Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 09, 2018 | Jun. 30, 2017 | |
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, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Shares Outstanding | 169,566,064 | ||
Entity Public Float | $ 5,790 | ||
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, 2017 | Dec. 31, 2016 |
Investment in real estate: | ||
Land | $ 1,062,345 | $ 1,022,340 |
Buildings and improvements | 7,886,201 | 7,221,124 |
Tenant improvements and lease intangibles | 756,190 | 696,197 |
Property under development | 124,472 | 58,459 |
Investment in real estate, gross | 9,829,208 | 8,998,120 |
Less: accumulated depreciation and amortization | (2,012,752) | (1,789,678) |
Investment in real estate, net | 7,816,456 | 7,208,442 |
Cash and cash equivalents | 176,645 | 112,927 |
Tenant receivables, net | 2,980 | 2,165 |
Deferred rent receivables, net | 106,021 | 93,165 |
Acquired lease intangible assets, net | 4,293 | 5,147 |
Interest rate contract assets | 60,069 | 35,656 |
Investment in unconsolidated real estate funds | 107,735 | 144,289 |
Other assets | 18,442 | 11,914 |
Total Assets | 8,292,641 | 7,613,705 |
Liabilities | ||
Secured notes payable and revolving credit facility, net | 4,117,390 | 4,369,537 |
Interest payable, accounts payable and deferred revenue | 103,947 | 75,229 |
Security deposits | 50,414 | 45,990 |
Acquired lease intangible liabilities, net | 75,635 | 67,191 |
Interest rate contract liabilities | 807 | 6,830 |
Dividends payable | 42,399 | 34,857 |
Total liabilities | 4,390,592 | 4,599,634 |
Douglas Emmett, Inc. stockholders' equity: | ||
Common Stock, $0.01 par value, 750,000,000 authorized, 169,564,927 and 151,530,210 outstanding at December 31, 2017 and December 31, 2016, respectively | 1,696 | 1,515 |
Additional paid-in capital | 3,272,539 | 2,725,157 |
Accumulated other comprehensive income | 43,099 | 15,156 |
Accumulated deficit | (879,810) | (820,685) |
Total Douglas Emmett, Inc. stockholders' equity | 2,437,524 | 1,921,143 |
Noncontrolling interests | 1,464,525 | 1,092,928 |
Total equity | 3,902,049 | 3,014,071 |
Total Liabilities and Equity | $ 8,292,641 | $ 7,613,705 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common Stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common Stock, shares authorized (in shares) | 750,000,000 | 750,000,000 |
Common Stock, shares outstanding (in shares) | 169,564,927 | 151,530,210 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Office rental | |||
Rental revenues | $ 552,846 | $ 498,214 | $ 412,448 |
Tenant recoveries | 54,006 | 46,847 | 43,139 |
Parking and other income | 108,694 | 100,572 | 85,388 |
Total office revenues | 715,546 | 645,633 | 540,975 |
Multifamily rental | |||
Rental revenues | 89,039 | 89,996 | 87,907 |
Parking and other income | 7,467 | 6,922 | 6,892 |
Total multifamily revenues | 96,506 | 96,918 | 94,799 |
Total revenues | 812,052 | 742,551 | 635,774 |
Operating Expenses | |||
Office expenses | 233,633 | 214,546 | 186,556 |
Multifamily expenses | 24,401 | 23,317 | 23,862 |
General and administrative | 36,234 | 34,957 | 30,496 |
Depreciation and amortization | 276,761 | 248,914 | 205,333 |
Total operating expenses | 571,029 | 521,734 | 446,247 |
Operating income | 241,023 | 220,817 | 189,527 |
Other income | 9,712 | 8,759 | 15,228 |
Other expenses | (7,037) | (9,477) | (8,241) |
Income, including depreciation, from unconsolidated real estate funds | 5,905 | 7,812 | 7,694 |
Interest expense | (145,176) | (146,148) | (135,453) |
Income before gains | 104,427 | 81,763 | 68,755 |
Gains on sales of investments in real estate | 0 | 14,327 | 0 |
Net income | 104,427 | 96,090 | 68,755 |
Less: Net income attributable to noncontrolling interests | (9,984) | (10,693) | (10,371) |
Net income attributable to common stockholders | $ 94,443 | $ 85,397 | $ 58,384 |
Net income attributable to common stockholders per share – basic (usd per share) | $ 0.58 | $ 0.57 | $ 0.40 |
Net income attributable to common stockholders per share – diluted (usd per share) | $ 0.58 | $ 0.55 | $ 0.39 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 104,427 | $ 96,090 | $ 68,755 |
Other comprehensive income: cash flow hedges | 34,290 | 40,474 | 24,850 |
Comprehensive income | 138,717 | 136,564 | 93,605 |
Less: Comprehensive income attributable to noncontrolling interests | (16,331) | (26,726) | (14,417) |
Comprehensive income attributable to common stockholders | $ 122,386 | $ 109,838 | $ 79,188 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | AOCI | Accumulated Deficit | Noncontrolling Interests |
Beginning balance (in shares) at Dec. 31, 2014 | 144,869,000 | |||||
Stockholders' Equity [Roll Forward] | ||||||
Conversion of OP Units (in shares) | 1,800,000 | 1,776,000 | ||||
Issuance of common stock (in shares) | 0 | |||||
Exercise of stock options (in shares) | 274,000 | 274,000 | ||||
Ending balance (in shares) at Dec. 31, 2015 | 146,919,000 | |||||
Beginning balance at Dec. 31, 2014 | $ 2,313,724 | $ 1,449 | $ 2,678,798 | $ (30,089) | $ (706,700) | $ 370,266 |
Stockholders' Equity [Roll Forward] | ||||||
Conversion of OP Units | 17 | 23,686 | (23,703) | |||
Net income | 68,755 | 10,371 | ||||
Cash flow hedge fair value adjustments | 24,850 | 20,804 | 4,046 | |||
Issuance of common stock, net | 0 | 0 | 0 | |||
Issuance of OP Units for cash | 1,000 | 1,000 | ||||
Issuance of OP Units for acquisition of real estate | 0 | 0 | ||||
Repurchase of OP Units with cash | 0 | 0 | 0 | |||
Exercise of stock options | 4,272 | 3 | 4,269 | |||
Taxes paid on exercise of stock options | 0 | 0 | ||||
Contributions | 0 | 0 | ||||
Sales of equity interests in consolidated JVs | 0 | 0 | ||||
Net income attributable to common stockholders | 58,384 | 58,384 | ||||
Dividends | (124,410) | (124,410) | ||||
Distributions | (23,265) | (23,265) | ||||
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 (usd per share) | $ 0.85 | |||||
Conversion of OP Units (in shares) | 1,800,000 | 1,753,000 | ||||
Issuance of common stock (in shares) | 1,400,000 | 1,400,000 | ||||
Exercise of stock options (in shares) | 7,566,000 | 1,458,000 | ||||
Ending balance (in shares) at Dec. 31, 2016 | 151,530,210 | 151,530,000 | ||||
Stockholders' Equity [Roll Forward] | ||||||
Conversion of OP Units | $ 17 | 23,043 | (23,060) | |||
Net income | $ 96,090 | 10,693 | ||||
Cash flow hedge fair value adjustments | 40,474 | 24,441 | 16,033 | |||
Issuance of common stock, net | 49,379 | 14 | 49,365 | |||
Issuance of OP Units for cash | 0 | 0 | ||||
Issuance of OP Units for acquisition of real estate | 0 | 0 | ||||
Repurchase of OP Units with cash | (826) | (498) | (328) | |||
Exercise of stock options | 0 | 15 | 0 | |||
Taxes paid on exercise of stock options | (53,491) | (53,506) | ||||
Contributions | 459,752 | 459,752 | ||||
Sales of equity interests in consolidated JVs | 291,028 | 291,028 | ||||
Net income attributable to common stockholders | 85,397 | 85,397 | ||||
Dividends | (133,356) | (133,356) | ||||
Distributions | (35,478) | (35,478) | ||||
Stock-based compensation | 18,951 | 18,951 | ||||
Ending balance at Dec. 31, 2016 | $ 3,014,071 | $ 1,515 | 2,725,157 | 15,156 | (820,685) | 1,092,928 |
Stockholders' Equity [Roll Forward] | ||||||
Dividends declared per common share (usd per share) | $ 0.89 | |||||
Conversion of OP Units (in shares) | 1,100,000 | 1,059,000 | ||||
Issuance of common stock (in shares) | 15,700,000 | 15,687,000 | ||||
Exercise of stock options (in shares) | 3,920,000 | 1,289,000 | ||||
Ending balance (in shares) at Dec. 31, 2017 | 169,564,927 | 169,565,000 | ||||
Stockholders' Equity [Roll Forward] | ||||||
Conversion of OP Units | $ 11 | 14,231 | (14,242) | |||
Net income | $ 104,427 | 9,984 | ||||
Cash flow hedge fair value adjustments | 34,290 | 27,943 | 6,347 | |||
Issuance of common stock, net | 593,168 | 157 | 593,011 | |||
Issuance of OP Units for cash | 0 | 0 | ||||
Issuance of OP Units for acquisition of real estate | 105,687 | 105,687 | ||||
Repurchase of OP Units with cash | (10,104) | (6,763) | (3,341) | |||
Exercise of stock options | 0 | 13 | 0 | |||
Taxes paid on exercise of stock options | (53,084) | (53,097) | ||||
Contributions | 284,248 | 284,248 | ||||
Sales of equity interests in consolidated JVs | 0 | 0 | ||||
Net income attributable to common stockholders | 94,443 | 94,443 | ||||
Dividends | (153,568) | (153,568) | ||||
Distributions | (38,101) | (38,101) | ||||
Stock-based compensation | 21,015 | 21,015 | ||||
Ending balance at Dec. 31, 2017 | $ 3,902,049 | $ 1,696 | $ 3,272,539 | $ 43,099 | $ (879,810) | $ 1,464,525 |
Stockholders' Equity [Roll Forward] | ||||||
Dividends declared per common share (usd per share) | $ 0.94 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Activities | |||
Net income | $ 104,427 | $ 96,090 | $ 68,755 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Income, including depreciation, from unconsolidated real estate funds | (5,905) | (7,812) | (7,694) |
Gain from insurance recoveries for damage to real estate | 0 | 0 | (82) |
Gains on sales of investments in real estate | 0 | (14,327) | 0 |
Depreciation and amortization | 276,761 | 248,914 | 205,333 |
Net accretion of acquired lease intangibles | (18,006) | (18,198) | (19,100) |
Straight-line rent | (12,855) | (13,599) | (4,840) |
Increase in the allowance for doubtful accounts | 406 | 422 | 223 |
Deferred loan cost amortized and written off | 10,834 | 8,927 | 6,969 |
Non-cash market value adjustments on interest rate contracts | 51 | (196) | (66) |
Amortization of stock-based compensation | 18,478 | 17,448 | 15,234 |
Operating distributions from unconsolidated real estate funds | 5,905 | 2,668 | 1,068 |
Change in working capital components: | |||
Tenant receivables | (1,221) | (680) | 13 |
Interest payable, accounts payable and deferred revenue | 24,942 | 10,712 | 4,557 |
Security deposits | 4,424 | 7,307 | 1,233 |
Other assets | (5,544) | 1,773 | (176) |
Net cash provided by operating activities | 402,697 | 339,449 | 271,427 |
Investing Activities | |||
Capital expenditures for improvements to real estate | (108,326) | (91,826) | (75,541) |
Capital expenditures for developments | (63,018) | (27,720) | (3,720) |
Insurance recoveries for damage to real estate | 0 | 0 | 82 |
Property acquisitions | (537,669) | (1,619,759) | (89,906) |
Deposits for property acquisitions | 0 | 0 | (75,000) |
Proceeds from sale of investments in real estate, net | 0 | 348,203 | 0 |
Proceeds from repayment of note receivable | 0 | 0 | 1,000 |
Loans to related parties | 0 | 0 | (2,000) |
Loan payments received from related parties | 0 | 763 | 2,719 |
Contributions to unconsolidated real estate funds | 0 | 0 | (11) |
Acquisitions of additional interests in unconsolidated real estate funds | (4,142) | 0 | 0 |
Capital distributions from unconsolidated real estate funds | 43,560 | 24,170 | 10,788 |
Net cash used in investing activities | (669,595) | (1,366,169) | (231,589) |
Financing Activities | |||
Proceeds from borrowings | 1,410,500 | 2,109,500 | 1,614,400 |
Repayment of borrowings | (1,698,544) | (1,335,580) | (1,415,528) |
Loan cost payments | (11,442) | (24,586) | (14,232) |
Contributions from noncontrolling interests in consolidated JVs | 284,248 | 459,752 | 0 |
Distributions paid to noncontrolling interests | (38,101) | (35,478) | (23,265) |
Dividends paid to common stockholders | (146,026) | (130,821) | (122,510) |
Proceeds from exercise of stock options | 0 | 0 | 4,272 |
Taxes paid on exercise of stock options | (53,084) | (53,491) | 0 |
Repurchase of OP Units | (10,104) | (826) | 0 |
Proceeds from issuance of common stock, net | 593,169 | 49,379 | 0 |
Net cash provided by financing activities | 330,616 | 1,037,849 | 43,137 |
Increase in cash and cash equivalents | 63,718 | 11,129 | 82,975 |
Cash and cash equivalents - beginning balance | 112,927 | 101,798 | 18,823 |
Cash and cash equivalents - ending balance | 176,645 | 112,927 | 101,798 |
Operating Activities | |||
Cash paid for interest, net of capitalized interest | 135,824 | 137,884 | 128,178 |
Capitalized interest paid | 2,745 | 1,193 | 940 |
Non-cash Investing Transactions | |||
Accrual increase (decrease) for capital expenditures for improvements to real estate and developments | 3,776 | 7,182 | (1,504) |
Capitalized stock-based compensation for improvements to real estate and developments | 2,537 | 1,503 | 1,358 |
Removal of fully depreciated and amortized tenant improvements and lease intangibles | 53,687 | 146,739 | 33,115 |
Removal of fully amortized acquired lease intangible assets | 414 | 1,306 | 220 |
Removal of fully accreted acquired lease intangible liabilities | 5,057 | 56,278 | 49,576 |
Settlement of note receivable in exchange for land and building acquired | 0 | 0 | 26,500 |
Issuance of OP Units for acquisition of real estate | 105,687 | 0 | 1,000 |
Application of deposit to acquisition of real estate | 0 | 75,000 | 2,500 |
Non-cash Financing Transactions | |||
Gain (loss) from market value adjustments | 16,512 | 14,192 | (11,549) |
Assumption of term loan for acquisition of real estate | 36,460 | 0 | 0 |
Accrual for dividends declared | 153,568 | 133,356 | 124,410 |
Common stock issued in exchange for OP Units | 14,242 | 23,060 | 23,703 |
Unconsolidated Funds [Member] | |||
Non-cash Financing Transactions | |||
Gain (loss) from market value adjustments | $ 3,275 | $ 8 | $ (1,922) |
Overview
Overview | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Overview | Overview Organization and Business Description 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. Through our interest in our Operating Partnership and its subsidiaries, our consolidated JVs and our unconsolidated Funds, we focus on owning, acquiring, developing and managing a significant market 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. The terms "us," "we" and "our" as used in the financial statements refer to Douglas Emmett, Inc. and its subsidiaries on a consolidated basis. At December 31, 2017 , we owned a Consolidated Portfolio consisting of (i) a 16.5 million square foot office portfolio, (ii) 3,380 multifamily apartment units and (iii) fee interests in two parcels of land from which we receive rent under ground leases. We also manage and own equity interests in our unconsolidated Funds which, at December 31, 2017 , owned an additional 1.8 million square feet of office space. We manage our unconsolidated Funds alongside our Consolidated Portfolio, and we therefore present the statistics for our office portfolio on a Total Portfolio basis. As of December 31, 2017 , our portfolio consisted of the following properties (not including two parcels of land from which we receive rent under ground leases): Consolidated Portfolio Total Portfolio Office (includes ancillary retail space) Wholly-owned properties 53 53 JV properties 10 10 Fund properties — 8 63 71 Multifamily Wholly-owned properties 10 10 Total 73 81 Basis of Presentation The accompanying financial statements are the consolidated financial statements of Douglas Emmett, Inc. and its subsidiaries, including our Operating Partnership and our consolidated JVs. All significant intercompany balances and transactions have been eliminated in our consolidated financial statements. Our Operating Partnership and consolidated JVs are VIEs and we are the primary beneficiary. As of December 31, 2017 , the total consolidated assets, liabilities and equity of the VIEs was $8.29 billion (of which $7.82 billion related to investment in real estate), $4.39 billion and $3.90 billion (of which $1.46 billion related to noncontrolling interests), respectively. 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. 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 or class 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, 2017 | |
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 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 property acquisitions as asset acquisitions, and include the acquired properties results of operations in our results of operations from the respective acquisition date. We allocate the purchase price, which includes the capitalized transaction costs, to: (i) land, (ii) buildings and improvements, (iii) tenant improvements and identifiable intangible assets such as in-place at-market leases, (iv) acquired above- and below-market ground and tenant leases (including for renewal options), and if applicable (v) assumed debt, based upon our estimates of expected future cash flows and other valuation techniques. Our estimates are based upon expected future cash flows and other valuation techniques. We estimate the relative fair values of the tangible assets on an ‘‘as-if-vacant’’ basis. The estimated relative fair value of acquired in-place at-market leases are the estimated costs to lease the property to the occupancy level at the date of acquisition, including the fair value of leasing commissions and legal costs. 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. Above- and below-market ground and tenant leases are recorded as an asset or liability based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between the contractual amounts to be paid or received pursuant to the in-place ground or tenant leases, respectively, and our estimate of the fair market rental rates for the corresponding in-place leases, over the remaining non-cancelable term of the lease. Assumed debt is recorded at fair value based upon the present value of the expected future payments. See Note 3 for our property acquisition disclosures. Buildings and improvements are depreciated on a straight-line basis using an estimated life of forty years for buildings and fifteen years for improvements, and are carried on our balance sheet, offset by the related accumulated depreciation and any impairment charges, 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 lease termination. Acquired in-place leases are amortized on a straight line basis over the weighted average remaining term of the acquired in-place leases, and are carried on our balance sheet, offset by the related accumulated amortization, until the related building is either sold or impaired. Lease intangibles are amortized on a straight-line basis over the related lease term, with any remaining balance amortized in the period of any early lease termination. 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. 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 related 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 related lease and recorded either as an increase (for below-market leases) or a decrease (for above-market leases) to expense. 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. Repairs and maintenance are recorded as expense when incurred. Properties are classified as held for sale in our consolidated balance sheets when they meet certain requirements, including the approval of the sale of the property, the marketing of the property for sale, and our expectation that the sale will likely occur within the next 12 months. Properties classified as held for sale are carried at the lower of their carrying value or fair value less costs to sell, and we also cease to depreciate the property. As of December 31, 2017 and 2016 , we did not have any properties held for sale. 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 2017 , 2016 and 2015 , we capitalized $66.0 million , $31.6 million and $3.7 million of costs related to our developments, respectively, which included $2.7 million , $1.2 million and $940 thousand of capitalized interest, respectively. Investment in Unconsolidated Real Estate Funds We manage and hold equity interests in three Funds: Fund X, Partnership X and the Opportunity Fund. As of December 31, 2017 , we held direct and indirect equity interests of 69.4% of Fund X, 24.3% of Partnership X and 6.2% of the Opportunity Fund. We account for our investments in the Funds using the equity method because we have significant influence but not control over the Funds, and our Funds do not qualify as VIEs. Our investment balance includes our share of the net assets of the combined Funds, acquisition basis difference, additional basis for capital raising costs, our share of our Funds' accumulated other comprehensive income (loss) related to our Funds' derivatives, and notes receivable from our Funds. As of December 31, 2017 and 2016 , the total basis difference was $2.9 million . See Note 5 for our Fund disclosures. Impairment of Long-Lived Assets We periodically assess whether there has been any impairment in the carrying value of our properties and whenever events or changes in circumstances indicate that the carrying value of a property may not be recoverable. An impairment charge would be recorded if events or change in circumstances indicate that a decline in the fair value below the carrying value has occurred and the decline is other-than-temporary. Recoverability of the carrying value of our properties is measured by a comparison of the carrying value to the undiscounted future cash flows expected to be generated by the property. If the carrying value exceeds the estimated undiscounted future cash flows, an impairment loss is recorded equal to the difference between the property's carrying value and its fair value based on the estimated discounted future cash flows. We also perform a similar periodic assessment for our investments in our Funds. Based upon such periodic assessments, no impairments occurred during 2017 , 2016 or 2015 . 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. If a lease is canceled then the deferred rent is recognized over the new remaining lease term. We recognized straight line rent of $12.9 million , $13.6 million and $4.8 million during 2017 , 2016 and 2015 , respectively. 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 consolidated statements of operations, are recognized on a straight line basis over the new remaining lease term when the related lease is canceled. We recognized lease termination revenue of $2.1 million , $2.4 million and $2.2 million during 2017 , 2016 and 2015 , respectively. Tenant improvements constructed, and owned by us, and reimbursed by tenants are recorded as our assets, and the related revenue, which is included in rental revenues in the consolidated statements of operations, is recognized over the related lease term. We recognized revenue for leasehold improvements of $2.6 million , $2.6 million and $1.9 million during 2017 , 2016 and 2015 , respectively. 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 differences between the estimated expenses we billed to the tenant and the actual expenses incurred. Recognition of gains on sales of investments in 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. See Note 3 for our property disposition disclosures. Allowances for Tenant Receivables and Deferred Rent Receivables We present our tenant receivables and deferred rent receivables net of allowances on our consolidated balance sheets. 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 the cumulative cash rents billed to date under the lease agreement. We consider many factors when evaluating the level of allowances necessary, including evaluations of individual tenant receivables, historical loss activity, current economic conditions and other relevant factors. We generally obtain letters of credit or security deposits from our tenants. The table below presents our allowances and security obtained from our tenants: (In thousands) December 31, 2017 December 31, 2016 Allowance for tenant receivables $ 3,062 $ 2,656 Allowance for deferred rent receivables $ 3,405 $ 5,144 Letters of credit from our tenants $ 25,212 $ 25,535 Cash security deposits from our tenants $ 50,414 $ 45,990 The table below presents the impact of the changes in our allowances on our results of operations: Year Ended December 31, (In thousands) 2017 2016 2015 Tenant receivables allowance - decrease in net income $ (406 ) $ (422 ) $ (223 ) Deferred rent receivables allowance - increase (decrease) in net income $ 1,739 $ 898 $ (242 ) 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 from our short-term money market fund investments is recognized on an accrual basis. Interest income is included in other income in the consolidated statements of operations. 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 costs 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 costs incurred in connection with the modification over the new term of the modified debt, and (iii) expense all other costs associated with the modification. If the old debt is determined to be extinguished then we (i) write off any unamortized deferred loan costs 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 costs 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 of the new arrangement is (a) equal to or greater than the borrowing capacity of the old arrangement, or (b) less than the borrowing capacity of the old arrangement (borrowing capacity is defined as the product of the remaining term and the maximum available credit). 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 unamortized deferred loan costs from the old arrangement over the term of the new arrangement and (ii) defer all lender and other costs incurred directly 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) write off any unamortized deferred loan costs at the time of the transaction 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 costs incurred directly in connection with the new arrangement over the term of the new arrangement. Deferred loan costs are presented on the balance sheet as a 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 Note 7 for our loan cost disclosures. Debt Discounts and Premiums Debt discounts and premiums related to recording debt assumed in connection with property acquisitions at fair value are generally amortized and accreted, respectively, on a straight-line basis over the remaining term of the related loan, which approximates the effective interest method. The amortization/accretion is included in interest expense in our consolidated statements of operations. Derivative Contracts We make use of interest rate swap and 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 also 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 entering into derivative agreements, we generally elect to designate them as cash flow hedges for accounting purposes. Changes in fair value of hedging instruments designated as cash flow hedges 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. For our Funds' hedging instruments designated as cash flow hedges, we record our share of the changes in fair value of the hedging instrument in AOCI and our share of any hedge ineffectiveness is recorded in income, including depreciation, from unconsolidated real estate funds in our consolidated statements of operations. 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. Changes in fair value of hedging instruments not designated as cash flow hedges are recorded as interest expense. We present our derivatives on the balance sheet at fair value on a gross basis. Our share of the fair value of our Funds' derivatives is included in our investment in unconsolidated real estate funds on our consolidated balance sheet. 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 stock options and LTIP Units is amortized over any vesting period, which is based upon service. 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 respective 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 respective period using the treasury stock method. Unvested LTIP Units contain non-forfeitable rights to dividends and we account for them as participating securities and include them 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 ended 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 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. We have elected to treat two of our subsidiaries as TRSs, which generally may engage in any business, including the provision of customary or non-customary services to 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. Neither of our TRSs had any significant tax provisions or deferred income tax items for 2017 , 2016 or 2015 . Our subsidiaries (other than our TRS), including our Operating Partnership, are partnerships, disregarded entities, QRS or REITs, as applicable, 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 is reportable in the income tax returns of the respective owners. Accordingly, no income tax provision is included in our consolidated financial statements for these entities. 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. ASUs Adopted During 2017 ASU No. 2016-07, "Simplifying the Transition to the Equity Method of Accounting", which amends "Investments-Equity Method and Joint Ventures" (Topic 323), simplifies the transition to the equity method of accounting by eliminating the requirement that an entity retroactively adopt the equity method of accounting if an investment qualifies for equity method accounting as a result of an increase in the level of ownership or degree of influence. This ASU requires that the investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment qualifies for equity method accounting. We adopted the ASU in the first quarter of 2017 and it did not have a material impact on our financial statements. ASU No. 2016-09, "Improvements to Employee Share-Based Payment Accounting", which amends "Compensation-Stock Compensation" (Topic 718), simplifies the accounting for several aspects of share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Some of the areas for simplification apply only to nonpublic entities. We adopted the ASU in the first quarter of 2017 and it did not have a material impact on our financial statements. ASU No. 2016-17, "Interests Held Through Related Parties That Are Under Common Control", provides guidance regarding the consolidation of VIEs. We adopted the ASU in the first quarter of 2017 and it did not have a material impact on our financial statements. ASU No. 2017-01, "Clarifying the Definition of a Business", provides guidance with evaluating whether acquisition and disposal transactions should be accounted for as assets or businesses. The ASU generally requires that our property acquisitions be accounted for as asset purchases, and the related acquisition expenses be capitalized as part of the respective asset. We historically accounted for our property acquisitions as business combinations and expensed the related acquisition expenses as incurred. We adopted the ASU in the first quarter of 2017 and it did not have a material impact on our financial statements. Recently Issued ASUs In February 2016, the FASB issued ASU No. 2016-02, "Leases" (Topic 842). The primary difference between Topic 842 and current GAAP is the recognition of lease assets and liabilities by lessees for leases classified as operating leases under current GAAP. The accounting applied by lessors is largely unchanged from current GAAP. For example, the vast majority of operating leases will remain classified as operating leases, and lessors will continue to recognize lease income for those leases on a straight-line basis over the lease term. Topic 842 requires an entity to separate the lease components from the non-lease components (for example, maintenance services or other activities that transfer a good or service to the customer) in a contract. Only the lease components must be accounted for in accordance with Topic 842. The consideration in the contract is allocated to the lease and non-lease components on a relative standalone price basis for lessees, or in accordance with the allocation guidance in Topic 606 for lessors. Topic 842 defines initial direct costs of a lease (which may be capitalized) as costs that would not have been incurred had the lease not been executed. Costs to negotiate a lease that would have been incurred regardless of whether the lease was executed, such as fixed employee salaries, are not considered to be initial direct costs, and may not be capitalized. This ASU is effective for annual and interim periods beginning after December 15, 2018, which for us would be the first quarter of 2019, and early adoption is permitted. This ASU is required to be adopted using a modified retrospective approach which includes optional practical expedients related to leases that commenced before the effective date. We are currently evaluating the impact of this ASU on our financial statements. In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers" (Topic 606), which provides guidance for the accounting of revenue from contracts with customers, and supersedes Topic 605, "Revenue Recognition", and most industry-specific guidance throughout the industry topics of the Codification. In August 2015, the FASB issued ASU No. 2015-14, which defers the effective date of ASU No. 2014-09 by one year. In March 2016, the FASB issued ASU No. 2016-08, "Principal versus Agent Considerations (Reporting Revenue Gross versus Net)", which amends Topic 606 and clarifies the guidance for principal versus agent considerations. In April 2016, the FASB issued ASU No. 2016-10, "Identifying Performance Obligations and Licensing" which amends Topic 606 and provides guidance for identifying performance obligations and licensing. In May 2016, the FASB issued ASU No. 2016-12, "Narrow-Scope Improvements and Practical Expedients" which amends Topic 606 and provides guidance for a variety of revenue recognition related topics. In February 2017, the FASB issued ASU No. 2017-05 "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets" (Subtopic 610-20), which provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with non-customers. These ASUs are effective for annual and interim periods beginning after December 15, 2017, which for us is the first quarter of 2018. The amendments are required to be applied on a retrospective basis. We completed our evaluation of the ASUs and we do not expect the ASUs to have a material impact on our financial statements. The FASB has not issued any other ASUs during 2017 and 2018 that we expect to be applicable and have a material impact on our financial statements. |
