and other costs recoverable from tenants. Deferred rent receivables represent the amount by which the cumulative straight-line rental revenue recorded to date exceeds cash rents billed to date under the lease agreement. We take into consideration many factors to evaluate the level of reserves necessary, including evaluations of individual tenant receivables, historical loss activity, current economic conditions and other relevant factors. |
Insurance Recoveries | Insurance Recoveries Insurance recoveries related to property damage are recorded as other income when payment is either received or receipt is determined to be probable. |
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 6 for details regarding our notes receivable. |
Loan Costs | Loan Costs Loan costs incurred directly with the issuance of secured notes payable and revolving credit facilities are deferred and amortized to interest expense over the respective loan or credit facility term. Any unamortized amounts are written off upon early repayment of the secured notes payable, and the related cost and accumulated amortization are removed from our balance sheet. To the extent that a refinancing is considered an exchange of debt with the same lender, we account for loan costs based upon whether the old debt is determined to be modified or extinguished for accounting purposes. If the old debt is determined to be modified then we (i) continue to defer and amortize any unamortized deferred loan fees associated with the old debt at the time of the modification over the new term of the modified debt, (ii) defer and amortize the lender fees incurred in connection with the exchange over the new term of the modified debt, and (iii) expense all other costs associated with the exchange. If the old debt is determined to be extinguished then we (i) write off any unamortized amounts associated with the extinguished debt at the time of the extinguishment and remove the related cost and accumulated amortization from our balance sheet, (ii) expense all lender fees associated with the extinguishment, and (iii) defer and amortize all other costs incurred directly in connection with the extinguishment over the term of the new debt. In circumstances where we modify or exchange our revolving credit facility with the same lender, we account for the loan costs based upon whether the borrowing capacity (defined as the product of the remaining term and the maximum available credit) of the new arrangement is (a) greater than or equal to the borrowing capacity of the old arrangement, or (b) less than the borrowing capacity of the old arrangement. If the borrowing capacity of the new arrangement is greater than or equal to the borrowing capacity of the old arrangement, then we (i) continue to defer and amortize the deferred loan fees from the old arrangement over the term of the new arrangement and (ii) defer all lender and other fees directly incurred in connection with the new arrangement over the term of the new arrangement. If the borrowing capacity of the new arrangement is less than the borrowing capacity of the old arrangement, then we (i) amortize any unamortized deferred loan costs at the time of the change related to the old arrangement in proportion to the decrease in the borrowing capacity of the old arrangement and (ii) defer all lender and other fees incurred directly in connection with the new arrangement over the term of the new arrangement. Deferred loan costs are presented in the balance sheet as a direct deduction from the carrying amount of our secured notes payable and revolving credit facility. All loan costs expensed and deferred loan costs amortized are included in interest expense in our Consolidated Statements of Operations. See "Recently Adopted Accounting Pronouncements" at the end of this footnote regarding our early adoption of ASU No. 2015-3 and ASU No. 2015-15. See Note 7 for our deferred loan cost disclosures. |
Derivative Contracts | Derivative Contracts We make use of interest rate swap and interest rate cap contracts to manage the risk associated with changes in interest rates on our floating-rate debt. 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 our floating-rate debt. We do not speculate in derivatives and we do not make use of any other derivative instruments. When we enter into derivative agreements, we generally elect to have them designated as cash flow hedges for accounting purposes. For hedging instruments designated as cash flow hedges, changes in fair value of the hedging instrument are recorded in accumulated other comprehensive income (loss) (AOCI), which is a component of equity outside of earnings, and any hedge ineffectiveness is recorded as interest expense. Amounts recorded in AOCI related to our designated hedges are reclassified to interest expense as interest payments are made on the hedged floating rate debt. Amounts reported in AOCI related to our Funds' hedges are reclassified to income, including depreciation, from unconsolidated real estate funds, as interest payments are made by our Funds on their hedged floating rate debt. For hedging instruments which are not designated as cash flow hedges, changes in fair value of the hedging instrument are recorded as interest expense. We record all derivatives on the balance sheet at fair value on a gross basis. See Note 9 for our derivative disclosures. |
Stock-Based Compensation | Stock-Based Compensation We account for stock-based compensation, including stock options and LTIP 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 12 for our stock-based compensation disclosures. |
EPS | EPS We calculate basic EPS by dividing the net income attributable to common stockholders for the period by the weighted average number of common shares outstanding during the period. We calculate diluted EPS by dividing the net income attributable to common stockholders for the period by the weighted average number of common shares and dilutive instruments outstanding during the period using the treasury stock method. We account for unvested LTIP Units that contain nonforfeitable rights to dividends as participating securities and include these securities in the computation of basic and diluted EPS using the two-class method. See Note 11 for our EPS disclosures. |
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 services for our office segment include primarily rental of office space and other tenant services, including parking and storage space rental. The services for our multifamily segment include primarily rental of apartments and other tenant services, including parking and storage space rental. See Note 14 for our segment disclosures. |
Income Taxes | Income Taxes We have elected to be taxed as a REIT under the Code, 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 Code 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 are unable to avail ourselves of certain savings provisions set forth in the Code, 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-TRS, 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 or flow-through entities (including certain 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 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 did not have significant tax provisions or deferred income tax items for 2015 , 2014 or 2013 . |
New Accounting Pronouncements | New Accounting Pronouncements Changes to GAAP are established by the FASB in the form of ASUs. We consider the applicability and impact of all ASUs. Recently Issued and Adopted Accounting Pronouncements 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 ASU change the requirements for reporting discontinued operations in Subtopic 205-20, Presentation of Financial Statements. The ASU was effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2014, which for us was the first quarter of 2015. We adopted the ASU in the first quarter of 2015 and it did not have a material impact on our financial position, results of operations or disclosures. In March 2015, the FASB issued ASU No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30), which provides guidance on the presentation of debt issuance costs. To simplify the presentation of debt issuance costs, the amendments in this ASU require that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the related debt, consistent with the manner in which debt discounts or premiums are presented. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, which for us would be the first quarter of 2016, and early adoption is permitted. We early adopted the ASU on a retrospective basis for the year ending December 31, 2015. We reclassified deferred loan costs with a carrying amount of $22.9 million and $15.6 million as of December 31, 2015 and December 31, 2014 , respectively, from Other assets to Secured notes payable and revolving credit facility, net in our Consolidated Balance Sheets. The adoption of the ASU did not impact the Consolidated Statement of Operations. See Note 7 for our deferred loan cost disclosures. In August 2015, the FASB issued ASU No. 2015-15, which provides additional guidance regarding the presentation of debt issuance costs associated with line-of-credit arrangements. The ASU permits the debt issuance costs associated with line-of-credit arrangements to be presented as an asset, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, which for us would be the first quarter of 2016, and early adoption is permitted. We early adopted the ASU for the year ending December 31, 2015. In accordance with ASU No. 2015-03 we reclassified deferred loan costs, which included deferred loan costs associated with our revolving credit facility, from Other assets to Secured notes payable and revolving credit facility, net in our Consolidated Balance Sheets. The adoption of the ASU did not impact the Consolidated Statement of Operations. See Note 7 for our deferred loan cost disclosures. Recently Issued Accounting Pronouncements In August 2015, the FASB issued ASU No. 2015-14, which defers the effective date of ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) by one year. As a result, the ASU is now effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, which for us is the first quarter of 2018. Earlier application is permitted for fiscal years beginning after December 15, 2016, including interim reporting periods within those years, which for us is the first quarter of 2017. We do not expect this ASU to have a material impact on our financial position, results of operations or disclosures, as lease contracts are not within the scope of this ASU. In September 2015, the FASB issued ASU No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments, which amends Business Combinations (Topic 805). The ASU requires that an acquirer (i) recognize adjustments to provisional amounts from Business Combinations that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, (ii) record, in the same period’s financial statements, the effect on earnings, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date and (iii) disclose of the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, which for us would be the first quarter of 2016, and early adoption is permitted. The amendments in this ASU should be applied prospectively to adjustments to provisional amounts that occur after the effective date of this ASU with earlier application permitted for financial statements that have not been issued. We do not expect the ASU to have a material impact on our financial position, results of operations or disclosures. The FASB has not issued any other ASUs during 2015 or 2016 that we expect to be applicable and have a material impact on our future financial position, results of operations or disclosures. |
Investment in Real Estate (Tabl
Investment in Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investment In Real Estate [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | Carthay Campus Waena 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 8484 Wilshire 16501 Ventura 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 Harbor Court Land First Financial Plaza Land $ 12,060 $ 12,092 Buildings and improvements 15,440 75,039 Tenant improvements and lease intangibles — 6,065 Acquired above and below-market leases, net — (790 ) Net assets and liabilities acquired $ 27,500 $ 92,406 |
Acquired Lease Intangibles (Tab
Acquired Lease Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Acquired Lease Intangibles [Abstract] | |
Summary Of Acquired Lease Intangibles | The table below (in thousands) summarizes our above/below-market leases as of December 31 : December 31, 2015 December 31, 2014 Above-market tenant leases (1) $ 4,661 $ 3,040 Accumulated amortization - above-market tenant leases (1) (2,670 ) (2,082 ) Below-market ground leases 3,198 3,198 Accumulated amortization - below-market ground leases (705 ) (629 ) Acquired lease intangible assets, net $ 4,484 $ 3,527 Below-market tenant leases (1) $ 103,327 $ 138,088 Accumulated accretion - below-market tenant leases (1) (78,280 ) (102,335 ) Above-market ground leases (1) 4,017 16,200 Accumulated accretion - above-market ground leases (1) (459 ) (5,994 ) Acquired lease intangible liabilities, net $ 28,605 $ 45,959 _____________________________________________________________________________________ (1) During 2015 , we removed the cost and accumulated amortization/accretion of fully amortized/accreted leases from our balance sheet. See Note 2 "Investment in Real Estate". |
Schedule Of Net Amortization Or Accretion Of Above/Below-Market Leases | The table below (in thousands) summarizes the net amortization/accretion related to our above/below-market leases: Year Ended December 31, 2015 2014 2013 Net accretion of above/below-market tenant leases (1) $ 12,467 $ 13,752 $ 15,511 Amortization of above-market ground leases (2) (17 ) (17 ) (17 ) Accretion of above-market ground lease (3) 50 50 50 Accretion of an above-market ground lease (4) 6,600 2,299 149 Total $ 19,100 $ 16,084 $ 15,693 _______________________________________________________________________________________ (1) Recorded as a net increase to office and multifamily rental revenues. (2) Ground leases from which we earn ground rent income. Recorded as a decrease to office parking and other income. (3) Ground lease from which we incur ground rent expense. Recorded as a decrease to office expense. (4) Ground lease from which we incurred ground rent expense. Recorded as an increase to other income. During 2015 , we acquired the fee interest in the land (Harbor Court Land). S ee Note 3 . |
Schedule Of Estimated Net Accretion | The table below presents (in thousands) the estimated net accretion of above- and below-market tenant and ground leases at December 31, 2015 for the next five years: Year Net increase to revenues Decrease to expenses Net impact 2016 $ 7,869 $ 50 $ 7,919 2017 3,574 50 3,624 2018 3,094 50 3,144 2019 2,920 50 2,970 2020 1,411 50 1,461 Thereafter 1,695 3,307 5,002 Total $ 20,563 $ 3,557 $ 24,120 |
Investments In Unconsolidated32
Investments In Unconsolidated Real Estate Funds (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Real Estate Investments, Net [Abstract] | |
Equity investees summarized financial information | The table below presents (in thousands) cash distributions received from our Funds: Year Ended December 31, 2015 2014 2013 Cash distributions received from our Funds $ 11,856 $ 12,423 $ 8,301 Summarized Financial Information for our Funds The accounting policies of the Funds are consistent with ours. The tables below present (in thousands) selected financial information for the Funds on a combined basis. The amounts presented represent 100% (not our pro-rata share) of amounts related to the Funds, and are based upon historical acquired book value: December 31, 2015 December 31, 2014 Total assets $ 691,543 $ 703,130 Total liabilities 389,372 389,413 Total equity 302,171 313,717 Year Ended December 31, 2015 2014 2013 Total revenues $ 69,702 $ 66,234 $ 63,976 Operating income 17,866 11,737 10,151 Net income 6,323 254 (829 ) |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Assets [Abstract] | |
