Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 07, 2020 | Jun. 28, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 1-33106 | ||
Entity Registrant Name | Douglas Emmett, Inc. | ||
Entity Central Index Key | 0001364250 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 20-3073047 | ||
Entity Address, Address Line One | 1299 Ocean Avenue, Suite 1000 | ||
Entity Address, City or Town | Santa Monica | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 90401 | ||
City Area Code | 310 | ||
Local Phone Number | 255-7700 | ||
Title of 12(b) Security | Common Stock, $0.01 par value per share | ||
Trading Symbol | DEI | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 6,610 | ||
Common Shares Outstanding | 175,373,806 | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive proxy statement to be issued in conjunction with the registrant’s annual meeting of shareholders to be held in 2020 are incorporated by reference in Part III of this Report on Form 10-K. Such proxy statement will be filed by the registrant with the Securities and Exchange Commission not later than 120 days after the end of the registrant’s fiscal year ended December 31, 2019 . |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Investment in real estate: | ||
Land | $ 1,152,684 | $ 1,065,099 |
Buildings and improvements | 9,308,481 | 7,995,203 |
Tenant improvements and lease intangibles | 905,753 | 840,653 |
Property under development | 111,715 | 129,753 |
Investment in real estate, gross | 11,478,633 | 10,030,708 |
Less: accumulated depreciation and amortization | (2,518,415) | (2,246,887) |
Investment in real estate, net | 8,960,218 | 7,783,821 |
Ground lease right-of-use asset | 7,479 | |
Cash and cash equivalents | 153,683 | 146,227 |
Tenant receivables | 5,302 | 4,371 |
Deferred rent receivables | 134,968 | 124,834 |
Acquired lease intangible assets, net | 6,407 | 3,251 |
Interest rate contract assets | 22,381 | 73,414 |
Investment in unconsolidated Funds | 42,442 | 111,032 |
Other assets | 16,421 | 14,759 |
Total Assets | 9,349,301 | 8,261,709 |
Liabilities | ||
Secured notes payable and revolving credit facility, net | 4,619,058 | 4,134,030 |
Ground lease liability | 10,882 | |
Interest payable, accounts payable and deferred revenue | 131,410 | 130,154 |
Security deposits | 60,923 | 50,733 |
Acquired lease intangible liabilities, net | 52,367 | 52,569 |
Interest rate contract liabilities | 54,616 | 1,530 |
Dividends payable | 49,111 | 44,263 |
Total liabilities | 4,978,367 | 4,413,279 |
Douglas Emmett, Inc. stockholders' equity: | ||
Common Stock, $0.01 par value, 750,000,000 authorized, 175,369,746 and 170,214,809 outstanding at December 31, 2019 and December 31, 2018, respectively | 1,754 | 1,702 |
Additional paid-in capital | 3,486,356 | 3,282,316 |
Accumulated other comprehensive (loss) income | (17,462) | 53,944 |
Accumulated deficit | (758,576) | (935,630) |
Total Douglas Emmett, Inc. stockholders' equity | 2,712,072 | 2,402,332 |
Noncontrolling interests | 1,658,862 | 1,446,098 |
Total equity | 4,370,934 | 3,848,430 |
Total Liabilities and Equity | $ 9,349,301 | $ 8,261,709 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common Stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common Stock, authorized (in shares) | 750,000,000 | 750,000,000 |
Common Stock, outstanding (in shares) | 175,369,746 | 170,214,809 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | |||
Revenues | $ 936,682 | $ 881,316 | $ 812,052 |
Operating Expenses | |||
General and administrative expenses | 38,068 | 38,641 | 36,234 |
Depreciation and amortization | 357,743 | 309,864 | 276,761 |
Total operating expenses | 693,974 | 629,372 | 571,029 |
Operating income | 242,708 | 251,944 | 241,023 |
Other income | 11,653 | 11,414 | 9,712 |
Other expenses | (7,216) | (7,744) | (7,037) |
Income from unconsolidated Funds | 6,923 | 6,400 | 5,905 |
Interest expense | (143,308) | (133,402) | (145,176) |
Gain from consolidation of JV | 307,938 | 0 | 0 |
Net income | 418,698 | 128,612 | 104,427 |
Less: Net income attributable to noncontrolling interests | (54,985) | (12,526) | (9,984) |
Net income attributable to common stockholders | $ 363,713 | $ 116,086 | $ 94,443 |
Net income attributable to common stockholders per share – basic (usd per share) | $ 2.09 | $ 0.68 | $ 0.58 |
Net income attributable to common stockholders per share – diluted (usd per share) | $ 2.09 | $ 0.68 | $ 0.58 |
Office rental | |||
Revenues | |||
Revenues | $ 816,755 | $ 777,931 | $ 715,546 |
Operating Expenses | |||
Operating expenses | 264,482 | 252,751 | 233,633 |
Office rental | Rental revenues and tenant recoveries | |||
Revenues | |||
Revenues | 694,315 | 661,147 | 606,852 |
Office rental | Parking and other income | |||
Revenues | |||
Revenues | 122,440 | 116,784 | 108,694 |
Multifamily rental | |||
Revenues | |||
Revenues | 119,927 | 103,385 | 96,506 |
Operating Expenses | |||
Operating expenses | 33,681 | 28,116 | 24,401 |
Multifamily rental | Rental revenues | |||
Revenues | |||
Revenues | 110,697 | 95,423 | 89,039 |
Multifamily rental | Parking and other income | |||
Revenues | |||
Revenues | $ 9,230 | $ 7,962 | $ 7,467 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 418,698 | $ 128,612 | $ 104,427 |
Other comprehensive (loss) income: cash flow hedges | (107,292) | 15,070 | |
Other comprehensive (loss) income: cash flow hedges | 34,290 | ||
Comprehensive income | 311,406 | 143,682 | 138,717 |
Less: Comprehensive income attributable to noncontrolling interests | (19,099) | (16,751) | (16,331) |
Comprehensive income attributable to common stockholders | $ 292,307 | $ 126,931 | $ 122,386 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | AOCI | Accumulated Deficit | Noncontrolling Interests |
Beginning balance (in shares) at Dec. 31, 2016 | 151,530,000 | |||||
Stockholders' Equity [Roll Forward] | ||||||
Exchange of OP units for common stock (in shares) | 1,100,000 | 1,059,000 | ||||
Issuance of common stock (in shares) | 15,700,000 | 15,687,000 | ||||
Exercise of stock options (in shares) | 3,920,000 | 1,289,000 | ||||
Ending balance (in shares) at Dec. 31, 2017 | 169,565,000 | |||||
Beginning balance at Dec. 31, 2016 | $ 3,014,071 | $ 1,515 | $ 2,725,157 | $ 15,156 | $ (820,685) | $ 1,092,928 |
Stockholders' Equity [Roll Forward] | ||||||
Exchange of OP units for common stock | 11 | 14,231 | (14,242) | |||
Issuance of common stock, net | 593,168 | 157 | 593,011 | |||
Exercise of stock options | 13 | |||||
Repurchase of OP Units with cash | (10,104) | (6,763) | (3,341) | |||
Taxes paid on exercise of stock options | (53,084) | (53,097) | ||||
Cash flow hedge adjustments | 34,290 | 27,943 | 6,347 | |||
Net income | 104,427 | 9,984 | ||||
Net income attributable to common stockholders | 94,443 | 94,443 | ||||
Dividends | (153,568) | (153,568) | ||||
Contributions | 284,248 | 284,248 | ||||
Distributions | (38,101) | (38,101) | ||||
Issuance of OP Units for acquisition of additional interest in unconsolidated Fund | 0 | |||||
Issuance of OP Units for acquisition of real estate | 105,687 | 105,687 | ||||
Stock-based compensation | 21,015 | 21,015 | ||||
Ending balance at Dec. 31, 2017 | $ 3,902,049 | $ 1,696 | 3,272,539 | 43,099 | (879,810) | 1,464,525 |
Stockholders' Equity [Roll Forward] | ||||||
Dividends declared per common share (in dollars per share) | $ 0.94 | |||||
Exchange of OP units for common stock (in shares) | 629,000 | 629,000 | ||||
Exercise of stock options (in shares) | 49,000 | 21,000 | ||||
Ending balance (in shares) at Dec. 31, 2018 | 170,214,809 | 170,215,000 | ||||
Stockholders' Equity [Roll Forward] | ||||||
Exchange of OP units for common stock | $ 6 | 10,286 | (10,292) | |||
Repurchase of OP Units with cash | $ (108) | (59) | (49) | |||
Taxes paid on exercise of stock options | (450) | (450) | ||||
Cash flow hedge adjustments | 15,070 | 10,634 | 4,225 | |||
Net income | 128,612 | 116,086 | 12,526 | |||
Net income attributable to common stockholders | 116,086 | |||||
Dividends | (171,695) | (171,695) | ||||
Cash flow hedge adjustments | 14,859 | |||||
Distributions | (52,142) | (52,142) | ||||
Issuance of OP Units for acquisition of additional interest in unconsolidated Fund | 0 | |||||
Stock-based compensation | 27,305 | 27,305 | ||||
Ending balance at Dec. 31, 2018 | $ 3,848,430 | $ 1,702 | 3,282,316 | 53,944 | (935,630) | 1,446,098 |
Stockholders' Equity [Roll Forward] | ||||||
Dividends declared per common share (in dollars per share) | $ 1.01 | |||||
Exchange of OP units for common stock (in shares) | 222,000 | 222,000 | ||||
Issuance of common stock (in shares) | 4,900,000 | 4,933,000 | ||||
Ending balance (in shares) at Dec. 31, 2019 | 175,369,746 | 175,370,000 | ||||
Stockholders' Equity [Roll Forward] | ||||||
Exchange of OP units for common stock | $ 2 | 3,538 | (3,540) | |||
Issuance of common stock, net | $ 200,983 | 50 | 200,933 | |||
Repurchase of OP Units with cash | (734) | (431) | (303) | |||
Cash flow hedge adjustments | (107,292) | (71,406) | (35,886) | |||
Net income | 418,698 | 363,713 | 54,985 | |||
Net income attributable to common stockholders | 363,713 | |||||
Dividends | (184,515) | (184,515) | ||||
Contributions | 176,000 | 176,000 | ||||
Consolidation of JV | 61,394 | 61,394 | ||||
Distributions | (76,978) | (76,978) | ||||
Issuance of OP Units for acquisition of additional interest in unconsolidated Fund | 14,390 | 14,390 | ||||
Stock-based compensation | 23,057 | 23,057 | ||||
Ending balance at Dec. 31, 2019 | $ 4,370,934 | $ 1,754 | $ 3,486,356 | $ (17,462) | $ (758,576) | $ 1,658,862 |
Stockholders' Equity [Roll Forward] | ||||||
Dividends declared per common share (in dollars per share) | $ 1.06 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Activities | |||
Net income | $ 418,698 | $ 128,612 | $ 104,427 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Income from unconsolidated Funds | (6,923) | (6,400) | (5,905) |
Gain from consolidation of JV | (307,938) | 0 | 0 |
Depreciation and amortization | 357,743 | 309,864 | 276,761 |
Net accretion of acquired lease intangibles | (16,264) | (22,025) | (18,006) |
Straight-line rent | (10,134) | (18,813) | (12,855) |
Write-off of uncollectible amounts | 4,103 | 2,154 | 406 |
Deferred loan costs amortized and written off | 14,314 | 8,292 | 10,834 |
Amortization of loan premium | (261) | (205) | 0 |
Derivative non-cash adjustments | 0 | 0 | 51 |
Amortization of stock-based compensation | 18,359 | 22,299 | 18,478 |
Operating distributions from unconsolidated Funds | 6,820 | 6,400 | 5,905 |
Change in working capital components: | |||
Tenant receivables | (4,712) | (3,545) | (1,221) |
Interest payable, accounts payable and deferred revenue | (6,844) | 1,376 | 24,942 |
Security deposits | 1,919 | 319 | 4,424 |
Other assets | 706 | 4,654 | (5,544) |
Net cash provided by operating activities | 469,586 | 432,982 | 402,697 |
Investing Activities | |||
Capital expenditures for improvements to real estate | (176,448) | (179,062) | (108,326) |
Capital expenditures for developments | (61,660) | (68,459) | (63,018) |
Property acquisitions | (365,885) | 0 | (537,669) |
Cash assumed from consolidation of JV | 39,226 | 0 | 0 |
Acquisition of additional interests in unconsolidated Funds | (90,754) | (9,379) | (4,142) |
Capital distributions from unconsolidated Funds | 5,853 | 7,349 | 43,560 |
Net cash used in investing activities | (649,668) | (249,551) | (669,595) |
Financing Activities | |||
Proceeds from borrowings | 2,185,000 | 667,000 | 1,410,500 |
Repayment of borrowings | (2,095,718) | (655,326) | (1,698,544) |
Loan cost payments | (21,348) | (2,992) | (11,442) |
Contributions from noncontrolling interests in consolidated JVs | 163,556 | 0 | 284,248 |
Distributions paid to noncontrolling interests | (64,534) | (52,142) | (38,101) |
Dividends paid to common stockholders | (179,667) | (169,831) | (146,026) |
Taxes paid on exercise of stock options | 0 | (450) | (53,084) |
Repurchase of OP Units | (734) | (108) | (10,104) |
Proceeds from issuance of common stock, net | 200,983 | 0 | 593,169 |
Net cash provided by (used in) financing activities | 187,538 | (213,849) | 330,616 |
Increase (decrease) in cash and cash equivalents and restricted cash | 7,456 | (30,418) | 63,718 |
Cash and cash equivalents and restricted cash - beginning balance | 146,348 | 176,766 | 113,048 |
Cash and cash equivalents and restricted cash - ending balance | 153,804 | 146,348 | 176,766 |
Operating Activities | |||
Cash paid for interest, net of capitalized interest | 128,205 | 124,487 | 135,824 |
Capitalized interest paid | 3,782 | 3,520 | 2,745 |
Non-cash Investing Transactions | |||
Accrual for real estate and development capital expenditures | 35,398 | 24,702 | 3,776 |
Capitalized stock-based compensation for improvements to real estate and developments | 4,698 | 5,006 | 2,537 |
Removal of fully depreciated and amortized tenant improvements and lease intangibles | 88,205 | 75,729 | 53,687 |
Removal of fully amortized acquired lease intangible assets | 2,132 | 1,582 | 414 |
Removal of fully accreted acquired lease intangible liabilities | 29,660 | 15,431 | 5,057 |
Recognition of ground lease right-of-use asset - Adoption of ASU 2016-02 | 10,885 | ||
Above-market ground lease intangible liability offset against right-of-use asset - Adoption of ASU 2016-02 | 3,408 | ||
Recognition of ground lease liability - Adoption of ASU 2016-02 | 10,885 | ||
Non-cash Financing Transactions | |||
Gain recorded in AOCI - Adoption of ASU 2017-12 - consolidated derivatives | 0 | 211 | 0 |
Gain recorded in AOCI | (76,273) | 22,723 | |
Gain recorded in AOCI | 16,512 | ||
Accrual for deferred loan costs | 1,416 | 0 | 0 |
Assumption of term loan for acquisition of real estate | 0 | 0 | 36,460 |
Non-cash contributions from noncontrolling interests in consolidated JVs | 12,444 | 0 | 0 |
Non-cash distributions to noncontrolling interests | 12,444 | 0 | 0 |
Dividends declared | 184,515 | 171,695 | 153,568 |
Exchange of OP units for common stock | 3,540 | 10,292 | 14,242 |
Issuance of OP Units for acquisition of real estate | 0 | 0 | 105,687 |
OP Units issued for acquisition of additional interest in unconsolidated Fund | 14,390 | 0 | 0 |
Unconsolidated Fund | |||
Non-cash Financing Transactions | |||
Gain recorded in AOCI | $ (5,023) | $ 3,052 | |
Gain recorded in AOCI | $ 3,275 |
Overview
Overview | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Overview | Overview Organization and Business Description Douglas Emmett, Inc. is a fully integrated, self-administered and self-managed REIT. We are one of the largest owners and operators of high-quality office and multifamily properties in Los Angeles County, California and Honolulu, Hawaii. Through our interest in our Operating Partnership and its subsidiaries, consolidated JVs and unconsolidated Fund, we focus on owning, acquiring, developing and managing a significant market share of top-tier office properties and premier multifamily communities in neighborhoods that possess significant supply constraints, high-end executive housing and key lifestyle amenities. The terms "us," "we" and "our" as used in the consolidated financial statements refer to Douglas Emmett, Inc. and its subsidiaries on a consolidated basis. At December 31, 2019 , our Consolidated Portfolio consisted of (i) an 18.0 million square foot office portfolio, (ii) 4,161 multifamily apartment units and (iii) fee interests in two parcels of land from which we receive rent under ground leases. We also manage and own an equity interest an unconsolidated Fund which, at December 31, 2019 , owned an additional 0.4 million square feet of office space. We manage our unconsolidated Fund alongside our Consolidated Portfolio, and we therefore present the statistics for our office portfolio on a Total Portfolio basis. As of December 31, 2019 , our portfolio (not including two parcels of land from which we receive rent under ground leases), consisted of the following properties (including ancillary retail space): Consolidated Portfolio Total Portfolio Office Wholly-owned properties 53 53 Consolidated JV properties 17 17 Unconsolidated Fund properties — 2 70 72 Multifamily Wholly-owned properties 10 10 Consolidated JV properties 1 1 11 11 Total 81 83 Basis of Presentation The accompanying consolidated 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. We consolidate entities in which we are considered to be the primary beneficiary of a VIE or have a majority of the voting interest of the entity. We are deemed to be the primary beneficiary of a VIE when we have (i) the power to direct the activities of that VIE that most significantly impact its economic performance, and (ii) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. We do not consolidate entities in which the other parties have substantive kick-out rights to remove our power to direct the activities, most significantly impacting the economic performance, of that VIE. In determining whether we are the primary beneficiary, we consider factors such as ownership interest, management representation, authority to control decisions, and contractual and substantive participating rights of each party. We consolidate our Operating Partnership through which we conduct substantially all of our business, and own, directly and through subsidiaries, substantially all of our assets, and are obligated to repay substantially all of our liabilities, including $3.11 billion of consolidated debt. See Note 8 . We also consolidate four JVs. As of December 31, 2019 , these consolidated entities had aggregate total consolidated assets of $9.35 billion (of which $8.96 billion related to investment in real estate), aggregate total consolidated liabilities of $4.98 billion (of which $4.62 billion related to debt), and aggregate total consolidated equity of $4.37 billion (of which $1.66 billion related to noncontrolling interests). The accompanying consolidated 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 consolidated financial statements include, in our opinion, all adjustments, consisting of normal recurring adjustments, necessary to present fairly the financial information set forth therein. Any references to the number or class of properties, square footage, per square footage amounts, apartment units and geography, are unaudited and outside the scope of our independent registered public accounting firm’s audit of our consolidated financial statements in accordance with the standards of the PCAOB. During the current reporting period, we reported our demolition expenses as part of Other expenses in our consolidated statements of operations and we reclassified the comparable periods to conform to the current period presentation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Use of Estimates The preparation of consolidated financial statements in conformity with US 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 Acquisitions and Initial Consolidation of VIEs We account for property acquisitions as asset acquisitions, and include the acquired properties results of operations in our results of operations from the respective acquisition date. We allocate the purchase price for asset acquisitions, which includes the capitalized transaction costs, and for the properties upon the initial consolidation of VIEs not determined to be a business, on a relative fair value basis to: (i) land, (ii) buildings and improvements, (iii) tenant improvements and identifiable intangible assets such as in-place at-market leases, (iv) acquired above- and below-market ground and tenant leases (including for renewal options), and if applicable (v) assumed debt and (vi) assumed interest rate swaps, based upon comparable sales for land, and the income approach using our estimates of expected future cash flows and other valuation techniques, which include but are not limited to, our estimates of rental rates, revenue growth rates, capitalization rates and discount rates, for other assets and liabilities. We estimate the relative fair values of the tangible assets on an ‘‘as-if-vacant’’ basis. The estimated relative fair value of acquired in-place at-market leases are the estimated costs to lease the property to the occupancy level at the date of acquisition, including the fair value of leasing commissions and legal costs. We evaluate the time period over which we expect such occupancy level to be achieved and include an estimate of the net operating costs (primarily real estate taxes, insurance and utilities) incurred during the lease-up period. Above- and below-market ground and tenant leases are recorded as an asset or liability based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between the contractual amounts to be paid or received pursuant to the in-place ground or tenant leases, respectively, and our estimate of the fair market rental rates for the corresponding in-place leases, over the remaining non-cancelable term of the lease. Assumed debt is recorded at fair value based upon the present value of the expected future payments and current interest rates. See Note 3 for our property acquisition disclosures. Depreciation Buildings and improvements are depreciated on a straight-line basis using an estimated life of forty years for buildings and fifteen years for improvements, and are carried on our balance sheet, offset by the related accumulated depreciation and any impairment charges, until they are sold. Tenant improvements are depreciated on a straight-line basis over the life of the related lease, with any remaining balance depreciated in the period of any early lease termination. Acquired in-place leases are amortized on a straight line basis over the weighted average remaining term of the acquired in-place leases, and are carried on our balance sheet, offset by the related accumulated amortization, until the related building is either sold or impaired. Lease intangibles are amortized on a straight-line basis over the related lease term, with any remaining balance amortized in the period of any early lease termination. Acquired above- and below-market tenant leases are amortized/accreted on a straight line basis over the life of the related lease and recorded as either an increase (for below-market leases) or a decrease (for above-market leases) to rental revenue. Acquired above- and below-market ground leases, from which we earn ground rent income, are amortized/accreted on a straight line basis over the life of the related lease and recorded either as an increase (for below-market leases) or a decrease (for above-market leases) to rental revenue. Acquired above- and below-market ground leases, for which we incur ground rent expense, are accreted/ amortized over the life of the related lease and recorded either as an increase (for below-market leases) or a decrease (for above-market leases) to expense. We accelerate depreciation for affected assets when we renovate our buildings or existing buildings are impacted by new developments. 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. Real Estate Held for Sale Properties are classified as held for sale in our consolidated balance sheets when they meet certain requirements, including the approval of the sale of the property, the marketing of the property for sale, and our expectation that the sale will likely occur within the next 12 months. Properties classified as held for sale are carried at the lower of their carrying value or fair value less costs to sell, and we also cease to depreciate the property. As of December 31, 2019 and 2018 , we did not have any properties held for sale. Dispositions Recognition of gains or losses from sales of investments in real estate requires that we meet certain revenue recognition criteria and transfer control of the real estate to the buyer. The gain or loss recorded is measured as the difference between the sales price, less costs to sell, and the carrying value of the real estate when we sell it. Cost capitalization 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. Demolition expenses and repairs and maintenance are recorded as expense when incurred. During 2019 , 2018 and 2017 , we capitalized $75.3 million , $78.7 million and $66.0 million of costs related to our developments, respectively, which included $3.8 million , $3.5 million and $2.7 million of capitalized interest, respectively. Ground Leases We account for our ground lease, for which we are the lessee, in accordance with Topic 842 "Leases", which we adopted on January 1, 2019 on a prospective basis, see New Accounting Pronouncements further below. Upon adoption of the ASU, we continued to classify the lease as an operating lease, and we recognized a right-of-use asset for the land and a lease liability for the future lease payments of $10.9 million . We calculated the carrying value of the right-of-use asset and lease liability by discounting the future lease payments using our incremental borrowing rate. We adjusted the right-of-use asset carrying value for a related above-market ground lease liability of $3.4 million , which reduced the carrying value of the asset to $7.5 million . We continued to recognize the lease payments as expense, which is included in Office expenses in our consolidated statements of operations. See Note 4 for more information regarding this ground lease. See Note 14 for the fair value disclosures related to the ground lease liability. Investment in Unconsolidated Funds We account for our investments in unconsolidated Funds using the equity method because we have significant influence but not control over the Funds. Under the equity method, we initially record our investment in our Funds at cost, which includes acquisition basis difference and additional basis for capital raising costs, and subsequently adjust the investment balance for: (i) our share of the Funds net income or losses, (ii) our share of the Funds other comprehensive income or losses, (iii) our cash contributions to the Fund and (iv) our distributions received from the Fund. We remove our investment in unconsolidated Funds from our consolidated balance sheet when we sell our interest in the Funds or the Funds qualify for consolidation. Our investment in unconsolidated Funds is included in Investment in unconsolidated Funds in the consolidated balance sheet and our share of net income or losses from the Funds is included in Income from unconsolidated Funds in the consolidated statements of operations. Our share of the Funds accumulated other comprehensive income or losses is included in Accumulated other comprehensive income (loss) in our consolidated balance sheet. As of December 31, 2019 and 2018 , the total investment basis difference included in our investment balance in unconsolidated Funds was $27.8 million and $2.2 million , respectively. See Note 6 for our Fund disclosures. Impairment of Long-Lived Assets We periodically assess whether there has been any impairment in the carrying value of our properties and whenever events or changes in circumstances indicate that the carrying value of a property may not be recoverable. An impairment charge would be recorded if events or changes in circumstances indicate that a decline in the fair value below the carrying value has occurred and the decline is other-than-temporary. Recoverability of the carrying value of our properties is measured by a comparison of the carrying value to the undiscounted future cash flows expected to be generated by the property. If the carrying value exceeds the estimated undiscounted future cash flows, an impairment loss is recorded equal to the difference between the property's carrying value and its fair value based on the estimated discounted future cash flows. We also perform a similar periodic assessment for our investments in our Funds. Based upon such periodic assessments, no impairments occurred during 2019 , 2018 or 2017 . In downtown Honolulu, at 1132 Bishop Street, we are converting a 25 story, 490,000 square foot office tower into approximately 500 apartments. We expect the conversion to occur in phases over a number of years as the office space is vacated. Due to the change in planned use of the property, we performed an impairment assessment by comparing the property's expected undiscounted cash flows to the property's carrying value plus the expected development costs and concluded that there was no impairment as of December 31, 2019. We determined the undiscounted cash flows using our estimates of the expected future cash flows which included, but were not limited to, our estimates of property's net operating income, and capitalization rates. Cash and Cash Equivalents We consider short-term investments with maturities of three months or less when purchased to be cash equivalents. Rental Revenues and Tenant Recoveries We account for our rental revenues and tenant recoveries in accordance with Topic 842 "Leases", which we adopted on January 1, 2019 on a modified retrospective basis, see New Accounting Pronouncements further below. Topic 842 did not significantly change our accounting policy for recognizing rental revenues and tenant recoveries, and we adopted a practical expedient which allows us to account for our rental revenues and tenant recoveries on a combined basis. Rental revenues and tenant recoveries from tenant leases are included in Rental revenues and tenant recoveries in the consolidated statements of operations. All of our tenant leases are classified as operating leases. For lease terms exceeding one year, rental income is recognized on a straight-line basis over the lease term. Deferred rent receivables represent rental revenue recognized on a straight-line basis in excess of billed rents. If a lease is canceled then the deferred rent is recognized over the new remaining lease term. We recognized straight line rent of $10.1 million , $18.8 million and $12.9 million during 2019 , 2018 and 2017 , respectively. Rental revenue from month-to-month leases or leases with no scheduled rent increases or other adjustments is recognized on a monthly basis when earned. Lease termination fees, which are included in Rental revenues and tenant recoveries in the consolidated statements of operations, are recognized on a straight line basis over the new remaining lease term when the related lease is canceled. We recognized lease termination revenue of $0.5 million , $1.6 million and $2.1 million during 2019 , 2018 and 2017 , respectively. Tenant improvements constructed, and owned by us, and reimbursed by tenants are recorded as our assets, and the related revenue, which are included in Rental revenues and tenant recoveries in the consolidated statements of operations, is recognized over the related lease term. We recognized revenue for reimbursement of tenant improvements of $5.8 million , $3.5 million and $2.6 million during 2019 , 2018 and 2017 , respectively. Estimated tenant recoveries for real estate taxes, common area maintenance and other recoverable operating expenses, which are included in Rental revenues and tenant recoveries in the consolidated statements of operations, are recognized as revenue on a gross basis in the period that the recoverable expenses are incurred. Subsequent to year-end, we perform reconciliations on a lease-by-lease basis and bill or credit each tenant for any differences between the estimated expenses we billed to the tenant and the actual expenses incurred. In accordance with Topic 842, if collectibility of the lease payments is not probable at the commencement date, then we limit the lease income to the lesser of the income recognized on a straight-line basis or cash basis. If our assessment of collectibility changes after the commencement date, we record the difference between the lease income