Investment in Real Estate
Investment in Real Estate | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Investment in Real Estate | Investment in Real Estate We account for our property acquisitions as asset acquisitions. Prior to January 1, 2017, we accounted for our property acquisitions as business combinations. The acquired properties results of operations are included in our results of operations from the respective acquisition dates. 2017 Acquisitions During 2017 , (i) a consolidated JV that we manage and in which we own an equity interest acquired three Class A office properties (1299 Ocean Avenue, 429 Santa Monica Boulevard and 9665 Wilshire Boulevard), for which investors contributed $284.0 million directly to the JV, and (ii) we acquired one wholly-owned Class A office property (9401 Wilshire Boulevard). The table below summarizes the purchase price allocations for the acquisitions. The contract and purchase prices differ due to prorations and similar matters. (In thousands) 1299 Ocean 429 Santa Monica 9665 Wilshire 9401 Wilshire (1) Submarket Santa Monica Santa Monica Beverly Hills Beverly Hills Acquisition date April 25 April 25 July 20 December 20 Contract price $ 275,800 $ 77,000 $ 177,000 $ 143,647 Building square footage 206 87 171 146 Investment in real estate: Land $ 22,748 $ 4,949 $ 5,568 $ 6,740 Buildings and improvements 260,188 69,286 175,960 144,467 Tenant improvements and lease intangibles 5,010 3,248 1,112 7,843 Acquired above- and below-market leases, net (10,683 ) (722 ) (4,339 ) (11,559 ) Assumed debt (2) — — — (36,460 ) Net assets and liabilities acquired $ 277,263 $ 76,761 $ 178,301 $ 111,031 _____________________________________________________ (1) We issued OP Units to the seller in connection with the acquisition of 9401 Wilshire. See Note 10 for more information. (2) We assumed a loan from the seller in connection with the acquisition of 9401 Wilshire. At the date of acquisition, the loan had a fair value of $36.5 million and a principal balance of $32.3 million . See Note 7 for more information. 2016 Acquisitions Westwood Portfolio Acquisition On February 29, 2016 (Acquisition Date), a consolidated JV which we manage and in which we own an equity interest acquired four Class A office properties located in Westwood, California (Westwood Portfolio) for a contract price of $1.34 billion . As of the Acquisition Date, we had contributed sixty -percent of the equity to the JV, which was subsequently reduced to thirty -percent on May 31, 2016 (Sell Down Date) when we sold half of our ownership interest to a third party investor. The table below summarizes our purchase accounting and funding sources for the acquisition. The contract and purchase price differ due to prorations and similar matters. (in thousands) Actual at Closing (1) Pro Forma Sell Down Adjustments (2) Pro Forma Building square footage 1,725 1,725 Use of funds: Land $ 94,996 $ 94,996 Buildings and improvements 1,236,786 1,236,786 Tenant improvements and lease intangibles 50,439 50,439 Acquired above- and below-market leases, net (3) (49,708 ) (49,708 ) Net assets and liabilities acquired $ 1,332,513 $ 1,332,513 Source of funds: Cash on hand (4) $ 153,745 $ — $ 153,745 Credit facility (5) 290,000 (240,000 ) 50,000 Non-recourse term loan, net (6) 568,768 — 568,768 Noncontrolling interests 320,000 240,000 560,000 Total source of funds $ 1,332,513 $ — $ 1,332,513 ________________________________________________ (1) Reflects the purchase of the Westwood Portfolio on the Acquisition Date when we contributed sixty -percent of the equity to the consolidated JV. (2) Reflects our sale of thirty -percent of the equity in the JV on the Sell Down Date, presented as of the Acquisition Date, treated as in-substance real estate, which reduced our ownership interest in the JV to thirty -percent. We sold the interest for the $240.0 million we contributed plus an additional $1.1 million to compensate us for the cost of holding the investment. We recognized a gain on the sale of $1.1 million . We used the proceeds from the sale to pay down the balance owed on our revolving credit facility. (3) As of the Acquisition Date, the weighted average remaining life of the acquired above- and below-market leases was approximately 4.4 years . (4) Cash paid included a $75.0 million deposit, $67.5 million paid at closing, and $11.2 million spent on loan costs in connection with securing the $580.0 million term loan. (5) Reflects borrowings using our credit facility, which bears interest at LIBOR + 1.40% . See Note 7 for information regarding our credit facility. (6) Reflects 100% (not our pro rata share) of a $580.0 million interest-only non-recourse loan, net of deferred loan costs of $11.2 million incurred to secure the loan. The loan has a seven -year term and is secured by the Westwood Portfolio. Interest on the loan is floating at LIBOR + 1.40% , which has been effectively fixed at 2.37% per annum for five years through interest rate swaps. See Note 7 for information regarding this loan. The table below presents the revenues and net income attributable to common stockholders from the Westwood Portfolio included in the consolidated statement of operations from the Acquisition Date: Year Ended December 31, (in thousands) 2017 2016 Total office revenues $ 96,106 $ 80,464 Net income attributable to common stockholders (1) $ 6,346 $ 2,998 ______________________________________________________ (1) Excluding transaction costs, net income attributable to common stockholders was $6.3 million and $5.0 million for the years ended December 31, 2017 and 2016 , respectively. The table below presents the historical results of Douglas Emmett, Inc. and the Westwood Portfolio on a combined basis as if the acquisition was completed on January 1, 2015, based on our thirty -percent ownership interest and includes adjustments that give effect to events that are (i) directly attributable to the acquisition, (ii) expected to have a continuing impact on us, and (iii) are factually supportable. The pro forma reflects the hypothetical impact of the acquisition on us and does not purport to represent what our results of operations would have been had the acquisition occurred on January 1, 2015, or project the results of operations for any future period. The information does not reflect cost savings or operating synergies that may result from the acquisition or the costs to achieve any such potential cost savings or operating synergies. Transaction costs related to the acquisition have been excluded. Year Ended December 31, (in thousands, except per share information) 2016 2015 Pro forma revenues $ 755,878 $ 724,596 Pro forma net income attributable to common stockholders $ 84,319 $ 59,374 Pro forma net income attributable to common stockholders per share – basic $ 0.56 $ 0.40 Pro forma net income attributable to common stockholders per share – diluted $ 0.55 $ 0.39 Other 2016 Acquisitions During 2016 , a consolidated JV which we manage and in which we own an equity interest acquired two Class A office properties. As of July 21, 2016 , we had contributed fifty-five percent of the equity to the JV, which was reduced to twenty -percent when we sold thirty-five percent to a third party investor for $51.6 million , which included $194 thousand to compensate us for the cost of holding the investment. We recognized a gain of $587 thousand on the sale, which is included in Gains on sales of investments in real estate in our consolidated statements of operations. In addition to purchasing a thirty-five percent interest from us, investors contributed $139.8 million to the JV. Including the effect of the sale of our interest, investors now hold an aggregate of eighty -percent of the capital interests in the JV. As part of the acquisitions, the JV borrowed a $146.0 million under a three year, interest only, non-recourse loan bearing interest at LIBOR + 1.55% . The loan was secured by the acquired properties. The loan was refinanced in 2017. See Note 7 . The table below summarizes the purchase accounting for the acquisitions. The contract and purchase prices differ due to prorations and similar matters. (in thousands) 12100 Wilshire 233 Wilshire Submarket Brentwood Santa Monica Acquisition date July 21 September 27 Contract price $ 225,000 $ 139,500 Building square footage 365 129 Investment in real estate: Land $ 20,164 $ 9,263 Buildings and improvements 199,698 126,938 Tenant improvements and lease intangibles 9,057 3,488 Acquired above- and below-market leases, net (4,523 ) (1,838 ) Net assets and liabilities acquired $ 224,396 $ 137,851 2016 Disposition During 2016 , we sold a 168,000 square foot Class A office property located in Sherman Oaks, California with a carrying value of $42.8 million for a contract price of $56.7 million , and we incurred transaction costs of $1.2 million resulting in a net gain of $12.7 million . The gain is included in Gains on sales of investments in real estate in our consolidated statements of operations. 2015 Acquisitions During 2015 , we (i) acquired the fee interest in the land (Harbor Court Land) under one of our office buildings, and (ii) purchased a wholly-owned Class A office property (First Financial Plaza). 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 . The table below summarizes the purchase accounting for the acquisitions. The contract and purchase prices differ due to prorations and similar matters. (in thousands) Harbor Court Land (1) First Financial Plaza Submarket Honolulu Encino Acquisition date February 12 March 5 Contract price $ 27,500 $ 92,400 Building square footage (if applicable) N/A 227 Investment in real estate: 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
Acquired Lease Intangibles | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Acquired Lease Intangibles | Acquired Lease Intangibles Summary of our Acquired Lease Intangibles The table below summarizes our above- and below-market leases: (In thousands) December 31, 2017 December 31, 2016 Above-market tenant leases $ 7,177 $ 7,156 Accumulated amortization - above-market tenant leases (3,846 ) (2,988 ) Above-market ground leases 1,152 1,152 Accumulated amortization - above-market ground leases (190 ) (173 ) Acquired lease intangible assets, net $ 4,293 $ 5,147 Below-market tenant leases $ 127,606 $ 104,925 Accumulated accretion - below-market tenant leases (55,428 ) (41,241 ) Above-market ground leases 4,017 4,017 Accumulated accretion - above-market ground leases (560 ) (510 ) Acquired lease intangible liabilities, net $ 75,635 $ 67,191 Impact on the Consolidated Statements of Operations The table below summarizes the net amortization/accretion related to our above- and below-market leases: Year Ended December 31, (In thousands) 2017 2016 2015 Net accretion of above- and below-market tenant leases (1) $ 17,973 $ 18,165 $ 12,467 Amortization of above-market ground leases (2) (17 ) (17 ) (17 ) Accretion of above-market ground lease (3) 50 50 50 Accretion of above-market ground lease (4) — — 6,600 Total $ 18,006 $ 18,198 $ 19,100 _______________________________________________________________________________________ (1) Recorded as a net increase to office and multifamily rental revenues. (2) The amortization of the below-market rent we receive under this ground lease is recorded as an increase to office parking and other income. (3) The accretion of the above-market rent we pay under this ground lease is recorded as a decrease to office expense. (4) The accretion of the above-market rent we paid under this ground lease is recorded as an increase to other income. During 2015, we acquired the fee interest in the land (Harbor Court Land). See Note 3 . The table below presents the future net accretion related to our above- and below-market leases at December 31, 2017 : Year ending December 31: Net increase to revenues Decrease to expenses Total (In thousands) 2018 $ 18,794 $ 50 $ 18,844 2019 16,809 50 16,859 2020 13,987 50 14,037 2021 7,933 50 7,983 2022 4,361 50 4,411 Thereafter 6,001 3,207 9,208 Total $ 67,885 $ 3,457 $ 71,342 |
Investments in Unconsolidated R
Investments in Unconsolidated Real Estate Funds | 12 Months Ended |
Dec. 31, 2017 | |
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 interests in three unconsolidated Funds, the Opportunity Fund, Fund X and Partnership X, through which we and investors own eight office properties totaling 1.8 million square feet. We purchased a 3.7% interest in the Opportunity Fund during the second quarter of 2017 and 2.5% during the fourth quarter of 2017. The Opportunity Fund's only investment is a 13.1% interest in Fund X. At December 31, 2017 , we held direct and indirect interests of 6.2% in the Opportunity Fund, 69.4% in Fund X and 24.3% in Partnership X. Our Funds pay us fees and reimburse us for certain expenses related to property management and other services we provide. 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 cash distributions received from our Funds: Year Ended December 31, (In thousands) 2017 2016 2015 Operating distributions received $ 5,905 $ 2,668 $ 1,068 Capital distributions received 43,560 24,170 10,788 Total distributions received $ 49,465 $ 26,838 $ 11,856 Summarized Financial Information for our Funds The tables below present 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: (In thousands) December 31, 2017 December 31, 2016 Total assets $ 704,186 $ 690,028 Total liabilities $ 523,767 $ 448,544 Total equity $ 180,419 $ 241,484 Year Ended December 31, (In thousands) 2017 2016 2015 Total revenues $ 75,896 $ 73,171 $ 69,702 Operating income $ 20,640 $ 19,477 $ 17,803 Net income $ 5,085 $ 8,213 $ 6,260 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2017 | |
Other Assets [Abstract] | |
Other Assets | Other Assets Other assets consisted of the following at December 31 : (In thousands) December 31, 2017 December 31, 2016 Restricted cash $ 121 $ 121 Prepaid expenses 9,235 6,779 Other indefinite-lived intangibles 1,988 1,988 Furniture, fixtures and equipment, net 1,155 1,093 Other 5,943 1,933 Total other assets $ 18,442 $ 11,914 |
Secured Notes Payable and Revol
Secured Notes Payable and Revolving Credit Facility, Net | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Secured Notes Payable and Revolving Credit Facility, Net | Secured Notes Payable and Revolving Credit Facility, Net The following table summarizes our secured notes payable and revolving credit facility: Description Maturity Date (1) Principal Balance as of December 31, 2017 Principal Balance as of December 31, 2016 Variable Interest Rate Fixed Interest Rate (2) Swap Maturity Date Wholly Owned Subsidiaries Term loan (3) — $ — $ 1,000 — — — Term loan (3) — — 349,933 — — — Fannie Mae loans (3) — — 388,080 — — — Term loan (3) — — 345,759 — — — Term loan (4) 2/1/2019 146,974 149,911 N/A 4.00% — Term loan (4) 6/5/2019 280,721 285,000 N/A 3.85% — Fannie Mae loan 10/1/2019 145,000 145,000 LIBOR + 1.25% N/A — Term loan (5) 4/15/2022 340,000 340,000 LIBOR + 1.40% 2.77% 4/1/2020 Term loan (5) 7/27/2022 180,000 180,000 LIBOR + 1.45% 3.06% 7/1/2020 Term loan (5) 11/1/2022 400,000 400,000 LIBOR + 1.35% 2.64% 11/1/2020 Term loan (5) 6/23/2023 360,000 360,000 LIBOR + 1.55% 2.57% 7/1/2021 Term loan (5) 12/23/2023 220,000 220,000 LIBOR + 1.70% 3.62% 12/23/2021 Term loan (5) 1/1/2024 300,000 300,000 LIBOR + 1.55% 3.46% 1/1/2022 Fannie Mae loan (5) 4/1/2025 102,400 102,400 LIBOR + 1.25% 2.84% 3/1/2020 Fannie Mae loans (5) 12/1/2025 115,000 115,000 LIBOR + 1.25% 2.76% 12/1/2020 Fannie Mae loans (5) 6/1/2027 550,000 — LIBOR + 1.37% 3.16% 6/1/2022 Term loan (4) 6/1/2038 32,213 — N/A 4.55% — Revolving credit facility (6) 8/21/2020 — — LIBOR + 1.40% N/A — Total Wholly Owned Subsidiary Debt 3,172,308 3,682,083 Consolidated JVs Term loan (3) — — 146,000 — — — Term loan (5) 2/28/2023 580,000 580,000 LIBOR + 1.40% 2.37% 3/1/2021 Term loan (5) 12/20/2024 400,000 — LIBOR + 1.30% 3.47% 1/1/2023 Total Consolidated Debt (7) 4,152,308 4,408,083 Unamortized loan premium, net 4,191 — Deferred loan costs, net (39,109 ) (38,546 ) Total Consolidated Debt, net $ 4,117,390 $ 4,369,537 _____________________________________________________ Except as otherwise noted below, each loan (including our revolving credit facility) is non-recourse and secured by one or more separate collateral pools consisting of one or more properties, and requires monthly payments of interest only with the outstanding principal due upon maturity. (1) Maturity dates include the effect of extension options. (2) Includes the effect of interest rate swaps and excludes the effect of prepaid loan costs. See Note 9 for details of our interest rate swaps. See below for details of our loan costs. (3) At December 31, 2017 , these loans have been paid off. (4) Requires monthly payments of principal and interest. Principal amortization is based upon a 30 -year amortization schedule. (5) Loan agreement includes a zero -percent LIBOR floor. The corresponding swaps do not include such a floor. (6) $400.0 million revolving credit facility. Unused commitment fees range from 0.15% to 0.20% . (7) See Note 13 for our fair value disclosures. Debt Statistics The following table summarizes our fixed and floating rate debt: (In thousands) Principal Balance as of December 31, 2017 Principal Balance as of December 31, 2016 Aggregate swapped to fixed rate loans $ 3,547,400 $ 2,985,480 Aggregate fixed rate loans 459,908 1,131,603 Aggregate floating rate loans 145,000 291,000 Total Debt $ 4,152,308 $ 4,408,083 The following table summarizes certain debt statistics: Statistics for consolidated loans with interest fixed under the terms of the loan or a swap Principal balance (in billions) $4.01 Weighted average remaining life (including extension options) 5.8 years Weighted average remaining fixed interest period 3.3 years Weighted average annual interest rate 3.09% Future Principal Payments At December 31, 2017 , the minimum future principal payments due on our secured notes payable and revolving credit facility were as follows: Year ending December 31: Excluding Maturity Extension Options Including Maturity Extension Options (1) (In thousands) 2018 $ 9,064 $ 9,064 2019 565,041 565,041 2020 295,755 755 2021 790 790 2022 1,040,826 920,826 Thereafter 2,240,832 2,655,832 Total future principal payments $ 4,152,308 $ 4,152,308 ____________________________________________ (1) Our loan agreements generally require that we meet certain minimum financial thresholds to be able to extend the loan maturity. Loan Costs Deferred loan costs are net of accumulated amortization of $18.0 million and $15.4 million at December 31, 2017 and December 31, 2016 , respectively. The table below presents the impact of loan costs included in interest expense in our consolidated statements of operations: Year Ended December 31, (In thousands) 2017 2016 2015 Loan costs expensed $ 2,359 $ 1,441 $ 278 Deferred loan cost amortization 9,033 7,608 6,969 Total $ 11,392 $ 9,049 $ 7,247 |
Interest Payable, Accounts Paya
Interest Payable, Accounts Payable and Deferred Revenue | 12 Months Ended |
Dec. 31, 2017 | |
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 as of December 31 : (In thousands) December 31, 2017 December 31, 2016 Interest payable $ 9,829 $ 9,561 Accounts payable and accrued liabilities 62,741 36,880 Deferred revenue 31,377 28,788 Total interest payable, accounts payable and deferred revenue $ 103,947 $ 75,229 |
Derivative Contracts
Derivative Contracts | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Contracts | Derivative Contracts Derivative Summary As of December 31, 2017 , all of our interest rate swaps, which include the interest rate swaps of our consolidated JVs and our unconsolidated Funds, were designated as cash flow hedges: Number of Interest Rate Swaps Notional (In thousands) Consolidated derivatives (1) 25 $ 3,547,400 Unconsolidated Funds' derivatives (2) 4 $ 510,000 ___________________________________________________ (1) The notional amount includes 100% , not our pro-rata share, of our consolidated JVs' derivatives. (2) The notional amount includes 100% , not our pro-rata share, of our unconsolidated Funds' derivatives. 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, 2017 , there have been no events of default with respect to our interest rate swaps or our consolidated JVs' or unconsolidated Funds' interest rate swaps. We do not post collateral for our swaps in a liability position. The fair value of our interest rate swaps in a liability position, including accrued interest and excluding any adjustments for credit risk, was as follows: (In thousands) December 31, 2017 December 31, 2016 Consolidated derivatives (1) $ 915 $ 7,689 Unconsolidated Funds' derivatives (2) $ — $ — ___________________________________________________ (1) Includes 100% , not our pro-rata share, of our consolidated JVs' derivatives. (2) Our unconsolidate d Funds' did not have any derivatives in a liability position. Counterparty Credit Risk We are subject to credit risk from the counterparties on our interest rate swap and cap contracts. We seek to minimize our credit risk by entering into agreements with a variety of high quality counterparties with investment grade ratings. We do not receive collateral for our contracts in an asset position. The fair value of our interest rate swaps in an asset position, including accrued interest and excluding any adjustments for credit risk, was as follows: (In thousands) December 31, 2017 December 31, 2016 Consolidated derivatives (1) $ 60,093 $ 35,144 Unconsolidated Funds' derivatives (2) $ 9,350 $ 3,724 ___________________________________________________ (1) Includes 100% , not our pro-rata share, of our consolidated JVs' derivatives. (2) Includes 100% , not our pro-rata share, of our unconsolidated Funds' derivatives. Impact of Hedges on AOCI and Consolidated Statements of Operations The table below presents the effect of our derivative instruments on our AOCI and results of operations: (In thousands) Year Ended December 31, 2017 2016 2015 Derivatives Designated as Cash Flow Hedges: Gain (loss) recorded in AOCI - consolidated derivatives (1)(5) $ 16,512 $ 14,192 $ (11,549 ) Gain (loss) recorded in AOCI - unconsolidated Funds' derivatives (2)(5) $ 3,275 $ 8 $ (1,922 ) Loss reclassified from AOCI - consolidated derivatives (3)(5) $ (13,976 ) $ (25,917 ) $ (37,390 ) Loss reclassified from AOCI - unconsolidated Funds' derivatives (4)(5) $ (527 ) $ (357 ) $ (931 ) (Loss) gain recorded - consolidated derivatives (6) $ (51 ) $ 196 $ 66 Derivatives Not Designated as Cash Flow Hedges: Gain (loss) recorded as interest expense (7) $ — $ — $ — __________________________________________________ (1) Represents the effective portion of the change in fair value of our interest rate swaps. (2) Represents our share of the effective portion of the change in fair value of our unconsolidated Funds' interest rate swaps. (3) Reclassified from AOCI as an increase to Interest expense. (4) Reclassified from AOCI as an increase to Income, including depreciation, from unconsolidated real estate funds (our share). (5) See the reconciliation of our AOCI in Note 10 . (6) Represents the ineffective portion of the change in fair value of our interest rate swaps, which is recorded as a decrease (increase) to interest expense. Our unconsolidated Funds did not have any ineffectiveness related to their interest rate swaps. (7) We and our unconsolidated Funds do not have any derivatives that are not designated as cash flow hedges. Future Reclassifications from AOCI At December 31, 2017 , our estimate of the AOCI related to derivatives designated as cash flow hedges, that will be reclassified to earnings during the next year as interest rate swap payments are made, is presented in the table below: (In thousands) Consolidated derivatives (1) $ (8,916 ) Unconsolidated Funds' derivatives (2) $ (166 ) ________________________________________ (1) Reclassified as an increase (decrease) to Interest expense. (2) Reclassified as an (increase) decrease to Income, including depreciation, from unconsolidated real estate funds (our share). |
Equity
Equity | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Equity | Equity Transactions 2017 Transactions During 2017 we, or our Operating Partnership, (i) acquired 1.1 million OP Units in exchange for issuing an equal number of shares of our common stock to the holders of the OP Units, (ii) issued 1.3 million shares of our common stock for the exercise of 3.9 million stock options on a net settlement basis (net of the exercise price and related taxes), (iii) issued 15.7 million shares of our common stock under our ATM program for net proceeds of $593.2 million , and (iv) issued 2.6 million OP Units valued at $105.7 million in connection with the acquisition of the 9401 Wilshire office property, of which we subsequently acquired 248 thousand OP Units for $10.1 million in cash. One of our JVs acquired three office properties, 1299 Ocean Avenue, 429 Santa Monica and 9665 Wilshire, for which investors contributed $284.0 million directly to the JV. 2016 Transactions During 2016 we (i) acquired 1.8 million OP Units in exchange for issuing an equal number of shares of our common stock to the holders of OP Units, (ii) acquired 25 thousand OP Units for $826 thousand in cash, (iii) issued 1.5 million shares of our common stock for the exercise of 7.6 million stock options on a net settlement basis (net of the exercise price and related taxes), (iv) issued 1.4 million shares of our common stock under our ATM program for net proceeds of $49.4 million . We also created two JVs to acquire various properties: (i) in the JV which acquired the Westwood Portfolio, investors acquired an aggregate of seventy -percent of the capital interests, as a result of contributing $320 million directly to the JV for a forty -percent interest and acquiring a thirty -percent interest from us for $241.1 million , (resulting in a gain of $1.1 million ), and (ii) in the second JV, which acquired two office properties, 12100 Wilshire and 233 Wilshire, investors acquired an aggregate of eighty -percent of the capital interests, as a result of contributing $139.8 million directly to the JV and acquiring a thirty-five -percent interest from us for $51.6 million (resulting in a gain of $587 thousand ). 2015 Transactions During 2015 we, or our Operating Partnership, (i) acquired 1.8 million OP Units in exchange for issuing an equal number of shares of our common stock to the holders of the OP Units, (ii) issued 274 thousand shares of our common stock for the excise of options for net proceeds of $4.3 million at an average price of $15.58 per share, and (iii) issued 34 thousand OP Units valued at $1 million in connection with the acquisition of land (Harbor Court Land) under one of our office buildings. See Note 3 for more information regarding our acquisitions and JV transactions. Noncontrolling Interests Our noncontrolling interests consist of interests in our Operating Partnership and consolidated JVs which are not owned by us. Noncontrolling interests in our Operating Partnership consist of OP Units and fully-vested LTIP Units, and represented approximately 14% of our Operating Partnership's total interests as of December 31, 2017 when we and our Operating Partnership had 169.6 million shares of common stock and 27.8 million OP Units and fully-vested LTIP Units outstanding. 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 acquire 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 acquisition, 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. Changes in our Ownership Interest in our Operating Partnership The table below presents the impact on our equity from net income attributable to common stockholders and changes in our ownership interest in our Operating Partnership: Year Ended December 31, (In thousands) 2017 2016 2015 Net income attributable to common stockholders $ 94,443 $ 85,397 $ 58,384 Transfers from noncontrolling interests: Exchange of OP Units with noncontrolling interests 14,242 23,060 23,703 Repurchase of OP Units from noncontrolling interests (6,764 ) (498 ) — Net transfers from noncontrolling interests 7,478 22,562 23,703 Change from net income attributable to common stockholders and transfers from noncontrolling interests $ 101,921 $ 107,959 $ 82,087 AOCI Reconciliation (1) The table below presents a reconciliation of our AOCI, which consists solely of adjustments related to derivatives designated as cash flow hedges: Year Ended December 31, (In thousands) 2017 2016 2015 Beginning balance $ 15,156 $ (9,285 ) $ (30,089 ) Other comprehensive income (loss) before reclassifications - our derivatives 16,512 14,192 (11,549 ) Other comprehensive income (loss) before reclassifications - our Fund's derivatives 3,275 8 (1,922 ) Reclassifications from AOCI - our derivatives (2) 13,976 25,917 37,390 Reclassifications from AOCI - our Fund's derivatives (3) 527 357 931 Net current period OCI 34,290 40,474 24,850 Less: OCI attributable to noncontrolling interests (6,347 ) (16,033 ) (4,046 ) OCI attributable to common stockholders 27,943 24,441 20,804 Ending balance $ 43,099 $ 15,156 $ (9,285 ) __________________________________________________ (1) See Note 9 for the details of our derivatives and Note 13 for our derivative fair value disclosures. (2) Reclassification as an increase to Interest expense. (3) Reclassification as a decrease to Income, including depreciation, from unconsolidated real estate funds. Dividends (unaudited) Our common stock dividends paid during 2017 are classified for federal income tax purposes as follows: Record Date Paid Date Dividend Per Share Ordinary Income Percentage Capital Gain Percentage Return of Capital Percentage 12/30/2016 1/13/2017 $ 0.23 22.5 % — % 77.5 % 3/31/2017 4/14/2017 0.23 22.5 % — % 77.5 % 6/30/2017 7/14/2017 0.23 22.5 % — % 77.5 % 9/29/2017 10/13/2017 0.23 22.5 % — % 77.5 % Total / Weighted Average $ 0.92 22.5 % — % 77.5 % |
EPS
EPS | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