Schedule Of Other Assets | Other assets consisted of the following (in thousands) at December 31 : December 31, 2015 December 31, 2014 Note receivable (1) $ — $ 27,500 Restricted cash 194 194 Prepaid expenses 6,720 6,108 Other indefinite-lived intangible 1,988 1,988 Deposits in escrow (2) 75,000 2,500 Furniture, fixtures and equipment, net 1,448 1,425 Other 2,370 1,932 Total other assets $ 87,720 $ 41,647 ___________________________________________________ (1) On February 12, 2015 , the owner of a fee interest in the land related to one of our office buildings, to whom we previously loaned $27.5 million , repaid $1.0 million of the loan with cash, and then contributed the respective fee interest valued at $27.5 million to our Operating Partnership, subject to the remaining balance of that loan of $26.5 million , in exchange for 34,412 OP Units valued at $1.0 million . See Notes 3 and 10 . (2) At December 31, 2015 , deposits in escrow included a $75.0 million deposit in connection with the potential purchase of four Class A office properties in Westwood, expected to close in the first quarter of 2016. See Note 19 . |
Secured Notes Payable and Rev34
Secured Notes Payable and Revolving Credit Facility (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Secured Debt [Abstract] | |
Schedule Of Secured Notes Payable | The following summarizes (in thousands) our secured notes payable and revolving credit facility at December 31 , 2015 and 2014 : Description (1) Maturity Date (2) Principal Balance as of December 31, 2015 Principal Balance as of December 31, 2014 Variable Interest Rate Fixed Interest Rate (3) Swap Maturity Date Fannie Mae Loan 3/1/2016 $ — $ 82,000 LIBOR + 0.62% N/A -- Term Loan (4) 3/1/2016 15,740 16,140 LIBOR + 1.60% 3.72% 4/1/2016 Term Loan 12/24/2016 20,000 20,000 LIBOR + 1.45% 3.57% 4/1/2016 Fannie Mae Loans 6/1/2017 — 18,000 LIBOR + 0.62% N/A -- Term Loan 10/2/2017 — 400,000 LIBOR + 2.00% 4.45% 7/1/2015 Term Loan 4/2/2018 256,140 510,000 LIBOR + 2.00% 4.12% 4/1/2016 Term Loan 8/1/2018 530,000 530,000 LIBOR + 1.70% 3.74% 8/1/2016 Term Loan (5) 8/5/2018 355,000 355,000 N/A 4.14% -- Term Loan (6) 2/1/2019 152,733 155,000 N/A 4.00% -- Term Loan (7) 6/5/2019 285,000 285,000 N/A 3.85% -- Fannie Mae Loan 10/1/2019 145,000 145,000 LIBOR + 1.25% 3.37% 4/1/2016 Term Loan (8) 3/1/2020 349,070 349,070 N/A 4.46% -- Fannie Mae Loans 11/2/2020 388,080 388,080 LIBOR + 1.65% 3.65% 11/1/2017 Term Loan 4/15/2022 340,000 — LIBOR + 1.40% 2.77% 4/1/2020 Term Loan 7/27/2022 180,000 — LIBOR + 1.45% 3.06% 7/1/2020 Term Loan 11/2/2022 400,000 — LIBOR + 1.35% 2.64% 11/1/2020 Fannie Mae Loan 4/1/2025 102,400 — LIBOR + 1.25% 2.84% 3/1/2020 Fannie Mae Loan 12/10/2025 115,000 — LIBOR + 1.25% 2.76% 12/1/2020 Aggregate loan principal $ 3,634,163 $ 3,253,290 Revolving credit facility (9) 8/21/2020 — 182,000 LIBOR + 1.40% N/A -- Total (10) $ 3,634,163 $ 3,435,290 Deferred loan costs, net (11) (22,887 ) (15,623 ) Total, net $ 3,611,276 $ 3,419,667 Aggregate effectively fixed rate loans $ 2,492,360 $ 1,828,080 3.35% Aggregate fixed rate loans 1,141,803 1,144,070 4.15% Aggregate variable rate loans — 463,140 N/A Total (10) $ 3,634,163 $ 3,435,290 __________________________________________________ (1) At December 31, 2015 , the weighted average remaining life, including extension options, of our term debt (excluding our revolving credit facility) was 4.5 years . For the $3.63 billion of term debt on which the interest rate was fixed under the terms of the loan or a swap, (i) the weighted average remaining life was 4.5 years , (ii) the weighted average remaining period during which interest was fixed was 2.6 years , (iii) the weighted average annual interest rate was 3.60% and (iv) including the non-cash amortization of deferred loan costs, the weighted average effective interest rate was 3.72% . Except as otherwise noted below, each loan (including our revolving credit facility) is secured by one or more separate collateral pools consisting of one or more properties, requiring monthly payments of interest only, with the outstanding principal due upon maturity. (2) Maturity dates include the effect of extension options. (3) Includes the effect of interest rate swaps and excludes the effect of prepaid loan fees. See Note 9 for details of our interest rate swaps. (4) Borrower is a consolidated entity in which our Operating Partnership owns a two-thirds interest. The loan maturity was extended to March 1, 2017 after year end. See Note 19 . (5) Interest-only until February 2016 , with principal amortization thereafter based upon a 30 -year amortization schedule. (6) Requires monthly payments of principal and interest. Principal amortization is based upon a 30 -year amortization schedule. (7) Interest only until February 2017 , with principal amortization thereafter based upon a 30 -year amortization schedule. (8) Interest is fixed until March 2018 . Interest-only until May 2016 , with principal amortization thereafter based upon a 30 -year amortization schedule. (9) $400.0 million revolving credit facility. Unused commitment fees range from 0.15% to 0.20% . (10) See Note 13 for our fair value disclosures. (11) Net of accumulated amortization of $15.2 million and $13.0 million at December 31, 2015 and 2014 , respectively. Deferred loan cost amortization was $7.0 million , $4.1 million and $4.2 million during 2015 , 2014 and 2013 , respectively. |
Schedule Of Minimum Future Principal Payments Due On Secured Notes Payable | As of December 31, 2015 , 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: 2016 $ 46,939 2017 19,410 2018 1,478,014 2019 564,320 2020 683,080 Thereafter 842,400 Total future principal payments $ 3,634,163 |
Interest Payable, Accounts Pa35
Interest Payable, Accounts Payable and Deferred Revenue (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Schedule Of Accounts Payable And Accrued Expenses | Interest payable, accounts payable and deferred revenue consisted of the following (in thousands) as of December 31 : December 31, 2015 December 31, 2014 Interest payable $ 10,028 $ 9,656 Accounts payable and accrued liabilities 23,716 22,195 Deferred revenue 23,673 22,513 Total interest payable, accounts payable and deferred revenue $ 57,417 $ 54,364 |
Derivative Contracts (Tables)
Derivative Contracts (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Derivatives | As of December 31, 2015 , all of our interest rate swaps were designated as cash flow hedges: Number of Interest Rate Swaps Notional (in thousands) (1) Consolidated 15 $2,565,480 Unconsolidated Fund (2) 1 $325,000 ___________________________________________________ (1) See Note 13 for our derivative fair value disclosures. (2) The notional amount presented represents 100% , not our pro-rata share, of the amounts related to the Fund. At December 31, 2015 , we held an equity interest of 68.61% of that Fund. See Note 5 for more information regarding our Funds. |
Schedule of Fair Values in a Asset or Liability Position | The fair value of our interest rate swaps in a liability position were as follows (in thousands): December 31, 2015 December 31, 2014 Fair value of derivatives in a liability position (1) Consolidated $ 19,047 $ 40,953 __________________________________________________________________________________ (1) At December 31, 2015 , we had consolidated derivative assets of $4.2 million and our Fund's derivative was in an asset position of $737 thousand (100%, not our pro-rata share). Amounts include accrued interest and exclude any adjustment for nonperformance risk. See Note 17 with regards to our counterparty credit risk. |
Effect of Derivative Instruments on OCI and Statements of Operations | The table below presents (in thousands) the effect of our derivative instruments and our Fund's derivative instrument on our AOCI and statements of operations: Year Ended December 31, 2015 2014 2013 Derivatives Designated as Cash Flow Hedges: (Loss) gain recorded in AOCI (effective portion) - our derivatives (1)(8) $ (11,549 ) $ (11,116 ) $ 903 (Loss) gain recorded in AOCI (effective portion) - our Fund's derivative (2)(8) $ (1,922 ) $ (1,767 ) $ 1,779 Loss reclassified from AOCI (effective portion) - our derivatives (3)(8) $ (37,390 ) $ (36,873 ) $ (36,246 ) Loss reclassified from AOCI (effective portion) - our Fund's derivative (4)(8) $ (931 ) $ (1,005 ) $ (549 ) Loss reclassified from AOCI (ineffective portion) - our derivatives (5)(7) $ — $ (50 ) $ (85 ) Gain recorded as interest expense (ineffective portion) (6) $ 66 $ — — Derivatives Not Designated as Cash Flow Hedges: Loss recorded as interest expense (7) $ — $ — $ (4 ) __________________________________________________ (1) Represents the change in fair value of our interest rate swaps designated as cash flow hedges, which does not impact the statement of operations. See Note 13 for our fair value disclosures. (2) Represents our share of the change in fair value of our Fund's interest rate swap designated as a cash flow hedge, which does not impact the statement of operations. (3) Reclassified from AOCI as an increase to interest expense. (4) Reclassified from AOCI as a decrease to income, including depreciation, from unconsolidated real estate funds. (5) Excluded from effectiveness testing. Reclassified from AOCI as an increase to interest expense. (6) Excluded from effectiveness testing. (7) Represents the change in fair value of our derivatives not designated as cash flow hedges. (8) See the reconciliation of our AOCI in Note 10 . |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 effect on our equity from changes in our ownership interest in our Operating Partnership for the year ended December 31 : 2015 2014 2013 Net income attributable to common stockholders $ 58,384 $ 44,621 $ 45,311 Transfers from noncontrolling interests: Exchange of OP Units with noncontrolling interests 23,703 30,035 18,684 Repurchase of OP Units from noncontrolling interests — (1,197 ) (173 ) Net transfers from noncontrolling interests $ 23,703 $ 28,838 $ 18,511 Change from net income attributable to common stockholders and transfers from noncontrolling interests $ 82,087 $ 73,459 $ 63,822 |
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 derivatives designated as cash flow hedges for the year ended December 31 : 2015 2014 2013 Beginning balance $ (30,089 ) $ (50,554 ) $ (82,991 ) Other comprehensive (loss) income before reclassifications - our derivatives (11,549 ) (11,116 ) 903 Other comprehensive (loss) income before reclassifications - our Fund's derivative (1,922 ) (1,767 ) 1,779 Reclassifications from AOCI - our derivatives (1) 37,390 36,923 36,331 Reclassifications from AOCI - our Fund's derivative (2) 931 1,005 549 Net current period OCI 24,850 25,045 39,562 Less OCI attributable to noncontrolling interests (4,046 ) (4,580 ) (7,125 ) OCI attributable to common stockholders 20,804 20,465 32,437 Ending balance $ (9,285 ) $ (30,089 ) $ (50,554 ) __________________________________________________ (1) Reclassification as an increase to interest expense. (2) Reclassification as a decrease to income, including depreciation, from unconsolidated real estate funds. (3) See Note 9 for the details of our derivatives and Note 13 for our derivative fair value disclosures. |
Common Stock Dividends Classification For United States Federal Income Tax Purposes | Our common stock dividends paid during 2015 are classified for federal income tax purposes as follows: Record Date Paid Date Dividend Per Share Ordinary Income Capital Gain Return of Capital 12/30/2014 1/15/2015 $0.21 $0.0735 $— $0.1365 3/31/2015 4/15/2015 0.21 0.0735 — 0.1365 6/30/2015 7/15/2015 0.21 0.0735 — 0.1365 9/30/2015 10/15/2015 0.21 0.0735 — 0.1365 Total: $0.84 $0.2940 $— $0.5460 |
EPS (Tables)
EPS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 Numerator (in thousands): Net income attributable to common stockholders $ 58,384 $ 44,621 $ 45,311 Allocation to participating securities: Unvested LTIP Units (312 ) (175 ) (178 ) Numerator for basic and diluted net income attributable to common stockholders $ 58,072 $ 44,446 $ 45,133 Denominator (in thousands): Weighted average shares of common stock outstanding - basic 146,089 144,013 142,556 Effect of dilutive securities: Stock options (1) 4,515 4,108 3,288 Weighted average shares of common stock and common stock equivalents outstanding - diluted 150,604 148,121 145,844 Basic EPS: Net income attributable to common stockholders per share $ 0.398 $ 0.309 $ 0.317 Diluted EPS: Net income attributable to common stockholders per share $ 0.386 $ 0.300 $ 0.309 ____________________________________________________ (1) The following securities (in thousands) were excluded from the computation of the weighted average diluted shares because the effect of including them would be anti-dilutive to the calculation of diluted EPS: Year Ended December 31, 2015 2014 2013 OP Units 26,371 27,444 28,026 Vested LTIP Units 181 130 355 Unvested LTIP Units 622 526 577 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
Summary of Outstanding Stock Options | The table below presents the activity of our outstanding stock options: Stock Options: Number of Stock Options (thousands) Weighted Average Exercise Price Weighted Average Remaining Contract Life (months) Total Intrinsic Value (thousands) Outstanding at December 31, 2012 12,540 $ 18.10 59 $ 65,177 Granted — Outstanding at December 31, 2013 12,540 18.10 47 $ 65,051 Granted — Exercised (731 ) 20.03 Outstanding at December 31, 2014 11,809 17.98 36 $ 123,017 Granted — Exercised (274 ) 15.58 Outstanding at December 31, 2015 11,535 18.04 23 $ 151,569 Exercisable at December 31, 2015 11,535 18.04 23 $ 151,569 |
Schedule of Unvested LTIP Units | The table below presents the activity of our unvested LTIP Units: Unvested LTIP Units: Number of Units (thousands) Weighted Average Grant Date Fair Value 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 Granted 922 20.26 Vested (816 ) 18.59 Forfeited (8 ) 24.86 Outstanding at December 31, 2015 1,096 19.85 |
Fair Value of Financial Instr40
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 December 31, 2014 Fair value $ 3,691,075 $ 3,293,351 Carrying value $ 3,634,163 $ 3,253,290 |
Schedule of Estimated Fair Value of Derivatives | The table below presents (in thousands) the estimated fair value of our derivatives: December 31, 2015 December 31, 2014 Derivative Assets: Fair value - our derivatives (1) $ 4,830 $ — Fair value - our Fund's derivative (2) $ 837 $ 2,282 Derivative Liabilities: Fair value - our derivatives (1) $ 16,310 $ 37,386 ___________________________________________________________________________________ (1) The fair value of our derivatives are included in interest rate contracts in our consolidated balance sheet. (2) The fair value presented represents 100.00% , not our pro-rata share, of the fair value related to our Fund's derivative. At December 31, 2015 , we held an equity interest of 68.61% of that Fund. Our pro-rata share of the fair value of the Fund's derivative is included in our investment in unconsolidated real estate funds in our consolidated balance sheet. See Note 5 for more information regarding our Funds. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 Office Segment Total office revenues $ 540,975 $ 519,405 $ 514,583 Office expenses (186,556 ) (181,160 ) (174,935 ) Office Segment profit 354,419 338,245 339,648 Multifamily Segment Total multifamily revenues 94,799 80,117 76,936 Multifamily expenses (23,862 ) (20,664 ) (19,928 ) Multifamily Segment profit 70,937 59,453 57,008 Total profit from all segments $ 425,356 $ 397,698 $ 396,656 |
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, 2015 2014 2013 Total profit from all segments $ 425,356 $ 397,698 $ 396,656 General and administrative expenses (30,496 ) (27,332 ) (26,614 ) Depreciation and amortization (205,333 ) (202,512 ) (191,351 ) Other income 15,228 17,675 6,402 Other expenses (6,470 ) (7,095 ) (4,199 ) Income, including depreciation, from unconsolidated real estate funds 7,694 3,713 3,098 Interest expense (135,453 ) (128,507 ) (130,548 ) Acquisition-related expenses (1,771 ) (786 ) (607 ) Net income 68,755 52,854 52,837 Less: Net income attributable to noncontrolling interests (10,371 ) (8,233 ) (7,526 ) Net income attributable to common stockholders $ 58,384 $ 44,621 $ 45,311 |
Future Minimum Lease Receipts (