that would have been recognized on a straight-line basis and cash basis as a current-period adjustment to lease income. We elected to adopt the complete impairment model guidance within Topic 842. Under this model, commencing on January 1, 2019, we no longer maintain a general reserve related to our receivables, and instead analyze, on a lease-by-lease basis, whether amounts due under the operating lease are deemed probable for collection. We write off tenant and deferred rent receivables as a charge against rental revenue in the period we determine the lease payments are not probable for collection. Before the adoption of Topic 842, we presented our tenant receivables and deferred rent receivables net of allowances on our consolidated balance sheets. Tenant receivables consist primarily of amounts due for contractual lease payments and reimbursements of common area maintenance expenses, property taxes, and other costs recoverable from tenants. Deferred rent receivables represent the amount by which the cumulative straight-line rental revenue recorded to date exceeds the cumulative cash rents billed to date under the lease agreement. We considered many factors when evaluating the level of allowances necessary, including evaluations of individual tenant receivables, historical loss activity, current economic conditions and other relevant factors. We generally obtain letters of credit or security deposits from our tenants. The table below presents our allowances and security obtained from our tenants before we adopted Topic 842: (In thousands) December 31, 2018 Allowance for tenant receivables $ 5,215 Allowance for deferred rent receivables $ 2,849 Letters of credit from our tenants $ 27,749 Cash security deposits from our tenants $ 50,733 The table below presents the impact of the changes in our allowances on our results of operations: Year Ended December 31, (In thousands) 2018 2017 Tenant receivables allowance - decrease in net income $ (2,154 ) $ (406 ) Deferred rent receivables allowance - increase in net income $ 556 $ 1,739 Office Parking Revenues Office parking revenues, which are included in office Parking and other income in our consolidated statements of operations, are within the scope of Topic 606 "Revenue from Contracts with Customers", which we adopted on January 1, 2018 on a modified retrospective basis. Topic 606 did not significantly change our accounting policy for parking revenues. Our lease contracts generally make a specified number of parking spaces available to the tenant, and we bill and recognize parking revenues on a monthly basis in accordance with the lease agreements, generally using the monthly parking rates in effect at the time of billing. Office parking revenues were $108.7 million , $102.5 million and $96.2 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. Office parking receivables were $1.3 million and $1.1 million as of December 31, 2019 and 2018 , respectively, and are included in Tenant receivables in our consolidated balance sheets. Insurance Recoveries Insurance recoveries related to property damage are recorded as other income when payment is either received or receipt is determined to be probable. Interest Income Interest income from our short-term money market fund investments is recognized on an accrual basis. Interest income is included in other income in the consolidated statements of operations. Leasing Costs We account for our leasing costs in accordance with Topic 842 "Leases", which we adopted on January 1, 2019 on a modified retrospective basis, see New Accounting Pronouncements further below. In accordance with Topic 842, we capitalize initial direct costs of a lease, which are costs that would not have been incurred had the lease not been executed. Costs to negotiate a lease that would have been incurred regardless of whether the lease was executed, such as employee salaries, are not considered to be initial direct costs, and are expensed. Prior to January 1, 2019, we capitalized most of our leasing costs. Loan Costs Loan costs incurred directly with the issuance of secured notes payable and revolving credit facilities are deferred and amortized to interest expense over the respective loan or credit facility term. Any unamortized amounts are written off upon early repayment of the secured notes payable, and the related cost and accumulated amortization are removed from our balance sheet. To the extent that a refinancing is considered an exchange of debt with the same lender, we account for loan costs based upon whether the old debt is determined to be modified or extinguished for accounting purposes. If the old debt is determined to be modified then we (i) continue to defer and amortize any unamortized deferred loan costs associated with the old debt at the time of the modification over the new term of the modified debt, (ii) defer and amortize the lender costs incurred in connection with the modification over the new term of the modified debt, and (iii) expense all other costs associated with the modification. If the old debt is determined to be extinguished then we (i) write off any unamortized deferred loan costs associated with the extinguished debt at the time of the extinguishment and remove the related cost and accumulated amortization from our balance sheet, (ii) expense all lender costs associated with the extinguishment, and (iii) defer and amortize all other costs incurred directly in connection with the extinguishment over the term of the new debt. In circumstances where we modify or exchange our revolving credit facility with the same lender, we account for the loan costs based upon whether the borrowing capacity of the new arrangement is (a) equal to or greater than the borrowing capacity of the old arrangement, or (b) less than the borrowing capacity of the old arrangement (borrowing capacity is defined as the product of the remaining term and the maximum available credit). If the borrowing capacity of the new arrangement is greater than or equal to the borrowing capacity of the old arrangement, then we (i) continue to defer and amortize the unamortized deferred loan costs from the old arrangement over the term of the new arrangement and (ii) defer all lender and other costs incurred directly in connection with the new arrangement over the term of the new arrangement. If the borrowing capacity of the new arrangement is less than the borrowing capacity of the old arrangement, then we (i) write off any unamortized deferred loan costs at the time of the transaction related to the old arrangement in proportion to the decrease in the borrowing capacity of the old arrangement and (ii) defer all lender and other costs incurred directly in connection with the new arrangement over the term of the new arrangement. Deferred loan costs are presented on the balance sheet as a deduction from the carrying amount of our secured notes payable and revolving credit facility. All loan costs expensed and deferred loan costs amortized are included in interest expense in our consolidated statements of operations. See Note 8 for our loan cost disclosures. Debt Discounts and Premiums Debt discounts and premiums related to recording debt assumed in connection with property acquisitions at fair value are generally amortized and accreted, respectively, over the remaining term of the related loan, which approximates the effective interest method. The amortization/accretion is included in interest expense in our consolidated statements of operations. Derivative Contracts We make use of interest rate swap 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. We do not speculate in derivatives and we do not make use of any other derivative instruments. When entering into derivative agreements, we generally elect to designate them as cash flow hedges for accounting purposes. Changes in fair value of hedging instruments designated as cash flow hedges are recorded in accumulated other comprehensive income (loss) (AOCI), which is a component of equity outside of earnings. 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. 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 from unconsolidated Funds, as interest payments are made by our Funds on their hedged floating rate debt. 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 Funds on our consolidated balance sheet. See Note 10 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 the vesting period, which is based upon service. See Note 13 for our stock-based compensation disclosures. EPS We calculate basic EPS by dividing the net income attributable to common stockholders for the period by the weighted average number of common shares outstanding during the respective period. We calculate diluted EPS by dividing the net income attributable to common stockholders for the period by the weighted average number of common shares and dilutive instruments outstanding during the respective period using the treasury stock method. Unvested LTIP Units contain non-forfeitable rights to dividends and we account for them as participating securities and include them in the computation of basic and diluted EPS using the two-class method. See Note 12 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 15 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 the regular corporate rate, including any applicable alternative minimum tax for taxable years prior to 2018. We have elected to treat several of our subsidiaries as TRSs, which generally may engage in any business, including the provision of customary or non-customary services to our tenants. A TRS is treated as a regular corporation and is subject to federal income tax and applicable state income and franchise taxes at regular corporate rates. Our TRSs did not have significant tax provisions or deferred income tax items for 2019 , 2018 or 2017 . Our subsidiaries (other than our TRS), including our Operating Partnership, are partnerships, disregarded entities, QRSs or REITs, as applicable, for federal income tax purposes. Under applicable federal and state income tax rules, the allocated share of net income or loss from disregarded entities or flow-through entities is reportable in the income tax returns of the respective owners. Accordingly, no income tax provision is included in our consolidated financial statements for these entities. New Accounting Pronouncements Changes to US GAAP are implemented by the FASB in the form of ASUs. We consider the applicability and impact of all ASUs. Other than the ASUs discussed below, the FASB has not issued any other ASUs during we expect to be applicable and have a material impact on our consolidated financial statements. ASUs Adopted During 2019 we adopted the ASU listed below: ASU 2016-02 (Topic 842 - "Leases") In February 2016, the FASB issued ASU No. 2016-02, (Topic 842 - "Leases"). The primary impact of the ASU is the recognition of lease assets and liabilities on the balance sheet by lessees for leases classified as operating leases. The accounting applied by lessors is largely unchanged. For example, the vast majority of operating leases remain classified as operating leases, and lessors continue to recognize lease payments for those leases on a straight-line basis over the lease term. We adopted the ASU on January 1, 2019 using the modified retrospective transition method. We recorded cumulative adjustments of $2.1 million and $0.4 million to the opening balances of accumulated deficit and noncontrolling interests, respectively, for leasing expenses related to leases that were entered into before the adoption date but commenced after the adoption date. The ASU provides a practical expedient package, which we elected to use, that allows entities (a) not to reassess whether any expired or existing contracts as of the adoption date are considered or contain leases; (b) not to reassess the lease classification for any expired or existing leases as of the adoption date; and (c) not to reassess initial direct costs for any existing leases as of the adoption date. All leases entered into on or after the adoption date were accounted for under the ASU. We lease space to tenants at our office and multifamily properties. Under the ASU, all of our tenant leases continue to be classified as operating leases. The ASU continues to require that lease payments for operating leases be recognized over the lease term on a straight-line basis unless another systematic and rational basis is more representative of the pattern in which benefit is expected to be derived from the use of the underlying asset. If collectibility of the lease payments is not probable at the commencement date, then the lease income should be limited to the lesser of the income recognized on a straight-line basis or cash basis. If the assessment of collectibility changes after the commencement date, any difference between the lease income that would have been recognized on a straight-line basis and cash basis must be recognized as a current-period adjustment to lease income. We elected to adopt the complete impairment model guidance within ASC 842. Under this model we no longer maintain a general reserve related to our receivables, and instead analyze, on a lease-by-lease basis, whether amounts due under the operating lease are deemed probable for collection. We write off tenant and deferred rent receivables as a charge against rental revenue in the period we determine the lease payments are not probable for collection. The ASU requires separation of the lease 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 are accounted for in accordance with the ASU. The consideration in the contract is allocated to the lease and non-lease components on a relative standalone selling price basis and the non-lease component would be accounted for in accordance with ASC 606 ("Revenue from Contracts with Customers"). In July 2018, the FASB issued ASU No. 2018-11 which includes an optional practical expedient for lessors to elect, by class of underlying asset, to not separate the lease from the non-lease components if certain criteria are met. Our office tenant leases include a lease component for the rental income and a non-lease component for the related tenant recoveries. We determined that our office tenant leases qualify for the single component presentation and we adopted the practical expedient. We account for the combined components under the ASU. Rental revenues and tenant recoveries from our office tenant leases is included in Rental revenues and tenant recoveries under Office rental in our consolidated statements of operations. Rental revenues from our multifamily tenant leases is included in multifamily Rental revenues in our consolidated statements of operations. Rental revenue recognized on a straight-line basis in excess of billed rents is included in Deferred rent receivables in our consolidated balance sheets. See Note 16 for more information regarding the future lease rental receipts from our operating leases. The ASU defines initial direct costs of a lease, which may be capitalized, as costs that would not have been incurred had the lease not been executed. Costs to negotiate a lease that would have been incurred regardless of whether the lease was executed, such as employee salaries, are not considered to be initial direct costs, and may not be capitalized. We historically capitalized most of our leasing costs. We expensed $4.2 million during the year ended December 31, 2019 , of leasing costs related to our tenant leases that did not qualify as initial direct costs of a lease, which are included in General and administrative expenses in our consolidated statements of operations. We pay rent under a ground lease which expires |
Investment in Real Estate
Investment in Real Estate | 12 Months Ended |
Dec. 31, 2019 | |
Asset Acquisition [Abstract] | |
Investment in Real Estate | Investment in Real Estate We account for our property acquisitions as asset acquisitions. The acquired property's results of operations are included in our results of operations from the respective acquisition dates. 2019 Acquisition and JV consolidation Acquisition of The Glendon On June 7, 2019, we acquired The Glendon, a residential community in Westwood, and on June 28, 2019, we contributed the property to a consolidated JV that we manage and in which we own a 20% capital interest. The table below summarizes the purchase price allocation for the acquisition. See Note 14 for our fair value disclosures. The contract and purchase prices differ due to prorations and similar adjustments: (In thousands, except number of units) The Glendon Submarket West Los Angeles Acquisition date June 7, 2019 Contract price $ 365,100 Number of multifamily units 350 Retail square footage 50 Land $ 32,773 Buildings and improvements 333,624 Tenant improvements and lease intangibles 2,301 Acquired above- and below-market leases, net (2,114 ) Net assets and liabilities acquired $ 366,584 Consolidation of JV On November 21, 2019, we acquired an additional 16.3% of the equity in one of our previously unconsolidated Funds, Fund X, in exchange for $76.9 million in cash and 332 thousand OP Units valued at $14.4 million , which increased our ownership in the Fund to 89.0% . In connection with this transaction, we restructured the Fund with one remaining institutional investor. The new JV is a VIE, and as a result of the amended operating agreement, we became the primary beneficiary of the VIE and commenced consolidating the JV on November 21, 2019. The results of the consolidated JV are included in our operating results from November 21, 2019 (before November 21, 2019, our share of the Fund's net income was included in our statements of operations in Income from unconsolidated Funds). The consolidation of the JV required us to recognize the JVs identifiable assets and liabilities at fair value in our consolidated financial statements, along with the fair value of the non-controlling interest of $61.4 million . We recognized a gain of $307.9 million to adjust the carrying value of our existing investment in the JV to its estimated fair value upon consolidation. See Note 14 for our fair value disclosures. The gain was determined by taking the difference between: (a) the fair value of Fund X’s assets less its liabilities and (b) the sum of the fair value of the noncontrolling interest, carrying value of our existing investment in Fund X, and the amounts paid to acquire other Fund investors’ interests. We determined the fair value of Fund X’s assets and liabilities upon initial consolidation using our estimates of expected future cash flows and other valuation techniques. We estimated the fair values of Fund X’s properties by using the income and sales comparison valuation approaches which included, but are not limited to, our estimates of rental rates, comparable sales, revenue growth rates, capitalization rates and discount rates. Assumed debt was recorded at fair value based upon the present value of the expected future payments and current interest rates. Other acquired assets, including cash and assumed liabilities were recorded at cost due to the short-term nature of the balances. The JV owns six Class A office properties totaling 1.5 million square feet in the Los Angeles submarkets of Beverly Hills, Santa Monica, Sherman Oaks/Encino and Warner Center. The JV also owns an interest of 9.4% in our remaining unconsolidated Fund, Partnership X, which owns two additional Class A office properties totaling 386,000 square feet in Beverly Hills and Brentwood. The table below summarizes the purchase price allocation for the initial consolidation of the JV. (In thousands) JV Consolidation Consolidation date November 21, 2019 Square footage 1,454 Land $ 52,272 Buildings and improvements 831,416 Tenant improvements and lease intangibles 40,890 Acquired above- and below-market leases, net (14,198 ) JV interest in unconsolidated Fund 28,783 Assumed debt (403,016 ) Assumed interest rate swaps (4,147 ) Other assets and liabilities, net 26,256 Net assets acquired and liabilities assumed $ 558,256 2018 Acquisitions During 2018, we did not purchase any properties. 2017 Acquisitions During 2017, (i) a consolidated JV that we manage and in which we own an equity interest acquired three Class A office properties (1299 Ocean Avenue, 429 Santa Monica Boulevard and 9665 Wilshire Boulevard), for which investors contributed $284.0 million directly to the JV, and (ii) we acquired one wholly-owned Class A office property (9401 Wilshire Boulevard). The table below summarizes the purchase price allocations for the acquisitions. The contract and purchase prices differ due to prorations and similar matters. (In thousands) 1299 Ocean 429 Santa Monica 9665 Wilshire 9401 Wilshire (1) Submarket Santa Monica Santa Monica Beverly Hills Beverly Hills Acquisition date April 25 April 25 July 20 December 20 Contract price $ 275,800 $ 77,000 $ 177,000 $ 143,647 Building square footage 206 87 171 146 Investment in real estate: Land $ 22,748 $ 4,949 $ 5,568 $ 6,740 Buildings and improvements 260,188 69,286 175,960 144,467 Tenant improvements and lease intangibles 5,010 3,248 1,112 7,843 Acquired above- and below-market leases, net (10,683 ) (722 ) (4,339 ) (11,559 ) Assumed debt (2) — — — (36,460 ) Net assets and liabilities acquired $ 277,263 $ 76,761 $ 178,301 $ 111,031 _____________________________________________________ (1) We issued OP Units to the seller in connection with the acquisition of 9401 Wilshire. See Note 11 for more information. (2) We assumed a loan from the seller in connection with the acquisition of 9401 Wilshire. At the date of acquisition, the loan had a fair value of $36.5 million and a principal balance of $32.3 million . See Note 8 for more information. |
Ground Lease
Ground Lease | 12 Months Ended |
Dec. 31, 2019 | |
Lessee Disclosure [Abstract] | |
Ground Lease | Ground Lease We pay rent under a ground lease located in Honolulu, Hawaii, which expires on December 31, 2086 . The rent is fixed at $733 thousand per year until February 28, 2029 , after which it will reset to the greater of the existing ground rent or market. As of December 31, 2019 , the right-of-use asset carrying value of this ground lease was $7.5 million and the ground lease liability was $10.9 million . We incurred ground rent expense of $733 thousand during 2019 , 2018 and 2017 , which is included in Office expenses in our consolidated statements of operations. The table below, which assumes that the ground rent payments will continue to be $733 thousand per year after February 28, 2029 , presents the future minimum ground lease payments as of December 31, 2019 : Year ending December 31: (In thousands) 2020 $ 733 2021 733 2022 733 2023 733 2024 733 Thereafter 45,445 Total future minimum lease payments $ 49,110 |
Acquired Lease Intangibles
Acquired Lease Intangibles | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Acquired Lease Intangibles | Acquired Lease Intangibles Summary of our Acquired Lease Intangibles (In thousands) December 31, 2019 December 31, 2018 Above-market tenant leases $ 7,220 $ 5,595 Above-market tenant leases - accumulated amortization (1,741 ) (3,289 ) Above-market ground lease where we are the lessor 1,152 1,152 Above-market ground lease - accumulated amortization (224 ) (207 ) Acquired lease intangible assets, net $ 6,407 $ 3,251 Below-market tenant leases $ 102,583 $ 112,175 Below-market tenant leases - accumulated accretion (50,216 ) (63,013 ) Above-market ground lease where we are the tenant (1) — 4,017 Above-market ground lease - accumulated accretion (1) — (610 ) Acquired lease intangible liabilities, net $ 52,367 $ 52,569 ___________________________________________________ (1) Upon adoption of ASU 2016-02 on January 1, 2019 we adjusted the ground lease right-of-use asset carrying value with the carrying value of the above-market ground lease - see Notes 2 and 4 . Impact on the Consolidated Statements of Operations The table below summarizes the net amortization/accretion related to our above- and below-market leases: Year Ended December 31, (In thousands) 2019 2018 2017 Net accretion of above- and below-market tenant lease assets and liabilities (1) $ 16,282 $ 21,992 $ 17,973 Amortization of an above-market ground lease asset (2) (18 ) (17 ) (17 ) Accretion of an above-market ground lease liability (3) — 50 50 Total $ 16,264 $ 22,025 $ 18,006 _______________________________________________________________________________________ (1) Recorded as a net increase to office and multifamily rental revenues. (2) Recorded as a decrease to office parking and other income. (3) Recorded as a decrease to office expense. Upon adoption of ASU 2016-02 on January 1, 2019 we adjusted the ground lease right-of-use asset carrying value with the carrying value of the above-market ground lease - see Notes 2 and 4 . The table below presents the future net accretion related to our above- and below-market leases at December 31, 2019 . Year ending December 31: Net increase to revenues (In thousands) 2020 $ 15,339 2021 9,371 2022 6,674 2023 4,576 2024 3,702 Thereafter 6,298 Total $ 45,960 |
Investments in Unconsolidated F
Investments in Unconsolidated Funds | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate Investments, Net [Abstract] | |
Investments in Unconsolidated Funds | Investments in Unconsolidated Funds Description of our Funds As of December 31, 2019 , we manage and own an equity interest of 29.9% in an unconsolidated Fund, Partnership X, through which we and other investors in the Fund own two office properties totaling 0.4 million square feet. Before November 21, 2019, we managed and owned equity interests in three unconsolidated Funds, consisting of 6.2% of the Opportunity Fund, 72.7% of Fund X and 28.4% of Partnership X, through which we and other investors in the Funds owned eight office properties totaling 1.8 million square feet. On November 21, 2019, we acquired additional interests of 16.3% in Fund X and 1.5% in Partnership X, and restructured Fund X which resulted in Fund X being treated as a consolidated JV from November 21, 2019. See Note 3 for more information regarding the consolidation of the JV. We also acquired all of the investors’ ownership interests in the Opportunity Fund (The Opportunity Fund’s only investment was an ownership interest in Fund X) and closed the Opportunity Fund. During the period January 1, 2019 to November 20, 2019 we purchased additional interests of 1.4% in Fund X and 3.9% in Partnership X. Our Funds pay us fees and reimburse us for certain expenses related to property management and other services we provide, which are included in Other income in our consolidated statements of operations. We also receive distributions based on invested capital and on any profits that exceed certain specified cash returns to the investors. The table below presents cash distributions we received from our Funds: Year Ended December 31, (In thousands) 2019 2018 2017 Operating distributions received (1) $ 6,820 $ 6,400 $ 5,905 Capital distributions received (1) 5,853 7,349 43,560 Total distributions received (1) $ 12,673 $ 13,749 $ 49,465 __________________________________________________________ (1) The balances reflect the combined balances for Partnership X, Fund X and the Opportunity Fund through November 20, 2019 and the balances for Partnership X from November 21, 2019 through December 31, 2019. Summarized Financial Information for our Funds The tables below present selected financial information for the Funds. The amounts presented reflect 100% (not our pro-rata share) of amounts related to the Funds, and are based upon historical acquired book value: (In thousands) December 31, 2019 December 31, 2018 Total assets (1) $ 136,479 $ 694,713 Total liabilities (1) $ 113,330 $ 525,483 Total equity (1) $ 23,149 $ 169,230 _______________________________________________ (1) The balances as of December 31, 2019 reflect the balances for Partnership X. The balances as of December 31, 2018 reflect the combined balances for Partnership X, Fund X and the Opportunity Fund. Year Ended December 31, (In thousands) 2019 2018 2017 Total revenues (1) $ 75,952 $ 79,590 $ 75,896 Operating income (1) $ 22,269 $ 22,959 $ 20,640 Net income (1) $ 7,350 $ 6,260 $ 5,085 _________________________________________________ (1) The balances reflect the combined balances for Partnership X, Fund X and the Opportunity Fund through November 20, 2019 and the balances for Partnership X from November 21, 2019 through December 31, 2019. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2019 | |
Other Assets [Abstract] | |
Other Assets | Other Assets (In thousands) December 31, 2019 December 31, 2018 Restricted cash $ 121 $ 121 Prepaid expenses 8,711 7,830 Other indefinite-lived intangibles 1,988 1,988 Furniture, fixtures and equipment, net 2,368 1,101 Other 3,233 3,719 Total other assets $ 16,421 $ 14,759 |
Secured Notes Payable and Revol
