DEI XBRL Filing Information
DEI XBRL Filing Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 10, 2017 | Jun. 30, 2016 | |
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, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | Q4 | ||
Amendment Flag | false | ||
Common Shares Outstanding | 153,094,197 | ||
Entity Public Float | $ 5,020 | ||
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, 2016 | Dec. 31, 2015 |
Assets | ||
Land | $ 1,022,340 | $ 897,916 |
Buildings and improvements | 7,221,124 | 5,644,546 |
Tenant improvements and lease intangibles | 696,197 | 696,647 |
Property under development | 58,459 | 26,900 |
Investment in real estate, gross | 8,998,120 | 7,266,009 |
Less: accumulated depreciation and amortization | (1,789,678) | (1,687,998) |
Investment in real estate, net | 7,208,442 | 5,578,011 |
Real estate held for sale, net | 0 | 42,943 |
Cash and cash equivalents | 112,927 | 101,798 |
Tenant receivables, net | 2,165 | 1,907 |
Deferred rent receivables, net | 93,165 | 79,837 |
Acquired lease intangible assets, net | 5,147 | 4,484 |
Interest rate contract assets | 35,656 | 4,830 |
Investment in unconsolidated real estate funds | 144,289 | 164,631 |
Other assets | 11,914 | 87,720 |
Total assets | 7,613,705 | 6,066,161 |
Liabilities | ||
Secured notes payable and revolving credit facility, net | 4,369,537 | 3,611,276 |
Interest payable, accounts payable and deferred revenue | 75,229 | 57,417 |
Security deposits | 45,990 | 38,683 |
Acquired lease intangible liabilities, net | 67,191 | 28,605 |
Interest rate contract liabilities | 6,830 | 16,310 |
Dividends payable | 34,857 | 32,322 |
Total liabilities | 4,599,634 | 3,784,613 |
Douglas Emmett, Inc. stockholders' equity: | ||
Common Stock, $0.01 par value, 750,000,000 authorized, 151,530,210 and 146,919,187 outstanding at December 31, 2016 and December 31, 2015, respectively | 1,515 | 1,469 |
Additional paid-in capital | 2,725,157 | 2,706,753 |
Accumulated other comprehensive income (loss) | 15,156 | (9,285) |
Accumulated deficit | (820,685) | (772,726) |
Total Douglas Emmett, Inc. stockholders' equity | 1,921,143 | 1,926,211 |
Noncontrolling interests | 1,092,928 | 355,337 |
Total equity | 3,014,071 | 2,281,548 |
Total liabilities and equity | $ 7,613,705 | $ 6,066,161 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 750,000,000 | 750,000,000 |
Common stock, shares outstanding (in shares) | 151,530,210 | 146,919,187 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Office rental | |||
Rental revenues | $ 498,214 | $ 412,448 | $ 396,524 |
Tenant recoveries | 46,847 | 43,139 | 44,461 |
Parking and other income | 100,572 | 85,388 | 78,420 |
Total office revenues | 645,633 | 540,975 | 519,405 |
Multifamily rental | |||
Rental revenues | 89,996 | 87,907 | 74,289 |
Parking and other income | 6,922 | 6,892 | 5,828 |
Total multifamily revenues | 96,918 | 94,799 | 80,117 |
Total revenues | 742,551 | 635,774 | 599,522 |
Operating Expenses | |||
Office expenses | 214,546 | 186,556 | 181,160 |
Multifamily expenses | 23,317 | 23,862 | 20,664 |
General and administrative | 34,957 | 30,496 | 27,332 |
Depreciation and amortization | 248,914 | 205,333 | 202,512 |
Total operating expenses | 521,734 | 446,247 | 431,668 |
Operating income | 220,817 | 189,527 | 167,854 |
Other income | 8,759 | 15,228 | 17,675 |
Other expenses | (6,609) | (6,470) | (7,095) |
Income, including depreciation, from unconsolidated real estate funds | 7,812 | 7,694 | 3,713 |
Interest expense | (146,148) | (135,453) | (128,507) |
Acquisition-related expenses | (2,868) | (1,771) | (786) |
Income before gains | 81,763 | 68,755 | 52,854 |
Gains on sales of investments in real estate | 14,327 | 0 | 0 |
Net income | 96,090 | 68,755 | 52,854 |
Less: Net income attributable to noncontrolling interests | (10,693) | (10,371) | (8,233) |
Net income attributable to common stockholders | $ 85,397 | $ 58,384 | $ 44,621 |
Net income attributable to common stockholders per share – basic (dollars per share) | $ 0.569 | $ 0.398 | $ 0.309 |
Net income attributable to common stockholders per share – diluted (dollars per share) | $ 0.554 | $ 0.386 | $ 0.300 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 96,090 | $ 68,755 | $ 52,854 |
Other comprehensive income: cash flow hedges | 40,474 | 24,850 | 25,045 |
Comprehensive income | 136,564 | 93,605 | 77,899 |
Less: comprehensive income attributable to noncontrolling interests | (26,726) | (14,417) | (12,813) |
Comprehensive income attributable to common stockholders | $ 109,838 | $ 79,188 | $ 65,086 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Noncontrolling Interests |
Beginning balance (in shares) at Dec. 31, 2013 | 142,605,000 | |||||
Stockholders' Equity [Roll Forward] | ||||||
Conversion of OP Units (in shares) | 2,200,000 | 2,224,000 | ||||
Issuance of common stock (in shares) | 0 | |||||
Exercise of stock options (in shares) | 40,000 | 40,000 | ||||
Ending balance (in shares) at Dec. 31, 2014 | 144,869,000 | |||||
Beginning balance at Dec. 31, 2013 | $ 2,367,208 | $ 1,426 | $ 2,653,905 | $ (50,554) | $ (634,380) | $ 396,811 |
Stockholders' Equity [Roll Forward] | ||||||
Conversion of OP Units | (30,035) | (22) | (30,013) | (30,035) | ||
Issuance of common stock | 0 | 0 | 0 | |||
Repurchase of OP Units | (2,826) | (1,197) | (1,629) | |||
Repurchase of stock options | 4,524 | 4,524 | ||||
Exercise of stock options | 602 | 1 | 601 | |||
Cash flow hedge adjustment | 25,045 | 20,465 | 4,580 | |||
Net income | 52,854 | 8,233 | ||||
Net income attributable to common stockholders | 44,621 | 44,621 | ||||
Dividends | (116,941) | (116,941) | ||||
Contributions | 290 | 290 | ||||
Sales of equity interests in consolidated JVs | 0 | 0 | ||||
Distributions | (22,813) | (22,813) | ||||
Issuance of OP Units for cash | 0 | 0 | ||||
Stock-based compensation | 14,829 | 14,829 | ||||
Ending balance at Dec. 31, 2014 | $ 2,313,724 | $ 1,449 | 2,678,798 | (30,089) | (706,700) | 370,266 |
Stockholders' Equity [Roll Forward] | ||||||
Dividends declared per common share (in dollars per share) | $ 0.81 | |||||
Conversion of OP Units (in shares) | 1,800,000 | 1,776,000 | ||||
Issuance of common stock (in shares) | 0 | |||||
Exercise of stock options (in shares) | 274,000 | |||||
Ending balance (in shares) at Dec. 31, 2015 | 146,919,187 | 146,919,000 | ||||
Stockholders' Equity [Roll Forward] | ||||||
Conversion of OP Units | $ (23,703) | $ (17) | (23,686) | (23,703) | ||
Issuance of common stock | 0 | 0 | 0 | |||
Repurchase of OP Units | 0 | 0 | 0 | |||
Repurchase of stock options | 0 | 0 | ||||
Exercise of stock options | 4,272 | 3 | 4,269 | |||
Cash flow hedge adjustment | 24,850 | 20,804 | 4,046 | |||
Net income | 68,755 | 10,371 | ||||
Net income attributable to common stockholders | 58,384 | 58,384 | ||||
Dividends | (124,410) | (124,410) | ||||
Contributions | 0 | 0 | ||||
Sales of equity interests in consolidated JVs | 0 | 0 | ||||
Distributions | (23,265) | (23,265) | ||||
Issuance of OP Units for cash | 1,000 | 1,000 | ||||
Stock-based compensation | 16,622 | 16,622 | ||||
Ending balance at Dec. 31, 2015 | $ 2,281,548 | $ 1,469 | 2,706,753 | (9,285) | (772,726) | 355,337 |
Stockholders' Equity [Roll Forward] | ||||||
Dividends declared per common share (in dollars per share) | $ 0.85 | |||||
Conversion of OP Units (in shares) | 1,800,000 | 1,753,000 | ||||
Issuance of common stock (in shares) | 1,400,000 | |||||
Exercise of stock options (in shares) | 7,600,000 | 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 | $ (23,060) | $ (17) | (23,043) | (23,060) | ||
Issuance of common stock | 49,379 | 14 | 49,365 | |||
Repurchase of OP Units | (826) | (498) | (328) | |||
Repurchase of stock options | 0 | 0 | ||||
Exercise of stock options | (53,491) | 15 | (53,506) | |||
Cash flow hedge adjustment | 40,474 | 24,441 | 16,033 | |||
Net income | 96,090 | 10,693 | ||||
Net income attributable to common stockholders | 85,397 | 85,397 | ||||
Dividends | (133,356) | (133,356) | ||||
Contributions | 459,752 | 459,752 | ||||
Sales of equity interests in consolidated JVs | 291,028 | 291,028 | ||||
Distributions | (35,478) | (35,478) | ||||
Issuance of OP Units for cash | 0 | 0 | ||||
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 (in dollars per share) | $ 0.89 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Activities | |||
Net income | $ 96,090 | $ 68,755 | $ 52,854 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Income, including depreciation, from unconsolidated real estate funds | (7,812) | (7,694) | (3,713) |
Gain from insurance recoveries for damage to real estate | 0 | (82) | (6,621) |
Gains on sales of investments in real estate | (14,327) | 0 | 0 |
Depreciation and amortization | 248,914 | 205,333 | 202,512 |
Net accretion of acquired lease intangibles | (18,198) | (19,100) | (16,084) |
Straight-line rent | (13,599) | (4,840) | (5,335) |
Increase (decrease) in the allowance for doubtful accounts | 422 | 223 | (461) |
Deferred loan costs amortized and written off | 8,927 | 6,969 | 4,097 |
Non-cash market value adjustments on interest rate contracts | (196) | (66) | 50 |
Amortization of stock-based compensation | 17,448 | 15,234 | 13,722 |
Operating distributions from unconsolidated real estate funds | 2,668 | 1,068 | 909 |
Change in working capital components: | |||
Tenant receivables | (680) | 13 | 78 |
Interest payable, accounts payable and deferred revenue | 10,712 | 4,557 | 2,668 |
Security deposits | 7,307 | 1,233 | 1,980 |
Other assets | 1,773 | (176) | 59 |
Net cash provided by operating activities | 339,449 | 271,427 | 246,715 |
Investing Activities | |||
Capital expenditures for improvements to real estate | (91,826) | (75,541) | (84,444) |
Capital expenditures for developments | (27,720) | (3,720) | (4,259) |
Insurance recoveries for damage to real estate | 0 | 82 | 6,506 |
Property acquisitions | (1,619,759) | (89,906) | (220,469) |
Deposits for property acquisitions | 0 | (75,000) | (2,500) |
Proceeds from sale of investments in real estate, net | 348,203 | 0 | 0 |
Note receivable | 0 | 0 | (27,500) |
Proceeds from repayment of note receivable | 0 | 1,000 | 0 |
Loans to related parties | 0 | (2,000) | 0 |
Loan payments received from related parties | 763 | 2,719 | 1,187 |
Contributions to unconsolidated real estate funds | 0 | (11) | 0 |
Capital distributions from unconsolidated real estate funds | 24,170 | 10,788 | 11,514 |
Net cash used in investing activities | (1,366,169) | (231,589) | (319,965) |
Financing Activities | |||
Proceeds from borrowings | 2,109,500 | 1,614,400 | 551,000 |
Repayment of borrowings | (1,335,580) | (1,415,528) | (356,850) |
Loan cost payments | (24,586) | (14,232) | (1,974) |
Contributions from noncontrolling interests in consolidated JVs | 459,752 | 0 | 290 |
Distributions paid to noncontrolling interests | (35,478) | (23,265) | (22,813) |
Dividends paid to common stockholders | (130,821) | (122,510) | (115,039) |
Proceeds from exercise of stock options | 0 | 4,272 | 603 |
Taxes paid on exercise of stock options | (53,491) | 0 | 0 |
Repurchase of stock options | 0 | 0 | (4,524) |
Repurchase of OP Units | (826) | 0 | (2,826) |
Proceeds from issuance of common stock, net | 49,379 | 0 | 0 |
Net cash provided by financing activities | 1,037,849 | 43,137 | 47,867 |
Increase (decrease) in cash and cash equivalents | 11,129 | 82,975 | (25,383) |
Cash and cash equivalents at the beginning of the year | 101,798 | 18,823 | 44,206 |
Cash and cash equivalents at year end | 112,927 | 101,798 | 18,823 |
OPERATING ACTIVITIES | |||
Cash paid for interest, net of capitalized interest | 137,884 | 128,178 | 123,967 |
Capitalized interest paid | 1,193 | 940 | 294 |
NON CASH INVESTING TRANSACTIONS | |||
Accrual (increase)/decrease for capital expenditures for improvements to real estate and developments | (7,182) | 1,504 | 952 |
Capitalized stock-based compensation for improvements to real estate and developments | 1,503 | 1,358 | 1,086 |
Write-off of fully depreciated and amortized building and tenant improvements and lease intangibles | 146,739 | 33,115 | 167,174 |
Write-off of fully amortized acquired lease intangible assets | 1,306 | 220 | 32,230 |
Write-off of fully accreted acquired lease intangible liabilities | 56,278 | 49,576 | 137,313 |
Settlement of note receivable in exchange for land and building acquired | 0 | 26,500 | 0 |
Issuance of OP Units in exchange for land and building acquired | 0 | 1,000 | 0 |
Application of deposit to purchase price of property | 75,000 | 2,500 | 0 |
Gain (loss) from market value adjustments | 14,192 | (11,549) | (11,116) |
Dividends declared | 133,356 | 124,410 | 116,941 |
Common stock issued in exchange for OP Units | 23,060 | 23,703 | 30,035 |
Fund X [Member] | |||
NON CASH INVESTING TRANSACTIONS | |||
Gain (loss) from market value adjustments | $ 8 | $ (1,922) | $ (1,767) |
Overview
Overview | 12 Months Ended |
Dec. 31, 2016 | |
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. We focus on owning, acquiring, developing and managing a substantial share of top-tier office properties and premier multifamily communities in neighborhoods that possess significant supply constraints, high-end executive housing and key lifestyle amenities. Through our interest in our Operating Partnership and its subsidiaries, our consolidated JVs and our unconsolidated Funds, we own or partially own, acquire, develop and manage real estate, consisting primarily of office and multifamily properties in Los Angeles, California and Honolulu, Hawaii. As of December 31, 2016 , we owned a Consolidated Portfolio of (i) fifty-nine office properties (including ancillary retail space), which included seven office properties owned by our consolidated JVs, (ii) ten multifamily properties and (iii) fee interests in two parcels of land subject to ground leases from which we earn ground rent income. Alongside our Consolidated Portfolio, we also manage and own equity interests in our unconsolidated Funds, which at December 31, 2016 , owned eight additional office properties, for a combined sixty-seven office properties in our Total Portfolio. The terms "us," "we" and "our" as used in these financial statements refer to Douglas Emmett, Inc. and its subsidiaries on a consolidated basis. 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, 2016 , the total consolidated assets, liabilities and equity of the VIEs was $7.61 billion (of which $7.21 billion related to investment in real estate), $4.60 billion and $3.01 billion (of which $1.09 billion related to noncontrolling interest), respectively. During the third quarter of 2016, we sold a property which was classified as real estate held for sale in our consolidated balance sheets. The carrying value in the comparable period has been reclassified to conform to the current period presentation. See Note 3 for information regarding the property that we sold. 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 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, 2016 | |
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 acquisitions of properties as business combinations using the purchase method, and include the results of operations of the acquired properties in our results of operations from their respective dates of acquisition. We expense transaction costs related to acquisitions when they are incurred. We estimate the purchase price allocation of acquired properties, which is based upon our estimates of future cash flows and other valuation techniques, to allocate the purchase price among: (i) land, (ii) buildings and improvements, (iii) tenant improvements and identifiable intangible assets such as in-place at-market leases, and (iv) acquired above- and below-market ground and tenant leases (including for renewal options). We estimate the fair values of the tangible assets on an ‘‘as-if-vacant’’ basis. The estimated 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 fair market rental rates for the corresponding in-place leases, over the remaining non-cancelable term of the lease. Our initial valuations and allocations are subject to change until the allocation is finalized within 12 months after the acquisition date. See Note 3 for our property acquisition disclosures. Buildings and 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 termination of that lease. 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. Leasing intangibles are amortized on a straight-line basis over the related lease term, with any remaining balance amortized in the period of any early termination of that lease. 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 the 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. 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 2016 , 2015 and 2014 , we capitalized $31.6 million , $3.7 million and $4.3 million of costs related to our developments, respectively, which included $1.2 million , $940 thousand and $294 thousand of capitalized interest, respectively. Investment in Unconsolidated Real Estate Funds We manage and hold equity interests in two Funds: Fund X and Partnership X. As of December 31, 2016 , we held a 68.61% interest in Fund X and 24.25% interest in Partnership X. 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, 2016 and 2015 , 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 whenever events or changes in circumstances indicate that the carrying value of a property may not be recoverable. An impairment charge is recorded when events or change in circumstances indicate that a decline in the fair value below the carrying value has occurred and such decline is other-than-temporary. Recoverability of 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 properties 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 2016 , 2015 or 2014 . Cash and Cash Equivalents We consider short-term investments with maturities of three months or less when purchased to be cash equivalents. Revenue and Gain Recognition We recognize revenue when four basic criteria are met: (i) persuasive evidence of an arrangement exists, (ii) services are rendered, (iii) the fee is fixed and determinable and (iv) collectibility is reasonably assured. All of our tenant leases are classified as operating leases. For all lease terms exceeding one year, rental income is recognized on a straight-line basis over the term of the lease. Deferred rent receivables represent rental revenue recognized on a straight-line basis in excess of billed rents. Rental revenue from month-to-month leases or leases with no scheduled rent increases or other adjustments are recognized on a monthly basis when earned. Lease termination fees, which are included in rental revenues in the consolidated statements of operations, are recognized when the related lease is canceled and we have no continuing obligation to provide services to the former tenant. We recognized lease termination revenue of $2.4 million , $2.2 million , $2.6 million during 2016 , 2015 and 2014 , respectively. Tenant improvements constructed 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 , $1.9 million , $1.7 million during 2016 , 2015 and 2014 , 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 cumulative annual adjustments. 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 information regarding a property that we sold during 2016 . Allowances for Tenant Receivables and Deferred Rent Receivables We carry tenant receivables and deferred rent receivables net of allowances. Tenant receivables consist primarily of amounts due for contractual lease payments and reimbursements of common area maintenance expenses, property taxes, and other costs recoverable from tenants. Deferred rent receivables represent the amount by which the cumulative straight-line rental revenue recorded to date exceeds cash rents billed to date under the lease agreement. We consider many factors when evaluating the level of reserves necessary, including evaluations of individual tenant receivables, historical loss activity, current economic conditions and other relevant factors. As of December 31, 2016 and 2015 , we had tenant receivable allowances of $2.7 million and $2.2 million , respectively, and deferred rent receivable allowances of $5.1 million and $6.0 million , respectively. We generally require letters of credit or cash security deposits from our tenants. As of December 31, 2016 and 2015 , we held $25.5 million and $14.7 million of letters of credit, and $46.0 million and $38.7 million of cash security deposits, respectively, as security from our tenants. The net impact on our results of operations from changes in our tenant receivable allowance, net of charges and recoveries, was a decrease of $422 thousand , a decrease of $ 223 thousand and an increase of $ 461 thousand d uring 2016 , 2015 and 2014 , respectively. The net impact on our results of operations from changes in our deferred rent receivable allowance, net of charges and recoveries, was an increase of $ 898 thousand , a decrease of $ 242 thousand and an increase of $ 2.4 million d uring 2016 , 2015 and 2014 , respectively. Insurance Recoveries Insurance recoveries related to property damage are recorded as other income when payment is either received or receipt is determined to be probable. Interest Income Interest income on our notes receivable is recognized over the life of the respective notes using the effective interest method and recognized on the accrual basis. Interest income is included in other income in the consolidated statements of operations. See Note 5 for details regarding our notes receivable. Loan Costs Loan costs incurred directly with the issuance of secured notes payable and revolving credit facilities are deferred and amortized to interest expense over the respective loan or credit facility term. Any unamortized amounts are written off upon early repayment of the secured notes payable, and the related cost and accumulated amortization are removed from our balance sheet. To the extent that a refinancing is considered an exchange of debt with the same lender, we account for loan costs based upon whether the old debt is determined to be modified or extinguished for accounting purposes. If the old debt is determined to be modified then we (i) continue to defer and amortize any unamortized deferred loan 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 (defined as the product of the remaining term and the maximum available credit) of the new arrangement is (a) greater than or equal to the borrowing capacity of the old arrangement, or (b) less than the borrowing capacity of the old arrangement. If the borrowing capacity of the new arrangement is greater than or equal to the borrowing capacity of the old arrangement, then we (i) continue to defer and amortize the 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) amortize any unamortized deferred loan costs at the time of the change related to the old arrangement in proportion to the decrease in the borrowing capacity of the old arrangement and (ii) defer all lender and other costs incurred directly in connection with the new arrangement over the term of the new arrangement. Deferred loan costs are presented in the balance sheet as a direct deduction from the carrying amount of our secured notes payable and revolving credit facility. All loan costs expensed and deferred loan costs amortized are included in interest expense in our consolidated statements of operations. See Note 7 for our deferred loan cost disclosures. Derivative Contracts We make use of interest rate swap and interest rate cap contracts to manage the risk associated with changes in interest rates on our floating-rate debt. When we enter into a floating-rate term loan, we generally enter into an interest rate swap agreement for the equivalent principal amount, for a period covering the majority of the loan term, which effectively converts our floating-rate debt to a fixed-rate basis during that time. In limited instances, we make use of interest rate caps to limit our exposure to interest rate increases on our floating-rate debt. We do not speculate in derivatives and we do not make use of any other derivative instruments. When we enter into derivative agreements, we generally elect to 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. See Note 12 for our stock-based compensation disclosures. EPS We calculate basic EPS by dividing the net income attributable to common stockholders for the period by the weighted average number of common shares outstanding during the period. We calculate diluted EPS by dividing the net income attributable to common stockholders for the period by the weighted average number of common shares and dilutive instruments outstanding during the period using the treasury stock method. Unvested LTIP Units contain nonforfeitable 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 TRS, 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 TRS had any significant tax provisions or deferred income tax items for 2016 , 2015 or 2014 . 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. New Accounting Pronouncements Changes to GAAP are established by the FASB in the form of ASUs. We consider the applicability and impact of all ASUs. Recently Issued and Adopted Accounting Pronouncements In January 2015, the FASB issued ASU No. 2015-01, "Income Statement—Extraordinary and Unusual Items (Subtopic 225-20)", which eliminates the concept of extraordinary items from GAAP. The FASB issued this ASU as part of its initiative to reduce complexity in accounting standards (the Simplification Initiative). The objective of the Simplification Initiative is to identify, evaluate, and improve areas of GAAP for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to the users of financial statements. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, which for us was the first quarter of 2016. We adopted the ASU in the first quarter of 2016 and it did not have a material impact on our financial position, results of operations or disclosures. In February 2015, the FASB issued ASU No. 2015-02, "Amendments to the Consolidation Analysis (Consolidation - Topic 810)", which provides guidance regarding the consolidation of certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, which for us was the first quarter of 2016. We adopted the ASU in the first quarter of 2016 and it did not have a material impact on our financial position, results of operations or disclosures. In September 2015, the FASB issued ASU No. 2015-16, "Simplifying the Accounting for Measurement-Period Adjustments", which amends "Business Combinations" (Topic 805). The ASU requires that an acquirer (i) recognize adjustments to provisional amounts from business combinations that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, (ii) record, in the same period’s financial statements, the effect on earnings, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date and (iii) disclosure of the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, which for us was the first quarter of 2016. We adopted the ASU in the first quarter of 2016 and it did not have a material impact on our financial position, results of operations or disclosures. In March 2016, the FASB issued ASU No. 2016-05, "Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships", which amends "Derivatives and Hedging" (Topic 815). The ASU provides guidance on the effect of derivative contract novations on existing hedge accounting relationships. The ASU clarifies that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under Topic 815, does not in and of itself require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. The ASU is effective for fiscal years beginning after December 15, 2016, and interim periods within those years, which for us would be the first quarter of 2017, and early adoption is permitted. We adopted the ASU in the first quarter of 2016 and it did not have a material impact on our financial position, results of operations or disclosures. Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, "Leases" (Topic 842). The main difference between previous GAAP and Topic 842 is the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under prevailing GAAP. The accounting applied by a lessor is largely unchanged from that applied under prevailing 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 capitalizable initial direct costs of a lease as costs that would not have been incurred had the lease not been obtained. Costs to negotiate or arrange a lease that would have been incurred regardless of whether the lease was obtained, such as fixed employee salaries, are not initial direct costs, and may not be capitalized. The ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those years, which for us would be the first quarter of 2019, and early adoption is permitted. In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers" (Topic 606), which provides guidance for the accounting of revenue from contracts with customers. The guidance supersedes the revenue recognition requirements in Topic 605, "Revenue Recognition", and most industry-specific guidance throughout the Industry Topics of the Codification. In March 2016, the FASB issued ASU No. 2016-08, "Principal versus Agent Considerations (Reporting Revenue Gross versus Net)" which amends "Revenue from Contracts with Customers" (Topic 606). The ASU 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 "Revenue from Contracts with Customers" (Topic 606). The ASU 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 "Revenue from Contracts with Customers" (Topic 606). The ASU provides guidance for a variety of revenue recognition related topics. In August 2015, the FASB issued ASU No. 2015-14, which defers the effective date of ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) by one year. As a result, the various ASUs listed above are now effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, which for us is the first quarter of 2018. Earlier application is permitted for fiscal years beginning after December 15, 2016, including interim reporting periods within those years, which for us is the first quarter of 2017. The amendments in this ASU should be applied retrospectively. We are not planning on early adopting the ASU and we expect to use the modified retrospective method of adoption. We are currently evaluating the potential impact to our accounting, particularly with respect to our tenant recovery revenues, and whether such changes will be material to our future results of operations and financial position. As noted above, ASU 2016-02 "Leases" requires that non-lease components such as tenant recovery revenues be accounted for in accordance with ASU 2014-09, which means that the classification and timing of our tenant recovery revenues could be impacted. In June 2016, the FASB issued ASU No. 2016-13, "Measurement of Credit Losses on Financial Instruments" which amends "Financial Instruments-Credit Losses" (Topic 326). The ASU provides guidance for measuring credit losses on financial instruments. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those years, which for us would be the first quarter of 2020, and early adoption is permitted commencing the first quarter of 2019. The amendments in this ASU should be applied retrospectively. We are currently evaluating the impact of this ASU. In August 2016, the FASB issued ASU No. 2016-15, "Classification of Certain Cash Receipts and Cash Payments" which amends "Statement of Cash Flows" (Topic 230). The ASU provides guidance regarding the presentation of certain types of transactions in the statement of cash flows. The ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those years, which for us would be the first quarter of 2018, and early adoption is permitted. The amendments in this ASU should be applied retrospectively. We do not expect the ASU to have a material impact on our statement of cash flows. In October 2016, the FASB issued ASU No. 2016-17, "Interests Held Through Related Parties That Are Under Common Control". The ASU provides guidance regarding consolidation of VIE's. The ASU is effective for fiscal years beginning after December 15, 2016, including interim periods within those years, which for us would be the first quarter of 2017. The amendments in this ASU should be applied retrospectively. We do not expect the ASU to have a material impact on our financial position, results of operations or disclosures. In November 2016, the FASB issued ASU No. 2016-18, "Restricted Cash". The ASU provides guidance regarding the presentation of restricted cash in the statement of cash flows. The ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those years, which for us would be the first quarter of 2018. The amendments in this ASU should be applied retrospectively. We do not expect the ASU to have a material impact on our statement of cash flows. In January 2017, the FASB issued ASU No. 2017-01, "Clarifying the Definition of a Business". The ASU provides guidance regarding the definition of a business with the objective of providing guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those years, which for us would be the first quarter of 2018. The ASU should be applied prospectively and early adoption is permitted. The ASU will impact our future results of operations and cash flows because we expect that our property acquisitions will be accounted for as asset purchases, and the related acquisition expenses capitalized as part of the respective asset. We historically accounted for our property acquisitions as business acquisitions and expensed the related acquisition |