Future Minimum Lease Receipts (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 tenant and ground operating leases at December 31, 2015 : Minimum base rentals (1) during: 2016 $ 396,812 2017 358,267 2018 295,593 2019 242,862 2020 190,154 Thereafter 540,485 Total future minimum base rentals $ 2,024,173 _____________________________________________________ (1) Does not include (i) residential leases, which typically have a term of one year or less, (ii) tenant reimbursements, (iii) straight line rent, (iv) amortization/accretion of acquired above/below-market lease intangibles and (v) percentage rents. The amounts assume that those tenants with early termination options do not exercise them. |
Future Minimum Lease Payments (
Future Minimum Lease Payments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
Future Minimum Ground Lease Payments | The table below presents (in thousands) the future minimum ground lease payments as of December 31, 2015 under our remaining ground lease: Minimum ground lease payments during: 2016 $ 733 2017 733 2018 733 2019 733 2020 733 Thereafter 48,377 Total future minimum lease payments (1) $ 52,042 ___________________________________________________ (1) Lease term ends on December 31, 2086. Ground rent is fixed at $733 thousand per year until February 28, 2019, and will then be reset to the greater of the existing ground rent or market. The table above assumes that the rental payments will continue to be $733 thousand per year after February 28, 2019. |
Quarterly Financial Informati44
Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information [Abstract] | |
Schedule of Quarterly Financial Information | The tables below present (in thousands, except per share amounts) selected quarterly information for 2015 and 2014 : Three Months Ended March 31, June 30, 2015 September 30, 2015 December 31, 2015 Total revenue $ 154,809 $ 160,457 $ 160,077 $ 160,431 Net income before noncontrolling interests 22,096 15,894 14,159 16,606 Net income attributable to common stockholders 18,699 13,448 12,070 14,167 Net income per common share - basic $ 0.128 $ 0.092 $ 0.082 $ 0.096 Net income per common share - diluted $ 0.124 $ 0.089 $ 0.080 $ 0.093 Weighted average shares of common stock outstanding - basic 145,327 145,898 146,331 146,780 Weighted average shares of common stock and common stock equivalents outstanding - diluted 149,802 150,304 150,740 151,531 Three Months Ended March 31, 2014 June 30, 2014 September 30, 2014 December 31, 2014 Total revenue $ 148,872 $ 151,422 $ 148,141 $ 151,087 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 $ 0.090 $ 0.093 $ 0.051 $ 0.075 Net income per common share - diluted $ 0.088 $ 0.090 $ 0.050 $ 0.073 Weighted average shares of common stock outstanding - basic 143,140 143,717 144,361 144,823 Weighted average shares of common stock and common stock equivalents outstanding - diluted 146,861 147,945 148,641 148,943 |
Overview (Details)
Overview (Details) | Dec. 31, 2015office_propertypropertyland_parcel |
Overview [Line Items] | |
Number of office properties owned | office_property | 62 |
Wholly Owned Consolidated Office Properties [Member] | |
Overview [Line Items] | |
Number of office properties owned | property | 54 |
Number of multifamily properties owned | property | 10 |
Number of land parcels | land_parcel | 2 |
Partially Owned Properties [Member] | |
Overview [Line Items] | |
Number of office properties owned | office_property | 8 |
Summary of Significant Accoun46
Summary of Significant Accounting Policies (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015USD ($)segmentsubsidiary | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Apr. 30, 2013USD ($) | |
Tenant improvements, fully depreciated, written off | $ 16,000 | $ 84,600 | ||
Leasing intangibles, fully amortized, written off | 17,100 | 82,600 | ||
Above-market leases, fully amortized, written off | 220 | 32,230 | $ 0 | |
Write-off of fully accreted acquired lease intangible liabilities | 49,576 | 137,313 | 0 | |
Development costs capitalized | 3,800 | 4,300 | ||
Interest costs capitalized | 940 | 294 | ||
Additional basis | 2,900 | 2,900 | ||
Note receivable from related party | 800 | |||
Lease termination revenue | 2,200 | 2,600 | 700 | |
Revenue recognized for leasehold improvements | 1,900 | 1,700 | 1,800 | |
Letters of credit held for security | 14,700 | 14,700 | ||
Security deposits | 38,683 | 37,450 | ||
Increase (decrease) in the allowance for doubtful accounts | $ 223 | (461) | (98) | |
Number of segments | segment | 2 | |||
Percentage of minimum distribution of taxable income to qualify as a REIT (at least) | 90.00% | |||
Number of subsidiaries elected to be treated as taxable REIT subsidiaries | subsidiary | 2 | |||
Deferred loan costs | $ 22,887 | 15,623 | ||
Other Assets [Member] | New Accounting Pronouncement, Early Adoption, Effect [Member] | ||||
Deferred loan costs | (22,900) | (15,600) | ||
Long-term Debt [Member] | New Accounting Pronouncement, Early Adoption, Effect [Member] | ||||
Deferred loan costs | 22,900 | 15,600 | ||
Tenant Receivable [Member] | ||||
Allowance for doubtful accounts | 2,200 | 2,000 | ||
Increase (decrease) in the allowance for doubtful accounts | (223) | 461 | 98 | |
Deferred Rent Receivable [Member] | ||||
Allowance for doubtful accounts | 6,000 | 5,800 | ||
Increase (decrease) in the allowance for doubtful accounts | $ (242) | 2,400 | 3,900 | |
Building [Member] | ||||
Useful life | 40 years | |||
Site Improvements [Member] | ||||
Useful life | 15 years | |||
Fund X [Member] | ||||
Note receivable from related party | 1,500 | $ 300 | $ 2,900 | |
Above Market Tenant Leases [Member] | ||||
Above-market leases, fully amortized, written off | $ 200 | 32,200 | ||
Below Market Tenant Leases [Member] | ||||
Below-market leases, fully accreted, written off | 37,400 | $ 137,300 | ||
Above Market Ground Leases [Member] | ||||
Write-off of fully accreted acquired lease intangible liabilities | $ 12,200 | |||
Partnership X [Member] | ||||
Ownership percentage | 24.25% | |||
Fund X [Member] | ||||
Ownership percentage | 68.61% |
Investment In Real Estate (Narr
Investment In Real Estate (Narrative) (Details) ft² in Thousands, $ / multifamily_unit in Thousands, $ in Thousands | Mar. 05, 2015USD ($)ft²$ / ft² | Feb. 12, 2015USD ($) | Dec. 30, 2014USD ($)multifamily_unit$ / multifamily_unit | Dec. 31, 2015USD ($)property | Dec. 31, 2014USD ($)property | Dec. 31, 2013USD ($)property | Oct. 16, 2014USD ($)ft²$ / ft² | Aug. 15, 2013USD ($)ft²$ / ft² | May. 15, 2013USD ($)ft²$ / ft² |
Real Estate Acquisition [Line Items] | |||||||||
Number of acquisitions | property | 2 | 2 | 2 | ||||||
Amortization (accretion) of above and below market leases | $ (19,100) | $ (16,084) | $ (15,693) | ||||||
Harbor Court Land [Member] | |||||||||
Real Estate Acquisition [Line Items] | |||||||||
Payments to acquire businesses, gross | $ 27,500 | ||||||||
Real estate acquired purchase price | 27,500 | ||||||||
First Financial Plaza [Member] | |||||||||
Real Estate Acquisition [Line Items] | |||||||||
Payments to acquire businesses, gross | $ 92,400 | ||||||||
Area of real estate property acquired (in square feet) | ft² | 227 | ||||||||
Price paid for real estate acquired per square foot | $ / ft² | 407 | ||||||||
Real estate acquired purchase price | $ 92,406 | ||||||||
Carthay Campus [Member] | |||||||||
Real Estate Acquisition [Line Items] | |||||||||
Area of real estate property acquired (in square feet) | ft² | 216 | ||||||||
Price paid for real estate acquired per square foot | $ / ft² | 345 | ||||||||
Real estate acquired purchase price | $ 74,469 | ||||||||
Waena [Member] | |||||||||
Real Estate Acquisition [Line Items] | |||||||||
Real estate acquired purchase price | $ 146,000 | ||||||||
Number of multifamily units acquired | multifamily_unit | 468 | ||||||||
Price of real estate acquired (usd per multifamily unit) | $ / multifamily_unit | 312 | ||||||||
8484 Wilshire [Member] | |||||||||
Real Estate Acquisition [Line Items] | |||||||||
Area of real estate property acquired (in square feet) | ft² | 225 | ||||||||
Price paid for real estate acquired per square foot | $ / ft² | 395 | ||||||||
Real estate acquired purchase price | $ 89,000 | ||||||||
16501 Ventura [Member] | |||||||||
Real Estate Acquisition [Line Items] | |||||||||
Area of real estate property acquired (in square feet) | ft² | 191 | ||||||||
Price paid for real estate acquired per square foot | $ / ft² | 319 | ||||||||
Real estate acquired purchase price | $ 61,000 | ||||||||
Other Income [Member] | Above Market Ground Leases [Member] | |||||||||
Real Estate Acquisition [Line Items] | |||||||||
Amortization (accretion) of above and below market leases | $ (6,600) | $ (2,299) | $ (149) | ||||||
Other Income [Member] | Above Market Ground Leases [Member] | Harbor Court Land [Member] | |||||||||
Real Estate Acquisition [Line Items] | |||||||||
Amortization (accretion) of above and below market leases | $ 6,600 |
Investment in Real Estate (Deta
Investment in Real Estate (Details) - USD ($) $ in Thousands | Mar. 05, 2015 | Feb. 12, 2015 | Dec. 30, 2014 | Oct. 16, 2014 | Aug. 15, 2013 | May. 15, 2013 |
Harbor Court Land [Member] | ||||||
Real Estate Acquisition [Line Items] | ||||||
Land | $ 12,060 | |||||
Buildings and improvements | 15,440 | |||||
Tenant improvements and lease intangibles | 0 | |||||
Acquired above and below-market leases, net | 0 | |||||
Net assets and liabilities acquired | $ 27,500 | |||||
First Financial Plaza [Member] | ||||||
Real Estate Acquisition [Line Items] | ||||||
Land | $ 12,092 | |||||
Buildings and improvements | 75,039 | |||||
Tenant improvements and lease intangibles | 6,065 | |||||
Acquired above and below-market leases, net | (790) | |||||
Net assets and liabilities acquired | $ 92,406 | |||||
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 |
Acquired Lease Intangibles (Sum
Acquired Lease Intangibles (Summary Of Acquired Lease Intangibles) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule Of Acquired Lease Intangibles [Line Items] | ||
Acquired lease intangible assets, net | $ 4,484 | $ 3,527 |
Acquired lease intangible liabilities, net | 28,605 | 45,959 |
Above Market Tenant Leases [Member] | ||
Schedule Of Acquired Lease Intangibles [Line Items] | ||
Acquired lease intangible assets, gross | 4,661 | 3,040 |
Accumulated amortization | (2,670) | (2,082) |
Below Market Ground Leases [Member] | ||
Schedule Of Acquired Lease Intangibles [Line Items] | ||
Acquired lease intangible assets, gross | 3,198 | 3,198 |
Accumulated amortization | (705) | (629) |
Below Market Tenant Leases [Member] | ||
Schedule Of Acquired Lease Intangibles [Line Items] | ||
Acquired lease intangible liabilities, gross | 103,327 | 138,088 |
Accumulated accretion | (78,280) | (102,335) |
Above Market Ground Leases [Member] | ||
Schedule Of Acquired Lease Intangibles [Line Items] | ||
Acquired lease intangible liabilities, gross | 4,017 | 16,200 |
Accumulated accretion | $ (459) | $ (5,994) |
Acquired Lease Intangibles (Sch
Acquired Lease Intangibles (Schedule Net Amortization Or Accretion) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Accretion of above and below market leases | $ 19,100 | $ 16,084 | $ 15,693 |
Operating Lease Revenue [Member] | Tenant Lease [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Accretion of above and below market leases | 12,467 | 13,752 | 15,511 |
Office Parking And Other Income [Member] | Above Market Ground Leases [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Accretion of above and below market leases | (17) | (17) | (17) |
Office Expense [Member] | Above Market Ground Leases [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Accretion of above and below market leases | 50 | 50 | 50 |
Other Income [Member] | Above Market Ground Leases [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Accretion of above and below market leases | $ 6,600 | $ 2,299 | $ 149 |
Acquired Lease Intangibles (Est
Acquired Lease Intangibles (Estimated Net Accretion for the Next Five Years) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Estimated Net Accretion for the Next Five Years [Abstract] | |
2,016 | $ 7,919 |
2,017 | 3,624 |
2,018 | 3,144 |
2,019 | 2,970 |
2,020 | 1,461 |
Thereafter | 5,002 |
Total | 24,120 |
Revenue [Member] | |
Estimated Net Accretion for the Next Five Years [Abstract] | |
2,016 | 7,869 |
2,017 | 3,574 |
2,018 | 3,094 |
2,019 | 2,920 |
2,020 | 1,411 |
Thereafter | 1,695 |
Total | 20,563 |
Expense [Member] | |
Estimated Net Accretion for the Next Five Years [Abstract] | |
2,016 | 50 |
2,017 | 50 |
2,018 | 50 |
2,019 | 50 |
2,020 | 50 |
Thereafter | 3,307 |
Total | $ 3,557 |
Investments In Unconsolidated52
Investments In Unconsolidated Real Estate Funds (Narrative) (Details) ft² in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015USD ($)ft²office_propertyNumber_of_funds_managednote | Dec. 31, 2013USD ($) | Nov. 30, 2015USD ($) | Dec. 31, 2014USD ($) | Apr. 30, 2013USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||
Number of office properties owned | office_property | 62 | ||||
Note receivable from related party | $ 0.8 | ||||
Percentage of amounts related to fund | 100.00% | ||||
Partially Owned Properties [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of real estate funds owned and managed | Number_of_funds_managed | 2 | ||||
Area of real estate property (in square feet) | ft² | 1.8 | ||||
Additional interest acquired, value | $ 8 | ||||
Partnership X [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Additional interest acquired, percent | 0.90% | ||||
Fund X [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Additional interest acquired, percent | 3.30% | ||||
Fund X [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Note receivable from related party | $ 0.3 | $ 1.5 | $ 2.9 | ||
Related party transaction date | Apr. 1, 2017 | ||||
Partnership X [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Note receivable from related party | $ 0.5 | $ 0.5 | |||
Related party transaction date | Mar. 31, 2016 | ||||
Partially Owned Properties [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of office properties owned | office_property | 8 | ||||
Fund X [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage | 68.61% | ||||
Number of unsecured notes receivable | note | 2 | ||||
Partnership X [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage | 24.25% | ||||
LIBOR [Member] | Fund X [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Variable rate description | LIBOR plus 2.5% | ||||
Basis spread | 2.50% | ||||
LIBOR [Member] | Partnership X [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Variable rate description | LIBOR plus 2.5% | ||||
Basis spread | 2.50% |
Investments In Unconsolidated53
Investments In Unconsolidated Real Estate Funds (Summary Of Financial Position For Investments In Unconsolidated Real Estate Funds) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Real Estate Investments, Net [Abstract] | |||
Cash distributions received from our Funds | $ 11,856 | $ 12,423 | $ 8,301 |
Total assets | 691,543 | 703,130 | |
Total liabilities | 389,372 | 389,413 | |
Total equity | $ 302,171 | $ 313,717 |
Investments In Unconsolidated54
Investments In Unconsolidated Real Estate Funds (Summary Of Statement Of Operations For Investments In Unconsolidated Real Estate Funds) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Real Estate Investments, Net [Abstract] | |||
Total revenues | $ 69,702 | $ 66,234 | $ 63,976 |
Operating income | 17,866 | 11,737 | 10,151 |
Net income | $ 6,323 | $ 254 | $ (829) |
Other Assets (Schedule Of Other
Other Assets (Schedule Of Other Assets) (Details) $ in Thousands | Feb. 12, 2015USD ($)shares | Dec. 31, 2015USD ($)office_propertypropertyshares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Schedule of Equity Method Investments [Line Items] | ||||
Note receivable | $ 27,500 | $ 0 | $ 27,500 | |
Restricted cash | 194 | 194 | ||
Prepaid expenses | 6,720 | 6,108 | ||
Other indefinite-lived intangible | 1,988 | 1,988 | ||
Deposits in escrow | 75,000 | 2,500 | ||
Furniture, fixtures and equipment, net | 1,448 | 1,425 | ||
Other | 2,370 | 1,932 | ||
Total other assets | 87,720 | 41,647 | ||
Note receivable, cash consideration, repayment | 1,000 | $ 1,000 | 0 | $ 0 |
Note receivable, non cash consideration repayment | $ 26,500 | |||