Secured Notes Payable and Revolving Credit Facility, Net | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Secured Notes Payable and Revolving Credit Facility, Net | Secured Notes Payable and Revolving Credit Facility, Net Description Maturity Date (1) Principal Balance as of December 31, 2019 Principal Balance as of December 31, 2018 Variable Interest Rate Fixed Interest Rate (2) Swap Maturity Date (In thousands) Wholly-Owned Subsidiaries Fannie Mae loan (3) — $ — $ 145,000 — — — Fannie Mae loan (3) — — 115,000 — — — Term loan (3) — — 220,000 — — — Term loan (3) — — 340,000 — — — Term loan (3) — — 400,000 — — — Term loan (3) — — 180,000 — — — Term loan (3) — — 360,000 — — — Term loan (4) 1/1/2024 300,000 300,000 LIBOR + 1.55% 3.46% 1/1/2022 Term loan (4) 3/3/2025 335,000 335,000 LIBOR + 1.30% 3.84% 3/1/2023 Fannie Mae loan (4)(5) 4/1/2025 102,400 102,400 LIBOR + 1.25% 2.84% 3/1/2023 Term loan (4)(6)(7) 8/15/2026 415,000 — LIBOR + 1.10% 2.58% 8/1/2025 Term loan (4)(6) 9/19/2026 400,000 — LIBOR + 1.15% 2.44% 9/1/2024 Term loan (4)(6)(8) 9/26/2026 200,000 — LIBOR + 1.20% 2.77% 10/1/2024 Term loan (4)(6)(9) 11/1/2026 400,000 — LIBOR + 1.15% 2.18% 10/1/2024 Fannie Mae loan (4) 6/1/2027 550,000 550,000 LIBOR + 1.37% 3.16% 6/1/2022 Fannie Mae loan (4)(6) 6/1/2029 255,000 — LIBOR + 0.98% 3.26% 6/1/2027 Fannie Mae loan (4)(6)(10) 6/1/2029 125,000 — LIBOR + 0.98% 2.55% 6/1/2027 Term loan (11) 6/1/2038 30,864 31,582 N/A 4.55% N/A Revolving credit facility (12) 8/21/2023 — 105,000 LIBOR + 1.15% N/A N/A Total Wholly-Owned Subsidiary Debt 3,113,264 3,183,982 Consolidated JVs Term loan (4) 2/28/2023 580,000 580,000 LIBOR + 1.40% 2.37% 3/1/2021 Term loan (4)(13) 7/1/2024 400,000 — LIBOR + 1.65% 3.44% 7/1/2022 Term loan (4) 12/19/2024 400,000 400,000 LIBOR + 1.30% 3.47% 1/1/2023 Term loan (4)(6) 6/1/2029 160,000 — LIBOR + 0.98% 3.25% 7/1/2027 Total Consolidated Debt (14) 4,653,264 4,163,982 Unamortized loan premium, net 6,741 3,986 Unamortized deferred loan costs, net (40,947 ) (33,938 ) Total Consolidated Debt, net $ 4,619,058 $ 4,134,030 _____________________________________________________ Except as noted below, each loan (including our revolving credit facility) is non-recourse and secured by one or more separate collateral pools consisting of one or more properties, and requires monthly payments of interest only with the outstanding principal due upon maturity. Certain of our loans require us to pay down the loan if necessary for the properties involved to meet minimum financial thresholds, although we have never had to make such a payment. (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 10 for details of our interest rate swaps. See below for details of our loan costs. (3) At December 31, 2019 , these loans have been paid off. (4) Loan agreement includes a zero -percent LIBOR floor. The corresponding swaps do not include such a floor. (5) The effective rate will decrease to 2.76% on March 2, 2020 . (6) These loans were closed during the twelve months ended December 31, 2019 . (7) Effective rate will increase to 3.07% on April 1, 2020 . (8) Effective rate will decrease to 2.36% on July 1, 2020 . (9) Effective rate will increase to 2.31% on July 1, 2021 . (10) Effective rate will increase to 3.25% on December 1, 2020 . (11) Requires monthly payments of principal and interest. Principal amortization is based upon a 30 -year amortization schedule. (12) In March 2019, we renewed our $400.0 million revolving credit facility, releasing two previously encumbered properties, lowering the borrowing rate and unused facility fees, and extending the maturity date. Unused commitment fees range from 0.10% to 0.15% . The loan agreement includes a zero-percent LIBOR floor. (13) A previously unconsolidated Fund is now treated as a consolidated JV. See Note 3 . (14) The table does not include our unconsolidated Funds' loans - see Note 17 . See Note 14 for our fair value disclosures. Debt Statistics The following table summarizes our consolidated fixed and floating rate debt: (In thousands) Principal Balance as of December 31, 2019 Principal Balance as of December 31, 2018 Aggregate swapped to fixed rate loans $ 4,622,400 $ 3,882,400 Aggregate fixed rate loans 30,864 31,582 Aggregate floating rate loans — 250,000 Total Debt $ 4,653,264 $ 4,163,982 The following table summarizes certain consolidated debt statistics as of December 31, 2019 : Statistics for consolidated loans with interest fixed under the terms of the loan or a swap Principal balance (in billions) $4.65 Weighted average remaining life (including extension options) 6.1 years Weighted average remaining fixed interest period 3.9 years Weighted average annual interest rate 3.00% Future Principal Payments At December 31, 2019 , the minimum future principal payments due on our consolidated secured notes payable and revolving credit facility were as follows: Year ending December 31: Excluding Maturity Extension Options Including Maturity Extension Options (1) (In thousands) 2020 $ 752 $ 752 2021 787 787 2022 300,823 823 2023 915,862 580,862 2024 800,902 1,100,902 Thereafter 2,634,138 2,969,138 Total future principal payments $ 4,653,264 $ 4,653,264 ____________________________________________ (1) Some of our loan agreements require that we meet certain minimum financial thresholds to be able to extend the loan maturity. Loan Costs Deferred loan costs are net of accumulated amortization of $30.7 million and $24.2 million at December 31, 2019 and December 31, 2018 , respectively. The table below presents loan costs, which are included in interest expense in our consolidated statements of operations: Year Ended December 31, (In thousands) 2019 2018 2017 Loan costs expensed $ 1,318 $ 58 $ 557 Deferred loan costs written off 6,865 360 1,802 Deferred loan cost amortization 7,449 7,874 9,033 Total $ 15,632 $ 8,292 $ 11,392 |
Interest Payable, Accounts Paya
Interest Payable, Accounts Payable and Deferred Revenue | 12 Months Ended |
Dec. 31, 2019 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Interest Payable, Accounts Payable and Deferred Revenue | Interest Payable, Accounts Payable and Deferred Revenue (In thousands) December 31, 2019 December 31, 2018 Interest payable $ 11,707 $ 10,657 Accounts payable and accrued liabilities 66,437 75,111 Deferred revenue 53,266 44,386 Total interest payable, accounts payable and deferred revenue $ 131,410 $ 130,154 |
Derivative Contracts
Derivative Contracts | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Contracts | Derivative Contracts Derivative Summary As of December 31, 2019 , all of our interest rate swaps, which include the interest rate swaps of our consolidated JVs and our unconsolidated Fund, were designated as cash flow hedges: Number of Interest Rate Swaps Notional (In thousands) Consolidated derivatives (1)(2)(4)(5) 43 $ 5,124,800 Unconsolidated Fund's derivative (3)(4)(5) 1 $ 110,000 ___________________________________________________ (1) The notional amount reflects 100% , not our pro-rata share, of our consolidated JVs' derivatives. (2) Includes forward swaps with a total notional of $502.4 million . (3) The notional amount reflects 100% , not our pro-rata share, of our unconsolidated Fund's derivatives. (4) Our derivative contracts do not provide for right of offset between derivative contracts. (5) See Note 14 for our derivative fair value disclosures. Credit-risk-related Contingent Features Our swaps include credit-risk related contingent features. For example, we have agreements with certain of our interest rate swap counterparties that contain a provision under which we could be declared in default on our derivative obligations if repayment of the underlying indebtedness that we are hedging is accelerated by the lender due to our default on the indebtedness. As of December 31, 2019 , there have been no events of default with respect to our interest rate swaps, our consolidated JVs' swaps or our unconsolidated Fund's interest rate swap. We do not post collateral for our interest rate swap contract liabilities. The fair value of our interest rate swap contract liabilities, including accrued interest and excluding credit risk adjustments, was as follows: (In thousands) December 31, 2019 December 31, 2018 Consolidated derivatives (1) $ 56,896 $ 1,681 Unconsolidated Fund's derivatives (2) $ — $ — ___________________________________________________ (1) Includes 100% , not our pro-rata share, of our consolidated JVs' derivatives. (2) Our unconsolidate d Fund did not have any derivatives in a liability position. Counterparty Credit Risk We are subject to credit risk from the counterparties on our interest rate swap contract assets because we do not receive collateral. We seek to minimize that risk by entering into agreements with a variety of high quality counterparties with investment grade ratings. The fair value of our interest rate swap contract assets, including accrued interest and excluding credit risk adjustments, was as follows: (In thousands) December 31, 2019 December 31, 2018 Consolidated derivatives (1) $ 23,275 $ 76,021 Unconsolidated Fund's derivative (2) $ 963 $ 12,576 ___________________________________________________ (1) Includes 100% , not our pro-rata share, of our consolidated JVs' derivatives. (2) The amounts reflect 100% , not our pro-rata share, of our unconsolidated Fund's derivative. Impact of Hedges on AOCI and the Consolidated Statements of Operations The table below presents the effect of our derivatives on our AOCI and the consolidated statements of operations: (In thousands) Year Ended December 31, 2019 2018 2017 Derivatives Designated as Cash Flow Hedges: Consolidated derivatives: Gain recorded in AOCI - adoption of ASU 2017-12 (1) $ — $ 211 $ — (Loss) gain recorded in AOCI before reclassifications (1) $ (76,273 ) $ 22,723 $ 16,512 (Gain) loss reclassified from AOCI to Interest Expense (1) $ (24,298 ) $ (10,103 ) $ 13,976 Interest Expense presented in the consolidated statements of operations $ (143,308 ) $ (133,402 ) $ (145,176 ) Loss (gain) related to ineffectiveness recorded in Interest Expense $ — $ — $ 51 Unconsolidated Funds' derivatives (our share) (2) : (Loss) gain recorded in AOCI before reclassifications (1) $ (5,023 ) $ 3,052 $ 3,275 (Gain) loss reclassified from AOCI to Income from unconsolidated Funds (1) $ (1,698 ) $ (813 ) $ 527 Income from unconsolidated Funds presented in the consolidated statements of operations $ 6,923 $ 6,400 $ 5,905 __________________________________________________ (1) See Note 11 for our AOCI reconciliation. (2) We calculate our share by multiplying the total amount for each Fund by our equity interest in the respective Fund. Future Reclassifications from AOCI At December 31, 2019 , our estimate of the AOCI related to derivatives designated as cash flow hedges that will be reclassified to earnings during the next year as interest rate swap payments are made, is as follows: (In thousands) Consolidated derivatives: Losses to be reclassified from AOCI to Interest Expense $ (2,461 ) Unconsolidated Fund's derivatives (our share): Gains to be reclassified from AOCI to Income from unconsolidated Funds $ 235 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Equity | Equity Transactions 2019 Transactions During the year ended December 31, 2019 , (i) we acquired 222 thousand OP Units in exchange for issuing an equal number of shares of our common stock to the holders of the OP Units, (ii) we acquired 19 thousand OP Units and fully-vested LTIP Units for $734 thousand in cash, and (iii) we issued 4.9 million shares of our common stock under our ATM program for net proceeds of $201.0 million . We purchased a property on June 7, 2019 for a contract price of $365.1 million , which we subsequently contributed to one of our consolidated JVs on June 28, 2019. We manage and own a twenty percent capital interest in the JV. The acquisition and related working capital was funded with (i) a secured, non-recourse $160.0 million interest-only loan scheduled to mature in June 2029, which was assumed by the consolidated JV to which we contributed the property, (ii) a $44.0 million capital contribution by us to the JV, and (iii) a $176.0 million capital contribution by Noncontrolling interests in the JV. See Note 3 for more information regarding the property acquisition and Note 8 for more information regarding the loan. On November 21, 2019, we acquired an additional 16.3% of the equity in one of our previously unconsolidated Funds, Fund X, in exchange for $76.9 million in cash and 332 thousand OP Units valued at $14.4 million , which increased our ownership in the Fund to 89.0% . See Note 3 for more information regarding the consolidation of the JV and note 6 for more information regarding our Funds. 2018 Transactions During 2018 , we (i) acquired 629 thousand OP Units in exchange for issuing an equal number of shares of our common stock to the holders of the OP Units, (ii) acquired 3 thousand OP Units for $108 thousand in cash and (iii) issued 21 thousand shares of our common stock for the exercise of 49 thousand stock options on a net settlement basis (net of the exercise price and related taxes). 2017 Transactions During 2017 , we or our Operating Partnership, (i) acquired 1.1 million OP Units in exchange for issuing an equal number of shares of our common stock to the holders of the OP Units, (ii) issued 1.3 million shares of our common stock for the exercise of 3.9 million stock options on a net settlement basis (net of the exercise price and related taxes), (iii) issued 15.7 million shares of our common stock under our ATM program for net proceeds of $593.3 million , and (iv) issued 2.6 million OP Units valued at $105.7 million in connection with the acquisition of the 9401 Wilshire office property, of which we subsequently acquired 248 thousand OP Units for $10.1 million in cash. One of our JVs acquired three office properties, 1299 Ocean Avenue, 429 Santa Monica and 9665 Wilshire, for which investors contributed $284.0 million directly to the JV. 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 owned 29.1 million OP Units and fully-vested LTIP Units, and represented approximately 14% of our Operating Partnership's total outstanding interests as of December 31, 2019 when we owned 175.4 million OP Units (to match our 175.4 million shares of outstanding common stock). A share of our common stock, an OP Unit and an LTIP Unit (once vested and booked up) have essentially the same economic characteristics, sharing equally in the distributions from our Operating Partnership. Investors who own OP Units have the right to cause our Operating Partnership to acquire their OP Units for an amount of cash per unit equal to the market value of one share of our common stock at the date of acquisition, or, at our election, exchange their OP Units for shares of our common stock on a one-for-one b asis. LTIP Units have been granted to our employees and non-employee directors as part of their compensation. These awards generally vest over a service period and once vested can generally be converted to OP Units provided our stock price increases by more than a specified hurdle. Changes in our Ownership Interest in our Operating Partnership The table below presents the effect on our equity from net income attributable to common stockholders and changes in our ownership interest in our Operating Partnership: Year Ended December 31, (In thousands) 2019 2018 2017 Net income attributable to common stockholders $ 363,713 $ 116,086 $ 94,443 Transfers from noncontrolling interests: Exchange of OP Units with noncontrolling interests 3,540 10,292 14,242 Repurchase of OP Units from noncontrolling interests (431 ) (59 ) (6,764 ) Net transfers from noncontrolling interests 3,109 10,233 7,478 Change from net income attributable to common stockholders and transfers from noncontrolling interests $ 366,822 $ 126,319 $ 101,921 AOCI Reconciliation (1) The table below presents a reconciliation of our AOCI, which consists solely of adjustments related to derivatives designated as cash flow hedges: Year Ended December 31, (In thousands) 2019 2018 2017 Beginning balance $ 53,944 $ 43,099 $ 15,156 Adoption of ASU 2017-12 - cumulative opening balance adjustment — 211 — Consolidated derivatives: Other comprehensive (loss) gain before reclassifications (76,273 ) 22,723 16,512 Reclassification of (gain) loss from AOCI to Interest Expense (24,298 ) (10,103 ) 13,976 Unconsolidated Funds' derivatives (our share) (2) : Other comprehensive (loss) gain before reclassifications (5,023 ) 3,052 3,275 Reclassification of (gain) loss from AOCI to Income from unconsolidated Funds (1,698 ) (813 ) 527 Net current period OCI (107,292 ) 15,070 34,290 OCI attributable to noncontrolling interests 35,886 (4,225 ) (6,347 ) OCI attributable to common stockholders (71,406 ) 10,845 27,943 Ending balance $ (17,462 ) $ 53,944 $ 43,099 __________________________________________________ (1) See Note 10 for the details of our derivatives and Note 14 for our derivative fair value disclosures. (2) We calculate our share by multiplying the total amount for each Fund by our equity interest in the respective Fund. Dividends (unaudited) Our common stock dividends paid during 2019 are classified for federal income tax purposes as follows: Record Date Paid Date Dividend Per Share Ordinary Income % Capital Gain % Return of Capital % Section 199A Dividend % 12/31/2018 1/15/2019 $ 0.26 51.8 % — % 48.2 % 51.8 % 3/29/2019 4/16/2019 0.26 51.8 % — % 48.2 % 51.8 % 6/28/2019 7/12/2019 0.26 51.8 % — % 48.2 % 51.8 % 9/30/2019 10/16/2019 0.26 51.8 % — % 48.2 % 51.8 % Total / Weighted Average $ 1.04 51.8 % — % 48.2 % 51.8 % |
EPS
EPS | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
EPS | EPS The table below presents the calculation of basic and diluted EPS: Year Ended December 31, 2019 2018 2017 Numerator (In thousands): Net income attributable to common stockholders $ 363,713 $ 116,086 $ 94,443 Allocation to participating securities: Unvested LTIP Units (1,594 ) (546 ) (626 ) Net income attributable to common stockholders - basic and diluted $ 362,119 $ 115,540 $ 93,817 Denominator (In thousands): Weighted average shares of common stock outstanding - basic 173,358 169,893 160,905 Effect of dilutive securities: Stock options (1) — 9 325 Weighted average shares of common stock and common stock equivalents outstanding - diluted 173,358 169,902 161,230 Net income per common share - basic $ 2.09 $ 0.68 $ 0.58 Net income per common share - diluted $ 2.09 $ 0.68 $ 0.58 ____________________________________________________ (1) There were no outstanding options during the year ended December 31, 2019 . Outstanding OP Units and vested LTIP Units are not included in the denominator in calculating diluted EPS, even though they may be exchanged under certain conditions for common stock on a one-for-one basis, because their associated net income (equal on a per unit basis to the Net income per common share - diluted) was already deducted in calculating Net income attributable to common stockholders. Accordingly, any exchange would not have any effect on diluted EPS. The following table presents the OP Units and vested LTIP Units outstanding for the respective periods: Year Ended December 31, (In thousands) 2019 2018 2017 OP Units 26,465 26,661 24,810 Vested LTIP Units 1,652 813 274 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation 2016 Omnibus Stock Incentive Plan The Douglas Emmett, Inc. 2016 Omnibus Stock Incentive Plan, our stock incentive plan (our "2016 Plan"), permits us to make grants of incentive stock options, non-qualified stock options, stock appreciation rights, deferred stock awards, restricted stock awards, dividend equivalent rights and other stock-based awards. We had an aggregate of 1.8 million shares available for grant as of December 31, 2019 . Awards such as LTIP Units, deferred stock and restricted stock, which deliver the full value of the underlying shares, are counted against the Plan limits as two shares. Awards such as stock options and stock appreciation rights are counted as one share. The number of shares reserved under our 2016 Plan is also subject to adjustment in the event of a stock split, stock dividend or other change in our capitalization. Shares of stock underlying any awards that are forfeited, canceled or otherwise terminated (other than by exercise) are added back to the shares of stock available for future issuance under the 2016 Plan. For options exercised, our policy is to issue common stock on a net settlement basis - net of the exercise price and related taxes. Until it expired in 2016, we made grants under our 2006 Omnibus Stock Incentive Plan (our "2006 Plan"), which was substantially similar to our 2016 Plan. No further awards may be granted under our 2006 Plan, although awards granted under the 2006 Plan in the past and which are still outstanding will continue to be governed by the terms of our 2006 Plan. Our 2016 and 2006 Plans (the "Plans") are administered by the compensation committee of our board of directors. The compensation committee may interpret our Plans and make all determinations necessary or desirable for the administration of our Plans. The committee has full power and authority to select the participants to whom awards will be granted, to make any combination of awards to participants, to accelerate the exercisability or vesting of any award and to determine the specific terms and conditions of each award, subject to the provisions of our 2016 Plan. All officers, employees, directors and other key personnel (including consultants and prospective employees) are eligible to participate in our 2016 Plan. We have made certain awards in the form of a separate series of units of limited partnership interests in our Operating Partnership called LTIP Units, which can be granted either as free-standing awards or in tandem with other awards under our 2016 Plan. Our LTIP Units are valued by reference to the value of our common stock at the time of grant, and are subject to such conditions and restrictions as the compensation committee may determine, including continued employment or service, and/or achievement of pre-established performance goals, financial metrics and other objectives. Once vested, LTIP Units can generally be converted to OP Units on a one for one basis, provided our stock price increases by more than a specified hurdle. Employee Awards We grant stock-based compensation in the form of LTIP Units as a part of our annual incentive compensation to various employees each year, a portion which vests at the date of grant, and the remainder which vests in three equal annual installments over the three calendar years following the grant date. Compensation expense for LTIP Units which are not vested at the grant date is recognized on a straight-line basis over the requisite service period for each separately vesting portion of the award. We have also made long-term grants in the form of LTIP Units to certain employees, which generally vest in equal annual installments over four to five calendar years following the grant date, and some of these grants include a portion which vests at the date of grant. In aggregate, we granted 802 thousand , 898 thousand and 800 thousand LTIP Units to employees during 2019 , 2018 and 2017 , respectively. Non-Employee Director Awards As annual fees for their services, each of our non-employee directors receives a grant of LTIP Units that vests on a quarterly basis during the year the services are rendered, which is the calendar year following the grant date. We granted 38 thousand , 37 thousand and 28 thousand LTIP Units to our non-employee directors during 2019 , 2018 and 2017 , respectively. Compensation Expense At December 31, 2019 , the total unrecognized stock-based compensation expense for unvested LTIP Unit awards was $22.0 million , which will be recognized over a weighted-average term of two years . The table below presents our stock-based compensation expense: Year Ended December 31, (In thousands) 2019 2018 2017 Stock-based compensation expense, net $ 18,359 $ 22,299 $ 18,478 Capitalized stock-based compensation $ 4,698 $ 5,006 $ 2,537 Intrinsic value of options exercised $ — $ 1,196 $ 102,963 Stock-Based Award Activity The table below presents our outstanding stock options activity (1) : 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, 2016 3,969 $ 12.43 27 $ 95,770 Exercised (3,920 ) $ 12.43 $ 102,963 Outstanding at December 31, 2017 49 $ 12.66 16 $ 1,375 Exercised (49 ) $ 12.66 $ 1,196 Outstanding at December 31, 2018 — $ — 0 $ — _________________________________________________ (1) There were no outstanding options during the year ended December 31, 2019 The table below presents our unvested LTIP Units activity: Unvested LTIP Units: Number of Units (Thousands) Weighted Average Grant Date Fair Value Grant Date Fair Value (Thousands) Outstanding at December 31, 2016 1,040 $ 23.46 Granted 828 $ 29.89 $ 24,745 Vested (807 ) $ 25.40 $ 20,497 Forfeited (5 ) $ 31.36 $ 172 Outstanding at December 31, 2017 1,056 $ 26.98 Granted 935 $ 27.01 $ 25,247 Vested (1,036 ) $ 25.82 $ 26,740 Forfeited (10 ) $ 34.18 $ 333 Outstanding at December 31, 2018 945 $ 28.20 Granted 840 $ 31.92 $ 26,821 Vested (826 ) $ 29.13 $ 24,061 Forfeited (35 ) $ 35.41 $ 1,234 Outstanding at December 31, 2019 924 $ 30.48 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 , 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 8 for the details of our secured notes payable. We estimate the fair value of our consolidated secured notes payable by calculating the credit-adjusted present value of the principal and interest payments for each secured note payable. The calculation incorporates observable market interest rates which we consider to be Level 2 inputs, assumes that the loans will be outstanding through maturity, and excludes any maturity extension options. The table below presents the estimated fair value and carrying value of our secured notes payable (excluding our revolving credit facility), the carrying value includes unamortized loan premium and excludes unamortized deferred loan fees: (In thousands) December 31, 2019 December 31, 2018 Fair value $ 4,678,623 $ 4,087,979 Carrying value $ 4,653,264 $ 4,062,968 Ground lease liability: See Note 4 for the details of our ground lease. We estimate the fair value of our ground lease liability by calculating the present value of the future lease payments disclosed in Note 4 using our incremental borrowing rate. The calculation incorporates observable market interest rates which we consider to be Level 2 inputs. The table below presents the estimated fair value and carrying value of our ground lease liability: (In thousands) December 31, 2019 Fair value $ 12,218 Carrying value $ 10,882 Financial instruments measured at fair value Derivative instruments: See Note 10 for the details of our derivatives. We present our derivatives on the balance sheet at fair value, on a gross basis, excluding accrued interest. We estimate the fair value of our derivative instruments by calculating the credit-adjusted present value of the expected future cash flows of each derivative. The calculation incorporates the contractual terms of the derivatives, observable market interest rates which we consider to be Level 2 inputs, and credit risk adjustments to reflect the counterparty's as well as our own nonperformance risk. Our derivatives are not subject to master netting arrangements. The table below presents the estimated fair value of our derivatives: (In thousands) December 31, 2019 December 31, 2018 Derivative Assets: Fair value - c onsolidated derivatives (1) $ 22,381 $ 73,414 Fair value - unconsolidated Funds' derivatives (2) $ 889 $ 12,228 Derivative Liabilities: Fair value - c onsolidated derivatives (1) $ 54,616 $ 1,530 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 sheets. The fair values exclude accrued interest which is included in interest payable in the consolidated balance sheets. (2) Reflects 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 Funds in our consolidated balance sheets. See Note 17 regarding our unconsolidated Funds debt and derivatives. Our unconsolidate d Funds' did not have any derivatives in a liability position for the periods presented. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting Segment information is prepared on the same basis that our management reviews information for operational decision-making purposes. We operate in two business segments: (i) the acquisition, development, ownership and management of office real estate and (ii) the acquisition, development, ownership and management of multifamily real estate. The services for our office segment primarily include rental of office space and other tenant services, including parking and storage space rental. The services for our multifamily segment include rental of apartments and other tenant services, including parking and storage space rental. Asset information by segment is not reported because we do not use this measure to assess performance or make decisions to allocate resources. Therefore, depreciation and amortization expense is not allocated among segments. General and administrative expenses and interest expense are not included in segment profit as our internal reporting addresses these items on a corporate level. The table below presents the operating activity of our reportable segments: (In thousands) Year Ended December 31, 2019 2018 2017 Office Segment Total office revenues $ 816,755 $ 777,931 $ 715,546 Office expenses (264,482 ) (252,751 ) (233,633 ) Office segment profit 552,273 525,180 481,913 Multifamily Segment Total multifamily revenues 119,927 103,385 96,506 Multifamily expenses (33,681 ) (28,116 ) (24,401 ) Multifamily segment profit 86,246 75,269 72,105 Total profit from all segments $ 638,519 $ 600,449 $ 554,018 The table below presents a reconciliation of the total profit from all segments to net income attributable to common stockholders: (In thousands) Year Ended December 31, 2019 2018 2017 Total profit from all segments $ 638,519 $ 600,449 $ 554,018 General and administrative expenses (38,068 ) (38,641 ) (36,234 ) Depreciation and amortization (357,743 ) (309,864 ) (276,761 ) Other income 11,653 11,414 9,712 Other expenses (7,216 ) (7,744 ) (7,037 ) Income from unconsolidated Funds 6,923 6,400 5,905 Interest expense (143,308 ) (133,402 ) (145,176 ) Gain from consolidation of JV 307,938 — — Net income 418,698 128,612 104,427 Less: Net income attributable to noncontrolling interests (54,985 ) (12,526 ) (9,984 ) Net income attributable to common stockholders $ 363,713 $ 116,086 $ 94,443 |
Future Minimum Lease Rental Rec
Future Minimum Lease Rental Receipts | 12 Months Ended |
Dec. 31, 2019 | |
Lessor Disclosure [Abstract] | |
Future Minimum Lease Rental Receipts | Future Minimum Lease Rental Receipts We lease space to tenants primarily under non-cancelable operating leases that generally contain provisions for a base rent plus reimbursement of certain operating expenses, and we own fee interests in two parcels of land from which we receive rent under ground leases. The table below presents the future minimum base rentals on our non-cancelable office tenant and ground leases at December 31, 2019 : Year Ending December 31, (In thousands) 2020 $ 658,016 2021 572,372 2022 484,611 2023 384,866 2024 294,137 Thereafter 691,145 Total future minimum base rentals (1) $ 3,085,147 _____________________________________________________ (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 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. |
Commitments, Contingencies and
Commitments, Contingencies and Guarantees | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Guarantees | Commitments, Contingencies and Guarantees Legal Proceedings From time to time, we are party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of our business. Excluding ordinary, routine litigation incidental to our business, we are not currently a party to any legal proceedings that we believe would reasonably be expected to have a materially adverse effect on our business, financial condition or results of operations. Concentration of Risk We are subject to credit risk with respect to our tenant receivables and deferred rent receivables related to our tenant leases. Our tenants' ability to honor the terms of their respective leases remains dependent upon economic, regulatory and social factors. We seek to minimize our credit risk from our tenant leases by (i) targeting smaller, more affluent tenants, from a diverse mix of industries, (ii) performing credit evaluations of prospective tenants, and (iii) obtaining security deposits or letters of credit from our tenants. In 2019 , 2018 and 2017 , no tenant accounted for more than 10% of our total revenues. See Note 2 for the details of our allowances for tenant receivables and deferred rent receivables. All of our properties, including the properties of our consolidated JVs and our unconsolidated Fund, 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 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 10 for the details of our interest rate contracts. We seek to minimize our credit risk by entering into agreements with a variety of high quality counterparties with investment grade ratings. We have significant cash balances invested in a variety of short-term money market funds that are intended to preserve principal value and maintain a high degree of liquidity while providing current income. These investments are not insured against loss of principal and there is no guarantee that our investments in these funds will be redeemable at par value. We also have significant cash balances in bank accounts with high quality financial institutions with investment grade ratings. Interest bearing bank accounts at each U.S. banking institution are insured by the FDIC up to $250 thousand . Asset Retirement Obligations Conditional asset retirement obligations represent a legal obligation to perform an asset retirement activity in which the timing and/or method of settlement is conditional on a future event that may or may not be within our control. A liability for a conditional asset retirement obligation must be recorded if the fair value of the obligation can be reasonably estimated. Environmental site assessments have identified thirty-two buildings in our Consolidated Portfolio 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, 2019 , the obligations to remove the asbestos from properties which are currently undergoing major renovations, or that we plan to renovate in the future, are not material to our consolidated financial statements. As of December 31, 2019 , the obligations to remove the asbestos from our other properties have indeterminable settlement dates, and we are unable to reasonably estimate the fair value of the associated conditional asset retirement obligations. Development and Other Contracts In West Los Angeles, we are building a high-rise apartment building with 376 apartments. We expect construction to take about three years . In downtown Honolulu, at 1132 Bishop Street, we are converting a 25 story, 490,000 square foot office tower into approximately 500 apartments. We expect the conversion to occur in phases over a number of years as the office space is vacated. As of December 31, 2019 , we had an aggregate remaining contractual commitment for these development projects of approximately $233.3 million . As of December 31, 2019 , we had an aggregate remaining contractual commitment for repositionings, capital expenditure projects and tenant improvements of approximately $24.6 million . Guarantees We have made certain environmental and other limited indemnities and guarantees covering customary non-recourse carve- outs for our unconsolidated Fund's debt. We have also guaranteed the related swap. Our Fund has agreed to indemnify us for any amounts that we would be required to pay under these agreements. As of December 31, 2019 , 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 Fund's debt as of December 31, 2019 . The amounts represent 100% (not our pro-rata share) of the amounts related to our Funds: Fund (1) Loan Maturity Date Principal Balance (In thousands) Variable Interest Rate Swap Fixed Interest Rate Swap Maturity Date Partnership X (2)(3) 3/1/2023 $ 110,000 LIBOR + 1.40% 2.30% 3/1/2021 ___________________________________________________ (1) See Note 6 for more information regarding our unconsolidated Fund. (2) Floating rate term loan, swapped to fixed, which is secured by two properties and requires monthly payments of interest only, with the outstanding principal due upon maturity. As of December 31, 2019 , assuming a zero -percent LIBOR interest rate during the remaining life of the swap, the maximum future payments under the swap agreement were $1.2 million . (3) Loan agreement includes a zero -percent LIBOR floor. The corresponding swap does not include such a floor. |