Investment in Real Estate
Investment in Real Estate | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate [Abstract] | |
Investment in Real Estate | Investment in Real Estate The results of operations from our acquisitions are included in our consolidated statements of operations after the respective acquisition dates. The purchase accounting is subject to adjustment within twelve months of the acquisition date. 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 (in thousands) summarizes our purchase accounting and funding sources for the acquisition: Sources and Uses of Funds Actual at Closing (1) Pro Forma Sell Down Adjustments (2) Pro Forma Building square footage 1,725 1,725 Uses of funds - Investment in real estate: 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 (4) $ 1,332,513 $ 1,332,513 Source of funds: Cash on hand (5) $ 153,745 $ — $ 153,745 Credit facility (6) 290,000 (240,000 ) 50,000 Non-recourse term loan, net (7) 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 our costs of holding the investment. We recognized a gain on the sale of $1.1 million , which is included in Gains on sales of investments in real estate in our consolidated statement of operations. 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) The difference between the contract and purchase price related to credits received for prorations and similar matters. (5) Cash paid included a $75.0 million deposit paid before December 31, 2015, which is included in Other assets in the consolidated balance sheets as of December 31, 2015, $67.5 million paid at closing, and $11.2 million spent on loan costs in connection with securing the $580.0 million term loan. (6) Reflects borrowings using the Company's credit facility, which bears interest at LIBOR + 1.40% . (7) Reflects 100% (not the Company's 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 our consolidated debt. The table below (in thousands) presents the revenues and net income attributable to common stockholders from the Westwood Portfolio included in the consolidated statement of operations for the year ended December 31, 2016 : Total office revenues $ 80,464 Net income attributable to common stockholders (1) $ 2,998 ______________________________________________________ (1) Excluding transaction costs, net income attributable to common stockholders was $5.0 million . The table below (in thousands, except per share information) 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 the Company, and (iii) are factually supportable. The pro forma reflects the hypothetical impact of the acquisition on the Company and does not purport to represent what the Company’s 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, 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 $ 0.562 $ 0.404 Pro forma net income attributable to common stockholders per share – diluted $ 0.547 $ 0.392 Other 2016 Acquisitions During 2016 , a consolidated JV which we manage and in which we own an equity interest acquired two properties: (i) on July 21, 2016 , the JV acquired a Class A office property located in Brentwood, California (12100 Wilshire) for a contract price of $225.0 million , and (ii) on September 27, 2016 the JV acquired a Class A office property located in Santa Monica, California (233 Wilshire) for a contract price of $139.5 million . 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 our costs 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. As of December 31, 2016 , including the effect of the sale of our interest, investors hold an aggregate of eighty -percent of the capital interests in the JV. As part of the acquisitions, the JV borrowed a total of $146.0 million under a three year, interest only, non-recourse loan bearing interest at LIBOR + 1.55% . The loan is secured by the acquired properties. See Note 7 . The table below (in thousands) summarizes our purchase accounting for the acquisitions. The differences between the contracts and respective purchase prices relate to credits received for prorations and similar matters: 233 Wilshire 12100 Wilshire Building square footage 129 365 Investment in real estate: Land $ 9,263 $ 20,164 Buildings and improvements 126,938 199,698 Tenant improvements and lease intangibles 3,488 9,057 Acquired above and below-market leases, net (1,838 ) (4,523 ) Net assets and liabilities acquired $ 137,851 $ 224,396 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. The property was classified as real estate held for sale in our consolidated balance sheets before it was sold. 2015 Acquisitions During 2015 , we closed two acquisitions: (i) on February 12, 2015 , we acquired the fee interest in the land (Harbor Court Land) under one of our office buildings for $27.5 million , and (ii) on March 5, 2015 , we purchased a Class A office property (First Financial Plaza), located in Encino, California, for $92.4 million . We recognized $6.6 million of accretion of an above-market ground lease related to the purchase of the Harbor Court Land, which is included in Other income in the consolidated statement of operations. See Note 4 . The table below (in thousands) summarizes our purchase accounting for the acquisitions: Harbor Court Land First Financial Plaza 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 2014 Acquisitions During 2014 , we closed two acquisitions: (i) on October 16, 2014 , we purchased a Class A office property located adjacent to Beverly Hills (Carthay Campus) for $74.5 million , and (ii) on December 30, 2014 , we purchased a multifamily property in Honolulu, Hawaii (Waena) for $146.0 million . The table below (in thousands, except apartment units) summarizes our purchase accounting for the acquisitions: Carthay Campus Waena Building square footage 216 N/A Apartment units N/A 468 Investment in real estate: Land $ 6,595 $ 26,864 Buildings and improvements 64,511 117,541 Tenant improvements and lease intangibles 5,943 1,732 Acquired above and below-market leases, net (2,580 ) (137 ) Net assets and liabilities acquired $ 74,469 $ 146,000 |
Acquired Lease Intangibles
Acquired Lease Intangibles | 12 Months Ended |
Dec. 31, 2016 | |
Acquired Lease Intangibles [Abstract] | |
Acquired Lease Intangibles | Acquired Lease Intangibles Summary of our Acquired Lease Intangibles The table below (in thousands) summarizes our above/below-market leases: December 31, 2016 December 31, 2015 Above-market tenant leases $ 5,110 $ 4,661 Accumulated amortization - above-market tenant leases (2,379 ) (2,670 ) Below-market ground leases 3,198 3,198 Accumulated amortization - below-market ground leases (782 ) (705 ) Acquired lease intangible assets, net $ 5,147 $ 4,484 Below-market tenant leases $ 104,925 $ 103,327 Accumulated accretion - below-market tenant leases (41,241 ) (78,280 ) Above-market ground leases 16,200 4,017 Accumulated accretion - above-market ground leases (12,693 ) (459 ) Acquired lease intangible liabilities, net $ 67,191 $ 28,605 Impact on the Consolidated Statements of Operations The table below (in thousands) summarizes the net amortization/accretion related to our above/below-market leases: Year Ended December 31, 2016 2015 2014 Net accretion of above/below-market tenant leases (1) $ 18,165 $ 12,467 $ 13,752 Amortization of above-market ground leases (2) (17 ) (17 ) (17 ) Accretion of above-market ground lease (3) 50 50 50 Accretion of an above-market ground lease (4) — 6,600 2,299 Total $ 18,198 $ 19,100 $ 16,084 _______________________________________________________________________________________ (1) Recorded as a net increase to office and multifamily rental revenues. (2) Ground leases from which we earn ground rent income. Recorded as a decrease to office parking and other income. (3) Ground lease from which we incur ground rent expense. Recorded as a decrease to office expense. (4) Ground lease from which we incurred ground rent expense. Recorded as an increase to other income. During 2015, we acquired the fee interest in the land (Harbor Court Land). S ee Note 3 . The table below presents (in thousands) the estimated net accretion of above- and below-market tenant and ground leases at December 31, 2016 : Year ending December 31: Net increase to revenues Decrease to expenses Total 2017 $ 14,756 $ 50 $ 14,806 2018 12,835 50 12,885 2019 11,388 50 11,438 2020 8,764 50 8,814 2021 4,811 50 4,861 Thereafter 5,983 3,257 9,240 Total $ 58,537 $ 3,507 $ 62,044 |
Investments In Unconsolidated R
Investments In Unconsolidated Real Estate Funds | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate Investments, Net [Abstract] | |
Investments In Unconsolidated Real Estate Funds | Investments in Unconsolidated Real Estate Funds Description of our Funds We manage and own equity interest in two unconsolidated Funds, Fund X and Partnership X, through which we and investors own eight office properties totaling 1.8 million square feet. At December 31, 2016 , we held equity interests of 68.61% of Fund X and 24.25% of 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 (in thousands) cash distributions received from our Funds: Year Ended December 31, 2016 2015 2014 Operating distributions received $ 2,668 $ 1,068 $ 909 Capital distributions received 24,170 10,788 11,514 Total distributions received $ 26,838 $ 11,856 $ 12,423 Notes receivable In April 2013 , we loaned $2.9 million to a related party investor in connection with a capital call made by Fund X, and in November 2015 , we loaned $500 thousand to Partnership X to fund working capital. Both loans carried interest at LIBOR plus 2.5% per annum and were fully repaid by the first quarter of 2016. The outstanding balance of the Fund X and Partnership X loans at December 31, 2015 of $263 thousand and $500 thousand , respectively, were included in our investment in our unconsolidated Funds in our consolidated balance sheets. The interest income recognized on these notes receivable was included in other income in our consolidated statements of operations. See Note 13 for our fair value disclosures. Summarized Financial Information for our Funds The accounting policies of the Funds are consistent with ours. The tables below present (in thousands) selected financial information for the Funds on a combined basis. The amounts presented represent 100% (not our pro-rata share) of amounts related to the Funds, and are based upon historical acquired book value: December 31, 2016 December 31, 2015 Total assets $ 689,991 $ 691,543 Total liabilities $ 448,522 $ 389,372 Total equity $ 241,469 $ 302,171 Year Ended December 31, 2016 2015 2014 Total revenues $ 73,171 $ 69,702 $ 66,234 Operating income $ 19,542 $ 17,866 $ 11,737 Net income $ 8,278 $ 6,323 $ 254 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2016 | |
Other Assets [Abstract] | |
Other Assets | Other Assets Other assets consisted of the following (in thousands) at December 31 : December 31, 2016 December 31, 2015 Restricted cash $ 121 $ 194 Prepaid expenses 6,779 6,720 Other indefinite-lived intangible 1,988 1,988 Deposits in escrow (1) — 75,000 Furniture, fixtures and equipment, net 1,093 1,448 Other 1,933 2,370 Total other assets $ 11,914 $ 87,720 ___________________________________________________ (1) At December 31, 2015 , deposits in escrow included a $75.0 million deposit in connection with the purchase of the Westwood Portfolio. See Note 3. |
Secured Notes Payable and Revol
Secured Notes Payable and Revolving Credit Facility, Net | 12 Months Ended |
Dec. 31, 2016 | |
Secured Debt [Abstract] | |
Secured Notes Payable and Revolving Credit Facility, Net | Secured Notes Payable and Revolving Credit Facility, Net The following table summarizes (in thousands) our secured notes payable and revolving credit facility: Description Maturity Date (1) Principal Balance as of December 31, 2016 Principal Balance as of December 31, 2015 Variable Interest Rate Fixed Interest Rate (2) Swap Maturity Date Wholly Owned Subsidiaries Term Loan (3) $ — $ 20,000 LIBOR + 1.45% Term Loan (3) — 256,140 LIBOR + 2.00% Term Loan (3) — 530,000 LIBOR + 1.70% Term Loan 2/28/2018 1,000 — N/A 3.00% -- Term Loan (4) 8/5/2018 349,933 355,000 N/A 4.14% -- Term Loan (4) 2/1/2019 149,911 152,733 N/A 4.00% -- Term Loan (5) 6/5/2019 285,000 285,000 N/A 3.85% -- Fannie Mae Loan 10/1/2019 145,000 145,000 LIBOR + 1.25% N/A -- Term Loan (6) 3/1/2020 345,759 349,070 N/A 4.46% -- Fannie Mae Loans 11/1/2020 388,080 388,080 LIBOR + 1.65% 3.65% 11/1/2017 Term Loan (7) 4/15/2022 340,000 340,000 LIBOR + 1.40% 2.77% 4/1/2020 Term Loan (7) 7/27/2022 180,000 180,000 LIBOR + 1.45% 3.06% 7/1/2020 Term Loan (7) 11/1/2022 400,000 400,000 LIBOR + 1.35% 2.64% 11/1/2020 Term Loan (7) 6/23/2023 360,000 — LIBOR + 1.55% 2.57% 7/1/2021 Term Loan (7) 12/23/2023 220,000 — LIBOR + 1.70% 3.62% 12/23/2021 Term Loan (7) 1/1/2024 300,000 — LIBOR + 1.55% 3.46% 1/1/2022 Fannie Mae Loan (7) 4/1/2025 102,400 102,400 LIBOR + 1.25% 2.84% 3/1/2020 Fannie Mae Loan (7) 12/1/2025 115,000 115,000 LIBOR + 1.25% 2.76% 12/1/2020 Revolving credit facility (8) 8/21/2020 — — LIBOR + 1.40% N/A -- Total Wholly Owned Debt 3,682,083 3,618,423 Consolidated JVs Term Loan (3) — 15,740 LIBOR + 1.60% Term Loan 7/21/2019 146,000 — LIBOR + 1.55% N/A -- Term Loan (7) 2/28/2023 580,000 — LIBOR + 1.40% 2.37% 3/1/2021 Total Consolidated Debt (9)(10) 4,408,083 3,634,163 Deferred loan costs, net (11) (38,546 ) (22,887 ) Total Consolidated Debt, net $ 4,369,537 $ 3,611,276 _________________________________________________________________________________ At December 31, 2016 , the weighted average remaining life, including extension options, of our total consolidated term debt (excluding our revolving credit facility) was 4.9 years . For the $4.12 billion of term debt on which the interest rate was fixed under the terms of the loan or a swap, the weighted average (i) remaining life was 5.0 years , (ii) remaining period during which interest was fixed was 3.2 years , (iii) annual interest rate was 3.28% and (iv) effective interest rate was 3.43% (including the non-cash amortization of deferred loan costs). Except as otherwise noted below, each loan (including our revolving credit facility) is secured by one or more separate collateral pools consisting of one or more properties, requiring monthly payments of interest only, with the outstanding principal due upon maturity. The following table summarizes (in thousands) our fixed and floating rate debt: Description Principal Balance as of December 31, 2016 Principal Balance as of December 31, 2015 Aggregate swapped to fixed rate loans $ 2,985,480 $ 2,492,360 Aggregate fixed rate loans 1,131,603 1,141,803 Aggregate floating rate loans 291,000 — Total Debt $ 4,408,083 $ 3,634,163 (1) Maturity dates include the effect of extension options. (2) Includes the effect of interest rate swaps and excludes the effect of prepaid loan fees. See Note 9 for details of our interest rate swaps. (3) At December 31, 2016 , 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) Interest only until February 2017 , with principal amortization thereafter based upon a 30 -year amortization schedule. (6) Interest is fixed until March 2018 . Requires monthly payments of principal and interest. Principal amortization is based upon a 30 -year amortization schedule. (7) Loan agreement includes a zero-percent LIBOR floor. The corresponding swaps do not include such a floor. (8) $400.0 million revolving credit facility. Unused commitment fees range from 0.15% to 0.20% . (9) See Note 13 for our fair value disclosures. (10) As of December 31, 2016 , the minimum future principal payments due on our secured notes payable and revolving credit facility, excluding any maturity extension options, were as follows (in thousands): Twelve months ending December 31: 2017 $ 20,410 2018 691,873 2019 710,319 2020 683,080 2021 — Thereafter 2,302,401 Total future principal payments $ 4,408,083 (11) Deferred loan costs are net of accumulated amortization of $15.4 million and $15.2 million at December 31, 2016 and December 31, 2015 , respectively. The table below (in thousands) sets forth loan costs that were expensed and deferred loan costs which were amortized, both of which are included in Interest Expense in our consolidated statement of operations. Year Ended December 31, 2016 2015 2014 Loan costs expensed $ 1,441 $ 278 $ — Deferred loan cost amortization 7,608 6,969 4,097 Total $ 9,049 $ 7,247 $ 4,097 |
Interest Payable, Accounts Paya
Interest Payable, Accounts Payable and Deferred Revenue | 12 Months Ended |
Dec. 31, 2016 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Interest Payable, Accounts Payable and Deferred Revenue | Interest Payable, Accounts Payable and Deferred Revenue Interest payable, accounts payable and deferred revenue consisted of the following (in thousands) as of December 31 : December 31, 2016 December 31, 2015 Interest payable $ 9,561 $ 10,028 Accounts payable and accrued liabilities 36,880 23,716 Deferred revenue 28,788 23,673 Total interest payable, accounts payable and deferred revenue $ 75,229 $ 57,417 |
Derivative Contracts
Derivative Contracts | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Contracts | Derivative Contracts Derivative Summary As of December 31, 2016 , 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) 22 $ 2,985,480 Unconsolidated Funds' derivatives (2) 2 $ 435,000 ___________________________________________________ (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, 2016 , there have been no events of default with respect to our interest rate swaps or our 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 were as follows (in thousands): Fair value of derivatives in a liability position (1) December 31, 2016 December 31, 2015 Consolidated derivatives (2) $ 7,689 $ 19,047 Unconsolidated Funds' derivatives (3) $ — $ — __________________________________________________________________________________ (1) Includes accrued interest and excludes adjustments for credit risk. (2) Includes 100% , not our pro-rata share, of our consolidated JVs derivatives. (3) Our unconsolidated Funds did not have any derivatives in a liability position. Counterparty Credit Risk We are also subject to credit risk from the counterparties on our interest rate swap and interest rate 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 swaps in an asset position. The fair value of our interest rate swaps in an asset position were as follows (in thousands): Fair value of derivatives in an asset position (1) December 31, 2016 December 31, 2015 Consolidated derivatives (2) $ 35,144 $ 4,220 Unconsolidated Funds' derivatives (3) $ 3,724 $ 737 ___________________________________________________ (1) Includes accrued interest and excludes adjustments for credit risk. (2) Includes 100% , not our pro-rata share, of our consolidated JVs derivatives. (3) 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 (in thousands) the effect of derivative instruments on our AOCI and statements of operations: Year Ended December 31, 2016 2015 2014 Derivatives Designated as Cash Flow Hedges: Gain (loss) recorded in AOCI (effective portion) - Consolidated derivatives (1)(5) $ 14,192 $ (11,549 ) $ (11,116 ) Gain (loss) recorded in AOCI (effective portion) - unconsolidated Funds' derivatives (2)(5) $ 8 $ (1,922 ) $ (1,767 ) Loss reclassified from AOCI (effective portion) - Consolidated derivatives (3)(5) $ (25,917 ) $ (37,390 ) $ (36,873 ) Loss reclassified from AOCI (effective portion) - unconsolidated Funds' derivatives (4)(5) $ (357 ) $ (931 ) $ (1,005 ) Loss reclassified from AOCI (ineffective portion) - Consolidated derivatives (5) $ — $ — $ (50 ) Gain recorded (ineffective portion) - Consolidated derivatives (6) $ 196 $ 66 — Derivatives Not Designated as Cash Flow Hedges: Gain (loss) recorded as interest expense (7) $ — $ — $ — __________________________________________________ (1) Represents the change in fair value of interest rate swaps which does not impact the statement of operations. (2) Represents our share of the change in fair value of our unconsolidated Funds' interest rate swaps which does not impact the statement of operations. (3) Reclassified from AOCI as an increase to Interest expense. (4) Reclassified from AOCI as a decrease to Income, including depreciation, from unconsolidated real estate funds (our share). (5) See the reconciliation of our AOCI in Note 10 . (6) Gain is recorded as a reduction to interest expense. (7) We do not have any derivatives that are not designated as cash flow hedges. Future Reclassifications from AOCI At December 31, 2016 , our estimate of the AOCI related to derivatives designated as cash flow hedges, that will be reclassified to earnings during the next twelve months as swap interest payments are made, is presented in the table below (in thousands): Consolidated derivatives (1) $ 13,694 Unconsolidated Funds' derivatives (2) $ (160 ) ________________________________________ (1) Reclassified as an increase to Interest expense. (2) Reclassified as an increase to Income, including depreciation, from unconsolidated real estate funds (our share). |
Equity
Equity | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Equity | Equity Equity 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, at an average price of $33.05 per OP Unit, (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) sold 1.4 million shares of our common stock in open market transactions under our ATM program for net proceeds of $49.4 million , after commissions and other expenses. 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 $320.0 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 JV which acquired properties during the third quarter, 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 ). See Note 3 for more information regarding these JVs. During 2015 , we (i) acquired 1.8 million OP Units in exchange for issuing to the holders of the OP Units an equal number of shares of our common stock, (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 . During 2014 , we (i) acquired 2.2 million OP Units in exchange for issuing to the holders of the OP Units an equal number of shares of our common stock, (ii) acquired 120 thousand OP Units for cash for a total purchase price of $2.8 million at an average price of $23.56 per unit, (iii) cash-settled options covering 691 thousand shares of our common stock for a total cost of $4.5 million at an average price of $6.55 per option and (iv) issued 40 thousand shares of our common stock for the exercise of options for net proceeds of $603 thousand , for an average price of $15.05 per share. 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, 2016 when we and our Operating Partnership had 151.5 million shares of common stock and 25.7 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 redeem their OP Units for an amount of cash per unit equal to the market value of one share of our common stock at the date of redemption, or, at our election, exchange their OP Units for shares of our common stock on a one-for-one b asis. LTIP Units have been granted to our key employees and non-employee directors as part of their compensation. These awards generally vest over the service period and once vested can generally be converted to OP Units. Changes in our Ownership Interest in our Operating Partnership The table below presents (in thousands) the effect on our equity from net income attributable to common stockholders changes in our ownership interest in our Operating Partnership for the year ended December 31 : 2016 2015 2014 Net income attributable to common stockholders $ 85,397 $ 58,384 $ 44,621 Transfers from noncontrolling interests: Exchange of OP Units with noncontrolling interests 23,060 23,703 30,035 Repurchase of OP Units from noncontrolling interests (498 ) — (1,197 ) Net transfers from noncontrolling interests 22,562 23,703 28,838 Change from net income attributable to common stockholders and transfers from noncontrolling interests $ 107,959 $ 82,087 $ 73,459 AOCI Reconciliation (1) The table below presents (in thousands) a reconciliation of our AOCI, which consists solely of adjustments related to derivatives designated as cash flow hedges for the year ended December 31 : 2016 2015 2014 Beginning balance $ (9,285 ) $ (30,089 ) $ (50,554 ) Other comprehensive income (loss) before reclassifications - our derivatives 14,192 (11,549 ) (11,116 ) Other comprehensive income (loss) before reclassifications - our Fund's derivatives 8 (1,922 ) (1,767 ) Reclassifications from AOCI - our derivatives (2) 25,917 37,390 36,923 Reclassifications from AOCI - our Fund's derivatives (3) 357 931 1,005 Net current period OCI 40,474 24,850 25,045 Less: OCI attributable to noncontrolling interests (16,033 ) (4,046 ) (4,580 ) OCI attributable to common stockholders 24,441 20,804 20,465 Ending balance $ 15,156 $ (9,285 ) $ (30,089 ) __________________________________________________ (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 2016 are classified for federal income tax purposes as follows: Record Date Paid Date Dividend Per Share Ordinary Income Capital Gain Return of Capital 12/30/2015 1/15/2016 $ 0.22 $ 0.0286 $ 0.0022 $ 0.1892 3/31/2016 4/15/2016 0.22 0.0286 0.0022 0.1892 6/30/2016 7/15/2016 0.22 0.0286 0.0022 0.1892 9/30/2016 10/14/2016 0.22 0.0286 0.0022 0.1892 Total $ 0.88 $ 0.1144 $ 0.0088 $ 0.7568 |
EPS
EPS | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
EPS | EPS The table below presents the calculation of basic and diluted EPS: Year Ended December 31, 2016 2015 2014 Numerator (in thousands): Net income attributable to common stockholders $ 85,397 $ 58,384 $ 44,621 Allocation to participating securities: Unvested LTIP Units (468 ) (312 ) (175 ) Numerator for basic and diluted net income attributable to common stockholders $ 84,929 $ 58,072 $ 44,446 Denominator (in thousands): Weighted average shares of common stock outstanding - basic 149,299 146,089 144,013 Effect of dilutive securities: Stock options (1) 3,891 4,515 4,108 Weighted average shares of common stock and common stock equivalents outstanding - diluted 153,190 150,604 148,121 Basic EPS: Net income attributable to common stockholders per share $ 0.569 $ 0.398 $ 0.309 Diluted EPS: Net income attributable to common stockholders per share $ 0.554 $ 0.386 $ 0.300 ____________________________________________________ (1) The following securities (in thousands) were excluded from the computation of the weighted average diluted shares because the effect of including them would be anti-dilutive to the calculation of diluted EPS: Year Ended December 31, 2016 2015 2014 OP Units 25,110 26,371 27,444 Vested LTIP Units 578 181 130 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Share-based Compensation [Abstract] | |