Issued in exchange for contributed property | shares | 34,412 | 34,000 | ||
Issuance of OP Units in exchange for land and building acquired | $ 1,000 | $ 1,000 | $ 0 | $ 0 |
Number of office properties | office_property | 62 | |||
Westwood Submarket [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Deposits in escrow | $ 75,000 | |||
Westwood Submarket [Member] | Office Building [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of office properties | property | 4 |
Secured Notes Payable and Rev56
Secured Notes Payable and Revolving Credit Facility (Schedule Of Secured Notes Payable) (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($)propertycollateral_poolRate | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Debt Instrument [Line Items] | |||
Aggregate loan principal | $ 3,634,163,000 | $ 3,253,290,000 | |
Total | 3,634,163,000 | 3,435,290,000 | |
Deferred loan costs, net | (22,887,000) | (15,623,000) | |
Total, net | $ 3,611,276,000 | 3,419,667,000 | |
Weighted average remaining life of outstanding term debt | 4 years 6 months | ||
Debt at fixed interest rate | $ 3,630,000,000 | ||
Weighted average remaining life of interest rate swaps and fixed rate debt (in years) | 4 years 6 months | ||
Weighted average interest rate for fixed & effectively fixed rate debt | 3.60% | ||
Effective weighted average interest rate for fixed & effectively fixed rate debt | 3.72% | ||
Number of properties in collateral pools | property | 6 | ||
Ownership percentage in joint venture | 66.67% | ||
Debt amortization period | 30 years | ||
Net accumulated amortization | $ 15,200,000 | 13,000,000 | |
Amortization of deferred loan costs | $ 6,969,000 | 4,097,000 | $ 4,214,000 |
Fannie Mae Loan, Maturity Date 3/1/2016 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Mar. 1, 2016 | ||
Aggregate loan principal | $ 0 | 82,000,000 | |
Variable Interest Rate | LIBOR + 0.62% | ||
Term Loan With Maturity Date 3/1/2016 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Mar. 1, 2016 | ||
Aggregate loan principal | $ 15,740,000 | 16,140,000 | |
Variable Interest Rate | LIBOR + 1.60% | ||
Annual fixed interest rate | 3.72% | ||
Swap Maturity Date | Apr. 1, 2016 | ||
Term Loan, Maturity Date 12/24/2016 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Dec. 24, 2016 | ||
Aggregate loan principal | $ 20,000,000 | 20,000,000 | |
Variable Interest Rate | LIBOR + 1.45% | ||
Annual fixed interest rate | 3.57% | ||
Swap Maturity Date | Apr. 1, 2016 | ||
Fannie Mae Loans, Maturity Date 6/1/17 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Jun. 1, 2017 | ||
Aggregate loan principal | $ 0 | 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 | Oct. 2, 2017 | ||
Aggregate loan principal | $ 0 | 400,000,000 | |
Variable Interest Rate | LIBOR + 2.00% | ||
Annual fixed interest rate | 4.45% | ||
Swap Maturity Date | Jul. 1, 2015 | ||
Term Loan With Effective Annual Fixed Interest Rate At 4.12% [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Apr. 2, 2018 | ||
Aggregate loan principal | $ 256,140,000 | 510,000,000 | |
Variable Interest Rate | LIBOR + 2.00% | ||
Annual fixed interest rate | 4.12% | ||
Swap Maturity Date | Apr. 1, 2016 | ||
Term Loan With Effective Annual Fixed Interest Rate At 3.74% [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Aug. 1, 2018 | ||
Aggregate loan principal | $ 530,000,000 | 530,000,000 | |
Variable Interest Rate | LIBOR + 1.70% | ||
Annual fixed interest rate | 3.74% | ||
Swap Maturity Date | Aug. 1, 2016 | ||
Term Loan With Effective Annual Fixed Interest Rate At 4.14% [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Aug. 5, 2018 | ||
Aggregate loan principal | $ 355,000,000 | 355,000,000 | |
Annual fixed interest rate | 4.14% | ||
Monthly interest-only payments end date | Feb. 5, 2016 | ||
Term Loan With Effective Annual Fixed Interest Rate At 4.00% [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Feb. 1, 2019 | ||
Aggregate loan principal | $ 152,733,000 | 155,000,000 | |
Annual fixed interest rate | 4.00% | ||
Long term Fixed Rate Debt with effective interest rate of 3.85% [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Jun. 5, 2019 | ||
Aggregate loan principal | $ 285,000,000 | 285,000,000 | |
Annual fixed interest rate | 3.85% | ||
Monthly interest-only payments end date | Feb. 5, 2017 | ||
Fannie Mae Loans, Maturity Date 10/1/2019 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Oct. 1, 2019 | ||
Aggregate loan principal | $ 145,000,000 | 145,000,000 | |
Variable Interest Rate | LIBOR + 1.25% | ||
Annual fixed interest rate | 3.37% | ||
Swap Maturity Date | Apr. 1, 2016 | ||
Term Loan With Effective Annual Fixed Interest Rate At 4.46% [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Mar. 1, 2020 | ||
Aggregate loan principal | $ 349,070,000 | 349,070,000 | |
Annual fixed interest rate | 4.46% | ||
Monthly interest-only payments end date | May 1, 2016 | ||
Debt instrument period of fixed interest end date | Mar. 1, 2018 | ||
Fannie Mae Loans With Effective Annual Fixed Interest Rate At Three Point Six Five Percentage [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Nov. 2, 2020 | ||
Aggregate loan principal | $ 388,080,000 | 388,080,000 | |
Variable Interest Rate | LIBOR + 1.65% | ||
Annual fixed interest rate | 3.65% | ||
Swap Maturity Date | Nov. 1, 2017 | ||
Term Loan With Maturity Date of 04/15/2022 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Apr. 15, 2022 | ||
Aggregate loan principal | $ 340,000,000 | 0 | |
Variable Interest Rate | LIBOR + 1.40% | ||
Annual fixed interest rate | 2.77% | ||
Swap Maturity Date | Apr. 1, 2020 | ||
Term Loan With Effective Annual Fixed Interest Rate At 3.06% [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Jul. 27, 2022 | ||
Aggregate loan principal | $ 180,000,000 | 0 | |
Variable Interest Rate | LIBOR + 1.45% | ||
Annual fixed interest rate | 3.06% | ||
Swap Maturity Date | Jul. 1, 2020 | ||
Term Loan, Fixed Interest rate of 2.64% [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Nov. 2, 2022 | ||
Aggregate loan principal | $ 400,000,000 | 0 | |
Variable Interest Rate | LIBOR + 1.35% | ||
Annual fixed interest rate | 2.64% | ||
Swap Maturity Date | Nov. 1, 2020 | ||
Fannie Mae Loan With Maturity Date Of 04/1/2025 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Apr. 1, 2025 | ||
Aggregate loan principal | $ 102,400,000 | 0 | |
Variable Interest Rate | LIBOR + 1.25% | ||
Annual fixed interest rate | 2.84% | ||
Swap Maturity Date | Mar. 1, 2020 | ||
Fannie Mae Loan, Maturity Date 12/10/2025 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Dec. 10, 2025 | ||
Aggregate loan principal | $ 115,000,000 | 0 | |
Variable Interest Rate | LIBOR + 1.25% | ||
Annual fixed interest rate | 2.76% | ||
Swap Maturity Date | Dec. 1, 2020 | ||
Revolving Credit Facility With Maturity Date 08/21/2020 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Aug. 21, 2020 | ||
Revolving credit facility | $ 0 | 182,000,000 | |
Variable Interest Rate | LIBOR + 1.40% | ||
Number of collateral pools | collateral_pool | 3 | ||
Revolving credit facility, maximum borrowing capacity | $ 400,000,000 | ||
Effective Fixed Rate Loans [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 2,492,360,000 | 1,828,080,000 | |
Fixed Interest Rate | 3.35% | ||
Fixed Rate Loans [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 1,141,803,000 | 1,144,070,000 | |
Fixed Interest Rate | 4.15% | ||
Weighted average life of fixed interest rate for fixed & effectively fixed rate debt (in years) | 2 years 7 months | ||
Variable Rate Loans [Member] | |||
Debt Instrument [Line Items] | |||
Total | $ 0 | $ 463,140,000 | |
LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.40% | ||
LIBOR [Member] | Fannie Mae Loan, Maturity Date 3/1/2016 [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 0.62% | ||
LIBOR [Member] | Term Loan With Maturity Date 3/1/2016 [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.60% | ||
LIBOR [Member] | Term Loan, Maturity Date 12/24/2016 [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.45% | ||
LIBOR [Member] | Fannie Mae Loans, Maturity Date 6/1/17 [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] | Fannie Mae Loans, Maturity Date 10/1/2019 [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.25% | ||
LIBOR [Member] | Fannie Mae Loans 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] | Term Loan With Maturity Date of 04/15/2022 [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.40% | ||
LIBOR [Member] | Term Loan With Effective Annual Fixed Interest Rate At 3.06% [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.45% | ||
LIBOR [Member] | Term Loan, Fixed Interest rate of 2.64% [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.35% | ||
LIBOR [Member] | Fannie Mae Loan With Maturity Date Of 04/1/2025 [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.25% | ||
LIBOR [Member] | Fannie Mae Loan, Maturity Date 12/10/2025 [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.25% | ||
outstanding principal is greater than $100,000,000 [Member] | Revolving Credit Facility With Maturity Date 08/21/2020 [Member] | |||
Debt Instrument [Line Items] | |||
Commitment fee, percentage | Rate | 0.15% | ||
outstanding principal is less than $100,000,000 [Member] | Revolving Credit Facility With Maturity Date 08/21/2020 [Member] | |||
Debt Instrument [Line Items] | |||
Commitment fee, percentage | Rate | 0.20% |
Secured Notes Payable and Rev57
Secured Notes Payable and Revolving Credit Facility (Schedule Of Minimum Future Principal Payments Due On Secured Notes Payable) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Secured Debt [Abstract] | ||
2,016 | $ 46,939 | |
2,017 | 19,410 | |
2,018 | 1,478,014 | |
2,019 | 564,320 | |
2,020 | 683,080 | |
Thereafter | 842,400 | |
Total future principal payments | $ 3,634,163 | $ 3,435,290 |
Interest Payable, Accounts Pa58
Interest Payable, Accounts Payable and Deferred Revenue (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts Payable and Accrued Liabilities [Abstract] | ||
Interest payable | $ 10,028 | $ 9,656 |
Accounts payable and accrued liabilities | 23,716 | 22,195 |
Deferred revenue | 23,673 | 22,513 |
Total interest payable, accounts payable and deferred revenue | $ 57,417 | $ 54,364 |
Derivative Contracts (Narrative
Derivative Contracts (Narrative) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Derivative [Line Items] | |
Derivative designated as cash flow hedge to be reclassified | $ 20,200 |
Fund X [Member] | |
Derivative [Line Items] | |
Derivative designated as cash flow hedge to be reclassified | $ 193 |
Derivative Contracts (Summary o
Derivative Contracts (Summary of Derivatives) (Details) $ in Thousands | Dec. 31, 2015USD ($)instrument |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |
Derivative [Line Items] | |
Number of Interest Rate Swaps | instrument | 15 |
Notional | $ | $ 2,565,480 |
Fund X [Member] | |
Derivative [Line Items] | |
Ownership percentage | 68.61% |
Fund X [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |
Derivative [Line Items] | |
Ownership percentage | 68.61% |
Fund X [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |
Derivative [Line Items] | |
Number of Interest Rate Swaps | instrument | 1 |
Notional | $ | $ 325,000 |
Percentage of notional amount | 100.00% |
Derivative Contracts (Schedule
Derivative Contracts (Schedule of Fair Value in a Asset or Liability Position) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Derivative [Line Items] | ||
Interest rate contract assets | $ 4,830 | $ 0 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||
Derivative [Line Items] | ||
Fair value of derivatives in a net liability position | 19,047 | $ 40,953 |
Interest rate contract assets | 4,200 | |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Fund X [Member] | ||
Derivative [Line Items] | ||
Interest rate contract assets | $ 737 |
Derivative Contracts (Effect of
Derivative Contracts (Effect of Derivative Instruments on OCI and Statements of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative [Line Items] | |||
(Loss) gain recorded in AOCI (effective portion) | $ (11,549) | $ (11,116) | $ 903 |
Cash Flow Hedging [Member] | Derivatives Designated As Hedges [Member] | |||
Derivative [Line Items] | |||
(Loss) gain recorded in AOCI (effective portion) | (11,549) | (11,116) | 903 |
Loss reclassified from AOCI (effective portion) | (37,390) | (36,873) | (36,246) |
Interest Expense [Member] | Cash Flow Hedging [Member] | Derivatives Designated As Hedges [Member] | |||
Derivative [Line Items] | |||
Loss reclassified from AOCI (ineffective portion) | 0 | (50) | (85) |
Gain recorded as interest expense (ineffective portion) | 66 | 0 | 0 |
Interest Expense [Member] | Cash Flow Hedging [Member] | Derivatives Not Designated As Hedges [Member] | |||
Derivative [Line Items] | |||
Loss recorded as interest expense | 0 | 0 | (4) |
Fund X [Member] | |||
Derivative [Line Items] | |||
(Loss) gain recorded in AOCI (effective portion) | (1,922) | (1,767) | 1,779 |
Fund X [Member] | Cash Flow Hedging [Member] | Derivatives Designated As Hedges [Member] | |||
Derivative [Line Items] | |||
(Loss) gain recorded in AOCI (effective portion) | (1,922) | (1,767) | 1,779 |
Loss reclassified from AOCI (effective portion) | $ (931) | $ (1,005) | $ (549) |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 12, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Stockholders' Equity Attributable to Parent [Abstract] | ||||
Number of operating partnership units converted to shares of common stock | 1,800,000 | 2,200,000 | 1,400,000 | |
Exercise of stock options (in shares) | 274,000 | 40,000 | ||
Exercise of stock options | $ 4,272 | $ 603 | $ 0 | |
Exercise of stock options, average share price (usd per share) | $ 15.58 | $ 15.05 | ||
Issuance of OP units | 34,412 | 34,000 | ||
Issuance of OP Units in exchange for land and building acquired | $ 1,000 | $ 1,000 | $ 0 | $ 0 |
Number of operating partnership units redeemed for cash | 120,000 | 13,000 | ||
Total purchase price | 0 | $ 2,826 | $ 352 | |
Average redemption price (usd per share) | $ 23.56 | $ 26.68 | ||
Common stock options settled (in shares) | 691,000 | |||
Purchase price of stock options | $ 0 | $ 4,524 | $ 0 | |
Average purchase price of options (usd per share) | $ 6.55 | |||
Noncontrolling interest, ownership percentage by noncontrolling owners | 15.00% | |||
Common stock, shares outstanding (in shares) | 146,919,187 | 144,869,101 | ||
Operating partnership units and fully-vested long-term incentive plan units outstanding | 26,700,000 | |||
Number of shares of common stock issued upon redemption of one OP unit | 1 |
Equity (Net Income Attributable
Equity (Net Income Attributable To Common Stockholders And Transfers (To) From Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stockholders' Equity Attributable to Parent [Abstract] | |||||||||||
Net income attributable to common stockholders | $ 14,167 | $ 12,070 | $ 13,448 | $ 18,699 | $ 10,893 | $ 7,389 | $ 13,363 | $ 12,976 | $ 58,384 | $ 44,621 | $ 45,311 |
Common stock issued in exchange for OP Units | 23,703 | 30,035 | 18,684 | ||||||||
Repurchase of OP Units from noncontrolling interests | 0 | (1,197) | (173) | ||||||||
Net transfers from noncontrolling interests | 23,703 | 28,838 | 18,511 | ||||||||
Change from net income attributable to common stockholders and transfers from noncontrolling interests | $ 82,087 | $ 73,459 | $ 63,822 |
Equity (Accumulated Other Compr
Equity (Accumulated Other Comprehensive Income (Loss) Schedule) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | $ (30,089) | ||
Net current period other comprehensive income | 24,850 | $ 25,045 | $ 39,562 |
Balance at end of period | (9,285) | (30,089) | |
Cash Flow Hedging [Member] | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (30,089) | (50,554) | (82,991) |
Other comprehensive (loss) income before reclassifications | (11,549) | (11,116) | 903 |
Reclassifications from AOCI | 37,390 | 36,923 | 36,331 |
Net current period other comprehensive income | 24,850 | 25,045 | 39,562 |
Less other comprehensive income attributable to noncontrolling interests | (4,046) | (4,580) | (7,125) |
Other comprehensive income attributable to common stockholders | 20,804 | 20,465 | 32,437 |
Balance at end of period | (9,285) | (30,089) | (50,554) |