Quarterly Financial Information
Quarterly Financial Information (unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (unaudited) | Quarterly Financial Information (unaudited) The tables below present selected quarterly information for 2019 and 2018 : Three Months Ended (In thousands, except per share amounts) March 31, June 30, 2019 September 30, 2019 December 31, 2019 Total revenue $ 224,186 $ 230,534 $ 238,069 $ 243,893 Net income before noncontrolling interests $ 32,788 $ 39,860 $ 23,421 $ 322,629 Net income attributable to common stockholders $ 28,701 $ 33,966 $ 22,488 $ 278,558 Net income per common share - basic $ 0.17 $ 0.20 $ 0.13 $ 1.58 Net income per common share - diluted $ 0.17 $ 0.20 $ 0.13 $ 1.58 Weighted average shares of common stock outstanding - basic 170,221 172,498 175,278 175,356 Weighted average shares of common stock and common stock equivalents outstanding - diluted 170,221 172,498 175,278 175,356 Three Months Ended (In thousands, except per share amounts) March 31, June 30, 2018 September 30, 2018 December 31, 2018 Total revenue $ 212,247 $ 219,469 $ 223,308 $ 226,292 Net income before noncontrolling interests $ 32,631 $ 37,033 $ 35,416 $ 23,532 Net income attributable to common stockholders $ 28,206 $ 31,684 $ 30,561 $ 25,635 Net income per common share - basic $ 0.17 $ 0.19 $ 0.18 $ 0.15 Net income per common share - diluted $ 0.17 $ 0.19 $ 0.18 $ 0.15 Weighted average shares of common stock outstanding - basic 169,601 169,916 169,926 170,121 Weighted average shares of common stock and common stock equivalents outstanding - diluted 169,625 169,926 169,931 170,121 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In January 2020, there was a fire in one of our buildings at our Barrington Plaza apartment property. We carry comprehensive liability and property insurance covering all of the properties in our portfolio under blanket insurance policies and we do not currently expect the event to have a material impact on our financial position and results of operations. |
Schedule III - Consolidated Rea
Schedule III - Consolidated Real Estate and Accumulated Depreciation and Amortization | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Consolidated Real Estate and Accumulated Depreciation and Amortization | Initial Cost Cost Capitalized Subsequent to Acquisition Gross Carrying Amount Property Name Encumb-rances Land Building & Improve-ments (2) Improve-ments (2)(3) Land Building & Improve-ments (2) Total (5) Accumulated Depreciation & Amortization Year Built / Renovated Year Acquired Office Properties 100 Wilshire $ 252,034 $ 12,769 $ 78,447 $ 151,175 $ 27,108 $ 215,283 $ 242,391 $ 73,429 1968/2002/2019 1999 233 Wilshire 62,962 9,263 130,426 3,549 9,263 133,975 143,238 14,268 1975/2008-2009 2016 401 Wilshire — 9,989 29,187 129,932 21,787 147,321 169,108 47,259 1981/2000/2019 1996 429 Santa Monica 33,691 4,949 72,534 3,086 4,949 75,620 80,569 6,978 1982/2016 2017 1132 Bishop Street — 8,317 105,651 55,172 8,833 160,307 169,140 87,669 1992 2004 1299 Ocean 124,699 22,748 265,198 15,300 22,748 280,498 303,246 22,015 1980/2006/2019 2017 1901 Avenue of the Stars — 18,514 131,752 114,260 26,163 238,363 264,526 86,611 1968/2001 2001 2001 Wilshire (4) 36,000 5,711 81,622 151 5,711 81,773 87,484 273 1980/2013 2008 8383 Wilshire (4) 138,000 18,005 328,118 695 18,005 328,813 346,818 1,076 1971/2009 2008 8484 Wilshire (1) — 8,846 77,780 16,101 8,846 93,881 102,727 21,021 1972/2013 2013 9100 Wilshire (4) 115,000 13,455 258,329 518 13,455 258,847 272,302 807 1971/2016 2008 9401 Wilshire 30,864 6,740 152,310 12,743 6,740 165,053 171,793 10,617 1971/2019 2017 9601 Wilshire — 16,597 54,774 105,395 17,658 159,108 176,766 57,708 1962/2004 2001 9665 Wilshire 77,445 5,568 177,072 18,550 5,568 195,622 201,190 12,887 1971/2019 2017 10880 Wilshire 198,794 29,995 437,514 31,763 29,988 469,284 499,272 53,543 1970/2009/2019 2016 10960 Wilshire 201,893 45,844 429,769 27,072 45,852 456,833 502,685 54,210 1971/2006 2016 11777 San Vicente 44,412 5,032 15,768 29,600 6,714 43,686 50,400 16,119 1974/1998 1999 12100 Wilshire 101,203 20,164 208,755 8,255 20,164 217,010 237,174 26,206 1985 2016 12400 Wilshire — 5,013 34,283 76,442 8,828 106,910 115,738 38,680 1985 1996 15250 Ventura (4) 26,000 2,130 48,907 139 2,130 49,046 51,176 211 1970/2012 2008 16000 Ventura (4) 42,000 1,936 89,531 301 1,936 89,832 91,768 325 1980/2011 2008 16501 Ventura 42,944 6,759 53,112 11,387 6,759 64,499 71,258 15,359 1986/2012 2013 Beverly Hills Medical Center — 4,955 27,766 28,814 6,435 55,100 61,535 20,186 1964/2004 2004 Bishop Square 200,000 16,273 213,793 31,072 16,273 244,865 261,138 70,903 1972/1983 2010 Brentwood Court — 2,564 8,872 524 2,563 9,397 11,960 3,653 1984 2006 Brentwood Executive Plaza — 3,255 9,654 32,710 5,921 39,698 45,619 14,519 1983/1996 1995 Brentwood Medical Plaza — 5,934 27,836 1,285 5,933 29,122 35,055 11,088 1975 2006 Brentwood San Vicente Medical — 5,557 16,457 1,180 5,557 17,637 23,194 6,782 1957/1985 2006 Brentwood/Saltair — 4,468 11,615 11,766 4,775 23,074 27,849 8,845 1986 2000 Bundy/Olympic — 4,201 11,860 29,078 6,030 39,109 45,139 14,450 1991/1998 1994 Camden Medical Arts 42,276 3,102 12,221 27,853 5,298 37,878 43,176 13,704 1972/1992 1995 Carthay Campus — 6,595 70,454 6,241 6,594 76,696 83,290 15,396 1965/2008 2014 Century Park Plaza 173,000 10,275 70,761 132,532 16,153 197,415 213,568 60,946 1972/1987/2019 1999 Century Park West (1) — 3,717 29,099 (1,050 ) 3,667 28,099 31,766 10,038 1971 2007 Columbus Center — 2,096 10,396 9,569 2,333 19,728 22,061 7,439 1987 2001 Coral Plaza — 4,028 15,019 18,918 5,366 32,599 37,965 12,051 1981 1998 Cornerstone Plaza (1) — 8,245 80,633 7,135 8,263 87,750 96,013 30,052 1986 2007 Encino Gateway — 8,475 48,525 55,246 15,653 96,593 112,246 35,614 1974/1998 2000 Encino Plaza — 5,293 23,125 47,991 6,165 70,244 76,409 26,809 1971/1992 2000 Encino Terrace 105,565 12,535 59,554 94,108 15,533 150,664 166,197 53,418 1986 1999 Executive Tower (1) — 6,660 32,045 59,549 9,471 88,783 98,254 34,753 1989 1995 Initial Cost Cost Capitalized Subsequent to Acquisition Gross Carrying Amount Property Name Encumb-rances Land Building & Improve-ments (2) Improve- (2)(3) Land Building & Improve-ments (2) Total (5) Accumulated Depreciation & Amortization Year Built / Renovated Year Acquired Office Properties (continued) First Financial Plaza 54,077 12,092 81,104 3,635 12,092 84,739 96,831 13,474 1986 2015 Gateway Los Angeles — 2,376 15,302 49,327 5,119 61,886 67,005 23,283 1987 1994 Harbor Court — 51 41,001 48,087 12,060 77,079 89,139 24,518 1994 2004 Honolulu Club — 1,863 16,766 5,896 1,863 22,662 24,525 9,089 1980 2008 Landmark II — 6,086 109,259 67,669 13,070 169,944 183,014 61,622 1989 1997 Lincoln/Wilshire — 3,833 12,484 23,598 7,475 32,440 39,915 10,883 1996 2000 MB Plaza — 4,533 22,024 33,600 7,503 52,654 60,157 18,784 1971/1996 1998 Olympic Center 52,000 5,473 22,850 34,804 8,247 54,880 63,127 19,807 1985/1996 1997 One Westwood (1) — 10,350 29,784 63,393 9,194 94,333 103,527 34,093 1987/2004 1999 Palisades Promenade — 5,253 15,547 54,541 9,664 65,677 75,341 23,435 1990 1995 Saltair/San Vicente 21,533 5,075 6,946 16,739 7,557 21,203 28,760 8,044 1964/1992 1997 San Vicente Plaza — 7,055 12,035 (61 ) 7,055 11,974 19,029 4,798 1985 2006 Santa Monica Square 48,500 5,366 18,025 21,723 6,863 38,251 45,114 13,974 1983/2004 2001 Second Street Plaza — 4,377 15,277 36,308 7,421 48,541 55,962 17,963 1991 1997 Sherman Oaks Galleria 300,000 33,213 17,820 410,836 48,328 413,541 461,869 150,971 1981/2002 1997 Studio Plaza — 9,347 73,358 122,044 15,015 189,734 204,749 68,366 1988/2004 1995 The Tower 65,969 9,643 160,602 4,196 9,643 164,798 174,441 20,889 1988/1998 2016 The Trillium (1) — 20,688 143,263 85,509 21,989 227,471 249,460 80,180 1988 2005 Valley Executive Tower 104,000 8,446 67,672 104,500 11,737 168,881 180,618 60,805 1984 1998 Valley Office Plaza — 5,731 24,329 46,172 8,957 67,275 76,232 24,902 1966/2002 1998 Verona — 2,574 7,111 15,131 5,111 19,705 24,816 7,106 1991 1997 Village on Canon 61,745 5,933 11,389 50,012 13,303 54,031 67,334 19,444 1989/1995 1994 Warner Center Towers 335,000 43,110 292,147 421,607 59,418 697,446 756,864 256,107 1982-1993/2004 2002 Warner Corporate Center (4) 43,000 11,035 65,799 335 11,035 66,134 77,169 298 1988/2015 2008 Westside Towers 141,915 8,506 79,532 82,034 14,568 155,504 170,072 56,383 1985 1998 Westwood Center 113,343 9,512 259,341 12,344 9,513 271,684 281,197 33,966 1965/2000 2016 Westwood Place 71,000 8,542 44,419 52,040 11,448 93,553 105,001 33,866 1987 1999 Multifamily Properties 555 Barrington 50,000 6,461 27,639 40,435 14,903 59,632 74,535 21,850 1989 1999 Barrington Plaza 210,000 28,568 81,485 153,858 58,208 205,703 263,911 75,202 1963/1998 1998 Barrington/Kiowa 13,940 5,720 10,052 656 5,720 10,708 16,428 3,979 1974 2006 Barry 11,370 6,426 8,179 549 6,426 8,728 15,154 3,340 1973 2006 Kiowa 5,470 2,605 3,263 421 2,605 3,684 6,289 1,378 1972 2006 Moanalua Hillside Apartments 255,000 24,791 157,353 119,348 35,365 266,127 301,492 47,725 1968/2004/2019 2005 Pacific Plaza 78,000 10,091 16,159 74,021 27,816 72,455 100,271 25,820 1963/1998 1999 The Glendon 160,000 32,773 335,925 467 32,775 336,390 369,165 6,028 2008 2019 The Shores 212,000 20,809 74,191 199,491 60,555 233,936 294,491 82,309 1965-67/2002 1999 Villas at Royal Kunia 94,220 42,887 71,376 14,961 35,163 94,061 129,224 38,965 1990/1995 2006 Waena Apartments 102,400 26,864 119,273 1,502 26,864 120,775 147,639 16,852 1970/2009-2014 2014 Initial Cost Cost Capitalized Subsequent to Acquisition Gross Carrying Amount Property Name Encumb-rances Land Building & Improve-ments (2) Improve- (2)(3) Land Building & Improve-ments (2) Total (5) Accumulated Depreciation & Amortization Year Built / Renovated Year Acquired Ground Lease Owensmouth/Warner (1) — 23,848 — — 23,848 — 23,848 — N/A 2006 Total Operating Properties $ 4,653,264 $ 878,478 $ 6,610,605 $ 3,877,835 $ 1,152,684 $ 10,214,234 $ 11,366,918 $ 2,518,415 Property Under Development 1132 Bishop Street Conversion $ — $ — $ — $ 16,818 $ — $ 16,818 $ 16,818 $ — N/A N/A Landmark II Development — 13,070 — 79,703 13,070 79,703 92,773 — N/A N/A Other Developments — — — 2,124 — 2,124 2,124 — N/A N/A Total Property Under Development $ — $ 13,070 $ — $ 98,645 $ 13,070 $ 98,645 $ 111,715 $ — Total $ 4,653,264 $ 891,548 $ 6,610,605 $ 3,976,480 $ 1,165,754 $ 10,312,879 $ 11,478,633 $ 2,518,415 _____________________________________________________ (1) These properties are encumbered by our revolving credit facility, which had a zero balance as of December 31, 2019 . (2) Includes tenant improvements and lease intangibles. (3) Net of fully depreciated and amortized tenant improvements and lease intangibles removed from our books. (4) A previously unconsolidated Fund is now treated as a consolidated JV. (5) At December 31, 2019 , the aggregate federal income tax cost basis for consolidated real estate was $7.91 billion (unaudited). The table below presents a reconciliation of our investment in real estate: Year Ended December 31, 2019 2018 2017 Investment in real estate, gross Beginning balance $ 10,030,708 $ 9,829,208 $ 8,998,120 Property acquisitions 368,698 — 707,120 Consolidation of JV 924,578 — — Improvements and developments 242,854 277,229 177,655 Removal of fully depreciated and amortized tenant improvements and lease intangibles (88,205 ) (75,729 ) (53,687 ) Ending balance $ 11,478,633 $ 10,030,708 $ 9,829,208 Accumulated depreciation and amortization Beginning balance $ (2,246,887 ) $ (2,012,752 ) $ (1,789,678 ) Depreciation and amortization (357,743 ) (309,864 ) (276,761 ) Other accumulated depreciation and amortization (1,990 ) — — Removal of fully depreciated and amortized tenant improvements and lease intangibles 88,205 75,729 53,687 Ending balance $ (2,518,415 ) $ (2,246,887 ) $ (2,012,752 ) Investment in real estate, net $ 8,960,218 $ 7,783,821 $ 7,816,456 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with US 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. |
Acquisitions and Initial Consolidation of VIEs | Acquisitions and Initial Consolidation of VIEs We account for property acquisitions as asset acquisitions, and include the acquired properties results of operations in our results of operations from the respective acquisition date. We allocate the purchase price for asset acquisitions, which includes the capitalized transaction costs, and for the properties upon the initial consolidation of VIEs not determined to be a business, on a relative fair value basis to: (i) land, (ii) buildings and improvements, (iii) tenant improvements and identifiable intangible assets such as in-place at-market leases, (iv) acquired above- and below-market ground and tenant leases (including for renewal options), and if applicable (v) assumed debt and (vi) assumed interest rate swaps, based upon comparable sales for land, and the income approach using our estimates of expected future cash flows and other valuation techniques, which include but are not limited to, our estimates of rental rates, revenue growth rates, capitalization rates and discount rates, for other assets and liabilities. We estimate the relative fair values of the tangible assets on an ‘‘as-if-vacant’’ basis. The estimated relative fair value of acquired in-place at-market leases are the estimated costs to lease the property to the occupancy level at the date of acquisition, including the fair value of leasing commissions and legal costs. We evaluate the time period over which we expect such occupancy level to be achieved and include an estimate of the net operating costs (primarily real estate taxes, insurance and utilities) incurred during the lease-up period. Above- and below-market ground and tenant leases are recorded as an asset or liability based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between the contractual amounts to be paid or received pursuant to the in-place ground or tenant leases, respectively, and our estimate of the fair market rental rates for the corresponding in-place leases, over the remaining non-cancelable term of the lease. Assumed debt is recorded at fair value based upon the present value of the expected future payments and current interest rates. See Note 3 for our property acquisition disclosures. |
Depreciation | Depreciation Buildings and improvements are depreciated on a straight-line basis using an estimated life of forty years for buildings and fifteen years for improvements, and are carried on our balance sheet, offset by the related accumulated depreciation and any impairment charges, until they are sold. Tenant improvements are depreciated on a straight-line basis over the life of the related lease, with any remaining balance depreciated in the period of any early lease termination. Acquired in-place leases are amortized on a straight line basis over the weighted average remaining term of the acquired in-place leases, and are carried on our balance sheet, offset by the related accumulated amortization, until the related building is either sold or impaired. Lease intangibles are amortized on a straight-line basis over the related lease term, with any remaining balance amortized in the period of any early lease termination. Acquired above- and below-market tenant leases are amortized/accreted on a straight line basis over the life of the related lease and recorded as either an increase (for below-market leases) or a decrease (for above-market leases) to rental revenue. Acquired above- and below-market ground leases, from which we earn ground rent income, are amortized/accreted on a straight line basis over the life of the related lease and recorded either as an increase (for below-market leases) or a decrease (for above-market leases) to rental revenue. Acquired above- and below-market ground leases, for which we incur ground rent expense, are accreted/ amortized over the life of the related lease and recorded either as an increase (for below-market leases) or a decrease (for above-market leases) to expense. We accelerate depreciation for affected assets when we renovate our buildings or existing buildings are impacted by new developments. 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. |
Real Estate Held for Sale | Real Estate Held for Sale |
Dispositions | Dispositions |
Cost Capitalization | Cost capitalization |
Ground Leases | Ground Leases We account for our ground lease, for which we are the lessee, in accordance with Topic 842 "Leases", which we adopted on January 1, 2019 on a prospective basis, see New Accounting Pronouncements further below. Upon adoption of the ASU, we continued to classify the lease as an operating lease, and we recognized a right-of-use asset for the land and a lease liability for the future lease payments of $10.9 million . We calculated the carrying value of the right-of-use asset and lease liability by discounting the future lease payments using our incremental borrowing rate. We adjusted the right-of-use asset carrying value for a related above-market ground lease liability of $3.4 million , which reduced the carrying value of the asset to $7.5 million |
Investment in Unconsolidated Funds | Investment in Unconsolidated Funds |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets |
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. |
Rental Revenue and Tenant Recoveries | Rental Revenues and Tenant Recoveries We account for our rental revenues and tenant recoveries in accordance with Topic 842 "Leases", which we adopted on January 1, 2019 on a modified retrospective basis, see New Accounting Pronouncements further below. Topic 842 did not significantly change our accounting policy for recognizing rental revenues and tenant recoveries, and we adopted a practical expedient which allows us to account for our rental revenues and tenant recoveries on a combined basis. Rental revenues and tenant recoveries from tenant leases are included in Rental revenues and tenant recoveries in the consolidated statements of operations. All of our tenant leases are classified as operating leases. For lease terms exceeding one year, rental income is recognized on a straight-line basis over the lease term. Deferred rent receivables represent rental revenue recognized on a straight-line basis in excess of billed rents. If a lease is canceled then the deferred rent is recognized over the new remaining lease term. We recognized straight line rent of $10.1 million , $18.8 million and $12.9 million during 2019 , 2018 and 2017 , respectively. Rental revenue from month-to-month leases or leases with no scheduled rent increases or other adjustments is recognized on a monthly basis when earned. Lease termination fees, which are included in Rental revenues and tenant recoveries in the consolidated statements of operations, are recognized on a straight line basis over the new remaining lease term when the related lease is canceled. We recognized lease termination revenue of $0.5 million , $1.6 million and $2.1 million during 2019 , 2018 and 2017 , respectively. Tenant improvements constructed, and owned by us, and reimbursed by tenants are recorded as our assets, and the related revenue, which are included in Rental revenues and tenant recoveries in the consolidated statements of operations, is recognized over the related lease term. We recognized revenue for reimbursement of tenant improvements of $5.8 million , $3.5 million and $2.6 million during 2019 , 2018 and 2017 , respectively. Estimated tenant recoveries for real estate taxes, common area maintenance and other recoverable operating expenses, which are included in Rental revenues and tenant recoveries in the consolidated statements of operations, are recognized as revenue on a gross basis in the period that the recoverable expenses are incurred. Subsequent to year-end, we perform reconciliations on a lease-by-lease basis and bill or credit each tenant for any differences between the estimated expenses we billed to the tenant and the actual expenses incurred. In accordance with Topic 842, if collectibility of the lease payments is not probable at the commencement date, then we limit the lease income to the lesser of the income recognized on a straight-line basis or cash basis. If our assessment of collectibility changes after the commencement date, we record the difference between the lease income that would have been recognized on a straight-line basis and cash basis as a current-period adjustment to lease income. We elected to adopt the complete impairment model guidance within Topic 842. Under this model, commencing on January 1, 2019, we no longer maintain a general reserve related to our receivables, and instead analyze, on a lease-by-lease basis, whether amounts due under the operating lease are deemed probable for collection. We write off tenant and deferred rent receivables as a charge against rental revenue in the period we determine the lease payments are not probable for collection. |
Office Parking Revenues | Office Parking Revenues |
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 |
Leasing Costs | Leasing Costs We account for our leasing costs in accordance with Topic 842 "Leases", which we adopted on January 1, 2019 on a modified retrospective basis, see New Accounting Pronouncements further below. In accordance with Topic 842, we capitalize initial direct costs of a lease, which are costs that would not have been incurred had the lease not been executed. Costs to negotiate a lease that would have been incurred regardless of whether the lease was executed, such as employee salaries, are not considered to be initial direct costs, and are expensed. Prior to January 1, 2019, we capitalized most of our leasing costs. |
Loan Costs | Loan Costs Loan costs incurred directly with the issuance of secured notes payable and revolving credit facilities are deferred and amortized to interest expense over the respective loan or credit facility term. Any unamortized amounts are written off upon early repayment of the secured notes payable, and the related cost and accumulated amortization are removed from our balance sheet. To the extent that a refinancing is considered an exchange of debt with the same lender, we account for loan costs based upon whether the old debt is determined to be modified or extinguished for accounting purposes. If the old debt is determined to be modified then we (i) continue to defer and amortize any unamortized deferred loan costs associated with the old debt at the time of the modification over the new term of the modified debt, (ii) defer and amortize the lender costs incurred in connection with the modification over the new term of the modified debt, and (iii) expense all other costs associated with the modification. If the old debt is determined to be extinguished then we (i) write off any unamortized deferred loan costs associated with the extinguished debt at the time of the extinguishment and remove the related cost and accumulated amortization from our balance sheet, (ii) expense all lender costs associated with the extinguishment, and (iii) defer and amortize all other costs incurred directly in connection with the extinguishment over the term of the new debt. In circumstances where we modify or exchange our revolving credit facility with the same lender, we account for the loan costs based upon whether the borrowing capacity of the new arrangement is (a) equal to or greater than the borrowing capacity of the old arrangement, or (b) less than the borrowing capacity of the old arrangement (borrowing capacity is defined as the product of the remaining term and the maximum available credit). If the borrowing capacity of the new arrangement is greater than or equal to the borrowing capacity of the old arrangement, then we (i) continue to defer and amortize the unamortized deferred loan costs from the old arrangement over the term of the new arrangement and (ii) defer all lender and other costs incurred directly in connection with the new arrangement over the term of the new arrangement. If the borrowing capacity of the new arrangement is less than the borrowing capacity of the old arrangement, then we (i) write off any unamortized deferred loan costs at the time of the transaction related to the old arrangement in proportion to the decrease in the borrowing capacity of the old arrangement and (ii) defer all lender and other costs incurred directly in connection with the new arrangement over the term of the new arrangement. |
Debt Discounts and Premiums | Debt Discounts and Premiums Debt discounts and premiums related to recording debt assumed in connection with property acquisitions at fair value are generally amortized and accreted, respectively, over the remaining term of the related loan, which approximates the effective interest method. The amortization/accretion is included in interest expense in our consolidated statements of operations. |
Derivative Contracts | Derivative Contracts We make use of interest rate swap 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. We do not speculate in derivatives and we do not make use of any other derivative instruments. When entering into derivative agreements, we generally elect to designate them as cash flow hedges for accounting purposes. Changes in fair value of hedging instruments designated as cash flow hedges are recorded in accumulated other comprehensive income (loss) (AOCI), which is a component of equity outside of earnings. 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. 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 from unconsolidated Funds, as interest payments are made by our Funds on their hedged floating rate debt. |
Stock-Based Compensation | Stock-Based Compensation |
EPS | EPS |
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 |
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 the regular corporate rate, including any applicable alternative minimum tax for taxable years prior to 2018. We have elected to treat several of our subsidiaries as TRSs, which generally may engage in any business, including the provision of customary or non-customary services to our tenants. A TRS is treated as a regular corporation and is subject to federal income tax and applicable state income and franchise taxes at regular corporate rates. Our TRSs did not have significant tax provisions or deferred income tax items for 2019 , 2018 or 2017 . Our subsidiaries (other than our TRS), including our Operating Partnership, are partnerships, disregarded entities, QRSs or REITs, as applicable, for federal income tax purposes. Under applicable federal and state income tax rules, the allocated share of net income or loss from disregarded entities or flow-through entities is reportable in the income tax returns of the respective owners. Accordingly, no income tax provision is included in our consolidated financial statements for these entities. |