Share-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 6.9 million shares available for grant as of December 31, 2016 . 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 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 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 full-time and part-time officers, employees, directors and other key persons (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 stock incentive plan. Our LTIP Units are valued by reference to the value of our common stock at the time of grant, and are subject to such conditions and restrictions as the compensation committee may determine, including continued employment or service, 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. The grants generally vest in equal annual installments over four or 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 704 thousand , 887 thousand and 1.1 million LTIP Units to employees during 2016 , 2015 and 2014 , respectively. Non-Employee Director Awards We granted 35 thousand , 35 thousand and 15 thousand LTIP Units to our non-employee directors during 2016 , 2015 and 2014 , respectively, which vest ratably over the year of grant in lieu of cash retainers. 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 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 $17.4 million , $15.2 million and $13.7 million during 2016 , 2015 and 2014 , respectively. Certain amounts of stock-based compensation expense are capitalized for employees who provide leasing and construction services. We capitalized $1.5 million , $1.4 million , and $1.1 million during 2016 , 2015 and 2014 , respectively. At December 31, 2016 , the total unrecognized stock-based compensation expense for unvested LTIP Unit awards was $18.3 million , which will be recognized over a weighted-average term of two years . Stock-Based Award Activity The table below presents the activity of our outstanding stock options: 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, 2013 12,540 $ 18.10 47 $ 65,051 Exercised (731 ) $ 20.03 $ 4,976 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 Exercisable at December 31, 2016 3,969 $ 12.43 27 $ 95,770 The table below presents the activity of our unvested LTIP Units: Unvested LTIP Units: Number of Units (thousands) Weighted Average Grant Date Fair Value Grant Date Fair Value (thousands) Outstanding at December 31, 2013 754 $ 15.63 Granted 1,106 $ 19.31 $ 21,356 Vested (854 ) $ 17.44 $ 14,756 Forfeited (8 ) $ 22.48 $ 307 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 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 , 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 (in thousands) the estimated fair value of our secured notes payable: Secured Notes Payable: December 31, 2016 December 31, 2015 Fair value $ 4,429,224 $ 3,691,075 Carrying value $ 4,408,083 $ 3,634,163 Financial instruments measured at fair value Derivative instruments: See Note 9 for the details of our derivatives. We present our derivatives on the balance sheet at fair value, on a gross basis, excluding accrued interest. We estimate the fair value of our derivative instruments by calculating the credit-adjusted present value of the expected future cash flows of each derivative. The calculation incorporates the contractual terms of the derivatives, observable market interest rates which we consider to be Level 2 inputs, and credit risk adjustments to reflect the counterparty's as well as our own nonperformance risk. Our derivatives are not subject to master netting arrangements. The table below presents (in thousands) the estimated fair value of our derivatives: December 31, 2016 December 31, 2015 Derivative Assets: Fair value - c onsolidated derivatives (1) $ 35,656 $ 4,830 Fair value - unconsolidated Funds' derivatives (2) $ 3,605 $ 837 Derivative Liabilities: Fair value - c onsolidated derivatives (1) $ 6,830 $ 16,310 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, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting Segment information is prepared on the same basis that our management reviews information for operational decision-making purposes. We operate in two business segments: (i) the acquisition, development, ownership and management of office real estate and (ii) the acquisition, development, ownership and management of multifamily real estate. The services for our office segment primarily include rental of office space and other tenant services, including parking and storage space rental. The services for our multifamily segment include rental of apartments and other tenant services, including parking and storage space rental. Asset information by segment is not reported because we do not use this measure to assess performance or make decisions to allocate resources. Therefore, depreciation and amortization expense is not allocated among segments. General and administrative expenses and interest expense are not included in segment profit as our internal reporting addresses these items on a corporate level. Segment profit is not a measure of operating income or cash flows from operating activities as measured by GAAP, it is not indicative of cash available to fund cash needs, and it should not be considered as an alternative to cash flows as a measure of liquidity. Not all companies may calculate segment profit in the same manner. We consider segment profit to be an appropriate supplemental measure to net income because it can assist both investors and management in understanding the core operations of our properties. The table below presents (in thousands) the operating activity of our reportable segments: Year Ended December 31, 2016 2015 2014 Office Segment Total office revenues $ 645,633 $ 540,975 $ 519,405 Office expenses (214,546 ) (186,556 ) (181,160 ) Office Segment profit 431,087 354,419 338,245 Multifamily Segment Total multifamily revenues 96,918 94,799 80,117 Multifamily expenses (23,317 ) (23,862 ) (20,664 ) Multifamily Segment profit 73,601 70,937 59,453 Total profit from all segments $ 504,688 $ 425,356 $ 397,698 The table below (in thousands) is a reconciliation of the total profit from all segments to net income attributable to common stockholders: Year Ended December 31, 2016 2015 2014 Total profit from all segments $ 504,688 $ 425,356 $ 397,698 General and administrative (34,957 ) (30,496 ) (27,332 ) Depreciation and amortization (248,914 ) (205,333 ) (202,512 ) Other income 8,759 15,228 17,675 Other expenses (6,609 ) (6,470 ) (7,095 ) Income, including depreciation, from unconsolidated real estate funds 7,812 7,694 3,713 Interest expense (146,148 ) (135,453 ) (128,507 ) Acquisition-related expenses (2,868 ) (1,771 ) (786 ) Income before gains 81,763 68,755 52,854 Gains on sales of investments in real estate 14,327 — — Net income 96,090 68,755 52,854 Less: Net income attributable to noncontrolling interests (10,693 ) (10,371 ) (8,233 ) Net income attributable to common stockholders $ 85,397 $ 58,384 $ 44,621 |
Future Minimum Lease Rental Rec
Future Minimum Lease Rental Receipts | 12 Months Ended |
Dec. 31, 2016 | |
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 subject to ground leases from which we earn ground rent income. The table below presents (in thousands) the future minimum base rentals on our non-cancelable office tenant and ground leases at December 31, 2016 : Year Ending December 31, 2017 $ 487,764 2018 420,983 2019 359,650 2020 298,096 2021 220,484 Thereafter 595,806 Total future minimum base rentals (1) $ 2,382,783 _____________________________________________________ (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, 2016 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
Future Minimum Lease Rental Payments | Future Minimum Lease Rental Payments We incurred ground lease expense of $733.0 thousand during 2016 and 2015 , and $2.6 million during 2014 . We had one ground lease as of December 31, 2016 , for which the future minimum ground lease payments (in thousands) are presented below: Year Ending December 31, 2017 $ 733 2018 733 2019 733 2020 733 2021 733 Thereafter 47,644 Total future minimum lease payments (1) $ 51,309 ___________________________________________________ (1) Lease term ends on December 31, 2086. Ground rent is fixed at $733 thousand per year until February 28, 2019, and will then reset to the greater of the existing ground rent or market. The table above assumes that the rental payments will continue to be $733 thousand per year after February 28, 2019. |
Commitments, Contingencies and
Commitments, Contingencies and Guarantees | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Guarantees | Commitments, Contingencies and Guarantees Legal Proceedings From time to time, we are party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of our business. Excluding ordinary, routine litigation incidental to our business, we are not currently a party to any legal proceedings that we believe would reasonably be expected to have a materially adverse effect on our business, financial condition or results of operations. Concentration of Risk We are subject to credit risk with respect to our tenant receivables and deferred rent receivables related to our tenant leases. Our tenants' ability to honor the terms of their respective leases remains dependent upon the economic, regulatory and social factors. We seek to minimize our credit risk from our tenant leases by (i) targeting smaller, more affluent tenants, from a diverse mix of industries, (ii) performing credit evaluations of prospective tenants and (iii) obtaining security deposits or letters of credit from our tenants. In 2016 , 2015 and 2014 , 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 our consolidated JVs and unconsolidated Funds properties, 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 swaps. 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 and investigations have identified twenty-five 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, 2016 , 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 Contracts During the first quarter of 2016, we commenced building an additional 475 apartments (net of existing apartments removed) at our Moanalua Hillside Apartments in Honolulu, Hawaii. The $120.0 million estimated cost of the new apartments does not include the cost of the land which we already owned before beginning the project. We also plan to invest additional capital to upgrade the existing apartments, improve the parking and landscaping, build a new leasing and management office, and construct a new recreation and fitness facility with a new pool. As of December 31, 2016 , we had a remaining commitment for contracts related to the development of $107.0 million . Other Contracts As of December 31, 2016 , we had a remaining commitment for capital expenditure projects and repositionings of approximately $3.6 million . Guarantees We made certain environmental and other limited indemnities and guarantees covering customary non-recourse carve- outs for our unconsolidated Funds' debt. We 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, 2016 , 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, 2016 , the amounts represent 100% (not our pro-rata share) of amounts related to our Funds: Fund (1) Principal Balance (in millions) Loan Maturity Date Variable Interest Rate Swap Maturity Date Swap Fixed Interest Rate Fund X (2) $ 325.0 5/1/2018 LIBOR + 1.75% 5/1/2017 2.35% Partnership X (3) 110.0 3/1/2023 LIBOR + 1.40% 3/1/2021 2.30% $ 435.0 ___________________________________________________ (1) See Note 5 for more information regarding our unconsolidated Funds. (2) 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, 2016 , assuming a zero-percent LIBOR interest rate during the remaining life of the swap, the maximum future payments under the swap agreement were $0.7 million . (3) 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, 2016 , assuming a zero-percent LIBOR interest rate during the remaining life of the swap, the maximum future payments under the swap agreement were $4.2 million . |
Quarterly Financial Information
Quarterly Financial Information (unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information [Abstract] | |
Quarterly Financial Information (unaudited) | Quarterly Financial Information (unaudited) The tables below present (in thousands, except per share amounts) selected quarterly information for 2016 and 2015 : Three Months Ended 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 $ 0.104 $ 0.124 $ 0.210 $ 0.129 Net income per common share - diluted $ 0.101 $ 0.120 $ 0.206 $ 0.127 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 Three Months Ended March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Total revenue $ 154,809 $ 160,457 $ 160,077 $ 160,431 Net income before noncontrolling interests $ 22,096 $ 15,894 $ 14,159 $ 16,606 Net income attributable to common stockholders $ 18,699 $ 13,448 $ 12,070 $ 14,167 Net income per common share - basic $ 0.128 $ 0.092 $ 0.082 $ 0.096 Net income per common share - diluted $ 0.124 $ 0.089 $ 0.080 $ 0.093 Weighted average shares of common stock outstanding - basic 145,327 145,898 146,331 146,780 Weighted average shares of common stock and common stock equivalents outstanding - diluted 149,802 150,304 150,740 151,531 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent events On February 8, we issued 1.3 million shares of our common stock for the exercise of 3.8 million stock options on a net settlement basis (net of the exercise price and related taxes). |
Schedule III - Consolidated Rea
Schedule III - Consolidated Real Estate and Accumulated Depreciation and Amortization | 12 Months Ended |
Dec. 31, 2016 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III | 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 $ 137,212 $ 12,769 $ 78,447 $ 137,439 $ 27,108 $ 201,547 $ 228,655 $ 58,723 1968/2002 1999 233 Wilshire 56,000 9,263 130,426 — 9,263 130,426 139,689 535 1975/2008-2009 2016 401 Wilshire 79,031 9,989 29,187 115,213 21,787 132,602 154,389 40,131 1981/2000 1996 1901 Avenue of the Stars 149,911 18,514 131,752 107,883 26,163 231,986 258,149 67,157 1968/2001 2001 8484 Wilshire (1) — 8,846 77,780 15,103 8,846 92,883 101,729 11,030 1972/2013 2013 9601 Wilshire 145,845 16,597 54,774 108,560 17,658 162,273 179,931 48,687 1962/2004 2001 10880 Wilshire 198,794 29,995 437,514 3,030 29,988 440,551 470,539 11,976 1970/2009 2016 10960 Wilshire 201,893 45,844 429,769 2,566 45,852 432,327 478,179 11,158 1971/2006 2016 11777 San Vicente 25,685 5,032 15,768 28,962 6,714 43,048 49,762 12,115 1974/1998 1999 12100 Wilshire 90,000 20,164 208,755 1,447 20,164 210,202 230,366 3,741 1985 2016 12400 Wilshire 60,854 5,013 34,283 74,243 8,828 104,711 113,539 29,734 1985 1996 16501 Ventura 39,803 6,759 53,112 9,808 6,759 62,920 69,679 8,362 1986/2012 2013 Beverly Hills Medical Center 31,020 4,955 27,766 27,538 6,435 53,824 60,259 16,032 1964/2004 2004 Bishop Place 72,760 8,317 105,651 56,227 8,833 161,362 170,195 48,191 1992 2004 Bishop Square 180,000 16,273 213,793 23,836 16,273 237,629 253,902 52,355 1972/1983 2010 Brentwood Court 6,228 2,564 8,872 573 2,563 9,446 12,009 2,741 1984 2006 Brentwood Executive Plaza 39,169 3,255 9,654 32,142 5,922 39,129 45,051 11,665 1983/1996 1995 Brentwood Medical Plaza 35,905 5,934 27,836 1,550 5,933 29,387 35,320 9,127 1975 2006 Brentwood San Vicente Medical 13,107 5,557 16,457 920 5,557 17,377 22,934 5,239 1957/1985 2006 Brentwood/Saltair 12,941 4,468 11,615 11,210 4,775 22,518 27,293 6,596 1986 2000 Bundy/Olympic 34,273 4,201 11,860 29,227 6,030 39,258 45,288 11,449 1991/1998 1994 Camden Medical Arts 38,021 3,102 12,221 27,657 5,298 37,682 42,980 11,123 1972/1992 1995 Carthay Campus 48,007 6,595 70,454 3,828 6,594 74,283 80,877 6,534 1965/2008 2014 Century Park Plaza 128,311 10,275 70,761 105,630 16,153 170,513 186,666 48,968 1972/1987 1999 Century Park West (1) — 3,717 29,099 539 3,667 29,688 33,355 9,381 1971 2007 Columbus Center 14,362 2,096 10,396 9,539 2,333 19,698 22,031 5,792 1987 2001 Coral Plaza 25,831 4,028 15,019 18,572 5,366 32,253 37,619 9,920 1981 1998 Cornerstone Plaza (1) — 8,245 80,633 4,780 8,263 85,395 93,658 22,267 1986 2007 Encino Gateway 50,728 8,475 48,525 52,390 15,653 93,737 109,390 27,776 1974/1998 2000 Encino Plaza 29,583 5,293 23,125 45,879 6,165 68,132 74,297 19,709 1971/1992 2000 Encino Terrace 91,133 12,535 59,554 91,285 15,533 147,841 163,374 44,731 1986 1999 Executive Tower (1) — 6,660 32,045 59,281 9,471 88,515 97,986 26,441 1989 1995 First Financial Plaza 54,084 12,092 81,104 1,678 12,092 82,782 94,874 5,344 1986 2015 Gateway Los Angeles 46,785 2,376 15,302 47,704 5,119 60,263 65,382 17,636 1987 1994 Harbor Court 30,992 51 41,001 46,559 12,060 75,551 87,611 19,206 1994 2004 Honolulu Club — 1,863 16,766 5,626 1,863 22,392 24,255 6,302 1980 2008 Landmark II 117,558 6,086 109,259 79,486 13,070 181,761 194,831 64,826 1989 1997 Lincoln/Wilshire 38,021 3,833 12,484 22,935 7,475 31,777 39,252 9,067 1996 2000 MB Plaza 32,090 4,533 22,024 29,543 7,503 48,597 56,100 14,971 1971/1996 1998 Olympic Center 41,313 5,473 22,850 31,307 8,247 51,383 59,630 15,431 1985/1996 1997 One Westwood (1) — 10,350 29,784 60,648 9,194 91,588 100,782 25,775 1987/2004 1999 Palisades Promenade 35,564 5,253 15,547 54,083 9,664 65,219 74,883 18,026 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 16,663 7,557 21,127 28,684 6,465 1964/1992 1997 San Vicente Plaza 9,295 7,055 12,035 165 7,055 12,200 19,255 4,064 1985 2006 Santa Monica Square (1) — 5,366 18,025 20,250 6,863 36,778 43,641 11,489 1983/2004 2001 Second Street Plaza 49,505 4,377 15,277 35,021 7,421 47,254 54,675 13,798 1991 1997 Sherman Oaks Galleria 300,000 33,213 17,820 399,931 48,328 402,636 450,964 124,564 1981/2002 1997 Studio Plaza — 9,347 73,358 131,054 15,015 198,744 213,759 67,329 1988/2004 1995 The Tower 65,969 9,643 160,602 1,026 9,643 161,628 171,271 4,588 1988/1998 2016 The Trillium (1) — 20,688 143,263 81,635 21,990 223,596 245,586 63,136 1988 2005 Valley Executive Tower 92,618 8,446 67,672 100,761 11,737 165,142 176,879 46,624 1984 1998 Valley Office Plaza 41,271 5,731 24,329 47,192 8,957 68,295 77,252 21,105 1966/2002 1998 Verona 14,127 2,574 7,111 14,611 5,111 19,185 24,296 5,699 1991 1997 Village on Canon 58,337 5,933 11,389 48,546 13,303 52,565 65,868 14,988 1989/1995 1994 Warner Center Towers 285,000 43,110 292,147 397,609 59,418 673,448 732,866 194,516 1982-1993/2004 2002 Westside Towers 107,386 8,506 79,532 78,623 14,568 152,093 166,661 43,245 1985 1998 Westwood Center 113,343 9,512 259,341 2,533 9,513 261,873 271,386 7,282 1965/2000 2016 Westwood Place 65,669 8,542 44,419 50,364 11,448 91,877 103,325 26,767 1987 1999 Multifamily Properties 555 Barrington 43,440 6,461 27,639 40,212 14,903 59,409 74,312 17,366 1989 1999 Barrington Plaza 153,630 28,568 81,485 151,598 58,208 203,443 261,651 58,399 1963/1998 1998 Barrington/Kiowa 11,345 5,720 10,052 488 5,720 10,540 16,260 3,077 1974 2006 Barry 9,000 6,426 8,179 404 6,426 8,583 15,009 2,615 1973 2006 Kiowa 4,535 2,605 3,263 228 2,605 3,491 6,096 1,064 1972 2006 Moanalua Hillside Apartments 145,000 19,426 85,895 37,245 30,071 112,495 142,566 32,308 1968/2004 2005 Pacific Plaza 46,400 10,091 16,159 73,336 27,816 71,770 99,586 20,223 1963/1998 1999 The Shores 144,610 20,809 74,191 197,478 60,555 231,923 292,478 64,915 1965-67/2002 1999 Villas at Royal Kunia 90,120 42,887 71,376 13,863 35,163 92,963 128,126 30,685 1990/1995 2006 Waena Apartments 103,400 26,864 119,273 534 26,864 119,807 146,671 7,397 1970/2009-2014 2014 Ground Lease Owensmouth/Warner (1) — 23,848 — — 23,848 — 23,848 — N/A 2006 Total Operating Properties $ 4,408,083 $ 748,063 $ 4,663,802 $ 3,527,796 $ 1,022,340 $ 7,917,321 $ 8,939,661 $ 1,789,678 Property Under Development Landmark II Development $ — $ 13,070 $ — $ 3,333 $ 13,070 $ 3,333 $ 16,403 $ — N/A N/A Moanalua Hillside Apartments - Development — 5,294 — 36,762 5,294 36,762 42,056 — N/A N/A Total Property Under Development $ — $ 18,364 $ — $ 40,095 $ 18,364 $ 40,095 $ 58,459 $ — Total $ 4,408,083 $ 766,427 $ 4,663,802 $ 3,567,891 $ 1,040,704 $ 7,957,416 $ 8,998,120 $ 1,789,678 _____________________________________________________ (1) These properties are encumbered by our revolving credit facility, which had a zero balance as of December 31, 2016 . (2) Includes tenant improvements and lease intangibles. (3) At December 31, 2016 , the aggregate cost of consolidated real estate for federal income tax purposes was $6.14 billion . The table below presents (in thousands) a reconciliation of our investment in real estate: Year Ended December 31, 2016 2015 2014 Real Estate Assets Balance, beginning of period $ 7,266,009 $ 7,099,571 $ 7,012,733 Additions: Property acquisitions 1,750,828 120,696 223,186 Improvements 96,649 75,367 84,578 Developments 31,559 3,778 4,280 Deductions: Properties held for sale (186 ) (288 ) (58,032 ) Write-offs (146,739 ) (33,115 ) (167,174 ) Balance, end of period $ 8,998,120 $ 7,266,009 $ 7,099,571 Accumulated Depreciation and Amortization Balance, beginning of period $ (1,687,998 ) $ (1,517,417 ) $ (1,495,819 ) Additions: Depreciation and amortization (248,914 ) (205,333 ) (202,512 ) Deductions: Properties held for sale 495 1,637 13,740 Write-offs 146,739 33,115 167,174 Balance, end of period $ (1,789,678 ) $ (1,687,998 ) $ (1,517,417 ) |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2016 | |
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 acquisitions of properties as business combinations using the purchase method, and include the results of operations of the acquired properties in our results of operations from their respective dates of acquisition. We expense transaction costs related to acquisitions when they are incurred. We estimate the purchase price allocation of acquired properties, which is based upon our estimates of future cash flows and other valuation techniques, to allocate the purchase price among: (i) land, (ii) buildings and improvements, (iii) tenant improvements and identifiable intangible assets such as in-place at-market leases, and (iv) acquired above- and below-market ground and tenant leases (including for renewal options). We estimate the fair values of the tangible assets on an ‘‘as-if-vacant’’ basis. The estimated 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 fair market rental rates for the corresponding in-place leases, over the remaining non-cancelable term of the lease. Our initial valuations and allocations are subject to change until the allocation is finalized within 12 months after the acquisition date. See Note 3 for our property acquisition disclosures. Buildings and 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 termination of that lease. 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. Leasing intangibles are amortized on a straight-line basis over the related lease term, with any remaining balance amortized in the period of any early termination of that lease. 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 the 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. 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 two Funds: Fund X and Partnership X. As of December 31, 2016 , we held a 68.61% interest in Fund X and 24.25% interest in Partnership X. 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 whenever events or changes in circumstances indicate that the carrying value of a property may not be recoverable. An impairment charge is recorded when events or change in circumstances indicate that a decline in the fair value below the carrying value has occurred and such decline is other-than-temporary. Recoverability of 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 properties 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. 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 when the related lease is canceled and we have no continuing obligation to provide services to the former tenant. We recognized lease termination revenue of $2.4 million , $2.2 million , $2.6 million during 2016 , 2015 and 2014 , respectively. Tenant improvements constructed 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 , $1.9 million , $1.7 million during 2016 , 2015 and 2014 , 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 cumulative annual adjustments. 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 carry tenant receivables and deferred rent receivables net of allowances. Tenant receivables consist primarily of amounts due for contractual lease payments and reimbursements of common area maintenance expenses, property taxes, and other costs recoverable from tenants. Deferred rent receivables represent the amount by which the cumulative straight-line rental revenue recorded to date exceeds cash rents billed to date under the lease agreement. We consider many factors when evaluating the level of reserves necessary, including evaluations of individual tenant receivables, historical loss activity, current economic conditions and other relevant factors. |
Insurance Recoveries | Insurance Recoveries Insurance recoveries related to property damage are recorded as other income when payment is either received or receipt is determined to be probable. |
Interest Income | Interest Income Interest income on our notes receivable is recognized over the life of the respective notes using the effective interest method and recognized on the accrual basis. Interest income is included in other income in the consolidated statements of operations. |
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 (defined as the product of the remaining term and the maximum available credit) of the new arrangement is (a) greater than or equal to the borrowing capacity of the old arrangement, or (b) less than the borrowing capacity of the old arrangement. If the borrowing capacity of the new arrangement is greater than or equal to the borrowing capacity of the old arrangement, then we (i) continue to defer and amortize the 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) amortize any unamortized deferred loan costs at the time of the change related to the old arrangement in proportion to the decrease in the borrowing capacity of the old arrangement and (ii) defer all lender and other costs incurred directly in connection with the new arrangement over the term of the new arrangement. Deferred loan costs are presented in the balance sheet as a direct deduction from the carrying amount of our secured notes payable and revolving credit facility. All loan costs expensed and deferred loan costs amortized are included in interest expense in our consolidated statements of operations. |
Derivative Contracts | Derivative Contracts We make use of interest rate swap and interest rate cap contracts to manage the risk associated with changes in interest rates on our floating-rate debt. When we enter into a floating-rate term loan, we generally enter into an interest rate swap agreement for the equivalent principal amount, for a period covering the majority of the loan term, which effectively converts our floating-rate debt to a fixed-rate basis during that time. In limited instances, we make use of interest rate caps to limit our exposure to interest rate increases on our floating-rate debt. We do not speculate in derivatives and we do not make use of any other derivative instruments. When we enter into derivative agreements, we generally elect to 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 period. We calculate diluted EPS by dividing the net income attributable to common stockholders for the period by the weighted average number of common shares and dilutive instruments outstanding during the period using the treasury stock method. Unvested LTIP Units contain nonforfeitable 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 TRS, 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 TRS had any significant tax provisions or deferred income tax items for 2016 , 2015 or 2014 . 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. |