EPS | EPS The table below presents the calculation of basic and diluted EPS: Year Ended December 31, 2017 2016 2015 Numerator (In thousands): Net income attributable to common stockholders $ 94,443 $ 85,397 $ 58,384 Allocation to participating securities: Unvested LTIP Units (626 ) (468 ) (312 ) Numerator for basic and diluted net income attributable to common stockholders $ 93,817 $ 84,929 $ 58,072 Denominator (In thousands): Weighted average shares of common stock outstanding - basic 160,905 149,299 146,089 Effect of dilutive securities: Stock options (1) 325 3,891 4,515 Weighted average shares of common stock and common stock equivalents outstanding - diluted 161,230 153,190 150,604 Basic EPS: Net income attributable to common stockholders per share $ 0.58 $ 0.57 $ 0.40 Diluted EPS: Net income attributable to common stockholders per share $ 0.58 $ 0.55 $ 0.39 ____________________________________________________ (1) The following securities were excluded from the computation of the weighted average shares of common stock and common stock equivalents outstanding - diluted because the effect of including them would be anti-dilutive to the calculation of diluted EPS: Year Ended December 31, (In thousands) 2017 2016 2015 OP Units 24,810 25,110 26,371 Vested LTIP Units 274 578 181 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation 2016 Omnibus Stock Incentive Plan The Douglas Emmett, Inc. 2016 Omnibus Stock Incentive Plan, our stock incentive plan (our "2016 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 5.3 million shares available for grant as of December 31, 2017 . Awards such as LTIP Units, deferred stock and restricted stock, which deliver the full value of the underlying shares are counted against the Plan limits as two shares. Awards such as stock options and stock appreciation rights are counted as one share. The number of shares reserved under our 2016 Plan is also subject to adjustment in the event of a stock split, stock dividend or other change in our capitalization. Shares of stock underlying any awards that are forfeited, canceled or otherwise terminated (other than by exercise) are added back to the shares of stock available for future issuance under the 2016 Plan. For options exercised, our policy is to issue common stock on a net settlement basis - net of the exercise price and related taxes. Until it expired in 2016, we made grants under our 2006 Omnibus Stock Incentive Plan (our "2006 Plan"), which was substantially similar to our 2016 Plan. No further awards may be granted under our 2006 Plan, although awards granted under the 2006 Plan in the past and which are still outstanding will continue to be governed by the terms of our 2006 Plan. Our 2016 and 2006 Plans (the "Plans") are administered by the compensation committee of our board of directors. The compensation committee may interpret our Plans and make all determinations necessary or desirable for the administration of our Plans. 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 2016 Plan. All officers, employees, directors and other key personnel (including consultants and prospective employees) are eligible to participate in our 2016 Plan. 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 2016 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, and/or achievement of pre-established performance goals, financial metrics and other objectives. Once vested, LTIP Units can generally be converted to OP Units on a one for one basis. Employee Awards We grant stock-based compensation in the form of LTIP Units as a part of our annual incentive compensation to various 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. 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. We have also made long-term grants in the form of LTIP Units to certain employees, which 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. In aggregate, we granted 800 thousand , 704 thousand and 887 thousand LTIP Units to employees during 2017 , 2016 and 2015 , respectively. Non-Employee Director Awards As annual fees for their services, each of our non-employee directors receives a grant of LTIP Units that vests on a quarterly basis during the year the services are rendered, which is the calendar year following the grant date. We granted 28 thousand , 35 thousand and 35 thousand LTIP Units to our non-employee directors during 2017 , 2016 and 2015 , respectively. In the past, 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 long-term grant to a new director who joined our board of 1 thousand LTIP units, which vested during the remainder of 2015. Compensation Expense Total stock-based compensation expense, net of capitalized amounts, was $18.5 million , $17.4 million and $15.2 million during 2017 , 2016 and 2015 , respectively. Certain amounts of stock-based compensation expense are capitalized for employees who provide leasing and construction services. We capitalized $2.5 million , $1.5 million , and $1.4 million during 2017 , 2016 and 2015 , respectively. At December 31, 2017 , the total unrecognized stock-based compensation expense for unvested LTIP Unit awards was $21.8 million , which will be recognized over a weighted-average term of two years . Stock-Based Award Activity The table below presents our outstanding stock options activity: Fully Vested Stock Options: Number of Stock Options (Thousands) Weighted Average Exercise Price Weighted Average Remaining Contract Life (Months) Total Intrinsic Value (Thousands) Intrinsic Value of Options Exercised (Thousands) Outstanding at December 31, 2014 11,809 $ 17.98 36 $ 123,017 Exercised (274 ) $ 15.58 $ 3,989 Outstanding at December 31, 2015 11,535 $ 18.04 23 $ 151,569 Exercised (7,566 ) $ 20.98 $ 104,108 Outstanding at December 31, 2016 3,969 $ 12.43 27 $ 95,770 Exercised (3,920 ) $ 12.43 $ 102,963 Outstanding at December 31, 2017 49 $ 12.66 16 $ 1,375 Exercisable at December 31, 2017 49 $ 12.66 16 $ 1,375 The table below presents our unvested LTIP Units activity: Unvested LTIP Units: Number of Units (Thousands) Weighted Average Grant Date Fair Value Grant Date Fair Value (Thousands) Outstanding at December 31, 2014 998 $ 18.48 Granted 922 $ 20.26 $ 18,673 Vested (816 ) $ 18.59 $ 15,165 Forfeited (8 ) $ 24.86 $ 200 Outstanding at December 31, 2015 1,096 $ 19.85 Granted 739 $ 27.62 $ 20,420 Vested (778 ) $ 22.23 $ 17,293 Forfeited (17 ) $ 27.77 $ 473 Outstanding at December 31, 2016 1,040 $ 23.46 Granted 828 $ 29.89 $ 24,745 Vested (807 ) $ 25.40 $ 20,497 Forfeited (5 ) $ 31.36 $ 172 Outstanding at December 31, 2017 1,056 $ 26.98 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 , we did not have any fair value estimates 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 line, interest payable, accounts payable, security deposits and dividends payable approximate fair value because of the short-term nature of these instruments. Secured notes payable: See Note 7 for the details of our secured notes payable. We estimate the fair value of our secured notes payable, which includes the secured notes payable of our consolidated JVs, 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 the estimated fair value of our secured notes payable: (In thousands) December 31, 2017 December 31, 2016 Fair value $ 4,195,489 $ 4,429,224 Carrying value $ 4,156,499 $ 4,408,083 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 the estimated fair value of our derivatives: (In thousands) December 31, 2017 December 31, 2016 Derivative Assets: Fair value - c onsolidated derivatives (1) $ 60,069 $ 35,656 Fair value - unconsolidated Funds' derivatives (2) $ 9,437 $ 3,605 Derivative Liabilities: Fair value - c onsolidated derivatives (1) $ 807 $ 6,830 Fair value - unconsolidated Funds' derivatives (2) $ — $ — ___________________________________________________________________________________ (1) Consolidated derivatives, which include 100% , not our pro-rata share, of our consolidated JVs' derivatives, are included in interest rate contracts in our consolidated balance sheet. The fair value excludes accrued interest which is included in interest payable in the consolidated balance sheet. (2) Represents 100% , not our pro-rata share, of our unconsolidated Funds' derivatives. Our pro-rata share of the amounts related to the unconsolidated Funds' derivatives is included in our Investment in unconsolidated real estate funds in our consolidated balance sheet. See Note 5 for more information regarding our unconsolidated Funds. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2017 | |
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. The table below presents the operating activity of our reportable segments: (In thousands) Year Ended December 31, 2017 2016 2015 Office Segment Total office revenues $ 715,546 $ 645,633 $ 540,975 Office expenses (233,633 ) (214,546 ) (186,556 ) Office segment profit 481,913 431,087 354,419 Multifamily Segment Total multifamily revenues 96,506 96,918 94,799 Multifamily expenses (24,401 ) (23,317 ) (23,862 ) Multifamily segment profit 72,105 73,601 70,937 Total profit from all segments $ 554,018 $ 504,688 $ 425,356 The table below is a reconciliation of the total profit from all segments to net income attributable to common stockholders: (In thousands) Year Ended December 31, 2017 2016 2015 Total profit from all segments $ 554,018 $ 504,688 $ 425,356 General and administrative (36,234 ) (34,957 ) (30,496 ) Depreciation and amortization (276,761 ) (248,914 ) (205,333 ) Other income 9,712 8,759 15,228 Other expenses (7,037 ) (9,477 ) (8,241 ) Income, including depreciation, from unconsolidated real estate funds 5,905 7,812 7,694 Interest expense (145,176 ) (146,148 ) (135,453 ) Income before gains 104,427 81,763 68,755 Gains on sales of investments in real estate — 14,327 — Net income 104,427 96,090 68,755 Less: Net income attributable to noncontrolling interests (9,984 ) (10,693 ) (10,371 ) Net income attributable to common stockholders $ 94,443 $ 85,397 $ 58,384 |
Future Minimum Lease Rental Rec
Future Minimum Lease Rental Receipts | 12 Months Ended |
Dec. 31, 2017 | |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
Future Minimum Lease Rental Receipts | Future Minimum Lease Rental Receipts We lease space to tenants primarily under non-cancelable operating leases that generally contain provisions for a base rent plus reimbursement of certain operating expenses, and we own fee interests in two parcels of land from which we receive rent under ground leases. The table below presents the future minimum base rentals on our non-cancelable office tenant and ground leases at December 31, 2017 : Year Ending December 31, (In thousands) 2018 $ 533,811 2019 487,373 2020 424,744 2021 334,173 2022 256,954 Thereafter 670,826 Total future minimum base rentals (1) $ 2,707,881 _____________________________________________________ (1) Does not include (i) residential leases, which typically have a term of one year or less, (ii) holdover rent, (ii) other types of rent such as storage rent and antenna rent, (iv) tenant reimbursements, (v) straight line rent, (vi) amortization/accretion of acquired above/below-market lease intangibles and (vii) percentage rents. The amounts assume that early termination options held by tenants are not exercised. |
Future Minimum Lease Rental Pay
Future Minimum Lease Rental Payments | 12 Months Ended |
Dec. 31, 2017 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
Future Minimum Lease Rental Payments | Future Minimum Lease Rental Payments We pay rent under a ground lease which expires on December 31, 2086 . The rent is fixed at $733 thousand per year until February 28, 2019 , and will then reset to the greater of the existing rent or market. We incurred rent expense of $733 thousand during 2017 , 2016 and 2015 , respectively. The table below presents the future minimum ground lease payments as of December 31, 2017 : Year ending December 31: (In thousands) 2018 $ 733 2019 733 2020 733 2021 733 2022 733 Thereafter 46,911 Total future minimum lease payments (1) $ 50,576 ___________________________________________________ (1) 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, 2017 | |
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 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 or letters of credit from our tenants. In 2017 , 2016 and 2015 , 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 of our consolidated JVs and unconsolidated Funds, are located in Los Angeles County, California and Honolulu, Hawaii, and we are therefore susceptible to adverse economic and regulatory developments, as well as natural disasters, in those markets. We are also subject to credit risk with respect to our interest rate swap counterparties that we use to manage the risk associated with our floating rate debt. We do not post or receive collateral with respect to our swap transactions. 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 have significant cash balances invested in a variety of short-term money market funds that are intended to preserve principal value and maintain a high degree of liquidity while providing current income. These investments are not insured against loss of principal and there is no guarantee that our investments in these funds will be redeemable at par value. We also have significant cash balances in bank accounts with high quality financial institutions with investment grade ratings. Interest bearing bank 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 on a future event that may or may not be within our control. A liability for a conditional asset retirement obligation must be recorded if the fair value of the obligation can be reasonably estimated. Environmental site assessments have identified twenty-eight buildings in our Consolidated Portfolio, and four buildings owned by our unconsolidated Funds which contain asbestos, and would have to be removed in compliance with applicable environmental regulations if these properties are demolished or undergo major renovations. As of December 31, 2017 , 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. Development and Other Contracts During 2016, we commenced building an additional 475 apartments (net of existing apartments removed) at our Moanalua Hillside Apartments in Honolulu, Hawaii. We are also investing additional capital to upgrade the existing apartments, improve the parking and landscaping, building a new leasing and management office, and construct a new recreation and fitness facility with a new pool. As of December 31, 2017 , we had completed the construction of 60 apartments and placed them into service. In West Los Angeles, we plan to build a high-rise apartment building with 376 apartments. As of December 31, 2017 , we had an aggregate remaining contractual commitment for these development projects of approximately $53.1 million . As of December 31, 2017 , we had an aggregate remaining contractual commitment for capital expenditure projects, repositionings and tenant improvements of approximately $16.0 million . Guarantees We have made certain environmental and other limited indemnities and guarantees covering customary non-recourse carve- outs for our unconsolidated Funds' debt. We have also guaranteed the related swaps. Our Funds have agreed to indemnify us for any amounts that we would be required to pay under these agreements. As of December 31, 2017 , all of the obligations under the related debt and swap agreements have been performed in accordance with the terms of those agreements. The table below summarizes our Funds' debt as of December 31, 2017 . The amounts represent 100% (not our pro-rata share) of the amounts related to our Funds: Fund (1) Loan Maturity Date Principal Balance (In millions) Variable Interest Rate Swap Fixed Interest Rate Swap Maturity Date Partnership X (2)(4) 3/1/2023 $ 110.0 LIBOR + 1.40% 2.30% 3/1/2021 Fund X (3)(4)(5) 7/1/2024 400.0 LIBOR + 1.65% 3.44% 7/1/2022 $ 510.0 ___________________________________________________ (1) See Note 5 for more information regarding our unconsolidated Funds. (2) Floating rate term loan, swapped to fixed, which is secured by two properties and requires monthly payments of interest only, with the outstanding principal due upon maturity. As of December 31, 2017 , assuming a zero -percent LIBOR interest rate during the remaining life of the swap, the maximum future payments under the swap agreement were $3.2 million . (3) Floating rate term loan, swapped to fixed, which is secured by six properties and requires monthly payments of interest only, with the outstanding principal due upon maturity. As of December 31, 2017 , assuming a zero -percent LIBOR interest rate during the remaining life of the swap, the maximum future payments under the swap agreement were $32.7 million . (4) Loan agreement includes a zero -percent LIBOR floor. The corresponding swaps do not include such a floor. (5) Loan agreement includes the requirement to purchase an interest rate cap if one month LIBOR equals or exceeds 3.56% for fourteen consecutive days after the related swap matures. |
Quarterly Financial Information
Quarterly Financial Information (unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (unaudited) | Quarterly Financial Information (unaudited) The tables below present selected quarterly information for 2017 and 2016 : Three Months Ended (In thousands, except per share amounts) March 31, June 30, 2017 September 30, 2017 December 31, 2017 Total revenue $ 194,481 $ 199,632 $ 208,749 $ 209,190 Net income before noncontrolling interests $ 21,780 $ 22,153 $ 28,508 $ 31,986 Net income attributable to common stockholders $ 19,049 $ 20,244 $ 25,614 $ 29,536 Net income per common share - basic $ 0.12 $ 0.13 $ 0.15 $ 0.17 Net income per common share - diluted $ 0.12 $ 0.13 $ 0.15 $ 0.17 Weighted average shares of common stock outstanding - basic 152,490 155,898 165,471 169,521 Weighted average shares of common stock and common stock equivalents outstanding - diluted 153,655 155,952 165,520 169,562 Three Months Ended (In thousands, except per share amounts) March 31, June 30, 2016 September 30, 2016 December 31, 2016 Total revenue $ 168,572 $ 187,215 $ 192,121 $ 194,643 Net income before noncontrolling interests $ 16,046 $ 21,780 $ 35,798 $ 22,466 Net income attributable to common stockholders $ 15,366 $ 18,482 $ 31,848 $ 19,701 Net income per common share - basic $ 0.10 $ 0.12 $ 0.21 $ 0.13 Net income per common share - diluted $ 0.10 $ 0.12 $ 0.21 $ 0.13 Weighted average shares of common stock outstanding - basic 147,236 147,722 150,753 151,446 Weighted average shares of common stock and common stock equivalents outstanding - diluted 151,451 152,805 153,419 154,052 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent events In February 2018, we closed a secured, non-recourse $335.0 million interest-only loan, scheduled to mature in March 2025 . The loan bears interest at LIBOR + 1.3% , which was effectively fixed at 3.84% through interest rate swaps until March 2023. The loan is secured by a wholly-owned office property. We used the proceeds from the loan and our credit line to pay off two loans totaling $426 million scheduled to mature in 2019. |
Schedule III - Consolidated Rea
Schedule III - Consolidated Real Estate and Accumulated Depreciation and Amortization | 12 Months Ended |
Dec. 31, 2017 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Consolidated Real Estate and Accumulated Depreciation and Amortization | Initial Cost Cost Capitalized Subsequent to Acquisition Gross Carrying Amount Property Name Encumb-rances Land Building & Improve-ments (2) Improve- ments (2) Land Building & Improve-ments (2) Total (3) Accumulated Depreciation & Amortization Year Built / Renovated Year Acquired Office Properties 100 Wilshire $ — $ 12,769 $ 78,447 $ 138,767 $ 27,108 $ 202,875 $ 229,983 $ 63,633 1968/2002 1999 233 Wilshire 62,962 9,263 130,426 1,718 9,263 132,144 141,407 5,395 1975/2008-2009 2016 401 Wilshire — 9,989 29,187 115,936 21,787 133,325 155,112 44,090 1981/2000 1996 429 Santa Monica 33,691 4,949 72,534 941 4,949 73,475 78,424 1,675 1982/2016 2017 1299 Ocean 124,699 22,748 265,198 724 22,748 265,922 288,670 5,234 1980/2006 2017 1901 Avenue of the Stars 146,974 18,514 131,752 110,064 26,163 234,167 260,330 72,519 1968/2001 2001 8484 Wilshire (1) — 8,846 77,780 15,533 8,846 93,313 102,159 14,334 1972/2013 2013 9401 Wilshire 32,213 6,740 152,310 160 6,740 152,470 159,210 — 1971 2017 9601 Wilshire 145,845 16,597 54,774 108,071 17,658 161,784 179,442 52,822 1962/2004 2001 9665 Wilshire 77,445 5,568 177,072 4,584 5,568 181,656 187,224 2,274 1971 2017 10880 Wilshire 198,794 29,995 437,514 6,095 29,988 443,616 473,604 25,282 1970/2009 2016 10960 Wilshire 201,893 45,844 429,769 7,506 45,852 437,267 483,119 24,596 1971/2006 2016 11777 San Vicente — 5,032 15,768 29,537 6,714 43,623 50,337 13,549 1974/1998 1999 12100 Wilshire 101,203 20,164 208,755 4,132 20,164 212,887 233,051 10,889 1985 2016 12400 Wilshire — 5,013 34,283 76,691 8,828 107,159 115,987 32,918 1985 1996 16501 Ventura 39,803 6,759 53,112 9,909 6,759 63,021 69,780 10,888 1986/2012 2013 Beverly Hills Medical Center — 4,955 27,766 28,181 6,435 54,467 60,902 17,371 1964/2004 2004 Bishop Place — 8,317 105,651 57,793 8,833 162,928 171,761 53,066 1992 2004 Bishop Square 180,000 16,273 213,793 22,620 16,273 236,413 252,686 56,387 1972/1983 2010 Brentwood Court — 2,564 8,872 617 2,563 9,490 12,053 3,116 1984 2006 Brentwood Executive Plaza 39,169 3,255 9,654 32,367 5,921 39,355 45,276 12,663 1983/1996 1995 Brentwood Medical Plaza 35,905 5,934 27,836 1,433 5,933 29,270 35,203 9,815 1975 2006 Brentwood San Vicente Medical — 5,557 16,457 982 5,557 17,439 22,996 5,857 1957/1985 2006 Brentwood/Saltair — 4,468 11,615 11,463 4,775 22,771 27,546 7,366 1986 2000 Bundy/Olympic 34,273 4,201 11,860 29,408 6,030 39,439 45,469 12,869 1991/1998 1994 Camden Medical Arts 38,021 3,102 12,221 27,804 5,298 37,829 43,127 12,216 1972/1992 1995 Carthay Campus 48,007 6,595 70,454 4,620 6,594 75,075 81,669 9,449 1965/2008 2014 Century Park Plaza 128,311 10,275 70,761 107,552 16,153 172,435 188,588 53,519 1972/1987 1999 Century Park West (1) — 3,717 29,099 585 3,667 29,734 33,401 10,325 1971 2007 Columbus Center 14,362 2,096 10,396 9,813 2,333 19,972 22,305 6,680 1987 2001 Coral Plaza 25,831 4,028 15,019 18,358 5,366 32,039 37,405 10,404 1981 1998 Cornerstone Plaza (1) — 8,245 80,633 5,373 8,263 85,988 94,251 24,422 1986 2007 Encino Gateway — 8,475 48,525 54,238 15,653 95,585 111,238 29,795 1974/1998 2000 Encino Plaza — 5,293 23,125 47,787 6,165 70,040 76,205 22,280 1971/1992 2000 Encino Terrace 91,133 12,535 59,554 93,982 15,533 150,538 166,071 48,060 1986 1999 Executive Tower (1) — 6,660 32,045 59,314 9,471 88,548 98,019 29,265 1989 1995 First Financial Plaza 54,084 12,092 81,104 1,882 12,092 82,986 95,078 7,921 1986 2015 Gateway Los Angeles 46,785 2,376 15,302 47,889 5,119 60,448 65,567 19,429 1987 1994 Harbor Court 30,992 51 41,001 46,232 12,060 75,224 87,284 20,463 1994 2004 Honolulu Club — 1,863 16,766 5,807 1,863 22,573 24,436 7,207 1980 2008 Landmark II — 6,086 109,259 79,461 13,070 181,736 194,806 65,683 1989 1997 Lincoln/Wilshire 38,021 3,833 12,484 22,776 7,475 31,618 39,093 9,670 1996 2000 MB Plaza 32,090 4,533 22,024 30,303 7,503 49,357 56,860 15,545 1971/1996 1998 Olympic Center 41,313 5,473 22,850 32,515 8,247 52,591 60,838 16,602 1985/1996 1997 One Westwood (1) — 10,350 29,784 61,960 9,194 92,900 102,094 28,408 1987/2004 1999 Palisades Promenade — 5,253 15,547 54,529 9,664 65,665 75,329 19,284 1990 1995 Initial Cost Cost Capitalized Subsequent to Acquisition Gross Carrying Amount Property Name Encumb-rances Land Building & Improve-ments (2) Improve-ments (2) Land Building & Improve-ments (2) Total (3) Accumulated Depreciation & Amortization Year Built / Renovated Year Acquired Office Properties (continued) Saltair/San Vicente 21,269 5,075 6,946 16,630 7,557 21,094 28,651 7,030 1964/1992 1997 San Vicente Plaza — 7,055 12,035 82 7,055 12,117 19,172 4,328 1985 2006 Santa Monica Square (1) — 5,366 18,025 20,972 6,863 37,500 44,363 12,427 1983/2004 2001 Second Street Plaza 49,505 4,377 15,277 35,328 7,421 47,561 54,982 15,295 1991 1997 Sherman Oaks Galleria 300,000 33,213 17,820 398,869 48,328 401,574 449,902 129,471 1981/2002 1997 Studio Plaza — 9,347 73,358 131,054 15,015 198,744 213,759 73,363 1988/2004 1995 The Tower 65,969 9,643 160,602 2,031 9,643 162,633 172,276 10,069 1988/1998 2016 The Trillium (1) — 20,688 143,263 81,469 21,988 223,432 245,420 68,822 1988 2005 Valley Executive Tower 92,618 8,446 67,672 101,921 11,737 166,302 178,039 50,854 1984 1998 Valley Office Plaza 41,271 5,731 24,329 47,536 8,957 68,639 77,596 22,989 1966/2002 1998 Verona — 2,574 7,111 14,875 5,111 19,449 24,560 6,312 1991 1997 Village on Canon 58,337 5,933 11,389 49,292 13,303 53,311 66,614 16,664 1989/1995 1994 Warner Center Towers 280,721 43,110 292,147 405,168 59,418 681,007 740,425 212,766 1982-1993/2004 2002 Westside Towers 107,386 8,506 79,532 79,372 14,568 152,842 167,410 47,741 1985 1998 Westwood Center 113,344 9,512 259,341 3,448 9,513 262,788 272,301 15,962 1965/2000 2016 Westwood Place 65,669 8,542 44,419 51,019 11,448 92,532 103,980 29,310 1987 1999 Multifamily Properties 555 Barrington 50,000 6,461 27,639 40,239 14,903 59,436 74,339 18,892 1989 1999 Barrington Plaza 210,000 28,568 81,485 152,513 58,208 204,358 262,566 63,994 1963/1998 1998 Barrington/Kiowa 11,345 5,720 10,052 499 5,720 10,551 16,271 3,361 1974 2006 Barry 9,000 6,426 8,179 425 6,427 8,603 15,030 2,855 1973 2006 Kiowa 4,535 2,605 3,263 276 2,605 3,539 6,144 1,165 1972 2006 Moanalua Hillside Apartments 145,000 19,426 85,895 38,222 30,071 113,472 143,543 36,956 1968/2004 2005 Pacific Plaza 78,000 10,091 16,159 73,409 27,816 71,843 99,659 22,103 1963/1998 1999 The Shores 212,000 20,809 74,191 198,549 60,556 232,993 293,549 70,922 1965-67/2002 1999 Villas at Royal Kunia 90,120 42,887 71,376 14,066 35,164 93,165 128,329 33,403 1990/1995 2006 Waena Apartments 102,400 26,864 119,273 476 26,864 119,749 146,613 10,463 1970/2009-2014 2014 Ground Lease Owensmouth/Warner (1) — 23,848 — — 23,848 — 23,848 — N/A 2006 Total Operating Properties $ 4,152,308 $ 788,068 $ 5,330,916 $ 3,585,752 $ 1,062,345 $ 8,642,391 $ 9,704,736 $ 2,012,752 Property Under Development Landmark II Development $ — $ 13,070 $ — $ 7,760 $ 13,070 $ 7,760 $ 20,830 N/A N/A Moanalua Hillside Apartments - Development — 5,294 — 98,348 5,294 98,348 103,642 N/A N/A Total Property Under Development $ — $ 18,364 $ — $ 106,108 $ 18,364 $ 106,108 $ 124,472 $ — Total $ 4,152,308 $ 806,432 $ 5,330,916 $ 3,691,860 $ 1,080,709 $ 8,748,499 $ 9,829,208 $ 2,012,752 _____________________________________________________ (1) These properties are encumbered by our revolving credit facility, which had a zero balance as of December 31, 2017 . (2) Includes tenant improvements and lease intangibles. (3) At December 31, 2017 , the aggregate cost of consolidated real estate for federal income tax purposes was $6.75 billion . The table below presents a reconciliation of our investment in real estate: Year Ended December 31, 2017 2016 2015 Investment in real estate, gross Beginning balance $ 8,998,120 $ 7,266,009 $ 7,099,571 Property acquisitions 707,120 1,750,828 120,696 Improvements 111,642 96,649 75,367 Developments 66,013 31,559 3,778 Properties held for sale — (186 ) (288 ) Removal of fully depreciated and amortized tenant improvements and lease intangibles (53,687 ) (146,739 ) (33,115 ) Ending balance $ 9,829,208 $ 8,998,120 $ 7,266,009 Accumulated depreciation and amortization Beginning balance $ (1,789,678 ) $ (1,687,998 ) $ (1,517,417 ) Depreciation and amortization (276,761 ) (248,914 ) (205,333 ) Properties held for sale — 495 1,637 Removal of fully depreciated and amortized tenant improvements and lease intangibles 53,687 146,739 33,115 Ending balance $ (2,012,752 ) $ (1,789,678 ) $ (1,687,998 ) Investment in real estate, net $ 7,816,456 $ 7,208,442 $ 5,578,011 |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates 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 property acquisitions as asset acquisitions, and include the acquired properties results of operations in our results of operations from the respective acquisition date. We allocate the purchase price, which includes the capitalized transaction costs, to: (i) land, (ii) buildings and improvements, (iii) tenant improvements and identifiable intangible assets such as in-place at-market leases, (iv) acquired above- and below-market ground and tenant leases (including for renewal options), and if applicable (v) assumed debt, based upon our estimates of expected future cash flows and other valuation techniques. Our estimates are based upon expected future cash flows and other valuation techniques. We estimate the relative fair values of the tangible assets on an ‘‘as-if-vacant’’ basis. The estimated relative fair value of acquired in-place at-market leases are the estimated costs to lease the property to the occupancy level at the date of acquisition, including the fair value of leasing commissions and legal costs. 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. Above- and below-market ground and tenant leases are recorded as an asset or liability based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between the contractual amounts to be paid or received pursuant to the in-place ground or tenant leases, respectively, and our estimate of the fair market rental rates for the corresponding in-place leases, over the remaining non-cancelable term of the lease. Assumed debt is recorded at fair value based upon the present value of the expected future payments. See Note 3 for our property acquisition disclosures. Buildings and improvements are depreciated on a straight-line basis using an estimated life of forty years for buildings and fifteen years for improvements, and are carried on our balance sheet, offset by the related accumulated depreciation and any impairment charges, 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 lease termination. Acquired in-place leases are amortized on a straight line basis over the weighted average remaining term of the acquired in-place leases, and are carried on our balance sheet, offset by the related accumulated amortization, until the related building is either sold or impaired. Lease intangibles are amortized on a straight-line basis over the related lease term, with any remaining balance amortized in the period of any early lease termination. 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. 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 related 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 related lease and recorded either as an increase (for below-market leases) or a decrease (for above-market leases) to expense. 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. Repairs and maintenance are recorded as expense when incurred. Properties are classified as held for sale in our consolidated balance sheets when they meet certain requirements, including the approval of the sale of the property, the marketing of the property for sale, and our expectation that the sale will likely occur within the next 12 months. Properties classified as held for sale are carried at the lower of their carrying value or fair value less costs to sell, and we also cease to depreciate the property. As of December 31, 2017 and 2016 , we did not have any properties held for sale. 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. |
Investment in Unconsolidated Real Estate Funds | Investment in Unconsolidated Real Estate Funds We manage and hold equity interests in three Funds: Fund X, Partnership X and the Opportunity Fund. As of December 31, 2017 , we held direct and indirect equity interests of 69.4% of Fund X, 24.3% of Partnership X and 6.2% of the Opportunity Fund. We account for our investments in the Funds using the equity method because we have significant influence but not control over the Funds, and our Funds do not qualify as VIEs. Our investment balance includes our share of the net assets of the combined Funds, acquisition basis difference, additional basis for capital raising costs, our share of our Funds' accumulated other comprehensive income (loss) related to our Funds' derivatives, and notes receivable from our Funds. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets We periodically assess whether there has been any impairment in the carrying value of our properties and whenever events or changes in circumstances indicate that the carrying value of a property may not be recoverable. An impairment charge would be recorded if events or change in circumstances indicate that a decline in the fair value below the carrying value has occurred and the decline is other-than-temporary. Recoverability of the carrying value of our properties is measured by a comparison of the carrying value to the undiscounted future cash flows expected to be generated by the property. If the carrying value exceeds the estimated undiscounted future cash flows, an impairment loss is recorded equal to the difference between the property's carrying value and its fair value based on the estimated discounted future cash flows. We also perform a similar periodic assessment for our investments in our Funds. |
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. If a lease is canceled then the deferred rent is recognized over the new remaining lease term. We recognized straight line rent of $12.9 million , $13.6 million and $4.8 million during 2017 , 2016 and 2015 , respectively. 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 consolidated statements of operations, are recognized on a straight line basis over the new remaining lease term when the related lease is canceled. We recognized lease termination revenue of $2.1 million , $2.4 million and $2.2 million during 2017 , 2016 and 2015 , respectively. Tenant improvements constructed, and owned by us, and reimbursed by tenants are recorded as our assets, and the related revenue, which is included in rental revenues in the consolidated statements of operations, is recognized over the related lease term. We recognized revenue for leasehold improvements of $2.6 million , $2.6 million and $1.9 million during 2017 , 2016 and 2015 , respectively. 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 differences between the estimated expenses we billed to the tenant and the actual expenses incurred. Recognition of gains on sales of investments in 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. |
Allowances for Tenant Receivables and Deferred Rent Receivables | Allowances for Tenant Receivables and Deferred Rent Receivables We present our tenant receivables and deferred rent receivables net of allowances on our consolidated balance sheets. 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 the cumulative cash rents billed to date under the lease agreement. We consider many factors when evaluating the level of allowances necessary, including evaluations of individual tenant receivables, historical loss activity, current economic conditions and other relevant factors. We generally obtain letters of credit or security deposits from our tenants. |