New Accounting Pronouncements | New Accounting Pronouncements Changes to US GAAP are implemented by the FASB in the form of ASUs. We consider the applicability and impact of all ASUs. Other than the ASUs discussed below, the FASB has not issued any other ASUs during we expect to be applicable and have a material impact on our consolidated financial statements. ASUs Adopted During 2019 we adopted the ASU listed below: ASU 2016-02 (Topic 842 - "Leases") In February 2016, the FASB issued ASU No. 2016-02, (Topic 842 - "Leases"). The primary impact of the ASU is the recognition of lease assets and liabilities on the balance sheet by lessees for leases classified as operating leases. The accounting applied by lessors is largely unchanged. For example, the vast majority of operating leases remain classified as operating leases, and lessors continue to recognize lease payments for those leases on a straight-line basis over the lease term. We adopted the ASU on January 1, 2019 using the modified retrospective transition method. We recorded cumulative adjustments of $2.1 million and $0.4 million to the opening balances of accumulated deficit and noncontrolling interests, respectively, for leasing expenses related to leases that were entered into before the adoption date but commenced after the adoption date. The ASU provides a practical expedient package, which we elected to use, that allows entities (a) not to reassess whether any expired or existing contracts as of the adoption date are considered or contain leases; (b) not to reassess the lease classification for any expired or existing leases as of the adoption date; and (c) not to reassess initial direct costs for any existing leases as of the adoption date. All leases entered into on or after the adoption date were accounted for under the ASU. We lease space to tenants at our office and multifamily properties. Under the ASU, all of our tenant leases continue to be classified as operating leases. The ASU continues to require that lease payments for operating leases be recognized over the lease term on a straight-line basis unless another systematic and rational basis is more representative of the pattern in which benefit is expected to be derived from the use of the underlying asset. If collectibility of the lease payments is not probable at the commencement date, then the lease income should be limited to the lesser of the income recognized on a straight-line basis or cash basis. If the assessment of collectibility changes after the commencement date, any difference between the lease income that would have been recognized on a straight-line basis and cash basis must be recognized as a current-period adjustment to lease income. We elected to adopt the complete impairment model guidance within ASC 842. Under this model we no longer maintain a general reserve related to our receivables, and instead analyze, on a lease-by-lease basis, whether amounts due under the operating lease are deemed probable for collection. We write off tenant and deferred rent receivables as a charge against rental revenue in the period we determine the lease payments are not probable for collection. The ASU requires separation of the lease 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 are accounted for in accordance with the ASU. The consideration in the contract is allocated to the lease and non-lease components on a relative standalone selling price basis and the non-lease component would be accounted for in accordance with ASC 606 ("Revenue from Contracts with Customers"). In July 2018, the FASB issued ASU No. 2018-11 which includes an optional practical expedient for lessors to elect, by class of underlying asset, to not separate the lease from the non-lease components if certain criteria are met. Our office tenant leases include a lease component for the rental income and a non-lease component for the related tenant recoveries. We determined that our office tenant leases qualify for the single component presentation and we adopted the practical expedient. We account for the combined components under the ASU. Rental revenues and tenant recoveries from our office tenant leases is included in Rental revenues and tenant recoveries under Office rental in our consolidated statements of operations. Rental revenues from our multifamily tenant leases is included in multifamily Rental revenues in our consolidated statements of operations. Rental revenue recognized on a straight-line basis in excess of billed rents is included in Deferred rent receivables in our consolidated balance sheets. See Note 16 for more information regarding the future lease rental receipts from our operating leases. The ASU defines initial direct costs of a lease, which may be capitalized, as costs that would not have been incurred had the lease not been executed. Costs to negotiate a lease that would have been incurred regardless of whether the lease was executed, such as employee salaries, are not considered to be initial direct costs, and may not be capitalized. We historically capitalized most of our leasing costs. We expensed $4.2 million during the year ended December 31, 2019 , of leasing costs related to our tenant leases that did not qualify as initial direct costs of a lease, which are included in General and administrative expenses in our consolidated statements of operations. We pay rent under a ground lease which expires on December 31, 2086 . Upon adoption of the ASU, we continued to classify the lease as an operating lease, and we recognized a right-of-use asset for the land and a lease liability for the future lease payments of $10.9 million . We calculated the carrying value of the right-of-use asset and lease liability by discounting the future lease payments using our incremental borrowing rate. We adjusted the right-of-use asset carrying value for a related above-market ground lease liability of $3.4 million , which reduced the carrying value of the asset to $7.5 million . We continued to recognize the lease payments as expense, which is included in Office expenses in our consolidated statements of operations. See Note 4 for more information regarding this ground lease. See Note 14 for the fair value disclosures related to the ground lease liability. In December 2018, the FASB issued ASU 2018-20, an update to ASU 2016-02, which provides guidance on accounting for sales and other similar taxes collected from lessees, certain lessor costs, and recognition of variable payments for contracts with lease and nonlease components. We adopted the ASU and it did not have a material impact on our consolidated financial statements. In March 2019, the FASB issued ASU 2019-01, an update to ASU 2016-02, which provides guidance on transition disclosures related to Topic 250 "Accounting Changes and Error Corrections" and other technical updates. We adopted the ASU and it did not have a material impact on our consolidated financial statements. ASUs Not Yet Adopted ASU 2016-13 (Topic 326 - "Financial Instruments-Credit Losses") 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. The amendments in this ASU should be applied retrospectively. The ASU would impact our measurement of credit losses for our Office parking receivables, which were $1.3 million and $1.1 million as of December 31, 2019 and 2018 , respectively, and are included in Tenant receivables in our consolidated balance sheets. We expect to adopt the ASU in the first quarter of 2020 and we do not expect the ASU to have a material impact on our consolidated financial statements. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Our estimates of the fair value of financial instruments were determined using available market information and widely used valuation methods. Considerable judgment is necessary to interpret market data and determine an estimated fair value. The use of different market assumptions or valuation methods may have a material effect on the estimated fair values. The FASB fair value framework hierarchy distinguishes between assumptions based on market data obtained from sources independent of the reporting entity, and the reporting entity’s own assumptions about market-based inputs. The hierarchy is as follows: Level 1 - inputs utilize unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 - inputs are observable either directly or indirectly for similar assets and liabilities in active markets. Level 3 - inputs are unobservable assumptions generated by the reporting entity |
Overview (Tables)
Overview (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Real Estate Properties | As of December 31, 2019 , our portfolio (not including two parcels of land from which we receive rent under ground leases), consisted of the following properties (including ancillary retail space): Consolidated Portfolio Total Portfolio Office Wholly-owned properties 53 53 Consolidated JV properties 17 17 Unconsolidated Fund properties — 2 70 72 Multifamily Wholly-owned properties 10 10 Consolidated JV properties 1 1 11 11 Total 81 83 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Tenant Receivables and Deferred Rent Receivables | The table below presents our allowances and security obtained from our tenants before we adopted Topic 842: (In thousands) December 31, 2018 Allowance for tenant receivables $ 5,215 Allowance for deferred rent receivables $ 2,849 Letters of credit from our tenants $ 27,749 Cash security deposits from our tenants $ 50,733 The table below presents the impact of the changes in our allowances on our results of operations: Year Ended December 31, (In thousands) 2018 2017 Tenant receivables allowance - decrease in net income $ (2,154 ) $ (406 ) Deferred rent receivables allowance - increase in net income $ 556 $ 1,739 |
Investment in Real Estate (Tabl
Investment in Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Asset Acquisition [Abstract] | |
Schedule of Purchase Price Allocation for Acquisition | The contract and purchase prices differ due to prorations and similar adjustments: (In thousands, except number of units) The Glendon Submarket West Los Angeles Acquisition date June 7, 2019 Contract price $ 365,100 Number of multifamily units 350 Retail square footage 50 Land $ 32,773 Buildings and improvements 333,624 Tenant improvements and lease intangibles 2,301 Acquired above- and below-market leases, net (2,114 ) Net assets and liabilities acquired $ 366,584 (In thousands) 1299 Ocean 429 Santa Monica 9665 Wilshire 9401 Wilshire (1) Submarket Santa Monica Santa Monica Beverly Hills Beverly Hills Acquisition date April 25 April 25 July 20 December 20 Contract price $ 275,800 $ 77,000 $ 177,000 $ 143,647 Building square footage 206 87 171 146 Investment in real estate: Land $ 22,748 $ 4,949 $ 5,568 $ 6,740 Buildings and improvements 260,188 69,286 175,960 144,467 Tenant improvements and lease intangibles 5,010 3,248 1,112 7,843 Acquired above- and below-market leases, net (10,683 ) (722 ) (4,339 ) (11,559 ) Assumed debt (2) — — — (36,460 ) Net assets and liabilities acquired $ 277,263 $ 76,761 $ 178,301 $ 111,031 _____________________________________________________ (1) We issued OP Units to the seller in connection with the acquisition of 9401 Wilshire. See Note 11 for more information. (2) We assumed a loan from the seller in connection with the acquisition of 9401 Wilshire. At the date of acquisition, the loan had a fair value of $36.5 million and a principal balance of $32.3 million . See Note 8 for more information. (In thousands) JV Consolidation Consolidation date November 21, 2019 Square footage 1,454 Land $ 52,272 Buildings and improvements 831,416 Tenant improvements and lease intangibles 40,890 Acquired above- and below-market leases, net (14,198 ) JV interest in unconsolidated Fund 28,783 Assumed debt (403,016 ) Assumed interest rate swaps (4,147 ) Other assets and liabilities, net 26,256 Net assets acquired and liabilities assumed $ 558,256 |
Ground Lease (Tables)
Ground Lease (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Lessee Disclosure [Abstract] | |
Schedule of Future Minimum Ground Lease Payments | The table below, which assumes that the ground rent payments will continue to be $733 thousand per year after February 28, 2029 , presents the future minimum ground lease payments as of December 31, 2019 : Year ending December 31: (In thousands) 2020 $ 733 2021 733 2022 733 2023 733 2024 733 Thereafter 45,445 Total future minimum lease payments $ 49,110 |
Acquired Lease Intangibles (Tab
Acquired Lease Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Acquired Lease Intangibles | Summary of our Acquired Lease Intangibles (In thousands) December 31, 2019 December 31, 2018 Above-market tenant leases $ 7,220 $ 5,595 Above-market tenant leases - accumulated amortization (1,741 ) (3,289 ) Above-market ground lease where we are the lessor 1,152 1,152 Above-market ground lease - accumulated amortization (224 ) (207 ) Acquired lease intangible assets, net $ 6,407 $ 3,251 Below-market tenant leases $ 102,583 $ 112,175 Below-market tenant leases - accumulated accretion (50,216 ) (63,013 ) Above-market ground lease where we are the tenant (1) — 4,017 Above-market ground lease - accumulated accretion (1) — (610 ) Acquired lease intangible liabilities, net $ 52,367 $ 52,569 ___________________________________________________ (1) Upon adoption of ASU 2016-02 on January 1, 2019 we adjusted the ground lease right-of-use asset carrying value with the carrying value of the above-market ground lease - see Notes 2 and 4 . |
Schedule of Net Amortization or Accretion of Above- and Below-Market Leases | The table below summarizes the net amortization/accretion related to our above- and below-market leases: Year Ended December 31, (In thousands) 2019 2018 2017 Net accretion of above- and below-market tenant lease assets and liabilities (1) $ 16,282 $ 21,992 $ 17,973 Amortization of an above-market ground lease asset (2) (18 ) (17 ) (17 ) Accretion of an above-market ground lease liability (3) — 50 50 Total $ 16,264 $ 22,025 $ 18,006 _______________________________________________________________________________________ (1) Recorded as a net increase to office and multifamily rental revenues. (2) Recorded as a decrease to office parking and other income. (3) Recorded as a decrease to office expense. Upon adoption of ASU 2016-02 on January 1, 2019 we adjusted the ground lease right-of-use asset carrying value with the carrying value of the above-market ground lease - see Notes 2 and 4 . |
Schedule of Estimated Future Net Accretion | The table below presents the future net accretion related to our above- and below-market leases at December 31, 2019 . Year ending December 31: Net increase to revenues (In thousands) 2020 $ 15,339 2021 9,371 2022 6,674 2023 4,576 2024 3,702 Thereafter 6,298 Total $ 45,960 |
Investments in Unconsolidated_2
Investments in Unconsolidated Funds (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate Investments, Net [Abstract] | |
Summary of Statement of Operations for Investments in Unconsolidated Real Estate Funds and Cash Received from Funds | The tables below present selected financial information for the Funds. The amounts presented reflect 100% (not our pro-rata share) of amounts related to the Funds, and are based upon historical acquired book value: (In thousands) December 31, 2019 December 31, 2018 Total assets (1) $ 136,479 $ 694,713 Total liabilities (1) $ 113,330 $ 525,483 Total equity (1) $ 23,149 $ 169,230 _______________________________________________ (1) The balances as of December 31, 2019 reflect the balances for Partnership X. The balances as of December 31, 2018 reflect the combined balances for Partnership X, Fund X and the Opportunity Fund. Year Ended December 31, (In thousands) 2019 2018 2017 Total revenues (1) $ 75,952 $ 79,590 $ 75,896 Operating income (1) $ 22,269 $ 22,959 $ 20,640 Net income (1) $ 7,350 $ 6,260 $ 5,085 _________________________________________________ (1) The balances reflect the combined balances for Partnership X, Fund X and the Opportunity Fund through November 20, 2019 and the balances for Partnership X from November 21, 2019 through December 31, 2019. Year Ended December 31, (In thousands) 2019 2018 2017 Operating distributions received (1) $ 6,820 $ 6,400 $ 5,905 Capital distributions received (1) 5,853 7,349 43,560 Total distributions received (1) $ 12,673 $ 13,749 $ 49,465 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Assets [Abstract] | |
Schedule of Other Assets | (In thousands) December 31, 2019 December 31, 2018 Restricted cash $ 121 $ 121 Prepaid expenses 8,711 7,830 Other indefinite-lived intangibles 1,988 1,988 Furniture, fixtures and equipment, net 2,368 1,101 Other 3,233 3,719 Total other assets $ 16,421 $ 14,759 |
Secured Notes Payable and Rev_2
Secured Notes Payable and Revolving Credit Facility, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Secured Notes Payable and Revolving Credit Facility | Description Maturity Date (1) Principal Balance as of December 31, 2019 Principal Balance as of December 31, 2018 Variable Interest Rate Fixed Interest Rate (2) Swap Maturity Date (In thousands) Wholly-Owned Subsidiaries Fannie Mae loan (3) — $ — $ 145,000 — — — Fannie Mae loan (3) — — 115,000 — — — Term loan (3) — — 220,000 — — — Term loan (3) — — 340,000 — — — Term loan (3) — — 400,000 — — — Term loan (3) — — 180,000 — — — Term loan (3) — — 360,000 — — — Term loan (4) 1/1/2024 300,000 300,000 LIBOR + 1.55% 3.46% 1/1/2022 Term loan (4) 3/3/2025 335,000 335,000 LIBOR + 1.30% 3.84% 3/1/2023 Fannie Mae loan (4)(5) 4/1/2025 102,400 102,400 LIBOR + 1.25% 2.84% 3/1/2023 Term loan (4)(6)(7) 8/15/2026 415,000 — LIBOR + 1.10% 2.58% 8/1/2025 Term loan (4)(6) 9/19/2026 400,000 — LIBOR + 1.15% 2.44% 9/1/2024 Term loan (4)(6)(8) 9/26/2026 200,000 — LIBOR + 1.20% 2.77% 10/1/2024 Term loan (4)(6)(9) 11/1/2026 400,000 — LIBOR + 1.15% 2.18% 10/1/2024 Fannie Mae loan (4) 6/1/2027 550,000 550,000 LIBOR + 1.37% 3.16% 6/1/2022 Fannie Mae loan (4)(6) 6/1/2029 255,000 — LIBOR + 0.98% 3.26% 6/1/2027 Fannie Mae loan (4)(6)(10) 6/1/2029 125,000 — LIBOR + 0.98% 2.55% 6/1/2027 Term loan (11) 6/1/2038 30,864 31,582 N/A 4.55% N/A Revolving credit facility (12) 8/21/2023 — 105,000 LIBOR + 1.15% N/A N/A Total Wholly-Owned Subsidiary Debt 3,113,264 3,183,982 Consolidated JVs Term loan (4) 2/28/2023 580,000 580,000 LIBOR + 1.40% 2.37% 3/1/2021 Term loan (4)(13) 7/1/2024 400,000 — LIBOR + 1.65% 3.44% 7/1/2022 Term loan (4) 12/19/2024 400,000 400,000 LIBOR + 1.30% 3.47% 1/1/2023 Term loan (4)(6) 6/1/2029 160,000 — LIBOR + 0.98% 3.25% 7/1/2027 Total Consolidated Debt (14) 4,653,264 4,163,982 Unamortized loan premium, net 6,741 3,986 Unamortized deferred loan costs, net (40,947 ) (33,938 ) Total Consolidated Debt, net $ 4,619,058 $ 4,134,030 _____________________________________________________ Except as noted below, each loan (including our revolving credit facility) is non-recourse and secured by one or more separate collateral pools consisting of one or more properties, and requires monthly payments of interest only with the outstanding principal due upon maturity. Certain of our loans require us to pay down the loan if necessary for the properties involved to meet minimum financial thresholds, although we have never had to make such a payment. (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 10 for details of our interest rate swaps. See below for details of our loan costs. (3) At December 31, 2019 , these loans have been paid off. (4) Loan agreement includes a zero -percent LIBOR floor. The corresponding swaps do not include such a floor. (5) The effective rate will decrease to 2.76% on March 2, 2020 . (6) These loans were closed during the twelve months ended December 31, 2019 . (7) Effective rate will increase to 3.07% on April 1, 2020 . (8) Effective rate will decrease to 2.36% on July 1, 2020 . (9) Effective rate will increase to 2.31% on July 1, 2021 . (10) Effective rate will increase to 3.25% on December 1, 2020 . (11) Requires monthly payments of principal and interest. Principal amortization is based upon a 30 -year amortization schedule. (12) In March 2019, we renewed our $400.0 million revolving credit facility, releasing two previously encumbered properties, lowering the borrowing rate and unused facility fees, and extending the maturity date. Unused commitment fees range from 0.10% to 0.15% . The loan agreement includes a zero-percent LIBOR floor. (13) A previously unconsolidated Fund is now treated as a consolidated JV. See Note 3 . (14) The table does not include our unconsolidated Funds' loans - see Note 17 . See Note 14 for our fair value disclosures. Debt Statistics The following table summarizes our consolidated fixed and floating rate debt: (In thousands) Principal Balance as of December 31, 2019 Principal Balance as of December 31, 2018 Aggregate swapped to fixed rate loans $ 4,622,400 $ 3,882,400 Aggregate fixed rate loans 30,864 31,582 Aggregate floating rate loans — 250,000 Total Debt $ 4,653,264 $ 4,163,982 The following table summarizes certain consolidated debt statistics as of December 31, 2019 : Statistics for consolidated loans with interest fixed under the terms of the loan or a swap Principal balance (in billions) $4.65 Weighted average remaining life (including extension options) 6.1 years Weighted average remaining fixed interest period 3.9 years Weighted average annual interest rate 3.00% |
Schedule of Minimum Future Principal Payments | At December 31, 2019 , the minimum future principal payments due on our consolidated secured notes payable and revolving credit facility were as follows: Year ending December 31: Excluding Maturity Extension Options Including Maturity Extension Options (1) (In thousands) 2020 $ 752 $ 752 2021 787 787 2022 300,823 823 2023 915,862 580,862 2024 800,902 1,100,902 Thereafter 2,634,138 2,969,138 Total future principal payments $ 4,653,264 $ 4,653,264 ____________________________________________ (1) Some of our loan agreements require that we meet certain minimum financial thresholds to be able to extend the loan maturity. |
Schedule of Loan Costs and Amortization of Deferred Loan Costs | The table below presents loan costs, which are included in interest expense in our consolidated statements of operations: Year Ended December 31, (In thousands) 2019 2018 2017 Loan costs expensed $ 1,318 $ 58 $ 557 Deferred loan costs written off 6,865 360 1,802 Deferred loan cost amortization 7,449 7,874 9,033 Total $ 15,632 $ 8,292 $ 11,392 |
Interest Payable, Accounts Pa_2
Interest Payable, Accounts Payable and Deferred Revenue (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Schedule of Interest Payable, Accounts Payable and Deferred Revenue | (In thousands) December 31, 2019 December 31, 2018 Interest payable $ 11,707 $ 10,657 Accounts payable and accrued liabilities 66,437 75,111 Deferred revenue 53,266 44,386 Total interest payable, accounts payable and deferred revenue $ 131,410 $ 130,154 |
Derivative Contracts (Tables)
Derivative Contracts (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Swap Derivatives | As of December 31, 2019 , all of our interest rate swaps, which include the interest rate swaps of our consolidated JVs and our unconsolidated Fund, were designated as cash flow hedges: Number of Interest Rate Swaps Notional (In thousands) Consolidated derivatives (1)(2)(4)(5) 43 $ 5,124,800 Unconsolidated Fund's derivative (3)(4)(5) 1 $ 110,000 ___________________________________________________ (1) The notional amount reflects 100% , not our pro-rata share, of our consolidated JVs' derivatives. (2) Includes forward swaps with a total notional of $502.4 million . (3) The notional amount reflects 100% , not our pro-rata share, of our unconsolidated Fund's derivatives. (4) Our derivative contracts do not provide for right of offset between derivative contracts. (5) See Note 14 for our derivative fair value disclosures. |
Schedule of Derivative Liabilities at Fair Value | The fair value of our interest rate swap contract liabilities, including accrued interest and excluding credit risk adjustments, was as follows: (In thousands) December 31, 2019 December 31, 2018 Consolidated derivatives (1) $ 56,896 $ 1,681 Unconsolidated Fund's derivatives (2) $ — $ — ___________________________________________________ (1) Includes 100% , not our pro-rata share, of our consolidated JVs' derivatives. (2) Our unconsolidate d Fund did not have any derivatives in a liability position. |
Schedule of Derivative Assets at Fair Value | The fair value of our interest rate swap contract assets, including accrued interest and excluding credit risk adjustments, was as follows: (In thousands) December 31, 2019 December 31, 2018 Consolidated derivatives (1) $ 23,275 $ 76,021 Unconsolidated Fund's derivative (2) $ 963 $ 12,576 ___________________________________________________ (1) Includes 100% , not our pro-rata share, of our consolidated JVs' derivatives. (2) The amounts reflect 100% , not our pro-rata share, of our unconsolidated Fund's derivative. |
Effect of Derivative Instruments on Consolidated Statements of Operations | The table below presents the effect of our derivatives on our AOCI and the consolidated statements of operations: (In thousands) Year Ended December 31, 2019 2018 2017 Derivatives Designated as Cash Flow Hedges: Consolidated derivatives: Gain recorded in AOCI - adoption of ASU 2017-12 (1) $ — $ 211 $ — (Loss) gain recorded in AOCI before reclassifications (1) $ (76,273 ) $ 22,723 $ 16,512 (Gain) loss reclassified from AOCI to Interest Expense (1) $ (24,298 ) $ (10,103 ) $ 13,976 Interest Expense presented in the consolidated statements of operations $ (143,308 ) $ (133,402 ) $ (145,176 ) Loss (gain) related to ineffectiveness recorded in Interest Expense $ — $ — $ 51 Unconsolidated Funds' derivatives (our share) (2) : (Loss) gain recorded in AOCI before reclassifications (1) $ (5,023 ) $ 3,052 $ 3,275 (Gain) loss reclassified from AOCI to Income from unconsolidated Funds (1) $ (1,698 ) $ (813 ) $ 527 Income from unconsolidated Funds presented in the consolidated statements of operations $ 6,923 $ 6,400 $ 5,905 __________________________________________________ (1) See Note 11 for our AOCI reconciliation. (2) We calculate our share by multiplying the total amount for each Fund by our equity interest in the respective Fund. |
Schedule of Future Reclassifications from AOCI | At December 31, 2019 , our estimate of the AOCI related to derivatives designated as cash flow hedges that will be reclassified to earnings during the next year as interest rate swap payments are made, is as follows: (In thousands) Consolidated derivatives: Losses to be reclassified from AOCI to Interest Expense $ (2,461 ) Unconsolidated Fund's derivatives (our share): Gains to be reclassified from AOCI to Income from unconsolidated Funds $ 235 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Net Income Attributable to Common Stockholders and Transfers (to) from Noncontrolling Interests | The table below presents the effect on our equity from net income attributable to common stockholders and changes in our ownership interest in our Operating Partnership: Year Ended December 31, (In thousands) 2019 2018 2017 Net income attributable to common stockholders $ 363,713 $ 116,086 $ 94,443 Transfers from noncontrolling interests: Exchange of OP Units with noncontrolling interests 3,540 10,292 14,242 Repurchase of OP Units from noncontrolling interests (431 ) (59 ) (6,764 ) Net transfers from noncontrolling interests 3,109 10,233 7,478 Change from net income attributable to common stockholders and transfers from noncontrolling interests $ 366,822 $ 126,319 $ 101,921 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The table below presents a reconciliation of our AOCI, which consists solely of adjustments related to derivatives designated as cash flow hedges: Year Ended December 31, (In thousands) 2019 2018 2017 Beginning balance $ 53,944 $ 43,099 $ 15,156 Adoption of ASU 2017-12 - cumulative opening balance adjustment — 211 — Consolidated derivatives: Other comprehensive (loss) gain before reclassifications (76,273 ) 22,723 16,512 Reclassification of (gain) loss from AOCI to Interest Expense (24,298 ) (10,103 ) 13,976 Unconsolidated Funds' derivatives (our share) (2) : Other comprehensive (loss) gain before reclassifications (5,023 ) 3,052 3,275 Reclassification of (gain) loss from AOCI to Income from unconsolidated Funds (1,698 ) (813 ) 527 Net current period OCI (107,292 ) 15,070 34,290 OCI attributable to noncontrolling interests 35,886 (4,225 ) (6,347 ) OCI attributable to common stockholders (71,406 ) 10,845 27,943 Ending balance $ (17,462 ) $ 53,944 $ 43,099 __________________________________________________ (1) See Note 10 for the details of our derivatives and Note 14 for our derivative fair value disclosures. (2) |
Common Stock Dividends Classification for United States Federal Income Tax Purposes | Our common stock dividends paid during 2019 are classified for federal income tax purposes as follows: Record Date Paid Date Dividend Per Share Ordinary Income % Capital Gain % Return of Capital % Section 199A Dividend % 12/31/2018 1/15/2019 $ 0.26 51.8 % — % 48.2 % 51.8 % 3/29/2019 4/16/2019 0.26 51.8 % — % 48.2 % 51.8 % 6/28/2019 7/12/2019 0.26 51.8 % — % 48.2 % 51.8 % 9/30/2019 10/16/2019 0.26 51.8 % — % 48.2 % 51.8 % Total / Weighted Average $ 1.04 51.8 % — % 48.2 % 51.8 % |
EPS (Tables)
EPS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Basic and Diluted EPS | The table below presents the calculation of basic and diluted EPS: Year Ended December 31, 2019 2018 2017 Numerator (In thousands): Net income attributable to common stockholders $ 363,713 $ 116,086 $ 94,443 Allocation to participating securities: Unvested LTIP Units (1,594 ) (546 ) (626 ) Net income attributable to common stockholders - basic and diluted $ 362,119 $ 115,540 $ 93,817 Denominator (In thousands): Weighted average shares of common stock outstanding - basic 173,358 169,893 160,905 Effect of dilutive securities: Stock options (1) — 9 325 Weighted average shares of common stock and common stock equivalents outstanding - diluted 173,358 169,902 161,230 Net income per common share - basic $ 2.09 $ 0.68 $ 0.58 Net income per common share - diluted $ 2.09 $ 0.68 $ 0.58 ____________________________________________________ (1) There were no outstanding options during the year ended December 31, 2019 . Outstanding OP Units and vested LTIP Units are not included in the denominator in calculating diluted EPS, even though they may be exchanged under certain conditions for common stock on a one-for-one basis, because their associated net income (equal on a per unit basis to the Net income per common share - diluted) was already deducted in calculating Net income attributable to common stockholders. Accordingly, any exchange would not have any effect on diluted EPS. The following table presents the OP Units and vested LTIP Units outstanding for the respective periods: Year Ended December 31, (In thousands) 2019 2018 2017 OP Units 26,465 26,661 24,810 Vested LTIP Units 1,652 813 274 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock-Based Compensation Expense | The table below presents our stock-based compensation expense: Year Ended December 31, (In thousands) 2019 2018 2017 Stock-based compensation expense, net $ 18,359 $ 22,299 $ 18,478 Capitalized stock-based compensation $ 4,698 $ 5,006 $ 2,537 Intrinsic value of options exercised $ — $ 1,196 $ 102,963 |
Summary of Stock-Based Award Activity | The table below presents our outstanding stock options activity (1) : 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, 2016 3,969 $ 12.43 27 $ 95,770 Exercised (3,920 ) $ 12.43 $ 102,963 Outstanding at December 31, 2017 49 $ 12.66 16 $ 1,375 Exercised (49 ) $ 12.66 $ 1,196 Outstanding at December 31, 2018 — $ — 0 $ — _________________________________________________ (1) There were no outstanding options during the year ended December 31, 2019 |
Schedule of Unvested LTIP Units | The table below presents our unvested LTIP Units activity: Unvested LTIP Units: Number of Units (Thousands) Weighted Average Grant Date Fair Value Grant Date Fair Value (Thousands) Outstanding at December 31, 2016 1,040 $ 23.46 Granted 828 $ 29.89 $ 24,745 Vested (807 ) $ 25.40 $ 20,497 Forfeited (5 ) $ 31.36 $ 172 Outstanding at December 31, 2017 1,056 $ 26.98 Granted 935 $ 27.01 $ 25,247 Vested (1,036 ) $ 25.82 $ 26,740 Forfeited (10 ) $ 34.18 $ 333 Outstanding at December 31, 2018 945 $ 28.20 Granted 840 $ 31.92 $ 26,821 Vested (826 ) $ 29.13 $ 24,061 Forfeited (35 ) $ 35.41 $ 1,234 Outstanding at December 31, 2019 924 $ 30.48 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Estimated Fair Value and Carrying Value of Liabilities | The table below presents the estimated fair value and carrying value of our ground lease liability: (In thousands) December 31, 2019 Fair value $ 12,218 Carrying value $ 10,882 (In thousands) December 31, 2019 December 31, 2018 Fair value $ 4,678,623 $ 4,087,979 Carrying value $ 4,653,264 $ 4,062,968 |
Schedule of Financial Instruments Measured at Fair Value | The table below presents the estimated fair value of our derivatives: (In thousands) December 31, 2019 December 31, 2018 Derivative Assets: Fair value - c onsolidated derivatives (1) $ 22,381 $ 73,414 Fair value - unconsolidated Funds' derivatives (2) $ 889 $ 12,228 Derivative Liabilities: Fair value - c onsolidated derivatives (1) $ 54,616 $ 1,530 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 sheets. The fair values exclude accrued interest which is included in interest payable in the consolidated balance sheets. (2) Reflects 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 Funds in our consolidated balance sheets. See Note 17 regarding our unconsolidated Funds debt and derivatives. Our unconsolidate d Funds' did not have any derivatives in a liability position for the periods presented. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Summary of Operating Activity of Reportable Segments | The table below presents the operating activity of our reportable segments: (In thousands) Year Ended December 31, 2019 2018 2017 Office Segment Total office revenues $ 816,755 $ 777,931 $ 715,546 Office expenses (264,482 ) (252,751 ) (233,633 ) Office segment profit 552,273 525,180 481,913 Multifamily Segment Total multifamily revenues 119,927 103,385 96,506 Multifamily expenses (33,681 ) (28,116 ) (24,401 ) Multifamily segment profit 86,246 75,269 72,105 Total profit from all segments $ 638,519 $ 600,449 $ 554,018 |