New Accounting Pronouncements | New Accounting Pronouncements Changes to GAAP are established by the FASB in the form of ASUs. We consider the applicability and impact of all ASUs. Recently Issued and Adopted Accounting Pronouncements In January 2015, the FASB issued ASU No. 2015-01, "Income Statement—Extraordinary and Unusual Items (Subtopic 225-20)", which eliminates the concept of extraordinary items from GAAP. The FASB issued this ASU as part of its initiative to reduce complexity in accounting standards (the Simplification Initiative). The objective of the Simplification Initiative is to identify, evaluate, and improve areas of GAAP for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to the users of financial statements. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, which for us was the first quarter of 2016. We adopted the ASU in the first quarter of 2016 and it did not have a material impact on our financial position, results of operations or disclosures. In February 2015, the FASB issued ASU No. 2015-02, "Amendments to the Consolidation Analysis (Consolidation - Topic 810)", which provides guidance regarding the consolidation of certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, which for us was the first quarter of 2016. We adopted the ASU in the first quarter of 2016 and it did not have a material impact on our financial position, results of operations or disclosures. In September 2015, the FASB issued ASU No. 2015-16, "Simplifying the Accounting for Measurement-Period Adjustments", which amends "Business Combinations" (Topic 805). The ASU requires that an acquirer (i) recognize adjustments to provisional amounts from business combinations that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, (ii) record, in the same period’s financial statements, the effect on earnings, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date and (iii) disclosure of the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, which for us was the first quarter of 2016. We adopted the ASU in the first quarter of 2016 and it did not have a material impact on our financial position, results of operations or disclosures. In March 2016, the FASB issued ASU No. 2016-05, "Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships", which amends "Derivatives and Hedging" (Topic 815). The ASU provides guidance on the effect of derivative contract novations on existing hedge accounting relationships. The ASU clarifies that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under Topic 815, does not in and of itself require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. The ASU is effective for fiscal years beginning after December 15, 2016, and interim periods within those years, which for us would be the first quarter of 2017, and early adoption is permitted. We adopted the ASU in the first quarter of 2016 and it did not have a material impact on our financial position, results of operations or disclosures. Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, "Leases" (Topic 842). The main difference between previous GAAP and Topic 842 is the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under prevailing GAAP. The accounting applied by a lessor is largely unchanged from that applied under prevailing 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 capitalizable initial direct costs of a lease as costs that would not have been incurred had the lease not been obtained. Costs to negotiate or arrange a lease that would have been incurred regardless of whether the lease was obtained, such as fixed employee salaries, are not initial direct costs, and may not be capitalized. The ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those years, which for us would be the first quarter of 2019, and early adoption is permitted. In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers" (Topic 606), which provides guidance for the accounting of revenue from contracts with customers. The guidance supersedes the revenue recognition requirements in Topic 605, "Revenue Recognition", and most industry-specific guidance throughout the Industry Topics of the Codification. In March 2016, the FASB issued ASU No. 2016-08, "Principal versus Agent Considerations (Reporting Revenue Gross versus Net)" which amends "Revenue from Contracts with Customers" (Topic 606). The ASU 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 "Revenue from Contracts with Customers" (Topic 606). The ASU 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 "Revenue from Contracts with Customers" (Topic 606). The ASU provides guidance for a variety of revenue recognition related topics. In August 2015, the FASB issued ASU No. 2015-14, which defers the effective date of ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) by one year. As a result, the various ASUs listed above are now effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, which for us is the first quarter of 2018. Earlier application is permitted for fiscal years beginning after December 15, 2016, including interim reporting periods within those years, which for us is the first quarter of 2017. The amendments in this ASU should be applied retrospectively. We are not planning on early adopting the ASU and we expect to use the modified retrospective method of adoption. We are currently evaluating the potential impact to our accounting, particularly with respect to our tenant recovery revenues, and whether such changes will be material to our future results of operations and financial position. As noted above, ASU 2016-02 "Leases" requires that non-lease components such as tenant recovery revenues be accounted for in accordance with ASU 2014-09, which means that the classification and timing of our tenant recovery revenues could be impacted. In June 2016, the FASB issued ASU No. 2016-13, "Measurement of Credit Losses on Financial Instruments" which amends "Financial Instruments-Credit Losses" (Topic 326). The ASU provides guidance for measuring credit losses on financial instruments. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those years, which for us would be the first quarter of 2020, and early adoption is permitted commencing the first quarter of 2019. The amendments in this ASU should be applied retrospectively. We are currently evaluating the impact of this ASU. In August 2016, the FASB issued ASU No. 2016-15, "Classification of Certain Cash Receipts and Cash Payments" which amends "Statement of Cash Flows" (Topic 230). The ASU provides guidance regarding the presentation of certain types of transactions in the statement of cash flows. The ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those years, which for us would be the first quarter of 2018, and early adoption is permitted. The amendments in this ASU should be applied retrospectively. We do not expect the ASU to have a material impact on our statement of cash flows. In October 2016, the FASB issued ASU No. 2016-17, "Interests Held Through Related Parties That Are Under Common Control". The ASU provides guidance regarding consolidation of VIE's. The ASU is effective for fiscal years beginning after December 15, 2016, including interim periods within those years, which for us would be the first quarter of 2017. The amendments in this ASU should be applied retrospectively. We do not expect the ASU to have a material impact on our financial position, results of operations or disclosures. In November 2016, the FASB issued ASU No. 2016-18, "Restricted Cash". The ASU provides guidance regarding the presentation of restricted cash in the statement of cash flows. The ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those years, which for us would be the first quarter of 2018. The amendments in this ASU should be applied retrospectively. We do not expect the ASU to have a material impact on our statement of cash flows. In January 2017, the FASB issued ASU No. 2017-01, "Clarifying the Definition of a Business". The ASU provides guidance regarding the definition of a business with the objective of providing guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those years, which for us would be the first quarter of 2018. The ASU should be applied prospectively and early adoption is permitted. The ASU will impact our future results of operations and cash flows because we expect that our property acquisitions will be accounted for as asset purchases, and the related acquisition expenses capitalized as part of the respective asset. We historically accounted for our property acquisitions as business acquisitions and expensed the related acquisition expenses as incurred. We are currently evaluating the impact of this ASU. The FASB has not issued any other ASUs during 2016 and 2017 that we expect to be applicable and have a material impact on our future financial position, results of operations, cash flows or disclosures. |
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 |
Investment in Real Estate (Tabl
Investment in Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The differences between the contracts and respective purchase prices relate to credits received for prorations and similar matters: 233 Wilshire 12100 Wilshire Building square footage 129 365 Investment in real estate: Land $ 9,263 $ 20,164 Buildings and improvements 126,938 199,698 Tenant improvements and lease intangibles 3,488 9,057 Acquired above and below-market leases, net (1,838 ) (4,523 ) Net assets and liabilities acquired $ 137,851 $ 224,396 |
Westwood Submarket [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The table below (in thousands) summarizes our purchase accounting and funding sources for the acquisition: Sources and Uses of Funds Actual at Closing (1) Pro Forma Sell Down Adjustments (2) Pro Forma Building square footage 1,725 1,725 Uses of funds - Investment in real estate: 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 (4) $ 1,332,513 $ 1,332,513 Source of funds: Cash on hand (5) $ 153,745 $ — $ 153,745 Credit facility (6) 290,000 (240,000 ) 50,000 Non-recourse term loan, net (7) 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 our costs of holding the investment. We recognized a gain on the sale of $1.1 million , which is included in Gains on sales of investments in real estate in our consolidated statement of operations. 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) The difference between the contract and purchase price related to credits received for prorations and similar matters. (5) Cash paid included a $75.0 million deposit paid before December 31, 2015, which is included in Other assets in the consolidated balance sheets as of December 31, 2015, $67.5 million paid at closing, and $11.2 million spent on loan costs in connection with securing the $580.0 million term loan. (6) Reflects borrowings using the Company's credit facility, which bears interest at LIBOR + 1.40% . (7) Reflects 100% (not the Company's 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 our consolidated debt. |
Schedule of Business Acquisitions, by Acquisition | The table below (in thousands) presents the revenues and net income attributable to common stockholders from the Westwood Portfolio included in the consolidated statement of operations for the year ended December 31, 2016 : Total office revenues $ 80,464 Net income attributable to common stockholders (1) $ 2,998 ______________________________________________________ (1) Excluding transaction costs, net income attributable to common stockholders was $5.0 million . |
Business Acquisition, Pro Forma Information | The table below (in thousands, except per share information) 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 the Company, and (iii) are factually supportable. The pro forma reflects the hypothetical impact of the acquisition on the Company and does not purport to represent what the Company’s 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, 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 $ 0.562 $ 0.404 Pro forma net income attributable to common stockholders per share – diluted $ 0.547 $ 0.392 |
Harbor Court Land and First Financial Plaza [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The table below (in thousands) summarizes our purchase accounting for the acquisitions: Harbor Court Land First Financial Plaza 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 |
Carthay Campus and Weana [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The table below (in thousands, except apartment units) summarizes our purchase accounting for the acquisitions: Carthay Campus Waena Building square footage 216 N/A Apartment units N/A 468 Investment in real estate: Land $ 6,595 $ 26,864 Buildings and improvements 64,511 117,541 Tenant improvements and lease intangibles 5,943 1,732 Acquired above and below-market leases, net (2,580 ) (137 ) Net assets and liabilities acquired $ 74,469 $ 146,000 |
Acquired Lease Intangibles (Tab
Acquired Lease Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Acquired Lease Intangibles [Abstract] | |
Summary Of Acquired Lease Intangibles | The table below (in thousands) summarizes our above/below-market leases: December 31, 2016 December 31, 2015 Above-market tenant leases $ 5,110 $ 4,661 Accumulated amortization - above-market tenant leases (2,379 ) (2,670 ) Below-market ground leases 3,198 3,198 Accumulated amortization - below-market ground leases (782 ) (705 ) Acquired lease intangible assets, net $ 5,147 $ 4,484 Below-market tenant leases $ 104,925 $ 103,327 Accumulated accretion - below-market tenant leases (41,241 ) (78,280 ) Above-market ground leases 16,200 4,017 Accumulated accretion - above-market ground leases (12,693 ) (459 ) Acquired lease intangible liabilities, net $ 67,191 $ 28,605 |
Schedule Of Net Amortization Or Accretion Of Above/Below-Market Leases | The table below (in thousands) summarizes the net amortization/accretion related to our above/below-market leases: Year Ended December 31, 2016 2015 2014 Net accretion of above/below-market tenant leases (1) $ 18,165 $ 12,467 $ 13,752 Amortization of above-market ground leases (2) (17 ) (17 ) (17 ) Accretion of above-market ground lease (3) 50 50 50 Accretion of an above-market ground lease (4) — 6,600 2,299 Total $ 18,198 $ 19,100 $ 16,084 _______________________________________________________________________________________ (1) Recorded as a net increase to office and multifamily rental revenues. (2) Ground leases from which we earn ground rent income. Recorded as a decrease to office parking and other income. (3) Ground lease from which we incur ground rent expense. Recorded as a decrease to office expense. (4) Ground lease from which we incurred ground rent expense. Recorded as an increase to other income. During 2015, we acquired the fee interest in the land (Harbor Court Land). S ee Note 3 . |
Schedule Of Estimated Net Accretion | The table below presents (in thousands) the estimated net accretion of above- and below-market tenant and ground leases at December 31, 2016 : Year ending December 31: Net increase to revenues Decrease to expenses Total 2017 $ 14,756 $ 50 $ 14,806 2018 12,835 50 12,885 2019 11,388 50 11,438 2020 8,764 50 8,814 2021 4,811 50 4,861 Thereafter 5,983 3,257 9,240 Total $ 58,537 $ 3,507 $ 62,044 |
Investments In Unconsolidated31
Investments In Unconsolidated Real Estate Funds (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate Investments, Net [Abstract] | |
Equity investees summarized financial information | The amounts presented represent 100% (not our pro-rata share) of amounts related to the Funds, and are based upon historical acquired book value: December 31, 2016 December 31, 2015 Total assets $ 689,991 $ 691,543 Total liabilities $ 448,522 $ 389,372 Total equity $ 241,469 $ 302,171 Year Ended December 31, 2016 2015 2014 Total revenues $ 73,171 $ 69,702 $ 66,234 Operating income $ 19,542 $ 17,866 $ 11,737 Net income $ 8,278 $ 6,323 $ 254 The table below presents (in thousands) cash distributions received from our Funds: Year Ended December 31, 2016 2015 2014 Operating distributions received $ 2,668 $ 1,068 $ 909 Capital distributions received 24,170 10,788 11,514 Total distributions received $ 26,838 $ 11,856 $ 12,423 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Assets [Abstract] | |
Schedule Of Other Assets | Other assets consisted of the following (in thousands) at December 31 : December 31, 2016 December 31, 2015 Restricted cash $ 121 $ 194 Prepaid expenses 6,779 6,720 Other indefinite-lived intangible 1,988 1,988 Deposits in escrow (1) — 75,000 Furniture, fixtures and equipment, net 1,093 1,448 Other 1,933 2,370 Total other assets $ 11,914 $ 87,720 ___________________________________________________ (1) At December 31, 2015 , deposits in escrow included a $75.0 million deposit in connection with the purchase of the Westwood Portfolio. See Note 3. |
Secured Notes Payable and Rev33
Secured Notes Payable and Revolving Credit Facility (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Secured Debt [Abstract] | |
Schedule Of Secured Notes Payable | The following table summarizes (in thousands) our secured notes payable and revolving credit facility: Description Maturity Date (1) Principal Balance as of December 31, 2016 Principal Balance as of December 31, 2015 Variable Interest Rate Fixed Interest Rate (2) Swap Maturity Date Wholly Owned Subsidiaries Term Loan (3) $ — $ 20,000 LIBOR + 1.45% Term Loan (3) — 256,140 LIBOR + 2.00% Term Loan (3) — 530,000 LIBOR + 1.70% Term Loan 2/28/2018 1,000 — N/A 3.00% -- Term Loan (4) 8/5/2018 349,933 355,000 N/A 4.14% -- Term Loan (4) 2/1/2019 149,911 152,733 N/A 4.00% -- Term Loan (5) 6/5/2019 285,000 285,000 N/A 3.85% -- Fannie Mae Loan 10/1/2019 145,000 145,000 LIBOR + 1.25% N/A -- Term Loan (6) 3/1/2020 345,759 349,070 N/A 4.46% -- Fannie Mae Loans 11/1/2020 388,080 388,080 LIBOR + 1.65% 3.65% 11/1/2017 Term Loan (7) 4/15/2022 340,000 340,000 LIBOR + 1.40% 2.77% 4/1/2020 Term Loan (7) 7/27/2022 180,000 180,000 LIBOR + 1.45% 3.06% 7/1/2020 Term Loan (7) 11/1/2022 400,000 400,000 LIBOR + 1.35% 2.64% 11/1/2020 Term Loan (7) 6/23/2023 360,000 — LIBOR + 1.55% 2.57% 7/1/2021 Term Loan (7) 12/23/2023 220,000 — LIBOR + 1.70% 3.62% 12/23/2021 Term Loan (7) 1/1/2024 300,000 — LIBOR + 1.55% 3.46% 1/1/2022 Fannie Mae Loan (7) 4/1/2025 102,400 102,400 LIBOR + 1.25% 2.84% 3/1/2020 Fannie Mae Loan (7) 12/1/2025 115,000 115,000 LIBOR + 1.25% 2.76% 12/1/2020 Revolving credit facility (8) 8/21/2020 — — LIBOR + 1.40% N/A -- Total Wholly Owned Debt 3,682,083 3,618,423 Consolidated JVs Term Loan (3) — 15,740 LIBOR + 1.60% Term Loan 7/21/2019 146,000 — LIBOR + 1.55% N/A -- Term Loan (7) 2/28/2023 580,000 — LIBOR + 1.40% 2.37% 3/1/2021 Total Consolidated Debt (9)(10) 4,408,083 3,634,163 Deferred loan costs, net (11) (38,546 ) (22,887 ) Total Consolidated Debt, net $ 4,369,537 $ 3,611,276 _________________________________________________________________________________ At December 31, 2016 , the weighted average remaining life, including extension options, of our total consolidated term debt (excluding our revolving credit facility) was 4.9 years . For the $4.12 billion of term debt on which the interest rate was fixed under the terms of the loan or a swap, the weighted average (i) remaining life was 5.0 years , (ii) remaining period during which interest was fixed was 3.2 years , (iii) annual interest rate was 3.28% and (iv) effective interest rate was 3.43% (including the non-cash amortization of deferred loan costs). Except as otherwise noted below, each loan (including our revolving credit facility) is secured by one or more separate collateral pools consisting of one or more properties, requiring monthly payments of interest only, with the outstanding principal due upon maturity. The following table summarizes (in thousands) our fixed and floating rate debt: Description Principal Balance as of December 31, 2016 Principal Balance as of December 31, 2015 Aggregate swapped to fixed rate loans $ 2,985,480 $ 2,492,360 Aggregate fixed rate loans 1,131,603 1,141,803 Aggregate floating rate loans 291,000 — Total Debt $ 4,408,083 $ 3,634,163 (1) Maturity dates include the effect of extension options. (2) Includes the effect of interest rate swaps and excludes the effect of prepaid loan fees. See Note 9 for details of our interest rate swaps. (3) At December 31, 2016 , 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) Interest only until February 2017 , with principal amortization thereafter based upon a 30 -year amortization schedule. (6) Interest is fixed until March 2018 . Requires monthly payments of principal and interest. Principal amortization is based upon a 30 -year amortization schedule. (7) Loan agreement includes a zero-percent LIBOR floor. The corresponding swaps do not include such a floor. (8) $400.0 million revolving credit facility. Unused commitment fees range from 0.15% to 0.20% . (9) See Note 13 for our fair value disclosures. (10) As of December 31, 2016 , the minimum future principal payments due on our secured notes payable and revolving credit facility, excluding any maturity extension options, were as follows (in thousands): Twelve months ending December 31: 2017 $ 20,410 2018 691,873 2019 710,319 2020 683,080 2021 — Thereafter 2,302,401 Total future principal payments $ 4,408,083 (11) Deferred loan costs are net of accumulated amortization of $15.4 million and $15.2 million at December 31, 2016 and December 31, 2015 , respectively. The table below (in thousands) sets forth loan costs that were expensed and deferred loan costs which were amortized, both of which are included in Interest Expense in our consolidated statement of operations. Year Ended December 31, 2016 2015 2014 Loan costs expensed $ 1,441 $ 278 $ — Deferred loan cost amortization 7,608 6,969 4,097 Total $ 9,049 $ 7,247 $ 4,097 |
Schedule Of Minimum Future Principal Payments Due On Secured Notes Payable | As of December 31, 2016 , the minimum future principal payments due on our secured notes payable and revolving credit facility, excluding any maturity extension options, were as follows (in thousands): Twelve months ending December 31: 2017 $ 20,410 2018 691,873 2019 710,319 2020 683,080 2021 — Thereafter 2,302,401 Total future principal payments $ 4,408,083 |
Schedule of Loan Costs and Amortization of Deferred Loan Costs | The table below (in thousands) sets forth loan costs that were expensed and deferred loan costs which were amortized, both of which are included in Interest Expense in our consolidated statement of operations. Year Ended December 31, 2016 2015 2014 Loan costs expensed $ 1,441 $ 278 $ — Deferred loan cost amortization 7,608 6,969 4,097 Total $ 9,049 $ 7,247 $ 4,097 |
Interest Payable, Accounts Pa34
Interest Payable, Accounts Payable and Deferred Revenue (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Schedule Of Accounts Payable And Accrued Expenses | Interest payable, accounts payable and deferred revenue consisted of the following (in thousands) as of December 31 : December 31, 2016 December 31, 2015 Interest payable $ 9,561 $ 10,028 Accounts payable and accrued liabilities 36,880 23,716 Deferred revenue 28,788 23,673 Total interest payable, accounts payable and deferred revenue $ 75,229 $ 57,417 |
Derivative Contracts (Tables)
Derivative Contracts (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Derivatives | As of December 31, 2016 , 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) 22 $ 2,985,480 Unconsolidated Funds' derivatives (2) 2 $ 435,000 ___________________________________________________ (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 Liabilities at Fair Value | The fair value of our interest rate swaps in a liability position were as follows (in thousands): Fair value of derivatives in a liability position (1) December 31, 2016 December 31, 2015 Consolidated derivatives (2) $ 7,689 $ 19,047 Unconsolidated Funds' derivatives (3) $ — $ — __________________________________________________________________________________ (1) Includes accrued interest and excludes adjustments for credit risk. (2) Includes 100% , not our pro-rata share, of our consolidated JVs derivatives. (3) Our unconsolidated Funds did not have any derivatives in a liability position. |
Schedule of Assets at Fair Value | The fair value of our interest rate swaps in an asset position were as follows (in thousands): Fair value of derivatives in an asset position (1) December 31, 2016 December 31, 2015 Consolidated derivatives (2) $ 35,144 $ 4,220 Unconsolidated Funds' derivatives (3) $ 3,724 $ 737 ___________________________________________________ (1) Includes accrued interest and excludes adjustments for credit risk. (2) Includes 100% , not our pro-rata share, of our consolidated JVs derivatives. (3) 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 (in thousands) the effect of derivative instruments on our AOCI and statements of operations: Year Ended December 31, 2016 2015 2014 Derivatives Designated as Cash Flow Hedges: Gain (loss) recorded in AOCI (effective portion) - Consolidated derivatives (1)(5) $ 14,192 $ (11,549 ) $ (11,116 ) Gain (loss) recorded in AOCI (effective portion) - unconsolidated Funds' derivatives (2)(5) $ 8 $ (1,922 ) $ (1,767 ) Loss reclassified from AOCI (effective portion) - Consolidated derivatives (3)(5) $ (25,917 ) $ (37,390 ) $ (36,873 ) Loss reclassified from AOCI (effective portion) - unconsolidated Funds' derivatives (4)(5) $ (357 ) $ (931 ) $ (1,005 ) Loss reclassified from AOCI (ineffective portion) - Consolidated derivatives (5) $ — $ — $ (50 ) Gain recorded (ineffective portion) - Consolidated derivatives (6) $ 196 $ 66 — Derivatives Not Designated as Cash Flow Hedges: Gain (loss) recorded as interest expense (7) $ — $ — $ — __________________________________________________ (1) Represents the change in fair value of interest rate swaps which does not impact the statement of operations. (2) Represents our share of the change in fair value of our unconsolidated Funds' interest rate swaps which does not impact the statement of operations. (3) Reclassified from AOCI as an increase to Interest expense. (4) Reclassified from AOCI as a decrease to Income, including depreciation, from unconsolidated real estate funds (our share). (5) See the reconciliation of our AOCI in Note 10 . (6) Gain is recorded as a reduction to interest expense. (7) We do not have any derivatives that are not designated as cash flow hedges. |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | At December 31, 2016 , our estimate of the AOCI related to derivatives designated as cash flow hedges, that will be reclassified to earnings during the next twelve months as swap interest payments are made, is presented in the table below (in thousands): Consolidated derivatives (1) $ 13,694 Unconsolidated Funds' derivatives (2) $ (160 ) ________________________________________ (1) Reclassified as an increase to Interest expense. (2) Reclassified as an increase to Income, including depreciation, from unconsolidated real estate funds (our share). |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Net Income Attributable To Common Stockholders And Transfers (To) From Noncontrolling Interests | The table below presents (in thousands) the effect on our equity from net income attributable to common stockholders changes in our ownership interest in our Operating Partnership for the year ended December 31 : 2016 2015 2014 Net income attributable to common stockholders $ 85,397 $ 58,384 $ 44,621 Transfers from noncontrolling interests: Exchange of OP Units with noncontrolling interests 23,060 23,703 30,035 Repurchase of OP Units from noncontrolling interests (498 ) — (1,197 ) Net transfers from noncontrolling interests 22,562 23,703 28,838 Change from net income attributable to common stockholders and transfers from noncontrolling interests $ 107,959 $ 82,087 $ 73,459 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The table below presents (in thousands) a reconciliation of our AOCI, which consists solely of adjustments related to derivatives designated as cash flow hedges for the year ended December 31 : 2016 2015 2014 Beginning balance $ (9,285 ) $ (30,089 ) $ (50,554 ) Other comprehensive income (loss) before reclassifications - our derivatives 14,192 (11,549 ) (11,116 ) Other comprehensive income (loss) before reclassifications - our Fund's derivatives 8 (1,922 ) (1,767 ) Reclassifications from AOCI - our derivatives (2) 25,917 37,390 36,923 Reclassifications from AOCI - our Fund's derivatives (3) 357 931 1,005 Net current period OCI 40,474 24,850 25,045 Less: OCI attributable to noncontrolling interests (16,033 ) (4,046 ) (4,580 ) OCI attributable to common stockholders 24,441 20,804 20,465 Ending balance $ 15,156 $ (9,285 ) $ (30,089 ) __________________________________________________ (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 2016 are classified for federal income tax purposes as follows: Record Date Paid Date Dividend Per Share Ordinary Income Capital Gain Return of Capital 12/30/2015 1/15/2016 $ 0.22 $ 0.0286 $ 0.0022 $ 0.1892 3/31/2016 4/15/2016 0.22 0.0286 0.0022 0.1892 6/30/2016 7/15/2016 0.22 0.0286 0.0022 0.1892 9/30/2016 10/14/2016 0.22 0.0286 0.0022 0.1892 Total $ 0.88 $ 0.1144 $ 0.0088 $ 0.7568 |
EPS (Tables)
EPS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 2015 2014 Numerator (in thousands): Net income attributable to common stockholders $ 85,397 $ 58,384 $ 44,621 Allocation to participating securities: Unvested LTIP Units (468 ) (312 ) (175 ) Numerator for basic and diluted net income attributable to common stockholders $ 84,929 $ 58,072 $ 44,446 Denominator (in thousands): Weighted average shares of common stock outstanding - basic 149,299 146,089 144,013 Effect of dilutive securities: Stock options (1) 3,891 4,515 4,108 Weighted average shares of common stock and common stock equivalents outstanding - diluted 153,190 150,604 148,121 Basic EPS: Net income attributable to common stockholders per share $ 0.569 $ 0.398 $ 0.309 Diluted EPS: Net income attributable to common stockholders per share $ 0.554 $ 0.386 $ 0.300 ____________________________________________________ (1) The following securities (in thousands) were excluded from the computation of the weighted average diluted shares because the effect of including them would be anti-dilutive to the calculation of diluted EPS: Year Ended December 31, 2016 2015 2014 OP Units 25,110 26,371 27,444 Vested LTIP Units 578 181 130 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Share-based Compensation [Abstract] | |
Summary of Outstanding Stock Options | The table below presents the activity of our outstanding stock options: 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, 2013 12,540 $ 18.10 47 $ 65,051 Exercised (731 ) $ 20.03 $ 4,976 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 Exercisable at December 31, 2016 3,969 $ 12.43 27 $ 95,770 |
Schedule of Unvested LTIP Units | The table below presents the activity of our unvested LTIP Units: Unvested LTIP Units: Number of Units (thousands) Weighted Average Grant Date Fair Value Grant Date Fair Value (thousands) Outstanding at December 31, 2013 754 $ 15.63 Granted 1,106 $ 19.31 $ 21,356 Vested (854 ) $ 17.44 $ 14,756 Forfeited (8 ) $ 22.48 $ 307 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 |
Fair Value of Financial Instr39
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Estimated Fair Value of Secured Notes Payable | The table below presents (in thousands) the estimated fair value of our secured notes payable: Secured Notes Payable: December 31, 2016 December 31, 2015 Fair value $ 4,429,224 $ 3,691,075 Carrying value $ 4,408,083 $ 3,634,163 |
Schedule of Estimated Fair Value of Derivatives | The table below presents (in thousands) the estimated fair value of our derivatives: December 31, 2016 December 31, 2015 Derivative Assets: Fair value - c onsolidated derivatives (1) $ 35,656 $ 4,830 Fair value - unconsolidated Funds' derivatives (2) $ 3,605 $ 837 Derivative Liabilities: Fair value - c onsolidated derivatives (1) $ 6,830 $ 16,310 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, 2016 | |
Segment Reporting [Abstract] | |