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 from our short-term money market fund investments is recognized on an accrual basis. Interest income is included in other income in the consolidated statements of operations. |
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 costs 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 costs incurred in connection with the modification over the new term of the modified debt, and (iii) expense all other costs associated with the modification. If the old debt is determined to be extinguished then we (i) write off any unamortized deferred loan costs 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 costs 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 of the new arrangement is (a) equal to or greater than the borrowing capacity of the old arrangement, or (b) less than the borrowing capacity of the old arrangement (borrowing capacity is defined as the product of the remaining term and the maximum available credit). 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 unamortized deferred loan costs from the old arrangement over the term of the new arrangement and (ii) defer all lender and other costs incurred directly 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) write off any unamortized deferred loan costs at the time of the transaction 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 costs incurred directly in connection with the new arrangement over the term of the new arrangement. Deferred loan costs are presented on the balance sheet as a 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. |
Debt Discounts and Premiums | Debt Discounts and Premiums Debt discounts and premiums related to recording debt assumed in connection with property acquisitions at fair value are generally amortized and accreted, respectively, on a straight-line basis over the remaining term of the related loan, which approximates the effective interest method. The amortization/accretion is included in interest expense in our consolidated statements of operations. |
Derivative Contracts | Derivative Contracts We make use of interest rate swap and 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 also 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 entering into derivative agreements, we generally elect to designate them as cash flow hedges for accounting purposes. Changes in fair value of hedging instruments designated as cash flow hedges 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. For our Funds' hedging instruments designated as cash flow hedges, we record our share of the changes in fair value of the hedging instrument in AOCI and our share of any hedge ineffectiveness is recorded in income, including depreciation, from unconsolidated real estate funds in our consolidated statements of operations. 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. Changes in fair value of hedging instruments not designated as cash flow hedges are recorded as interest expense. We present our derivatives on the balance sheet at fair value on a gross basis. Our share of the fair value of our Funds' derivatives is included in our investment in unconsolidated real estate funds on our consolidated balance sheet. |
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 stock options and LTIP Units is amortized over any vesting period |
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 respective 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 respective period using the treasury stock method. Unvested LTIP Units contain non-forfeitable rights to dividends and we account for them as participating securities and include them in the computation of basic and diluted EPS using the two-class method. |
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. |
Income Taxes | Income Taxes We have elected to be taxed as a REIT under the Code, commencing with our initial taxable year ended 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 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. We have elected to treat two of our subsidiaries as TRSs, which generally may engage in any business, including the provision of customary or non-customary services to 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. Neither of our TRSs had any significant tax provisions or deferred income tax items for 2017 , 2016 or 2015 . Our subsidiaries (other than our TRS), including our Operating Partnership, are partnerships, disregarded entities, QRS or REITs, as applicable, 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 is reportable in the income tax returns of the respective owners. Accordingly, no income tax provision is included in our consolidated financial statements for these entities. |
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. ASUs Adopted During 2017 ASU No. 2016-07, "Simplifying the Transition to the Equity Method of Accounting", which amends "Investments-Equity Method and Joint Ventures" (Topic 323), simplifies the transition to the equity method of accounting by eliminating the requirement that an entity retroactively adopt the equity method of accounting if an investment qualifies for equity method accounting as a result of an increase in the level of ownership or degree of influence. This ASU requires that the investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment qualifies for equity method accounting. We adopted the ASU in the first quarter of 2017 and it did not have a material impact on our financial statements. ASU No. 2016-09, "Improvements to Employee Share-Based Payment Accounting", which amends "Compensation-Stock Compensation" (Topic 718), simplifies the accounting for several aspects of share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Some of the areas for simplification apply only to nonpublic entities. We adopted the ASU in the first quarter of 2017 and it did not have a material impact on our financial statements. ASU No. 2016-17, "Interests Held Through Related Parties That Are Under Common Control", provides guidance regarding the consolidation of VIEs. We adopted the ASU in the first quarter of 2017 and it did not have a material impact on our financial statements. ASU No. 2017-01, "Clarifying the Definition of a Business", provides guidance with evaluating whether acquisition and disposal transactions should be accounted for as assets or businesses. The ASU generally requires that our property acquisitions be accounted for as asset purchases, and the related acquisition expenses be capitalized as part of the respective asset. We historically accounted for our property acquisitions as business combinations and expensed the related acquisition expenses as incurred. We adopted the ASU in the first quarter of 2017 and it did not have a material impact on our financial statements. Recently Issued ASUs In February 2016, the FASB issued ASU No. 2016-02, "Leases" (Topic 842). The primary difference between Topic 842 and current GAAP is the recognition of lease assets and liabilities by lessees for leases classified as operating leases under current GAAP. The accounting applied by lessors is largely unchanged from current GAAP. For example, the vast majority of operating leases will remain classified as operating leases, and lessors will continue to recognize lease income for those leases on a straight-line basis over the lease term. Topic 842 requires an entity to separate the lease components from the non-lease components (for example, maintenance services or other activities that transfer a good or service to the customer) in a contract. Only the lease components must be accounted for in accordance with Topic 842. The consideration in the contract is allocated to the lease and non-lease components on a relative standalone price basis for lessees, or in accordance with the allocation guidance in Topic 606 for lessors. Topic 842 defines initial direct costs of a lease (which may be capitalized) as costs that would not have been incurred had the lease not been executed. Costs to negotiate a lease that would have been incurred regardless of whether the lease was executed, such as fixed employee salaries, are not considered to be initial direct costs, and may not be capitalized. This ASU is effective for annual and interim periods beginning after December 15, 2018, which for us would be the first quarter of 2019, and early adoption is permitted. This ASU is required to be adopted using a modified retrospective approach which includes optional practical expedients related to leases that commenced before the effective date. We are currently evaluating the impact of this ASU on our financial statements. In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers" (Topic 606), which provides guidance for the accounting of revenue from contracts with customers, and supersedes Topic 605, "Revenue Recognition", and most industry-specific guidance throughout the industry topics of the Codification. In August 2015, the FASB issued ASU No. 2015-14, which defers the effective date of ASU No. 2014-09 by one year. In March 2016, the FASB issued ASU No. 2016-08, "Principal versus Agent Considerations (Reporting Revenue Gross versus Net)", which amends Topic 606 and clarifies the guidance for principal versus agent considerations. In April 2016, the FASB issued ASU No. 2016-10, "Identifying Performance Obligations and Licensing" which amends Topic 606 and provides guidance for identifying performance obligations and licensing. In May 2016, the FASB issued ASU No. 2016-12, "Narrow-Scope Improvements and Practical Expedients" which amends Topic 606 and provides guidance for a variety of revenue recognition related topics. In February 2017, the FASB issued ASU No. 2017-05 "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets" (Subtopic 610-20), which provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with non-customers. These ASUs are effective for annual and interim periods beginning after December 15, 2017, which for us is the first quarter of 2018. The amendments are required to be applied on a retrospective basis. We completed our evaluation of the ASUs and we do not expect the ASUs to have a material impact on our financial statements. The FASB has not issued any other ASUs during 2017 and 2018 that we expect to be applicable and have a material impact on our financial statements. |
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 |
Overview (Tables)
Overview (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Real Estate Properties | As of December 31, 2017 , our portfolio consisted of the following properties (not including two parcels of land from which we receive rent under ground leases): Consolidated Portfolio Total Portfolio Office (includes ancillary retail space) Wholly-owned properties 53 53 JV properties 10 10 Fund properties — 8 63 71 Multifamily Wholly-owned properties 10 10 Total 73 81 |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Tenant Receivables and Deferred Rent Receivables | The table below presents our allowances and security obtained from our tenants: (In thousands) December 31, 2017 December 31, 2016 Allowance for tenant receivables $ 3,062 $ 2,656 Allowance for deferred rent receivables $ 3,405 $ 5,144 Letters of credit from our tenants $ 25,212 $ 25,535 Cash security deposits from our tenants $ 50,414 $ 45,990 The table below presents the impact of the changes in our allowances on our results of operations: Year Ended December 31, (In thousands) 2017 2016 2015 Tenant receivables allowance - decrease in net income $ (406 ) $ (422 ) $ (223 ) Deferred rent receivables allowance - increase (decrease) in net income $ 1,739 $ 898 $ (242 ) |
Investment in Real Estate (Tabl
Investment in Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The table below summarizes the purchase accounting for the acquisitions. The contract and purchase prices differ due to prorations and similar matters. (in thousands) 12100 Wilshire 233 Wilshire Submarket Brentwood Santa Monica Acquisition date July 21 September 27 Contract price $ 225,000 $ 139,500 Building square footage 365 129 Investment in real estate: Land $ 20,164 $ 9,263 Buildings and improvements 199,698 126,938 Tenant improvements and lease intangibles 9,057 3,488 Acquired above- and below-market leases, net (4,523 ) (1,838 ) Net assets and liabilities acquired $ 224,396 $ 137,851 The table below summarizes the purchase accounting for the acquisitions. The contract and purchase prices differ due to prorations and similar matters. (in thousands) Harbor Court Land (1) First Financial Plaza Submarket Honolulu Encino Acquisition date February 12 March 5 Contract price $ 27,500 $ 92,400 Building square footage (if applicable) N/A 227 Investment in real estate: 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 The table below summarizes the purchase price allocations for the acquisitions. The contract and purchase prices differ due to prorations and similar matters. (In thousands) 1299 Ocean 429 Santa Monica 9665 Wilshire 9401 Wilshire (1) Submarket Santa Monica Santa Monica Beverly Hills Beverly Hills Acquisition date April 25 April 25 July 20 December 20 Contract price $ 275,800 $ 77,000 $ 177,000 $ 143,647 Building square footage 206 87 171 146 Investment in real estate: Land $ 22,748 $ 4,949 $ 5,568 $ 6,740 Buildings and improvements 260,188 69,286 175,960 144,467 Tenant improvements and lease intangibles 5,010 3,248 1,112 7,843 Acquired above- and below-market leases, net (10,683 ) (722 ) (4,339 ) (11,559 ) Assumed debt (2) — — — (36,460 ) Net assets and liabilities acquired $ 277,263 $ 76,761 $ 178,301 $ 111,031 _____________________________________________________ (1) We issued OP Units to the seller in connection with the acquisition of 9401 Wilshire. See Note 10 for more information. (2) We assumed a loan from the seller in connection with the acquisition of 9401 Wilshire. At the date of acquisition, the loan had a fair value of $36.5 million and a principal balance of $32.3 million . See Note 7 for more information. The table below summarizes our purchase accounting and funding sources for the acquisition. The contract and purchase price differ due to prorations and similar matters. (in thousands) Actual at Closing (1) Pro Forma Sell Down Adjustments (2) Pro Forma Building square footage 1,725 1,725 Use of funds: Land $ 94,996 $ 94,996 Buildings and improvements 1,236,786 1,236,786 Tenant improvements and lease intangibles 50,439 50,439 Acquired above- and below-market leases, net (3) (49,708 ) (49,708 ) Net assets and liabilities acquired $ 1,332,513 $ 1,332,513 Source of funds: Cash on hand (4) $ 153,745 $ — $ 153,745 Credit facility (5) 290,000 (240,000 ) 50,000 Non-recourse term loan, net (6) 568,768 — 568,768 Noncontrolling interests 320,000 240,000 560,000 Total source of funds $ 1,332,513 $ — $ 1,332,513 ________________________________________________ (1) Reflects the purchase of the Westwood Portfolio on the Acquisition Date when we contributed sixty -percent of the equity to the consolidated JV. (2) Reflects our sale of thirty -percent of the equity in the JV on the Sell Down Date, presented as of the Acquisition Date, treated as in-substance real estate, which reduced our ownership interest in the JV to thirty -percent. We sold the interest for the $240.0 million we contributed plus an additional $1.1 million to compensate us for the cost of holding the investment. We recognized a gain on the sale of $1.1 million . We used the proceeds from the sale to pay down the balance owed on our revolving credit facility. (3) As of the Acquisition Date, the weighted average remaining life of the acquired above- and below-market leases was approximately 4.4 years . (4) Cash paid included a $75.0 million deposit, $67.5 million paid at closing, and $11.2 million spent on loan costs in connection with securing the $580.0 million term loan. (5) Reflects borrowings using our credit facility, which bears interest at LIBOR + 1.40% . See Note 7 for information regarding our credit facility. (6) Reflects 100% (not our pro rata share) of a $580.0 million interest-only non-recourse loan, net of deferred loan costs of $11.2 million incurred to secure the loan. The loan has a seven -year term and is secured by the Westwood Portfolio. Interest on the loan is floating at LIBOR + 1.40% , which has been effectively fixed at 2.37% per annum for five years through interest rate swaps. See Note 7 for information regarding this loan. |
Schedule of Revenue and Net Income Attributable to Common Stockholders from the Westwood Portfolio | The table below presents the revenues and net income attributable to common stockholders from the Westwood Portfolio included in the consolidated statement of operations from the Acquisition Date: Year Ended December 31, (in thousands) 2017 2016 Total office revenues $ 96,106 $ 80,464 Net income attributable to common stockholders (1) $ 6,346 $ 2,998 ______________________________________________________ (1) Excluding transaction costs, net income attributable to common stockholders was $6.3 million and $5.0 million for the years ended December 31, 2017 and 2016 , respectively. |
Schedule of Pro Forma Information | The table below presents the historical results of Douglas Emmett, Inc. and the Westwood Portfolio on a combined basis as if the acquisition was completed on January 1, 2015, based on our thirty -percent ownership interest and includes adjustments that give effect to events that are (i) directly attributable to the acquisition, (ii) expected to have a continuing impact on us, and (iii) are factually supportable. The pro forma reflects the hypothetical impact of the acquisition on us and does not purport to represent what our results of operations would have been had the acquisition occurred on January 1, 2015, or project the results of operations for any future period. The information does not reflect cost savings or operating synergies that may result from the acquisition or the costs to achieve any such potential cost savings or operating synergies. Transaction costs related to the acquisition have been excluded. Year Ended December 31, (in thousands, except per share information) 2016 2015 Pro forma revenues $ 755,878 $ 724,596 Pro forma net income attributable to common stockholders $ 84,319 $ 59,374 Pro forma net income attributable to common stockholders per share – basic $ 0.56 $ 0.40 Pro forma net income attributable to common stockholders per share – diluted $ 0.55 $ 0.39 |
Acquired Lease Intangibles (Tab
Acquired Lease Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Acquired Lease Intangibles | The table below summarizes our above- and below-market leases: (In thousands) December 31, 2017 December 31, 2016 Above-market tenant leases $ 7,177 $ 7,156 Accumulated amortization - above-market tenant leases (3,846 ) (2,988 ) Above-market ground leases 1,152 1,152 Accumulated amortization - above-market ground leases (190 ) (173 ) Acquired lease intangible assets, net $ 4,293 $ 5,147 Below-market tenant leases $ 127,606 $ 104,925 Accumulated accretion - below-market tenant leases (55,428 ) (41,241 ) Above-market ground leases 4,017 4,017 Accumulated accretion - above-market ground leases (560 ) (510 ) Acquired lease intangible liabilities, net $ 75,635 $ 67,191 |
Schedule of Net Amortization or Accretion of Above- and Below-Market Leases | The table below summarizes the net amortization/accretion related to our above- and below-market leases: Year Ended December 31, (In thousands) 2017 2016 2015 Net accretion of above- and below-market tenant leases (1) $ 17,973 $ 18,165 $ 12,467 Amortization of above-market ground leases (2) (17 ) (17 ) (17 ) Accretion of above-market ground lease (3) 50 50 50 Accretion of above-market ground lease (4) — — 6,600 Total $ 18,006 $ 18,198 $ 19,100 _______________________________________________________________________________________ (1) Recorded as a net increase to office and multifamily rental revenues. (2) The amortization of the below-market rent we receive under this ground lease is recorded as an increase to office parking and other income. (3) The accretion of the above-market rent we pay under this ground lease is recorded as a decrease to office expense. (4) The accretion of the above-market rent we paid under this ground lease is recorded as an increase to other income. During 2015, we acquired the fee interest in the land (Harbor Court Land). See Note 3 . |
Schedule of Estimated Future Net Accretion | The table below presents the future net accretion related to our above- and below-market leases at December 31, 2017 : Year ending December 31: Net increase to revenues Decrease to expenses Total (In thousands) 2018 $ 18,794 $ 50 $ 18,844 2019 16,809 50 16,859 2020 13,987 50 14,037 2021 7,933 50 7,983 2022 4,361 50 4,411 Thereafter 6,001 3,207 9,208 Total $ 67,885 $ 3,457 $ 71,342 |
Investments in Unconsolidated33
Investments in Unconsolidated Real Estate Funds (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate Investments, Net [Abstract] | |
Summary of Statement of Operations for Investments in Unconsolidated Real Estate Funds and Cash Received from Funds | The table below presents cash distributions received from our Funds: Year Ended December 31, (In thousands) 2017 2016 2015 Operating distributions received $ 5,905 $ 2,668 $ 1,068 Capital distributions received 43,560 24,170 10,788 Total distributions received $ 49,465 $ 26,838 $ 11,856 The tables below present 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: (In thousands) December 31, 2017 December 31, 2016 Total assets $ 704,186 $ 690,028 Total liabilities $ 523,767 $ 448,544 Total equity $ 180,419 $ 241,484 Year Ended December 31, (In thousands) 2017 2016 2015 Total revenues $ 75,896 $ 73,171 $ 69,702 Operating income $ 20,640 $ 19,477 $ 17,803 Net income $ 5,085 $ 8,213 $ 6,260 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Assets [Abstract] | |
Schedule of Other Assets | Other assets consisted of the following at December 31 : (In thousands) December 31, 2017 December 31, 2016 Restricted cash $ 121 $ 121 Prepaid expenses 9,235 6,779 Other indefinite-lived intangibles 1,988 1,988 Furniture, fixtures and equipment, net 1,155 1,093 Other 5,943 1,933 Total other assets $ 18,442 $ 11,914 |
Secured Notes Payable and Rev35
Secured Notes Payable and Revolving Credit Facility, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Secured Notes Payable and Revolving Credit Facility | The following table summarizes our secured notes payable and revolving credit facility: Description Maturity Date (1) Principal Balance as of December 31, 2017 Principal Balance as of December 31, 2016 Variable Interest Rate Fixed Interest Rate (2) Swap Maturity Date Wholly Owned Subsidiaries Term loan (3) — $ — $ 1,000 — — — Term loan (3) — — 349,933 — — — Fannie Mae loans (3) — — 388,080 — — — Term loan (3) — — 345,759 — — — Term loan (4) 2/1/2019 146,974 149,911 N/A 4.00% — Term loan (4) 6/5/2019 280,721 285,000 N/A 3.85% — Fannie Mae loan 10/1/2019 145,000 145,000 LIBOR + 1.25% N/A — Term loan (5) 4/15/2022 340,000 340,000 LIBOR + 1.40% 2.77% 4/1/2020 Term loan (5) 7/27/2022 180,000 180,000 LIBOR + 1.45% 3.06% 7/1/2020 Term loan (5) 11/1/2022 400,000 400,000 LIBOR + 1.35% 2.64% 11/1/2020 Term loan (5) 6/23/2023 360,000 360,000 LIBOR + 1.55% 2.57% 7/1/2021 Term loan (5) 12/23/2023 220,000 220,000 LIBOR + 1.70% 3.62% 12/23/2021 Term loan (5) 1/1/2024 300,000 300,000 LIBOR + 1.55% 3.46% 1/1/2022 Fannie Mae loan (5) 4/1/2025 102,400 102,400 LIBOR + 1.25% 2.84% 3/1/2020 Fannie Mae loans (5) 12/1/2025 115,000 115,000 LIBOR + 1.25% 2.76% 12/1/2020 Fannie Mae loans (5) 6/1/2027 550,000 — LIBOR + 1.37% 3.16% 6/1/2022 Term loan (4) 6/1/2038 32,213 — N/A 4.55% — Revolving credit facility (6) 8/21/2020 — — LIBOR + 1.40% N/A — Total Wholly Owned Subsidiary Debt 3,172,308 3,682,083 Consolidated JVs Term loan (3) — — 146,000 — — — Term loan (5) 2/28/2023 580,000 580,000 LIBOR + 1.40% 2.37% 3/1/2021 Term loan (5) 12/20/2024 400,000 — LIBOR + 1.30% 3.47% 1/1/2023 Total Consolidated Debt (7) 4,152,308 4,408,083 Unamortized loan premium, net 4,191 — Deferred loan costs, net (39,109 ) (38,546 ) Total Consolidated Debt, net $ 4,117,390 $ 4,369,537 _____________________________________________________ Except as otherwise noted below, each loan (including our revolving credit facility) is non-recourse and secured by one or more separate collateral pools consisting of one or more properties, and requires monthly payments of interest only with the outstanding principal due upon maturity. (1) Maturity dates include the effect of extension options. (2) Includes the effect of interest rate swaps and excludes the effect of prepaid loan costs. See Note 9 for details of our interest rate swaps. See below for details of our loan costs. (3) At December 31, 2017 , these loans have been paid off. (4) Requires monthly payments of principal and interest. Principal amortization is based upon a 30 -year amortization schedule. (5) Loan agreement includes a zero -percent LIBOR floor. The corresponding swaps do not include such a floor. (6) $400.0 million revolving credit facility. Unused commitment fees range from 0.15% to 0.20% . (7) See Note 13 for our fair value disclosures. Debt Statistics The following table summarizes our fixed and floating rate debt: (In thousands) Principal Balance as of December 31, 2017 Principal Balance as of December 31, 2016 Aggregate swapped to fixed rate loans $ 3,547,400 $ 2,985,480 Aggregate fixed rate loans 459,908 1,131,603 Aggregate floating rate loans 145,000 291,000 Total Debt $ 4,152,308 $ 4,408,083 The following table summarizes certain debt statistics: Statistics for consolidated loans with interest fixed under the terms of the loan or a swap Principal balance (in billions) $4.01 Weighted average remaining life (including extension options) 5.8 years Weighted average remaining fixed interest period 3.3 years Weighted average annual interest rate 3.09% |
Schedule of Minimum Future Principal Payments | At December 31, 2017 , the minimum future principal payments due on our secured notes payable and revolving credit facility were as follows: Year ending December 31: Excluding Maturity Extension Options Including Maturity Extension Options (1) (In thousands) 2018 $ 9,064 $ 9,064 2019 565,041 565,041 2020 295,755 755 2021 790 790 2022 1,040,826 920,826 Thereafter 2,240,832 2,655,832 Total future principal payments $ 4,152,308 $ 4,152,308 ____________________________________________ (1) Our loan agreements generally require that we meet certain minimum financial thresholds to be able to extend the loan maturity. |
Schedule of Loan Costs and Amortization of Deferred Loan Costs | The table below presents the impact of loan costs included in interest expense in our consolidated statements of operations: Year Ended December 31, (In thousands) 2017 2016 2015 Loan costs expensed $ 2,359 $ 1,441 $ 278 Deferred loan cost amortization 9,033 7,608 6,969 Total $ 11,392 $ 9,049 $ 7,247 |
Interest Payable, Accounts Pa36
Interest Payable, Accounts Payable and Deferred Revenue (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Schedule of Interest Payable, Accounts Payable and Deferred Revenue | Interest payable, accounts payable and deferred revenue consisted of the following as of December 31 : (In thousands) December 31, 2017 December 31, 2016 Interest payable $ 9,829 $ 9,561 Accounts payable and accrued liabilities 62,741 36,880 Deferred revenue 31,377 28,788 Total interest payable, accounts payable and deferred revenue $ 103,947 $ 75,229 |
Derivative Contracts (Tables)
Derivative Contracts (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivatives | As of December 31, 2017 , all of our interest rate swaps, which include the interest rate swaps of our consolidated JVs and our unconsolidated Funds, were designated as cash flow hedges: Number of Interest Rate Swaps Notional (In thousands) Consolidated derivatives (1) 25 $ 3,547,400 Unconsolidated Funds' derivatives (2) 4 $ 510,000 ___________________________________________________ (1) The notional amount includes 100% , not our pro-rata share, of our consolidated JVs' derivatives. (2) The notional amount includes 100% , not our pro-rata share, of our unconsolidated Funds' derivatives. |
Schedule of Derivative Liabilities at Fair Value | The fair value of our interest rate swaps in a liability position, including accrued interest and excluding any adjustments for credit risk, was as follows: (In thousands) December 31, 2017 December 31, 2016 Consolidated derivatives (1) $ 915 $ 7,689 Unconsolidated Funds' derivatives (2) $ — $ — ___________________________________________________ (1) Includes 100% , not our pro-rata share, of our consolidated JVs' derivatives. (2) Our unconsolidate d Funds' did not have any derivatives in a liability position. |
Schedule of Derivative Assets at Fair Value | The fair value of our interest rate swaps in an asset position, including accrued interest and excluding any adjustments for credit risk, was as follows: (In thousands) December 31, 2017 December 31, 2016 Consolidated derivatives (1) $ 60,093 $ 35,144 Unconsolidated Funds' derivatives (2) $ 9,350 $ 3,724 ___________________________________________________ (1) Includes 100% , not our pro-rata share, of our consolidated JVs' derivatives. (2) Includes 100% , not our pro-rata share, of our unconsolidated Funds' derivatives. |
Effect of Derivative Instruments on OCI and Statements of Operations | The table below presents the effect of our derivative instruments on our AOCI and results of operations: (In thousands) Year Ended December 31, 2017 2016 2015 Derivatives Designated as Cash Flow Hedges: Gain (loss) recorded in AOCI - consolidated derivatives (1)(5) $ 16,512 $ 14,192 $ (11,549 ) Gain (loss) recorded in AOCI - unconsolidated Funds' derivatives (2)(5) $ 3,275 $ 8 $ (1,922 ) Loss reclassified from AOCI - consolidated derivatives (3)(5) $ (13,976 ) $ (25,917 ) $ (37,390 ) Loss reclassified from AOCI - unconsolidated Funds' derivatives (4)(5) $ (527 ) $ (357 ) $ (931 ) (Loss) gain recorded - consolidated derivatives (6) $ (51 ) $ 196 $ 66 Derivatives Not Designated as Cash Flow Hedges: Gain (loss) recorded as interest expense (7) $ — $ — $ — __________________________________________________ (1) Represents the effective portion of the change in fair value of our interest rate swaps. (2) Represents our share of the effective portion of the change in fair value of our unconsolidated Funds' interest rate swaps. (3) Reclassified from AOCI as an increase to Interest expense. (4) Reclassified from AOCI as an increase to Income, including depreciation, from unconsolidated real estate funds (our share). (5) See the reconciliation of our AOCI in Note 10 . (6) Represents the ineffective portion of the change in fair value of our interest rate swaps, which is recorded as a decrease (increase) to interest expense. Our unconsolidated Funds did not have any ineffectiveness related to their interest rate swaps. (7) We and our unconsolidated Funds do not have any derivatives that are not designated as cash flow hedges. |
Schedule of Future Reclassifications from AOCI | At December 31, 2017 , our estimate of the AOCI related to derivatives designated as cash flow hedges, that will be reclassified to earnings during the next year as interest rate swap payments are made, is presented in the table below: (In thousands) Consolidated derivatives (1) $ (8,916 ) Unconsolidated Funds' derivatives (2) $ (166 ) ________________________________________ (1) Reclassified as an increase (decrease) to Interest expense. (2) Reclassified as an (increase) decrease to Income, including depreciation, from unconsolidated real estate funds (our share). |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Net Income Attributable to Common Stockholders and Transfers (to) from Noncontrolling Interests | The table below presents the impact on our equity from net income attributable to common stockholders and changes in our ownership interest in our Operating Partnership: Year Ended December 31, (In thousands) 2017 2016 2015 Net income attributable to common stockholders $ 94,443 $ 85,397 $ 58,384 Transfers from noncontrolling interests: Exchange of OP Units with noncontrolling interests 14,242 23,060 23,703 Repurchase of OP Units from noncontrolling interests (6,764 ) (498 ) — Net transfers from noncontrolling interests 7,478 22,562 23,703 Change from net income attributable to common stockholders and transfers from noncontrolling interests $ 101,921 $ 107,959 $ 82,087 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The table below presents a reconciliation of our AOCI, which consists solely of adjustments related to derivatives designated as cash flow hedges: Year Ended December 31, (In thousands) 2017 2016 2015 Beginning balance $ 15,156 $ (9,285 ) $ (30,089 ) Other comprehensive income (loss) before reclassifications - our derivatives 16,512 14,192 (11,549 ) Other comprehensive income (loss) before reclassifications - our Fund's derivatives 3,275 8 (1,922 ) Reclassifications from AOCI - our derivatives (2) 13,976 25,917 37,390 Reclassifications from AOCI - our Fund's derivatives (3) 527 357 931 Net current period OCI 34,290 40,474 24,850 Less: OCI attributable to noncontrolling interests (6,347 ) (16,033 ) (4,046 ) OCI attributable to common stockholders 27,943 24,441 20,804 Ending balance $ 43,099 $ 15,156 $ (9,285 ) __________________________________________________ (1) See Note 9 for the details of our derivatives and Note 13 for our derivative fair value disclosures. (2) Reclassification as an increase to Interest expense. (3) Reclassification as a decrease to Income, including depreciation, from unconsolidated real estate funds. |