Fund X [Member] | Cash Flow Hedging [Member] | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Other comprehensive (loss) income before reclassifications | (1,922) | (1,767) | 1,779 |
Reclassifications from AOCI | $ 931 | $ 1,005 | $ 549 |
Equity (Dividends) (Details)
Equity (Dividends) (Details) | 12 Months Ended |
Dec. 31, 2015$ / shares | |
Dividends Payable [Line Items] | |
Dividend Per Share (usd per share) | $ 0.84 |
Ordinary Income (usd per share) | 0.2940 |
Capital Gain (usd per share) | 0 |
Return of Capital (usd per share) | $ 0.5460 |
Dividends Paid, 1/15/2015 [Member] | |
Dividends Payable [Line Items] | |
Record Date | Dec. 30, 2014 |
Paid Date | Jan. 15, 2015 |
Dividend Per Share (usd per share) | $ 0.21 |
Ordinary Income (usd per share) | 0.0735 |
Capital Gain (usd per share) | 0 |
Return of Capital (usd per share) | $ 0.1365 |
Dividends Paid, 4/15/2015 [Member] | |
Dividends Payable [Line Items] | |
Record Date | Mar. 31, 2015 |
Paid Date | Apr. 15, 2015 |
Dividend Per Share (usd per share) | $ 0.21 |
Ordinary Income (usd per share) | 0.0735 |
Capital Gain (usd per share) | 0 |
Return of Capital (usd per share) | $ 0.1365 |
Dividends Paid, 7/15/2015 [Member] | |
Dividends Payable [Line Items] | |
Record Date | Jun. 30, 2015 |
Paid Date | Jul. 15, 2015 |
Dividend Per Share (usd per share) | $ 0.21 |
Ordinary Income (usd per share) | 0.0735 |
Capital Gain (usd per share) | 0 |
Return of Capital (usd per share) | $ 0.1365 |
Dividends Paid, 10/15/2015 [Member] | |
Dividends Payable [Line Items] | |
Record Date | Sep. 30, 2015 |
Paid Date | Oct. 15, 2015 |
Dividend Per Share (usd per share) | $ 0.21 |
Ordinary Income (usd per share) | 0.0735 |
Capital Gain (usd per share) | 0 |
Return of Capital (usd per share) | $ 0.1365 |
EPS (Details)
EPS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
Net income attributable to common stockholders | $ 14,167 | $ 12,070 | $ 13,448 | $ 18,699 | $ 10,893 | $ 7,389 | $ 13,363 | $ 12,976 | $ 58,384 | $ 44,621 | $ 45,311 |
Allocation to participating securities: Unvested LTIP Units | (312) | (175) | (178) | ||||||||
Numerator for basic and diluted net income attributable to common stockholders | $ 58,072 | $ 44,446 | $ 45,133 | ||||||||
Weighted average shares of common stock outstanding - basic (in shares) | 146,780,000 | 146,331,000 | 145,898,000 | 145,327,000 | 144,823,000 | 144,361,000 | 143,717,000 | 143,140,000 | 146,089,000 | 144,013,000 | 142,556,000 |
Effect of dilutive securities: Stock options (in shares) | 4,515,000 | 4,108,000 | 3,288,000 | ||||||||
Weighted average shares of common stock and common stock equivalents outstanding - diluted (in shares) | 151,531,000 | 150,740,000 | 150,304,000 | 149,802,000 | 148,943,000 | 148,641,000 | 147,945,000 | 146,861,000 | 150,604,000 | 148,121,000 | 145,844,000 |
Net income attributable to common stockholders per share - basic EPS (dollars per share) | $ 0.096 | $ 0.082 | $ 0.092 | $ 0.128 | $ 0.075 | $ 0.051 | $ 0.093 | $ 0.090 | $ 0.398 | $ 0.309 | $ 0.317 |
Net income attributable to common stockholders per share - diluted EPS (dollars per share) | $ 0.093 | $ 0.080 | $ 0.089 | $ 0.124 | $ 0.073 | $ 0.050 | $ 0.090 | $ 0.088 | $ 0.386 | $ 0.300 | $ 0.309 |
OP Units [Member] | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Anti-dilutive securities excluded from calculation of diluted EPS (in shares) | 26,371 | 27,444 | 28,026 | ||||||||
Vested LTIP Units [Member] | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Anti-dilutive securities excluded from calculation of diluted EPS (in shares) | 181 | 130 | 355 | ||||||||
Unvested LTIP Units [Member] | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Anti-dilutive securities excluded from calculation of diluted EPS (in shares) | 622 | 526 | 577 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)installmentshares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for grant | 14,800,000 | ||
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) | 900,000 | 1,100,000 | 600,000 |
Non-employee director awards granted in lieu of cash compensation (in shares) | 33,000 | 15,000 | 19,000 |
Equity compensation expense | $ | $ 15,234 | $ 13,722 | $ 10,005 |
Capitalized stock-based compensation | $ | 1,358 | 1,086 | 800 |
Total grant fair value of LTIP units | $ | 18,700 | 21,400 | 10,100 |
Total grant date fair value of LTIP units which vested during the period | $ | 15,200 | 14,800 | $ 11,100 |
Intrinsic value of options exercised | $ | 4,000 | $ 5,000 | |
Unrecognized compensation cost related to nonvested options and LTIP unit awards | $ | $ 17,300 | ||
Unrecognized compensation cost related to nonvested options and LTIP unit awards, recognition period | 24 months | ||
New Non-Employee Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-employee director awards granted in lieu of cash compensation (in shares) | 1,000 | ||
Stock Appreciation Rights and Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 5 years | ||
Long-term Incentive Plan Units [Member] | Key Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Number of annual vesting installments | installment | 3 | ||
Long-term Incentive Plan Units [Member] | Executives And Certain Key Employees [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Long-term Incentive Plan Units [Member] | Executives And Certain Key Employees [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 5 years | ||
Long-term Incentive Plan Units [Member] | Non-employee Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years |
Stock-Based Compensation (Outst
Stock-Based Compensation (Outstanding Stock Options) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Number of Stock Options (thousands) | ||||
Outstanding, beginning balance (in shares) | 11,809 | 12,540 | 12,540 | |
Granted (in shares) | 0 | 0 | 0 | |
Exercised (in shares) | (274) | (731) | ||
Outstanding, ending balance (in shares) | 11,535 | 11,809 | 12,540 | 12,540 |
Exercisable (in shares) | 11,535 | |||
Weighted Average Exercise Price | ||||
Outstanding, weighted average exercise price, beginning balance (usd per share) | $ 17.98 | $ 18.10 | $ 18.10 | |
Exercised (usd per share) | 15.58 | 20.03 | ||
Outstanding, weighted average exercise price, ending balance (usd per share) | 18.04 | $ 17.98 | $ 18.10 | $ 18.10 |
Exercisable, weighted average exercise price (usd per share) | $ 18.04 | |||
Weighted Average Remaining Contract Life (months) | 23 months | 36 months | 47 months | 59 months |
Exercisable, Weighted Average Remaining Contract Life | 23 months | |||
Total Intrinsic Value | $ 151,569 | $ 123,017 | $ 65,051 | $ 65,177 |
Exercisable, Total Intrinsic Value | $ 151,569 |
Stock-Based Compensation (Unves
Stock-Based Compensation (Unvested LTIP Units) (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Number of Units (thousands) | |||
Outstanding, beginning balance (in shares) | 998 | 754 | 891 |
Granted (in shares) | 922 | 1,106 | 663 |
Vested (in shares) | (816) | (854) | (785) |
Forfeited (in shares) | (8) | (8) | (15) |
Outstanding, ending balance (in shares) | 1,096 | 998 | 754 |
Weighted Average Grant Date Fair Value | |||
Outstanding, weighted average grant date fair value, beginning balance (usd per share) | $ 18.48 | $ 15.63 | $ 15.12 |
Granted (usd per share) | 20.26 | 19.31 | 15.26 |
Vested (usd per share) | 18.59 | 17.44 | 14.15 |
Forfeited (usd per share) | 24.86 | 22.48 | 21.52 |
Outstanding, weighted average grant date fair value, ending balance (usd per share) | $ 19.85 | $ 18.48 | $ 15.63 |
Fair Value of Financial Instr71
Fair Value of Financial Instruments - Estimated Fair Value of Secured Notes Payable (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | ||
Fair value | $ 3,691,075 | $ 3,293,351 |
Carrying value | $ 3,634,163 | $ 3,253,290 |
Fair Value of Financial Instr72
Fair Value of Financial Instruments - Estimated Fair Value of Derivatives (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value - our derivatives | $ 4,830 | $ 0 |
Fair value - our derivatives | 16,310 | 37,386 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value - our derivatives | 4,830 | 0 |
Fair value - our derivatives | $ 16,310 | 37,386 |
Fund X [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Ownership percentage | 68.61% | |
Fund X [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value - our Fund's derivative | $ 837 | $ 2,282 |
Interest Rate Swap [Member] | Fund X [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity method investment, summarized financial information, percentage of fair value of derivative | 100.00% |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015segment | |
Segment Reporting [Abstract] | |
Number of segments | 2 |
Segment Reporting (Operating Ac
Segment Reporting (Operating Activity Within Reportable Segments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Total office revenues | $ 540,975 | $ 519,405 | $ 514,583 |
Office expenses | (186,556) | (181,160) | (174,935) |
Total multifamily revenues | 94,799 | 80,117 | 76,936 |
Multifamily expenses | (23,862) | (20,664) | (19,928) |
Total profit from all segments | 425,356 | 397,698 | 396,656 |
Office Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Total office revenues | 540,975 | 519,405 | 514,583 |
Office expenses | (186,556) | (181,160) | (174,935) |
Total profit from all segments | 354,419 | 338,245 | 339,648 |
Multifamily Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Total multifamily revenues | 94,799 | 80,117 | 76,936 |
Multifamily expenses | (23,862) | (20,664) | (19,928) |
Total profit from all segments | $ 70,937 | $ 59,453 | $ 57,008 |
Segment Reporting (Reconciliati
Segment Reporting (Reconciliation Of Segment Profit To Net Income Attributable To Common Stockholders) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting [Abstract] | |||||||||||
Total profit from all segments | $ 425,356 | $ 397,698 | $ 396,656 | ||||||||
General and administrative expenses | (30,496) | (27,332) | (26,614) | ||||||||
Depreciation and amortization | (205,333) | (202,512) | (191,351) | ||||||||
Other income | 15,228 | 17,675 | 6,402 | ||||||||
Other expenses | (6,470) | (7,095) | (4,199) | ||||||||
Income, including depreciation, from unconsolidated real estate funds | 7,694 | 3,713 | 3,098 | ||||||||
Interest expense | (135,453) | (128,507) | (130,548) | ||||||||
Acquisition-related expenses | (1,771) | (786) | (607) | ||||||||
Net income | $ 16,606 | $ 14,159 | $ 15,894 | $ 22,096 | $ 12,798 | $ 8,681 | $ 15,917 | $ 15,458 | 68,755 | 52,854 | 52,837 |
Less: Net income attributable to noncontrolling interests | (10,371) | (8,233) | (7,526) | ||||||||
Net income attributable to common stockholders | $ 14,167 | $ 12,070 | $ 13,448 | $ 18,699 | $ 10,893 | $ 7,389 | $ 13,363 | $ 12,976 | $ 58,384 | $ 44,621 | $ 45,311 |
Future Minimum Lease Receipts76
Future Minimum Lease Receipts (Narrative) (Details) | Dec. 31, 2015land_parcel |
Wholly Owned Consolidated Office Properties [Member] | |
Operating Leased Assets [Line Items] | |
Number of land parcels | 2 |
Future Minimum Lease Receipts77
Future Minimum Lease Receipts (Schedule Of Future Minimum Base Rentals On Non-Cancelable Office And Ground Operating Leases) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
2,016 | $ 396,812 |
2,017 | 358,267 |
2,018 | 295,593 |
2,019 | 242,862 |
2,020 | 190,154 |
Thereafter | 540,485 |
Total future minimum base rentals | $ 2,024,173 |
Future Minimum Lease Payments78
Future Minimum Lease Payments (Narrative) (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2015lease | Dec. 31, 2015USD ($)ground_lease | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||
Number of ground leases | ground_lease | 2 | |||
Ground lease payments expense | $ | $ 0.7 | $ 2.6 | $ 2.2 | |
Number of ground leases with purchase options | lease | 1 |
Future Minimum Lease Payments79
Future Minimum Lease Payments (Future Minimum Ground Lease Payments) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,016 | $ 733 |
2,017 | 733 |
2,018 | 733 |
2,019 | 733 |
2,020 | 733 |
Thereafter | 48,377 |
Total future minimum lease payments | 52,042 |
Future ground rent payments per year | $ 733 |
Commitments, Contingencies an80
Commitments, Contingencies and Guarantees (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($)office_propertypropertytenant | Dec. 31, 2014USD ($)tenant | Dec. 31, 2013tenant | |
Other Commitments [Line Items] | |||
Number of tenants accounting for more than 10% of our total rental revenue and tenant recoveries | tenant | 0 | 0 | 0 |
Amount accounts are insured by FDIC (up to) | $ 250,000 | ||
Number of properties containing asbestos | property | 23 | ||
Loan principal | $ 3,611,276,000 | $ 3,419,667,000 | |
Number of office properties | office_property | 62 | ||
Office Building [Member] | Westwood Submarket [Member] | |||
Other Commitments [Line Items] | |||
Number of office properties | property | 4 | ||
Fund X [Member] | |||
Other Commitments [Line Items] | |||
Number of properties containing asbestos | property | 4 | ||
Loan principal | $ 325,000,000 | ||
Maturity date | May 1, 2018 | ||
Swap Maturity Date | May 1, 2017 | ||
Maximum future payments under the swap agreement | $ 2,600,000 |
Quarterly Financial Informati81
Quarterly Financial Information (unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information [Abstract] | |||||||||||
Total revenue | $ 160,431 | $ 160,077 | $ 160,457 | $ 154,809 | $ 151,087 | $ 148,141 | $ 151,422 | $ 148,872 | $ 635,774 | $ 599,522 | $ 591,519 |
Net income | 16,606 | 14,159 | 15,894 | 22,096 | 12,798 | 8,681 | 15,917 | 15,458 | 68,755 | 52,854 | 52,837 |
Net income attributable to common stockholders | $ 14,167 | $ 12,070 | $ 13,448 | $ 18,699 | $ 10,893 | $ 7,389 | $ 13,363 | $ 12,976 | $ 58,384 | $ 44,621 | $ 45,311 |
Net income per common share - basic | $ 0.096 | $ 0.082 | $ 0.092 | $ 0.128 | $ 0.075 | $ 0.051 | $ 0.093 | $ 0.090 | $ 0.398 | $ 0.309 | $ 0.317 |
Net income per common share - diluted | $ 0.093 | $ 0.080 | $ 0.089 | $ 0.124 | $ 0.073 | $ 0.050 | $ 0.090 | $ 0.088 | $ 0.386 | $ 0.300 | $ 0.309 |
Weighted average shares of common stock outstanding - basic | 146,780 | 146,331 | 145,898 | 145,327 | 144,823 | 144,361 | 143,717 | 143,140 | 146,089 | 144,013 | 142,556 |
Weighted average shares of common stock and common stock equivalents outstanding - diluted | 151,531 | 150,740 | 150,304 | 149,802 | 148,943 | 148,641 | 147,945 | 146,861 | 150,604 | 148,121 | 145,844 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Thousands, ft² in Millions | 3 Months Ended | |||
Mar. 31, 2016USD ($)ft²property$ / ft² | Jan. 21, 2016USD ($) | Dec. 31, 2015USD ($)office_propertyproperty | Dec. 31, 2014USD ($) | |
Subsequent Event [Line Items] | ||||
Number of office properties | office_property | 62 | |||
Long-term Debt | $ 3,611,276 | $ 3,419,667 | ||
Subsequent Event [Member] | Corporate Joint Venture [Member] | ||||
Subsequent Event [Line Items] | ||||
Ownership percentage in joint venture | 66.67% | |||
Subsequent Event [Member] | Secured Debt [Member] | Term Loan With Maturity Date 3/1/2017 [Member] | Corporate Joint Venture [Member] | ||||
Subsequent Event [Line Items] | ||||
Long-term Debt | $ 15,700 | |||
Westwood Submarket [Member] | Office Building [Member] | ||||
Subsequent Event [Line Items] | ||||
Number of office properties | property | 4 | |||
Westwood Submarket [Member] | Office Building [Member] | Scenario, Forecast [Member] | Corporate Joint Venture [Member] | ||||
Subsequent Event [Line Items] | ||||
Sale of Class A office property, amount | $ 1,340,000 | |||
Proceeds from sale of office properties (in dollars per square foot) | $ / ft² | 779 | |||
Number of office properties | property | 4 | |||
Area of real estate property (in square feet) | ft² | 1.7 |
Schedule III - Consolidated R83
Schedule III - Consolidated Real Estate and Accumulated Depreciation and Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | |
Encumbrances | $ 3,634,163 | |||
Initial Cost of Land | 646,718 | |||
Initial Cost of Buildings & Improvements | 3,053,142 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 3,624,469 | |||
Gross Carrying Amount of Land | 924,965 | |||
Gross Carrying Amount of Buildings & Improvements | 6,399,364 | |||
Gross Carrying Amount of Land and Buildings & Improvements | $ 7,157,603 | $ 7,012,733 | $ 6,786,537 | 7,324,329 |