Operating Activity Within Reportable Segments | The table below presents (in thousands) the operating activity of our reportable segments: Year Ended December 31, 2016 2015 2014 Office Segment Total office revenues $ 645,633 $ 540,975 $ 519,405 Office expenses (214,546 ) (186,556 ) (181,160 ) Office Segment profit 431,087 354,419 338,245 Multifamily Segment Total multifamily revenues 96,918 94,799 80,117 Multifamily expenses (23,317 ) (23,862 ) (20,664 ) Multifamily Segment profit 73,601 70,937 59,453 Total profit from all segments $ 504,688 $ 425,356 $ 397,698 |
Reconciliation Of Segment Profit To Net Loss Attributable To Common Stockholders | The table below (in thousands) is a reconciliation of the total profit from all segments to net income attributable to common stockholders: Year Ended December 31, 2016 2015 2014 Total profit from all segments $ 504,688 $ 425,356 $ 397,698 General and administrative (34,957 ) (30,496 ) (27,332 ) Depreciation and amortization (248,914 ) (205,333 ) (202,512 ) Other income 8,759 15,228 17,675 Other expenses (6,609 ) (6,470 ) (7,095 ) Income, including depreciation, from unconsolidated real estate funds 7,812 7,694 3,713 Interest expense (146,148 ) (135,453 ) (128,507 ) Acquisition-related expenses (2,868 ) (1,771 ) (786 ) Income before gains 81,763 68,755 52,854 Gains on sales of investments in real estate 14,327 — — Net income 96,090 68,755 52,854 Less: Net income attributable to noncontrolling interests (10,693 ) (10,371 ) (8,233 ) Net income attributable to common stockholders $ 85,397 $ 58,384 $ 44,621 |
Future Minimum Lease Receipts (
Future Minimum Lease Receipts (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
Schedule Of Future Minimum Base Rentals On Non-Cancelable Office And Ground Operating Leases | The table below presents (in thousands) the future minimum base rentals on our non-cancelable office tenant and ground leases at December 31, 2016 : Year Ending December 31, 2017 $ 487,764 2018 420,983 2019 359,650 2020 298,096 2021 220,484 Thereafter 595,806 Total future minimum base rentals (1) $ 2,382,783 _____________________________________________________ (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, 2016 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
Future Minimum Ground Lease Payments | We had one ground lease as of December 31, 2016 , for which the future minimum ground lease payments (in thousands) are presented below: Year Ending December 31, 2017 $ 733 2018 733 2019 733 2020 733 2021 733 Thereafter 47,644 Total future minimum lease payments (1) $ 51,309 ___________________________________________________ (1) Lease term ends on December 31, 2086. Ground rent is fixed at $733 thousand per year until February 28, 2019, and will then reset to the greater of the existing ground rent or market. The table above assumes that the rental payments will continue to be $733 thousand per year after February 28, 2019. |
Commitments, Contingencies an43
Commitments, Contingencies and Guarantees Commitments, Contingencies and Guarantees (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Investments Classified by Contractual Maturity Date [Table Text Block] | The table below summarizes our Funds' debt as of December 31, 2016 , the amounts represent 100% (not our pro-rata share) of amounts related to our Funds: Fund (1) Principal Balance (in millions) Loan Maturity Date Variable Interest Rate Swap Maturity Date Swap Fixed Interest Rate Fund X (2) $ 325.0 5/1/2018 LIBOR + 1.75% 5/1/2017 2.35% Partnership X (3) 110.0 3/1/2023 LIBOR + 1.40% 3/1/2021 2.30% $ 435.0 ___________________________________________________ (1) See Note 5 for more information regarding our unconsolidated Funds. (2) 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, 2016 , assuming a zero-percent LIBOR interest rate during the remaining life of the swap, the maximum future payments under the swap agreement were $0.7 million . (3) 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, 2016 , assuming a zero-percent LIBOR interest rate during the remaining life of the swap, the maximum future payments under the swap agreement were $4.2 million . |
Quarterly Financial Informati44
Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information [Abstract] | |
Schedule of Quarterly Financial Information | The tables below present (in thousands, except per share amounts) selected quarterly information for 2016 and 2015 : Three Months Ended 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 $ 0.104 $ 0.124 $ 0.210 $ 0.129 Net income per common share - diluted $ 0.101 $ 0.120 $ 0.206 $ 0.127 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 Three Months Ended March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Total revenue $ 154,809 $ 160,457 $ 160,077 $ 160,431 Net income before noncontrolling interests $ 22,096 $ 15,894 $ 14,159 $ 16,606 Net income attributable to common stockholders $ 18,699 $ 13,448 $ 12,070 $ 14,167 Net income per common share - basic $ 0.128 $ 0.092 $ 0.082 $ 0.096 Net income per common share - diluted $ 0.124 $ 0.089 $ 0.080 $ 0.093 Weighted average shares of common stock outstanding - basic 145,327 145,898 146,331 146,780 Weighted average shares of common stock and common stock equivalents outstanding - diluted 149,802 150,304 150,740 151,531 |
Overview (Details)
Overview (Details) $ in Millions | Dec. 31, 2016USD ($)land_parceloffice_propertyproperty |
Overview [Line Items] | |
Number of office properties | office_property | 67 |
Variable interest entity, increase in total assets, liabilities and equity | $ 7,610 |
Variable interest entity, consolidated, carrying amount, assets, real estate held for investment | 7,210 |
Variable interest entity, consolidated, carrying amount, liabilities | 4,600 |
Variable interest entity, consolidated, carrying amount, equity | 3,010 |
Variable interest entity, consolidated, carrying amount, equity, portion attributable to noncontrolling interest | $ 1,090 |
Wholly Owned Consolidated Office Properties [Member] | |
Overview [Line Items] | |
Number of office properties | property | 59 |
Number of multifamily properties owned | property | 10 |
Number of land parcels | land_parcel | 2 |
Consolidated Properties [Member] | |
Overview [Line Items] | |
Number of office properties | office_property | 7 |
Partially Owned Properties [Member] | |
Overview [Line Items] | |
Number of office properties | office_property | 8 |
Summary of Significant Accoun46
Summary of Significant Accounting Policies (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($)segmentsubsidiary | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Development costs capitalized | $ 31,600,000 | $ 3,700,000 | $ 4,300,000 |
Interest costs capitalized | 1,200,000 | 940,000 | 294,000 |
Additional basis | 2,900,000 | 2,905,000 | |
Impairment of long-lived assets | 0 | 0 | 0 |
Lease termination revenue | 2,400,000 | 2,200,000 | 2,600,000 |
Revenue recognized for leasehold improvements | 2,600,000 | 1,900,000 | 1,700,000 |
Letters of credit held for security | 25,500,000 | 14,700,000 | |
Security deposits | 45,990,000 | 38,683,000 | |
Net impact on results of operations | $ 422,000 | 223,000 | (461,000) |
Number of segments | segment | 2 | ||
Percentage of minimum distribution of taxable income to qualify as a REIT (at least) | 90.00% | ||
Number of subsidiaries elected to be treated as taxable REIT subsidiaries | subsidiary | 2 | ||
Tenant Receivable [Member] | |||
Allowance for doubtful accounts | $ 2,700,000 | 2,200,000 | |
Net impact on results of operations | (422,000) | (223,000) | 461,000 |
Deferred Rent Receivable [Member] | |||
Allowance for doubtful accounts | 5,100,000 | 6,000,000 | |
Net impact on results of operations | $ 898,000 | $ (242,000) | $ 2,400,000 |
Partnership X [Member] | |||
Ownership percentage | 24.25% | ||
Fund X [Member] | |||
Ownership percentage | 68.61% | ||
Building [Member] | |||
Useful life | 40 years | ||
Site Improvements [Member] | |||
Useful life | 15 years |
Investment In Real Estate (Narr
Investment In Real Estate (Narrative) (Details) | Sep. 27, 2016USD ($) | Jul. 21, 2016USD ($) | May 31, 2016USD ($) | Feb. 29, 2016USD ($)ft²property | Mar. 05, 2015USD ($) | Feb. 12, 2015USD ($) | Dec. 31, 2016USD ($)ft²office_property | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)ft²office_property | Dec. 31, 2015USD ($)property | Dec. 31, 2014USD ($)property | Dec. 30, 2014USD ($) | Oct. 16, 2014USD ($)ft² |
Real Estate Acquisition [Line Items] | |||||||||||||||||||
Number of office properties | office_property | 67 | 67 | |||||||||||||||||
Gains on sales of investments in real estate | $ 14,327,000 | $ 0 | $ 0 | ||||||||||||||||
Deposits in escrow | $ 0 | $ 75,000,000 | 0 | 75,000,000 | |||||||||||||||
Credit facility | 4,408,083,000 | 3,634,163,000 | 4,408,083,000 | 3,634,163,000 | |||||||||||||||
Percentage of loan | 100.00% | ||||||||||||||||||
Total office revenues | 645,633,000 | 540,975,000 | 519,405,000 | ||||||||||||||||
Net income attributable to common stockholders | $ 19,701,000 | $ 31,848,000 | $ 18,482,000 | $ 15,366,000 | 14,167,000 | $ 12,070,000 | $ 13,448,000 | $ 18,699,000 | 85,397,000 | $ 58,384,000 | $ 44,621,000 | ||||||||
Number of acquisitions | property | 2 | 2 | |||||||||||||||||
Amortization (accretion) of above and below market leases | (18,198,000) | $ (19,100,000) | $ (16,084,000) | ||||||||||||||||
Other Income [Member] | Above Market Ground Leases [Member] | |||||||||||||||||||
Real Estate Acquisition [Line Items] | |||||||||||||||||||
Amortization (accretion) of above and below market leases | $ 0 | (6,600,000) | $ (2,299,000) | ||||||||||||||||
Harbor Court Land [Member] | |||||||||||||||||||
Real Estate Acquisition [Line Items] | |||||||||||||||||||
Cash on hand | $ 27,500,000 | ||||||||||||||||||
Net assets and liabilities acquired | $ 27,500,000 | ||||||||||||||||||
Carthay Campus [Member] | |||||||||||||||||||
Real Estate Acquisition [Line Items] | |||||||||||||||||||
Building square footage | ft² | 216,000 | ||||||||||||||||||
Net assets and liabilities acquired | $ 74,469,000 | ||||||||||||||||||
Waena [Member] | |||||||||||||||||||
Real Estate Acquisition [Line Items] | |||||||||||||||||||
Net assets and liabilities acquired | $ 146,000,000 | ||||||||||||||||||
Westwood Submarket [Member] | |||||||||||||||||||
Real Estate Acquisition [Line Items] | |||||||||||||||||||
Total office revenues | $ 80,464,000 | ||||||||||||||||||
Net income attributable to common stockholders | 2,998,000 | ||||||||||||||||||
Net income (loss) attributable to common stockholders, excluding transaction costs | 5,000,000 | ||||||||||||||||||
Westwood Submarket [Member] | Other Assets [Member] | |||||||||||||||||||
Real Estate Acquisition [Line Items] | |||||||||||||||||||
Deposits in escrow | 75,000,000 | 75,000,000 | |||||||||||||||||
First Financial Plaza [Member] | |||||||||||||||||||
Real Estate Acquisition [Line Items] | |||||||||||||||||||
Cash on hand | $ 92,400,000 | ||||||||||||||||||
Office Building [Member] | Sherman Oaks [Member] | |||||||||||||||||||
Real Estate Acquisition [Line Items] | |||||||||||||||||||
Building square footage | ft² | 168,000 | 168,000 | |||||||||||||||||
Real estate held for sale, carrying value | $ 42,800,000 | $ 42,800,000 | |||||||||||||||||
Sales of real estate | 56,700,000 | ||||||||||||||||||
Sales of real estate, transaction costs | 1,200,000 | ||||||||||||||||||
Office Building [Member] | Sherman Oaks [Member] | Discontinued Operations, Held-for-sale [Member] | |||||||||||||||||||
Real Estate Acquisition [Line Items] | |||||||||||||||||||
Gains on sales of investments in real estate | 12,700,000 | ||||||||||||||||||
Corporate Joint Venture [Member] | |||||||||||||||||||
Real Estate Acquisition [Line Items] | |||||||||||||||||||
Proceeds from sale of interest in real estate held for investment | 51,600,000 | ||||||||||||||||||
Gains on sales of investments in real estate | $ 587,000 | ||||||||||||||||||
Variable interest entity, ownership percentage | 20.00% | 55.00% | |||||||||||||||||
Percentage of joint venture sold | 35.00% | ||||||||||||||||||
Proceeds from sale of interest in real estate held for investment, compensation | $ 194,000 | ||||||||||||||||||
Corporate Joint Venture [Member] | Investor [Member] | |||||||||||||||||||
Real Estate Acquisition [Line Items] | |||||||||||||||||||
Variable interest entity, ownership percentage | 80.00% | ||||||||||||||||||
Joint venture, contributions received | $ 139,800,000 | ||||||||||||||||||
Corporate Joint Venture [Member] | 12100 Wilshire [Member] | |||||||||||||||||||
Real Estate Acquisition [Line Items] | |||||||||||||||||||
Total source of funds | $ 225,000,000 | ||||||||||||||||||
Corporate Joint Venture [Member] | 233 Wilshire [Member] | |||||||||||||||||||
Real Estate Acquisition [Line Items] | |||||||||||||||||||
Total source of funds | $ 139,500,000 | ||||||||||||||||||
Corporate Joint Venture [Member] | Secured Debt [Member] | Term Loan with Maturity Date of February 28, 2023 [Member] | |||||||||||||||||||
Real Estate Acquisition [Line Items] | |||||||||||||||||||
Payments of loan costs | $ 11,200,000 | ||||||||||||||||||
Credit facility | $ 580,000,000 | 0 | $ 580,000,000 | 0 | |||||||||||||||
Debt instrument, term | 7 years | ||||||||||||||||||
Annual fixed interest rate | 2.37% | 2.37% | |||||||||||||||||
Fixed interest rate, term | 5 years | ||||||||||||||||||
Variable interest rate | LIBOR + 1.40% | ||||||||||||||||||
Corporate Joint Venture [Member] | Secured Debt [Member] | Term Loan with Maturity Date of February 28, 2023 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||
Real Estate Acquisition [Line Items] | |||||||||||||||||||
Basis spread on variable rate | 1.40% | ||||||||||||||||||
Corporate Joint Venture [Member] | Secured Debt [Member] | Term Loan With Maturity Date 7/21/2019 [Member] | |||||||||||||||||||
Real Estate Acquisition [Line Items] | |||||||||||||||||||
Credit facility | $ 146,000,000 | $ 146,000,000 | |||||||||||||||||
Variable interest rate | LIBOR + 1.55% | ||||||||||||||||||
Corporate Joint Venture [Member] | Secured Debt [Member] | Term Loan With Maturity Date 7/21/2019 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||
Real Estate Acquisition [Line Items] | |||||||||||||||||||
Basis spread on variable rate | 1.55% | ||||||||||||||||||
Corporate Joint Venture [Member] | Westwood Submarket [Member] | |||||||||||||||||||
Real Estate Acquisition [Line Items] | |||||||||||||||||||
Consideration transferred | $ 1,340,000,000 | ||||||||||||||||||
Consideration transferred, percentage of equity contributed | 30.00% | 60.00% | |||||||||||||||||
Building square footage | ft² | 1,725,000 | ||||||||||||||||||
Proceeds from sale of interest in real estate held for investment | $ 240,000,000 | ||||||||||||||||||
Proceeds from sale of real estate held for investment, additional compensation for costs | $ 1,100,000 | ||||||||||||||||||
Gains on sales of investments in real estate | 1,100,000 | ||||||||||||||||||
Weighted average useful life of acquired above and below-market leases | 4 years 5 months | ||||||||||||||||||
Payments to acquire business, amount paid at closing | $ 67,500,000 | ||||||||||||||||||
Total source of funds | 1,332,513,000 | ||||||||||||||||||
Cash on hand | 153,745,000 | ||||||||||||||||||
Net assets and liabilities acquired | 1,332,513,000 | ||||||||||||||||||
Corporate Joint Venture [Member] | Westwood Submarket [Member] | Investor [Member] | |||||||||||||||||||
Real Estate Acquisition [Line Items] | |||||||||||||||||||
Variable interest entity, ownership percentage | 40.00% | ||||||||||||||||||
Joint venture, contributions received | $ 320,000,000 | ||||||||||||||||||
Corporate Joint Venture [Member] | Westwood Submarket [Member] | Line of Credit [Member] | |||||||||||||||||||
Real Estate Acquisition [Line Items] | |||||||||||||||||||
Credit facility | $ 290,000,000 | ||||||||||||||||||
Corporate Joint Venture [Member] | Office Building [Member] | Westwood Submarket [Member] | |||||||||||||||||||
Real Estate Acquisition [Line Items] | |||||||||||||||||||
Number of office properties | property | 4 | ||||||||||||||||||
Subsidiaries [Member] | |||||||||||||||||||
Real Estate Acquisition [Line Items] | |||||||||||||||||||
Credit facility | 3,682,083,000 | 3,618,423,000 | 3,682,083,000 | 3,618,423,000 | |||||||||||||||
Subsidiaries [Member] | Line of Credit [Member] | Revolving Credit Facility With Maturity Date 08/21/2020 [Member] | |||||||||||||||||||
Real Estate Acquisition [Line Items] | |||||||||||||||||||
Credit facility | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||||||
Basis spread on variable rate | 1.40% | ||||||||||||||||||
Variable interest rate | LIBOR + 1.40% | ||||||||||||||||||
Subsidiaries [Member] | Line of Credit [Member] | Revolving Credit Facility With Maturity Date 08/21/2020 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||
Real Estate Acquisition [Line Items] | |||||||||||||||||||
Basis spread on variable rate | 1.40% |
Investment in Real Estate - Acq
Investment in Real Estate - Acquired Assets and Liabilities (Details) ft² in Thousands, $ in Thousands | Feb. 29, 2016USD ($)ft² | Feb. 12, 2015USD ($) | Dec. 30, 2014USD ($)multifamily_unit | Dec. 31, 2016USD ($)ft² | Sep. 27, 2016USD ($)ft² | Jul. 21, 2016USD ($)ft² | Dec. 31, 2015USD ($) | Mar. 05, 2015USD ($)ft² | Oct. 16, 2014USD ($)ft² |
Real Estate Acquisition [Line Items] | |||||||||
Credit facility | $ 4,408,083 | $ 3,634,163 | |||||||
Non-recourse term loan, net | $ 4,369,537 | $ 3,611,276 | |||||||
233 Wilshire [Member] | |||||||||
Real Estate Acquisition [Line Items] | |||||||||
Building square footage | ft² | 129 | ||||||||
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 | ||||||||
12100 Wilshire [Member] | |||||||||
Real Estate Acquisition [Line Items] | |||||||||
Building square footage | ft² | 365 | ||||||||
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 | ||||||||
Harbor Court Land [Member] | |||||||||
Real Estate Acquisition [Line Items] | |||||||||
Land | $ 12,060 | ||||||||
Buildings and improvements | 15,440 | ||||||||
Tenant improvements and lease intangibles | 0 | ||||||||
Acquired above and below-market leases, net | 0 | ||||||||
Net assets and liabilities acquired | 27,500 | ||||||||
Cash on hand | $ 27,500 | ||||||||
First Financial Plaza [Member] | |||||||||
Real Estate Acquisition [Line Items] | |||||||||
Building square footage | ft² | 227 | ||||||||
Land | $ 12,092 | ||||||||
Buildings and improvements | 75,039 | ||||||||
Tenant improvements and lease intangibles | 6,065 | ||||||||
Acquired above and below-market leases, net | (790) | ||||||||
Net assets and liabilities acquired | $ 92,406 | ||||||||
Carthay Campus [Member] | |||||||||
Real Estate Acquisition [Line Items] | |||||||||
Building square footage | ft² | 216 | ||||||||
Land | $ 6,595 | ||||||||
Buildings and improvements | 64,511 | ||||||||
Tenant improvements and lease intangibles | 5,943 | ||||||||
Acquired above and below-market leases, net | (2,580) | ||||||||
Net assets and liabilities acquired | $ 74,469 | ||||||||
Waena [Member] | |||||||||
Real Estate Acquisition [Line Items] | |||||||||
Apartment units | multifamily_unit | 468 | ||||||||
Land | $ 26,864 | ||||||||
Buildings and improvements | 117,541 | ||||||||
Tenant improvements and lease intangibles | 1,732 | ||||||||
Acquired above and below-market leases, net | (137) | ||||||||
Net assets and liabilities acquired | $ 146,000 | ||||||||
Westwood Submarket [Member] | Corporate Joint Venture [Member] | |||||||||
Real Estate Acquisition [Line Items] | |||||||||
Building square footage | ft² | 1,725 | ||||||||
Land | $ 94,996 | ||||||||
Buildings and improvements | 1,236,786 | ||||||||
Tenant improvements and lease intangibles | 50,439 | ||||||||
Acquired above and below-market leases, net | (49,708) | ||||||||
Net assets and liabilities acquired | 1,332,513 | ||||||||
Cash on hand | 153,745 | ||||||||
Noncontrolling interests | 320,000 | ||||||||
Total source of funds | 1,332,513 | ||||||||
Westwood Submarket [Member] | Corporate Joint Venture [Member] | Line of Credit [Member] | |||||||||
Real Estate Acquisition [Line Items] | |||||||||
Credit facility | 290,000 | ||||||||
Westwood Submarket [Member] | Corporate Joint Venture [Member] | Secured Debt [Member] | |||||||||
Real Estate Acquisition [Line Items] | |||||||||
Non-recourse term loan, net | 568,768 | ||||||||
Westwood Submarket [Member] | Corporate Joint Venture [Member] | Adjustment [Member] | |||||||||
Real Estate Acquisition [Line Items] | |||||||||
Noncontrolling interests | 240,000 | ||||||||
Westwood Submarket [Member] | Corporate Joint Venture [Member] | Adjustment [Member] | Line of Credit [Member] | |||||||||
Real Estate Acquisition [Line Items] | |||||||||
Credit facility | $ (240,000) | ||||||||
Westwood Submarket [Member] | Corporate Joint Venture [Member] | Pro Forma [Member] | |||||||||
Real Estate Acquisition [Line Items] | |||||||||
Building square footage | ft² | 1,725 | ||||||||
Land | $ 94,996 | ||||||||
Buildings and improvements | 1,236,786 | ||||||||
Tenant improvements and lease intangibles | 50,439 | ||||||||
Acquired above and below-market leases, net | (49,708) | ||||||||
Net assets and liabilities acquired | 1,332,513 | ||||||||
Cash on hand | 153,745 | ||||||||
Noncontrolling interests | 560,000 | ||||||||
Total source of funds | 1,332,513 | ||||||||
Westwood Submarket [Member] | Corporate Joint Venture [Member] | Pro Forma [Member] | Line of Credit [Member] | |||||||||
Real Estate Acquisition [Line Items] | |||||||||
Credit facility | 50,000 | ||||||||
Westwood Submarket [Member] | Corporate Joint Venture [Member] | Pro Forma [Member] | Secured Debt [Member] | |||||||||
Real Estate Acquisition [Line Items] | |||||||||
Non-recourse term loan, net | $ 568,768 |
Investment in Real Estate Inves
Investment in Real Estate Investment in Real Estate - Pro Forma Information (Details) - Westwood Submarket [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Business 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) | $ 0.00562 | $ 0.00404 |
Pro forma net income attributable to common stockholders per share - diluted (usd per share) | $ 0.00547 | $ 0.00392 |
Acquired Lease Intangibles (Sum
Acquired Lease Intangibles (Summary Of Acquired Lease Intangibles) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule Of Acquired Lease Intangibles [Line Items] | ||
Acquired lease intangible assets, net | $ 5,147 | $ 4,484 |
Acquired lease intangible liabilities, net | 67,191 | 28,605 |
Above Market Tenant Leases [Member] | ||
Schedule Of Acquired Lease Intangibles [Line Items] | ||
Acquired lease intangible assets, gross | 5,110 | 4,661 |
Accumulated amortization | (2,379) | (2,670) |
Below Market Ground Leases [Member] | ||
Schedule Of Acquired Lease Intangibles [Line Items] | ||
Acquired lease intangible assets, gross | 3,198 | 3,198 |
Accumulated amortization | (782) | (705) |
Below Market Tenant Leases [Member] | ||
Schedule Of Acquired Lease Intangibles [Line Items] | ||
Acquired lease intangible liabilities, gross | 104,925 | 103,327 |
Accumulated accretion | (41,241) | (78,280) |
Above Market Ground Leases [Member] | ||
Schedule Of Acquired Lease Intangibles [Line Items] | ||
Acquired lease intangible liabilities, gross | 16,200 | 4,017 |
Accumulated accretion | $ (12,693) | $ (459) |
Acquired Lease Intangibles (Sch
Acquired Lease Intangibles (Schedule Net Amortization Or Accretion) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Accretion of above and below market leases | $ 18,198 | $ 19,100 | $ 16,084 |
Operating Lease Revenue [Member] | Tenant Lease [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Accretion of above and below market leases | 18,165 | 12,467 | 13,752 |
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 | $ 6,600 | $ 2,299 |
Acquired Lease Intangibles (Est
Acquired Lease Intangibles (Estimated Net Accretion for the Next Five Years) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Estimated Net Accretion for the Next Five Years [Abstract] | |
2,017 | $ 14,806 |
2,018 | 12,885 |
2,019 | 11,438 |
2,020 | 8,814 |
2,021 | 4,861 |
Thereafter | 9,240 |
Total | 62,044 |
Revenue [Member] | |
Estimated Net Accretion for the Next Five Years [Abstract] | |
2,017 | 14,756 |
2,018 | 12,835 |
2,019 | 11,388 |
2,020 | 8,764 |
2,021 | 4,811 |
Thereafter | 5,983 |
Total | 58,537 |
Expense [Member] | |
Estimated Net Accretion for the Next Five Years [Abstract] | |
2,017 | 50 |
2,018 | 50 |
2,019 | 50 |
2,020 | 50 |
2,021 | 50 |
Thereafter | 3,257 |
Total | $ 3,507 |
Investments In Unconsolidated53
Investments In Unconsolidated Real Estate Funds (Narrative) (Details) $ in Thousands, ft² in Millions | 12 Months Ended | |||
Dec. 31, 2016ft²office_propertyNumber_of_funds_managed | Dec. 31, 2015USD ($) | Nov. 30, 2015USD ($) | Apr. 30, 2013USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||
Number of office properties | office_property | 67 | |||
Percentage of amounts related to fund | 100.00% | |||
Fund X [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Note receivable from related party | $ | $ 263 | $ 2,900 | ||
Fund X [Member] | LIBOR [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Basis spread | 2.50% | |||
Partnership X [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Note receivable from related party | $ | $ 500 | $ 500 | ||
Partnership X [Member] | LIBOR [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Variable rate description | LIBOR plus 2.5% | |||
Basis spread | 2.50% | |||
Fund X [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage | 68.61% | |||
Partnership X [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage | 24.25% | |||
Partially Owned Properties [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of real estate funds owned and managed | Number_of_funds_managed | 2 | |||
Area of real estate property (in square feet) | ft² | 1.8 | |||
Partially Owned Properties [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of office properties | office_property | 8 |
Investments In Unconsolidated54
Investments In Unconsolidated Real Estate Funds Investments in Unconsolidated Real Estate Funds (Description of Funds) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Real Estate Investments, Net [Abstract] | |||
Operating distributions received | $ 2,668 | $ 1,068 | $ 909 |
Capital distributions received | 24,170 | 10,788 | 11,514 |
Total distributions received | $ 26,838 | $ 11,856 | $ 12,423 |
Investments In Unconsolidated55
Investments In Unconsolidated Real Estate Funds (Summary Of Financial Position For Investments In Unconsolidated Real Estate Funds) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Real Estate Investments, Net [Abstract] | ||
Total assets | $ 689,991 | $ 691,543 |
Total liabilities | 448,522 | 389,372 |
Total equity | $ 241,469 | $ 302,171 |
Investments In Unconsolidated56
Investments In Unconsolidated Real Estate Funds (Summary Of Statement Of Operations For Investments In Unconsolidated Real Estate Funds) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Real Estate Investments, Net [Abstract] | |||
Total revenues | $ 73,171 | $ 69,702 | $ 66,234 |
Operating income | 19,542 | 17,866 | 11,737 |
Net income | $ 8,278 | $ 6,323 | $ 254 |
Other Assets (Schedule Of Other
Other Assets (Schedule Of Other Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Equity Method Investments [Line Items] | ||
Restricted cash | $ 121 | $ 194 |
Prepaid expenses | 6,779 | 6,720 |
Other indefinite-lived intangible | 1,988 | 1,988 |
Deposits in escrow | 0 | 75,000 |
Furniture, fixtures and equipment, net | 1,093 | 1,448 |
Other | 1,933 | 2,370 |
Total other assets | $ 11,914 | 87,720 |
Westwood Submarket [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Deposits in escrow | $ 75,000 |
Secured Notes Payable and Rev58
Secured Notes Payable and Revolving Credit Facility (Schedule Of Secured Notes Payable) (Details) | 12 Months Ended | |
Dec. 31, 2016USD ($)propertycollateral_poolRate | Dec. 31, 2015USD ($) | |
Debt Instrument [Line Items] | ||
Total debt | $ 4,408,083,000 | $ 3,634,163,000 |
Deferred loan costs, net | (38,546,000) | (22,887,000) |
Total Consolidated Debt, net | $ 4,369,537,000 | 3,611,276,000 |
Weighted average remaining life of outstanding term debt | 4 years 11 months | |
Debt at fixed interest rate | $ 4,120,000,000 | |
Weighted average remaining life of interest rate swaps and fixed rate debt (in years) | 5 years | |
Weighted average interest rate for fixed & effectively fixed rate debt | 3.28% | |
Effective weighted average interest rate for fixed & effectively fixed rate debt | 3.43% | |
Number of properties in collateral pools | property | 1 | |
Net accumulated amortization | $ 15,400,000 | 15,200,000 |
Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 3,682,083,000 | 3,618,423,000 |
Term Loan With Effective Annual Fixed Interest Rate At 4.00% [Member] | ||
Debt Instrument [Line Items] | ||
Debt amortization period | 30 years | |
Long term Fixed Rate Debt with effective interest rate of 3.85% [Member] | ||
Debt Instrument [Line Items] | ||
Debt amortization period | 30 years | |
Term Loan With Effective Annual Fixed Interest Rate At 4.46% [Member] | ||
Debt Instrument [Line Items] | ||
Debt amortization period | 30 years | |
Revolving Credit Facility With Maturity Date 08/21/2020 [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 08/21/2020 [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Commitment fee, percentage | Rate | 0.15% | |
Revolving Credit Facility With Maturity Date 08/21/2020 [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Commitment fee, percentage | Rate | 0.20% | |
Effective Fixed Rate Loans [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 2,985,480,000 | 2,492,360,000 |
Fixed Rate Loans [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 1,131,603,000 | 1,141,803,000 |
Weighted average life of fixed interest rate for fixed & effectively fixed rate debt (in years) | 3 years 2 months | |
Variable Rate Loans [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 291,000,000 | 0 |
Secured Debt [Member] | Corporate Joint Venture [Member] | LIBOR [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 0.00% | |