Common Stock Dividends Classification for United States Federal Income Tax Purposes | Our common stock dividends paid during 2017 are classified for federal income tax purposes as follows: Record Date Paid Date Dividend Per Share Ordinary Income Percentage Capital Gain Percentage Return of Capital Percentage 12/30/2016 1/13/2017 $ 0.23 22.5 % — % 77.5 % 3/31/2017 4/14/2017 0.23 22.5 % — % 77.5 % 6/30/2017 7/14/2017 0.23 22.5 % — % 77.5 % 9/29/2017 10/13/2017 0.23 22.5 % — % 77.5 % Total / Weighted Average $ 0.92 22.5 % — % 77.5 % |
EPS (Tables)
EPS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 2015 Numerator (In thousands): Net income attributable to common stockholders $ 94,443 $ 85,397 $ 58,384 Allocation to participating securities: Unvested LTIP Units (626 ) (468 ) (312 ) Numerator for basic and diluted net income attributable to common stockholders $ 93,817 $ 84,929 $ 58,072 Denominator (In thousands): Weighted average shares of common stock outstanding - basic 160,905 149,299 146,089 Effect of dilutive securities: Stock options (1) 325 3,891 4,515 Weighted average shares of common stock and common stock equivalents outstanding - diluted 161,230 153,190 150,604 Basic EPS: Net income attributable to common stockholders per share $ 0.58 $ 0.57 $ 0.40 Diluted EPS: Net income attributable to common stockholders per share $ 0.58 $ 0.55 $ 0.39 ____________________________________________________ (1) The following securities were excluded from the computation of the weighted average shares of common stock and common stock equivalents outstanding - diluted because the effect of including them would be anti-dilutive to the calculation of diluted EPS: Year Ended December 31, (In thousands) 2017 2016 2015 OP Units 24,810 25,110 26,371 Vested LTIP Units 274 578 181 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock-Based Award Activity | The table below presents our outstanding stock options activity: Fully Vested Stock Options: Number of Stock Options (Thousands) Weighted Average Exercise Price Weighted Average Remaining Contract Life (Months) Total Intrinsic Value (Thousands) Intrinsic Value of Options Exercised (Thousands) Outstanding at December 31, 2014 11,809 $ 17.98 36 $ 123,017 Exercised (274 ) $ 15.58 $ 3,989 Outstanding at December 31, 2015 11,535 $ 18.04 23 $ 151,569 Exercised (7,566 ) $ 20.98 $ 104,108 Outstanding at December 31, 2016 3,969 $ 12.43 27 $ 95,770 Exercised (3,920 ) $ 12.43 $ 102,963 Outstanding at December 31, 2017 49 $ 12.66 16 $ 1,375 Exercisable at December 31, 2017 49 $ 12.66 16 $ 1,375 |
Schedule of Unvested LTIP Units | The table below presents our unvested LTIP Units activity: Unvested LTIP Units: Number of Units (Thousands) Weighted Average Grant Date Fair Value Grant Date Fair Value (Thousands) Outstanding at December 31, 2014 998 $ 18.48 Granted 922 $ 20.26 $ 18,673 Vested (816 ) $ 18.59 $ 15,165 Forfeited (8 ) $ 24.86 $ 200 Outstanding at December 31, 2015 1,096 $ 19.85 Granted 739 $ 27.62 $ 20,420 Vested (778 ) $ 22.23 $ 17,293 Forfeited (17 ) $ 27.77 $ 473 Outstanding at December 31, 2016 1,040 $ 23.46 Granted 828 $ 29.89 $ 24,745 Vested (807 ) $ 25.40 $ 20,497 Forfeited (5 ) $ 31.36 $ 172 Outstanding at December 31, 2017 1,056 $ 26.98 |
Fair Value of Financial Instr41
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Estimated Fair Value of Secured Notes Payable | The table below presents the estimated fair value of our secured notes payable: (In thousands) December 31, 2017 December 31, 2016 Fair value $ 4,195,489 $ 4,429,224 Carrying value $ 4,156,499 $ 4,408,083 |
Schedule of Financial Instruments Measured at Fair Value | The table below presents the estimated fair value of our derivatives: (In thousands) December 31, 2017 December 31, 2016 Derivative Assets: Fair value - c onsolidated derivatives (1) $ 60,069 $ 35,656 Fair value - unconsolidated Funds' derivatives (2) $ 9,437 $ 3,605 Derivative Liabilities: Fair value - c onsolidated derivatives (1) $ 807 $ 6,830 Fair value - unconsolidated Funds' derivatives (2) $ — $ — ___________________________________________________________________________________ (1) Consolidated derivatives, which include 100% , not our pro-rata share, of our consolidated JVs' derivatives, are included in interest rate contracts in our consolidated balance sheet. The fair value excludes accrued interest which is included in interest payable in the consolidated balance sheet. (2) Represents 100% , not our pro-rata share, of our unconsolidated Funds' derivatives. Our pro-rata share of the amounts related to the unconsolidated Funds' derivatives is included in our Investment in unconsolidated real estate funds in our consolidated balance sheet. See Note 5 for more information regarding our unconsolidated Funds. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Summary of Operating Activity of Reportable Segments | The table below presents the operating activity of our reportable segments: (In thousands) Year Ended December 31, 2017 2016 2015 Office Segment Total office revenues $ 715,546 $ 645,633 $ 540,975 Office expenses (233,633 ) (214,546 ) (186,556 ) Office segment profit 481,913 431,087 354,419 Multifamily Segment Total multifamily revenues 96,506 96,918 94,799 Multifamily expenses (24,401 ) (23,317 ) (23,862 ) Multifamily segment profit 72,105 73,601 70,937 Total profit from all segments $ 554,018 $ 504,688 $ 425,356 |
Reconciliation of Segment Profit to Net Loss Attributable to Common Stockholders | The table below is a reconciliation of the total profit from all segments to net income attributable to common stockholders: (In thousands) Year Ended December 31, 2017 2016 2015 Total profit from all segments $ 554,018 $ 504,688 $ 425,356 General and administrative (36,234 ) (34,957 ) (30,496 ) Depreciation and amortization (276,761 ) (248,914 ) (205,333 ) Other income 9,712 8,759 15,228 Other expenses (7,037 ) (9,477 ) (8,241 ) Income, including depreciation, from unconsolidated real estate funds 5,905 7,812 7,694 Interest expense (145,176 ) (146,148 ) (135,453 ) Income before gains 104,427 81,763 68,755 Gains on sales of investments in real estate — 14,327 — Net income 104,427 96,090 68,755 Less: Net income attributable to noncontrolling interests (9,984 ) (10,693 ) (10,371 ) Net income attributable to common stockholders $ 94,443 $ 85,397 $ 58,384 |
Future Minimum Lease Rental R43
Future Minimum Lease Rental Receipts (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 the future minimum base rentals on our non-cancelable office tenant and ground leases at December 31, 2017 : Year Ending December 31, (In thousands) 2018 $ 533,811 2019 487,373 2020 424,744 2021 334,173 2022 256,954 Thereafter 670,826 Total future minimum base rentals (1) $ 2,707,881 _____________________________________________________ (1) Does not include (i) residential leases, which typically have a term of one year or less, (ii) holdover rent, (ii) other types of rent such as storage rent and antenna rent, (iv) tenant reimbursements, (v) straight line rent, (vi) amortization/accretion of acquired above/below-market lease intangibles and (vii) percentage rents. The amounts assume that early termination options held by tenants are not exercised. |
Future Minimum Lease Payments (
Future Minimum Lease Payments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
Schedule of Future Minimum Ground Lease Payments | The table below presents the future minimum ground lease payments as of December 31, 2017 : Year ending December 31: (In thousands) 2018 $ 733 2019 733 2020 733 2021 733 2022 733 Thereafter 46,911 Total future minimum lease payments (1) $ 50,576 ___________________________________________________ (1) The table above assumes that the rental payments will continue to be $733 thousand per year after February 28, 2019 . |
Commitments, Contingencies an45
Commitments, Contingencies and Guarantees (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Debt Related to Unconsolidated Funds | The table below summarizes our Funds' debt as of December 31, 2017 . The amounts represent 100% (not our pro-rata share) of the amounts related to our Funds: Fund (1) Loan Maturity Date Principal Balance (In millions) Variable Interest Rate Swap Fixed Interest Rate Swap Maturity Date Partnership X (2)(4) 3/1/2023 $ 110.0 LIBOR + 1.40% 2.30% 3/1/2021 Fund X (3)(4)(5) 7/1/2024 400.0 LIBOR + 1.65% 3.44% 7/1/2022 $ 510.0 ___________________________________________________ (1) See Note 5 for more information regarding our unconsolidated Funds. (2) Floating rate term loan, swapped to fixed, which is secured by two properties and requires monthly payments of interest only, with the outstanding principal due upon maturity. As of December 31, 2017 , assuming a zero -percent LIBOR interest rate during the remaining life of the swap, the maximum future payments under the swap agreement were $3.2 million . (3) Floating rate term loan, swapped to fixed, which is secured by six properties and requires monthly payments of interest only, with the outstanding principal due upon maturity. As of December 31, 2017 , assuming a zero -percent LIBOR interest rate during the remaining life of the swap, the maximum future payments under the swap agreement were $32.7 million . (4) Loan agreement includes a zero -percent LIBOR floor. The corresponding swaps do not include such a floor. (5) Loan agreement includes the requirement to purchase an interest rate cap if one month LIBOR equals or exceeds 3.56% for fourteen consecutive days after the related swap matures. |
Quarterly Financial Informati46
Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The tables below present selected quarterly information for 2017 and 2016 : Three Months Ended (In thousands, except per share amounts) March 31, June 30, 2017 September 30, 2017 December 31, 2017 Total revenue $ 194,481 $ 199,632 $ 208,749 $ 209,190 Net income before noncontrolling interests $ 21,780 $ 22,153 $ 28,508 $ 31,986 Net income attributable to common stockholders $ 19,049 $ 20,244 $ 25,614 $ 29,536 Net income per common share - basic $ 0.12 $ 0.13 $ 0.15 $ 0.17 Net income per common share - diluted $ 0.12 $ 0.13 $ 0.15 $ 0.17 Weighted average shares of common stock outstanding - basic 152,490 155,898 165,471 169,521 Weighted average shares of common stock and common stock equivalents outstanding - diluted 153,655 155,952 165,520 169,562 Three Months Ended (In thousands, except per share amounts) March 31, June 30, 2016 September 30, 2016 December 31, 2016 Total revenue $ 168,572 $ 187,215 $ 192,121 $ 194,643 Net income before noncontrolling interests $ 16,046 $ 21,780 $ 35,798 $ 22,466 Net income attributable to common stockholders $ 15,366 $ 18,482 $ 31,848 $ 19,701 Net income per common share - basic $ 0.10 $ 0.12 $ 0.21 $ 0.13 Net income per common share - diluted $ 0.10 $ 0.12 $ 0.21 $ 0.13 Weighted average shares of common stock outstanding - basic 147,236 147,722 150,753 151,446 Weighted average shares of common stock and common stock equivalents outstanding - diluted 151,451 152,805 153,419 154,052 |
Overview - Narrative (Details)
Overview - Narrative (Details) ft² in Millions, $ in Millions | Dec. 31, 2017USD ($)ft²land_parcelunit |
Real Estate Properties [Line Items] | |
Variable interest entity, assets | $ 8,290 |
Variable interest entity, assets related to real estate held for investment | 7,820 |
Variable interest entity, liabilities | 4,390 |
Variable interest entity, equity | 3,900 |
Variable interest entity, equity portion attributable to noncontrolling interest | $ 1,460 |
Wholly Owned and Consolidated Properties [Member] | |
Real Estate Properties [Line Items] | |
Number of land parcels not included in portfolio | land_parcel | 2 |
Wholly Owned and Consolidated Properties [Member] | Office [Member] | |
Real Estate Properties [Line Items] | |
Area of office portfolio (sq ft) | ft² | 16.5 |
Wholly Owned and Consolidated Properties [Member] | Multifamily [Member] | |
Real Estate Properties [Line Items] | |
Number of multifamily apartment units | unit | 3,380 |
Unconsolidated Fund Properties [Member] | Office [Member] | |
Real Estate Properties [Line Items] | |
Area of office portfolio (sq ft) | ft² | 1.8 |
Overview - Schedule of Properti
Overview - Schedule of Properties (Details) | Dec. 31, 2017office_property |
Real Estate Properties [Line Items] | |
Number of properties | 81 |
Office [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | 71 |
Wholly Owned Properties [Member] | Office [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | 53 |
Wholly Owned Properties [Member] | Multifamily [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | 10 |
Consolidated JV Properties [Member] | Office [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | 10 |
Unconsolidated Fund Properties [Member] | Office [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | 8 |
Reportable Legal Entities [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | 73 |
Reportable Legal Entities [Member] | Office [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | 63 |
Reportable Legal Entities [Member] | Wholly Owned Properties [Member] | Office [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | 53 |
Reportable Legal Entities [Member] | Wholly Owned Properties [Member] | Multifamily [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | 10 |
Reportable Legal Entities [Member] | Consolidated JV Properties [Member] | Office [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | 10 |
Reportable Legal Entities [Member] | Unconsolidated Fund Properties [Member] | Office [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | 0 |
Summary of Significant Accoun49
Summary of Significant Accounting Policies - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2017USD ($)segmentfundsubsidiary | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Real Estate Properties [Line Items] | |||
Development costs capitalized | $ 66,000,000 | $ 31,600,000 | $ 3,700,000 |
Interest costs capitalized | 2,700,000 | 1,200,000 | 940,000 |
Additional basis | 2,900,000 | 2,900,000 | |
Impairment of long-lived assets | 0 | 0 | 0 |
Straight-line rent recognized | 12,855,000 | 13,599,000 | 4,840,000 |
Lease termination revenue | 2,100,000 | 2,400,000 | 2,200,000 |
Revenue recognized for leasehold improvements | $ 2,600,000 | $ 2,600,000 | $ 1,900,000 |
Number of reportable business 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 | ||
Partnership X [Member] | |||
Real Estate Properties [Line Items] | |||
Equity interest of the Fund, percent | 24.30% | ||
Fund X [Member] | |||
Real Estate Properties [Line Items] | |||
Equity interest of the Fund, percent | 69.40% | ||
Opportunity Fund [Member] | |||
Real Estate Properties [Line Items] | |||
Equity interest of the Fund, percent | 6.20% | ||
Unconsolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of real estate funds owned and managed | fund | 3 | ||
Building [Member] | |||
Real Estate Properties [Line Items] | |||
Estimated useful life | 40 years | ||
Site Improvements [Member] | |||
Real Estate Properties [Line Items] | |||
Estimated useful life | 15 years |
Summary of Significant Accoun50
Summary of Significant Accounting Policies - Tenant Receivables and Deferred Rent Receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Letters of credit from our tenants | $ 25,212 | $ 25,535 | |
Cash security deposits from our tenants | 50,414 | 45,990 | |
Tenant Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for doubtful accounts | 3,062 | 2,656 | |
Increase (decrease) in net income from change in receivable allowance | (406) | (422) | $ (223) |
Deferred Rent Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for doubtful accounts | 3,405 | 5,144 | |
Increase (decrease) in net income from change in receivable allowance | $ 1,739 | $ 898 | $ (242) |
Investment in Real Estate - 201
Investment in Real Estate - 2017 Acquisitions (Details) ft² in Thousands, $ in Thousands | Dec. 20, 2017USD ($)ft² | Jul. 20, 2017USD ($)ft² | Apr. 25, 2017USD ($)ft² | Dec. 31, 2017USD ($)property |
Real Estate Acquisition [Line Items] | ||||
Joint venture, contributions received | $ 284,000 | |||
Office [Member] | ||||
Real Estate Acquisition [Line Items] | ||||
Number of properties acquired | property | 1 | |||
Consolidated JV [Member] | Office [Member] | ||||
Real Estate Acquisition [Line Items] | ||||
Number of properties acquired | property | 3 | |||
1299 Ocean Avenue [Member] | Consolidated JV [Member] | ||||
Real Estate Acquisition [Line Items] | ||||
Contract price | $ 275,800 | |||
Building square footage | ft² | 206 | |||
Investment in real estate - Use of funds: | ||||
Land | $ 22,748 | |||
Buildings and improvements | 260,188 | |||
Tenant improvements and lease intangibles | 5,010 | |||
Acquired above- and below-market leases, net | (10,683) | |||
Assumed debt | 0 | |||
Net assets and liabilities acquired | 277,263 | |||
429 Santa Monica Blvd [Member] | Consolidated JV [Member] | ||||
Real Estate Acquisition [Line Items] | ||||
Contract price | $ 77,000 | |||
Building square footage | ft² | 87 | |||
Investment in real estate - Use of funds: | ||||
Land | $ 4,949 | |||
Buildings and improvements | 69,286 | |||
Tenant improvements and lease intangibles | 3,248 | |||
Acquired above- and below-market leases, net | (722) | |||
Assumed debt | 0 | |||
Net assets and liabilities acquired | $ 76,761 | |||
9665 Wilshire [Member] | Consolidated JV [Member] | ||||
Real Estate Acquisition [Line Items] | ||||
Contract price | $ 177,000 | |||
Building square footage | ft² | 171 | |||
Investment in real estate - Use of funds: | ||||
Land | $ 5,568 | |||
Buildings and improvements | 175,960 | |||
Tenant improvements and lease intangibles | 1,112 | |||
Acquired above- and below-market leases, net | (4,339) | |||
Assumed debt | 0 | |||
Net assets and liabilities acquired | $ 178,301 | |||
9401 Wilshire [Member] | Consolidated JV [Member] | ||||
Real Estate Acquisition [Line Items] | ||||
Contract price | $ 143,647 | |||
Building square footage | ft² | 146 | |||
Investment in real estate - Use of funds: | ||||
Land | $ 6,740 | |||
Buildings and improvements | 144,467 | |||
Tenant improvements and lease intangibles | 7,843 | |||
Acquired above- and below-market leases, net | (11,559) | |||
Assumed debt | (36,460) | |||
Net assets and liabilities acquired | 111,031 | |||
Principal balance of loan assumed at acquisition | $ 32,300 |
Investment in Real Estate - 252
Investment in Real Estate - 2016 Acquisitions - Westwood Portfolio Purchase Accounting (Details) ft² in Thousands | May 31, 2016USD ($) | Feb. 29, 2016USD ($)property | Dec. 31, 2016USD ($)ft² | Dec. 31, 2017USD ($)property | Dec. 31, 2016USD ($)ft² | Dec. 31, 2015USD ($) | Jul. 21, 2016 |
Source of funds: | |||||||
Credit facility | $ 4,408,083,000 | $ 4,152,308,000 | $ 4,408,083,000 | ||||
Long-term debt | 4,369,537,000 | 4,117,390,000 | 4,369,537,000 | ||||
Proceeds from sale of interest in joint venture | $ 51,600,000 | ||||||
Gains on sale of investment in real estate | 0 | $ 14,327,000 | $ 0 | ||||
Line of Credit [Member] | Term Loan With Maturity Date of February 28, 2023 [Member] | |||||||
Source of funds: | |||||||
Variable interest rate | LIBOR | ||||||
Line of Credit [Member] | Term Loan With Maturity Date of February 28, 2023 [Member] | LIBOR [Member] | |||||||
Source of funds: | |||||||
Basis spread on variable rate | 1.40% | ||||||
Line of Credit [Member] | Revolving Credit Facility With Maturity Date of August 21, 2020 [Member] | |||||||
Source of funds: | |||||||
Credit facility | $ 0 | ||||||
Variable interest rate | LIBOR | ||||||
Line of Credit [Member] | Revolving Credit Facility With Maturity Date of August 21, 2020 [Member] | LIBOR [Member] | |||||||
Source of funds: | |||||||
Basis spread on variable rate | 1.40% | ||||||
Secured Debt [Member] | Term Loan With Maturity Date of February 28, 2023 [Member] | |||||||
Source of funds: | |||||||
Credit facility | $ 580,000,000 | ||||||
Loan costs | $ 11,200,000 | ||||||
Percentage of loan | 100.00% | ||||||
Debt instrument, term | 7 years | ||||||
Annual fixed interest rate | 2.37% | ||||||
Fixed interest rate, term | 5 years | ||||||
Office [Member] | |||||||
Real Estate Acquisition [Line Items] | |||||||
Number of properties acquired | property | 1 | ||||||
Affiliated Entity [Member] | |||||||
Real Estate Acquisition [Line Items] | |||||||
Percentage of equity contributed in joint venture | 20.00% | 20.00% | 55.00% | ||||
Source of funds: | |||||||
Percentage of joint venture sold | 35.00% | 35.00% | |||||
Gains on sale of investment in real estate | $ 587,000 | ||||||
Affiliated Entity [Member] | Secured Debt [Member] | Term Loan With Maturity Date of February 28, 2023 [Member] | |||||||
Source of funds: | |||||||
Credit facility | $ 580,000,000 | $ 580,000,000 | $ 580,000,000 | ||||
Variable interest rate | LIBOR + 1.40% | ||||||
Annual fixed interest rate | 2.37% | ||||||
Affiliated Entity [Member] | Secured Debt [Member] | Term Loan With Maturity Date of February 28, 2023 [Member] | LIBOR [Member] | |||||||
Source of funds: | |||||||
Basis spread on variable rate | 1.40% | ||||||
Affiliated Entity [Member] | Office [Member] | |||||||
Real Estate Acquisition [Line Items] | |||||||
Number of properties acquired | property | 3 | ||||||
Westwood Portfolio [Member] | |||||||
Source of funds: | |||||||
Proceeds from sale of interest in joint venture | $ 240,000,000 | ||||||
Additional proceeds for compensation of costs | 1,100,000 | ||||||
Gains on sale of investment in real estate | $ 1,100,000 | ||||||
Weighted average useful life of acquired above- and below-market leases | 4 years 5 months | ||||||
Deposits in escrow | $ 75,000,000 | ||||||
Cash paid at closing | 67,500,000 | ||||||
Westwood Portfolio [Member] | Affiliated Entity [Member] | |||||||
Real Estate Acquisition [Line Items] | |||||||
Contract price | $ 1,340,000,000 | ||||||
Percentage of equity contributed in joint venture | 30.00% | 60.00% | 30.00% | 30.00% | |||
Building square footage | ft² | 1,725 | 1,725 | |||||
Investment in real estate - Use of funds: | |||||||
Land | $ 94,996,000 | ||||||
Buildings and improvements | 1,236,786,000 | ||||||
Tenant improvements and lease intangibles | 50,439,000 | ||||||
Acquired above- and below-market leases, net | (49,708,000) | ||||||
Net assets and liabilities acquired | 1,332,513,000 | ||||||
Source of funds: | |||||||
Cash on hand | 153,745,000 | ||||||
Noncontrolling interests | 320,000,000 | ||||||
Total source of funds | 1,332,513,000 | ||||||
Percentage of joint venture sold | 30.00% | ||||||
Westwood Portfolio [Member] | Affiliated Entity [Member] | Line of Credit [Member] | |||||||
Source of funds: | |||||||
Credit facility | 290,000,000 | ||||||
Westwood Portfolio [Member] | Affiliated Entity [Member] | Secured Debt [Member] | |||||||
Source of funds: | |||||||
Long-term debt | $ 568,768,000 | ||||||
Westwood Portfolio [Member] | Affiliated Entity [Member] | Office [Member] | |||||||
Real Estate Acquisition [Line Items] | |||||||
Number of properties acquired | property | 4 | ||||||
Westwood Portfolio [Member] | Affiliated Entity [Member] | Pro Forma Sell Down Adjustment [Member] | |||||||
Source of funds: | |||||||
Noncontrolling interests | $ 240,000,000 | ||||||
Westwood Portfolio [Member] | Affiliated Entity [Member] | Pro Forma Sell Down Adjustment [Member] | Line of Credit [Member] | |||||||
Source of funds: | |||||||
Credit facility | $ (240,000,000) | ||||||
Westwood Portfolio [Member] | Affiliated Entity [Member] | Pro Forma [Member] | |||||||
Investment in real estate - Use of funds: | |||||||
Land | $ 94,996,000 | $ 94,996,000 | |||||
Buildings and improvements | 1,236,786,000 | 1,236,786,000 | |||||
Tenant improvements and lease intangibles | 50,439,000 | 50,439,000 | |||||
Acquired above- and below-market leases, net | (49,708,000) | (49,708,000) | |||||
Net assets and liabilities acquired | 1,332,513,000 | 1,332,513,000 | |||||
Source of funds: | |||||||
Cash on hand | 153,745,000 | ||||||
Noncontrolling interests | 560,000,000 | ||||||
Total source of funds | 1,332,513,000 | ||||||
Westwood Portfolio [Member] | Affiliated Entity [Member] | Pro Forma [Member] | Line of Credit [Member] | |||||||
Source of funds: | |||||||
Credit facility | 50,000,000 | 50,000,000 | |||||
Westwood Portfolio [Member] | Affiliated Entity [Member] | Pro Forma [Member] | Secured Debt [Member] | |||||||
Source of funds: | |||||||
Long-term debt | $ 568,768,000 | $ 568,768,000 |
Investment in Real Estate - 253
Investment in Real Estate - 2016 Acquisitions - Westwood Portfolio Revenue and Net Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Real Estate Acquisition [Line Items] | |||||||||||
Total office revenues | $ 715,546 | $ 645,633 | $ 540,975 | ||||||||
Net income attributable to common stockholders | $ 29,536 | $ 25,614 | $ 20,244 | $ 19,049 | $ 19,701 | $ 31,848 | $ 18,482 | $ 15,366 | 94,443 | 85,397 | $ 58,384 |
Westwood Portfolio [Member] | |||||||||||
Real Estate Acquisition [Line Items] | |||||||||||
Total office revenues | 96,106 | 80,464 | |||||||||
Net income attributable to common stockholders | 6,346 | 2,998 | |||||||||
Net income attributable to common stockholders excluding transaction costs | $ 6,300 | $ 5,000 |
Investment in Real Estate - 254
Investment in Real Estate - 2016 Acquisitions - Westwood Portfolio Pro Forma Results (Details) - Westwood Portfolio [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Real Estate Acquisition [Line Items] | ||
Pro forma revenues | $ 755,878 | $ 724,596 |
Pro forma net income attributable to common stockholders | $ 84,319 | $ 59,374 |
Pro forma net income attributable to common stockholders per share - basic (usd per share) | $ 0.56 | $ 0.40 |
Pro forma net income attributable to common stockholders per share - diluted (usd per share) | $ 0.55 | $ 0.39 |
Investment in Real Estate - Oth
Investment in Real Estate - Other 2016 Acquisitions and Disposition Narrative (Details) ft² in Thousands, $ in Thousands | Sep. 27, 2016USD ($)ft² | Jul. 21, 2016USD ($)ft² | Dec. 31, 2016USD ($)ft² | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)ft² | Dec. 31, 2015USD ($) |
Real Estate Acquisition [Line Items] | ||||||
Proceeds from sale of interest in joint venture | $ 51,600 | |||||
Proceeds from sale of interest in real estate held for investment, compensation | $ 194 | |||||
Gains on sale of investment in real estate | $ 0 | $ 14,327 | $ 0 | |||
Joint venture, contributions received | $ 284,000 | |||||
Sherman Oaks [Member] | Office [Member] | ||||||
Real Estate Acquisition [Line Items] | ||||||
Gains on sale of investment in real estate | $ 12,700 | |||||
Building square footage | ft² | 168 | 168 | ||||
Real estate held for sale, carrying value | $ 42,800 | $ 42,800 | ||||
Sales of real estate | 56,700 | |||||
Sales of real estate, transaction costs | $ 1,200 | |||||
Investor [Member] | ||||||
Real Estate Acquisition [Line Items] | ||||||
Joint venture, contributions received | $ 139,800 | |||||
Investors ownership percentage in joint venture | 80.00% | |||||
Consolidated JV [Member] | ||||||
Real Estate Acquisition [Line Items] | ||||||
Percentage of equity contributed in joint venture | 55.00% | 20.00% | 20.00% | |||
Percentage of joint venture sold | 35.00% | 35.00% | ||||
Gains on sale of investment in real estate | $ 587 | |||||
Consolidated JV [Member] | Secured Debt [Member] | Term Loan With Maturity Date of July 21, 2019 | ||||||
Real Estate Acquisition [Line Items] | ||||||
Proceeds from non-recourse loan | $ 146,000 | |||||
Debt instrument, term | 3 years | |||||
Variable interest rate | LIBOR | |||||
Consolidated JV [Member] | Secured Debt [Member] | Term Loan With Maturity Date of July 21, 2019 | LIBOR [Member] | ||||||
Real Estate Acquisition [Line Items] | ||||||
Basis spread on variable rate | 1.55% | |||||
12100 Wilshire [Member] | Consolidated JV [Member] | ||||||
Real Estate Acquisition [Line Items] | ||||||
Contract price | $ 225,000 | |||||
Building square footage | ft² | 365 | |||||
233 Wilshire [Member] | Consolidated JV [Member] | ||||||
Real Estate Acquisition [Line Items] | ||||||
Contract price | $ 139,500 | |||||
Building square footage | ft² | 129 |
Investment in Real Estate - O56
Investment in Real Estate - Other 2016 Acquisitions (Details) - Consolidated JV [Member] ft² in Thousands, $ in Thousands | Sep. 27, 2016USD ($)ft² | Jul. 21, 2016USD ($)ft² |
12100 Wilshire [Member] | ||
Real Estate Acquisition [Line Items] | ||
Contract price | $ 225,000 | |
Building square footage | ft² | 365 | |
Investment in real estate - Use of funds: | ||
Land | $ 20,164 | |
Buildings and improvements | 199,698 | |
Tenant improvements and lease intangibles | 9,057 | |
Acquired above- and below-market leases, net | (4,523) | |
Net assets and liabilities acquired | $ 224,396 | |
233 Wilshire [Member] | ||
Real Estate Acquisition [Line Items] | ||
Contract price | $ 139,500 | |
Building square footage | ft² | 129 | |
Investment in real estate - Use of funds: | ||
Land | $ 9,263 | |
Buildings and improvements | 126,938 | |
Tenant improvements and lease intangibles | 3,488 | |
Acquired above- and below-market leases, net | (1,838) | |
Net assets and liabilities acquired | $ 137,851 |
Investment in Real Estate - 257
Investment in Real Estate - 2015 Acquisitions (Details) ft² in Thousands, $ in Thousands | Mar. 05, 2015USD ($)ft² | Feb. 12, 2015USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Investment in real estate - Use of funds: | |||||
Accretion of above- and below-market leases | $ 18,006 | $ 18,198 | $ 19,100 | ||
Above-Market Ground Leases [Member] | Other Income [Member] | |||||
Investment in real estate - Use of funds: | |||||
Accretion of above- and below-market leases | $ 0 | $ 0 | $ 6,600 | ||
Harbor Court Land [Member] | |||||
Real Estate Acquisition [Line Items] | |||||
Contract price | $ 27,500 | ||||
Investment in real estate - Use of funds: | |||||
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] | |||||
Contract price | $ 92,400 | ||||
Building square footage | ft² | 227 | ||||
Investment in real estate - Use of funds: | |||||
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 |
Acquired Lease Intangibles - Su
Acquired Lease Intangibles - Summary of Acquired Lease Intangibles (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired lease intangible assets, net | $ 4,293 | $ 5,147 |
Acquired lease intangible liabilities, net | 75,635 | 67,191 |
Above-Market Tenant Leases [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired lease intangible assets, gross | 7,177 | 7,156 |
Accumulated amortization | (3,846) | (2,988) |
Below-Market Tenant Leases [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired lease intangible liabilities, gross | 127,606 | 104,925 |
Accumulated accretion | (55,428) | (41,241) |
Above-Market Ground Leases [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired lease intangible assets, gross | 1,152 | 1,152 |
Accumulated amortization | (190) | (173) |
Acquired lease intangible liabilities, gross | 4,017 | 4,017 |
Accumulated accretion | $ (560) | $ (510) |
Acquired Lease Intangibles - Sc
Acquired Lease Intangibles - Schedule Net Amortization or Accretion (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Accretion of above- and below-market leases | $ 18,006 | $ 18,198 | $ 19,100 |
Operating Lease Revenue [Member] | Tenant Leases [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Accretion of above- and below-market leases | 17,973 | 18,165 | 12,467 |
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 | $ 0 | $ 0 | $ 6,600 |
Acquired Lease Intangibles - Es
Acquired Lease Intangibles - Estimated Future Net Accretion (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Estimated Future Net Accretion [Abstract] | |
2,018 | $ 18,844 |
2,019 | 16,859 |
2,020 | 14,037 |
2,021 | 7,983 |
2,022 | 4,411 |
Thereafter | 9,208 |
Total | 71,342 |
Revenue [Member] | |
Estimated Future Net Accretion [Abstract] | |
2,018 | 18,794 |
2,019 | 16,809 |
2,020 | 13,987 |
2,021 | 7,933 |
2,022 | 4,361 |
Thereafter | 6,001 |
Total | 67,885 |
Expense [Member] | |
Estimated Future Net Accretion [Abstract] | |
2,018 | 50 |
2,019 | 50 |
2,020 | 50 |
2,021 | 50 |
2,022 | 50 |
Thereafter | 3,207 |
Total | $ 3,457 |
Investments in Unconsolidated61