Accumulated Depreciation & Amortization | (1,531,157) | (1,495,819) | (1,304,468) | (1,703,375) |
Aggregate cost of total real estate for federal income tax purposes | 4,410,000 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, beginning of period | 7,157,603 | 7,012,733 | 6,786,537 | |
Property acquisitions | 120,696 | 223,186 | 159,164 | |
Improvements | 75,367 | 84,578 | 66,483 | |
Developments | 3,778 | 4,280 | 549 | |
Write-offs | (33,115) | (167,174) | 0 | |
Balance, end of period | 7,324,329 | 7,157,603 | 7,012,733 | |
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, beginning of period | (1,531,157) | (1,495,819) | (1,304,468) | |
Depreciation and amortization | (205,333) | (202,512) | (191,351) | |
Write-offs | 33,115 | 167,174 | 0 | |
Balance, end of period | (1,703,375) | $ (1,531,157) | $ (1,495,819) | |
Operating Property [Member] | ||||
Encumbrances | 3,634,163 | |||
Initial Cost of Land | 628,354 | |||
Initial Cost of Buildings & Improvements | 3,053,142 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 3,615,933 | |||
Gross Carrying Amount of Land | 906,601 | |||
Gross Carrying Amount of Buildings & Improvements | 6,390,828 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 7,297,429 | 7,297,429 | ||
Accumulated Depreciation & Amortization | (1,703,375) | (1,703,375) | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | 7,297,429 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (1,703,375) | |||
Operating Property [Member] | 100 Wilshire [Member] | ||||
Encumbrances | 139,199 | |||
Initial Cost of Land | 12,769 | |||
Initial Cost of Buildings & Improvements | 78,447 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 139,015 | |||
Gross Carrying Amount of Land | 27,108 | |||
Gross Carrying Amount of Buildings & Improvements | 203,123 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 230,231 | 230,231 | ||
Accumulated Depreciation & Amortization | $ (55,453) | (55,453) | ||
Year Built | Jan. 1, 1968 | |||
Year Renovated | Jan. 1, 2002 | |||
Year Acquired | Jan. 1, 1999 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 230,231 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (55,453) | |||
Operating Property [Member] | 11777 San Vicente [Member] | ||||
Encumbrances | 25,931 | |||
Initial Cost of Land | 5,032 | |||
Initial Cost of Buildings & Improvements | 15,768 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 29,652 | |||
Gross Carrying Amount of Land | 6,714 | |||
Gross Carrying Amount of Buildings & Improvements | 43,738 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 50,452 | 50,452 | ||
Accumulated Depreciation & Amortization | $ (11,672) | (11,672) | ||
Year Built | Jan. 1, 1974 | |||
Year Renovated | Jan. 1, 1998 | |||
Year Acquired | Jan. 1, 1999 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 50,452 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (11,672) | |||
Operating Property [Member] | 12400 Wilshire [Member] | ||||
Encumbrances | 61,436 | |||
Initial Cost of Land | 5,013 | |||
Initial Cost of Buildings & Improvements | 34,283 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 76,037 | |||
Gross Carrying Amount of Land | 8,828 | |||
Gross Carrying Amount of Buildings & Improvements | 106,505 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 115,333 | 115,333 | ||
Accumulated Depreciation & Amortization | $ (29,203) | (29,203) | ||
Year Built | Jan. 1, 1985 | |||
Year Acquired | Jan. 1, 1996 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 115,333 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (29,203) | |||
Operating Property [Member] | 16501 Ventura [Member] | ||||
Encumbrances | 39,803 | |||
Initial Cost of Land | 6,759 | |||
Initial Cost of Buildings & Improvements | 53,112 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 8,357 | |||
Gross Carrying Amount of Land | 6,759 | |||
Gross Carrying Amount of Buildings & Improvements | 61,469 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 68,228 | 68,228 | ||
Accumulated Depreciation & Amortization | $ (5,826) | (5,826) | ||
Year Built | Jan. 1, 1986 | |||
Year Renovated | Jan. 1, 2012 | |||
Year Acquired | Jan. 1, 2013 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 68,228 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (5,826) | |||
Operating Property [Member] | 1901 Avenue Of Stars [Member] | ||||
Encumbrances | 152,733 | |||
Initial Cost of Land | 18,514 | |||
Initial Cost of Buildings & Improvements | 131,752 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 111,569 | |||
Gross Carrying Amount of Land | 26,163 | |||
Gross Carrying Amount of Buildings & Improvements | 235,672 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 261,835 | 261,835 | ||
Accumulated Depreciation & Amortization | $ (65,741) | (65,741) | ||
Year Built | Jan. 1, 1968 | |||
Year Renovated | Jan. 1, 2001 | |||
Year Acquired | Jan. 1, 2001 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 261,835 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (65,741) | |||
Operating Property [Member] | 401 Wilshire [Member] | ||||
Encumbrances | 79,787 | |||
Initial Cost of Land | 9,989 | |||
Initial Cost of Buildings & Improvements | 29,187 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 115,820 | |||
Gross Carrying Amount of Land | 21,787 | |||
Gross Carrying Amount of Buildings & Improvements | 133,209 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 154,996 | 154,996 | ||
Accumulated Depreciation & Amortization | $ (37,307) | (37,307) | ||
Year Built | Jan. 1, 1981 | |||
Year Renovated | Jan. 1, 2000 | |||
Year Acquired | Jan. 1, 1996 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 154,996 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (37,307) | |||
Operating Property [Member] | 8484 Wilshire [Member] | ||||
Encumbrances | 0 | |||
Initial Cost of Land | 8,846 | |||
Initial Cost of Buildings & Improvements | 77,780 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 14,982 | |||
Gross Carrying Amount of Land | 8,846 | |||
Gross Carrying Amount of Buildings & Improvements | 92,763 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 101,609 | 101,609 | ||
Accumulated Depreciation & Amortization | $ (7,683) | (7,683) | ||
Year Built | Jan. 1, 1972 | |||
Year Renovated | Jan. 1, 2013 | |||
Year Acquired | Jan. 1, 2013 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 101,609 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (7,683) | |||
Operating Property [Member] | 9601 Wilshire [Member] | ||||
Encumbrances | 145,845 | |||
Initial Cost of Land | 16,597 | |||
Initial Cost of Buildings & Improvements | 54,774 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 110,173 | |||
Gross Carrying Amount of Land | 17,658 | |||
Gross Carrying Amount of Buildings & Improvements | 163,886 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 181,544 | 181,544 | ||
Accumulated Depreciation & Amortization | $ (46,309) | (46,309) | ||
Year Built | Jan. 1, 1962 | |||
Year Renovated | Jan. 1, 2004 | |||
Year Acquired | Jan. 1, 2001 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 181,544 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (46,309) | |||
Operating Property [Member] | Beverly Hills Medical Center [Member] | ||||
Encumbrances | 31,469 | |||
Initial Cost of Land | 4,955 | |||
Initial Cost of Buildings & Improvements | 27,766 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 28,176 | |||
Gross Carrying Amount of Land | 6,435 | |||
Gross Carrying Amount of Buildings & Improvements | 54,462 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 60,897 | 60,897 | ||
Accumulated Depreciation & Amortization | $ (15,469) | (15,469) | ||
Year Built | Jan. 1, 1964 | |||
Year Renovated | Jan. 1, 2004 | |||
Year Acquired | Jan. 1, 2004 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 60,897 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (15,469) | |||
Operating Property [Member] | Bishop Place [Member] | ||||
Encumbrances | 73,813 | |||
Initial Cost of Land | 8,317 | |||
Initial Cost of Buildings & Improvements | 105,651 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 60,435 | |||
Gross Carrying Amount of Land | 8,833 | |||
Gross Carrying Amount of Buildings & Improvements | 165,570 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 174,403 | 174,403 | ||
Accumulated Depreciation & Amortization | $ (48,947) | (48,947) | ||
Year Built | Jan. 1, 1992 | |||
Year Acquired | Jan. 1, 2004 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 174,403 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (48,947) | |||
Operating Property [Member] | Bishop Square [Member] | ||||
Encumbrances | 180,000 | |||
Initial Cost of Land | 16,273 | |||
Initial Cost of Buildings & Improvements | 213,793 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 25,303 | |||
Gross Carrying Amount of Land | 16,273 | |||
Gross Carrying Amount of Buildings & Improvements | 239,096 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 255,369 | 255,369 | ||
Accumulated Depreciation & Amortization | $ (47,217) | (47,217) | ||
Year Built | Jan. 1, 1972 | |||
Year Renovated | Jan. 1, 1983 | |||
Year Acquired | Jan. 1, 2010 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 255,369 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (47,217) | |||
Operating Property [Member] | Brentwood Court [Member] | ||||
Encumbrances | 6,318 | |||
Initial Cost of Land | 2,564 | |||
Initial Cost of Buildings & Improvements | 8,872 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 722 | |||
Gross Carrying Amount of Land | 2,563 | |||
Gross Carrying Amount of Buildings & Improvements | 9,595 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 12,158 | 12,158 | ||
Accumulated Depreciation & Amortization | $ (2,714) | (2,714) | ||
Year Built | Jan. 1, 1984 | |||
Year Acquired | Jan. 1, 2006 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 12,158 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (2,714) | |||
Operating Property [Member] | Brentwood Executive Plaza [Member] | ||||
Encumbrances | 25,461 | |||
Initial Cost of Land | 3,255 | |||
Initial Cost of Buildings & Improvements | 9,654 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 33,518 | |||
Gross Carrying Amount of Land | 5,921 | |||
Gross Carrying Amount of Buildings & Improvements | 40,506 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 46,427 | 46,427 | ||
Accumulated Depreciation & Amortization | $ (11,863) | (11,863) | ||
Year Built | Jan. 1, 1983 | |||
Year Renovated | Jan. 1, 1996 | |||
Year Acquired | Jan. 1, 1995 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 46,427 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (11,863) | |||
Operating Property [Member] | Brentwood Medical Plaza [Member] | ||||
Encumbrances | 25,805 | |||
Initial Cost of Land | 5,934 | |||
Initial Cost of Buildings & Improvements | 27,836 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 2,296 | |||
Gross Carrying Amount of Land | 5,933 | |||
Gross Carrying Amount of Buildings & Improvements | 30,133 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 36,066 | 36,066 | ||
Accumulated Depreciation & Amortization | $ (8,958) | (8,958) | ||
Year Built | Jan. 1, 1975 | |||
Year Acquired | Jan. 1, 2006 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 36,066 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (8,958) | |||
Operating Property [Member] | Brentwood San Vicente Medical [Member] | ||||
Encumbrances | 13,297 | |||
Initial Cost of Land | 5,557 | |||
Initial Cost of Buildings & Improvements | 16,457 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 1,142 | |||
Gross Carrying Amount of Land | 5,557 | |||
Gross Carrying Amount of Buildings & Improvements | 17,599 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 23,156 | 23,156 | ||
Accumulated Depreciation & Amortization | $ (4,918) | (4,918) | ||
Year Built | Jan. 1, 1957 | |||
Year Renovated | Jan. 1, 1985 | |||
Year Acquired | Jan. 1, 2006 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 23,156 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (4,918) | |||
Operating Property [Member] | Brentwood Saltair [Member] | ||||
Encumbrances | 13,065 | |||
Initial Cost of Land | 4,468 | |||
Initial Cost of Buildings & Improvements | 11,615 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 12,195 | |||
Gross Carrying Amount of Land | 4,775 | |||
Gross Carrying Amount of Buildings & Improvements | 23,503 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 28,278 | 28,278 | ||
Accumulated Depreciation & Amortization | $ (6,916) | (6,916) | ||
Year Built | Jan. 1, 1986 | |||
Year Acquired | Jan. 1, 2000 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 28,278 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (6,916) | |||
Operating Property [Member] | Bundy Olympic [Member] | ||||
Encumbrances | 24,056 | |||
Initial Cost of Land | 4,201 | |||
Initial Cost of Buildings & Improvements | 11,860 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 30,036 | |||
Gross Carrying Amount of Land | 6,030 | |||
Gross Carrying Amount of Buildings & Improvements | 40,067 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 46,097 | 46,097 | ||
Accumulated Depreciation & Amortization | $ (11,127) | (11,127) | ||
Year Built | Jan. 1, 1991 | |||
Year Renovated | Jan. 1, 1998 | |||
Year Acquired | Jan. 1, 1994 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 46,097 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (11,127) | |||
Operating Property [Member] | Camden Medical Arts [Member] | ||||
Encumbrances | 38,021 | |||
Initial Cost of Land | 3,102 | |||
Initial Cost of Buildings & Improvements | 12,221 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 27,931 | |||
Gross Carrying Amount of Land | 5,298 | |||
Gross Carrying Amount of Buildings & Improvements | 37,956 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 43,254 | 43,254 | ||
Accumulated Depreciation & Amortization | $ (10,446) | (10,446) | ||
Year Built | Jan. 1, 1972 | |||
Year Renovated | Jan. 1, 1992 | |||
Year Acquired | Jan. 1, 1995 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 43,254 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (10,446) | |||
Operating Property [Member] | Carthay Campus [Member] | ||||
Encumbrances | 48,007 | |||
Initial Cost of Land | 6,595 | |||
Initial Cost of Buildings & Improvements | 70,454 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 2,252 | |||
Gross Carrying Amount of Land | 6,594 | |||
Gross Carrying Amount of Buildings & Improvements | 72,707 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 79,301 | 79,301 | ||
Accumulated Depreciation & Amortization | $ (3,455) | (3,455) | ||
Year Built | Jan. 1, 1965 | |||
Year Renovated | Jan. 1, 2008 | |||
Year Acquired | Jan. 1, 2014 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 79,301 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (3,455) | |||
Operating Property [Member] | Century Park Plaza [Member] | ||||
Encumbrances | 77,984 | |||
Initial Cost of Land | 10,275 | |||
Initial Cost of Buildings & Improvements | 70,761 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 107,147 | |||
Gross Carrying Amount of Land | 16,153 | |||
Gross Carrying Amount of Buildings & Improvements | 172,030 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 188,183 | 188,183 | ||
Accumulated Depreciation & Amortization | $ (47,291) | (47,291) | ||
Year Built | Jan. 1, 1972 | |||
Year Renovated | Jan. 1, 1987 | |||
Year Acquired | Jan. 1, 1999 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 188,183 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (47,291) | |||
Operating Property [Member] | Century Park West [Member] | ||||
Encumbrances | 0 | |||
Initial Cost of Land | 3,717 | |||
Initial Cost of Buildings & Improvements | 29,099 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 528 | |||
Gross Carrying Amount of Land | 3,667 | |||
Gross Carrying Amount of Buildings & Improvements | 29,677 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 33,344 | 33,344 | ||
Accumulated Depreciation & Amortization | $ (8,436) | (8,436) | ||
Year Built | Jan. 1, 1971 | |||
Year Acquired | Jan. 1, 2007 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 33,344 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (8,436) | |||
Operating Property [Member] | Columbus Center [Member] | ||||
Encumbrances | 10,559 | |||