Secured Debt [Member] | Term Loan, Maturity Date 12/24/2016 [Member] | Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 0 | 20,000,000 |
Variable Interest Rate | LIBOR + 1.45% | |
Secured Debt [Member] | Term Loan, Maturity Date 12/24/2016 [Member] | Subsidiaries [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.45% | |
Secured Debt [Member] | Term Loan With Effective Annual Fixed Interest Rate At Three Percentage [Member] [Member] | Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | Feb. 28, 2018 | |
Total debt | $ 1,000,000 | 0 |
Annual fixed interest rate | 3.00% | |
Secured Debt [Member] | Term Loan, Maturity Date April 2, 2018 [Member] | Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 0 | 256,140,000 |
Variable Interest Rate | LIBOR + 2.00% | |
Secured Debt [Member] | Term Loan, Maturity Date April 2, 2018 [Member] | Subsidiaries [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.00% | |
Secured Debt [Member] | Term Loan, Maturity Date August 1, 2018 [Member] | Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 0 | 530,000,000 |
Variable Interest Rate | LIBOR + 1.70% | |
Secured Debt [Member] | Term Loan, Maturity Date August 1, 2018 [Member] | Subsidiaries [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.70% | |
Secured Debt [Member] | Term Loan With Effective Annual Fixed Interest Rate At 4.14% [Member] | Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | Aug. 5, 2018 | |
Total debt | $ 349,933,000 | 355,000,000 |
Annual fixed interest rate | 4.14% | |
Secured Debt [Member] | Term Loan With Effective Annual Fixed Interest Rate At 4.00% [Member] | Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | Feb. 1, 2019 | |
Total debt | $ 149,911,000 | 152,733,000 |
Annual fixed interest rate | 4.00% | |
Secured Debt [Member] | Long term Fixed Rate Debt with effective interest rate of 3.85% [Member] | Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | Jun. 5, 2019 | |
Total debt | $ 285,000,000 | 285,000,000 |
Annual fixed interest rate | 3.85% | |
Secured Debt [Member] | Fannie Mae Loans, Maturity Date 10/1/2019 [Member] | Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | Oct. 1, 2019 | |
Total debt | $ 145,000,000 | 145,000,000 |
Variable Interest Rate | LIBOR + 1.25% | |
Secured Debt [Member] | Fannie Mae Loans, Maturity Date 10/1/2019 [Member] | Subsidiaries [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.25% | |
Secured Debt [Member] | Term Loan With Effective Annual Fixed Interest Rate At 4.46% [Member] | Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | Mar. 1, 2020 | |
Total debt | $ 345,759,000 | 349,070,000 |
Annual fixed interest rate | 4.46% | |
Secured Debt [Member] | Fannie Mae Loans With Effective Annual Fixed Interest Rate At Three Point Six Five Percentage [Member] | Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | Nov. 1, 2020 | |
Total debt | $ 388,080,000 | 388,080,000 |
Variable Interest Rate | LIBOR + 1.65% | |
Annual fixed interest rate | 3.65% | |
Swap Maturity Date | Nov. 1, 2017 | |
Secured Debt [Member] | Fannie Mae Loans With Effective Annual Fixed Interest Rate At Three Point Six Five Percentage [Member] | Subsidiaries [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.65% | |
Secured Debt [Member] | Term Loan With Maturity Date of 04/15/2022 [Member] | Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | Apr. 15, 2022 | |
Total debt | $ 340,000,000 | 340,000,000 |
Variable Interest Rate | LIBOR + 1.40% | |
Annual fixed interest rate | 2.77% | |
Swap Maturity Date | Apr. 1, 2020 | |
Secured Debt [Member] | Term Loan With Maturity Date of 04/15/2022 [Member] | Subsidiaries [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.40% | |
Secured Debt [Member] | Term Loan With Effective Annual Fixed Interest Rate At 3.06% [Member] | Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | Jul. 27, 2022 | |
Total debt | $ 180,000,000 | 180,000,000 |
Variable Interest Rate | LIBOR + 1.45% | |
Annual fixed interest rate | 3.06% | |
Swap Maturity Date | Jul. 1, 2020 | |
Secured Debt [Member] | Term Loan With Effective Annual Fixed Interest Rate At 3.06% [Member] | Subsidiaries [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.45% | |
Secured Debt [Member] | Term Loan With Effective Annual Fixed Interest Rate At Two Point Six Four Percentage [Member] | Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | Nov. 1, 2022 | |
Total debt | $ 400,000,000 | 400,000,000 |
Variable Interest Rate | LIBOR + 1.35% | |
Annual fixed interest rate | 2.64% | |
Swap Maturity Date | Nov. 1, 2020 | |
Secured Debt [Member] | Term Loan With Effective Annual Fixed Interest Rate At Two Point Six Four Percentage [Member] | Subsidiaries [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.35% | |
Secured Debt [Member] | Term Loan With Effective Annual Fixed Interest Rate At Two Point Five Seven Percentage [Member] | Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | Jun. 23, 2023 | |
Total debt | $ 360,000,000 | 0 |
Variable Interest Rate | LIBOR + 1.55% | |
Annual fixed interest rate | 2.57% | |
Swap Maturity Date | Jul. 1, 2021 | |
Secured Debt [Member] | Term Loan With Effective Annual Fixed Interest Rate At Two Point Five Seven Percentage [Member] | Subsidiaries [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.55% | |
Secured Debt [Member] | Term Loan With Effective Annual Fixed Interest Rate At Three Point Six Two Percentage [Member] | Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | Dec. 23, 2023 | |
Total debt | $ 220,000,000 | 0 |
Variable Interest Rate | LIBOR + 1.70% | |
Annual fixed interest rate | 3.62% | |
Swap Maturity Date | Dec. 23, 2021 | |
Secured Debt [Member] | Term Loan With Effective Annual Fixed Interest Rate At Three Point Six Two Percentage [Member] | Subsidiaries [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.70% | |
Secured Debt [Member] | Term Loan With Effective Annual Fixed Interest Rate At Three Point Four Six Percentage [Member] | Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | Jan. 1, 2024 | |
Total debt | $ 300,000,000 | 0 |
Variable Interest Rate | LIBOR + 1.55% | |
Annual fixed interest rate | 3.46% | |
Swap Maturity Date | Jan. 1, 2022 | |
Secured Debt [Member] | Term Loan With Effective Annual Fixed Interest Rate At Three Point Four Six Percentage [Member] | Subsidiaries [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.55% | |
Secured Debt [Member] | Fannie Mae Loan With Maturity Date Of 04/1/2025 [Member] | Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | Apr. 1, 2025 | |
Total debt | $ 102,400,000 | 102,400,000 |
Variable Interest Rate | LIBOR + 1.25% | |
Annual fixed interest rate | 2.84% | |
Swap Maturity Date | Mar. 1, 2020 | |
Secured Debt [Member] | Fannie Mae Loan With Maturity Date Of 04/1/2025 [Member] | Subsidiaries [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.25% | |
Secured Debt [Member] | Fannie Mae Loan with Maturity Date of December 1, 2020 [Member] | Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | Dec. 1, 2025 | |
Total debt | $ 115,000,000 | 115,000,000 |
Variable Interest Rate | LIBOR + 1.25% | |
Annual fixed interest rate | 2.76% | |
Swap Maturity Date | Dec. 1, 2020 | |
Secured Debt [Member] | Fannie Mae Loan with Maturity Date of December 1, 2020 [Member] | Subsidiaries [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.25% | |
Secured Debt [Member] | Term Loan With Maturity Date 3/1/2017 [Member] | Corporate Joint Venture [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 0 | 15,740,000 |
Variable Interest Rate | LIBOR + 1.60% | |
Secured Debt [Member] | Term Loan With Maturity Date 3/1/2017 [Member] | Corporate Joint Venture [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.60% | |
Secured Debt [Member] | Term Loan With Maturity Date 7/21/2019 [Member] | Corporate Joint Venture [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | Jul. 21, 2019 | |
Total debt | $ 146,000,000 | |
Variable Interest Rate | LIBOR + 1.55% | |
Secured Debt [Member] | Term Loan With Maturity Date 7/21/2019 [Member] | Corporate Joint Venture [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.55% | |
Secured Debt [Member] | Term Loan with Maturity Date of February 28, 2023 [Member] | Corporate Joint Venture [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | Feb. 28, 2023 | |
Total debt | $ 580,000,000 | 0 |
Variable Interest Rate | LIBOR + 1.40% | |
Annual fixed interest rate | 2.37% | |
Swap Maturity Date | Mar. 1, 2021 | |
Secured Debt [Member] | Term Loan with Maturity Date of February 28, 2023 [Member] | Corporate Joint Venture [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.40% | |
Line of Credit [Member] | Revolving Credit Facility With Maturity Date 08/21/2020 [Member] | Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | Aug. 21, 2020 | |
Total debt | $ 0 | $ 0 |
Variable Interest Rate | LIBOR + 1.40% | |
Basis spread on variable rate | 1.40% | |
Line of Credit [Member] | Revolving Credit Facility With Maturity Date 08/21/2020 [Member] | Subsidiaries [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.40% |
Secured Notes Payable and Rev59
Secured Notes Payable and Revolving Credit Facility (Schedule Of Minimum Future Principal Payments Due On Secured Notes Payable) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Secured Debt [Abstract] | ||
2,017 | $ 20,410 | |
2,018 | 691,873 | |
2,019 | 710,319 | |
2,020 | 683,080 | |
2,021 | 0 | |
Thereafter | 2,302,401 | |
Total future principal payments | $ 4,408,083 | $ 3,634,163 |
Secured Notes Payable and Rev60
Secured Notes Payable and Revolving Credit Facility, Net Secured Notes Payable and Revolving Credit Facility (Schedule of Deferred Loan Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Deferred loan cost amortization | $ 8,927 | $ 6,969 | $ 4,097 |
Interest Expense [Member] | |||
Debt Instrument [Line Items] | |||
Loan costs expensed | 1,441 | 278 | 0 |
Deferred loan cost amortization | 7,608 | 6,969 | 4,097 |
Total | $ 9,049 | $ 7,247 | $ 4,097 |
Interest Payable, Accounts Pa61
Interest Payable, Accounts Payable and Deferred Revenue (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts Payable and Accrued Liabilities [Abstract] | ||
Interest payable | $ 9,561 | $ 10,028 |
Accounts payable and accrued liabilities | 36,880 | 23,716 |
Deferred revenue | 28,788 | 23,673 |
Total interest payable, accounts payable and deferred revenue | $ 75,229 | $ 57,417 |
Derivative Contracts (Summary o
Derivative Contracts (Summary of Derivatives) (Details) - Designated as Hedging Instrument [Member] - Interest Rate Swap [Member] - Cash Flow Hedging [Member] $ in Thousands | Dec. 31, 2016USD ($)instrument |
Derivative [Line Items] | |
Number of interest rate derivatives held | instrument | 22 |
Derivative, notional amount | $ | $ 2,985,480 |
Fund X [Member] | |
Derivative [Line Items] | |
Number of interest rate derivatives held | instrument | 2 |
Derivative, notional amount | $ | $ 435,000 |
Percentage of notional amount | 100.00% |
Derivative Contracts (Schedule
Derivative Contracts (Schedule of Fair Value in a Asset or Liability Position) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Derivative [Line Items] | ||
Interest rate contract assets | $ 35,656 | $ 4,830 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||
Derivative [Line Items] | ||
Fair value of derivatives in a net liability position | 7,689 | 19,047 |
Interest rate contract assets | 35,144 | 4,220 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Fund X [Member] | ||
Derivative [Line Items] | ||
Fair value of derivatives in a net liability position | 0 | 0 |
Interest rate contract assets | $ 3,724 | $ 737 |
Derivative Contracts (Effect of
Derivative Contracts (Effect of Derivative Instruments on OCI and Statements of Operations) (Details) - Cash Flow Hedging [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivatives Designated As Hedges [Member] | |||
Derivative [Line Items] | |||
Gain (loss) recorded in AOCI (effective portion) | $ 14,192 | $ (11,549) | $ (11,116) |
Loss reclassified from AOCI (effective portion) | (25,917) | (37,390) | (36,873) |
Derivatives Designated As Hedges [Member] | Interest Expense [Member] | |||
Derivative [Line Items] | |||
Loss reclassified from AOCI (ineffective portion) - our derivatives | 0 | 0 | (50) |
Gain (loss) recorded as interest expense (ineffective portion) - our derivatives | 196 | 66 | 0 |
Derivatives Designated As Hedges [Member] | Fund X [Member] | |||
Derivative [Line Items] | |||
Gain (loss) recorded in AOCI (effective portion) | 8 | (1,922) | (1,767) |
Loss reclassified from AOCI (effective portion) | (357) | (931) | (1,005) |
Derivatives Not Designated As Hedges [Member] | Interest Expense [Member] | |||
Derivative [Line Items] | |||
Gain (loss) recorded as interest expense | $ 0 | $ 0 | $ 0 |
Derivative Contracts Derivative
Derivative Contracts Derivative Contracts (Future Reclassifications from AOCI) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Derivative [Line Items] | |
Our derivatives | $ 13,694 |
Fund X [Member] | |
Derivative [Line Items] | |
Our derivatives | $ (160) |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Sep. 27, 2016 | Jul. 21, 2016 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | ||||||
Number of operating partnership units converted to shares of common stock | 1,800,000 | 1,800,000 | 2,200,000 | |||
Number of operating partnership units redeemed for cash | 25,000 | 120,000 | ||||
Total purchase price | $ 826 | $ 0 | $ 2,826 | |||
Exercise of stock options, average share price (usd per share) | $ 33.05 | $ 15.58 | $ 15.05 | |||
Stock issued during period (shares) | 1,500,000 | 274,000 | ||||
Exercise of stock options (in shares) | 7,600,000 | 40,000 | ||||
Number of shares sold (in shares) | 1,400,000 | |||||
Sale of stock, net proceeds | $ 49,400 | |||||
Stock issued during period, value | $ 4,300 | |||||
OP units issued (in shares) | 34,000 | |||||
Issuance of OP Units for cash | 0 | $ 1,000 | $ 0 | |||
Average redemption price (usd per share) | $ 23.56 | |||||
Common stock options settled (in shares) | 691,000 | |||||
Purchase price of stock options | 0 | 0 | $ 4,524 | |||
Average purchase price of options (usd per share) | $ 6.55 | |||||
Proceeds from exercise of stock options | $ 0 | $ 4,272 | $ 603 | |||
Common stock, shares outstanding (in shares) | 151,530,210 | 146,919,187 | ||||
Operating partnership units and fully-vested long-term incentive plan units outstanding | 25,700,000 | |||||
Number of shares of common stock issued upon redemption of one OP unit | 1 | |||||
Corporate Joint Venture [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Variable interest entity, ownership percentage | 20.00% | 55.00% | ||||
Corporate Joint Venture [Member] | Investor [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Joint venture, contributions received | $ 139,800 | |||||
Variable interest entity, ownership percentage | 80.00% | |||||
Corporate Joint Venture [Member] | Investor [Member] | Westwood Submarket [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Variable interest entity, ownership percentage of capital interests | 70.00% | |||||
Joint venture, contributions received | $ 320,000 | |||||
Variable interest entity, ownership percentage | 40.00% | |||||
Proceeds from divestiture in joint venture | $ 241,100 | |||||
Income (loss) from joint venture | $ 1,100 | |||||
Corporate Joint Venture [Member] | Investor [Member] | Westwood Submarket [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Variable interest entity, ownership percentage | 30.00% | |||||
Corporate Joint Venture [Member] | Investor [Member] | Third Quarter Acquisitions [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Variable interest entity, ownership percentage of capital interests | 80.00% | |||||
Joint venture, contributions received | $ 139,800 | |||||
Proceeds from divestiture in joint venture | 51,600 | |||||
Income (loss) from joint venture | $ 587 | |||||
Corporate Joint Venture [Member] | Investor [Member] | Third Quarter Acquisitions [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Variable interest entity, ownership percentage | 35.00% | |||||
Partnership Interest [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 14.00% |
Equity (Net Income Attributable
Equity (Net Income Attributable To Common Stockholders And Transfers (To) From Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stockholders' Equity Attributable to Parent [Abstract] | |||||||||||
Net income attributable to common stockholders | $ 19,701 | $ 31,848 | $ 18,482 | $ 15,366 | $ 14,167 | $ 12,070 | $ 13,448 | $ 18,699 | $ 85,397 | $ 58,384 | $ 44,621 |
Common stock issued in exchange for OP Units | 23,060 | 23,703 | 30,035 | ||||||||
Repurchase of OP Units from noncontrolling interests | (498) | 0 | (1,197) | ||||||||
Net transfers from noncontrolling interests | 22,562 | 23,703 | 28,838 | ||||||||
Change from net income attributable to common stockholders and transfers from noncontrolling interests | $ 107,959 | $ 82,087 | $ 73,459 |
Equity (Accumulated Other Compr
Equity (Accumulated Other Comprehensive Income (Loss) Schedule) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | $ (9,285) | ||
Net current period other comprehensive income | 40,474 | $ 24,850 | $ 25,045 |
Balance at end of period | 15,156 | (9,285) | |
Cash Flow Hedging [Member] | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (9,285) | (30,089) | (50,554) |
Other comprehensive (loss) income before reclassifications | 14,192 | (11,549) | (11,116) |
Reclassifications from AOCI | 25,917 | 37,390 | 36,923 |
Net current period other comprehensive income | 40,474 | 24,850 | 25,045 |
Less other comprehensive income attributable to noncontrolling interests | (16,033) | (4,046) | (4,580) |
Other comprehensive income attributable to common stockholders | 24,441 | 20,804 | 20,465 |
Balance at end of period | 15,156 | (9,285) | (30,089) |
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 | 8 | (1,922) | (1,767) |
Reclassifications from AOCI | $ 357 | $ 931 | $ 1,005 |
Equity (Dividends) (Details)
Equity (Dividends) (Details) | 12 Months Ended |
Dec. 31, 2016$ / shares | |
Dividends Payable [Line Items] | |
Dividend Per Share (usd per share) | $ 0.88 |
Ordinary Income (usd per share) | 0.1144 |
Capital Gain (usd per share) | 0.0088 |
Return of Capital (usd per share) | $ 0.7568 |
Dividends Paid, 12/30/2015 [Member] | |
Dividends Payable [Line Items] | |
Record Date | Dec. 30, 2015 |
Paid Date | Jan. 15, 2016 |
Dividend Per Share (usd per share) | $ 0.22 |
Ordinary Income (usd per share) | 0.0286 |
Capital Gain (usd per share) | 0.0022 |
Return of Capital (usd per share) | $ 0.1892 |
Dividends Paid, 3/31/2016 [Member] | |
Dividends Payable [Line Items] | |
Record Date | Mar. 31, 2016 |
Paid Date | Apr. 15, 2016 |
Dividend Per Share (usd per share) | $ 0.22 |
Ordinary Income (usd per share) | 0.0286 |
Capital Gain (usd per share) | 0.0022 |
Return of Capital (usd per share) | $ 0.1892 |
Dividends Paid, 6/30/2016 [Member] | |
Dividends Payable [Line Items] | |
Record Date | Jun. 30, 2016 |
Paid Date | Jul. 15, 2016 |
Dividend Per Share (usd per share) | $ 0.22 |
Ordinary Income (usd per share) | 0.0286 |
Capital Gain (usd per share) | 0.0022 |
Return of Capital (usd per share) | $ 0.1892 |
Dividends Paid, 9/30/2016 [Member] | |
Dividends Payable [Line Items] | |
Record Date | Sep. 30, 2016 |
Paid Date | Oct. 14, 2016 |
Dividend Per Share (usd per share) | $ 0.22 |
Ordinary Income (usd per share) | 0.0286 |
Capital Gain (usd per share) | 0.0022 |
Return of Capital (usd per share) | $ 0.1892 |
EPS (Details)
EPS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||||||||||
Net income attributable to common stockholders | $ 19,701 | $ 31,848 | $ 18,482 | $ 15,366 | $ 14,167 | $ 12,070 | $ 13,448 | $ 18,699 | $ 85,397 | $ 58,384 | $ 44,621 |
Allocation to participating securities: Unvested LTIP Units | (468) | (312) | (175) | ||||||||
Numerator for basic and diluted net income attributable to common stockholders | $ 84,929 | $ 58,072 | $ 44,446 | ||||||||
Weighted average shares of common stock outstanding - basic (in shares) | 151,446,000 | 150,753,000 | 147,722,000 | 147,236,000 | 146,780,000 | 146,331,000 | 145,898,000 | 145,327,000 | 149,299,000 | 146,089,000 | 144,013,000 |
Effect of dilutive securities: Stock options (in shares) | 3,891,000 | 4,515,000 | 4,108,000 | ||||||||
Weighted average shares of common stock and common stock equivalents outstanding - diluted (in shares) | 154,052,000 | 153,419,000 | 152,805,000 | 151,451,000 | 151,531,000 | 150,740,000 | 150,304,000 | 149,802,000 | 153,190,000 | 150,604,000 | 148,121,000 |
Net income attributable to common stockholders per share - basic EPS (dollars per share) | $ 0.129 | $ 0.210 | $ 0.124 | $ 0.104 | $ 0.096 | $ 0.082 | $ 0.092 | $ 0.128 | $ 0.569 | $ 0.398 | $ 0.309 |
Net income attributable to common stockholders per share - diluted EPS (dollars per share) | $ 0.127 | $ 0.206 | $ 0.120 | $ 0.101 | $ 0.093 | $ 0.080 | $ 0.089 | $ 0.124 | $ 0.554 | $ 0.386 | $ 0.300 |
OP Units [Member] | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Anti-dilutive securities excluded from calculation of diluted EPS (in shares) | 25,110 | 26,371 | 27,444 | ||||||||
Vested LTIP Units [Member] | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Anti-dilutive securities excluded from calculation of diluted EPS (in shares) | 578 | 181 | 130 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)installmentshares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for grant | 6,900,000 | ||
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) | 704,000 | 887,000 | 1,100,000 |
Non-employee director awards granted in lieu of cash compensation (in shares) | 35,000 | 35,000 | 15,000 |
Equity compensation expense | $ | $ 17,448 | $ 15,234 | $ 13,722 |
Capitalized stock-based compensation | $ | 1,503 | $ 1,358 | $ 1,086 |
Unrecognized compensation cost related to nonvested options and LTIP unit awards | $ | $ 18,300 | ||
Unrecognized compensation cost related to nonvested options and LTIP unit awards, recognition period | 2 years | ||
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 Employees [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 Employees [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Long-term Incentive Plan Units [Member] | Executives And Certain Key Employees [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 5 years | ||
Long-term Incentive Plan Units [Member] | Non-employee Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years |
Stock-Based Compensation (Outst
Stock-Based Compensation (Outstanding Stock Options) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Number of Stock Options (thousands) | ||||
Outstanding, beginning balance (in shares) | 11,535 | 11,809 | 12,540 | |
Exercised (in shares) | (7,566) | (274) | (731) | |
Outstanding, ending balance (in shares) | 3,969 | 11,535 | 11,809 | 12,540 |
Exercisable (in shares) | 3,969 | |||
Weighted Average Exercise Price | ||||
Outstanding, weighted average exercise price, beginning balance (usd per share) | $ 18.04 | $ 17.98 | $ 18.10 | |
Exercised (usd per share) | 20.98 | 15.58 | 20.03 | |
Outstanding, weighted average exercise price, ending balance (usd per share) | 12.43 | $ 18.04 | $ 17.98 | $ 18.10 |
Exercisable, weighted average exercise price (usd per share) | $ 12.43 | |||
Weighted Average Remaining Contract Life (months) | 27 months | 23 months | 36 months | 47 months |
Exercisable, Weighted Average Remaining Contract Life | 27 months | |||
Total Intrinsic Value | $ 95,770 | $ 151,569 | $ 123,017 | $ 65,051 |
Exercisable, Total Intrinsic Value | 95,770 | |||
Exercised, total intrinsic value | $ 104,108 | $ 3,989 | $ 4,976 |
Stock-Based Compensation (Unves
Stock-Based Compensation (Unvested LTIP Units) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Number of Units (thousands) | |||
Outstanding, beginning balance (in shares) | 1,096 | 998 | 754 |
Granted (in shares) | 739 | 922 | 1,106 |
Vested (in shares) | (778) | (816) | (854) |
Forfeited (in shares) | (17) | (8) | (8) |
Outstanding, ending balance (in shares) | 1,040 | 1,096 | 998 |
Weighted Average Grant Date Fair Value | |||
Outstanding, weighted average grant date fair value, beginning balance (usd per share) | $ 19.85 | $ 18.48 | $ 15.63 |
Granted (usd per share) | 27.62 | 20.26 | 19.31 |
Vested (usd per share) | 22.23 | 18.59 | 17.44 |
Forfeited (usd per share) | 27.77 | 24.86 | 22.48 |
Outstanding, weighted average grant date fair value, ending balance (usd per share) | $ 23.46 | $ 19.85 | $ 18.48 |
Granted, grant date fair value | $ 20,420 | $ 18,673 | $ 21,356 |
Vested, grant date fair value | 17,293 | 15,165 | 14,756 |
Forfeited, grant date fair value | $ 473 | $ 200 | $ 307 |
Fair Value of Financial Instr74
Fair Value of Financial Instruments - Estimated Fair Value of Secured Notes Payable (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value Disclosures [Abstract] | ||
Fair value | $ 4,429,224 | $ 3,691,075 |
Carrying value | $ 4,408,083 | $ 3,634,163 |
Fair Value of Financial Instr75
Fair Value of Financial Instruments - Estimated Fair Value of Derivatives (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value - our derivatives | $ 35,656 | $ 4,830 |
Fair value - our derivatives | $ 6,830 | 16,310 |
Fund X [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity method investment, summarized financial information, percentage of fair value of derivative | 100.00% | |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value - our derivatives | $ 35,656 | 4,830 |
Fair value - our derivatives | 6,830 | 16,310 |
Level 2 [Member] | Fund X [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value - our Fund's derivative | 3,605 | 837 |
Fair value - unconsolidated Funds' derivatives | $ 0 | $ 0 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2016segment | |
Segment Reporting [Abstract] | |
Number of segments | 2 |
Segment Reporting (Operating Ac
Segment Reporting (Operating Activity Within Reportable Segments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Total office revenues | $ 645,633 | $ 540,975 | $ 519,405 |
Office expenses | (214,546) | (186,556) | (181,160) |
Total multifamily revenues | 96,918 | 94,799 | 80,117 |
Multifamily expenses | (23,317) | (23,862) | (20,664) |
Total profit from all segments | 504,688 | 425,356 | 397,698 |
Office Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Total office revenues | 645,633 | 540,975 | 519,405 |
Office expenses | (214,546) | (186,556) | (181,160) |
Total profit from all segments | 431,087 | 354,419 | 338,245 |
Multifamily Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Total multifamily revenues | 96,918 | 94,799 | 80,117 |
Multifamily expenses | (23,317) | (23,862) | (20,664) |
Total profit from all segments | $ 73,601 | $ 70,937 | $ 59,453 |
Segment Reporting (Reconciliati
Segment Reporting (Reconciliation Of Segment Profit To Net Income Attributable To Common Stockholders) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting [Abstract] | |||||||||||
Total profit from all segments | $ 504,688 | $ 425,356 | $ 397,698 | ||||||||
General and administrative | (34,957) | (30,496) | (27,332) | ||||||||
Depreciation and amortization | (248,914) | (205,333) | (202,512) | ||||||||
Other income | 8,759 | 15,228 | 17,675 | ||||||||
Other expenses | (6,609) | (6,470) | (7,095) | ||||||||
Income, including depreciation, from unconsolidated real estate funds | 7,812 | 7,694 | 3,713 | ||||||||
Interest expense | (146,148) | (135,453) | (128,507) | ||||||||
Acquisition-related expenses | (2,868) | (1,771) | (786) | ||||||||
Income before gains | 81,763 | 68,755 | 52,854 | ||||||||
Gains on sales of investments in real estate | 14,327 | 0 | 0 | ||||||||
Net income | $ 22,466 | $ 35,798 | $ 21,780 | $ 16,046 | $ 16,606 | $ 14,159 | $ 15,894 | $ 22,096 | 96,090 | 68,755 | 52,854 |
Less: Net income attributable to noncontrolling interests | (10,693) | (10,371) | (8,233) | ||||||||
Net income attributable to common stockholders | $ 19,701 | $ 31,848 | $ 18,482 | $ 15,366 | $ 14,167 | $ 12,070 | $ 13,448 | $ 18,699 | $ 85,397 | $ 58,384 | $ 44,621 |
Future Minimum Lease Receipts79
Future Minimum Lease Receipts (Narrative) (Details) | Dec. 31, 2016land_parcel |
Wholly Owned Consolidated Office Properties [Member] | |
Operating Leased Assets [Line Items] | |
Number of land parcels | 2 |
Future Minimum Lease Receipts80
Future Minimum Lease Receipts (Schedule Of Future Minimum Base Rentals On Non-Cancelable Office And Ground Operating Leases) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
2,017 | $ 487,764 |
2,018 | 420,983 |
2,019 | 359,650 |
2,020 | 298,096 |
2,021 | 220,484 |
Thereafter | 595,806 |
Total future minimum base rentals(1) | $ 2,382,783 |
Future Minimum Lease Payments81
Future Minimum Lease Payments (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)ground_lease | Dec. 31, 2014USD ($) | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Ground lease payments expense | $ | $ 733 | $ 733 | $ 2,600 |
Number of ground leases | ground_lease | 1 |
Future Minimum Lease Payments82
Future Minimum Lease Payments (Future Minimum Ground Lease Payments) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,017 | $ 733 |
2,018 | 733 |
2,019 | 733 |
2,020 | 733 |
2,021 | 733 |
Thereafter | 47,644 |
Total future minimum lease payments | 51,309 |
Future ground rent payments per year | $ 733 |
Commitments, Contingencies an83
Commitments, Contingencies and Guarantees (Details) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016USD ($)property | Dec. 31, 2016USD ($)propertytenant | Dec. 31, 2015tenant | Dec. 31, 2014tenant | |
Other Commitments [Line Items] | ||||
Number of tenants accounting for more than 10% of our total rental revenue and tenant recoveries | tenant | 0 | 0 | 0 | |
Amount accounts are insured by FDIC (up to) | $ 250,000 | |||
Number of properties containing asbestos | property | 25 | |||
Contractual obligation | $ 3,600,000 | |||
HAWAII | Apartment Building [Member] | ||||
Other Commitments [Line Items] | ||||
Number of apartments under construction | property | 475 | |||
Construction and development costs | $ 120,000,000 | |||
Contractual obligation | $ 107,000,000 | |||