Investments in Unconsolidated Real Estate Funds - Narrative (Details) ft² in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2017ft²office_property | Jun. 30, 2017 | Dec. 31, 2017ft²office_propertyfund | |
Schedule of Equity Method Investments [Line Items] | |||
Number of office properties | 81 | 81 | |
Percentage of amounts related to the Fund | 100.00% | 100.00% | |
Opportunity Fund [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Purchase of equity interest, percent | 2.50% | 3.70% | |
Equity interest of the Fund, percent | 6.20% | 6.20% | |
Fund X [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity interest of the Fund, percent | 69.40% | 69.40% | |
Fund X Indirect [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity interest of the Fund, percent | 13.10% | 13.10% | |
Partnership X [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity interest of the Fund, percent | 24.30% | 24.30% | |
Office [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of office properties | 71 | 71 | |
Unconsolidated Properties [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of real estate funds owned and managed | fund | 3 | ||
Unconsolidated Properties [Member] | Office [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of office properties | 8 | 8 | |
Area of office portfolio (sq ft) | ft² | 1.8 | 1.8 |
Investments in Unconsolidated62
Investments in Unconsolidated Real Estate Funds - Summary of Cash Distributions Received from Funds (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Real Estate Investments, Net [Abstract] | |||
Operating distributions received | $ 5,905 | $ 2,668 | $ 1,068 |
Capital distributions received | 43,560 | 24,170 | 10,788 |
Total distributions received | $ 49,465 | $ 26,838 | $ 11,856 |
Investments in Unconsolidated63
Investments in Unconsolidated Real Estate Funds - Summary of Statement of Financial Position Information for Funds (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Real Estate Investments, Net [Abstract] | ||
Total assets | $ 704,186 | $ 690,028 |
Total liabilities | 523,767 | 448,544 |
Total equity | $ 180,419 | $ 241,484 |
Investments in Unconsolidated64
Investments in Unconsolidated Real Estate Funds - Summary of Statement of Operations Information for Funds (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Real Estate Investments, Net [Abstract] | |||
Total revenues | $ 75,896 | $ 73,171 | $ 69,702 |
Operating income | 20,640 | 19,477 | 17,803 |
Net income | $ 5,085 | $ 8,213 | $ 6,260 |
Other Assets - Summary of Other
Other Assets - Summary of Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Other Assets [Abstract] | ||
Restricted cash | $ 121 | $ 121 |
Prepaid expenses | 9,235 | 6,779 |
Other indefinite-lived intangibles | 1,988 | 1,988 |
Furniture, fixtures and equipment, net | 1,155 | 1,093 |
Other | 5,943 | 1,933 |
Total other assets | $ 18,442 | $ 11,914 |
Secured Notes Payable and Rev66
Secured Notes Payable and Revolving Credit Facility, Net - Schedule of Secured Notes Payable and Revolving Credit Facility (Details) | Feb. 29, 2016USD ($) | Dec. 31, 2017USD ($)propertycollateral_poolRate | Dec. 31, 2016USD ($) |
Debt Instrument [Line Items] | |||
Principal Balance | $ 4,152,308,000 | $ 4,408,083,000 | |
Unamortized loan premium, net | 4,191,000 | 0 | |
Deferred loan costs, net | (39,109,000) | (38,546,000) | |
Total Consolidated Debt, net | $ 4,117,390,000 | 4,369,537,000 | |
Number of properties in collateral pools | property | 1 | ||
Revolving Credit Facility With Maturity Date of August 21, 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Number of collateral pools | collateral_pool | 1 | ||
Revolving credit facility, maximum borrowing capacity | $ 400,000,000 | ||
Revolving Credit Facility With Maturity Date of August 21, 2020 [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Commitment fee, percentage | Rate | 0.15% | ||
Revolving Credit Facility With Maturity Date of August 21, 2020 [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Commitment fee, percentage | Rate | 0.20% | ||
Secured Debt [Member] | LIBOR [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 0.00% | ||
Secured Debt [Member] | Term Loan With Maturity Date of February 28, 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance | $ 580,000,000 | ||
Annual fixed interest rate | 2.37% | ||
Secured Debt [Member] | Term Loans With Effective Annual Fixed Interest Rate At 4.00%, 3.85% and 4.55% [Member] | |||
Debt Instrument [Line Items] | |||
Debt amortization period | 30 years | ||
Line of Credit [Member] | Revolving Credit Facility With Maturity Date of August 21, 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance | $ 0 | ||
Variable Interest Rate | LIBOR | ||
Line of Credit [Member] | Revolving Credit Facility With Maturity Date of August 21, 2020 [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.40% | ||
Line of Credit [Member] | Term Loan With Maturity Date of February 28, 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Variable Interest Rate | LIBOR | ||
Line of Credit [Member] | Term Loan With Maturity Date of February 28, 2023 [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.40% | ||
Wholly Owned Subsidiaries [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance | 3,172,308,000 | 3,682,083,000 | |
Wholly Owned Subsidiaries [Member] | Secured Debt [Member] | Term Loan With Effective Annual Fixed Interest Rate At 3.00% [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance | 0 | 1,000,000 | |
Wholly Owned Subsidiaries [Member] | Secured Debt [Member] | Term Loan With Effective Annual Fixed Interest Rate At 4.14% [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance | 0 | 349,933,000 | |
Wholly Owned Subsidiaries [Member] | Secured Debt [Member] | Fannie Mae Loans With Maturity Date of November 1, 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance | 0 | 388,080,000 | |
Wholly Owned Subsidiaries [Member] | Secured Debt [Member] | Term Loan With Effective Annual Fixed Interest Rate At 4.46% [Member] | |||
Debt Instrument [Line Items] | |||
Principal Balance | $ 0 | 345,759,000 | |
Wholly Owned Subsidiaries [Member] | Secured Debt [Member] | Term Loan With Effective Annual Fixed Interest Rate At 4.00% [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Feb. 1, 2019 | ||
Principal Balance | $ 146,974,000 | 149,911,000 | |
Annual fixed interest rate | 4.00% | ||
Wholly Owned Subsidiaries [Member] | Secured Debt [Member] | Term Loan With Effective Annual Fixed Interest Rate At 3.85% [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Jun. 5, 2019 | ||
Principal Balance | $ 280,721,000 | 285,000,000 | |
Annual fixed interest rate | 3.85% | ||
Wholly Owned Subsidiaries [Member] | Secured Debt [Member] | Fannie Mae Loan With Maturity Date of October 1, 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Oct. 1, 2019 | ||
Principal Balance | $ 145,000,000 | 145,000,000 | |
Variable Interest Rate | LIBOR + 1.25% | ||
Wholly Owned Subsidiaries [Member] | Secured Debt [Member] | Fannie Mae Loan With Maturity Date of October 1, 2019 [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.25% | ||
Wholly Owned Subsidiaries [Member] | Secured Debt [Member] | Term Loan With Effective Annual Fixed Interest Rate At 2.77% [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Apr. 15, 2022 | ||
Principal Balance | $ 340,000,000 | 340,000,000 | |
Variable Interest Rate | LIBOR + 1.40% | ||
Annual fixed interest rate | 2.77% | ||
Swap Maturity Date | Apr. 1, 2020 | ||
Wholly Owned Subsidiaries [Member] | Secured Debt [Member] | Term Loan With Effective Annual Fixed Interest Rate At 2.77% [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.40% | ||
Wholly Owned Subsidiaries [Member] | Secured Debt [Member] | Term Loan With Effective Annual Fixed Interest Rate At 3.06% [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Jul. 27, 2022 | ||
Principal Balance | $ 180,000,000 | 180,000,000 | |
Variable Interest Rate | LIBOR + 1.45% | ||
Annual fixed interest rate | 3.06% | ||
Swap Maturity Date | Jul. 1, 2020 | ||
Wholly Owned Subsidiaries [Member] | Secured Debt [Member] | Term Loan With Effective Annual Fixed Interest Rate At 3.06% [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.45% | ||
Wholly Owned Subsidiaries [Member] | Secured Debt [Member] | Term Loan With Effective Annual Fixed Interest Rate At 2.64% [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Nov. 1, 2022 | ||
Principal Balance | $ 400,000,000 | 400,000,000 | |
Variable Interest Rate | LIBOR + 1.35% | ||
Annual fixed interest rate | 2.64% | ||
Swap Maturity Date | Nov. 1, 2020 | ||
Wholly Owned Subsidiaries [Member] | Secured Debt [Member] | Term Loan With Effective Annual Fixed Interest Rate At 2.64% [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.35% | ||
Wholly Owned Subsidiaries [Member] | Secured Debt [Member] | Term Loan With Effective Annual Fixed Interest Rate At 2.57% [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Jun. 23, 2023 | ||
Principal Balance | $ 360,000,000 | 360,000,000 | |
Variable Interest Rate | LIBOR + 1.55% | ||
Annual fixed interest rate | 2.57% | ||
Swap Maturity Date | Jul. 1, 2021 | ||
Wholly Owned Subsidiaries [Member] | Secured Debt [Member] | Term Loan With Effective Annual Fixed Interest Rate At 2.57% [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.55% | ||
Wholly Owned Subsidiaries [Member] | Secured Debt [Member] | Term Loan With Effective Annual Fixed Interest Rate At 3.62% [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Dec. 23, 2023 | ||
Principal Balance | $ 220,000,000 | 220,000,000 | |
Variable Interest Rate | LIBOR + 1.70% | ||
Annual fixed interest rate | 3.62% | ||
Swap Maturity Date | Dec. 23, 2021 | ||
Wholly Owned Subsidiaries [Member] | Secured Debt [Member] | Term Loan With Effective Annual Fixed Interest Rate At 3.62% [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.70% | ||
Wholly Owned Subsidiaries [Member] | Secured Debt [Member] | Term Loan With Effective Annual Fixed Interest Rate At 3.46% [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Jan. 1, 2024 | ||
Principal Balance | $ 300,000,000 | 300,000,000 | |
Variable Interest Rate | LIBOR + 1.55% | ||
Annual fixed interest rate | 3.46% | ||
Swap Maturity Date | Jan. 1, 2022 | ||
Wholly Owned Subsidiaries [Member] | Secured Debt [Member] | Term Loan With Effective Annual Fixed Interest Rate At 3.46% [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.55% | ||
Wholly Owned Subsidiaries [Member] | Secured Debt [Member] | Fannie Mae Loan With Maturity Date of April 1, 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Apr. 1, 2025 | ||
Principal Balance | $ 102,400,000 | 102,400,000 | |
Variable Interest Rate | LIBOR + 1.25% | ||
Annual fixed interest rate | 2.84% | ||
Swap Maturity Date | Mar. 1, 2020 | ||
Wholly Owned Subsidiaries [Member] | Secured Debt [Member] | Fannie Mae Loan With Maturity Date of April 1, 2025 [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.25% | ||
Wholly Owned Subsidiaries [Member] | Secured Debt [Member] | Fannie Mae Loans With Maturity Date of December 1, 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Dec. 1, 2025 | ||
Principal Balance | $ 115,000,000 | 115,000,000 | |
Variable Interest Rate | LIBOR + 1.25% | ||
Annual fixed interest rate | 2.76% | ||
Swap Maturity Date | Dec. 1, 2020 | ||
Wholly Owned Subsidiaries [Member] | Secured Debt [Member] | Fannie Mae Loans With Maturity Date of December 1, 2025 [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.25% | ||
Wholly Owned Subsidiaries [Member] | Secured Debt [Member] | Fannie Mae Loans with Maturity Date of June 1, 2027 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Jun. 1, 2027 | ||
Principal Balance | $ 550,000,000 | 0 | |
Variable Interest Rate | LIBOR + 1.37% | ||
Annual fixed interest rate | 3.16% | ||
Swap Maturity Date | Jun. 1, 2022 | ||
Wholly Owned Subsidiaries [Member] | Secured Debt [Member] | Term Loan With Maturity Date of June 1, 2038 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Jun. 1, 2038 | ||
Principal Balance | $ 32,213,000 | 0 | |
Annual fixed interest rate | 4.55% | ||
Wholly Owned Subsidiaries [Member] | Secured Debt [Member] | Term Loan With Maturity Date of June 1, 2038 [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.37% | ||
Wholly Owned Subsidiaries [Member] | Line of Credit [Member] | Revolving Credit Facility With Maturity Date of August 21, 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Aug. 21, 2020 | ||
Principal Balance | $ 0 | 0 | |
Variable Interest Rate | LIBOR + 1.40% | ||
Wholly Owned Subsidiaries [Member] | Line of Credit [Member] | Revolving Credit Facility With Maturity Date of August 21, 2020 [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.40% | ||
Consolidated JV [Member] | Secured Debt [Member] | Term Loan With Maturity Date of July 21, 2019 | |||
Debt Instrument [Line Items] | |||
Principal Balance | $ 0 | $ 146,000,000 | |
Variable Interest Rate | LIBOR | ||
Consolidated JV [Member] | Secured Debt [Member] | Term Loan With Maturity Date of July 21, 2019 | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.55% | ||
Consolidated JV [Member] | Secured Debt [Member] | Term Loan With Maturity Date of February 28, 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Feb. 28, 2023 | ||
Principal Balance | $ 580,000,000 | $ 580,000,000 | |
Variable Interest Rate | LIBOR + 1.40% | ||
Annual fixed interest rate | 2.37% | ||
Swap Maturity Date | Mar. 1, 2021 | ||
Consolidated JV [Member] | Secured Debt [Member] | Term Loan With Maturity Date of February 28, 2023 [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.40% | ||
Consolidated JV [Member] | Secured Debt [Member] | Term Loan With Maturity Date of December 20, 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Dec. 20, 2024 | ||
Principal Balance | $ 400,000,000 | $ 0 | |
Variable Interest Rate | LIBOR + 1.30% | ||
Annual fixed interest rate | 3.47% | ||
Swap Maturity Date | Jan. 1, 2023 | ||
Consolidated JV [Member] | Secured Debt [Member] | Term Loan With Maturity Date of December 20, 2024 [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.30% |
Secured Notes Payable and Rev67
Secured Notes Payable and Revolving Credit Facility, Net - Schedule of Debt Statistics (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | ||
Principal balance of consolidated fixed rate debt | $ 4,010,000 | |
Weighted average remaining life (including extension options) of consolidated fixed rate debt (in years) | 5 years 9 months | |
Weighted average remaining fixed interest period of consolidated fixed rate debt (in years) | 3 years 4 months | |
Weighted average annual interest rate of consolidated fixed rate debt (in years) | 3.09% | |
Debt Instrument [Line Items] | ||
Principal Balance | $ 4,152,308 | $ 4,408,083 |
Aggregate Swapped to Fixed Rate Loans [Member] | ||
Debt Instrument [Line Items] | ||
Principal Balance | 3,547,400 | 2,985,480 |
Aggregate Fixed Rate Loans [Member] | ||
Debt Instrument [Line Items] | ||
Principal Balance | 459,908 | 1,131,603 |
Aggregate Floating Rate Loans [Member] | ||
Debt Instrument [Line Items] | ||
Principal Balance | $ 145,000 | $ 291,000 |
Secured Notes Payable and Rev68
Secured Notes Payable and Revolving Credit Facility, Net - Schedule of Minimum Future Principal Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Excluding Maturity Extension Options | ||
2,018 | $ 9,064 | |
2,019 | 565,041 | |
2,020 | 295,755 | |
2,021 | 790 | |
2,022 | 1,040,826 | |
Thereafter | 2,240,832 | |
Total future principal payments | 4,152,308 | $ 4,408,083 |
Including Maturity Extension Options(1) | ||
2,018 | 9,064 | |
2,019 | 565,041 | |
2,020 | 755 | |
2,021 | 790 | |
2,022 | 920,826 | |
Thereafter | $ 2,655,832 |
Secured Notes Payable and Rev69
Secured Notes Payable and Revolving Credit Facility, Net - Schedule of Loan Costs and Accumulated Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |||
Accumulated amortization on deferred loan costs | $ 18,000 | $ 15,400 | |
Loan Costs Included in Interest Expense | |||
Deferred loan cost amortization | 10,834 | 8,927 | $ 6,969 |
Interest Expense [Member] | |||
Loan Costs Included in Interest Expense | |||
Loan costs expensed | 2,359 | 1,441 | 278 |
Deferred loan cost amortization | 9,033 | 7,608 | 6,969 |
Total | $ 11,392 | $ 9,049 | $ 7,247 |
Interest Payable, Accounts Pa70
Interest Payable, Accounts Payable and Deferred Revenue - Summary of Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts Payable and Accrued Liabilities [Abstract] | ||
Interest payable | $ 9,829 | $ 9,561 |
Accounts payable and accrued liabilities | 62,741 | 36,880 |
Deferred revenue | 31,377 | 28,788 |
Total interest payable, accounts payable and deferred revenue | $ 103,947 | $ 75,229 |
Derivative Contracts - Summary
Derivative Contracts - Summary of Derivatives (Details) - Interest Rate Swap [Member] - Derivatives Designated as Cash Flow Hedges [Member] - Cash Flow Hedging [Member] $ in Thousands | Dec. 31, 2017USD ($)instrument |
Derivative [Line Items] | |
Number of Interest Rate Swaps | instrument | 25 |
Notional | $ | $ 3,547,400 |
Unconsolidated Funds [Member] | |
Derivative [Line Items] | |
Number of Interest Rate Swaps | instrument | 4 |
Notional | $ | $ 510,000 |
Percent of notional amount related to the Fund | 100.00% |
Derivative Contracts - Credit-r
Derivative Contracts - Credit-risk related Contingent Features (Details) - Interest Rate Swap [Member] - Derivatives Designated as Cash Flow Hedges [Member] - Cash Flow Hedging [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Fair value derivatives in a net liability position | $ 915 | $ 7,689 |
Unconsolidated Funds [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Fair value derivatives in a net liability position | $ 0 | $ 0 |
Percent of notional amount related to the Fund | 100.00% |
Derivative Contracts - Counterp
Derivative Contracts - Counterparty Credit Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Fair value of derivatives in an asset position | $ 60,069 | $ 35,656 |
Interest Rate Swap [Member] | Derivatives Designated as Cash Flow Hedges [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Fair value of derivatives in an asset position | 60,093 | 35,144 |
Interest Rate Swap [Member] | Derivatives Designated as Cash Flow Hedges [Member] | Cash Flow Hedging [Member] | Unconsolidated Funds [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Fair value of derivatives in an asset position | $ 9,350 | $ 3,724 |
Percent of notional amount related to the Fund | 100.00% |
Derivative Contracts - Impact o
Derivative Contracts - Impact of Hedges on AOCI and Statements of Operations (Details) - Cash Flow Hedging [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivatives Designated as Cash Flow Hedges [Member] | |||
Derivative [Line Items] | |||
Gain (loss) recorded in AOCI | $ 16,512 | $ 14,192 | $ (11,549) |
Loss reclassified from AOCI (effective portion) | (13,976) | (25,917) | (37,390) |
Derivatives Designated as Cash Flow Hedges [Member] | Interest Expense [Member] | |||
Derivative [Line Items] | |||
(Loss) gain recorded as interest expense (ineffective portion) - our derivatives | (51) | 196 | 66 |
Derivatives Designated as Cash Flow Hedges [Member] | Unconsolidated Funds [Member] | |||
Derivative [Line Items] | |||
Gain (loss) recorded in AOCI | 3,275 | 8 | (1,922) |
Loss reclassified from AOCI (effective portion) | (527) | (357) | (931) |
Derivatives Not Designated As Cash Flow Hedges [Member] | Interest Expense [Member] | |||
Derivative [Line Items] | |||
Gain (loss) recorded as interest expense | $ 0 | $ 0 | $ 0 |
Derivative Contracts - Future R
Derivative Contracts - Future Reclassifications from AOCI (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Derivative [Line Items] | |
Derivative designated as cash flow hedge to be reclassified | $ (8,916) |
Unconsolidated Funds [Member] | |
Derivative [Line Items] | |
Derivative designated as cash flow hedge to be reclassified | $ (166) |
Equity - Narrative (Details)
Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 5 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||||
Number of operating partnership units converted to shares of common stock (in shares) | 1,100,000 | 1,800,000 | 1,800,000 | |
Shares of common stock issued for exercise of stock options (in shares) | 1,300,000 | 1,500,000 | 274,000 | |
Number of stock options exercised (in shares) | 3,920,000 | 7,566,000 | 274,000 | |
Shares of common stock sold (in shares) | 15,700,000 | 1,400,000 | ||
Net proceeds from issuance of common stock | $ 593,168 | $ 49,379 | $ 0 | |
Issuance of OP Units for acquisition of real estate | 105,687 | 0 | 0 | |
Aggregate purchase price for redemption of OP Units | 10,104 | $ 826 | $ 0 | |
Joint venture, contributions received | 284,000 | |||
Number of operating partnership units redeemed for cash (in shares) | 25,000 | |||
Average of units (usd per share) | $ 15.58 | |||
Proceeds from exercise of stock options | $ 0 | $ 0 | $ 4,272 | |
Common stock, shares outstanding (in shares) | 151,530,210 | 169,564,927 | 151,530,210 | |
Number of OP Units and fully-vested LTIP Units outstanding | 27,800,000 | |||
Number of shares of common stock issued upon redemption of one OP Unit | 1 | |||
Investor [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Joint venture, contributions received | $ 139,800 | |||
Partnership Interest [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investors' ownership in joint venture (percent) | 14.00% | |||
Beverly Hills Submarket [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of operating partnership units converted to shares of common stock (in shares) | 248,000 | |||
OP Units issued in acquisition (in shares) | 2,600,000 | |||
Issuance of OP Units for acquisition of real estate | $ 105,700 | |||
Aggregate purchase price for redemption of OP Units | $ 10,100 | |||
Westwood Portfolio [Member] | Investor [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investors' ownership in joint venture (percent) | 70.00% | 70.00% | ||
Investors contribution to joint venture | $ 320,000 | $ 320,000 | ||
Investors' ownership acquired during period through direct investment (percent) | 40.00% | |||
Westwood Portfolio [Member] | Corporate Joint Venture [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of joint venture sold | 30.00% | 30.00% | ||
Proceeds from divestiture of partial interest in joint venture | $ 241,100 | |||
Gain on sale of interest in joint venture | $ 1,100 | |||
Third Quarter Acquisitions [Member] | Investor [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investors' ownership in joint venture (percent) | 80.00% | 80.00% | ||
Investors contribution to joint venture | $ 139,800 | $ 139,800 | ||
Third Quarter Acquisitions [Member] | Corporate Joint Venture [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of joint venture sold | 35.00% | 35.00% | ||
Proceeds from divestiture of partial interest in joint venture | $ 51,600 | |||
Gain on sale of interest in joint venture | $ 587 | |||
Harbor Court Land [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
OP Units issued in acquisition (in shares) | 34,000 | |||
Issuance of OP Units for acquisition of real estate | $ 1,000 |
Equity - Net Income Attributabl
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, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stockholders' Equity Attributable to Parent [Abstract] | |||||||||||
Net income attributable to common stockholders | $ 29,536 | $ 25,614 | $ 20,244 | $ 19,049 | $ 19,701 | $ 31,848 | $ 18,482 | $ 15,366 | $ 94,443 | $ 85,397 | $ 58,384 |
Exchange of OP Units with noncontrolling interests | 14,242 | 23,060 | 23,703 | ||||||||
Repurchase of OP Units from noncontrolling interests | (6,764) | (498) | 0 | ||||||||
Net transfers from noncontrolling interests | 7,478 | 22,562 | 23,703 | ||||||||
Change from net income attributable to common stockholders and transfers from noncontrolling interests | $ 101,921 | $ 107,959 | $ 82,087 |
Equity - Accumulated Other Comp
Equity - Accumulated Other Comprehensive Income Schedule (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | $ 15,156 | ||
Net current period other comprehensive income | 34,290 | $ 40,474 | $ 24,850 |
Balance at end of period | 43,099 | 15,156 | |
Cash Flow Hedging [Member] | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | 15,156 | (9,285) | (30,089) |
Other comprehensive (loss) income before reclassifications | 16,512 | 14,192 | (11,549) |
Reclassifications from AOCI | 13,976 | 25,917 | 37,390 |
Net current period other comprehensive income | 34,290 | 40,474 | 24,850 |
Less other comprehensive income attributable to noncontrolling interests | (6,347) | (16,033) | (4,046) |
Other comprehensive income attributable to common stockholders | 27,943 | 24,441 | 20,804 |
Balance at end of period | 43,099 | 15,156 | (9,285) |
Cash Flow Hedging [Member] | Fund X [Member] | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Other comprehensive (loss) income before reclassifications | 3,275 | 8 | (1,922) |
Reclassifications from AOCI | $ 527 | $ 357 | $ 931 |
Equity - Dividends (Details)
Equity - Dividends (Details) | 12 Months Ended |
Dec. 31, 2017$ / shares | |
Dividends Payable [Line Items] | |
Dividend Per Share (usd per share) | $ 0.92 |
Ordinary Income Percentage (percent) | 22.50% |
Capital Gain Percentage (percent) | 0.00% |
Return of Capital Percentage (percent) | 77.50% |
Dividends Paid, 1/13/2017 [Member] | |
Dividends Payable [Line Items] | |
Record Date | Dec. 30, 2016 |
Paid Date | Jan. 13, 2017 |
Dividend Per Share (usd per share) | $ 0.23 |
Ordinary Income Percentage (percent) | 22.50% |
Capital Gain Percentage (percent) | 0.00% |
Return of Capital Percentage (percent) | 77.50% |
Dividends Paid, 4/14/2017 [Member] | |
Dividends Payable [Line Items] | |
Record Date | Mar. 31, 2017 |
Paid Date | Apr. 14, 2017 |
Dividend Per Share (usd per share) | $ 0.23 |
Ordinary Income Percentage (percent) | 22.50% |
Capital Gain Percentage (percent) | 0.00% |
Return of Capital Percentage (percent) | 77.50% |
Dividends Paid, 7/14/2017 [Member] | |
Dividends Payable [Line Items] | |
Record Date | Jun. 30, 2017 |
Paid Date | Jul. 14, 2017 |
Dividend Per Share (usd per share) | $ 0.23 |
Ordinary Income Percentage (percent) | 22.50% |
Capital Gain Percentage (percent) | 0.00% |
Return of Capital Percentage (percent) | 77.50% |
Dividends Paid, 10/13/2017 [Member] | |
Dividends Payable [Line Items] | |
Record Date | Sep. 29, 2017 |
Paid Date | Oct. 13, 2017 |
Dividend Per Share (usd per share) | $ 0.23 |
Ordinary Income Percentage (percent) | 22.50% |
Capital Gain Percentage (percent) | 0.00% |
Return of Capital Percentage (percent) | 77.50% |
EPS - Summary of EPS Computatio
EPS - Summary of EPS Computation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||||||||||
Net income attributable to common stockholders | $ 29,536 | $ 25,614 | $ 20,244 | $ 19,049 | $ 19,701 | $ 31,848 | $ 18,482 | $ 15,366 | $ 94,443 | $ 85,397 | $ 58,384 |
Allocation to participating securities: Unvested LTIP Units | (626) | (468) | (312) | ||||||||
Numerator for basic and diluted net income attributable to common stockholders | $ 93,817 | $ 84,929 | $ 58,072 | ||||||||
Weighted average shares of common stock outstanding - basic (in shares) | 169,521 | 165,471 | 155,898 | 152,490 | 151,446 | 150,753 | 147,722 | 147,236 | 160,905 | 149,299 | 146,089 |
Effect of dilutive securities: Stock options (in shares) | 325 | 3,891 | 4,515 | ||||||||
Weighted average shares of common stock and common stock equivalents outstanding - diluted (in shares) | 169,562 | 165,520 | 155,952 | 153,655 | 154,052 | 153,419 | 152,805 | 151,451 | 161,230 | 153,190 | 150,604 |
Basic EPS: | |||||||||||
Net income attributable to common stockholders per share – basic (usd per share) | $ 0.17 | $ 0.15 | $ 0.13 | $ 0.12 | $ 0.13 | $ 0.21 | $ 0.12 | $ 0.10 | $ 0.58 | $ 0.57 | $ 0.40 |
Diluted EPS: | |||||||||||
Net income attributable to common stockholders per share – diluted (usd per share) | $ 0.17 | $ 0.15 | $ 0.13 | $ 0.12 | $ 0.13 | $ 0.21 | $ 0.12 | $ 0.10 | $ 0.58 | $ 0.55 | $ 0.39 |
OP Units [Member] | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Anti-dilutive securities excluded from the computation fo weighted average diluted shares (in shares) | 24,810 | 25,110 | 26,371 | ||||||||
Vested LTIP Units [Member] | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Anti-dilutive securities excluded from the computation fo weighted average diluted shares (in shares) | 274 | 578 | 181 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)installmentshares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for grant | 5,300,000 | ||
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 | ||
Awards granted to key employees (in shares) | 800,000 | 704,000 | 887,000 |
Stock-based compensation expense | $ | $ 18,478 | $ 17,448 | $ 15,234 |
Capitalized stock-based compensation | $ | 2,537 | $ 1,503 | $ 1,358 |
Unrecognized compensation cost related to nonvested options and LTIP unit awards | $ | $ 21,800 | ||
Unrecognized compensation cost related to nonvested options and LTIP unit awards, recognition period | 2 years | ||
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) | 28,000 | 35,000 | 35,000 |
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 | ||
Long-term Incentive Plan Units [Member] | Key Personnel [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of annual vesting installments | installment | 3 | ||
Long-term Incentive Plan Units [Member] | Executives and Certain Key Personnel [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 Personnel [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 - Stoc
Stock-Based Compensation - Stock-Based Award Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Number of Stock Options | ||||
Outstanding, beginning balance (in shares) | 3,969 | 11,535 | 11,809 | |
Exercised (in shares) | (3,920) | (7,566) | (274) | |
Outstanding, ending balance (in shares) | 49 | 3,969 | 11,535 | 11,809 |
Exercisable (in shares) | 49 | |||
Weighted Average Exercise Price | ||||
Outstanding, beginning balance (usd per share) | $ 12.43 | $ 18.04 | $ 17.98 | |
Exercised (usd per share) | 12.43 | 20.98 | 15.58 | |
Outstanding, ending balance (usd per share) | 12.66 | $ 12.43 | $ 18.04 | $ 17.98 |
Exercisable (usd per share) | $ 12.66 | |||
Weighted Average Remaining Contract Life, Outstanding | 16 months | 27 months | 23 months | 36 months |
Weighted Average Remaining Contract Life, Exercisable | 16 months | |||
Total Intrinsic Value, Outstanding | $ 1,375 | $ 95,770 | $ 151,569 | $ 123,017 |
Total Intrinsic Value, Exercisable | 1,375 | |||
Intrinsic Value of Options Exercised | $ 102,963 | $ 104,108 | $ 3,989 |
Stock-Based Compensation - Unve
Stock-Based Compensation - Unvested LTIP Units (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Number of Units | |||
Outstanding, beginning balance (in shares) | 1,040 | 1,096 | 998 |
Granted (in shares) | 828 | 739 | 922 |
Vested (in shares) | (807) | (778) | (816) |
Forfeited (in shares) | (5) | (17) | (8) |
Outstanding, ending balance (in shares) | 1,056 | 1,040 | 1,096 |
Weighted Average Grant Date Fair Value | |||
Outstanding, beginning balance (usd per share) | $ 23.46 | $ 19.85 | $ 18.48 |
Granted (usd per share) | 29.89 | 27.62 | 20.26 |
Vested (usd per share) | 25.40 | 22.23 | 18.59 |
Forfeited (usd per share) | 31.36 | 27.77 | 24.86 |
Outstanding, ending balance (usd per share) | $ 26.98 | $ 23.46 | $ 19.85 |
Grant Date Fair Value, Granted | $ 24,745 | $ 20,420 | $ 18,673 |
Grant Date Fair Value, Vested | 20,497 | 17,293 | 15,165 |
Grant Date Fair Value, Forfeited | $ 172 | $ 473 | $ 200 |
Fair Value of Financial Instr84
Fair Value of Financial Instruments - Estimated Fair Value of Secured Notes Payable (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Secured notes payable | $ 4,195,489 | $ 4,429,224 |
Reported Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Secured notes payable | $ 4,156,499 | $ 4,408,083 |
Fair Value of Financial Instr85
Fair Value of Financial Instruments - Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Derivative Assets: | ||
Fair value - derivatives | $ 60,069 | $ 35,656 |
Derivative Liabilities: | ||
Fair value - derivatives | $ 807 | 6,830 |
Fund X [Member] | Interest Rate Swap [Member] | ||
Derivative Liabilities: | ||
Percent of notional amount related to the Fund | 100.00% | |
Level 2 [Member] | ||
Derivative Assets: | ||
Fair value - derivatives | $ 60,069 | 35,656 |
Derivative Liabilities: | ||
Fair value - derivatives | 807 | 6,830 |
Level 2 [Member] | Fund X [Member] | ||
Derivative Assets: | ||
Fair value - unconsolidated Funds' derivatives | 9,437 | 3,605 |
Derivative Liabilities: | ||
Fair value - unconsolidated Funds' derivatives | $ 0 | $ 0 |
Segment Reporting - Narrative (
Segment Reporting - Narrative (Details) | 12 Months Ended |
Dec. 31, 2017segment | |
Segment Reporting [Abstract] | |
Number of reportable business segments | 2 |
Segment Reporting - Operating A
Segment Reporting - Operating Activity Within Reportable Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Total office revenues | $ 715,546 | $ 645,633 | $ 540,975 |
Office expenses | (233,633) | (214,546) | (186,556) |