Initial Cost of Land | 2,096 | |||
Initial Cost of Buildings & Improvements | 10,396 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 9,648 | |||
Gross Carrying Amount of Land | 2,333 | |||
Gross Carrying Amount of Buildings & Improvements | 19,807 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 22,140 | 22,140 | ||
Accumulated Depreciation & Amortization | $ (5,702) | (5,702) | ||
Year Built | Jan. 1, 1987 | |||
Year Acquired | Jan. 1, 2001 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 22,140 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (5,702) | |||
Operating Property [Member] | Coral Plaza [Member] | ||||
Encumbrances | 25,831 | |||
Initial Cost of Land | 4,028 | |||
Initial Cost of Buildings & Improvements | 15,019 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 19,069 | |||
Gross Carrying Amount of Land | 5,366 | |||
Gross Carrying Amount of Buildings & Improvements | 32,750 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 38,116 | 38,116 | ||
Accumulated Depreciation & Amortization | $ (9,516) | (9,516) | ||
Year Built | Jan. 1, 1981 | |||
Year Acquired | Jan. 1, 1998 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 38,116 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (9,516) | |||
Operating Property [Member] | Cornerstone Plaza [Member] | ||||
Encumbrances | 0 | |||
Initial Cost of Land | 8,245 | |||
Initial Cost of Buildings & Improvements | 80,633 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 5,380 | |||
Gross Carrying Amount of Land | 8,263 | |||
Gross Carrying Amount of Buildings & Improvements | 85,995 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 94,258 | 94,258 | ||
Accumulated Depreciation & Amortization | $ (21,316) | (21,316) | ||
Year Built | Jan. 1, 1986 | |||
Year Acquired | Jan. 1, 2007 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 94,258 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (21,316) | |||
Operating Property [Member] | Encino Gateway [Member] | ||||
Encumbrances | 51,463 | |||
Initial Cost of Land | 8,475 | |||
Initial Cost of Buildings & Improvements | 48,525 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 53,166 | |||
Gross Carrying Amount of Land | 15,653 | |||
Gross Carrying Amount of Buildings & Improvements | 94,513 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 110,166 | 110,166 | ||
Accumulated Depreciation & Amortization | $ (28,212) | (28,212) | ||
Year Built | Jan. 1, 1974 | |||
Year Renovated | Jan. 1, 1998 | |||
Year Acquired | Jan. 1, 2000 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 110,166 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (28,212) | |||
Operating Property [Member] | Encino Plaza [Member] | ||||
Encumbrances | 30,011 | |||
Initial Cost of Land | 5,293 | |||
Initial Cost of Buildings & Improvements | 23,125 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 47,307 | |||
Gross Carrying Amount of Land | 6,165 | |||
Gross Carrying Amount of Buildings & Improvements | 69,560 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 75,725 | 75,725 | ||
Accumulated Depreciation & Amortization | $ (20,173) | (20,173) | ||
Year Built | Jan. 1, 1971 | |||
Year Renovated | Jan. 1, 1992 | |||
Year Acquired | Jan. 1, 2000 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 75,725 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (20,173) | |||
Operating Property [Member] | Encino Terrace [Member] | ||||
Encumbrances | 91,133 | |||
Initial Cost of Land | 12,535 | |||
Initial Cost of Buildings & Improvements | 59,554 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 94,210 | |||
Gross Carrying Amount of Land | 15,533 | |||
Gross Carrying Amount of Buildings & Improvements | 150,766 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 166,299 | 166,299 | ||
Accumulated Depreciation & Amortization | $ (44,433) | (44,433) | ||
Year Built | Jan. 1, 1986 | |||
Year Acquired | Jan. 1, 1999 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 166,299 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (44,433) | |||
Operating Property [Member] | Executive Tower [Member] | ||||
Encumbrances | 0 | |||
Initial Cost of Land | 6,660 | |||
Initial Cost of Buildings & Improvements | 32,045 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 60,942 | |||
Gross Carrying Amount of Land | 9,471 | |||
Gross Carrying Amount of Buildings & Improvements | 90,176 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 99,647 | 99,647 | ||
Accumulated Depreciation & Amortization | $ (26,110) | (26,110) | ||
Year Built | Jan. 1, 1989 | |||
Year Acquired | Jan. 1, 1995 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 99,647 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (26,110) | |||
Operating Property [Member] | First Financial Plaza [Member] | ||||
Encumbrances | 54,085 | |||
Initial Cost of Land | 12,092 | |||
Initial Cost of Buildings & Improvements | 81,104 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 877 | |||
Gross Carrying Amount of Land | 12,092 | |||
Gross Carrying Amount of Buildings & Improvements | 81,981 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 94,073 | 94,073 | ||
Accumulated Depreciation & Amortization | $ (2,304) | (2,304) | ||
Year Built | Jan. 1, 1986 | |||
Year Acquired | Jan. 1, 2015 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 94,073 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (2,304) | |||
Operating Property [Member] | Gateway Los Angeles [Member] | ||||
Encumbrances | 28,429 | |||
Initial Cost of Land | 2,376 | |||
Initial Cost of Buildings & Improvements | 15,302 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 48,669 | |||
Gross Carrying Amount of Land | 5,119 | |||
Gross Carrying Amount of Buildings & Improvements | 61,228 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 66,347 | 66,347 | ||
Accumulated Depreciation & Amortization | $ (17,204) | (17,204) | ||
Year Built | Jan. 1, 1987 | |||
Year Acquired | Jan. 1, 1994 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 66,347 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (17,204) | |||
Operating Property [Member] | Harbor Court [Member] | ||||
Encumbrances | 30,992 | |||
Initial Cost of Land | 51 | |||
Initial Cost of Buildings & Improvements | 41,001 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 49,029 | |||
Gross Carrying Amount of Land | 12,060 | |||
Gross Carrying Amount of Buildings & Improvements | 78,021 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 90,081 | 90,081 | ||
Accumulated Depreciation & Amortization | $ (19,859) | (19,859) | ||
Year Built | Jan. 1, 1994 | |||
Year Acquired | Jan. 1, 2004 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 90,081 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (19,859) | |||
Operating Property [Member] | Honolulu Club [Member] | ||||
Encumbrances | 15,740 | |||
Initial Cost of Land | 1,863 | |||
Initial Cost of Buildings & Improvements | 16,766 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 6,631 | |||
Gross Carrying Amount of Land | 1,863 | |||
Gross Carrying Amount of Buildings & Improvements | 23,397 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 25,260 | 25,260 | ||
Accumulated Depreciation & Amortization | $ (6,406) | (6,406) | ||
Year Built | Jan. 1, 1980 | |||
Year Acquired | Jan. 1, 2008 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 25,260 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (6,406) | |||
Operating Property [Member] | Landmark Two [Member] | ||||
Encumbrances | 118,684 | |||
Initial Cost of Land | 6,086 | |||
Initial Cost of Buildings & Improvements | 109,259 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 82,081 | |||
Gross Carrying Amount of Land | 13,070 | |||
Gross Carrying Amount of Buildings & Improvements | 184,356 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 197,426 | 197,426 | ||
Accumulated Depreciation & Amortization | $ (62,616) | (62,616) | ||
Year Built | Jan. 1, 1989 | |||
Year Acquired | Jan. 1, 1997 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 197,426 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (62,616) | |||
Operating Property [Member] | Lincoln Wilshire [Member] | ||||
Encumbrances | 38,021 | |||
Initial Cost of Land | 3,833 | |||
Initial Cost of Buildings & Improvements | 12,484 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 23,382 | |||
Gross Carrying Amount of Land | 7,475 | |||
Gross Carrying Amount of Buildings & Improvements | 32,224 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 39,699 | 39,699 | ||
Accumulated Depreciation & Amortization | $ (8,623) | (8,623) | ||
Year Built | Jan. 1, 1996 | |||
Year Acquired | Jan. 1, 2000 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 39,699 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (8,623) | |||
Operating Property [Member] | Mb Plaza [Member] | ||||
Encumbrances | 25,769 | |||
Initial Cost of Land | 4,533 | |||
Initial Cost of Buildings & Improvements | 22,024 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 30,973 | |||
Gross Carrying Amount of Land | 7,503 | |||
Gross Carrying Amount of Buildings & Improvements | 50,027 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 57,530 | 57,530 | ||
Accumulated Depreciation & Amortization | $ (15,846) | (15,846) | ||
Year Built | Jan. 1, 1971 | |||
Year Renovated | Jan. 1, 1996 | |||
Year Acquired | Jan. 1, 1998 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 57,530 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (15,846) | |||
Operating Property [Member] | Olympic Center [Member] | ||||
Encumbrances | 25,656 | |||
Initial Cost of Land | 5,473 | |||
Initial Cost of Buildings & Improvements | 22,850 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 32,645 | |||
Gross Carrying Amount of Land | 8,247 | |||
Gross Carrying Amount of Buildings & Improvements | 52,721 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 60,968 | 60,968 | ||
Accumulated Depreciation & Amortization | $ (15,584) | (15,584) | ||
Year Built | Jan. 1, 1985 | |||
Year Renovated | Jan. 1, 1996 | |||
Year Acquired | Jan. 1, 1997 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 60,968 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (15,584) | |||
Operating Property [Member] | One Westwood [Member] | ||||
Encumbrances | 0 | |||
Initial Cost of Land | 10,350 | |||
Initial Cost of Buildings & Improvements | 29,784 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 59,698 | |||
Gross Carrying Amount of Land | 9,194 | |||
Gross Carrying Amount of Buildings & Improvements | 90,638 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 99,832 | 99,832 | ||
Accumulated Depreciation & Amortization | $ (24,762) | (24,762) | ||
Year Built | Jan. 1, 1987 | |||
Year Renovated | Jan. 1, 2004 | |||
Year Acquired | Jan. 1, 1999 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 99,832 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (24,762) | |||
Operating Property [Member] | Palisades Promenade [Member] | ||||
Encumbrances | 35,904 | |||
Initial Cost of Land | 5,253 | |||
Initial Cost of Buildings & Improvements | 15,547 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 53,637 | |||
Gross Carrying Amount of Land | 9,664 | |||
Gross Carrying Amount of Buildings & Improvements | 64,773 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 74,437 | 74,437 | ||
Accumulated Depreciation & Amortization | $ (17,498) | (17,498) | ||
Year Built | Jan. 1, 1990 | |||
Year Acquired | Jan. 1, 1995 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 74,437 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (17,498) | |||
Operating Property [Member] | Saltair San Vicente [Member] | ||||
Encumbrances | 21,269 | |||
Initial Cost of Land | 5,075 | |||
Initial Cost of Buildings & Improvements | 6,946 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 16,995 | |||
Gross Carrying Amount of Land | 7,557 | |||
Gross Carrying Amount of Buildings & Improvements | 21,459 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 29,016 | 29,016 | ||
Accumulated Depreciation & Amortization | $ (6,289) | (6,289) | ||
Year Built | Jan. 1, 1964 | |||
Year Renovated | Jan. 1, 1992 | |||
Year Acquired | Jan. 1, 1997 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 29,016 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (6,289) | |||
Operating Property [Member] | San Vicente Plaza [Member] | ||||
Encumbrances | 9,430 | |||
Initial Cost of Land | 7,055 | |||
Initial Cost of Buildings & Improvements | 12,035 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 481 | |||
Gross Carrying Amount of Land | 7,055 | |||
Gross Carrying Amount of Buildings & Improvements | 12,516 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 19,571 | 19,571 | ||
Accumulated Depreciation & Amortization | $ (4,050) | (4,050) | ||
Year Built | Jan. 1, 1985 | |||
Year Acquired | Jan. 1, 2006 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 19,571 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (4,050) | |||
Operating Property [Member] | Santa Monica Square [Member] | ||||
Encumbrances | 0 | |||
Initial Cost of Land | 5,366 | |||
Initial Cost of Buildings & Improvements | 18,025 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 20,271 | |||
Gross Carrying Amount of Land | 6,863 | |||
Gross Carrying Amount of Buildings & Improvements | 36,799 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 43,662 | 43,662 | ||
Accumulated Depreciation & Amortization | $ (10,856) | (10,856) | ||
Year Built | Jan. 1, 1983 | |||
Year Renovated | Jan. 1, 2004 | |||
Year Acquired | Jan. 1, 2001 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 43,662 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (10,856) | |||
Operating Property [Member] | Second Street Plaza [Member] | ||||
Encumbrances | 35,802 | |||
Initial Cost of Land | 4,377 | |||
Initial Cost of Buildings & Improvements | 15,277 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 35,589 | |||
Gross Carrying Amount of Land | 7,421 | |||
Gross Carrying Amount of Buildings & Improvements | 47,822 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 55,243 | 55,243 | ||
Accumulated Depreciation & Amortization | $ (13,800) | (13,800) | ||
Year Built | Jan. 1, 1991 | |||
Year Acquired | Jan. 1, 1997 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 55,243 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (13,800) | |||
Operating Property [Member] | Sherman Oaks Galleria [Member] | ||||
Encumbrances | 264,297 | |||
Initial Cost of Land | 33,213 | |||
Initial Cost of Buildings & Improvements | 17,820 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 409,918 | |||
Gross Carrying Amount of Land | 48,328 | |||
Gross Carrying Amount of Buildings & Improvements | 412,623 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 460,951 | 460,951 | ||
Accumulated Depreciation & Amortization | $ (123,734) | (123,734) | ||
Year Built | Jan. 1, 1981 | |||
Year Renovated | Jan. 1, 2002 | |||
Year Acquired | Jan. 1, 1997 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 460,951 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (123,734) | |||
Operating Property [Member] | Studio Plaza [Member] | ||||
Encumbrances | 115,591 | |||
Initial Cost of Land | 9,347 | |||
Initial Cost of Buildings & Improvements | 73,358 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 131,054 | |||
Gross Carrying Amount of Land | 15,015 | |||
Gross Carrying Amount of Buildings & Improvements | 198,744 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 213,759 | 213,759 | ||
Accumulated Depreciation & Amortization | $ (61,295) | (61,295) | ||
Year Built | Jan. 1, 1988 | |||
Year Renovated | Jan. 1, 2004 | |||
Year Acquired | Jan. 1, 1995 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 213,759 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (61,295) | |||
Operating Property [Member] | Trillium [Member] | ||||
Encumbrances | 0 | |||
Initial Cost of Land | 20,688 | |||
Initial Cost of Buildings & Improvements | 143,263 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 83,941 | |||
Gross Carrying Amount of Land | 21,989 | |||
Gross Carrying Amount of Buildings & Improvements | 225,903 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 247,892 | 247,892 | ||
Accumulated Depreciation & Amortization | $ (65,067) | (65,067) | ||