Unconsolidated Funds [Member] | ||||
Other Commitments [Line Items] | ||||
Number of properties containing asbestos | property | 4 | |||
Interest Rate Swap [Member] | Fund X [Member] | ||||
Other Commitments [Line Items] | ||||
Basis spread on variable rate | 1.75% | |||
Interest Rate Swap [Member] | Partnership X [Member] | ||||
Other Commitments [Line Items] | ||||
Basis spread on variable rate | 1.40% |
Commitments, Contingencies an84
Commitments, Contingencies and Guarantees Schedule of Debt Related to Unconsolidated Funds (Details) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2016USD ($)property | Dec. 31, 2015USD ($) | |
Guarantor Obligations [Line Items] | |||
Non-recourse term loan, net | $ 4,369,537 | $ 3,611,276 | |
Unconsolidated Funds [Member] | |||
Guarantor Obligations [Line Items] | |||
Non-recourse term loan, net | 435,000 | ||
Fund X [Member] | |||
Guarantor Obligations [Line Items] | |||
Non-recourse term loan, net | $ 325,000 | ||
Loan Maturity Date | May 1, 2018 | ||
Number of properties | property | 6 | ||
Maximum future payments under the swap agreement | $ 700 | ||
Partnership X [Member] | |||
Guarantor Obligations [Line Items] | |||
Non-recourse term loan, net | $ 110,000 | ||
Loan Maturity Date | Mar. 1, 2023 | ||
Number of properties | property | 2 | ||
Maximum future payments under the swap agreement | $ 4,200 | ||
Interest Rate Swap [Member] | Fund X [Member] | |||
Guarantor Obligations [Line Items] | |||
Swap Maturity Date | May 1, 2017 | ||
Swap Fixed Interest Rate | 2.35% | ||
Interest Rate Swap [Member] | Partnership X [Member] | |||
Guarantor Obligations [Line Items] | |||
Swap Maturity Date | Mar. 1, 2021 | ||
Swap Fixed Interest Rate | 2.30% | ||
Minimum [Member] | Secured Debt [Member] | Corporate Joint Venture [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Guarantor Obligations [Line Items] | |||
Basis spread on variable rate | 0.00% |
Quarterly Financial Informati85
Quarterly Financial Information (unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information [Abstract] | |||||||||||
Total revenue | $ 194,643 | $ 192,121 | $ 187,215 | $ 168,572 | $ 160,431 | $ 160,077 | $ 160,457 | $ 154,809 | $ 742,551 | $ 635,774 | $ 599,522 |
Net income | 22,466 | 35,798 | 21,780 | 16,046 | 16,606 | 14,159 | 15,894 | 22,096 | 96,090 | 68,755 | 52,854 |
Net income attributable to common stockholders | $ 19,701 | $ 31,848 | $ 18,482 | $ 15,366 | $ 14,167 | $ 12,070 | $ 13,448 | $ 18,699 | $ 85,397 | $ 58,384 | $ 44,621 |
Net income per common share - basic (dollars per share) | $ 0.129 | $ 0.210 | $ 0.124 | $ 0.104 | $ 0.096 | $ 0.082 | $ 0.092 | $ 0.128 | $ 0.569 | $ 0.398 | $ 0.309 |
Net income per common share - diluted (dollars per share) | $ 0.127 | $ 0.206 | $ 0.120 | $ 0.101 | $ 0.093 | $ 0.080 | $ 0.089 | $ 0.124 | $ 0.554 | $ 0.386 | $ 0.300 |
Weighted average shares of common stock outstanding - basic (in shares) | 151,446 | 150,753 | 147,722 | 147,236 | 146,780 | 146,331 | 145,898 | 145,327 | 149,299 | 146,089 | 144,013 |
Weighted average shares of common stock and common stock equivalents outstanding - diluted (in shares) | 154,052 | 153,419 | 152,805 | 151,451 | 151,531 | 150,740 | 150,304 | 149,802 | 153,190 | 150,604 | 148,121 |
Subsequent Events (Details)
Subsequent Events (Details) - shares shares in Thousands | Feb. 08, 2017 | Dec. 31, 2016 | Dec. 31, 2014 |
Subsequent Event [Line Items] | |||
Exercise of stock options (in shares) | 7,600 | 40 | |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Exercise of stock options (in shares) | 3,800 | ||
Common Stock | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Issuance of common stock (in shares) | 1,300 |
Schedule III - Consolidated R87
Schedule III - Consolidated Real Estate and Accumulated Depreciation and Amortization (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Encumb-rances | $ 4,408,083,000 | ||||
Initial Cost of Land | 766,427,000 | ||||
Initial Cost of Buildings & Improvements | 4,663,802,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 3,567,891,000 | ||||
Gross Carrying Amount of Land | 1,040,704,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 7,957,416,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | $ 7,266,009,000 | $ 7,099,571,000 | $ 7,012,733,000 | 8,998,120,000 | $ 7,266,009,000 |
Accumulated Depreciation & Amortization | (1,687,998,000) | (1,517,417,000) | (1,495,819,000) | (1,789,678,000) | (1,687,998,000) |
Total debt | 4,408,083,000 | 3,634,163,000 | |||
Aggregate cost of total real estate for federal income tax purposes | 6,140,000,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, beginning of period | 7,266,009,000 | 7,099,571,000 | 7,012,733,000 | ||
Property acquisitions | 1,750,828,000 | 120,696,000 | 223,186,000 | ||
Improvements | 96,649,000 | 75,367,000 | 84,578,000 | ||
Developments | 31,559,000 | 3,778,000 | 4,280,000 | ||
Properties held for sale | (186,000) | (288,000) | (58,032,000) | ||
Write-offs | (146,739,000) | (33,115,000) | (167,174,000) | ||
Balance, end of period | 8,998,120,000 | 7,266,009,000 | 7,099,571,000 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, beginning of period | (1,687,998,000) | (1,517,417,000) | (1,495,819,000) | ||
Depreciation and amortization | (248,914,000) | (205,333,000) | (202,512,000) | ||
Properties held for sale | 495,000 | 1,637,000 | 13,740,000 | ||
Write-offs | 146,739,000 | 33,115,000 | 167,174,000 | ||
Balance, end of period | (1,789,678,000) | $ (1,687,998,000) | $ (1,517,417,000) | ||
Subsidiaries [Member] | |||||
Total debt | 3,682,083,000 | 3,618,423,000 | |||
Revolving Credit Facility With Maturity Date 08/21/2020 [Member] | Subsidiaries [Member] | Line of Credit [Member] | |||||
Total debt | 0 | $ 0 | |||
Operating Property [Member] | |||||
Encumb-rances | 4,408,083,000 | ||||
Initial Cost of Land | 748,063,000 | ||||
Initial Cost of Buildings & Improvements | 4,663,802,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 3,527,796,000 | ||||
Gross Carrying Amount of Land | 1,022,340,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 7,917,321,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 8,939,661,000 | 8,939,661,000 | |||
Accumulated Depreciation & Amortization | (1,789,678,000) | (1,789,678,000) | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | 8,939,661,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (1,789,678,000) | ||||
Operating Property [Member] | 100 Wilshire [Member] | |||||
Encumb-rances | 137,212,000 | ||||
Initial Cost of Land | 12,769,000 | ||||
Initial Cost of Buildings & Improvements | 78,447,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 137,439,000 | ||||
Gross Carrying Amount of Land | 27,108,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 201,547,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 228,655,000 | 228,655,000 | |||
Accumulated Depreciation & Amortization | $ (58,723,000) | (58,723,000) | |||
Year Built | Jan. 1, 1968 | ||||
Year Renovated | Jan. 1, 2002 | ||||
Year Acquired | Jan. 1, 1999 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 228,655,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (58,723,000) | ||||
Operating Property [Member] | 233 Wilshire [Member] | |||||
Encumb-rances | 56,000,000 | ||||
Initial Cost of Land | 9,263,000 | ||||
Initial Cost of Buildings & Improvements | 130,426,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 0 | ||||
Gross Carrying Amount of Land | 9,263,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 130,426,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 139,689,000 | 139,689,000 | |||
Accumulated Depreciation & Amortization | $ (535,000) | (535,000) | |||
Year Built | Jan. 1, 1975 | ||||
Year Acquired | Jan. 1, 2016 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 139,689,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (535,000) | ||||
Operating Property [Member] | 401 Wilshire [Member] | |||||
Encumb-rances | 79,031,000 | ||||
Initial Cost of Land | 9,989,000 | ||||
Initial Cost of Buildings & Improvements | 29,187,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 115,213,000 | ||||
Gross Carrying Amount of Land | 21,787,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 132,602,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 154,389,000 | 154,389,000 | |||
Accumulated Depreciation & Amortization | $ (40,131,000) | (40,131,000) | |||
Year Built | Jan. 1, 1981 | ||||
Year Renovated | Jan. 1, 2000 | ||||
Year Acquired | Jan. 1, 1996 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 154,389,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (40,131,000) | ||||
Operating Property [Member] | 1901 Avenue Of Stars [Member] | |||||
Encumb-rances | 149,911,000 | ||||
Initial Cost of Land | 18,514,000 | ||||
Initial Cost of Buildings & Improvements | 131,752,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 107,883,000 | ||||
Gross Carrying Amount of Land | 26,163,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 231,986,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 258,149,000 | 258,149,000 | |||
Accumulated Depreciation & Amortization | $ (67,157,000) | (67,157,000) | |||
Year Built | Jan. 1, 1968 | ||||
Year Renovated | Jan. 1, 2001 | ||||
Year Acquired | Jan. 1, 2001 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 258,149,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (67,157,000) | ||||
Operating Property [Member] | 8484 Wilshire [Member] | |||||
Encumb-rances | 0 | ||||
Initial Cost of Land | 8,846,000 | ||||
Initial Cost of Buildings & Improvements | 77,780,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 15,103,000 | ||||
Gross Carrying Amount of Land | 8,846,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 92,883,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 101,729,000 | 101,729,000 | |||
Accumulated Depreciation & Amortization | $ (11,030,000) | (11,030,000) | |||
Year Built | Jan. 1, 1972 | ||||
Year Renovated | Jan. 1, 2013 | ||||
Year Acquired | Jan. 1, 2013 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 101,729,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (11,030,000) | ||||
Operating Property [Member] | 9601 Wilshire [Member] | |||||
Encumb-rances | 145,845,000 | ||||
Initial Cost of Land | 16,597,000 | ||||
Initial Cost of Buildings & Improvements | 54,774,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 108,560,000 | ||||
Gross Carrying Amount of Land | 17,658,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 162,273,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 179,931,000 | 179,931,000 | |||
Accumulated Depreciation & Amortization | $ (48,687,000) | (48,687,000) | |||
Year Built | Jan. 1, 1962 | ||||
Year Renovated | Jan. 1, 2004 | ||||
Year Acquired | Jan. 1, 2001 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 179,931,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (48,687,000) | ||||
Operating Property [Member] | 10880 Wilshire [Member] | |||||
Encumb-rances | 198,794,000 | ||||
Initial Cost of Land | 29,995,000 | ||||
Initial Cost of Buildings & Improvements | 437,514,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 3,030,000 | ||||
Gross Carrying Amount of Land | 29,988,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 440,551,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 470,539,000 | 470,539,000 | |||
Accumulated Depreciation & Amortization | $ (11,976,000) | (11,976,000) | |||
Year Built | Jan. 1, 1970 | ||||
Year Renovated | Jan. 1, 2009 | ||||
Year Acquired | Jan. 1, 2016 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 470,539,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (11,976,000) | ||||
Operating Property [Member] | 10960 Wilshire [Member] | |||||
Encumb-rances | 201,893,000 | ||||
Initial Cost of Land | 45,844,000 | ||||
Initial Cost of Buildings & Improvements | 429,769,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 2,566,000 | ||||
Gross Carrying Amount of Land | 45,852,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 432,327,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 478,179,000 | 478,179,000 | |||
Accumulated Depreciation & Amortization | $ (11,158,000) | (11,158,000) | |||
Year Built | Jan. 1, 1971 | ||||
Year Renovated | Jan. 1, 2006 | ||||
Year Acquired | Jan. 1, 2016 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 478,179,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (11,158,000) | ||||
Operating Property [Member] | 11777 San Vicente [Member] | |||||
Encumb-rances | 25,685,000 | ||||
Initial Cost of Land | 5,032,000 | ||||
Initial Cost of Buildings & Improvements | 15,768,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 28,962,000 | ||||
Gross Carrying Amount of Land | 6,714,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 43,048,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 49,762,000 | 49,762,000 | |||
Accumulated Depreciation & Amortization | $ (12,115,000) | (12,115,000) | |||
Year Built | Jan. 1, 1974 | ||||
Year Renovated | Jan. 1, 1998 | ||||
Year Acquired | Jan. 1, 1999 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 49,762,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (12,115,000) | ||||
Operating Property [Member] | 12100 Wilshire [Member] | |||||
Encumb-rances | 90,000,000 | ||||
Initial Cost of Land | 20,164,000 | ||||
Initial Cost of Buildings & Improvements | 208,755,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 1,447,000 | ||||
Gross Carrying Amount of Land | 20,164,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 210,202,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 230,366,000 | 230,366,000 | |||
Accumulated Depreciation & Amortization | $ (3,741,000) | (3,741,000) | |||
Year Built | Jan. 1, 1985 | ||||
Year Acquired | Jan. 1, 2016 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 230,366,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (3,741,000) | ||||
Operating Property [Member] | 12400 Wilshire [Member] | |||||
Encumb-rances | 60,854,000 | ||||
Initial Cost of Land | 5,013,000 | ||||
Initial Cost of Buildings & Improvements | 34,283,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 74,243,000 | ||||
Gross Carrying Amount of Land | 8,828,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 104,711,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 113,539,000 | 113,539,000 | |||
Accumulated Depreciation & Amortization | $ (29,734,000) | (29,734,000) | |||
Year Built | Jan. 1, 1985 | ||||
Year Acquired | Jan. 1, 1996 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 113,539,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (29,734,000) | ||||
Operating Property [Member] | 16501 Ventura [Member] | |||||
Encumb-rances | 39,803,000 | ||||
Initial Cost of Land | 6,759,000 | ||||
Initial Cost of Buildings & Improvements | 53,112,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 9,808,000 | ||||
Gross Carrying Amount of Land | 6,759,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 62,920,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 69,679,000 | 69,679,000 | |||
Accumulated Depreciation & Amortization | $ (8,362,000) | (8,362,000) | |||
Year Built | Jan. 1, 1986 | ||||
Year Renovated | Jan. 1, 2012 | ||||
Year Acquired | Jan. 1, 2013 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 69,679,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (8,362,000) | ||||
Operating Property [Member] | Beverly Hills Medical Center [Member] | |||||
Encumb-rances | 31,020,000 | ||||
Initial Cost of Land | 4,955,000 | ||||
Initial Cost of Buildings & Improvements | 27,766,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 27,538,000 | ||||
Gross Carrying Amount of Land | 6,435,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 53,824,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 60,259,000 | 60,259,000 | |||
Accumulated Depreciation & Amortization | $ (16,032,000) | (16,032,000) | |||
Year Built | Jan. 1, 1964 | ||||
Year Renovated | Jan. 1, 2004 | ||||
Year Acquired | Jan. 1, 2004 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 60,259,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (16,032,000) | ||||
Operating Property [Member] | Bishop Place [Member] | |||||
Encumb-rances | 72,760,000 | ||||
Initial Cost of Land | 8,317,000 | ||||
Initial Cost of Buildings & Improvements | 105,651,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 56,227,000 | ||||
Gross Carrying Amount of Land | 8,833,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 161,362,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 170,195,000 | 170,195,000 | |||
Accumulated Depreciation & Amortization | $ (48,191,000) | (48,191,000) | |||
Year Built | Jan. 1, 1992 | ||||
Year Acquired | Jan. 1, 2004 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 170,195,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (48,191,000) | ||||
Operating Property [Member] | Bishop Square [Member] | |||||
Encumb-rances | 180,000,000 | ||||
Initial Cost of Land | 16,273,000 | ||||
Initial Cost of Buildings & Improvements | 213,793,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 23,836,000 | ||||
Gross Carrying Amount of Land | 16,273,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 237,629,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 253,902,000 | 253,902,000 | |||
Accumulated Depreciation & Amortization | $ (52,355,000) | (52,355,000) | |||
Year Built | Jan. 1, 1972 | ||||
Year Renovated | Jan. 1, 1983 | ||||
Year Acquired | Jan. 1, 2010 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 253,902,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (52,355,000) | ||||
Operating Property [Member] | Brentwood Court [Member] | |||||
Encumb-rances | 6,228,000 | ||||
Initial Cost of Land | 2,564,000 | ||||
Initial Cost of Buildings & Improvements | 8,872,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 573,000 | ||||
Gross Carrying Amount of Land | 2,563,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 9,446,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 12,009,000 | 12,009,000 | |||
Accumulated Depreciation & Amortization | $ (2,741,000) | (2,741,000) | |||
Year Built | Jan. 1, 1984 | ||||
Year Acquired | Jan. 1, 2006 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 12,009,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (2,741,000) | ||||
Operating Property [Member] | Brentwood Executive Plaza [Member] | |||||
Encumb-rances | 39,169,000 | ||||
Initial Cost of Land | 3,255,000 | ||||
Initial Cost of Buildings & Improvements | 9,654,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 32,142,000 | ||||
Gross Carrying Amount of Land | 5,922,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 39,129,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 45,051,000 | 45,051,000 | |||
Accumulated Depreciation & Amortization | $ (11,665,000) | (11,665,000) | |||
Year Built | Jan. 1, 1983 | ||||
Year Renovated | Jan. 1, 1996 | ||||
Year Acquired | Jan. 1, 1995 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 45,051,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (11,665,000) | ||||
Operating Property [Member] | Brentwood Medical Plaza [Member] | |||||
Encumb-rances | 35,905,000 | ||||
Initial Cost of Land | 5,934,000 | ||||
Initial Cost of Buildings & Improvements | 27,836,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 1,550,000 | ||||
Gross Carrying Amount of Land | 5,933,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 29,387,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 35,320,000 | 35,320,000 | |||
Accumulated Depreciation & Amortization | $ (9,127,000) | (9,127,000) | |||
Year Built | Jan. 1, 1975 | ||||
Year Acquired | Jan. 1, 2006 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 35,320,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (9,127,000) | ||||
Operating Property [Member] | Brentwood San Vicente Medical [Member] | |||||
Encumb-rances | 13,107,000 | ||||
Initial Cost of Land | 5,557,000 | ||||
Initial Cost of Buildings & Improvements | 16,457,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 920,000 | ||||
Gross Carrying Amount of Land | 5,557,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 17,377,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 22,934,000 | 22,934,000 | |||
Accumulated Depreciation & Amortization | $ (5,239,000) | (5,239,000) | |||
Year Built | Jan. 1, 1957 | ||||
Year Renovated | Jan. 1, 1985 | ||||
Year Acquired | Jan. 1, 2006 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 22,934,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (5,239,000) | ||||
Operating Property [Member] | Brentwood Saltair [Member] | |||||
Encumb-rances | 12,941,000 | ||||
Initial Cost of Land | 4,468,000 | ||||
Initial Cost of Buildings & Improvements | 11,615,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 11,210,000 | ||||
Gross Carrying Amount of Land | 4,775,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 22,518,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 27,293,000 | 27,293,000 | |||
Accumulated Depreciation & Amortization | $ (6,596,000) | (6,596,000) | |||
Year Built | Jan. 1, 1986 | ||||
Year Acquired | Jan. 1, 2000 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 27,293,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (6,596,000) | ||||
Operating Property [Member] | Bundy Olympic [Member] | |||||
Encumb-rances | 34,273,000 | ||||
Initial Cost of Land | 4,201,000 | ||||
Initial Cost of Buildings & Improvements | 11,860,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 29,227,000 | ||||
Gross Carrying Amount of Land | 6,030,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 39,258,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 45,288,000 | 45,288,000 | |||
Accumulated Depreciation & Amortization | $ (11,449,000) | (11,449,000) | |||
Year Built | Jan. 1, 1991 | ||||
Year Renovated | Jan. 1, 1998 | ||||
Year Acquired | Jan. 1, 1994 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 45,288,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (11,449,000) | ||||
Operating Property [Member] | Camden Medical Arts [Member] | |||||
Encumb-rances | 38,021,000 | ||||
Initial Cost of Land | 3,102,000 | ||||
Initial Cost of Buildings & Improvements | 12,221,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 27,657,000 | ||||
Gross Carrying Amount of Land | 5,298,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 37,682,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 42,980,000 | 42,980,000 | |||
Accumulated Depreciation & Amortization | $ (11,123,000) | (11,123,000) | |||
Year Built | Jan. 1, 1972 | ||||
Year Renovated | Jan. 1, 1992 | ||||
Year Acquired | Jan. 1, 1995 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 42,980,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (11,123,000) | ||||
Operating Property [Member] | Carthay Campus [Member] | |||||
Encumb-rances | 48,007,000 | ||||
Initial Cost of Land | 6,595,000 | ||||
Initial Cost of Buildings & Improvements | 70,454,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 3,828,000 | ||||
Gross Carrying Amount of Land | 6,594,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 74,283,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 80,877,000 | 80,877,000 | |||
Accumulated Depreciation & Amortization | $ (6,534,000) | (6,534,000) | |||
Year Built | Jan. 1, 1965 | ||||
Year Renovated | Jan. 1, 2008 | ||||
Year Acquired | Jan. 1, 2014 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 80,877,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (6,534,000) | ||||
Operating Property [Member] | Century Park Plaza [Member] | |||||
Encumb-rances | 128,311,000 | ||||
Initial Cost of Land | 10,275,000 | ||||
Initial Cost of Buildings & Improvements | 70,761,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 105,630,000 | ||||
Gross Carrying Amount of Land | 16,153,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 170,513,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 186,666,000 | 186,666,000 | |||
Accumulated Depreciation & Amortization | $ (48,968,000) | (48,968,000) | |||
Year Built | Jan. 1, 1972 | ||||
Year Renovated | Jan. 1, 1987 | ||||
Year Acquired | Jan. 1, 1999 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 186,666,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (48,968,000) | ||||
Operating Property [Member] | Century Park West [Member] | |||||
Encumb-rances | 0 | ||||
Initial Cost of Land | 3,717,000 | ||||
Initial Cost of Buildings & Improvements | 29,099,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 539,000 | ||||
Gross Carrying Amount of Land | 3,667,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 29,688,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 33,355,000 | 33,355,000 | |||
Accumulated Depreciation & Amortization | $ (9,381,000) | (9,381,000) | |||
Year Built | Jan. 1, 1971 | ||||
Year Acquired | Jan. 1, 2007 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 33,355,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (9,381,000) | ||||
Operating Property [Member] | Columbus Center [Member] | |||||
Encumb-rances | 14,362,000 | ||||
Initial Cost of Land | 2,096,000 | ||||
Initial Cost of Buildings & Improvements | 10,396,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 9,539,000 | ||||
Gross Carrying Amount of Land | 2,333,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 19,698,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 22,031,000 | 22,031,000 | |||
Accumulated Depreciation & Amortization | $ (5,792,000) | (5,792,000) | |||
Year Built | Jan. 1, 1987 | ||||
Year Acquired | Jan. 1, 2001 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 22,031,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (5,792,000) | ||||
Operating Property [Member] | Coral Plaza [Member] | |||||
Encumb-rances | 25,831,000 | ||||
Initial Cost of Land | 4,028,000 | ||||
Initial Cost of Buildings & Improvements | 15,019,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 18,572,000 | ||||
Gross Carrying Amount of Land | 5,366,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 32,253,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 37,619,000 | 37,619,000 | |||
Accumulated Depreciation & Amortization | $ (9,920,000) | (9,920,000) | |||
Year Built | Jan. 1, 1981 | ||||
Year Acquired | Jan. 1, 1998 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 37,619,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (9,920,000) | ||||
Operating Property [Member] | Cornerstone Plaza [Member] | |||||
Encumb-rances | 0 | ||||
Initial Cost of Land | 8,245,000 | ||||
Initial Cost of Buildings & Improvements | 80,633,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 4,780,000 | ||||
Gross Carrying Amount of Land | 8,263,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 85,395,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 93,658,000 | 93,658,000 | |||
Accumulated Depreciation & Amortization | $ (22,267,000) | (22,267,000) | |||
Year Built | Jan. 1, 1986 | ||||
Year Acquired | Jan. 1, 2007 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 93,658,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (22,267,000) | ||||
Operating Property [Member] | Encino Gateway [Member] | |||||
Encumb-rances | 50,728,000 | ||||
Initial Cost of Land | 8,475,000 | ||||
Initial Cost of Buildings & Improvements | 48,525,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 52,390,000 | ||||
Gross Carrying Amount of Land | 15,653,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 93,737,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 109,390,000 | 109,390,000 | |||
Accumulated Depreciation & Amortization | $ (27,776,000) | (27,776,000) | |||
Year Built | Jan. 1, 1974 | ||||
Year Renovated | Jan. 1, 1998 | ||||
Year Acquired | Jan. 1, 2000 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 109,390,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (27,776,000) | ||||
Operating Property [Member] | Encino Plaza [Member] | |||||
Encumb-rances | 29,583,000 | ||||
Initial Cost of Land | 5,293,000 | ||||
Initial Cost of Buildings & Improvements | 23,125,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 45,879,000 | ||||
Gross Carrying Amount of Land | 6,165,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 68,132,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 74,297,000 | 74,297,000 | |||
Accumulated Depreciation & Amortization | $ (19,709,000) | (19,709,000) | |||
Year Built | Jan. 1, 1971 | ||||
Year Renovated | Jan. 1, 1992 | ||||
Year Acquired | Jan. 1, 2000 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 74,297,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (19,709,000) | ||||
Operating Property [Member] | Encino Terrace [Member] | |||||
Encumb-rances | 91,133,000 | ||||
Initial Cost of Land | 12,535,000 | ||||
Initial Cost of Buildings & Improvements | 59,554,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 91,285,000 | ||||
Gross Carrying Amount of Land | 15,533,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 147,841,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 163,374,000 | 163,374,000 | |||
Accumulated Depreciation & Amortization | $ (44,731,000) | (44,731,000) | |||
Year Built | Jan. 1, 1986 | ||||
Year Acquired | Jan. 1, 1999 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 163,374,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (44,731,000) | ||||
Operating Property [Member] | Executive Tower [Member] | |||||
Encumb-rances | 0 | ||||
Initial Cost of Land | 6,660,000 | ||||
Initial Cost of Buildings & Improvements | 32,045,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 59,281,000 | ||||
Gross Carrying Amount of Land | 9,471,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 88,515,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 97,986,000 | 97,986,000 | |||
Accumulated Depreciation & Amortization | $ (26,441,000) | (26,441,000) | |||
Year Built | Jan. 1, 1989 | ||||
Year Acquired | Jan. 1, 1995 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 97,986,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (26,441,000) | ||||
Operating Property [Member] | First Financial Plaza [Member] | |||||
Encumb-rances | 54,084,000 | ||||
Initial Cost of Land | 12,092,000 | ||||
Initial Cost of Buildings & Improvements | 81,104,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 1,678,000 | ||||