Reconciliation of Segment Profit to Net Income (Loss) Attributable to Common Stockholders | The table below presents a reconciliation of the total profit from all segments to net income attributable to common stockholders: (In thousands) Year Ended December 31, 2019 2018 2017 Total profit from all segments $ 638,519 $ 600,449 $ 554,018 General and administrative expenses (38,068 ) (38,641 ) (36,234 ) Depreciation and amortization (357,743 ) (309,864 ) (276,761 ) Other income 11,653 11,414 9,712 Other expenses (7,216 ) (7,744 ) (7,037 ) Income from unconsolidated Funds 6,923 6,400 5,905 Interest expense (143,308 ) (133,402 ) (145,176 ) Gain from consolidation of JV 307,938 — — Net income 418,698 128,612 104,427 Less: Net income attributable to noncontrolling interests (54,985 ) (12,526 ) (9,984 ) Net income attributable to common stockholders $ 363,713 $ 116,086 $ 94,443 |
Future Minimum Lease Rental R_2
Future Minimum Lease Rental Receipts (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Lessor Disclosure [Abstract] | |
Schedule of Future Minimum Base Rentals on Non-cancelable Office and Ground Operating Leases | The table below presents the future minimum base rentals on our non-cancelable office tenant and ground leases at December 31, 2019 : Year Ending December 31, (In thousands) 2020 $ 658,016 2021 572,372 2022 484,611 2023 384,866 2024 294,137 Thereafter 691,145 Total future minimum base rentals (1) $ 3,085,147 _____________________________________________________ (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 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. |
Commitments, Contingencies an_2
Commitments, Contingencies and Guarantees (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Debt Related to Unconsolidated Funds | The table below summarizes our Fund's debt as of December 31, 2019 . The amounts represent 100% (not our pro-rata share) of the amounts related to our Funds: Fund (1) Loan Maturity Date Principal Balance (In thousands) Variable Interest Rate Swap Fixed Interest Rate Swap Maturity Date Partnership X (2)(3) 3/1/2023 $ 110,000 LIBOR + 1.40% 2.30% 3/1/2021 ___________________________________________________ (1) See Note 6 for more information regarding our unconsolidated Fund. (2) Floating rate term loan, swapped to fixed, which is secured by two properties and requires monthly payments of interest only, with the outstanding principal due upon maturity. As of December 31, 2019 , assuming a zero -percent LIBOR interest rate during the remaining life of the swap, the maximum future payments under the swap agreement were $1.2 million . (3) Loan agreement includes a zero -percent LIBOR floor. The corresponding swap does not include such a floor. |
Quarterly Financial Informati_2
Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The tables below present selected quarterly information for 2019 and 2018 : Three Months Ended (In thousands, except per share amounts) March 31, June 30, 2019 September 30, 2019 December 31, 2019 Total revenue $ 224,186 $ 230,534 $ 238,069 $ 243,893 Net income before noncontrolling interests $ 32,788 $ 39,860 $ 23,421 $ 322,629 Net income attributable to common stockholders $ 28,701 $ 33,966 $ 22,488 $ 278,558 Net income per common share - basic $ 0.17 $ 0.20 $ 0.13 $ 1.58 Net income per common share - diluted $ 0.17 $ 0.20 $ 0.13 $ 1.58 Weighted average shares of common stock outstanding - basic 170,221 172,498 175,278 175,356 Weighted average shares of common stock and common stock equivalents outstanding - diluted 170,221 172,498 175,278 175,356 Three Months Ended (In thousands, except per share amounts) March 31, June 30, 2018 September 30, 2018 December 31, 2018 Total revenue $ 212,247 $ 219,469 $ 223,308 $ 226,292 Net income before noncontrolling interests $ 32,631 $ 37,033 $ 35,416 $ 23,532 Net income attributable to common stockholders $ 28,206 $ 31,684 $ 30,561 $ 25,635 Net income per common share - basic $ 0.17 $ 0.19 $ 0.18 $ 0.15 Net income per common share - diluted $ 0.17 $ 0.19 $ 0.18 $ 0.15 Weighted average shares of common stock outstanding - basic 169,601 169,916 169,926 170,121 Weighted average shares of common stock and common stock equivalents outstanding - diluted 169,625 169,926 169,931 170,121 |
Overview - Narrative (Details)
Overview - Narrative (Details) $ in Thousands, ft² in Millions | Dec. 31, 2019USD ($)ft²land_parceljoint_ventureunit | Nov. 20, 2019ft² | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Real Estate Properties [Line Items] | |||||
Consolidated debt | $ 4,653,264 | $ 4,163,982 | |||
Number of joint ventures consolidated | joint_venture | 4 | ||||
Consolidated assets | $ 9,349,301 | 8,261,709 | |||
Consolidated investment in real estate | 8,960,218 | 7,783,821 | |||
Consolidated liabilities | 4,978,367 | 4,413,279 | |||
Consolidated liabilities related to debt | 4,619,058 | 4,134,030 | |||
Consolidated equity | 4,370,934 | 3,848,430 | $ 3,902,049 | $ 3,014,071 | |
Consolidated equity related to noncontrolling interest | $ 1,658,862 | 1,446,098 | |||
Wholly owned and Consolidated properties | |||||
Real Estate Properties [Line Items] | |||||
Number of land parcels subject to ground lease | land_parcel | 2 | ||||
Wholly owned and Consolidated properties | Office | |||||
Real Estate Properties [Line Items] | |||||
Area of real estate portfolio (sq ft) | ft² | 18 | ||||
Wholly owned and Consolidated properties | Multifamily | |||||
Real Estate Properties [Line Items] | |||||
Number of multifamily apartment units | unit | 4,161 | ||||
Unconsolidated Fund properties | Office | |||||
Real Estate Properties [Line Items] | |||||
Area of real estate portfolio (sq ft) | ft² | 0.4 | 1.8 | |||
Subsidiaries | |||||
Real Estate Properties [Line Items] | |||||
Consolidated debt | $ 3,113,264 | $ 3,183,982 | |||
Consolidated entities | |||||
Real Estate Properties [Line Items] | |||||
Consolidated assets | 9,350,000 | ||||
Consolidated investment in real estate | 8,960,000 | ||||
Consolidated liabilities | 4,980,000 | ||||
Consolidated liabilities related to debt | 4,620,000 | ||||
Consolidated equity | 4,370,000 | ||||
Consolidated equity related to noncontrolling interest | $ 1,660,000 |
Overview - Schedule of Properti
Overview - Schedule of Properties Portfolio (Details) - property | Dec. 31, 2019 | Nov. 20, 2019 |
Real Estate Properties [Line Items] | ||
Number of properties | 83 | |
Office | ||
Real Estate Properties [Line Items] | ||
Number of properties | 72 | |
Office | Wholly-owned properties | ||
Real Estate Properties [Line Items] | ||
Number of properties | 53 | |
Office | Consolidated JV properties | ||
Real Estate Properties [Line Items] | ||
Number of properties | 17 | |
Office | Unconsolidated Fund properties | ||
Real Estate Properties [Line Items] | ||
Number of properties | 2 | 8 |
Multifamily | Wholly-owned properties | ||
Real Estate Properties [Line Items] | ||
Number of properties | 10 | |
Consolidated Portfolio | ||
Real Estate Properties [Line Items] | ||
Number of properties | 81 | |
Consolidated Portfolio | Office | ||
Real Estate Properties [Line Items] | ||
Number of properties | 70 | |
Consolidated Portfolio | Office | Wholly-owned properties | ||
Real Estate Properties [Line Items] | ||
Number of properties | 53 | |
Consolidated Portfolio | Office | Consolidated JV properties | ||
Real Estate Properties [Line Items] | ||
Number of properties | 17 | |
Consolidated Portfolio | Office | Unconsolidated Fund properties | ||
Real Estate Properties [Line Items] | ||
Number of properties | 0 | |
Consolidated Portfolio | Multifamily | ||
Real Estate Properties [Line Items] | ||
Number of properties | 11 | |
Consolidated Portfolio | Multifamily | Wholly-owned properties | ||
Real Estate Properties [Line Items] | ||
Number of properties | 10 | |
Consolidated Portfolio | Multifamily | Consolidated JV properties | ||
Real Estate Properties [Line Items] | ||
Number of properties | 1 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) ft² in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019USD ($)ft² | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)ft²apartmentsegment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Real Estate Properties [Line Items] | |||||||||||
Development costs capitalized | $ 75,300,000 | $ 78,700,000 | $ 66,000,000 | ||||||||
Interest costs capitalized | 3,800,000 | 3,500,000 | 2,700,000 | ||||||||
Total basis difference | $ 27,800,000 | $ 2,200,000 | 27,800,000 | 2,200,000 | |||||||
Impairment of long-lived assets | 0 | 0 | 0 | ||||||||
Straight-line rent recognized | 10,134,000 | 18,813,000 | 12,855,000 | ||||||||
Lease termination revenue | 500,000 | 1,600,000 | 2,100,000 | ||||||||
Revenues | 243,893,000 | $ 238,069,000 | $ 230,534,000 | $ 224,186,000 | 226,292,000 | $ 223,308,000 | $ 219,469,000 | $ 212,247,000 | 936,682,000 | 881,316,000 | 812,052,000 |
Parking revenue | 108,700,000 | 102,500,000 | 96,200,000 | ||||||||
Parking receivables | $ 1,300,000 | $ 1,100,000 | $ 1,300,000 | 1,100,000 | |||||||
Number of reportable business segments | segment | 2 | ||||||||||
Development Projects | Hawaii | |||||||||||
Real Estate Properties [Line Items] | |||||||||||
Square footage (sq ft) | ft² | 490 | 490 | |||||||||
Number of apartments under construction | apartment | 500 | ||||||||||
Buildings | |||||||||||
Real Estate Properties [Line Items] | |||||||||||
Estimated useful life (in years) | 40 years | ||||||||||
Site Improvements | |||||||||||
Real Estate Properties [Line Items] | |||||||||||
Estimated useful life (in years) | 15 years | ||||||||||
Rental revenue - tenant improvements | |||||||||||
Real Estate Properties [Line Items] | |||||||||||
Revenues | $ 5,800,000 | $ 3,500,000 | $ 2,600,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Tenant Receivables and Deferred Rent Receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | |
Allowances and Security Obtained from Tenant [Line Items] | |||
Letters of credit from our tenants | $ 27,749 | ||
Cash security deposits from our tenants | 50,733 | $ 60,923 | |
Tenant Receivables | |||
Allowances and Security Obtained from Tenant [Line Items] | |||
Allowance for doubtful accounts | 5,215 | ||
Increase (decrease) in net income from change in receivable allowance | (2,154) | $ (406) | |
Deferred Rent Receivables | |||
Allowances and Security Obtained from Tenant [Line Items] | |||
Allowance for doubtful accounts | 2,849 | ||
Increase (decrease) in net income from change in receivable allowance | $ 556 | $ 1,739 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - New Accounting Pronouncements (Details) - USD ($) $ in Thousands | Jan. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating lease, initial direct cost expensed | $ 4,200 | |||
Lease liability | 10,882 | |||
Intangible liability offset against right-of-use asset | 3,408 | |||
Right-of-use asset | 7,479 | |||
Parking receivables | $ 1,300 | $ 1,100 | ||
AOCI | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect adjustment related to adoption of new accounting standard | $ (211) | |||
ASU 2016-02 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect adjustment related to adoption of new accounting standard | $ 2,499 | |||
Lease liability | 10,900 | |||
Intangible liability offset against right-of-use asset | 3,400 | |||
Right-of-use asset | 7,500 | |||
ASU 2016-02 | Accumulated Deficit | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect adjustment related to adoption of new accounting standard | 2,144 | |||
ASU 2016-02 | Noncontrolling Interest | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect adjustment related to adoption of new accounting standard | $ 355 |
Investment in Real Estate - Acq
Investment in Real Estate - Acquisitions (Details) ft² in Thousands, $ in Thousands | Nov. 21, 2019USD ($)ft² | Jun. 07, 2019USD ($)ft²unit | Dec. 20, 2017USD ($)ft² | Jul. 20, 2017USD ($)ft² | Apr. 25, 2017USD ($)ft² |
Schedule Of Asset Acquisitions [Line Items] | |||||
Contract price | $ 365,100 | ||||
Investment In Real Estate [Abstract] | |||||
JV interest in unconsolidated Fund | $ 28,783 | ||||
The Glendon | |||||
Schedule Of Asset Acquisitions [Line Items] | |||||
Contract price | $ 365,100 | ||||
Number of multifamily units | unit | 350 | ||||
Square footage (sq ft) | ft² | 50 | ||||
Investment In Real Estate [Abstract] | |||||
Tenant improvements and lease intangibles | $ 2,301 | ||||
Acquired above- and below-market leases, net | (2,114) | ||||
Net assets and liabilities acquired | 366,584 | ||||
The Glendon | Land | |||||
Investment In Real Estate [Abstract] | |||||
Land, Building and improvements | 32,773 | ||||
The Glendon | Building and improvements | |||||
Investment In Real Estate [Abstract] | |||||
Land, Building and improvements | $ 333,624 | ||||
Joint Venture Consolidation | |||||
Schedule Of Asset Acquisitions [Line Items] | |||||
Square footage (sq ft) | ft² | 1,454 | ||||
Investment In Real Estate [Abstract] | |||||
Tenant improvements and lease intangibles | $ 40,890 | ||||
Acquired above- and below-market leases, net | (14,198) | ||||
Assumed debt | (403,016) | ||||
Assumed interest rate swaps | (4,147) | ||||
Other assets and liabilities, net | 26,256 | ||||
Net assets and liabilities acquired | 558,256 | ||||
Joint Venture Consolidation | Land | |||||
Investment In Real Estate [Abstract] | |||||
Land, Building and improvements | 52,272 | ||||
Joint Venture Consolidation | Building and improvements | |||||
Investment In Real Estate [Abstract] | |||||
Land, Building and improvements | $ 831,416 | ||||
1299 Ocean | |||||
Schedule Of Asset Acquisitions [Line Items] | |||||
Contract price | $ 275,800 | ||||
Square footage (sq ft) | ft² | 206 | ||||
Investment In Real Estate [Abstract] | |||||
Tenant improvements and lease intangibles | $ 5,010 | ||||
Acquired above- and below-market leases, net | (10,683) | ||||
Assumed debt | 0 | ||||
Net assets and liabilities acquired | 277,263 | ||||
1299 Ocean | Land | |||||
Investment In Real Estate [Abstract] | |||||
Land, Building and improvements | 22,748 | ||||
1299 Ocean | Building and improvements | |||||
Investment In Real Estate [Abstract] | |||||
Land, Building and improvements | 260,188 | ||||
429 Santa Monica | |||||
Schedule Of Asset Acquisitions [Line Items] | |||||
Contract price | $ 77,000 | ||||
Square footage (sq ft) | ft² | 87 | ||||
Investment In Real Estate [Abstract] | |||||
Tenant improvements and lease intangibles | $ 3,248 | ||||
Acquired above- and below-market leases, net | (722) | ||||
Assumed debt | 0 | ||||
Net assets and liabilities acquired | 76,761 | ||||
429 Santa Monica | Land | |||||
Investment In Real Estate [Abstract] | |||||
Land, Building and improvements | 4,949 | ||||
429 Santa Monica | Building and improvements | |||||
Investment In Real Estate [Abstract] | |||||
Land, Building and improvements | $ 69,286 | ||||
9665 Wilshire | |||||
Schedule Of Asset Acquisitions [Line Items] | |||||
Contract price | $ 177,000 | ||||
Square footage (sq ft) | ft² | 171 | ||||
Investment In Real Estate [Abstract] | |||||
Tenant improvements and lease intangibles | $ 1,112 | ||||
Acquired above- and below-market leases, net | (4,339) | ||||
Assumed debt | 0 | ||||
Net assets and liabilities acquired | 178,301 | ||||
9665 Wilshire | Land | |||||
Investment In Real Estate [Abstract] | |||||
Land, Building and improvements | 5,568 | ||||
9665 Wilshire | Building and improvements | |||||
Investment In Real Estate [Abstract] | |||||
Land, Building and improvements | $ 175,960 | ||||
9401 Wilshire | |||||
Schedule Of Asset Acquisitions [Line Items] | |||||
Contract price | $ 143,647 | ||||
Square footage (sq ft) | ft² | 146 | ||||
Principal balance of loan assumed | $ 32,300 | ||||
Investment In Real Estate [Abstract] | |||||
Tenant improvements and lease intangibles | 7,843 | ||||
Acquired above- and below-market leases, net | (11,559) | ||||
Assumed debt | (36,460) | ||||
Net assets and liabilities acquired | 111,031 | ||||
9401 Wilshire | Land | |||||
Investment In Real Estate [Abstract] | |||||
Land, Building and improvements | 6,740 | ||||
9401 Wilshire | Building and improvements | |||||
Investment In Real Estate [Abstract] | |||||
Land, Building and improvements | $ 144,467 |
Investment in Real Estate - Nar
Investment in Real Estate - Narrative (Details) shares in Thousands, ft² in Thousands, $ in Thousands | Nov. 21, 2019USD ($)ft²institutional_investorpropertyshares | Jun. 28, 2019 | Nov. 20, 2019 | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)property | Dec. 20, 2017ft² |
Schedule Of Asset Acquisitions [Line Items] | |||||||
Number of properties | property | 83 | ||||||
Gain on initial consolidation of joint venture | $ 307,938 | $ 0 | $ 0 | ||||
Joint venture, contributions received | 284,000 | ||||||
Consolidated Joint Venture | |||||||
Schedule Of Asset Acquisitions [Line Items] | |||||||
Capital interest in consolidated JV (percent) | 20.00% | ||||||
Fund X | |||||||
Schedule Of Asset Acquisitions [Line Items] | |||||||
Purchase of equity interest (percent) | 16.30% | 1.40% | |||||
Cash consideration in acquisition of equity interest | $ 76,900 | ||||||
OP Units issued in acquisition of equity interest (in units) | shares | 332 | ||||||
OP Units issued in acquisition of equity interest | $ 14,400 | ||||||
Equity interest in Fund (percent) | 89.00% | 72.70% | |||||
Number of institutional investors | institutional_investor | 1 | ||||||
Partnership X | |||||||
Schedule Of Asset Acquisitions [Line Items] | |||||||
Purchase of equity interest (percent) | 1.50% | 3.90% | |||||
Equity interest in Fund (percent) | 28.40% | 29.90% | |||||
VIE | Consolidated JV from Fund X | |||||||
Schedule Of Asset Acquisitions [Line Items] | |||||||
Non-controlling interest related to joint venture | $ 61,400 | ||||||
Gain on initial consolidation of joint venture | $ 307,900 | ||||||
Office | |||||||
Schedule Of Asset Acquisitions [Line Items] | |||||||
Number of properties | property | 72 | ||||||
1299 Ocean, 429 Santa Monica, and 9665 Wilshire | |||||||
Schedule Of Asset Acquisitions [Line Items] | |||||||
Joint venture, contributions received | $ 284,000 | ||||||
1299 Ocean, 429 Santa Monica, and 9665 Wilshire | Office | |||||||
Schedule Of Asset Acquisitions [Line Items] | |||||||
Number of properties acquired | property | 3 | ||||||
9401 Wilshire | |||||||
Schedule Of Asset Acquisitions [Line Items] | |||||||
Square footage (sq ft) | ft² | 146 | ||||||
9401 Wilshire | Office | |||||||
Schedule Of Asset Acquisitions [Line Items] | |||||||
Number of properties acquired | property | 1 | ||||||
Consolidated JV from Fund X | Partnership X | |||||||
Schedule Of Asset Acquisitions [Line Items] | |||||||
Equity interest in Fund (percent) | 9.40% | ||||||
Consolidated JV from Fund X | Office | |||||||
Schedule Of Asset Acquisitions [Line Items] | |||||||
Number of properties | property | 6 | ||||||
Square footage (sq ft) | ft² | 1,500 | ||||||
Partnership X | Office | |||||||
Schedule Of Asset Acquisitions [Line Items] | |||||||
Number of properties | property | 2 | ||||||
Square footage (sq ft) | ft² | 386 |
Ground Lease - Narrative (Detai
Ground Lease - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Lessee Disclosure [Abstract] | |||
Fixed rent payments due per year on ground lease | $ 733 | ||
Ground lease right-of-use asset | 7,479 | ||
Ground lease liability | 10,882 | ||
Ground rent expense | $ 733 | ||
Ground rent expense | $ 733 | $ 733 |
Ground Lease - Summary of Groun
Ground Lease - Summary of Ground Lease Payments (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Future Minimum Ground Lease Payments | |
2020 | $ 733 |
2021 | 733 |
2022 | 733 |
2023 | 733 |
2024 | 733 |
Thereafter | 45,445 |
Total future minimum lease payments | $ 49,110 |
Acquired Lease Intangibles - Su
Acquired Lease Intangibles - Summary of Acquired Lease Intangibles (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired lease intangible assets, net | $ 6,407 | $ 3,251 |
Acquired lease intangible liabilities, net | 52,367 | 52,569 |
Above-Market Tenant Leases | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired lease intangible assets, gross | 7,220 | 5,595 |
Accumulated amortization | (1,741) | (3,289) |
Below-Market Tenant Leases | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired lease intangible liabilities, gross | 102,583 | 112,175 |
Accumulated accretion | (50,216) | (63,013) |
Above-Market Ground Lease | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired lease intangible assets, gross | 1,152 | 1,152 |
Accumulated amortization | (224) | (207) |
Acquired lease intangible liabilities, gross | 0 | 4,017 |
Accumulated accretion | $ 0 | $ (610) |
Acquired Lease Intangibles - Im
Acquired Lease Intangibles - Impact on Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Accretion of above- and below-market leases | $ 16,264 | $ 22,025 | $ 18,006 |
Rental Revenue | Tenant Leases | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Accretion of above- and below-market leases | 16,282 | 21,992 | 17,973 |
Office Parking and Other Income | Above-Market Ground Lease | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Accretion of above- and below-market leases | (18) | (17) | (17) |
Office Expense | Above-Market Ground Lease | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Accretion of above- and below-market leases | $ 0 | $ 50 | $ 50 |
Acquired Lease Intangibles - Es
Acquired Lease Intangibles - Estimated Future Net Accretion (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Estimated Future Net Accretion [Abstract] | |
2020 | $ 15,339 |
2021 | 9,371 |
2022 | 6,674 |
2023 | 4,576 |
2024 | 3,702 |
Thereafter | 6,298 |
Total | $ 45,960 |
Investments in Unconsolidated_3
Investments in Unconsolidated Funds - Narrative (Details) ft² in Millions | Nov. 21, 2019 | Nov. 20, 2019ft²fundproperty | Dec. 31, 2019ft²property |
Schedule of Equity Method Investments [Line Items] | |||
Number of office properties | 83 | ||
Amounts related to the Fund (percent) | 100.00% | ||
Opportunity Fund | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity interest in Fund (percent) | 6.20% | ||
Fund X | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity interest in Fund (percent) | 89.00% | 72.70% | |
Purchase of equity interest (percent) | 16.30% | 1.40% | |
Partnership X | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity interest in Fund (percent) | 28.40% | 29.90% | |
Purchase of equity interest (percent) | 1.50% | 3.90% | |
Unconsolidated Fund properties | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of real estate funds owned and managed | fund | 3 | ||
Office | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of office properties | 72 | ||
Office | Unconsolidated Fund properties | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of office properties | 8 | 2 | |
Area of real estate portfolio (sq ft) | ft² | 1.8 | 0.4 |
Investments in Unconsolidated_4
Investments in Unconsolidated Funds - Summary of Cash Distributions Received from Funds (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Real Estate Investments, Net [Abstract] | |||
Operating distributions received | $ 6,820 | $ 6,400 | $ 5,905 |
Capital distributions received | 5,853 | 7,349 | 43,560 |
Total distributions received | $ 12,673 | $ 13,749 | $ 49,465 |
Investments in Unconsolidated_5
Investments in Unconsolidated Funds - Summary of Statement of Financial Position Information for Funds (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Real Estate Investments, Net [Abstract] | ||
Total assets | $ 136,479 | $ 694,713 |
Total liabilities | 113,330 | 525,483 |
Total equity | $ 23,149 | $ 169,230 |
Investments in Unconsolidated_6
Investments in Unconsolidated Funds - Summary of Statement of Operations Information for Funds (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Real Estate Investments, Net [Abstract] | |||
Total revenues | $ 75,952 | $ 79,590 | $ 75,896 |
Operating income | 22,269 | 22,959 | 20,640 |
Net income | $ 7,350 | $ 6,260 | $ 5,085 |
Other Assets - Summary of Other
Other Assets - Summary of Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Other Assets [Abstract] | ||
Restricted cash | $ 121 | $ 121 |
Prepaid expenses | 8,711 | 7,830 |
Other indefinite-lived intangibles | 1,988 | 1,988 |
Furniture, fixtures and equipment, net | 2,368 | 1,101 |
Other | 3,233 | 3,719 |
Total other assets | $ 16,421 | $ 14,759 |
Secured Notes Payable and Rev_3
Secured Notes Payable and Revolving Credit Facility, Net - Schedule of Secured Notes Payable and Revolving Credit Facility (Details) | 1 Months Ended | 12 Months Ended | |||||
Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($)propertycollateral_pool | Dec. 01, 2020 | Jul. 01, 2020 | Apr. 01, 2020 | Mar. 02, 2020 | Dec. 31, 2018USD ($) | |
Debt Instrument [Line Items] | |||||||
Principal Balance | $ 4,653,264,000 | $ 4,163,982,000 | |||||
Unamortized loan premium, net | 6,741,000 | 3,986,000 | |||||
Unamortized deferred loan costs, net | (40,947,000) | (33,938,000) | |||||
Total Consolidated Debt, net | $ 4,619,058,000 | 4,134,030,000 | |||||
Minimum number of collateral pools used to secure loans | collateral_pool | 1 | ||||||
Minimum number of properties in collateral pools | property | 1 | ||||||
Secured Debt | LIBOR | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Variable Interest Rate - basis spread (percent) | 0.00% | ||||||
Secured Debt | Term Loan at 4.55% Jun 01 2038 | |||||||
Debt Instrument [Line Items] | |||||||
Principal amortization period (in years) | 30 years | ||||||
Secured Debt | Term Loan at 3.25% Jun 01 2029 | |||||||
Debt Instrument [Line Items] | |||||||
Principal Balance | $ 160,000,000 | ||||||
Wholly-Owned Subsidiaries | |||||||
Debt Instrument [Line Items] | |||||||
Principal Balance | $ 3,113,264,000 | 3,183,982,000 | |||||
Wholly-Owned Subsidiaries | Secured Debt | Fannie Mae Loan with Maturity Oct 01 2019 | |||||||
Debt Instrument [Line Items] | |||||||
Principal Balance | 145,000,000 | ||||||
Wholly-Owned Subsidiaries | Secured Debt | Fannie Mae Loan with Maturity Dec 01 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Principal Balance | 115,000,000 | ||||||
Wholly-Owned Subsidiaries | Secured Debt | Term Loan at 3.62% Dec 23 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Principal Balance | 220,000,000 | ||||||
Wholly-Owned Subsidiaries | Secured Debt | Term Loan at 2.77% Apr 15 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Principal Balance | 340,000,000 | ||||||
Wholly-Owned Subsidiaries | Secured Debt | Term Loan at 2.64% Nov 01 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Principal Balance | 400,000,000 | ||||||
Wholly-Owned Subsidiaries | Secured Debt | Term Loan at 3.06% Jul 27 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Principal Balance | 180,000,000 | ||||||
Wholly-Owned Subsidiaries | Secured Debt | Term Loan at 2.57% Jun 23 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Principal Balance | 360,000,000 | ||||||
Wholly-Owned Subsidiaries | Secured Debt | Term Loan at 3.46% Jan 01 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Maturity Date | Jan. 1, 2024 | ||||||
Principal Balance | $ 300,000,000 | 300,000,000 | |||||
Variable Interest Rate | LIBOR + 1.55% | ||||||
Fixed Interest Rate | 3.46% | ||||||
Swap Maturity Date | Jan. 1, 2022 | ||||||
Wholly-Owned Subsidiaries | Secured Debt | Term Loan at 3.46% Jan 01 2024 | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Variable Interest Rate - basis spread (percent) | 1.55% | ||||||
Wholly-Owned Subsidiaries | Secured Debt | Term Loan at 3.84% Mar 03 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Maturity Date | Mar. 3, 2025 | ||||||
Principal Balance | $ 335,000,000 | 335,000,000 | |||||
Variable Interest Rate | LIBOR + 1.30% | ||||||
Fixed Interest Rate | 3.84% | ||||||
Swap Maturity Date | Mar. 1, 2023 | ||||||
Wholly-Owned Subsidiaries | Secured Debt | Term Loan at 3.84% Mar 03 2025 | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Variable Interest Rate - basis spread (percent) | 1.30% | ||||||
Wholly-Owned Subsidiaries | Secured Debt | Fannie Mae Loan at 2.84% Apr 01 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Maturity Date | Apr. 1, 2025 | ||||||
Principal Balance | $ 102,400,000 | 102,400,000 | |||||
Variable Interest Rate | LIBOR + 1.25% | ||||||
Fixed Interest Rate | 2.84% | ||||||
Swap Maturity Date | Mar. 1, 2023 | ||||||
Wholly-Owned Subsidiaries | Secured Debt | Fannie Mae Loan at 2.84% Apr 01 2025 | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Variable Interest Rate - basis spread (percent) | 1.25% | ||||||
Wholly-Owned Subsidiaries | Secured Debt | Term Loan at 2.58% Aug 15 2026 | |||||||
Debt Instrument [Line Items] | |||||||
Maturity Date | Aug. 15, 2026 | ||||||
Principal Balance | $ 415,000,000 | 0 | |||||
Variable Interest Rate | LIBOR + 1.10% | ||||||
Fixed Interest Rate | 2.58% | ||||||
Swap Maturity Date | Aug. 1, 2025 | ||||||
Wholly-Owned Subsidiaries | Secured Debt | Term Loan at 2.58% Aug 15 2026 | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Variable Interest Rate - basis spread (percent) | 1.10% | ||||||
Wholly-Owned Subsidiaries | Secured Debt | Term Loan at 2.44% Sep 19 2026 | |||||||
Debt Instrument [Line Items] | |||||||
Maturity Date | Sep. 19, 2026 | ||||||
Principal Balance | $ 400,000,000 | 0 | |||||
Variable Interest Rate | LIBOR + 1.15% | ||||||
Fixed Interest Rate | 2.44% | ||||||
Swap Maturity Date | Sep. 1, 2024 | ||||||
Wholly-Owned Subsidiaries | Secured Debt | Term Loan at 2.44% Sep 19 2026 | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Variable Interest Rate - basis spread (percent) | 1.15% | ||||||
Wholly-Owned Subsidiaries | Secured Debt | Term Loan at 2.77% Sep 26 2026 | |||||||
Debt Instrument [Line Items] | |||||||
Maturity Date | Sep. 26, 2026 | ||||||
Principal Balance | $ 200,000,000 | 0 | |||||
Variable Interest Rate | LIBOR + 1.20% | ||||||
Fixed Interest Rate | 2.77% | ||||||
Swap Maturity Date | Oct. 1, 2024 | ||||||
Wholly-Owned Subsidiaries | Secured Debt | Term Loan at 2.77% Sep 26 2026 | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Variable Interest Rate - basis spread (percent) | 1.20% | ||||||
Wholly-Owned Subsidiaries | Secured Debt | Term Loan at 2.18% Nov 01 2026 | |||||||
Debt Instrument [Line Items] | |||||||
Maturity Date | Nov. 1, 2026 | ||||||
Principal Balance | $ 400,000,000 | 0 | |||||
Variable Interest Rate | LIBOR + 1.15% | ||||||
Fixed Interest Rate | 2.18% | ||||||
Swap Maturity Date | Oct. 1, 2024 | ||||||
Wholly-Owned Subsidiaries | Secured Debt | Term Loan at 2.18% Nov 01 2026 | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Variable Interest Rate - basis spread (percent) | 1.15% | ||||||
Wholly-Owned Subsidiaries | Secured Debt | Fannie Mae Loan at 3.16% Jun 01 2027 | |||||||
Debt Instrument [Line Items] | |||||||
Maturity Date | Jun. 1, 2027 | ||||||
Principal Balance | $ 550,000,000 | 550,000,000 | |||||
Variable Interest Rate | LIBOR + 1.37% | ||||||
Fixed Interest Rate | 3.16% | ||||||
Swap Maturity Date | Jun. 1, 2022 | ||||||
Wholly-Owned Subsidiaries | Secured Debt | Fannie Mae Loan at 3.16% Jun 01 2027 | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Variable Interest Rate - basis spread (percent) | 1.37% | ||||||