Total multifamily revenues | 96,506 | 96,918 | 94,799 |
Multifamily expenses | (24,401) | (23,317) | (23,862) |
Segment profit | 554,018 | 504,688 | 425,356 |
Office Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Total office revenues | 715,546 | 645,633 | 540,975 |
Office expenses | (233,633) | (214,546) | (186,556) |
Segment profit | 481,913 | 431,087 | 354,419 |
Multifamily Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Total multifamily revenues | 96,506 | 96,918 | 94,799 |
Multifamily expenses | (24,401) | (23,317) | (23,862) |
Segment profit | $ 72,105 | $ 73,601 | $ 70,937 |
Segment Reporting - Reconciliat
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, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting [Abstract] | |||||||||||
Total profit from all segments | $ 554,018 | $ 504,688 | $ 425,356 | ||||||||
General and administrative | (36,234) | (34,957) | (30,496) | ||||||||
Depreciation and amortization | (276,761) | (248,914) | (205,333) | ||||||||
Other income | 9,712 | 8,759 | 15,228 | ||||||||
Other expenses | (7,037) | (9,477) | (8,241) | ||||||||
Income, including depreciation, from unconsolidated real estate funds | 5,905 | 7,812 | 7,694 | ||||||||
Interest expense | (145,176) | (146,148) | (135,453) | ||||||||
Income before gains | 104,427 | 81,763 | 68,755 | ||||||||
Gains on sales of investments in real estate | 0 | 14,327 | 0 | ||||||||
Net income | $ 31,986 | $ 28,508 | $ 22,153 | $ 21,780 | $ 22,466 | $ 35,798 | $ 21,780 | $ 16,046 | 104,427 | 96,090 | 68,755 |
Less: Net income attributable to noncontrolling interests | (9,984) | (10,693) | (10,371) | ||||||||
Net income attributable to common stockholders | $ 29,536 | $ 25,614 | $ 20,244 | $ 19,049 | $ 19,701 | $ 31,848 | $ 18,482 | $ 15,366 | $ 94,443 | $ 85,397 | $ 58,384 |
Future Minimum Lease Rental R89
Future Minimum Lease Rental Receipts - Narrative (Details) | 12 Months Ended |
Dec. 31, 2017land_parcel | |
Real Estate Properties [Line Items] | |
Term of residential leases | 1 year |
Wholly Owned Properties [Member] | |
Real Estate Properties [Line Items] | |
Number of land parcels | 2 |
Future Minimum Lease Rental R90
Future Minimum Lease Rental Receipts - Summary of Future Minimum Rental Receipts (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
2,018 | $ 533,811 |
2,019 | 487,373 |
2,020 | 424,744 |
2,021 | 334,173 |
2,022 | 256,954 |
Thereafter | 670,826 |
Total future minimum base rentals | $ 2,707,881 |
Future Minimum Lease Rental P91
Future Minimum Lease Rental Payments - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Ground lease rent expense | $ 733 | $ 733 | $ 733 |
Future Minimum Lease Rental P92
Future Minimum Lease Rental Payments - Summary of Ground Lease Payments (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,018 | $ 733 |
2,019 | 733 |
2,020 | 733 |
2,021 | 733 |
2,022 | 733 |
Thereafter | 46,911 |
Total future minimum lease payments | 50,576 |
Future ground rent payments per year | $ 733 |
Commitments, Contingencies an93
Commitments, Contingencies and Guarantees - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2017USD ($)propertyapartment | Dec. 31, 2016apartment | |
Loss Contingencies [Line Items] | ||
Number of properties containing asbestos | property | 28 | |
Contractual amount for development project | $ | $ 16,000,000 | |
Apartment Building [Member] | ||
Loss Contingencies [Line Items] | ||
Contractual amount for development project | $ | $ 53,100,000 | |
Apartment Building [Member] | Hawaii | ||
Loss Contingencies [Line Items] | ||
Number of apartments under construction | apartment | 475 | |
Number of apartments with construction completed | apartment | 60 | |
Apartment Building [Member] | California | ||
Loss Contingencies [Line Items] | ||
Expected number of apartments to be constructed | apartment | 376 | |
Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Amount accounts are insured for by Federal Depository Insurance Corporation | $ | $ 250,000 | |
Unconsolidated Funds [Member] | ||
Loss Contingencies [Line Items] | ||
Number of properties containing asbestos | property | 4 |
Commitments, Contingencies an94
Commitments, Contingencies and Guarantees - Schedule of Debt Related to Unconsolidated Funds (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)property | Dec. 31, 2016USD ($) | |
Guarantor Obligations [Line Items] | ||
Long-term debt | $ 4,117,390 | $ 4,369,537 |
Partnership X [Member] | ||
Guarantor Obligations [Line Items] | ||
Long-term debt | $ 110,000 | |
Loan Maturity Date | Mar. 1, 2023 | |
Collateral, number of properties | property | 2 | |
Maximum future payments under the swap agreement | $ 3,200 | |
Partnership X [Member] | Interest Rate Swap [Member] | ||
Guarantor Obligations [Line Items] | ||
Variable Interest Rate - basis spread | 1.40% | |
Swap Maturity Date | Mar. 1, 2021 | |
Swap Fixed Interest Rate | 2.30% | |
Fund X [Member] | ||
Guarantor Obligations [Line Items] | ||
Long-term debt | $ 400,000 | |
Loan Maturity Date | Jul. 1, 2024 | |
Collateral, number of properties | property | 6 | |
Maximum future payments under the swap agreement | $ 32,700 | |
Loan agreement, one month LIBOR maximum for interest rate cap requirement | 3.56% | |
Loan agreement, number of consecutive days | 14 days | |
Fund X [Member] | Interest Rate Swap [Member] | ||
Guarantor Obligations [Line Items] | ||
Variable Interest Rate - basis spread | 1.65% | |
Swap Maturity Date | Jul. 1, 2022 | |
Swap Fixed Interest Rate | 3.44% | |
Unconsolidated Funds [Member] | ||
Guarantor Obligations [Line Items] | ||
Long-term debt | $ 510,000 | |
LIBOR [Member] | Partnership X [Member] | ||
Guarantor Obligations [Line Items] | ||
Loan agreement LIBOR floor | 0.00% | |
LIBOR [Member] | Fund X [Member] | ||
Guarantor Obligations [Line Items] | ||
Loan agreement LIBOR floor | 0.00% |
Quarterly Financial Informati95
Quarterly Financial Information (unaudited) - Selected Quarterly Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenue | $ 209,190 | $ 208,749 | $ 199,632 | $ 194,481 | $ 194,643 | $ 192,121 | $ 187,215 | $ 168,572 | $ 812,052 | $ 742,551 | $ 635,774 |
Net income before noncontrolling interests | 31,986 | 28,508 | 22,153 | 21,780 | 22,466 | 35,798 | 21,780 | 16,046 | 104,427 | 96,090 | 68,755 |
Net income attributable to common stockholders | $ 29,536 | $ 25,614 | $ 20,244 | $ 19,049 | $ 19,701 | $ 31,848 | $ 18,482 | $ 15,366 | $ 94,443 | $ 85,397 | $ 58,384 |
Net income per common share - basic (usd per share) | $ 0.17 | $ 0.15 | $ 0.13 | $ 0.12 | $ 0.13 | $ 0.21 | $ 0.12 | $ 0.10 | $ 0.58 | $ 0.57 | $ 0.40 |
Net income per common share - diluted (usd per share) | $ 0.17 | $ 0.15 | $ 0.13 | $ 0.12 | $ 0.13 | $ 0.21 | $ 0.12 | $ 0.10 | $ 0.58 | $ 0.55 | $ 0.39 |
Weighted average shares of common stock outstanding - basic (in shares) | 169,521 | 165,471 | 155,898 | 152,490 | 151,446 | 150,753 | 147,722 | 147,236 | 160,905 | 149,299 | 146,089 |
Weighted average shares of common stock and common stock equivalents outstanding - diluted (in shares) | 169,562 | 165,520 | 155,952 | 153,655 | 154,052 | 153,419 | 152,805 | 151,451 | 161,230 | 153,190 | 150,604 |
Subsequent Events - Narrative (
Subsequent Events - Narrative (Details) - Subsequent Event [Member] | 1 Months Ended |
Feb. 16, 2018USD ($)instrument | |
Subsequent Event [Line Items] | |
Number of loans paid off | instrument | 2 |
Repayments of long-term debt | $ 426,000,000 |
Term Loan With Effective Annual Fixed Interest Rate At 3.7% [Member] | Secured Debt [Member] | |
Subsequent Event [Line Items] | |
Debt instrument, face amount | $ 335,000,000 |
Annual fixed interest rate | 3.84% |
Term Loan With Effective Annual Fixed Interest Rate At 3.7% [Member] | Secured Debt [Member] | LIBOR [Member] | |
Subsequent Event [Line Items] | |
Basis spread on variable rate | 1.30% |
Schedule III - Consolidated R97
Schedule III - Consolidated Real Estate and Accumulated Depreciation and Amortization (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Encumbrances | $ 4,152,308,000 | |||||
Initial Cost - Land | 806,432,000 | |||||
Initial Cost - Buildings & Improvements | 5,330,916,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 3,691,860,000 | |||||
Gross Carrying Amount - Land | 1,080,709,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 8,748,499,000 | |||||
Gross Carrying Amount - Total | $ 8,998,120,000 | $ 7,266,009,000 | $ 7,099,571,000 | 9,829,208,000 | $ 8,998,120,000 | $ 7,266,009,000 |
Accumulated Depreciation & Amortization | 1,789,678,000 | 1,687,998,000 | 1,517,417,000 | 2,012,752,000 | 1,789,678,000 | 1,687,998,000 |
Principal Balance | 4,152,308,000 | 4,408,083,000 | ||||
Aggregate cost of consolidated real estate for federal income tax purposes | 6,750,000,000 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Beginning balance | 8,998,120,000 | 7,266,009,000 | 7,099,571,000 | |||
Property acquisitions | 707,120,000 | 1,750,828,000 | 120,696,000 | |||
Improvements | 111,642,000 | 96,649,000 | 75,367,000 | |||
Developments | 66,013,000 | 31,559,000 | 3,778,000 | |||
Properties held for sale | 0 | (186,000) | (288,000) | |||
Removal of fully depreciated and amortized tenant improvements and lease intangibles | (53,687,000) | (146,739,000) | (33,115,000) | |||
Ending balance | 9,829,208,000 | 8,998,120,000 | 7,266,009,000 | |||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Beginning balance | (1,789,678,000) | (1,687,998,000) | (1,517,417,000) | |||
Depreciation and amortization | (276,761,000) | (248,914,000) | (205,333,000) | |||
Properties held for sale | 0 | 495,000 | 1,637,000 | |||
Removal of fully depreciated and amortized tenant improvements and lease intangibles | 53,687,000 | 146,739,000 | 33,115,000 | |||
Ending balance | (2,012,752,000) | $ (1,789,678,000) | $ (1,687,998,000) | |||
Investment in real estate, net | 7,816,456,000 | $ 7,208,442,000 | $ 5,578,011,000 | |||
Revolving Credit Facility With Maturity Date of August 21, 2020 [Member] | Line of Credit [Member] | ||||||
Principal Balance | 0 | |||||
Operating Property [Member] | ||||||
Encumbrances | 4,152,308,000 | |||||
Initial Cost - Land | 788,068,000 | |||||
Initial Cost - Buildings & Improvements | 5,330,916,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 3,585,752,000 | |||||
Gross Carrying Amount - Land | 1,062,345,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 8,642,391,000 | |||||
Gross Carrying Amount - Total | 9,704,736,000 | 9,704,736,000 | ||||
Accumulated Depreciation & Amortization | 2,012,752,000 | 2,012,752,000 | ||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | 9,704,736,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (2,012,752,000) | |||||
Operating Property [Member] | 100 Wilshire [Member] | ||||||
Encumbrances | 0 | |||||
Initial Cost - Land | 12,769,000 | |||||
Initial Cost - Buildings & Improvements | 78,447,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 138,767,000 | |||||
Gross Carrying Amount - Land | 27,108,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 202,875,000 | |||||
Gross Carrying Amount - Total | 229,983,000 | 229,983,000 | ||||
Accumulated Depreciation & Amortization | $ 63,633,000 | 63,633,000 | ||||
Year Built | Jan. 1, 1968 | |||||
Year Renovated | Jan. 1, 2002 | |||||
Year Acquired | Jan. 1, 1999 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 229,983,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (63,633,000) | |||||
Operating Property [Member] | 233 Wilshire [Member] | ||||||
Encumbrances | 62,962,000 | |||||
Initial Cost - Land | 9,263,000 | |||||
Initial Cost - Buildings & Improvements | 130,426,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 1,718,000 | |||||
Gross Carrying Amount - Land | 9,263,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 132,144,000 | |||||
Gross Carrying Amount - Total | 141,407,000 | 141,407,000 | ||||
Accumulated Depreciation & Amortization | $ 5,395,000 | 5,395,000 | ||||
Year Built | Jan. 1, 1975 | |||||
Year Acquired | Jan. 1, 2016 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 141,407,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | $ (5,395,000) | |||||
Operating Property [Member] | 233 Wilshire [Member] | Minimum [Member] | ||||||
Year Renovated | Jan. 1, 2008 | |||||
Operating Property [Member] | 233 Wilshire [Member] | Maximum [Member] | ||||||
Year Renovated | Jan. 1, 2009 | |||||
Operating Property [Member] | 401 Wilshire [Member] | ||||||
Encumbrances | 0 | |||||
Initial Cost - Land | 9,989,000 | |||||
Initial Cost - Buildings & Improvements | 29,187,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 115,936,000 | |||||
Gross Carrying Amount - Land | 21,787,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 133,325,000 | |||||
Gross Carrying Amount - Total | $ 155,112,000 | 155,112,000 | ||||
Accumulated Depreciation & Amortization | $ 44,090,000 | 44,090,000 | ||||
Year Built | Jan. 1, 1981 | |||||
Year Renovated | Jan. 1, 2000 | |||||
Year Acquired | Jan. 1, 1996 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 155,112,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (44,090,000) | |||||
Operating Property [Member] | 429 Santa Monica Blvd [Member] | ||||||
Encumbrances | 33,691,000 | |||||
Initial Cost - Land | 4,949,000 | |||||
Initial Cost - Buildings & Improvements | 72,534,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 941,000 | |||||
Gross Carrying Amount - Land | 4,949,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 73,475,000 | |||||
Gross Carrying Amount - Total | 78,424,000 | 78,424,000 | ||||
Accumulated Depreciation & Amortization | $ 1,675,000 | 1,675,000 | ||||
Year Built | Jan. 1, 1982 | |||||
Year Renovated | Jan. 1, 2016 | |||||
Year Acquired | Jan. 1, 2017 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 78,424,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (1,675,000) | |||||
Operating Property [Member] | 1299 Ocean Avenue [Member] | ||||||
Encumbrances | 124,699,000 | |||||
Initial Cost - Land | 22,748,000 | |||||
Initial Cost - Buildings & Improvements | 265,198,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 724,000 | |||||
Gross Carrying Amount - Land | 22,748,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 265,922,000 | |||||
Gross Carrying Amount - Total | 288,670,000 | 288,670,000 | ||||
Accumulated Depreciation & Amortization | $ 5,234,000 | 5,234,000 | ||||
Year Built | Jan. 1, 1980 | |||||
Year Renovated | Jan. 1, 2006 | |||||
Year Acquired | Jan. 1, 2017 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 288,670,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (5,234,000) | |||||
Operating Property [Member] | 1901 Avenue of the Stars [Member] | ||||||
Encumbrances | 146,974,000 | |||||
Initial Cost - Land | 18,514,000 | |||||
Initial Cost - Buildings & Improvements | 131,752,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 110,064,000 | |||||
Gross Carrying Amount - Land | 26,163,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 234,167,000 | |||||
Gross Carrying Amount - Total | 260,330,000 | 260,330,000 | ||||
Accumulated Depreciation & Amortization | $ 72,519,000 | 72,519,000 | ||||
Year Built | Jan. 1, 1968 | |||||
Year Renovated | Jan. 1, 2001 | |||||
Year Acquired | Jan. 1, 2001 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 260,330,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (72,519,000) | |||||
Operating Property [Member] | 8484 Wilshire [Member] | ||||||
Encumbrances | 0 | |||||
Initial Cost - Land | 8,846,000 | |||||
Initial Cost - Buildings & Improvements | 77,780,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 15,533,000 | |||||
Gross Carrying Amount - Land | 8,846,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 93,313,000 | |||||
Gross Carrying Amount - Total | 102,159,000 | 102,159,000 | ||||
Accumulated Depreciation & Amortization | $ 14,334,000 | 14,334,000 | ||||
Year Built | Jan. 1, 1972 | |||||
Year Renovated | Jan. 1, 2013 | |||||
Year Acquired | Jan. 1, 2013 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 102,159,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (14,334,000) | |||||
Operating Property [Member] | 9401 Wilshire [Member] | ||||||
Encumbrances | 32,213,000 | |||||
Initial Cost - Land | 6,740,000 | |||||
Initial Cost - Buildings & Improvements | 152,310,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 160,000 | |||||
Gross Carrying Amount - Land | 6,740,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 152,470,000 | |||||
Gross Carrying Amount - Total | 159,210,000 | 159,210,000 | ||||
Accumulated Depreciation & Amortization | $ 0 | 0 | ||||
Year Built | Jan. 1, 1971 | |||||
Year Acquired | Jan. 1, 2017 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 159,210,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | 0 | |||||
Operating Property [Member] | 9601 Wilshire [Member] | ||||||
Encumbrances | 145,845,000 | |||||
Initial Cost - Land | 16,597,000 | |||||
Initial Cost - Buildings & Improvements | 54,774,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 108,071,000 | |||||
Gross Carrying Amount - Land | 17,658,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 161,784,000 | |||||
Gross Carrying Amount - Total | 179,442,000 | 179,442,000 | ||||
Accumulated Depreciation & Amortization | $ 52,822,000 | 52,822,000 | ||||
Year Built | Jan. 1, 1962 | |||||
Year Renovated | Jan. 1, 2004 | |||||
Year Acquired | Jan. 1, 2001 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 179,442,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (52,822,000) | |||||
Operating Property [Member] | 9665 Wilshire [Member] | ||||||
Encumbrances | 77,445,000 | |||||
Initial Cost - Land | 5,568,000 | |||||
Initial Cost - Buildings & Improvements | 177,072,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 4,584,000 | |||||
Gross Carrying Amount - Land | 5,568,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 181,656,000 | |||||
Gross Carrying Amount - Total | 187,224,000 | 187,224,000 | ||||
Accumulated Depreciation & Amortization | $ 2,274,000 | 2,274,000 | ||||
Year Built | Jan. 1, 1971 | |||||
Year Acquired | Jan. 1, 2017 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 187,224,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (2,274,000) | |||||
Operating Property [Member] | 10880 Wilshire [Member] | ||||||
Encumbrances | 198,794,000 | |||||
Initial Cost - Land | 29,995,000 | |||||
Initial Cost - Buildings & Improvements | 437,514,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 6,095,000 | |||||
Gross Carrying Amount - Land | 29,988,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 443,616,000 | |||||
Gross Carrying Amount - Total | 473,604,000 | 473,604,000 | ||||
Accumulated Depreciation & Amortization | $ 25,282,000 | 25,282,000 | ||||
Year Built | Jan. 1, 1970 | |||||
Year Renovated | Jan. 1, 2009 | |||||
Year Acquired | Jan. 1, 2016 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 473,604,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (25,282,000) | |||||
Operating Property [Member] | 10960 Wilshire [Member] | ||||||
Encumbrances | 201,893,000 | |||||
Initial Cost - Land | 45,844,000 | |||||
Initial Cost - Buildings & Improvements | 429,769,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 7,506,000 | |||||
Gross Carrying Amount - Land | 45,852,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 437,267,000 | |||||
Gross Carrying Amount - Total | 483,119,000 | 483,119,000 | ||||
Accumulated Depreciation & Amortization | $ 24,596,000 | 24,596,000 | ||||
Year Built | Jan. 1, 1971 | |||||
Year Renovated | Jan. 1, 2006 | |||||
Year Acquired | Jan. 1, 2016 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 483,119,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (24,596,000) | |||||
Operating Property [Member] | 11777 San Vicente [Member] | ||||||
Encumbrances | 0 | |||||
Initial Cost - Land | 5,032,000 | |||||
Initial Cost - Buildings & Improvements | 15,768,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 29,537,000 | |||||
Gross Carrying Amount - Land | 6,714,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 43,623,000 | |||||
Gross Carrying Amount - Total | 50,337,000 | 50,337,000 | ||||
Accumulated Depreciation & Amortization | $ 13,549,000 | 13,549,000 | ||||
Year Built | Jan. 1, 1974 | |||||
Year Renovated | Jan. 1, 1998 | |||||
Year Acquired | Jan. 1, 1999 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 50,337,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (13,549,000) | |||||
Operating Property [Member] | 12100 Wilshire [Member] | ||||||
Encumbrances | 101,203,000 | |||||
Initial Cost - Land | 20,164,000 | |||||
Initial Cost - Buildings & Improvements | 208,755,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 4,132,000 | |||||
Gross Carrying Amount - Land | 20,164,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 212,887,000 | |||||
Gross Carrying Amount - Total | 233,051,000 | 233,051,000 | ||||
Accumulated Depreciation & Amortization | $ 10,889,000 | 10,889,000 | ||||
Year Built | Jan. 1, 1985 | |||||
Year Acquired | Jan. 1, 2016 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 233,051,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (10,889,000) | |||||
Operating Property [Member] | 12400 Wilshire [Member] | ||||||
Encumbrances | 0 | |||||
Initial Cost - Land | 5,013,000 | |||||
Initial Cost - Buildings & Improvements | 34,283,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 76,691,000 | |||||
Gross Carrying Amount - Land | 8,828,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 107,159,000 | |||||
Gross Carrying Amount - Total | 115,987,000 | 115,987,000 | ||||
Accumulated Depreciation & Amortization | $ 32,918,000 | 32,918,000 | ||||
Year Built | Jan. 1, 1985 | |||||
Year Acquired | Jan. 1, 1996 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 115,987,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (32,918,000) | |||||
Operating Property [Member] | 16501 Ventura [Member] | ||||||
Encumbrances | 39,803,000 | |||||
Initial Cost - Land | 6,759,000 | |||||
Initial Cost - Buildings & Improvements | 53,112,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 9,909,000 | |||||
Gross Carrying Amount - Land | 6,759,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 63,021,000 | |||||
Gross Carrying Amount - Total | 69,780,000 | 69,780,000 | ||||
Accumulated Depreciation & Amortization | $ 10,888,000 | 10,888,000 | ||||
Year Built | Jan. 1, 1986 | |||||
Year Renovated | Jan. 1, 2012 | |||||
Year Acquired | Jan. 1, 2013 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 69,780,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (10,888,000) | |||||
Operating Property [Member] | Beverly Hills Medical Center [Member] | ||||||
Encumbrances | 0 | |||||
Initial Cost - Land | 4,955,000 | |||||
Initial Cost - Buildings & Improvements | 27,766,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 28,181,000 | |||||
Gross Carrying Amount - Land | 6,435,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 54,467,000 | |||||
Gross Carrying Amount - Total | 60,902,000 | 60,902,000 | ||||
Accumulated Depreciation & Amortization | $ 17,371,000 | 17,371,000 | ||||
Year Built | Jan. 1, 1964 | |||||
Year Renovated | Jan. 1, 2004 | |||||
Year Acquired | Jan. 1, 2004 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 60,902,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (17,371,000) | |||||
Operating Property [Member] | Bishop Place [Member] | ||||||
Encumbrances | 0 | |||||
Initial Cost - Land | 8,317,000 | |||||
Initial Cost - Buildings & Improvements | 105,651,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 57,793,000 | |||||
Gross Carrying Amount - Land | 8,833,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 162,928,000 | |||||
Gross Carrying Amount - Total | 171,761,000 | 171,761,000 | ||||
Accumulated Depreciation & Amortization | $ 53,066,000 | 53,066,000 | ||||
Year Built | Jan. 1, 1992 | |||||
Year Acquired | Jan. 1, 2004 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 171,761,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (53,066,000) | |||||
Operating Property [Member] | Bishop Square [Member] | ||||||
Encumbrances | 180,000,000 | |||||
Initial Cost - Land | 16,273,000 | |||||
Initial Cost - Buildings & Improvements | 213,793,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 22,620,000 | |||||
Gross Carrying Amount - Land | 16,273,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 236,413,000 | |||||
Gross Carrying Amount - Total | 252,686,000 | 252,686,000 | ||||
Accumulated Depreciation & Amortization | $ 56,387,000 | 56,387,000 | ||||
Year Built | Jan. 1, 1972 | |||||
Year Renovated | Jan. 1, 1983 | |||||
Year Acquired | Jan. 1, 2010 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 252,686,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (56,387,000) | |||||
Operating Property [Member] | Brentwood Court [Member] | ||||||
Encumbrances | 0 | |||||
Initial Cost - Land | 2,564,000 | |||||
Initial Cost - Buildings & Improvements | 8,872,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 617,000 | |||||
Gross Carrying Amount - Land | 2,563,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 9,490,000 | |||||
Gross Carrying Amount - Total | 12,053,000 | 12,053,000 | ||||
Accumulated Depreciation & Amortization | $ 3,116,000 | 3,116,000 | ||||
Year Built | Jan. 1, 1984 | |||||
Year Acquired | Jan. 1, 2006 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 12,053,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (3,116,000) | |||||
Operating Property [Member] | Brentwood Executive Plaza [Member] | ||||||
Encumbrances | 39,169,000 | |||||
Initial Cost - Land | 3,255,000 | |||||
Initial Cost - Buildings & Improvements | 9,654,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 32,367,000 | |||||
Gross Carrying Amount - Land | 5,921,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 39,355,000 | |||||
Gross Carrying Amount - Total | 45,276,000 | 45,276,000 | ||||
Accumulated Depreciation & Amortization | $ 12,663,000 | 12,663,000 | ||||
Year Built | Jan. 1, 1983 | |||||
Year Renovated | Jan. 1, 1996 | |||||
Year Acquired | Jan. 1, 1995 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 45,276,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (12,663,000) | |||||
Operating Property [Member] | Brentwood Medical Plaza [Member] | ||||||
Encumbrances | 35,905,000 | |||||
Initial Cost - Land | 5,934,000 | |||||
Initial Cost - Buildings & Improvements | 27,836,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 1,433,000 | |||||
Gross Carrying Amount - Land | 5,933,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 29,270,000 | |||||
Gross Carrying Amount - Total | 35,203,000 | 35,203,000 | ||||
Accumulated Depreciation & Amortization | $ 9,815,000 | 9,815,000 | ||||
Year Built | Jan. 1, 1975 | |||||
Year Acquired | Jan. 1, 2006 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 35,203,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (9,815,000) | |||||
Operating Property [Member] | Brentwood San Vicente Medical [Member] | ||||||
Encumbrances | 0 | |||||
Initial Cost - Land | 5,557,000 | |||||
Initial Cost - Buildings & Improvements | 16,457,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 982,000 | |||||
Gross Carrying Amount - Land | 5,557,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 17,439,000 | |||||
Gross Carrying Amount - Total | 22,996,000 | 22,996,000 | ||||
Accumulated Depreciation & Amortization | $ 5,857,000 | 5,857,000 | ||||
Year Built | Jan. 1, 1957 | |||||
Year Renovated | Jan. 1, 1985 | |||||
Year Acquired | Jan. 1, 2006 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 22,996,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (5,857,000) | |||||
Operating Property [Member] | Brentwood Saltair [Member] | ||||||
Encumbrances | 0 | |||||
Initial Cost - Land | 4,468,000 | |||||
Initial Cost - Buildings & Improvements | 11,615,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 11,463,000 | |||||
Gross Carrying Amount - Land | 4,775,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 22,771,000 | |||||
Gross Carrying Amount - Total | 27,546,000 | 27,546,000 | ||||
Accumulated Depreciation & Amortization | $ 7,366,000 | 7,366,000 | ||||
Year Built | Jan. 1, 1986 | |||||
Year Acquired | Jan. 1, 2000 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 27,546,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (7,366,000) | |||||
Operating Property [Member] | Bundy Olympic [Member] | ||||||
Encumbrances | 34,273,000 | |||||
Initial Cost - Land | 4,201,000 | |||||
Initial Cost - Buildings & Improvements | 11,860,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 29,408,000 | |||||
Gross Carrying Amount - Land | 6,030,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 39,439,000 | |||||
Gross Carrying Amount - Total | 45,469,000 | 45,469,000 | ||||
Accumulated Depreciation & Amortization | $ 12,869,000 | 12,869,000 | ||||
Year Built | Jan. 1, 1991 | |||||
Year Renovated | Jan. 1, 1998 | |||||
Year Acquired | Jan. 1, 1994 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 45,469,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (12,869,000) | |||||
Operating Property [Member] | Camden Medical Arts [Member] | ||||||
Encumbrances | 38,021,000 | |||||
Initial Cost - Land | 3,102,000 | |||||
Initial Cost - Buildings & Improvements | 12,221,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 27,804,000 | |||||
Gross Carrying Amount - Land | 5,298,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 37,829,000 | |||||
Gross Carrying Amount - Total | 43,127,000 | 43,127,000 | ||||
Accumulated Depreciation & Amortization | $ 12,216,000 | 12,216,000 | ||||
Year Built | Jan. 1, 1972 | |||||
Year Renovated | Jan. 1, 1992 | |||||
Year Acquired | Jan. 1, 1995 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 43,127,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (12,216,000) | |||||
Operating Property [Member] | Carthay Campus [Member] | ||||||
Encumbrances | 48,007,000 | |||||
Initial Cost - Land | 6,595,000 | |||||
Initial Cost - Buildings & Improvements | 70,454,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 4,620,000 | |||||
Gross Carrying Amount - Land | 6,594,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 75,075,000 | |||||
Gross Carrying Amount - Total | 81,669,000 | 81,669,000 | ||||
Accumulated Depreciation & Amortization | $ 9,449,000 | 9,449,000 | ||||
Year Built | Jan. 1, 1965 | |||||
Year Renovated | Jan. 1, 2008 | |||||
Year Acquired | Jan. 1, 2014 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 81,669,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (9,449,000) | |||||
Operating Property [Member] | Century Park Plaza [Member] | ||||||
Encumbrances | 128,311,000 | |||||
Initial Cost - Land | 10,275,000 | |||||
Initial Cost - Buildings & Improvements | 70,761,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 107,552,000 | |||||
Gross Carrying Amount - Land | 16,153,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 172,435,000 | |||||
Gross Carrying Amount - Total | 188,588,000 | 188,588,000 | ||||
Accumulated Depreciation & Amortization | $ 53,519,000 | 53,519,000 | ||||
Year Built | Jan. 1, 1972 | |||||
Year Renovated | Jan. 1, 1987 | |||||
Year Acquired | Jan. 1, 1999 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 188,588,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (53,519,000) | |||||
Operating Property [Member] | Century Park West [Member] | ||||||
Encumbrances | 0 | |||||
Initial Cost - Land | 3,717,000 | |||||
Initial Cost - Buildings & Improvements | 29,099,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 585,000 | |||||
Gross Carrying Amount - Land | 3,667,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 29,734,000 | |||||
Gross Carrying Amount - Total | 33,401,000 | 33,401,000 | ||||
Accumulated Depreciation & Amortization | $ 10,325,000 | 10,325,000 | ||||
Year Built | Jan. 1, 1971 | |||||
Year Acquired | Jan. 1, 2007 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 33,401,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (10,325,000) | |||||
Operating Property [Member] | Columbus Center [Member] | ||||||
Encumbrances | 14,362,000 | |||||
Initial Cost - Land | 2,096,000 | |||||
Initial Cost - Buildings & Improvements | 10,396,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 9,813,000 | |||||
Gross Carrying Amount - Land | 2,333,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 19,972,000 | |||||
Gross Carrying Amount - Total | 22,305,000 | 22,305,000 | ||||
Accumulated Depreciation & Amortization | $ 6,680,000 | 6,680,000 | ||||
Year Built | Jan. 1, 1987 | |||||
Year Acquired | Jan. 1, 2001 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 22,305,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (6,680,000) | |||||
Operating Property [Member] | Coral Plaza [Member] | ||||||
Encumbrances | 25,831,000 | |||||
Initial Cost - Land | 4,028,000 | |||||
Initial Cost - Buildings & Improvements | 15,019,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 18,358,000 | |||||
Gross Carrying Amount - Land | 5,366,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 32,039,000 | |||||
Gross Carrying Amount - Total | 37,405,000 | 37,405,000 | ||||