Year Built | Jan. 1, 1988 | |||
Year Acquired | Jan. 1, 2005 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 247,892 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (65,067) | |||
Operating Property [Member] | Tower At Sherman Oaks [Member] | ||||
Encumbrances | 20,000 | |||
Initial Cost of Land | 4,712 | |||
Initial Cost of Buildings & Improvements | 15,747 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 37,861 | |||
Gross Carrying Amount of Land | 8,685 | |||
Gross Carrying Amount of Buildings & Improvements | 49,635 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 58,320 | 58,320 | ||
Accumulated Depreciation & Amortization | $ (15,377) | (15,377) | ||
Year Built | Jan. 1, 1967 | |||
Year Renovated | Jan. 1, 1991 | |||
Year Acquired | Jan. 1, 1997 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 58,320 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (15,377) | |||
Operating Property [Member] | Valley Executive Tower [Member] | ||||
Encumbrances | 78,943 | |||
Initial Cost of Land | 8,446 | |||
Initial Cost of Buildings & Improvements | 67,672 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 100,195 | |||
Gross Carrying Amount of Land | 11,737 | |||
Gross Carrying Amount of Buildings & Improvements | 164,576 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 176,313 | 176,313 | ||
Accumulated Depreciation & Amortization | $ (47,454) | (47,454) | ||
Year Built | Jan. 1, 1984 | |||
Year Acquired | Jan. 1, 1998 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 176,313 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (47,454) | |||
Operating Property [Member] | Valley Office Plaza [Member] | ||||
Encumbrances | 41,271 | |||
Initial Cost of Land | 5,731 | |||
Initial Cost of Buildings & Improvements | 24,329 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 47,504 | |||
Gross Carrying Amount of Land | 8,957 | |||
Gross Carrying Amount of Buildings & Improvements | 68,607 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 77,564 | 77,564 | ||
Accumulated Depreciation & Amortization | $ (21,048) | (21,048) | ||
Year Built | Jan. 1, 1966 | |||
Year Renovated | Jan. 1, 2002 | |||
Year Acquired | Jan. 1, 1998 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 77,564 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (21,048) | |||
Operating Property [Member] | Verona [Member] | ||||
Encumbrances | 14,262 | |||
Initial Cost of Land | 2,574 | |||
Initial Cost of Buildings & Improvements | 7,111 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 14,672 | |||
Gross Carrying Amount of Land | 5,111 | |||
Gross Carrying Amount of Buildings & Improvements | 19,246 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 24,357 | 24,357 | ||
Accumulated Depreciation & Amortization | $ (5,482) | (5,482) | ||
Year Built | Jan. 1, 1991 | |||
Year Acquired | Jan. 1, 1997 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 24,357 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (5,482) | |||
Operating Property [Member] | Village On Canon [Member] | ||||
Encumbrances | 58,337 | |||
Initial Cost of Land | 5,933 | |||
Initial Cost of Buildings & Improvements | 11,389 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 49,122 | |||
Gross Carrying Amount of Land | 13,303 | |||
Gross Carrying Amount of Buildings & Improvements | 53,141 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 66,444 | 66,444 | ||
Accumulated Depreciation & Amortization | $ (14,486) | (14,486) | ||
Year Built | Jan. 1, 1989 | |||
Year Renovated | Jan. 1, 1995 | |||
Year Acquired | Jan. 1, 1994 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 66,444 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (14,486) | |||
Operating Property [Member] | Warner Center Towers [Member] | ||||
Encumbrances | 285,000 | |||
Initial Cost of Land | 43,110 | |||
Initial Cost of Buildings & Improvements | 292,147 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 400,021 | |||
Gross Carrying Amount of Land | 59,418 | |||
Gross Carrying Amount of Buildings & Improvements | 675,860 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 735,278 | 735,278 | ||
Accumulated Depreciation & Amortization | $ (192,550) | (192,550) | ||
Year Renovated | Jan. 1, 2004 | |||
Year Acquired | Jan. 1, 2002 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 735,278 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (192,550) | |||
Operating Property [Member] | Westside Towers [Member] | ||||
Encumbrances | 107,386 | |||
Initial Cost of Land | 8,506 | |||
Initial Cost of Buildings & Improvements | 79,532 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 81,586 | |||
Gross Carrying Amount of Land | 14,568 | |||
Gross Carrying Amount of Buildings & Improvements | 155,056 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 169,624 | 169,624 | ||
Accumulated Depreciation & Amortization | $ (42,921) | (42,921) | ||
Year Built | Jan. 1, 1985 | |||
Year Acquired | Jan. 1, 1998 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 169,624 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (42,921) | |||
Operating Property [Member] | Westwood Place [Member] | ||||
Encumbrances | 47,788 | |||
Initial Cost of Land | 8,542 | |||
Initial Cost of Buildings & Improvements | 44,419 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 51,742 | |||
Gross Carrying Amount of Land | 11,448 | |||
Gross Carrying Amount of Buildings & Improvements | 93,255 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 104,703 | 104,703 | ||
Accumulated Depreciation & Amortization | $ (25,998) | (25,998) | ||
Year Built | Jan. 1, 1987 | |||
Year Acquired | Jan. 1, 1999 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 104,703 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (25,998) | |||
Operating Property [Member] | 555 Barrington [Member] | ||||
Encumbrances | 43,440 | |||
Initial Cost of Land | 6,461 | |||
Initial Cost of Buildings & Improvements | 27,639 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 40,513 | |||
Gross Carrying Amount of Land | 14,903 | |||
Gross Carrying Amount of Buildings & Improvements | 59,710 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 74,613 | 74,613 | ||
Accumulated Depreciation & Amortization | $ (16,178) | (16,178) | ||
Year Built | Jan. 1, 1989 | |||
Year Acquired | Jan. 1, 1999 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 74,613 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (16,178) | |||
Operating Property [Member] | Barrington Plaza [Member] | ||||
Encumbrances | 153,630 | |||
Initial Cost of Land | 28,568 | |||
Initial Cost of Buildings & Improvements | 81,485 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 152,861 | |||
Gross Carrying Amount of Land | 58,208 | |||
Gross Carrying Amount of Buildings & Improvements | 204,706 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 262,914 | 262,914 | ||
Accumulated Depreciation & Amortization | $ (54,394) | (54,394) | ||
Year Built | Jan. 1, 1963 | |||
Year Renovated | Jan. 1, 1998 | |||
Year Acquired | Jan. 1, 1998 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 262,914 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (54,394) | |||
Operating Property [Member] | Barrington Kiowa [Member] | ||||
Encumbrances | 11,345 | |||
Initial Cost of Land | 5,720 | |||
Initial Cost of Buildings & Improvements | 10,052 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 513 | |||
Gross Carrying Amount of Land | 5,720 | |||
Gross Carrying Amount of Buildings & Improvements | 10,565 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 16,285 | 16,285 | ||
Accumulated Depreciation & Amortization | $ (2,885) | (2,885) | ||
Year Built | Jan. 1, 1974 | |||
Year Acquired | Jan. 1, 2006 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 16,285 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (2,885) | |||
Operating Property [Member] | Barry [Member] | ||||
Encumbrances | 9,000 | |||
Initial Cost of Land | 6,426 | |||
Initial Cost of Buildings & Improvements | 8,179 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 493 | |||
Gross Carrying Amount of Land | 6,426 | |||
Gross Carrying Amount of Buildings & Improvements | 8,672 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 15,098 | 15,098 | ||
Accumulated Depreciation & Amortization | $ (2,492) | (2,492) | ||
Year Built | Jan. 1, 1973 | |||
Year Acquired | Jan. 1, 2006 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 15,098 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (2,492) | |||
Operating Property [Member] | Kiowa [Member] | ||||
Encumbrances | 4,535 | |||
Initial Cost of Land | 2,605 | |||
Initial Cost of Buildings & Improvements | 3,263 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 260 | |||
Gross Carrying Amount of Land | 2,605 | |||
Gross Carrying Amount of Buildings & Improvements | 3,523 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 6,128 | 6,128 | ||
Accumulated Depreciation & Amortization | $ (1,009) | (1,009) | ||
Year Built | Jan. 1, 1972 | |||
Year Acquired | Jan. 1, 2006 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 6,128 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (1,009) | |||
Operating Property [Member] | Moanalua Hillside [Member] | ||||
Encumbrances | 145,000 | |||
Initial Cost of Land | 19,426 | |||
Initial Cost of Buildings & Improvements | 85,895 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 38,827 | |||
Gross Carrying Amount of Land | 30,071 | |||
Gross Carrying Amount of Buildings & Improvements | 114,077 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 144,148 | 144,148 | ||
Accumulated Depreciation & Amortization | $ (30,710) | (30,710) | ||
Year Built | Jan. 1, 1968 | |||
Year Renovated | Jan. 1, 2004 | |||
Year Acquired | Jan. 1, 2005 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 144,148 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (30,710) | |||
Operating Property [Member] | Pacific Plaza [Member] | ||||
Encumbrances | 46,400 | |||
Initial Cost of Land | 10,091 | |||
Initial Cost of Buildings & Improvements | 16,159 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 74,058 | |||
Gross Carrying Amount of Land | 27,816 | |||
Gross Carrying Amount of Buildings & Improvements | 72,492 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 100,308 | 100,308 | ||
Accumulated Depreciation & Amortization | $ (19,035) | (19,035) | ||
Year Built | Jan. 1, 1963 | |||
Year Renovated | Jan. 1, 1998 | |||
Year Acquired | Jan. 1, 1999 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 100,308 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (19,035) | |||
Operating Property [Member] | The Shores [Member] | ||||
Encumbrances | 144,610 | |||
Initial Cost of Land | 20,809 | |||
Initial Cost of Buildings & Improvements | 74,191 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 198,035 | |||
Gross Carrying Amount of Land | 60,555 | |||
Gross Carrying Amount of Buildings & Improvements | 232,480 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 293,035 | 293,035 | ||
Accumulated Depreciation & Amortization | $ (60,515) | (60,515) | ||
Year Renovated | Jan. 1, 2002 | |||
Year Acquired | Jan. 1, 1999 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 293,035 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (60,515) | |||
Operating Property [Member] | Villas At Royal Kunia [Member] | ||||
Encumbrances | 90,120 | |||
Initial Cost of Land | 42,887 | |||
Initial Cost of Buildings & Improvements | 71,376 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 14,473 | |||
Gross Carrying Amount of Land | 35,164 | |||
Gross Carrying Amount of Buildings & Improvements | 93,572 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 128,736 | 128,736 | ||
Accumulated Depreciation & Amortization | $ (28,714) | (28,714) | ||
Year Built | Jan. 1, 1990 | |||
Year Renovated | Jan. 1, 1995 | |||
Year Acquired | Jan. 1, 2006 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 128,736 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (28,714) | |||
Operating Property [Member] | Waena [Member] | ||||
Encumbrances | 102,400 | |||
Initial Cost of Land | 26,864 | |||
Initial Cost of Buildings & Improvements | 119,273 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 317 | |||
Gross Carrying Amount of Land | 26,864 | |||
Gross Carrying Amount of Buildings & Improvements | 119,590 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 146,454 | 146,454 | ||
Accumulated Depreciation & Amortization | $ (3,921) | (3,921) | ||
Year Built | Jan. 1, 1970 | |||
Year Acquired | Jan. 1, 2014 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 146,454 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | (3,921) | |||
Operating Property [Member] | Owensmouth Warner [Member] | ||||
Encumbrances | 0 | |||
Initial Cost of Land | 23,848 | |||
Initial Cost of Buildings & Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 0 | |||
Gross Carrying Amount of Land | 23,848 | |||
Gross Carrying Amount of Buildings & Improvements | 0 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 23,848 | 23,848 | ||
Accumulated Depreciation & Amortization | $ 0 | 0 | ||
Year Acquired | Jan. 1, 2006 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | $ 23,848 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | $ 0 | |||
Operating Property [Member] | Minimum [Member] | Warner Center Towers [Member] | ||||
Year Built | Jan. 1, 1982 | |||
Operating Property [Member] | Minimum [Member] | The Shores [Member] | ||||
Year Built | Jan. 1, 1965 | |||
Operating Property [Member] | Minimum [Member] | Waena [Member] | ||||
Year Renovated | Jan. 1, 2009 | |||
Operating Property [Member] | Maximum [Member] | Warner Center Towers [Member] | ||||
Year Built | Jan. 1, 1993 | |||
Operating Property [Member] | Maximum [Member] | The Shores [Member] | ||||
Year Built | Jan. 1, 1967 | |||
Operating Property [Member] | Maximum [Member] | Waena [Member] | ||||
Year Renovated | Jan. 1, 2014 | |||
Property Under Development [Member] | ||||
Encumbrances | 0 | |||
Initial Cost of Land | 18,364 | |||
Initial Cost of Buildings & Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 8,536 | |||
Gross Carrying Amount of Land | 18,364 | |||
Gross Carrying Amount of Buildings & Improvements | 8,536 | |||
Gross Carrying Amount of Land and Buildings & Improvements | $ 26,900 | 26,900 | ||
Accumulated Depreciation & Amortization | 0 | 0 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | 26,900 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | 0 | |||
Property Under Development [Member] | Landmark II Development [Member] [Member] | ||||
Encumbrances | 0 | |||
Initial Cost of Land | 13,070 | |||
Initial Cost of Buildings & Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 2,154 | |||
Gross Carrying Amount of Land | 13,070 | |||
Gross Carrying Amount of Buildings & Improvements | 2,154 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 15,224 | 15,224 | ||
Accumulated Depreciation & Amortization | 0 | 0 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | 15,224 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | 0 | |||
Property Under Development [Member] | Moanalua Hillside Apartments - Development [Member] | ||||
Encumbrances | 0 | |||
Initial Cost of Land | 5,294 | |||
Initial Cost of Buildings & Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition, Improvements | 6,382 | |||
Gross Carrying Amount of Land | 5,294 | |||
Gross Carrying Amount of Buildings & Improvements | 6,382 | |||
Gross Carrying Amount of Land and Buildings & Improvements | 11,676 | 11,676 | ||
Accumulated Depreciation & Amortization | 0 | $ 0 | ||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | ||||
Balance, end of period | 11,676 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance, end of period | $ 0 | |||
Property Under Development [Member] | Minimum [Member] | Landmark II Development [Member] [Member] | ||||
Year Built | Jan. 1, 2013 | |||
Property Under Development [Member] | Minimum [Member] | Moanalua Hillside Apartments - Development [Member] | ||||
Year Built | Jan. 1, 2013 | |||
Property Under Development [Member] | Maximum [Member] | Landmark II Development [Member] [Member] | ||||
Year Built | Jan. 1, 2015 | |||
Property Under Development [Member] | Maximum [Member] | Moanalua Hillside Apartments - Development [Member] | ||||
Year Built | Jan. 1, 2015 |