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Acquisitions | 12 Months Ended
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Dec. 31, 2020
Asset Acquisitions [Abstract] |
Acquisitions | Acquisitions Operating Property Acquisitions We did not acquire any operating properties during the year ended December 31, 2020. During the year ended December 31, 2019, we acquired the 19-building creative office campus listed below in one transaction from an unrelated third party.
Property |  | Date of Acquisition |  | Number of Buildings |  | Rentable Square Feet (unaudited) |  | Purchase Price (in millions) (1)
2019 Acquisitions |  |  |  |  |  |  |  |
3101-3243 La Cienega Boulevard, Culver City, CA (2) |  | October 15, 2019 |  | 19 |  | 151,908 |  |  | $ | 186.0 |
________________________ (1)Excludes acquisition-related costs. (2)The results of operations for the properties acquired during 2019 contributed $3.7 million to revenue and a net loss of $0.1 million for the year ended December 31, 2019 primarily due to a write-off of lease-related intangible assets as a result of an early lease termination during the year ended December 31, 2019. The related assets, liabilities and results of operations of the acquired properties are included in the consolidated financial statements as of the date of acquisition. The following table summarizes the estimated relative fair values of the assets and liabilities assumed at the acquisition date for our 2019 operating property acquisitions:
|  | Total 2019 Operating Property Acquisition (1)
Assets |  |
Land and improvements |  | $ | 150,561 |
Buildings and improvements (2) |  | 30,932 |
Deferred leasing costs and acquisition-related intangible assets (3) |  | 12,063 |
Right of use ground lease asset (4) |  | 13,334 |
Total assets acquired |  | $ | 206,890 |
Liabilities |  |
Acquisition-related intangible liabilities (5) |  | $ | 9,950 |
Ground lease liability (4) |  | 10,940 |
Total liabilities assumed |  | $ | 20,890 |
Net assets and liabilities acquired |  | $ | 186,000 |
________________________ (1)The purchase price of the acquisition completed during the year ended December 31, 2019 was less than 10% of the Company’s total assets as of December 31, 2018. (2)Represents buildings, building improvements and tenant improvements. (3)Represents in-place leases (approximately $9.2 million with a weighted average amortization period of 3.3 years) and leasing commissions (approximately $2.9 million with a weighted average amortization period of 3.5 years). (4)We evaluated the ground lease assumed in connection with the 2019 operating property acquisition and concluded it met the criteria to be classified as an operating lease. The discount rate used in determining the present value of the minimum future lease payments was 4.79%. The right of use asset ground lease asset is equal to the ground lease liability adjusted for above and below market intangibles and deferred leasing costs. Refer to Note 18 “Commitments and Contingencies” for further discussion of the Company's ground lease obligations. (5)Represents below-market leases (approximately $10.0 million with a weighted average amortization period of 3.5 years). Development Project Acquisitions We did not acquire any development sites during the year ended December 31, 2020. During the year ended December 31, 2019, we acquired the following development sites in two transactions from unrelated third parties. The acquisitions were funded from various sources of liquidity including proceeds from the Company’s unsecured revolving credit facility, the issuance of debt and the settlement of the Company’s 2018 forward equity sale agreements.
Project |  | Date of Acquisition |  | City/Submarket |  | Purchase Price (in millions)
2019 Acquisitions |  |  |  |  |  |
1335 Broadway & 901 Park Boulevard, San Diego, CA (1) |  | August 19, 2019 |  | East Village |  | $ | 40.0 |
Seattle CBD Project (2) |  | December 12, 2019 |  | Seattle CBD |  | 133.0 |
Total 2019 Acquisitions |  |  |  |  |  | $ | 173.0 |
_______________________ (1)Excludes acquisition-related costs. In connection with this acquisition, we also recorded $4.0 million in accrued liabilities and environmental remediation liabilities at the date of acquisition, which are not included in the purchase price above. As of December 31, 2019, the purchase price and our current estimate of assumed liabilities are included in undeveloped land and construction in progress and the assumed liabilities are included in accounts payable, accrued expenses and other liabilities on the Company’s consolidated balance sheets. (2)Excludes acquisition-related costs. In connection with this acquisition, we also recorded $6.3 million in accrued liabilities and environmental remediation liabilities at the date of acquisition, which are not included in the purchase price above. As of December 31, 2019, the purchase price and our current estimate of assumed liabilities are included in undeveloped land and construction in progress and the assumed liabilities are included in accounts payable, accrued expenses and other liabilities on the Company’s consolidated balance sheets. In addition, as of December 31, 2020 and 2019, the Company had $10.0 million in restricted cash, which is excluded from the purchase price above, related to this acquisition which may be payable to the seller only if certain events occur within three years following the date of acquisition. In addition to the acquisitions listed above, during 2019, we acquired an additional land parcel for an existing development project for $99.5 million. Acquisition Costs During the years ended December 31, 2020, 2019, and 2018, we capitalized $0.3 million, $1.6 million, and $3.8 million, respectively, of acquisition costs.

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