Accumulated Depreciation & Amortization | $ 10,404,000 | 10,404,000 | ||||
Year Built | Jan. 1, 1981 | |||||
Year Acquired | Jan. 1, 1998 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 37,405,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (10,404,000) | |||||
Operating Property [Member] | Cornerstone Plaza [Member] | ||||||
Encumbrances | 0 | |||||
Initial Cost - Land | 8,245,000 | |||||
Initial Cost - Buildings & Improvements | 80,633,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 5,373,000 | |||||
Gross Carrying Amount - Land | 8,263,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 85,988,000 | |||||
Gross Carrying Amount - Total | 94,251,000 | 94,251,000 | ||||
Accumulated Depreciation & Amortization | $ 24,422,000 | 24,422,000 | ||||
Year Built | Jan. 1, 1986 | |||||
Year Acquired | Jan. 1, 2007 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 94,251,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (24,422,000) | |||||
Operating Property [Member] | Encino Gateway [Member] | ||||||
Encumbrances | 0 | |||||
Initial Cost - Land | 8,475,000 | |||||
Initial Cost - Buildings & Improvements | 48,525,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 54,238,000 | |||||
Gross Carrying Amount - Land | 15,653,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 95,585,000 | |||||
Gross Carrying Amount - Total | 111,238,000 | 111,238,000 | ||||
Accumulated Depreciation & Amortization | $ 29,795,000 | 29,795,000 | ||||
Year Built | Jan. 1, 1974 | |||||
Year Renovated | Jan. 1, 1998 | |||||
Year Acquired | Jan. 1, 2000 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 111,238,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (29,795,000) | |||||
Operating Property [Member] | Encino Plaza [Member] | ||||||
Encumbrances | 0 | |||||
Initial Cost - Land | 5,293,000 | |||||
Initial Cost - Buildings & Improvements | 23,125,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 47,787,000 | |||||
Gross Carrying Amount - Land | 6,165,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 70,040,000 | |||||
Gross Carrying Amount - Total | 76,205,000 | 76,205,000 | ||||
Accumulated Depreciation & Amortization | $ 22,280,000 | 22,280,000 | ||||
Year Built | Jan. 1, 1971 | |||||
Year Renovated | Jan. 1, 1992 | |||||
Year Acquired | Jan. 1, 2000 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 76,205,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (22,280,000) | |||||
Operating Property [Member] | Encino Terrace [Member] | ||||||
Encumbrances | 91,133,000 | |||||
Initial Cost - Land | 12,535,000 | |||||
Initial Cost - Buildings & Improvements | 59,554,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 93,982,000 | |||||
Gross Carrying Amount - Land | 15,533,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 150,538,000 | |||||
Gross Carrying Amount - Total | 166,071,000 | 166,071,000 | ||||
Accumulated Depreciation & Amortization | $ 48,060,000 | 48,060,000 | ||||
Year Built | Jan. 1, 1986 | |||||
Year Acquired | Jan. 1, 1999 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 166,071,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (48,060,000) | |||||
Operating Property [Member] | Executive Tower [Member] | ||||||
Encumbrances | 0 | |||||
Initial Cost - Land | 6,660,000 | |||||
Initial Cost - Buildings & Improvements | 32,045,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 59,314,000 | |||||
Gross Carrying Amount - Land | 9,471,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 88,548,000 | |||||
Gross Carrying Amount - Total | 98,019,000 | 98,019,000 | ||||
Accumulated Depreciation & Amortization | $ 29,265,000 | 29,265,000 | ||||
Year Built | Jan. 1, 1989 | |||||
Year Acquired | Jan. 1, 1995 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 98,019,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (29,265,000) | |||||
Operating Property [Member] | First Financial Plaza [Member] | ||||||
Encumbrances | 54,084,000 | |||||
Initial Cost - Land | 12,092,000 | |||||
Initial Cost - Buildings & Improvements | 81,104,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 1,882,000 | |||||
Gross Carrying Amount - Land | 12,092,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 82,986,000 | |||||
Gross Carrying Amount - Total | 95,078,000 | 95,078,000 | ||||
Accumulated Depreciation & Amortization | $ 7,921,000 | 7,921,000 | ||||
Year Built | Jan. 1, 1986 | |||||
Year Acquired | Jan. 1, 2015 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 95,078,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (7,921,000) | |||||
Operating Property [Member] | Gateway Los Angeles [Member] | ||||||
Encumbrances | 46,785,000 | |||||
Initial Cost - Land | 2,376,000 | |||||
Initial Cost - Buildings & Improvements | 15,302,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 47,889,000 | |||||
Gross Carrying Amount - Land | 5,119,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 60,448,000 | |||||
Gross Carrying Amount - Total | 65,567,000 | 65,567,000 | ||||
Accumulated Depreciation & Amortization | $ 19,429,000 | 19,429,000 | ||||
Year Built | Jan. 1, 1987 | |||||
Year Acquired | Jan. 1, 1994 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 65,567,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (19,429,000) | |||||
Operating Property [Member] | Harbor Court [Member] | ||||||
Encumbrances | 30,992,000 | |||||
Initial Cost - Land | 51,000 | |||||
Initial Cost - Buildings & Improvements | 41,001,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 46,232,000 | |||||
Gross Carrying Amount - Land | 12,060,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 75,224,000 | |||||
Gross Carrying Amount - Total | 87,284,000 | 87,284,000 | ||||
Accumulated Depreciation & Amortization | $ 20,463,000 | 20,463,000 | ||||
Year Built | Jan. 1, 1994 | |||||
Year Acquired | Jan. 1, 2004 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 87,284,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (20,463,000) | |||||
Operating Property [Member] | Honolulu Club [Member] | ||||||
Encumbrances | 0 | |||||
Initial Cost - Land | 1,863,000 | |||||
Initial Cost - Buildings & Improvements | 16,766,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 5,807,000 | |||||
Gross Carrying Amount - Land | 1,863,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 22,573,000 | |||||
Gross Carrying Amount - Total | 24,436,000 | 24,436,000 | ||||
Accumulated Depreciation & Amortization | $ 7,207,000 | 7,207,000 | ||||
Year Built | Jan. 1, 1980 | |||||
Year Acquired | Jan. 1, 2008 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 24,436,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (7,207,000) | |||||
Operating Property [Member] | Landmark II [Member] | ||||||
Encumbrances | 0 | |||||
Initial Cost - Land | 6,086,000 | |||||
Initial Cost - Buildings & Improvements | 109,259,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 79,461,000 | |||||
Gross Carrying Amount - Land | 13,070,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 181,736,000 | |||||
Gross Carrying Amount - Total | 194,806,000 | 194,806,000 | ||||
Accumulated Depreciation & Amortization | $ 65,683,000 | 65,683,000 | ||||
Year Built | Jan. 1, 1989 | |||||
Year Acquired | Jan. 1, 1997 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 194,806,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (65,683,000) | |||||
Operating Property [Member] | Lincoln Wilshire [Member] | ||||||
Encumbrances | 38,021,000 | |||||
Initial Cost - Land | 3,833,000 | |||||
Initial Cost - Buildings & Improvements | 12,484,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 22,776,000 | |||||
Gross Carrying Amount - Land | 7,475,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 31,618,000 | |||||
Gross Carrying Amount - Total | 39,093,000 | 39,093,000 | ||||
Accumulated Depreciation & Amortization | $ 9,670,000 | 9,670,000 | ||||
Year Built | Jan. 1, 1996 | |||||
Year Acquired | Jan. 1, 2000 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 39,093,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (9,670,000) | |||||
Operating Property [Member] | MB Plaza [Member] | ||||||
Encumbrances | 32,090,000 | |||||
Initial Cost - Land | 4,533,000 | |||||
Initial Cost - Buildings & Improvements | 22,024,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 30,303,000 | |||||
Gross Carrying Amount - Land | 7,503,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 49,357,000 | |||||
Gross Carrying Amount - Total | 56,860,000 | 56,860,000 | ||||
Accumulated Depreciation & Amortization | $ 15,545,000 | 15,545,000 | ||||
Year Built | Jan. 1, 1971 | |||||
Year Renovated | Jan. 1, 1996 | |||||
Year Acquired | Jan. 1, 1998 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 56,860,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (15,545,000) | |||||
Operating Property [Member] | Olympic Center [Member] | ||||||
Encumbrances | 41,313,000 | |||||
Initial Cost - Land | 5,473,000 | |||||
Initial Cost - Buildings & Improvements | 22,850,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 32,515,000 | |||||
Gross Carrying Amount - Land | 8,247,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 52,591,000 | |||||
Gross Carrying Amount - Total | 60,838,000 | 60,838,000 | ||||
Accumulated Depreciation & Amortization | $ 16,602,000 | 16,602,000 | ||||
Year Built | Jan. 1, 1985 | |||||
Year Renovated | Jan. 1, 1996 | |||||
Year Acquired | Jan. 1, 1997 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 60,838,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (16,602,000) | |||||
Operating Property [Member] | One Westwood [Member] | ||||||
Encumbrances | 0 | |||||
Initial Cost - Land | 10,350,000 | |||||
Initial Cost - Buildings & Improvements | 29,784,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 61,960,000 | |||||
Gross Carrying Amount - Land | 9,194,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 92,900,000 | |||||
Gross Carrying Amount - Total | 102,094,000 | 102,094,000 | ||||
Accumulated Depreciation & Amortization | $ 28,408,000 | 28,408,000 | ||||
Year Built | Jan. 1, 1987 | |||||
Year Renovated | Jan. 1, 2004 | |||||
Year Acquired | Jan. 1, 1999 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 102,094,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (28,408,000) | |||||
Operating Property [Member] | Palisades Promenade [Member] | ||||||
Encumbrances | 0 | |||||
Initial Cost - Land | 5,253,000 | |||||
Initial Cost - Buildings & Improvements | 15,547,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 54,529,000 | |||||
Gross Carrying Amount - Land | 9,664,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 65,665,000 | |||||
Gross Carrying Amount - Total | 75,329,000 | 75,329,000 | ||||
Accumulated Depreciation & Amortization | $ 19,284,000 | 19,284,000 | ||||
Year Built | Jan. 1, 1990 | |||||
Year Acquired | Jan. 1, 1995 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 75,329,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (19,284,000) | |||||
Operating Property [Member] | Saltair San Vicente [Member] | ||||||
Encumbrances | 21,269,000 | |||||
Initial Cost - Land | 5,075,000 | |||||
Initial Cost - Buildings & Improvements | 6,946,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 16,630,000 | |||||
Gross Carrying Amount - Land | 7,557,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 21,094,000 | |||||
Gross Carrying Amount - Total | 28,651,000 | 28,651,000 | ||||
Accumulated Depreciation & Amortization | $ 7,030,000 | 7,030,000 | ||||
Year Built | Jan. 1, 1964 | |||||
Year Renovated | Jan. 1, 1992 | |||||
Year Acquired | Jan. 1, 1997 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 28,651,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (7,030,000) | |||||
Operating Property [Member] | San Vicente Plaza [Member] | ||||||
Encumbrances | 0 | |||||
Initial Cost - Land | 7,055,000 | |||||
Initial Cost - Buildings & Improvements | 12,035,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 82,000 | |||||
Gross Carrying Amount - Land | 7,055,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 12,117,000 | |||||
Gross Carrying Amount - Total | 19,172,000 | 19,172,000 | ||||
Accumulated Depreciation & Amortization | $ 4,328,000 | 4,328,000 | ||||
Year Built | Jan. 1, 1985 | |||||
Year Acquired | Jan. 1, 2006 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 19,172,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (4,328,000) | |||||
Operating Property [Member] | Santa Monica Square [Member] | ||||||
Encumbrances | 0 | |||||
Initial Cost - Land | 5,366,000 | |||||
Initial Cost - Buildings & Improvements | 18,025,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 20,972,000 | |||||
Gross Carrying Amount - Land | 6,863,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 37,500,000 | |||||
Gross Carrying Amount - Total | 44,363,000 | 44,363,000 | ||||
Accumulated Depreciation & Amortization | $ 12,427,000 | 12,427,000 | ||||
Year Built | Jan. 1, 1983 | |||||
Year Renovated | Jan. 1, 2004 | |||||
Year Acquired | Jan. 1, 2001 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 44,363,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (12,427,000) | |||||
Operating Property [Member] | Second Street Plaza [Member] | ||||||
Encumbrances | 49,505,000 | |||||
Initial Cost - Land | 4,377,000 | |||||
Initial Cost - Buildings & Improvements | 15,277,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 35,328,000 | |||||
Gross Carrying Amount - Land | 7,421,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 47,561,000 | |||||
Gross Carrying Amount - Total | 54,982,000 | 54,982,000 | ||||
Accumulated Depreciation & Amortization | $ 15,295,000 | 15,295,000 | ||||
Year Built | Jan. 1, 1991 | |||||
Year Acquired | Jan. 1, 1997 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 54,982,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (15,295,000) | |||||
Operating Property [Member] | Sherman Oaks Galleria [Member] | ||||||
Encumbrances | 300,000,000 | |||||
Initial Cost - Land | 33,213,000 | |||||
Initial Cost - Buildings & Improvements | 17,820,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 398,869,000 | |||||
Gross Carrying Amount - Land | 48,328,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 401,574,000 | |||||
Gross Carrying Amount - Total | 449,902,000 | 449,902,000 | ||||
Accumulated Depreciation & Amortization | $ 129,471,000 | 129,471,000 | ||||
Year Built | Jan. 1, 1981 | |||||
Year Renovated | Jan. 1, 2002 | |||||
Year Acquired | Jan. 1, 1997 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 449,902,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (129,471,000) | |||||
Operating Property [Member] | Studio Plaza [Member] | ||||||
Encumbrances | 0 | |||||
Initial Cost - Land | 9,347,000 | |||||
Initial Cost - Buildings & Improvements | 73,358,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 131,054,000 | |||||
Gross Carrying Amount - Land | 15,015,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 198,744,000 | |||||
Gross Carrying Amount - Total | 213,759,000 | 213,759,000 | ||||
Accumulated Depreciation & Amortization | $ 73,363,000 | 73,363,000 | ||||
Year Built | Jan. 1, 1988 | |||||
Year Renovated | Jan. 1, 2004 | |||||
Year Acquired | Jan. 1, 1995 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 213,759,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (73,363,000) | |||||
Operating Property [Member] | The Tower [Member] | ||||||
Encumbrances | 65,969,000 | |||||
Initial Cost - Land | 9,643,000 | |||||
Initial Cost - Buildings & Improvements | 160,602,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 2,031,000 | |||||
Gross Carrying Amount - Land | 9,643,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 162,633,000 | |||||
Gross Carrying Amount - Total | 172,276,000 | 172,276,000 | ||||
Accumulated Depreciation & Amortization | $ 10,069,000 | 10,069,000 | ||||
Year Built | Jan. 1, 1988 | |||||
Year Renovated | Jan. 1, 1998 | |||||
Year Acquired | Jan. 1, 2016 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 172,276,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (10,069,000) | |||||
Operating Property [Member] | The Trillium [Member] | ||||||
Encumbrances | 0 | |||||
Initial Cost - Land | 20,688,000 | |||||
Initial Cost - Buildings & Improvements | 143,263,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 81,469,000 | |||||
Gross Carrying Amount - Land | 21,988,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 223,432,000 | |||||
Gross Carrying Amount - Total | 245,420,000 | 245,420,000 | ||||
Accumulated Depreciation & Amortization | $ 68,822,000 | 68,822,000 | ||||
Year Built | Jan. 1, 1988 | |||||
Year Acquired | Jan. 1, 2005 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 245,420,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (68,822,000) | |||||
Operating Property [Member] | Valley Executive Tower [Member] | ||||||
Encumbrances | 92,618,000 | |||||
Initial Cost - Land | 8,446,000 | |||||
Initial Cost - Buildings & Improvements | 67,672,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 101,921,000 | |||||
Gross Carrying Amount - Land | 11,737,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 166,302,000 | |||||
Gross Carrying Amount - Total | 178,039,000 | 178,039,000 | ||||
Accumulated Depreciation & Amortization | $ 50,854,000 | 50,854,000 | ||||
Year Built | Jan. 1, 1984 | |||||
Year Acquired | Jan. 1, 1998 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 178,039,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (50,854,000) | |||||
Operating Property [Member] | Valley Office Plaza [Member] | ||||||
Encumbrances | 41,271,000 | |||||
Initial Cost - Land | 5,731,000 | |||||
Initial Cost - Buildings & Improvements | 24,329,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 47,536,000 | |||||
Gross Carrying Amount - Land | 8,957,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 68,639,000 | |||||
Gross Carrying Amount - Total | 77,596,000 | 77,596,000 | ||||
Accumulated Depreciation & Amortization | $ 22,989,000 | 22,989,000 | ||||
Year Built | Jan. 1, 1966 | |||||
Year Renovated | Jan. 1, 2002 | |||||
Year Acquired | Jan. 1, 1998 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 77,596,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (22,989,000) | |||||
Operating Property [Member] | Verona [Member] | ||||||
Encumbrances | 0 | |||||
Initial Cost - Land | 2,574,000 | |||||
Initial Cost - Buildings & Improvements | 7,111,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 14,875,000 | |||||
Gross Carrying Amount - Land | 5,111,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 19,449,000 | |||||
Gross Carrying Amount - Total | 24,560,000 | 24,560,000 | ||||
Accumulated Depreciation & Amortization | $ 6,312,000 | 6,312,000 | ||||
Year Built | Jan. 1, 1991 | |||||
Year Acquired | Jan. 1, 1997 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 24,560,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (6,312,000) | |||||
Operating Property [Member] | Village on Canon [Member] | ||||||
Encumbrances | 58,337,000 | |||||
Initial Cost - Land | 5,933,000 | |||||
Initial Cost - Buildings & Improvements | 11,389,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 49,292,000 | |||||
Gross Carrying Amount - Land | 13,303,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 53,311,000 | |||||
Gross Carrying Amount - Total | 66,614,000 | 66,614,000 | ||||
Accumulated Depreciation & Amortization | $ 16,664,000 | 16,664,000 | ||||
Year Built | Jan. 1, 1989 | |||||
Year Renovated | Jan. 1, 1995 | |||||
Year Acquired | Jan. 1, 1994 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 66,614,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (16,664,000) | |||||
Operating Property [Member] | Warner Center Towers [Member] | ||||||
Encumbrances | 280,721,000 | |||||
Initial Cost - Land | 43,110,000 | |||||
Initial Cost - Buildings & Improvements | 292,147,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 405,168,000 | |||||
Gross Carrying Amount - Land | 59,418,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 681,007,000 | |||||
Gross Carrying Amount - Total | 740,425,000 | 740,425,000 | ||||
Accumulated Depreciation & Amortization | $ 212,766,000 | 212,766,000 | ||||
Year Renovated | Jan. 1, 2004 | |||||
Year Acquired | Jan. 1, 2002 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 740,425,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | $ (212,766,000) | |||||
Operating Property [Member] | Warner Center Towers [Member] | Minimum [Member] | ||||||
Year Built | Jan. 1, 1982 | |||||
Operating Property [Member] | Warner Center Towers [Member] | Maximum [Member] | ||||||
Year Built | Jan. 1, 1993 | |||||
Operating Property [Member] | Westside Towers [Member] | ||||||
Encumbrances | 107,386,000 | |||||
Initial Cost - Land | 8,506,000 | |||||
Initial Cost - Buildings & Improvements | 79,532,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 79,372,000 | |||||
Gross Carrying Amount - Land | 14,568,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 152,842,000 | |||||
Gross Carrying Amount - Total | $ 167,410,000 | 167,410,000 | ||||
Accumulated Depreciation & Amortization | $ 47,741,000 | 47,741,000 | ||||
Year Built | Jan. 1, 1985 | |||||
Year Acquired | Jan. 1, 1998 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 167,410,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (47,741,000) | |||||
Operating Property [Member] | Westwood Center [Member] | ||||||
Encumbrances | 113,344,000 | |||||
Initial Cost - Land | 9,512,000 | |||||
Initial Cost - Buildings & Improvements | 259,341,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 3,448,000 | |||||
Gross Carrying Amount - Land | 9,513,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 262,788,000 | |||||
Gross Carrying Amount - Total | 272,301,000 | 272,301,000 | ||||
Accumulated Depreciation & Amortization | $ 15,962,000 | 15,962,000 | ||||
Year Built | Jan. 1, 1965 | |||||
Year Renovated | Jan. 1, 2000 | |||||
Year Acquired | Jan. 1, 2016 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 272,301,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (15,962,000) | |||||
Operating Property [Member] | Westwood Place [Member] | ||||||
Encumbrances | 65,669,000 | |||||
Initial Cost - Land | 8,542,000 | |||||
Initial Cost - Buildings & Improvements | 44,419,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 51,019,000 | |||||
Gross Carrying Amount - Land | 11,448,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 92,532,000 | |||||
Gross Carrying Amount - Total | 103,980,000 | 103,980,000 | ||||
Accumulated Depreciation & Amortization | $ 29,310,000 | 29,310,000 | ||||
Year Built | Jan. 1, 1987 | |||||
Year Acquired | Jan. 1, 1999 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 103,980,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (29,310,000) | |||||
Operating Property [Member] | 555 Barrington [Member] | ||||||
Encumbrances | 50,000,000 | |||||
Initial Cost - Land | 6,461,000 | |||||
Initial Cost - Buildings & Improvements | 27,639,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 40,239,000 | |||||
Gross Carrying Amount - Land | 14,903,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 59,436,000 | |||||
Gross Carrying Amount - Total | 74,339,000 | 74,339,000 | ||||
Accumulated Depreciation & Amortization | $ 18,892,000 | 18,892,000 | ||||
Year Built | Jan. 1, 1989 | |||||
Year Acquired | Jan. 1, 1999 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 74,339,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (18,892,000) | |||||
Operating Property [Member] | Barrington Plaza [Member] | ||||||
Encumbrances | 210,000,000 | |||||
Initial Cost - Land | 28,568,000 | |||||
Initial Cost - Buildings & Improvements | 81,485,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 152,513,000 | |||||
Gross Carrying Amount - Land | 58,208,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 204,358,000 | |||||
Gross Carrying Amount - Total | 262,566,000 | 262,566,000 | ||||
Accumulated Depreciation & Amortization | $ 63,994,000 | 63,994,000 | ||||
Year Built | Jan. 1, 1963 | |||||
Year Renovated | Jan. 1, 1998 | |||||
Year Acquired | Jan. 1, 1998 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 262,566,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (63,994,000) | |||||
Operating Property [Member] | Barrington Kiowa [Member] | ||||||
Encumbrances | 11,345,000 | |||||
Initial Cost - Land | 5,720,000 | |||||
Initial Cost - Buildings & Improvements | 10,052,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 499,000 | |||||
Gross Carrying Amount - Land | 5,720,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 10,551,000 | |||||
Gross Carrying Amount - Total | 16,271,000 | 16,271,000 | ||||
Accumulated Depreciation & Amortization | $ 3,361,000 | 3,361,000 | ||||
Year Built | Jan. 1, 1974 | |||||
Year Acquired | Jan. 1, 2006 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 16,271,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (3,361,000) | |||||
Operating Property [Member] | Barry [Member] | ||||||
Encumbrances | 9,000,000 | |||||
Initial Cost - Land | 6,426,000 | |||||
Initial Cost - Buildings & Improvements | 8,179,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 425,000 | |||||
Gross Carrying Amount - Land | 6,427,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 8,603,000 | |||||
Gross Carrying Amount - Total | 15,030,000 | 15,030,000 | ||||
Accumulated Depreciation & Amortization | $ 2,855,000 | 2,855,000 | ||||
Year Built | Jan. 1, 1973 | |||||
Year Acquired | Jan. 1, 2006 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 15,030,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (2,855,000) | |||||
Operating Property [Member] | Kiowa [Member] | ||||||
Encumbrances | 4,535,000 | |||||
Initial Cost - Land | 2,605,000 | |||||
Initial Cost - Buildings & Improvements | 3,263,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 276,000 | |||||
Gross Carrying Amount - Land | 2,605,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 3,539,000 | |||||
Gross Carrying Amount - Total | 6,144,000 | 6,144,000 | ||||
Accumulated Depreciation & Amortization | $ 1,165,000 | 1,165,000 | ||||
Year Built | Jan. 1, 1972 | |||||
Year Acquired | Jan. 1, 2006 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 6,144,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (1,165,000) | |||||
Operating Property [Member] | Moanalua Hillside Apartments [Member] | ||||||
Encumbrances | 145,000,000 | |||||
Initial Cost - Land | 19,426,000 | |||||
Initial Cost - Buildings & Improvements | 85,895,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 38,222,000 | |||||
Gross Carrying Amount - Land | 30,071,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 113,472,000 | |||||
Gross Carrying Amount - Total | 143,543,000 | 143,543,000 | ||||
Accumulated Depreciation & Amortization | $ 36,956,000 | 36,956,000 | ||||
Year Renovated | Jan. 1, 2004 | |||||
Year Acquired | Jan. 1, 2005 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 143,543,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (36,956,000) | |||||
Operating Property [Member] | Pacific Plaza [Member] | ||||||
Encumbrances | 78,000,000 | |||||
Initial Cost - Land | 10,091,000 | |||||
Initial Cost - Buildings & Improvements | 16,159,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 73,409,000 | |||||
Gross Carrying Amount - Land | 27,816,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 71,843,000 | |||||
Gross Carrying Amount - Total | 99,659,000 | 99,659,000 | ||||
Accumulated Depreciation & Amortization | $ 22,103,000 | 22,103,000 | ||||
Year Built | Jan. 1, 1963 | |||||
Year Renovated | Jan. 1, 1998 | |||||
Year Acquired | Jan. 1, 1999 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 99,659,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (22,103,000) | |||||
Operating Property [Member] | The Shores [Member] | ||||||
Encumbrances | 212,000,000 | |||||
Initial Cost - Land | 20,809,000 | |||||
Initial Cost - Buildings & Improvements | 74,191,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 198,549,000 | |||||
Gross Carrying Amount - Land | 60,556,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 232,993,000 | |||||
Gross Carrying Amount - Total | 293,549,000 | 293,549,000 | ||||
Accumulated Depreciation & Amortization | $ 70,922,000 | 70,922,000 | ||||
Year Renovated | Jan. 1, 2002 | |||||
Year Acquired | Jan. 1, 1999 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 293,549,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | $ (70,922,000) | |||||
Operating Property [Member] | The Shores [Member] | Minimum [Member] | ||||||
Year Built | Jan. 1, 1965 | |||||
Operating Property [Member] | The Shores [Member] | Maximum [Member] | ||||||
Year Built | Jan. 1, 1967 | |||||
Operating Property [Member] | Villas at Royal Kunia [Member] | ||||||
Encumbrances | 90,120,000 | |||||
Initial Cost - Land | 42,887,000 | |||||
Initial Cost - Buildings & Improvements | 71,376,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 14,066,000 | |||||
Gross Carrying Amount - Land | 35,164,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 93,165,000 | |||||
Gross Carrying Amount - Total | $ 128,329,000 | 128,329,000 | ||||
Accumulated Depreciation & Amortization | $ 33,403,000 | 33,403,000 | ||||
Year Built | Jan. 1, 1990 | |||||
Year Renovated | Jan. 1, 1995 | |||||
Year Acquired | Jan. 1, 2006 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 128,329,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | (33,403,000) | |||||
Operating Property [Member] | Waena Apartments [Member] | ||||||
Encumbrances | 102,400,000 | |||||
Initial Cost - Land | 26,864,000 | |||||
Initial Cost - Buildings & Improvements | 119,273,000 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 476,000 | |||||
Gross Carrying Amount - Land | 26,864,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 119,749,000 | |||||
Gross Carrying Amount - Total | 146,613,000 | 146,613,000 | ||||
Accumulated Depreciation & Amortization | $ 10,463,000 | 10,463,000 | ||||
Year Renovated | Jan. 1, 2009 | |||||
Year Acquired | Jan. 1, 2014 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 146,613,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | $ (10,463,000) | |||||
Operating Property [Member] | Waena Apartments [Member] | Minimum [Member] | ||||||
Year Built | Jan. 1, 1970 | |||||
Operating Property [Member] | Waena Apartments [Member] | Maximum [Member] | ||||||
Year Renovated | Jan. 1, 2014 | |||||
Operating Property [Member] | Owensmouth Warner [Member] | ||||||
Encumbrances | 0 | |||||
Initial Cost - Land | 23,848,000 | |||||
Initial Cost - Buildings & Improvements | 0 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 0 | |||||
Gross Carrying Amount - Land | 23,848,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 0 | |||||
Gross Carrying Amount - Total | $ 23,848,000 | 23,848,000 | ||||
Accumulated Depreciation & Amortization | $ 0 | 0 | ||||
Year Acquired | Jan. 1, 2006 | |||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | $ 23,848,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | 0 | |||||
Property Under Development [Member] | ||||||
Encumbrances | 0 | |||||
Initial Cost - Land | 18,364,000 | |||||
Initial Cost - Buildings & Improvements | 0 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 106,108,000 | |||||
Gross Carrying Amount - Land | 18,364,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 106,108,000 | |||||
Gross Carrying Amount - Total | 124,472,000 | 124,472,000 | ||||
Accumulated Depreciation & Amortization | 0 | 0 | ||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | 124,472,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | $ 0 | |||||
Property Under Development [Member] | Moanalua Hillside Apartments [Member] | Minimum [Member] | ||||||
Year Built | Jan. 1, 1968 | |||||
Property Under Development [Member] | Landmark II Development [Member] [Member] | ||||||
Encumbrances | 0 | |||||
Initial Cost - Land | 13,070,000 | |||||
Initial Cost - Buildings & Improvements | 0 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 7,760,000 | |||||
Gross Carrying Amount - Land | 13,070,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 7,760,000 | |||||
Gross Carrying Amount - Total | $ 20,830,000 | 20,830,000 | ||||
Accumulated Depreciation & Amortization | ||||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | 20,830,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance | ||||||
Property Under Development [Member] | Moanalua Hillside Apartments - Development [Member] | ||||||
Encumbrances | 0 | |||||
Initial Cost - Land | 5,294,000 | |||||
Initial Cost - Buildings & Improvements | 0 | |||||
Costs Capitalized Subsequent to Acquisition - Improvements | 98,348,000 | |||||
Gross Carrying Amount - Land | 5,294,000 | |||||
Gross Carrying Amount - Buildings & Improvements | 98,348,000 | |||||
Gross Carrying Amount - Total | 103,642,000 | 103,642,000 | ||||
Accumulated Depreciation & Amortization | ||||||
Investment in real estate, gross [Roll Forward] | ||||||
Ending balance | 103,642,000 | |||||
Accumulated depreciation and amortization [Roll Forward] | ||||||
Ending balance |