Gross Carrying Amount of Land | 12,092,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 82,782,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 94,874,000 | 94,874,000 | |||
Accumulated Depreciation & Amortization | $ (5,344,000) | (5,344,000) | |||
Year Built | Jan. 1, 1986 | ||||
Year Acquired | Jan. 1, 2015 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 94,874,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (5,344,000) | ||||
Operating Property [Member] | Gateway Los Angeles [Member] | |||||
Encumb-rances | 46,785,000 | ||||
Initial Cost of Land | 2,376,000 | ||||
Initial Cost of Buildings & Improvements | 15,302,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 47,704,000 | ||||
Gross Carrying Amount of Land | 5,119,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 60,263,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 65,382,000 | 65,382,000 | |||
Accumulated Depreciation & Amortization | $ (17,636,000) | (17,636,000) | |||
Year Built | Jan. 1, 1987 | ||||
Year Acquired | Jan. 1, 1994 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 65,382,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (17,636,000) | ||||
Operating Property [Member] | Harbor Court [Member] | |||||
Encumb-rances | 30,992,000 | ||||
Initial Cost of Land | 51,000 | ||||
Initial Cost of Buildings & Improvements | 41,001,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 46,559,000 | ||||
Gross Carrying Amount of Land | 12,060,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 75,551,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 87,611,000 | 87,611,000 | |||
Accumulated Depreciation & Amortization | $ (19,206,000) | (19,206,000) | |||
Year Built | Jan. 1, 1994 | ||||
Year Acquired | Jan. 1, 2004 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 87,611,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (19,206,000) | ||||
Operating Property [Member] | Honolulu Club [Member] | |||||
Encumb-rances | 0 | ||||
Initial Cost of Land | 1,863,000 | ||||
Initial Cost of Buildings & Improvements | 16,766,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 5,626,000 | ||||
Gross Carrying Amount of Land | 1,863,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 22,392,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 24,255,000 | 24,255,000 | |||
Accumulated Depreciation & Amortization | $ (6,302,000) | (6,302,000) | |||
Year Built | Jan. 1, 1980 | ||||
Year Acquired | Jan. 1, 2008 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 24,255,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (6,302,000) | ||||
Operating Property [Member] | Landmark Two [Member] | |||||
Encumb-rances | 117,558,000 | ||||
Initial Cost of Land | 6,086,000 | ||||
Initial Cost of Buildings & Improvements | 109,259,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 79,486,000 | ||||
Gross Carrying Amount of Land | 13,070,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 181,761,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 194,831,000 | 194,831,000 | |||
Accumulated Depreciation & Amortization | $ (64,826,000) | (64,826,000) | |||
Year Built | Jan. 1, 1989 | ||||
Year Acquired | Jan. 1, 1997 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 194,831,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (64,826,000) | ||||
Operating Property [Member] | Lincoln Wilshire [Member] | |||||
Encumb-rances | 38,021,000 | ||||
Initial Cost of Land | 3,833,000 | ||||
Initial Cost of Buildings & Improvements | 12,484,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 22,935,000 | ||||
Gross Carrying Amount of Land | 7,475,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 31,777,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 39,252,000 | 39,252,000 | |||
Accumulated Depreciation & Amortization | $ (9,067,000) | (9,067,000) | |||
Year Built | Jan. 1, 1996 | ||||
Year Acquired | Jan. 1, 2000 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 39,252,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (9,067,000) | ||||
Operating Property [Member] | Mb Plaza [Member] | |||||
Encumb-rances | 32,090,000 | ||||
Initial Cost of Land | 4,533,000 | ||||
Initial Cost of Buildings & Improvements | 22,024,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 29,543,000 | ||||
Gross Carrying Amount of Land | 7,503,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 48,597,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 56,100,000 | 56,100,000 | |||
Accumulated Depreciation & Amortization | $ (14,971,000) | (14,971,000) | |||
Year Built | Jan. 1, 1971 | ||||
Year Renovated | Jan. 1, 1996 | ||||
Year Acquired | Jan. 1, 1998 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 56,100,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (14,971,000) | ||||
Operating Property [Member] | Olympic Center [Member] | |||||
Encumb-rances | 41,313,000 | ||||
Initial Cost of Land | 5,473,000 | ||||
Initial Cost of Buildings & Improvements | 22,850,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 31,307,000 | ||||
Gross Carrying Amount of Land | 8,247,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 51,383,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 59,630,000 | 59,630,000 | |||
Accumulated Depreciation & Amortization | $ (15,431,000) | (15,431,000) | |||
Year Built | Jan. 1, 1985 | ||||
Year Renovated | Jan. 1, 1996 | ||||
Year Acquired | Jan. 1, 1997 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 59,630,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (15,431,000) | ||||
Operating Property [Member] | One Westwood [Member] | |||||
Encumb-rances | 0 | ||||
Initial Cost of Land | 10,350,000 | ||||
Initial Cost of Buildings & Improvements | 29,784,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 60,648,000 | ||||
Gross Carrying Amount of Land | 9,194,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 91,588,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 100,782,000 | 100,782,000 | |||
Accumulated Depreciation & Amortization | $ (25,775,000) | (25,775,000) | |||
Year Built | Jan. 1, 1987 | ||||
Year Renovated | Jan. 1, 2004 | ||||
Year Acquired | Jan. 1, 1999 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 100,782,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (25,775,000) | ||||
Operating Property [Member] | Palisades Promenade [Member] | |||||
Encumb-rances | 35,564,000 | ||||
Initial Cost of Land | 5,253,000 | ||||
Initial Cost of Buildings & Improvements | 15,547,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 54,083,000 | ||||
Gross Carrying Amount of Land | 9,664,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 65,219,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 74,883,000 | 74,883,000 | |||
Accumulated Depreciation & Amortization | $ (18,026,000) | (18,026,000) | |||
Year Built | Jan. 1, 1990 | ||||
Year Acquired | Jan. 1, 1995 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 74,883,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (18,026,000) | ||||
Operating Property [Member] | Saltair San Vicente [Member] | |||||
Encumb-rances | 21,269,000 | ||||
Initial Cost of Land | 5,075,000 | ||||
Initial Cost of Buildings & Improvements | 6,946,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 16,663,000 | ||||
Gross Carrying Amount of Land | 7,557,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 21,127,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 28,684,000 | 28,684,000 | |||
Accumulated Depreciation & Amortization | $ (6,465,000) | (6,465,000) | |||
Year Built | Jan. 1, 1964 | ||||
Year Renovated | Jan. 1, 1992 | ||||
Year Acquired | Jan. 1, 1997 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 28,684,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (6,465,000) | ||||
Operating Property [Member] | San Vicente Plaza [Member] | |||||
Encumb-rances | 9,295,000 | ||||
Initial Cost of Land | 7,055,000 | ||||
Initial Cost of Buildings & Improvements | 12,035,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 165,000 | ||||
Gross Carrying Amount of Land | 7,055,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 12,200,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 19,255,000 | 19,255,000 | |||
Accumulated Depreciation & Amortization | $ (4,064,000) | (4,064,000) | |||
Year Built | Jan. 1, 1985 | ||||
Year Acquired | Jan. 1, 2006 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 19,255,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (4,064,000) | ||||
Operating Property [Member] | Santa Monica Square [Member] | |||||
Encumb-rances | 0 | ||||
Initial Cost of Land | 5,366,000 | ||||
Initial Cost of Buildings & Improvements | 18,025,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 20,250,000 | ||||
Gross Carrying Amount of Land | 6,863,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 36,778,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 43,641,000 | 43,641,000 | |||
Accumulated Depreciation & Amortization | $ (11,489,000) | (11,489,000) | |||
Year Built | Jan. 1, 1983 | ||||
Year Renovated | Jan. 1, 2004 | ||||
Year Acquired | Jan. 1, 2001 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 43,641,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (11,489,000) | ||||
Operating Property [Member] | Second Street Plaza [Member] | |||||
Encumb-rances | 49,505,000 | ||||
Initial Cost of Land | 4,377,000 | ||||
Initial Cost of Buildings & Improvements | 15,277,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 35,021,000 | ||||
Gross Carrying Amount of Land | 7,421,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 47,254,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 54,675,000 | 54,675,000 | |||
Accumulated Depreciation & Amortization | $ (13,798,000) | (13,798,000) | |||
Year Built | Jan. 1, 1991 | ||||
Year Acquired | Jan. 1, 1997 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 54,675,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (13,798,000) | ||||
Operating Property [Member] | Sherman Oaks Galleria [Member] | |||||
Encumb-rances | 300,000,000 | ||||
Initial Cost of Land | 33,213,000 | ||||
Initial Cost of Buildings & Improvements | 17,820,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 399,931,000 | ||||
Gross Carrying Amount of Land | 48,328,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 402,636,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 450,964,000 | 450,964,000 | |||
Accumulated Depreciation & Amortization | $ (124,564,000) | (124,564,000) | |||
Year Built | Jan. 1, 1981 | ||||
Year Renovated | Jan. 1, 2002 | ||||
Year Acquired | Jan. 1, 1997 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 450,964,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (124,564,000) | ||||
Operating Property [Member] | Studio Plaza [Member] | |||||
Encumb-rances | 0 | ||||
Initial Cost of Land | 9,347,000 | ||||
Initial Cost of Buildings & Improvements | 73,358,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 131,054,000 | ||||
Gross Carrying Amount of Land | 15,015,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 198,744,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 213,759,000 | 213,759,000 | |||
Accumulated Depreciation & Amortization | $ (67,329,000) | (67,329,000) | |||
Year Built | Jan. 1, 1988 | ||||
Year Renovated | Jan. 1, 2004 | ||||
Year Acquired | Jan. 1, 1995 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 213,759,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (67,329,000) | ||||
Operating Property [Member] | Tower At Sherman Oaks [Member] | |||||
Encumb-rances | 65,969,000 | ||||
Initial Cost of Land | 9,643,000 | ||||
Initial Cost of Buildings & Improvements | 160,602,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 1,026,000 | ||||
Gross Carrying Amount of Land | 9,643,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 161,628,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 171,271,000 | 171,271,000 | |||
Accumulated Depreciation & Amortization | $ (4,588,000) | (4,588,000) | |||
Year Built | Jan. 1, 1967 | ||||
Year Renovated | Jan. 1, 1991 | ||||
Year Acquired | Jan. 1, 2016 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 171,271,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (4,588,000) | ||||
Operating Property [Member] | Trillium [Member] | |||||
Encumb-rances | 0 | ||||
Initial Cost of Land | 20,688,000 | ||||
Initial Cost of Buildings & Improvements | 143,263,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 81,635,000 | ||||
Gross Carrying Amount of Land | 21,990,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 223,596,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 245,586,000 | 245,586,000 | |||
Accumulated Depreciation & Amortization | $ (63,136,000) | (63,136,000) | |||
Year Built | Jan. 1, 1988 | ||||
Year Acquired | Jan. 1, 2005 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 245,586,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (63,136,000) | ||||
Operating Property [Member] | Valley Executive Tower [Member] | |||||
Encumb-rances | 92,618,000 | ||||
Initial Cost of Land | 8,446,000 | ||||
Initial Cost of Buildings & Improvements | 67,672,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 100,761,000 | ||||
Gross Carrying Amount of Land | 11,737,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 165,142,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 176,879,000 | 176,879,000 | |||
Accumulated Depreciation & Amortization | $ (46,624,000) | (46,624,000) | |||
Year Built | Jan. 1, 1984 | ||||
Year Acquired | Jan. 1, 1998 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 176,879,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (46,624,000) | ||||
Operating Property [Member] | Valley Office Plaza [Member] | |||||
Encumb-rances | 41,271,000 | ||||
Initial Cost of Land | 5,731,000 | ||||
Initial Cost of Buildings & Improvements | 24,329,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 47,192,000 | ||||
Gross Carrying Amount of Land | 8,957,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 68,295,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 77,252,000 | 77,252,000 | |||
Accumulated Depreciation & Amortization | $ (21,105,000) | (21,105,000) | |||
Year Built | Jan. 1, 1966 | ||||
Year Renovated | Jan. 1, 2002 | ||||
Year Acquired | Jan. 1, 1998 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 77,252,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (21,105,000) | ||||
Operating Property [Member] | Verona [Member] | |||||
Encumb-rances | 14,127,000 | ||||
Initial Cost of Land | 2,574,000 | ||||
Initial Cost of Buildings & Improvements | 7,111,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 14,611,000 | ||||
Gross Carrying Amount of Land | 5,111,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 19,185,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 24,296,000 | 24,296,000 | |||
Accumulated Depreciation & Amortization | $ (5,699,000) | (5,699,000) | |||
Year Built | Jan. 1, 1991 | ||||
Year Acquired | Jan. 1, 1997 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 24,296,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (5,699,000) | ||||
Operating Property [Member] | Village On Canon [Member] | |||||
Encumb-rances | 58,337,000 | ||||
Initial Cost of Land | 5,933,000 | ||||
Initial Cost of Buildings & Improvements | 11,389,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 48,546,000 | ||||
Gross Carrying Amount of Land | 13,303,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 52,565,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 65,868,000 | 65,868,000 | |||
Accumulated Depreciation & Amortization | $ (14,988,000) | (14,988,000) | |||
Year Built | Jan. 1, 1989 | ||||
Year Renovated | Jan. 1, 1995 | ||||
Year Acquired | Jan. 1, 1994 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 65,868,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (14,988,000) | ||||
Operating Property [Member] | Warner Center Towers [Member] | |||||
Encumb-rances | 285,000,000 | ||||
Initial Cost of Land | 43,110,000 | ||||
Initial Cost of Buildings & Improvements | 292,147,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 397,609,000 | ||||
Gross Carrying Amount of Land | 59,418,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 673,448,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 732,866,000 | 732,866,000 | |||
Accumulated Depreciation & Amortization | $ (194,516,000) | (194,516,000) | |||
Year Renovated | Jan. 1, 2004 | ||||
Year Acquired | Jan. 1, 2002 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 732,866,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (194,516,000) | ||||
Operating Property [Member] | Westside Towers [Member] | |||||
Encumb-rances | 107,386,000 | ||||
Initial Cost of Land | 8,506,000 | ||||
Initial Cost of Buildings & Improvements | 79,532,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 78,623,000 | ||||
Gross Carrying Amount of Land | 14,568,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 152,093,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 166,661,000 | 166,661,000 | |||
Accumulated Depreciation & Amortization | $ (43,245,000) | (43,245,000) | |||
Year Built | Jan. 1, 1985 | ||||
Year Acquired | Jan. 1, 1998 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 166,661,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (43,245,000) | ||||
Operating Property [Member] | Westwood Center [Member] | |||||
Encumb-rances | 113,343,000 | ||||
Initial Cost of Land | 9,512,000 | ||||
Initial Cost of Buildings & Improvements | 259,341,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 2,533,000 | ||||
Gross Carrying Amount of Land | 9,513,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 261,873,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 271,386,000 | 271,386,000 | |||
Accumulated Depreciation & Amortization | $ (7,282,000) | (7,282,000) | |||
Year Built | Jan. 1, 1965 | ||||
Year Renovated | Jan. 1, 2000 | ||||
Year Acquired | Jan. 1, 2016 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 271,386,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (7,282,000) | ||||
Operating Property [Member] | Westwood Place [Member] | |||||
Encumb-rances | 65,669,000 | ||||
Initial Cost of Land | 8,542,000 | ||||
Initial Cost of Buildings & Improvements | 44,419,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 50,364,000 | ||||
Gross Carrying Amount of Land | 11,448,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 91,877,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 103,325,000 | 103,325,000 | |||
Accumulated Depreciation & Amortization | $ (26,767,000) | (26,767,000) | |||
Year Built | Jan. 1, 1987 | ||||
Year Acquired | Jan. 1, 1999 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 103,325,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (26,767,000) | ||||
Operating Property [Member] | 555 Barrington [Member] | |||||
Encumb-rances | 43,440,000 | ||||
Initial Cost of Land | 6,461,000 | ||||
Initial Cost of Buildings & Improvements | 27,639,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 40,212,000 | ||||
Gross Carrying Amount of Land | 14,903,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 59,409,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 74,312,000 | 74,312,000 | |||
Accumulated Depreciation & Amortization | $ (17,366,000) | (17,366,000) | |||
Year Built | Jan. 1, 1989 | ||||
Year Acquired | Jan. 1, 1999 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 74,312,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (17,366,000) | ||||
Operating Property [Member] | Barrington Plaza [Member] | |||||
Encumb-rances | 153,630,000 | ||||
Initial Cost of Land | 28,568,000 | ||||
Initial Cost of Buildings & Improvements | 81,485,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 151,598,000 | ||||
Gross Carrying Amount of Land | 58,208,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 203,443,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 261,651,000 | 261,651,000 | |||
Accumulated Depreciation & Amortization | $ (58,399,000) | (58,399,000) | |||
Year Built | Jan. 1, 1963 | ||||
Year Renovated | Jan. 1, 1998 | ||||
Year Acquired | Jan. 1, 1998 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 261,651,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (58,399,000) | ||||
Operating Property [Member] | Barrington Kiowa [Member] | |||||
Encumb-rances | 11,345,000 | ||||
Initial Cost of Land | 5,720,000 | ||||
Initial Cost of Buildings & Improvements | 10,052,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 488,000 | ||||
Gross Carrying Amount of Land | 5,720,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 10,540,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 16,260,000 | 16,260,000 | |||
Accumulated Depreciation & Amortization | $ (3,077,000) | (3,077,000) | |||
Year Built | Jan. 1, 1974 | ||||
Year Acquired | Jan. 1, 2006 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 16,260,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (3,077,000) | ||||
Operating Property [Member] | Barry [Member] | |||||
Encumb-rances | 9,000,000 | ||||
Initial Cost of Land | 6,426,000 | ||||
Initial Cost of Buildings & Improvements | 8,179,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 404,000 | ||||
Gross Carrying Amount of Land | 6,426,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 8,583,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 15,009,000 | 15,009,000 | |||
Accumulated Depreciation & Amortization | $ (2,615,000) | (2,615,000) | |||
Year Built | Jan. 1, 1973 | ||||
Year Acquired | Jan. 1, 2006 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 15,009,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (2,615,000) | ||||
Operating Property [Member] | Kiowa [Member] | |||||
Encumb-rances | 4,535,000 | ||||
Initial Cost of Land | 2,605,000 | ||||
Initial Cost of Buildings & Improvements | 3,263,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 228,000 | ||||
Gross Carrying Amount of Land | 2,605,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 3,491,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 6,096,000 | 6,096,000 | |||
Accumulated Depreciation & Amortization | $ (1,064,000) | (1,064,000) | |||
Year Built | Jan. 1, 1972 | ||||
Year Acquired | Jan. 1, 2006 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 6,096,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (1,064,000) | ||||
Operating Property [Member] | Moanalua Hillside [Member] | |||||
Encumb-rances | 145,000,000 | ||||
Initial Cost of Land | 19,426,000 | ||||
Initial Cost of Buildings & Improvements | 85,895,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 37,245,000 | ||||
Gross Carrying Amount of Land | 30,071,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 112,495,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 142,566,000 | 142,566,000 | |||
Accumulated Depreciation & Amortization | $ (32,308,000) | (32,308,000) | |||
Year Built | Jan. 1, 1968 | ||||
Year Renovated | Jan. 1, 2004 | ||||
Year Acquired | Jan. 1, 2005 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 142,566,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (32,308,000) | ||||
Operating Property [Member] | Pacific Plaza [Member] | |||||
Encumb-rances | 46,400,000 | ||||
Initial Cost of Land | 10,091,000 | ||||
Initial Cost of Buildings & Improvements | 16,159,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 73,336,000 | ||||
Gross Carrying Amount of Land | 27,816,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 71,770,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 99,586,000 | 99,586,000 | |||
Accumulated Depreciation & Amortization | $ (20,223,000) | (20,223,000) | |||
Year Built | Jan. 1, 1963 | ||||
Year Renovated | Jan. 1, 1998 | ||||
Year Acquired | Jan. 1, 1999 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 99,586,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (20,223,000) | ||||
Operating Property [Member] | The Shores [Member] | |||||
Encumb-rances | 144,610,000 | ||||
Initial Cost of Land | 20,809,000 | ||||
Initial Cost of Buildings & Improvements | 74,191,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 197,478,000 | ||||
Gross Carrying Amount of Land | 60,555,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 231,923,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 292,478,000 | 292,478,000 | |||
Accumulated Depreciation & Amortization | $ (64,915,000) | (64,915,000) | |||
Year Renovated | Jan. 1, 2002 | ||||
Year Acquired | Jan. 1, 1999 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 292,478,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (64,915,000) | ||||
Operating Property [Member] | Villas At Royal Kunia [Member] | |||||
Encumb-rances | 90,120,000 | ||||
Initial Cost of Land | 42,887,000 | ||||
Initial Cost of Buildings & Improvements | 71,376,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 13,863,000 | ||||
Gross Carrying Amount of Land | 35,163,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 92,963,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 128,126,000 | 128,126,000 | |||
Accumulated Depreciation & Amortization | $ (30,685,000) | (30,685,000) | |||
Year Built | Jan. 1, 1990 | ||||
Year Renovated | Jan. 1, 1995 | ||||
Year Acquired | Jan. 1, 2006 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 128,126,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (30,685,000) | ||||
Operating Property [Member] | Waena [Member] | |||||
Encumb-rances | 103,400,000 | ||||
Initial Cost of Land | 26,864,000 | ||||
Initial Cost of Buildings & Improvements | 119,273,000 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 534,000 | ||||
Gross Carrying Amount of Land | 26,864,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 119,807,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 146,671,000 | 146,671,000 | |||
Accumulated Depreciation & Amortization | $ (7,397,000) | (7,397,000) | |||
Year Built | Jan. 1, 1970 | ||||
Year Acquired | Jan. 1, 2014 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 146,671,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | (7,397,000) | ||||
Operating Property [Member] | Owensmouth Warner [Member] | |||||
Encumb-rances | 0 | ||||
Initial Cost of Land | 23,848,000 | ||||
Initial Cost of Buildings & Improvements | 0 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 0 | ||||
Gross Carrying Amount of Land | 23,848,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 0 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 23,848,000 | 23,848,000 | |||
Accumulated Depreciation & Amortization | $ 0 | 0 | |||
Year Acquired | Jan. 1, 2006 | ||||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | $ 23,848,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | $ 0 | ||||
Operating Property [Member] | Minimum [Member] | 233 Wilshire [Member] | |||||
Year Renovated | Jan. 1, 2008 | ||||
Operating Property [Member] | Minimum [Member] | Warner Center Towers [Member] | |||||
Year Built | Jan. 1, 1982 | ||||
Operating Property [Member] | Minimum [Member] | The Shores [Member] | |||||
Year Built | Jan. 1, 1965 | ||||
Operating Property [Member] | Minimum [Member] | Waena [Member] | |||||
Year Renovated | Jan. 1, 2009 | ||||
Operating Property [Member] | Maximum [Member] | 233 Wilshire [Member] | |||||
Year Renovated | Jan. 1, 2009 | ||||
Operating Property [Member] | Maximum [Member] | Warner Center Towers [Member] | |||||
Year Built | Jan. 1, 1993 | ||||
Operating Property [Member] | Maximum [Member] | The Shores [Member] | |||||
Year Built | Jan. 1, 1967 | ||||
Operating Property [Member] | Maximum [Member] | Waena [Member] | |||||
Year Renovated | Jan. 1, 2014 | ||||
Property Under Development [Member] | |||||
Encumb-rances | 0 | ||||
Initial Cost of Land | 18,364,000 | ||||
Initial Cost of Buildings & Improvements | 0 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 40,095,000 | ||||
Gross Carrying Amount of Land | 18,364,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 40,095,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | $ 58,459,000 | 58,459,000 | |||
Accumulated Depreciation & Amortization | 0 | 0 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | 58,459,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | 0 | ||||
Property Under Development [Member] | Landmark II Development [Member] [Member] | |||||
Encumb-rances | 0 | ||||
Initial Cost of Land | 13,070,000 | ||||
Initial Cost of Buildings & Improvements | 0 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 3,333,000 | ||||
Gross Carrying Amount of Land | 13,070,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 3,333,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 16,403,000 | 16,403,000 | |||
Accumulated Depreciation & Amortization | 0 | 0 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | 16,403,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | 0 | ||||
Property Under Development [Member] | Moanalua Hillside Apartments - Development [Member] | |||||
Encumb-rances | 0 | ||||
Initial Cost of Land | 5,294,000 | ||||
Initial Cost of Buildings & Improvements | 0 | ||||
Costs Capitalized Subsequent to Acquisition, Improvements | 36,762,000 | ||||
Gross Carrying Amount of Land | 5,294,000 | ||||
Gross Carrying Amount of Buildings & Improvements | 36,762,000 | ||||
Gross Carrying Amount of Land and Buildings & Improvements | 42,056,000 | 42,056,000 | |||
Accumulated Depreciation & Amortization | 0 | $ 0 | |||
SEC Schedule III, Reconciliation of Real Estate Carrying Amount [Roll Forward] | |||||
Balance, end of period | 42,056,000 | ||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance, end of period | $ 0 | ||||
Property Under Development [Member] | Minimum [Member] | Landmark II Development [Member] [Member] | |||||
Year Built | Jan. 1, 2013 | ||||
Property Under Development [Member] | Minimum [Member] | Moanalua Hillside Apartments - Development [Member] | |||||
Year Built | Jan. 1, 2013 | ||||
Property Under Development [Member] | Maximum [Member] | Landmark II Development [Member] [Member] | |||||
Year Built | Jan. 1, 2015 | ||||
Property Under Development [Member] | Maximum [Member] | Moanalua Hillside Apartments - Development [Member] | |||||
Year Built | Jan. 1, 2015 |