Wholly-Owned Subsidiaries | Secured Debt | Fannie Mae Loan at 3.26% Jun 01 2029 | |||||||
Debt Instrument [Line Items] | |||||||
Maturity Date | Jun. 1, 2029 | ||||||
Principal Balance | $ 255,000,000 | 0 | |||||
Variable Interest Rate | LIBOR + 0.98% | ||||||
Fixed Interest Rate | 3.26% | ||||||
Swap Maturity Date | Jun. 1, 2027 | ||||||
Wholly-Owned Subsidiaries | Secured Debt | Fannie Mae Loan at 3.26% Jun 01 2029 | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Variable Interest Rate - basis spread (percent) | 0.98% | ||||||
Wholly-Owned Subsidiaries | Secured Debt | Fannie Mae Loan at 2.55% Jun 01 2029 | |||||||
Debt Instrument [Line Items] | |||||||
Maturity Date | Jun. 1, 2029 | ||||||
Principal Balance | $ 125,000,000 | 0 | |||||
Variable Interest Rate | LIBOR + 0.98% | ||||||
Fixed Interest Rate | 2.55% | ||||||
Swap Maturity Date | Jun. 1, 2027 | ||||||
Wholly-Owned Subsidiaries | Secured Debt | Fannie Mae Loan at 2.55% Jun 01 2029 | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Variable Interest Rate - basis spread (percent) | 0.98% | ||||||
Wholly-Owned Subsidiaries | Secured Debt | Term Loan at 4.55% Jun 01 2038 | |||||||
Debt Instrument [Line Items] | |||||||
Maturity Date | Jun. 1, 2038 | ||||||
Principal Balance | $ 30,864,000 | 31,582,000 | |||||
Fixed Interest Rate | 4.55% | ||||||
Wholly-Owned Subsidiaries | Line of Credit | Revolving Credit Facility with Maturity Aug 21 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Maturity Date | Aug. 21, 2023 | ||||||
Principal Balance | $ 0 | 105,000,000 | |||||
Variable Interest Rate | LIBOR + 1.15% | ||||||
Maximum borrowing capacity | $ 400,000,000 | ||||||
Wholly-Owned Subsidiaries | Line of Credit | Revolving Credit Facility with Maturity Aug 21 2023 | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Unused commitment fees (percent) | 0.10% | ||||||
Wholly-Owned Subsidiaries | Line of Credit | Revolving Credit Facility with Maturity Aug 21 2023 | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Unused commitment fees (percent) | 0.15% | ||||||
Wholly-Owned Subsidiaries | Line of Credit | Revolving Credit Facility with Maturity Aug 21 2023 | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Variable Interest Rate - basis spread (percent) | 1.15% | ||||||
Consolidated JV | Secured Debt | Term Loan at 2.37% Feb 28 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Maturity Date | Feb. 28, 2023 | ||||||
Principal Balance | $ 580,000,000 | 580,000,000 | |||||
Variable Interest Rate | LIBOR + 1.40% | ||||||
Fixed Interest Rate | 2.37% | ||||||
Swap Maturity Date | Mar. 1, 2021 | ||||||
Consolidated JV | Secured Debt | Term Loan at 2.37% Feb 28 2023 | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Variable Interest Rate - basis spread (percent) | 1.40% | ||||||
Consolidated JV | Secured Debt | Term Loan at 3.44% Jul 01 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Maturity Date | Jul. 1, 2024 | ||||||
Principal Balance | $ 400,000,000 | 0 | |||||
Variable Interest Rate | LIBOR + 1.65% | ||||||
Variable Interest Rate - basis spread (percent) | 1.65% | ||||||
Fixed Interest Rate | 3.44% | ||||||
Swap Maturity Date | Jul. 1, 2022 | ||||||
Consolidated JV | Secured Debt | Term Loan at 3.47% Dec 19 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Maturity Date | Dec. 19, 2024 | ||||||
Principal Balance | $ 400,000,000 | 400,000,000 | |||||
Variable Interest Rate | LIBOR + 1.30% | ||||||
Fixed Interest Rate | 3.47% | ||||||
Swap Maturity Date | Jan. 1, 2023 | ||||||
Consolidated JV | Secured Debt | Term Loan at 3.47% Dec 19 2024 | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Variable Interest Rate - basis spread (percent) | 1.30% | ||||||
Consolidated JV | Secured Debt | Term Loan at 3.25% Jun 01 2029 | |||||||
Debt Instrument [Line Items] | |||||||
Maturity Date | Jun. 1, 2029 | ||||||
Principal Balance | $ 0 | ||||||
Variable Interest Rate | LIBOR + 0.98% | ||||||
Fixed Interest Rate | 3.25% | ||||||
Swap Maturity Date | Jul. 1, 2027 | ||||||
Consolidated JV | Secured Debt | Term Loan at 3.25% Jun 01 2029 | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Variable Interest Rate - basis spread (percent) | 0.98% | ||||||
Forecast | Wholly-Owned Subsidiaries | Secured Debt | Fannie Mae Loan at 2.84% Apr 01 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Fixed Interest Rate | 2.76% | ||||||
Forecast | Wholly-Owned Subsidiaries | Secured Debt | Term Loan at 2.58% Aug 15 2026 | |||||||
Debt Instrument [Line Items] | |||||||
Fixed Interest Rate | 3.07% | ||||||
Forecast | Wholly-Owned Subsidiaries | Secured Debt | Term Loan at 2.77% Sep 26 2026 | |||||||
Debt Instrument [Line Items] | |||||||
Fixed Interest Rate | 2.36% | ||||||
Forecast | Wholly-Owned Subsidiaries | Secured Debt | Term Loan at 2.18% Nov 01 2026 | |||||||
Debt Instrument [Line Items] | |||||||
Fixed Interest Rate | 2.31% | ||||||
Forecast | Wholly-Owned Subsidiaries | Secured Debt | Fannie Mae Loan at 2.55% Jun 01 2029 | |||||||
Debt Instrument [Line Items] | |||||||
Fixed Interest Rate | 3.25% |
Secured Notes Payable and Rev_4
Secured Notes Payable and Revolving Credit Facility, Net - Schedule of Debt Statistics (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Disclosure [Abstract] | ||
Principal balance of consolidated fixed rate debt | $ 4,650,000 | |
Weighted average remaining life (including extension options) of consolidated fixed rate debt (in years) | 6 years 1 month 6 days | |
Weighted average remaining fixed interest period of consolidated fixed rate debt (in years) | 3 years 10 months 24 days | |
Weighted average annual interest rate of consolidated fixed rate debt (percent) | 3.00% | |
Debt Instrument [Line Items] | ||
Principal Balance | $ 4,653,264 | $ 4,163,982 |
Aggregate swapped to fixed rate loans | ||
Debt Instrument [Line Items] | ||
Principal Balance | 4,622,400 | 3,882,400 |
Aggregate fixed rate loans | ||
Debt Instrument [Line Items] | ||
Principal Balance | 30,864 | 31,582 |
Aggregate floating rate loans | ||
Debt Instrument [Line Items] | ||
Principal Balance | $ 0 | $ 250,000 |
Secured Notes Payable and Rev_5
Secured Notes Payable and Revolving Credit Facility, Net - Schedule of Minimum Future Principal Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Excluding Maturity Extension Options | ||
2020 | $ 752 | |
2021 | 787 | |
2022 | 300,823 | |
2023 | 915,862 | |
2024 | 800,902 | |
Thereafter | 2,634,138 | |
Total future principal payments | 4,653,264 | $ 4,163,982 |
Including Maturity Extension Options | ||
2020 | 752 | |
2021 | 787 | |
2022 | 823 | |
2023 | 580,862 | |
2024 | 1,100,902 | |
Thereafter | 2,969,138 | |
Total future principal payments | $ 4,653,264 | $ 4,163,982 |
Secured Notes Payable and Rev_6
Secured Notes Payable and Revolving Credit Facility, Net - Schedule of Loan Costs and Accumulated Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |||
Accumulated amortization on deferred loan costs | $ 30,700 | $ 24,200 | |
Loan Costs Included in Interest Expense | |||
Deferred loan cost amortization | 14,314 | 8,292 | $ 10,834 |
Interest Expense | |||
Loan Costs Included in Interest Expense | |||
Loan costs expensed | 1,318 | 58 | 557 |
Deferred loan costs written off | 6,865 | 360 | 1,802 |
Deferred loan cost amortization | 7,449 | 7,874 | 9,033 |
Total | $ 15,632 | $ 8,292 | $ 11,392 |
Interest Payable, Accounts Pa_3
Interest Payable, Accounts Payable and Deferred Revenue - Summary of Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts Payable and Accrued Liabilities [Abstract] | ||
Interest payable | $ 11,707 | $ 10,657 |
Accounts payable and accrued liabilities | 66,437 | 75,111 |
Deferred revenue | 53,266 | 44,386 |
Total interest payable, accounts payable and deferred revenue | $ 131,410 | $ 130,154 |
Derivative Contracts - Summary
Derivative Contracts - Summary of Derivatives (Details) - Interest Rate Swap - Derivatives Designated as Cash Flow Hedges - Cash Flow Hedging $ in Thousands | Dec. 31, 2019USD ($)instrument |
Derivative [Line Items] | |
Number of Interest Rate Swaps | instrument | 43 |
Notional | $ 5,124,800 |
Unconsolidated Fund | |
Derivative [Line Items] | |
Number of Interest Rate Swaps | instrument | 1 |
Notional | $ 110,000 |
Percent of notional amount related to the Fund | 100.00% |
Forward Contracts | |
Derivative [Line Items] | |
Notional | $ 502,400 |
Derivative Contracts - Credit-r
Derivative Contracts - Credit-risk related Contingent Features (Details) - Interest Rate Swap - Derivatives Designated as Cash Flow Hedges - Cash Flow Hedging - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Fair value derivatives in a net liability position | $ 56,896 | $ 1,681 |
Unconsolidated Fund | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Fair value derivatives in a net liability position | $ 0 | $ 0 |
Percent of notional amount related to the Fund | 100.00% |
Derivative Contracts - Counterp
Derivative Contracts - Counterparty Credit Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Fair value of derivatives in an asset position | $ 22,381 | $ 73,414 |
Interest Rate Swap | Derivatives Designated as Cash Flow Hedges | Cash Flow Hedging | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Fair value of derivatives in an asset position | 23,275 | 76,021 |
Interest Rate Swap | Derivatives Designated as Cash Flow Hedges | Cash Flow Hedging | Unconsolidated Fund | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Fair value of derivatives in an asset position | $ 963 | $ 12,576 |
Percent of notional amount related to the Fund | 100.00% |
Derivative Contracts - Impact o
Derivative Contracts - Impact of Hedges on AOCI and Statements of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | |||
Gain recorded in AOCI - Adoption of ASU 2017-12 | $ 0 | $ 211 | $ 0 |
(Loss) gain recorded in AOCI | (76,273) | 22,723 | |
Gain recorded in AOCI | 16,512 | ||
Interest expense | (143,308) | (133,402) | (145,176) |
Income from unconsolidated Funds | 6,923 | 6,400 | 5,905 |
Unconsolidated Fund | |||
Derivative [Line Items] | |||
(Loss) gain recorded in AOCI | (5,023) | 3,052 | |
Gain recorded in AOCI | 3,275 | ||
Cash Flow Hedging | Derivatives Designated as Cash Flow Hedges | |||
Derivative [Line Items] | |||
Gain recorded in AOCI - Adoption of ASU 2017-12 | 211 | ||
(Loss) gain recorded in AOCI | (76,273) | 22,723 | |
Gain recorded in AOCI | 16,512 | ||
(Gain) loss reclassified from AOCI | (24,298) | (10,103) | |
(Gain) loss reclassified from AOCI | 13,976 | ||
Cash Flow Hedging | Derivatives Designated as Cash Flow Hedges | Interest Expense | |||
Derivative [Line Items] | |||
Loss (gain) related to ineffectiveness recorded in Interest Expense | 51 | ||
Cash Flow Hedging | Derivatives Designated as Cash Flow Hedges | Unconsolidated Fund | |||
Derivative [Line Items] | |||
(Loss) gain recorded in AOCI | (5,023) | 3,052 | |
Gain recorded in AOCI | 3,275 | ||
(Gain) loss reclassified from AOCI | $ (1,698) | $ (813) | |
(Gain) loss reclassified from AOCI | $ 527 |
Derivative Contracts - Future R
Derivative Contracts - Future Reclassifications from AOCI (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Derivative [Line Items] | |
Derivative gains (losses) to be reclassified during next year | $ (2,461) |
Unconsolidated Fund | |
Derivative [Line Items] | |
Derivative gains (losses) to be reclassified during next year | $ 235 |
Equity - Narrative (Details)
Equity - Narrative (Details) | Nov. 21, 2019USD ($)shares | Jun. 28, 2019 | Jun. 07, 2019USD ($) | Nov. 20, 2019 | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)propertyshares |
Schedule of Equity Method Investments [Line Items] | |||||||
Number of OP Units converted to shares of common stock (in shares) | shares | 222,000 | 629,000 | 1,100,000 | ||||
Number of OP Units redeemed (in shares) | shares | 19,000 | 3,000 | 248,000 | ||||
OP Units redeemed with cash | $ | $ 734,000 | $ 108,000 | $ 10,104,000 | ||||
Shares issued under ATM program (shares) | shares | 4,900,000 | 15,700,000 | |||||
Net proceeds from issuance of common stock | $ | $ 201,000,000 | $ 593,300,000 | |||||
Units issued in connection with acquisition of property (in units) | shares | 2,600,000 | ||||||
Units issued in connection with acquisition of property | $ | $ 105,687,000 | ||||||
Contact price for purchased property | $ | $ 365,100,000 | ||||||
Capital contribution to consolidated JV | $ | 44,000,000 | ||||||
Noncontrolling interests contributions to consolidated JV | $ | 176,000,000 | ||||||
Shares of common stock issued for exercise of stock options (in shares) | shares | 21,000 | 1,300,000 | |||||
Number of stock options exercised (in shares) | shares | 49,000 | 3,920,000 | |||||
Joint venture, contributions received | $ | $ 284,000,000 | ||||||
Common stock, outstanding (in shares) | shares | 175,369,746 | 170,214,809 | |||||
Number of shares of common stock issued upon redemption of one OP Unit (in shares) | shares | 1 | ||||||
Consolidated Joint Venture | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Capital interest in consolidated JV (percent) | 20.00% | ||||||
Operating Partnership | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investors' ownership in joint venture (percent) | 14.00% | ||||||
Noncontrolling interests units ownership in Operating Partnership (in units) | shares | 29,100,000 | ||||||
Office | Consolidated JV | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Number of properties acquired | property | 3 | ||||||
Secured Debt | Term Loan with maturity in June 2029 | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Debt instrument face amount | $ | $ 160,000,000 | ||||||
Fund X | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Purchase of equity interest (percent) | 16.30% | 1.40% | |||||
Cash consideration in acquisition of equity interest | $ | $ 76,900,000 | ||||||
OP Units issued in acquisition of equity interest (in units) | shares | 332,000 | ||||||
OP Units issued in acquisition of equity interest | $ | $ 14,400,000 | ||||||
Equity interest in Fund (percent) | 89.00% | 72.70% |
Equity - Net Income Attributabl
Equity - Net Income Attributable to Common Stockholders and Transfers (to) from Noncontrolling Interests (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |||||||||||
Net income attributable to common stockholders | $ 278,558 | $ 22,488 | $ 33,966 | $ 28,701 | $ 25,635 | $ 30,561 | $ 31,684 | $ 28,206 | $ 363,713 | $ 116,086 | $ 94,443 |
Transfers from noncontrolling interests: | |||||||||||
Exchange of OP Units with noncontrolling interests | 3,540 | 10,292 | 14,242 | ||||||||
Repurchase of OP Units from noncontrolling interests | (431) | (59) | (6,764) | ||||||||
Net transfers from noncontrolling interests | 3,109 | 10,233 | 7,478 | ||||||||
Change from net income attributable to common stockholders and transfers from noncontrolling interests | $ 366,822 | $ 126,319 | $ 101,921 |
Equity - Accumulated Other Comp
Equity - Accumulated Other Comprehensive Income Schedule (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | $ 3,848,430 | $ 3,902,049 | $ 3,014,071 | |
Other comprehensive (loss) gain before reclassifications | (76,273) | 22,723 | 16,512 | |
Reclassification of (gain) loss from AOCI | (24,298) | (10,103) | 13,976 | |
Net current period OCI | (107,292) | 15,070 | 34,290 | |
OCI attributable to noncontrolling interests | 35,886 | (4,225) | (6,347) | |
OCI attributable to common stockholders | (71,406) | 10,845 | 27,943 | |
Ending balance | 4,370,934 | 3,848,430 | 3,902,049 | |
Unconsolidated Fund | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Other comprehensive (loss) gain before reclassifications | (5,023) | 3,052 | 3,275 | |
Reclassification of (gain) loss from AOCI | (1,698) | (813) | 527 | |
AOCI | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | 53,944 | 43,099 | 15,156 | |
ASU 2017-12 adoption | $ 211 | |||
Ending balance | $ (17,462) | $ 53,944 | $ 43,099 |
Equity - Dividends (Details)
Equity - Dividends (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2019 | |
Dividends, Common Stock [Abstract] | |||||
Record Date | Sep. 30, 2019 | Jun. 28, 2019 | Mar. 29, 2019 | Dec. 31, 2018 | |
Paid Date | Oct. 16, 2019 | Jul. 12, 2019 | Apr. 16, 2019 | Jan. 15, 2019 | |
Dividend Per Share (usd per share) | $ 0.26 | $ 0.26 | $ 0.26 | $ 0.26 | $ 1.04 |
Ordinary Income (percent) | 51.80% | 51.80% | 51.80% | 51.80% | 51.80% |
Capital Gain (percent) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Return of Capital (percent) | 48.20% | 48.20% | 48.20% | 48.20% | 48.20% |
Section 199A Dividend (percent) | 51.80% | 51.80% | 51.80% | 51.80% | 51.80% |
EPS - Summary of EPS Calculatio
EPS - Summary of EPS Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||||||||||
Net income attributable to common stockholders | $ 278,558 | $ 22,488 | $ 33,966 | $ 28,701 | $ 25,635 | $ 30,561 | $ 31,684 | $ 28,206 | $ 363,713 | $ 116,086 | $ 94,443 |
Allocation to participating securities: Unvested LTIP Units | (1,594) | (546) | (626) | ||||||||
Net income attributable to common stockholders - basic and diluted | $ 362,119 | $ 115,540 | $ 93,817 | ||||||||
Weighted average shares of common stock outstanding - basic (in shares) | 175,356 | 175,278 | 172,498 | 170,221 | 170,121 | 169,926 | 169,916 | 169,601 | 173,358 | 169,893 | 160,905 |
Effect of dilutive securities: Stock options (in shares) | 0 | 9 | 325 | ||||||||
Weighted average shares of common stock and common stock equivalents outstanding - diluted (in shares) | 175,356 | 175,278 | 172,498 | 170,221 | 170,121 | 169,931 | 169,926 | 169,625 | 173,358 | 169,902 | 161,230 |
Basic EPS: | |||||||||||
Net income attributable to common stockholders per share – basic (usd per share) | $ 1.58 | $ 0.13 | $ 0.20 | $ 0.17 | $ 0.15 | $ 0.18 | $ 0.19 | $ 0.17 | $ 2.09 | $ 0.68 | $ 0.58 |
Diluted EPS: | |||||||||||
Net income attributable to common stockholders per share – diluted (usd per share) | $ 1.58 | $ 0.13 | $ 0.20 | $ 0.17 | $ 0.15 | $ 0.18 | $ 0.19 | $ 0.17 | $ 2.09 | $ 0.68 | $ 0.58 |
OP Units | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Anti-dilutive securities excluded from the computation of weighted average diluted shares (in shares) | 26,465 | 26,661 | 24,810 | ||||||||
Vested LTIP Units | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Anti-dilutive securities excluded from the computation of weighted average diluted shares (in shares) | 1,652 | 813 | 274 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)installmentshares | Dec. 31, 2018shares | Dec. 31, 2017shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for grant (in shares) | 1,800,000 | ||
Number of full value shares counted against overall limits of the stock incentive plan (in shares) | 2 | ||
Number of shares counted against overall limits of the stock incentive plan, vesting in over five years (in shares) | 1 | ||
Awards granted to key employees (in shares) | 802,000 | 898,000 | 800,000 |
Unrecognized compensation cost related to nonvested options and LTIP unit awards | $ | $ 22 | ||
Unrecognized compensation cost related to nonvested options and LTIP unit awards, recognition period | 2 years | ||
Non-employee director | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-employee director awards granted in lieu of cash compensation (in shares) | 38,000 | 37,000 | 28,000 |
LTIP Units | Various employees | Vesting tranche one | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of annual vesting installments | installment | 3 | ||
LTIP Units | Various employees | Vesting tranche two | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
LTIP Units | Various employees | Vesting tranche two | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 5 years |
Stock-Based Compensation - Comp
Stock-Based Compensation - Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Payment Arrangement [Abstract] | |||
Stock-based compensation expense, net | $ 18,359 | $ 22,299 | $ 18,478 |
Capitalized stock-based compensation | 4,698 | 5,006 | 2,537 |
Intrinsic value of options exercised | $ 0 | $ 1,196 | $ 102,963 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Number of Stock Options | ||||
Outstanding, beginning balance (in shares) | 0 | 49 | 3,969 | |
Exercised (in shares) | (49) | (3,920) | ||
Outstanding, ending balance (in shares) | 0 | 0 | 49 | 3,969 |
Weighted Average Exercise Price | ||||
Outstanding, beginning balance (usd per share) | $ 0 | $ 12.66 | $ 12.43 | |
Exercised (usd per share) | 12.66 | 12.43 | ||
Outstanding, ending balance (usd per share) | $ 0 | $ 12.66 | $ 12.43 | |
Weighted Average Remaining Contract Life, Outstanding | 0 years | 16 months | 27 months | |
Total Intrinsic Value, Outstanding | $ 0 | $ 1,375 | $ 95,770 | |
Intrinsic value of options exercised | $ 0 | $ 1,196 | $ 102,963 |
Stock-Based Compensation - Unve
Stock-Based Compensation - Unvested LTIP Units (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Number of Units | |||
Outstanding, beginning balance (in shares) | 945 | 1,056 | 1,040 |
Granted (in shares) | 840 | 935 | 828 |
Vested (in shares) | (826) | (1,036) | (807) |
Forfeited (in shares) | (35) | (10) | (5) |
Outstanding, ending balance (in shares) | 924 | 945 | 1,056 |
Weighted Average Grant Date Fair Value | |||
Outstanding, beginning balance (usd per share) | $ 28.20 | $ 26.98 | $ 23.46 |
Granted (usd per share) | 31.92 | 27.01 | 29.89 |
Vested (usd per share) | 29.13 | 25.82 | 25.40 |
Forfeited (usd per share) | 35.41 | 34.18 | 31.36 |
Outstanding, ending balance (usd per share) | $ 30.48 | $ 28.20 | $ 26.98 |
Grant Date Fair Value, Granted | $ 26,821 | $ 25,247 | $ 24,745 |
Grant Date Fair Value, Vested | 24,061 | 26,740 | 20,497 |
Grant Date Fair Value, Forfeited | $ 1,234 | $ 333 | $ 172 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Estimated Fair Value of Secured Notes Payable (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Ground lease liability | $ 10,882 | |
Fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Secured notes payable | 4,678,623 | $ 4,087,979 |
Ground lease liability | 12,218 | |
Carrying value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Secured notes payable | 4,653,264 | $ 4,062,968 |
Ground lease liability | $ 10,882 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative Assets: | ||
Fair value - derivatives | $ 22,381 | $ 73,414 |
Derivative Liabilities: | ||
Fair value - derivatives | $ 54,616 | 1,530 |
Fund X | Interest Rate Swap | ||
Derivative Liabilities: | ||
Percent of notional amount related to the Fund | 100.00% | |
Level 2 | ||
Derivative Assets: | ||
Fair value - derivatives | $ 22,381 | 73,414 |
Derivative Liabilities: | ||
Fair value - derivatives | 54,616 | 1,530 |
Level 2 | Fund X | ||
Derivative Assets: | ||
Fair value - unconsolidated Funds' derivatives | 889 | 12,228 |
Derivative Liabilities: | ||
Fair value - unconsolidated Funds' derivatives | $ 0 | $ 0 |
Segment Reporting - Narrative (
Segment Reporting - Narrative (Details) | 12 Months Ended |
Dec. 31, 2019segment | |
Segment Reporting [Abstract] | |
Number of reportable business segments | 2 |
Segment Reporting - Operating A
Segment Reporting - Operating Activity Within Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | $ 243,893 | $ 238,069 | $ 230,534 | $ 224,186 | $ 226,292 | $ 223,308 | $ 219,469 | $ 212,247 | $ 936,682 | $ 881,316 | $ 812,052 |
Office Segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 816,755 | 777,931 | 715,546 | ||||||||
Operating expenses | (264,482) | (252,751) | (233,633) | ||||||||
Multifamily Segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 119,927 | 103,385 | 96,506 | ||||||||
Operating expenses | (33,681) | (28,116) | (24,401) | ||||||||
Reportable Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total segment profit | 638,519 | 600,449 | 554,018 | ||||||||
Reportable Segments | Office Segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 816,755 | 777,931 | 715,546 | ||||||||
Operating expenses | (264,482) | (252,751) | (233,633) | ||||||||
Total segment profit | 552,273 | 525,180 | 481,913 | ||||||||
Reportable Segments | Multifamily Segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenue | 119,927 | 103,385 | 96,506 | ||||||||
Operating expenses | (33,681) | (28,116) | (24,401) | ||||||||
Total segment profit | $ 86,246 | $ 75,269 | $ 72,105 |
Segment Reporting - Reconciliat
Segment Reporting - Reconciliation of Segment Profit to Net Income Attributable to Common Stockholders (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation from segment profit to net income | |||||||||||
General and administrative expenses | $ (38,068) | $ (38,641) | $ (36,234) | ||||||||
Depreciation and amortization | (357,743) | (309,864) | (276,761) | ||||||||
Other income | 11,653 | 11,414 | 9,712 | ||||||||
Other expenses | (7,216) | (7,744) | (7,037) | ||||||||
Income from unconsolidated Funds | 6,923 | 6,400 | 5,905 | ||||||||
Interest expense | (143,308) | (133,402) | (145,176) | ||||||||
Gain from consolidation of JV | 307,938 | 0 | 0 | ||||||||
Net income | $ 322,629 | $ 23,421 | $ 39,860 | $ 32,788 | $ 23,532 | $ 35,416 | $ 37,033 | $ 32,631 | 418,698 | 128,612 | 104,427 |
Less: Net income attributable to noncontrolling interests | (54,985) | (12,526) | (9,984) | ||||||||
Net income attributable to common stockholders | $ 278,558 | $ 22,488 | $ 33,966 | $ 28,701 | $ 25,635 | $ 30,561 | $ 31,684 | $ 28,206 | 363,713 | 116,086 | 94,443 |
Reportable Segments | |||||||||||
Reconciliation from segment profit to net income | |||||||||||
Total profit from all segments | $ 638,519 | $ 600,449 | $ 554,018 |
Future Minimum Lease Rental R_3
Future Minimum Lease Rental Receipts - Narrative (Details) | 12 Months Ended |
Dec. 31, 2019land_parcel | |
Lessor, Lease, Description [Line Items] | |
Maximum term of residential leases not included in total future minimum base rentals | 1 year |
Wholly-owned properties | |
Lessor, Lease, Description [Line Items] | |
Number of land parcels subject to ground lease | 2 |
Future Minimum Lease Rental R_4
Future Minimum Lease Rental Receipts - Summary of Future Minimum Rental Receipts (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Future Minimum Base Rentals | |
2020 | $ 658,016 |
2021 | 572,372 |
2022 | 484,611 |
2023 | 384,866 |
2024 | 294,137 |
Thereafter | 691,145 |
Total future minimum base rentals | $ 3,085,147 |
Commitments, Contingencies an_3
Commitments, Contingencies and Guarantees - Narrative (Details) ft² in Thousands, $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($)ft²apartmentbuilding | |
Other Commitments [Line Items] | |
Number of buildings containing asbestos | building | 32 |
Development Projects | |
Other Commitments [Line Items] | |
Aggregate remaining contractual commitment | $ | $ 233.3 |
Development Projects | California | |
Other Commitments [Line Items] | |
Number of apartments under construction | apartment | 376 |
Expected construction time frame (in years) | 3 years |
Development Projects | Hawaii | |
Other Commitments [Line Items] | |
Number of apartments under construction | apartment | 500 |
Square footage of office tower conversion (sq ft) | ft² | 490 |
Repositionings, Capital Expenditure Projects, And Tenant Improvements [Member] | |
Other Commitments [Line Items] | |
Aggregate remaining contractual commitment | $ | $ 24.6 |
Commitments, Contingencies an_4
Commitments, Contingencies and Guarantees - Debt Related to Unconsolidated Funds (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($) | |
Guarantor Obligations [Line Items] | ||
Principal Balance | $ 4,653,264 | $ 4,163,982 |
Amounts related to the Fund (percent) | 100.00% | |
Partnership X | ||
Guarantor Obligations [Line Items] | ||
Maximum future payments under swap agreement | $ 1,200 | |
Partnership X | Floating rate term loan | ||
Guarantor Obligations [Line Items] | ||
Loan Maturity Date | Mar. 1, 2023 | |
Principal Balance | $ 110,000 | |
Number of properties to secure loan | property | 2 | |
Assumed LIBOR rate to assess maximum future payments under swap agreement | 0.00% | |
Loan agreement LIBOR floor | 0.00% | |
Partnership X | Floating rate term loan | LIBOR | ||
Guarantor Obligations [Line Items] | ||
Variable Interest Rate - basis spread (percent) | 1.40% | |
Partnership X | Interest rate swap | ||
Guarantor Obligations [Line Items] | ||
Swap Fixed Interest Rate | 2.30% | |
Swap Maturity Date | Mar. 1, 2021 | |
Unconsolidated Fund | ||
Guarantor Obligations [Line Items] | ||
Amounts related to the Fund (percent) | 100.00% |
Quarterly Financial Informati_3
Quarterly Financial Information (unaudited) - Selected Quarterly Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenue | $ 243,893 | $ 238,069 | $ 230,534 | $ 224,186 | $ 226,292 | $ 223,308 | $ 219,469 | $ 212,247 | $ 936,682 | $ 881,316 | $ 812,052 |
Net income before noncontrolling interests | 322,629 | 23,421 | 39,860 | 32,788 | 23,532 | 35,416 | 37,033 | 32,631 | 418,698 | 128,612 | 104,427 |
Net income attributable to common stockholders | $ 278,558 | $ 22,488 | $ 33,966 | $ 28,701 | $ 25,635 | $ 30,561 | $ 31,684 | $ 28,206 | $ 363,713 | $ 116,086 | $ 94,443 |
Net income per common share - basic (usd per share) | $ 1.58 | $ 0.13 | $ 0.20 | $ 0.17 | $ 0.15 | $ 0.18 | $ 0.19 | $ 0.17 | $ 2.09 | $ 0.68 | $ 0.58 |
Net income per common share - diluted (usd per share) | $ 1.58 | $ 0.13 | $ 0.20 | $ 0.17 | $ 0.15 | $ 0.18 | $ 0.19 | $ 0.17 | $ 2.09 | $ 0.68 | $ 0.58 |
Weighted average shares of common stock outstanding - basic (in shares) | 175,356 | 175,278 | 172,498 | 170,221 | 170,121 | 169,926 | 169,916 | 169,601 | 173,358 | 169,893 | 160,905 |
Weighted average shares of common stock and common stock equivalents outstanding - diluted (in shares) | 175,356 | 175,278 | 172,498 | 170,221 | 170,121 | 169,931 | 169,926 | 169,625 | 173,358 | 169,902 | 161,230 |
Schedule III - Consolidated R_2
Schedule III - Consolidated Real Estate and Accumulated Depreciation and Amortization - By Property (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 4,653,264 | |||
Initial Cost | ||||
Land | 891,548 | |||
Buildings & Improvements | 6,610,605 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 3,976,480 | |||
Gross Carrying Amount | ||||
Land | 1,165,754 | |||
Buildings & Improvements | 10,312,879 | |||
Total | 11,478,633 | $ 10,030,708 | $ 9,829,208 | $ 8,998,120 |
Accumulated Depreciation & Amortization | 2,518,415 | 2,246,887 | $ 2,012,752 | $ 1,789,678 |
Principal Balance | 4,653,264 | $ 4,163,982 | ||
Aggregate federal income tax cost basis for consolidated real estate | 7,910,000 | |||
Line of Credit | Revolving Credit Facility With Maturity Date of August 21, 2020 | ||||
Gross Carrying Amount | ||||
Principal Balance | 0 | |||
Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,653,264 | |||
Initial Cost | ||||
Land | 878,478 | |||
Buildings & Improvements | 6,610,605 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 3,877,835 | |||
Gross Carrying Amount | ||||
Land | 1,152,684 | |||
Buildings & Improvements | 10,214,234 | |||
Total | 11,366,918 | |||
Accumulated Depreciation & Amortization | 2,518,415 | |||
Property Under Development | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 13,070 | |||
Buildings & Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 98,645 | |||
Gross Carrying Amount | ||||
Land | 13,070 | |||
Buildings & Improvements | 98,645 | |||
Total | 111,715 | |||
Accumulated Depreciation & Amortization | 0 | |||
100 Wilshire | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 252,034 | |||
Initial Cost | ||||
Land | 12,769 | |||
Buildings & Improvements | 78,447 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 151,175 | |||
Gross Carrying Amount | ||||
Land | 27,108 | |||
Buildings & Improvements | 215,283 | |||
Total | 242,391 | |||
Accumulated Depreciation & Amortization | 73,429 | |||
233 Wilshire | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 62,962 | |||
Initial Cost | ||||
Land | 9,263 | |||
Buildings & Improvements | 130,426 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 3,549 | |||
Gross Carrying Amount | ||||
Land | 9,263 | |||
Buildings & Improvements | 133,975 | |||
Total | 143,238 | |||
Accumulated Depreciation & Amortization | 14,268 | |||
401 Wilshire | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 9,989 | |||
Buildings & Improvements | 29,187 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 129,932 | |||
Gross Carrying Amount | ||||
Land | 21,787 | |||
Buildings & Improvements | 147,321 | |||
Total | 169,108 | |||
Accumulated Depreciation & Amortization | 47,259 | |||
429 Santa Monica | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 33,691 | |||
Initial Cost | ||||
Land | 4,949 | |||
Buildings & Improvements | 72,534 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 3,086 | |||
Gross Carrying Amount | ||||
Land | 4,949 | |||
Buildings & Improvements | 75,620 | |||
Total | 80,569 | |||
Accumulated Depreciation & Amortization | 6,978 | |||
1132 Bishop Street | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 8,317 | |||
Buildings & Improvements | 105,651 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 55,172 | |||
Gross Carrying Amount | ||||
Land | 8,833 | |||
Buildings & Improvements | 160,307 | |||
Total | 169,140 | |||
Accumulated Depreciation & Amortization | 87,669 | |||
1299 Ocean | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 124,699 | |||
Initial Cost | ||||
Land | 22,748 | |||
Buildings & Improvements | 265,198 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 15,300 | |||
Gross Carrying Amount | ||||
Land | 22,748 | |||
Buildings & Improvements | 280,498 | |||
Total | 303,246 | |||
Accumulated Depreciation & Amortization | 22,015 | |||
1901 Avenue of the Stars | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 18,514 | |||
Buildings & Improvements | 131,752 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 114,260 | |||
Gross Carrying Amount | ||||
Land | 26,163 | |||
Buildings & Improvements | 238,363 | |||
Total | 264,526 | |||
Accumulated Depreciation & Amortization | 86,611 | |||
2001 Wilshire | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 36,000 | |||
Initial Cost | ||||
Land | 5,711 | |||
Buildings & Improvements | 81,622 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 151 | |||
Gross Carrying Amount | ||||
Land | 5,711 | |||
Buildings & Improvements | 81,773 | |||
Total | 87,484 | |||
Accumulated Depreciation & Amortization | 273 | |||
8383 Wilshire | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 138,000 | |||
Initial Cost | ||||
Land | 18,005 | |||
Buildings & Improvements | 328,118 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 695 | |||
Gross Carrying Amount | ||||
Land | 18,005 | |||
Buildings & Improvements | 328,813 | |||
Total | 346,818 | |||
Accumulated Depreciation & Amortization | 1,076 | |||
8484 Wilshire | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 8,846 | |||
Buildings & Improvements | 77,780 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 16,101 | |||
Gross Carrying Amount | ||||
Land | 8,846 | |||
Buildings & Improvements | 93,881 | |||
Total | 102,727 | |||
Accumulated Depreciation & Amortization | 21,021 | |||
9100 Wilshire | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 115,000 | |||
Initial Cost | ||||
Land | 13,455 | |||
Buildings & Improvements | 258,329 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 518 | |||
Gross Carrying Amount | ||||
Land | 13,455 | |||
Buildings & Improvements | 258,847 | |||
Total | 272,302 | |||
Accumulated Depreciation & Amortization | 807 | |||
9401 Wilshire | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 30,864 | |||
Initial Cost | ||||
Land | 6,740 | |||
Buildings & Improvements | 152,310 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 12,743 | |||
Gross Carrying Amount | ||||
Land | 6,740 | |||
Buildings & Improvements | 165,053 | |||
Total | 171,793 | |||
Accumulated Depreciation & Amortization | 10,617 | |||
9601 Wilshire | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 16,597 | |||
Buildings & Improvements | 54,774 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 105,395 | |||
Gross Carrying Amount | ||||
Land | 17,658 | |||
Buildings & Improvements | 159,108 | |||
Total | 176,766 | |||
Accumulated Depreciation & Amortization | 57,708 | |||
9665 Wilshire | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 77,445 | |||
Initial Cost | ||||
Land | 5,568 | |||
Buildings & Improvements | 177,072 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 18,550 | |||
Gross Carrying Amount | ||||
Land | 5,568 | |||
Buildings & Improvements | 195,622 | |||
Total | 201,190 | |||
Accumulated Depreciation & Amortization | 12,887 | |||
10880 Wilshire | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 198,794 | |||
Initial Cost | ||||
Land | 29,995 | |||
Buildings & Improvements | 437,514 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 31,763 | |||
Gross Carrying Amount | ||||
Land | 29,988 | |||
Buildings & Improvements | 469,284 | |||
Total | 499,272 | |||
Accumulated Depreciation & Amortization | 53,543 | |||
10960 Wilshire | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 201,893 | |||
Initial Cost | ||||
Land | 45,844 | |||
Buildings & Improvements | 429,769 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 27,072 | |||
Gross Carrying Amount | ||||
Land | 45,852 | |||
Buildings & Improvements | 456,833 | |||
Total | 502,685 | |||
Accumulated Depreciation & Amortization | 54,210 | |||
11777 San Vicente | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 44,412 | |||
Initial Cost | ||||
Land | 5,032 | |||
Buildings & Improvements | 15,768 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 29,600 | |||
Gross Carrying Amount | ||||
Land | 6,714 | |||
Buildings & Improvements | 43,686 | |||
Total | 50,400 | |||
Accumulated Depreciation & Amortization | 16,119 | |||
12100 Wilshire | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 101,203 | |||
Initial Cost | ||||
Land | 20,164 | |||
Buildings & Improvements | 208,755 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 8,255 | |||
Gross Carrying Amount | ||||
Land | 20,164 | |||
Buildings & Improvements | 217,010 | |||
Total | 237,174 | |||
Accumulated Depreciation & Amortization | 26,206 | |||
12400 Wilshire | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 5,013 | |||
Buildings & Improvements | 34,283 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 76,442 | |||
Gross Carrying Amount | ||||
Land | 8,828 | |||
Buildings & Improvements | 106,910 | |||
Total | 115,738 | |||
Accumulated Depreciation & Amortization | 38,680 | |||
15250 Ventura | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 26,000 | |||
Initial Cost | ||||
Land | 2,130 | |||
Buildings & Improvements | 48,907 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 139 | |||
Gross Carrying Amount | ||||
Land | 2,130 | |||
Buildings & Improvements | 49,046 | |||
Total | 51,176 | |||
Accumulated Depreciation & Amortization | 211 | |||
16000 Ventura | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 42,000 | |||
Initial Cost | ||||
Land | 1,936 | |||
Buildings & Improvements | 89,531 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 301 | |||
Gross Carrying Amount | ||||
Land | 1,936 | |||
Buildings & Improvements | 89,832 | |||
Total | 91,768 | |||
Accumulated Depreciation & Amortization | 325 | |||
16501 Ventura | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 42,944 | |||
Initial Cost | ||||
Land | 6,759 | |||
Buildings & Improvements | 53,112 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 11,387 | |||
Gross Carrying Amount | ||||
Land | 6,759 | |||
Buildings & Improvements | 64,499 | |||
Total | 71,258 | |||
Accumulated Depreciation & Amortization | 15,359 | |||
Beverly Hills Medical Center | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 4,955 | |||
Buildings & Improvements | 27,766 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 28,814 | |||
Gross Carrying Amount | ||||
Land | 6,435 | |||
Buildings & Improvements | 55,100 | |||
Total | 61,535 | |||
Accumulated Depreciation & Amortization | 20,186 | |||
Bishop Square | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 200,000 | |||
Initial Cost | ||||
Land | 16,273 | |||
Buildings & Improvements | 213,793 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 31,072 | |||
Gross Carrying Amount | ||||
Land | 16,273 | |||
Buildings & Improvements | 244,865 | |||
Total | 261,138 | |||
Accumulated Depreciation & Amortization | 70,903 | |||
Brentwood Court | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,564 | |||
Buildings & Improvements | 8,872 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 524 | |||
Gross Carrying Amount | ||||
Land | 2,563 | |||
Buildings & Improvements | 9,397 | |||
Total | 11,960 | |||
Accumulated Depreciation & Amortization | 3,653 | |||
Brentwood Executive Plaza | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 3,255 | |||
Buildings & Improvements | 9,654 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 32,710 | |||
Gross Carrying Amount | ||||
Land | 5,921 | |||
Buildings & Improvements | 39,698 | |||
Total | 45,619 | |||
Accumulated Depreciation & Amortization | 14,519 | |||
Brentwood Medical Plaza | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 5,934 | |||
Buildings & Improvements | 27,836 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 1,285 | |||
Gross Carrying Amount | ||||
Land | 5,933 | |||
Buildings & Improvements | 29,122 | |||
Total | 35,055 | |||
Accumulated Depreciation & Amortization | 11,088 | |||
Brentwood San Vicente Medical | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 5,557 | |||
Buildings & Improvements | 16,457 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 1,180 | |||
Gross Carrying Amount | ||||
Land | 5,557 | |||
Buildings & Improvements | 17,637 | |||
Total | 23,194 | |||
Accumulated Depreciation & Amortization | 6,782 | |||
Brentwood Saltair | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 4,468 | |||
Buildings & Improvements | 11,615 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 11,766 | |||
Gross Carrying Amount | ||||
Land | 4,775 | |||
Buildings & Improvements | 23,074 | |||
Total | 27,849 | |||
Accumulated Depreciation & Amortization | 8,845 | |||
Bundy Olympic | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 4,201 | |||
Buildings & Improvements | 11,860 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 29,078 | |||
Gross Carrying Amount | ||||
Land | 6,030 | |||
Buildings & Improvements | 39,109 | |||
Total | 45,139 | |||
Accumulated Depreciation & Amortization | 14,450 | |||
Camden Medical Arts | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 42,276 | |||
Initial Cost | ||||
Land | 3,102 | |||
Buildings & Improvements | 12,221 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 27,853 | |||
Gross Carrying Amount | ||||
Land | 5,298 | |||
Buildings & Improvements | 37,878 | |||
Total | 43,176 | |||
Accumulated Depreciation & Amortization | 13,704 | |||
Carthay Campus | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 6,595 | |||
Buildings & Improvements | 70,454 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 6,241 | |||
Gross Carrying Amount | ||||
Land | 6,594 | |||
Buildings & Improvements | 76,696 | |||
Total | 83,290 | |||
Accumulated Depreciation & Amortization | 15,396 | |||
Century Park Plaza | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 173,000 | |||
Initial Cost | ||||
Land | 10,275 | |||
Buildings & Improvements | 70,761 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 132,532 | |||
Gross Carrying Amount | ||||
Land | 16,153 | |||
Buildings & Improvements | 197,415 | |||
Total | 213,568 | |||
Accumulated Depreciation & Amortization | 60,946 | |||
Century Park West | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 3,717 | |||
Buildings & Improvements | 29,099 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | (1,050) | |||
Gross Carrying Amount | ||||
Land | 3,667 | |||
Buildings & Improvements | 28,099 | |||
Total | 31,766 | |||
Accumulated Depreciation & Amortization | 10,038 | |||
Columbus Center | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,096 | |||
Buildings & Improvements | 10,396 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 9,569 | |||
Gross Carrying Amount | ||||
Land | 2,333 | |||
Buildings & Improvements | 19,728 | |||
Total | 22,061 | |||
Accumulated Depreciation & Amortization | 7,439 | |||
Coral Plaza | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 4,028 | |||
Buildings & Improvements | 15,019 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 18,918 | |||
Gross Carrying Amount | ||||
Land | 5,366 | |||
Buildings & Improvements | 32,599 | |||
Total | 37,965 | |||
Accumulated Depreciation & Amortization | 12,051 | |||
Cornerstone Plaza | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 8,245 | |||
Buildings & Improvements | 80,633 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 7,135 | |||
Gross Carrying Amount | ||||
Land | 8,263 | |||
Buildings & Improvements | 87,750 | |||
Total | 96,013 | |||
Accumulated Depreciation & Amortization | 30,052 | |||
Encino Gateway | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 8,475 | |||
Buildings & Improvements | 48,525 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 55,246 | |||
Gross Carrying Amount | ||||
Land | 15,653 | |||
Buildings & Improvements | 96,593 | |||
Total | 112,246 | |||
Accumulated Depreciation & Amortization | 35,614 | |||
Encino Plaza | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 5,293 | |||
Buildings & Improvements | 23,125 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 47,991 | |||
Gross Carrying Amount | ||||
Land | 6,165 | |||
Buildings & Improvements | 70,244 | |||
Total | 76,409 | |||
Accumulated Depreciation & Amortization | 26,809 | |||
Encino Terrace | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 105,565 | |||
Initial Cost | ||||
Land | 12,535 | |||
Buildings & Improvements | 59,554 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 94,108 | |||
Gross Carrying Amount | ||||
Land | 15,533 | |||
Buildings & Improvements | 150,664 | |||
Total | 166,197 | |||
Accumulated Depreciation & Amortization | 53,418 | |||
Executive Tower | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 6,660 | |||
Buildings & Improvements | 32,045 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 59,549 | |||
Gross Carrying Amount | ||||
Land | 9,471 | |||
Buildings & Improvements | 88,783 | |||
Total | 98,254 | |||
Accumulated Depreciation & Amortization | 34,753 | |||
First Financial Plaza | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 54,077 | |||
Initial Cost | ||||
Land | 12,092 | |||
Buildings & Improvements | 81,104 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 3,635 | |||
Gross Carrying Amount | ||||
Land | 12,092 | |||
Buildings & Improvements | 84,739 | |||
Total | 96,831 | |||
Accumulated Depreciation & Amortization | 13,474 | |||
Gateway Los Angeles | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,376 | |||
Buildings & Improvements | 15,302 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 49,327 | |||
Gross Carrying Amount | ||||
Land | 5,119 | |||
Buildings & Improvements | 61,886 | |||
Total | 67,005 | |||
Accumulated Depreciation & Amortization | 23,283 | |||
Harbor Court | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 51 | |||
Buildings & Improvements | 41,001 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 48,087 | |||
Gross Carrying Amount | ||||
Land | 12,060 | |||
Buildings & Improvements | 77,079 | |||
Total | 89,139 | |||
Accumulated Depreciation & Amortization | 24,518 | |||
Honolulu Club | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 1,863 | |||
Buildings & Improvements | 16,766 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 5,896 | |||
Gross Carrying Amount | ||||
Land | 1,863 | |||
Buildings & Improvements | 22,662 | |||
Total | 24,525 | |||
Accumulated Depreciation & Amortization | 9,089 | |||
Landmark II | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 6,086 | |||
Buildings & Improvements | 109,259 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 67,669 | |||
Gross Carrying Amount | ||||
Land | 13,070 | |||
Buildings & Improvements | 169,944 | |||
Total | 183,014 | |||
Accumulated Depreciation & Amortization | 61,622 | |||
Lincoln Wilshire | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 3,833 | |||
Buildings & Improvements | 12,484 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 23,598 | |||
Gross Carrying Amount | ||||
Land | 7,475 | |||
Buildings & Improvements | 32,440 | |||
Total | 39,915 | |||
Accumulated Depreciation & Amortization | 10,883 | |||
MB Plaza | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 4,533 | |||
Buildings & Improvements | 22,024 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 33,600 | |||
Gross Carrying Amount | ||||
Land | 7,503 | |||
Buildings & Improvements | 52,654 | |||
Total | 60,157 | |||
Accumulated Depreciation & Amortization | 18,784 | |||
Olympic Center | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 52,000 | |||
Initial Cost | ||||
Land | 5,473 | |||
Buildings & Improvements | 22,850 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 34,804 | |||
Gross Carrying Amount | ||||
Land | 8,247 | |||
Buildings & Improvements | 54,880 | |||
Total | 63,127 | |||
Accumulated Depreciation & Amortization | 19,807 | |||
One Westwood | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 10,350 | |||
Buildings & Improvements | 29,784 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 63,393 | |||
Gross Carrying Amount | ||||
Land | 9,194 | |||
Buildings & Improvements | 94,333 | |||
Total | 103,527 | |||
Accumulated Depreciation & Amortization | 34,093 | |||
Palisades Promenade | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 5,253 | |||
Buildings & Improvements | 15,547 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 54,541 | |||
Gross Carrying Amount | ||||
Land | 9,664 | |||
Buildings & Improvements | 65,677 | |||
Total | 75,341 | |||
Accumulated Depreciation & Amortization | 23,435 | |||
Saltair San Vicente | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 21,533 | |||
Initial Cost | ||||
Land | 5,075 | |||
Buildings & Improvements | 6,946 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 16,739 | |||
Gross Carrying Amount | ||||
Land | 7,557 | |||
Buildings & Improvements | 21,203 | |||
Total | 28,760 | |||
Accumulated Depreciation & Amortization | 8,044 | |||
San Vicente Plaza | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 7,055 | |||
Buildings & Improvements | 12,035 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | (61) | |||
Gross Carrying Amount | ||||
Land | 7,055 | |||
Buildings & Improvements | 11,974 | |||
Total | 19,029 | |||
Accumulated Depreciation & Amortization | 4,798 | |||
Santa Monica Square | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 48,500 | |||
Initial Cost | ||||
Land | 5,366 | |||
Buildings & Improvements | 18,025 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 21,723 | |||
Gross Carrying Amount | ||||
Land | 6,863 | |||
Buildings & Improvements | 38,251 | |||
Total | 45,114 | |||
Accumulated Depreciation & Amortization | 13,974 | |||
Second Street Plaza | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 4,377 | |||
Buildings & Improvements | 15,277 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 36,308 | |||
Gross Carrying Amount | ||||
Land | 7,421 | |||
Buildings & Improvements | 48,541 | |||
Total | 55,962 | |||
Accumulated Depreciation & Amortization | 17,963 | |||
Sherman Oaks Galleria | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 300,000 | |||
Initial Cost | ||||
Land | 33,213 | |||
Buildings & Improvements | 17,820 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 410,836 | |||
Gross Carrying Amount | ||||
Land | 48,328 | |||
Buildings & Improvements | 413,541 | |||
Total | 461,869 | |||
Accumulated Depreciation & Amortization | 150,971 | |||
Studio Plaza | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 9,347 | |||
Buildings & Improvements | 73,358 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 122,044 | |||
Gross Carrying Amount | ||||
Land | 15,015 | |||
Buildings & Improvements | 189,734 | |||
Total | 204,749 | |||
Accumulated Depreciation & Amortization | 68,366 | |||
The Tower | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 65,969 | |||
Initial Cost | ||||
Land | 9,643 | |||
Buildings & Improvements | 160,602 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 4,196 | |||
Gross Carrying Amount | ||||
Land | 9,643 | |||
Buildings & Improvements | 164,798 | |||
Total | 174,441 | |||
Accumulated Depreciation & Amortization | 20,889 | |||
The Trillium | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 20,688 | |||
Buildings & Improvements | 143,263 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 85,509 | |||
Gross Carrying Amount | ||||
Land | 21,989 | |||
Buildings & Improvements | 227,471 | |||
Total | 249,460 | |||
Accumulated Depreciation & Amortization | 80,180 | |||
Valley Executive Tower | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 104,000 | |||
Initial Cost | ||||
Land | 8,446 | |||
Buildings & Improvements | 67,672 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 104,500 | |||
Gross Carrying Amount | ||||
Land | 11,737 | |||
Buildings & Improvements | 168,881 | |||
Total | 180,618 | |||
Accumulated Depreciation & Amortization | 60,805 | |||
Valley Office Plaza | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 5,731 | |||
Buildings & Improvements | 24,329 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 46,172 | |||
Gross Carrying Amount | ||||
Land | 8,957 | |||
Buildings & Improvements | 67,275 | |||
Total | 76,232 | |||
Accumulated Depreciation & Amortization | 24,902 | |||
Verona | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 2,574 | |||
Buildings & Improvements | 7,111 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 15,131 | |||
Gross Carrying Amount | ||||
Land | 5,111 | |||
Buildings & Improvements | 19,705 | |||
Total | 24,816 | |||
Accumulated Depreciation & Amortization | 7,106 | |||
Village on Canon | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 61,745 | |||
Initial Cost | ||||
Land | 5,933 | |||
Buildings & Improvements | 11,389 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 50,012 | |||
Gross Carrying Amount | ||||
Land | 13,303 | |||
Buildings & Improvements | 54,031 | |||
Total | 67,334 | |||
Accumulated Depreciation & Amortization | 19,444 | |||
Warner Center Towers | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 335,000 | |||
Initial Cost | ||||
Land | 43,110 | |||
Buildings & Improvements | 292,147 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 421,607 | |||
Gross Carrying Amount | ||||
Land | 59,418 | |||
Buildings & Improvements | 697,446 | |||
Total | 756,864 | |||
Accumulated Depreciation & Amortization | 256,107 | |||
Warner Corporate Center | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 43,000 | |||
Initial Cost | ||||
Land | 11,035 | |||
Buildings & Improvements | 65,799 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 335 | |||
Gross Carrying Amount | ||||
Land | 11,035 | |||
Buildings & Improvements | 66,134 | |||
Total | 77,169 | |||
Accumulated Depreciation & Amortization | 298 | |||
Westside Towers | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 141,915 | |||
Initial Cost | ||||
Land | 8,506 | |||
Buildings & Improvements | 79,532 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 82,034 | |||
Gross Carrying Amount | ||||
Land | 14,568 | |||
Buildings & Improvements | 155,504 | |||
Total | 170,072 | |||
Accumulated Depreciation & Amortization | 56,383 | |||
Westwood Center | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 113,343 | |||
Initial Cost | ||||
Land | 9,512 | |||
Buildings & Improvements | 259,341 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 12,344 | |||
Gross Carrying Amount | ||||
Land | 9,513 | |||
Buildings & Improvements | 271,684 | |||
Total | 281,197 | |||
Accumulated Depreciation & Amortization | 33,966 | |||
Westwood Place | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 71,000 | |||
Initial Cost | ||||
Land | 8,542 | |||
Buildings & Improvements | 44,419 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 52,040 | |||
Gross Carrying Amount | ||||
Land | 11,448 | |||
Buildings & Improvements | 93,553 | |||
Total | 105,001 | |||
Accumulated Depreciation & Amortization | 33,866 | |||
555 Barrington | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 50,000 | |||
Initial Cost | ||||
Land | 6,461 | |||
Buildings & Improvements | 27,639 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 40,435 | |||
Gross Carrying Amount | ||||
Land | 14,903 | |||
Buildings & Improvements | 59,632 | |||
Total | 74,535 | |||
Accumulated Depreciation & Amortization | 21,850 | |||
Barrington Plaza | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 210,000 | |||
Initial Cost | ||||
Land | 28,568 | |||
Buildings & Improvements | 81,485 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 153,858 | |||
Gross Carrying Amount | ||||
Land | 58,208 | |||
Buildings & Improvements | 205,703 | |||
Total | 263,911 | |||
Accumulated Depreciation & Amortization | 75,202 | |||
Barrington Kiowa | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 13,940 | |||
Initial Cost | ||||
Land | 5,720 | |||
Buildings & Improvements | 10,052 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 656 | |||
Gross Carrying Amount | ||||
Land | 5,720 | |||
Buildings & Improvements | 10,708 | |||
Total | 16,428 | |||
Accumulated Depreciation & Amortization | 3,979 | |||
Barry | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11,370 | |||
Initial Cost | ||||
Land | 6,426 | |||
Buildings & Improvements | 8,179 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 549 | |||
Gross Carrying Amount | ||||
Land | 6,426 | |||
Buildings & Improvements | 8,728 | |||
Total | 15,154 | |||
Accumulated Depreciation & Amortization | 3,340 | |||
Kiowa | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,470 | |||
Initial Cost | ||||
Land | 2,605 | |||
Buildings & Improvements | 3,263 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 421 | |||
Gross Carrying Amount | ||||
Land | 2,605 | |||
Buildings & Improvements | 3,684 | |||
Total | 6,289 | |||
Accumulated Depreciation & Amortization | 1,378 | |||
Moanalua Hillside Apartments | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 255,000 | |||
Initial Cost | ||||
Land | 24,791 | |||
Buildings & Improvements | 157,353 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 119,348 | |||
Gross Carrying Amount | ||||
Land | 35,365 | |||
Buildings & Improvements | 266,127 | |||
Total | 301,492 | |||
Accumulated Depreciation & Amortization | 47,725 | |||
Pacific Plaza | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 78,000 | |||
Initial Cost | ||||
Land | 10,091 | |||
Buildings & Improvements | 16,159 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 74,021 | |||
Gross Carrying Amount | ||||
Land | 27,816 | |||
Buildings & Improvements | 72,455 | |||
Total | 100,271 | |||
Accumulated Depreciation & Amortization | 25,820 | |||
The Glendon | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 160,000 | |||
Initial Cost | ||||
Land | 32,773 | |||
Buildings & Improvements | 335,925 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 467 | |||
Gross Carrying Amount | ||||
Land | 32,775 | |||
Buildings & Improvements | 336,390 | |||
Total | 369,165 | |||
Accumulated Depreciation & Amortization | 6,028 | |||
The Shores | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 212,000 | |||
Initial Cost | ||||
Land | 20,809 | |||
Buildings & Improvements | 74,191 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 199,491 | |||
Gross Carrying Amount | ||||
Land | 60,555 | |||
Buildings & Improvements | 233,936 | |||
Total | 294,491 | |||
Accumulated Depreciation & Amortization | 82,309 | |||
Villas at Royal Kunia | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 94,220 | |||
Initial Cost | ||||
Land | 42,887 | |||
Buildings & Improvements | 71,376 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 14,961 | |||
Gross Carrying Amount | ||||
Land | 35,163 | |||
Buildings & Improvements | 94,061 | |||
Total | 129,224 | |||
Accumulated Depreciation & Amortization | 38,965 | |||
Waena Apartments | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 102,400 | |||
Initial Cost | ||||
Land | 26,864 | |||
Buildings & Improvements | 119,273 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 1,502 | |||
Gross Carrying Amount | ||||
Land | 26,864 | |||
Buildings & Improvements | 120,775 | |||
Total | 147,639 | |||
Accumulated Depreciation & Amortization | 16,852 | |||
Owensmouth Warner | Operating Property | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 23,848 | |||
Buildings & Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 0 | |||
Gross Carrying Amount | ||||
Land | 23,848 | |||
Buildings & Improvements | 0 | |||
Total | 23,848 | |||
Accumulated Depreciation & Amortization | 0 | |||
1132 Bishop Street Conversion | Property Under Development | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Buildings & Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 16,818 | |||
Gross Carrying Amount | ||||
Land | 0 | |||
Buildings & Improvements | 16,818 | |||
Total | 16,818 | |||
Accumulated Depreciation & Amortization | 0 | |||
Landmark II Development | Property Under Development | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 13,070 | |||
Buildings & Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 79,703 | |||
Gross Carrying Amount | ||||
Land | 13,070 | |||
Buildings & Improvements | 79,703 | |||
Total | 92,773 | |||
Accumulated Depreciation & Amortization | 0 | |||
Other Developments | Property Under Development | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 0 | |||
Buildings & Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Improvements | 2,124 | |||
Gross Carrying Amount | ||||
Land | 0 | |||
Buildings & Improvements | 2,124 | |||
Total | 2,124 | |||
Accumulated Depreciation & Amortization | $ 0 |
Schedule III - Consolidated R_3
Schedule III - Consolidated Real Estate and Accumulated Depreciation and Amortization - Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investment in real estate, gross [Roll Forward] | |||
Beginning balance | $ 10,030,708 | $ 9,829,208 | $ 8,998,120 |
Property acquisitions | 368,698 | 0 | 707,120 |
Consolidation of JV | 924,578 | 0 | 0 |
Improvements and developments | 242,854 | 277,229 | 177,655 |
Removal of fully depreciated and amortized tenant improvements and lease intangibles | (88,205) | (75,729) | (53,687) |
Ending balance | 11,478,633 | 10,030,708 | 9,829,208 |
Accumulated depreciation and amortization [Roll Forward] | |||
Beginning balance | (2,246,887) | (2,012,752) | (1,789,678) |
Depreciation and amortization | (357,743) | (309,864) | (276,761) |
Other accumulated depreciation and amortization | (1,990) | 0 | 0 |
Removal of fully depreciated and amortized tenant improvements and lease intangibles | 88,205 | 75,729 | 53,687 |
Ending balance | (2,518,415) | (2,246,887) | (2,012,752) |
Investment in real estate, net | $ 8,960,218 | $ 7,783,821 | $ 7,816,456 |
Uncategorized Items - a2019q410
Label | Element | Value |
Accounting Standards Update 2017-12 [Member] | AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 211,000 |
Accounting Standards Update 2017-12 [Member] | Accumulated Distributions in Excess of Net Income [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (211,000) |