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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract] |
Schedule of Acquisitions | During the year ended December 31, 2021, we acquired the operating property listed below from an unrelated third party. We did not acquire any operating properties during the year ended December 31, 2020.
Property |  | Date of Acquisition |  | Number of Buildings |  | Rentable Square Feet (unaudited) |  | Purchase Price (in millions) (1)
2021 Acquisition |  |  |  |  |  |  |  |
2001 West 8th Avenue, Seattle, WA (2) |  | September 17, 2021 |  | 1 |  | 539,226 |  | $ | 490.0 |
________________________ (1)Excludes acquisition-related costs. (2)The results of operations for the property acquired during 2021 contributed $9.9 million to revenue and a net loss of $3.1 million for the year ended December 31, 2021 primarily due to the amortization of in-place leases acquired. During the year ended December 31, 2021, we acquired the following development properties in two transactions from unrelated third parties. The acquisitions were funded with the proceeds from the operating property disposition completed during the three months ended March 31, 2021 that were temporarily being held by a qualified intermediary, at our discretion, for the purpose of facilitating a Section 1031 Exchange. We did not acquire any development sites during the year ended December 31, 2020.
Project |  | Date of Acquisition |  | City/Submarket |  | Purchase Price (in millions) (1)
2021 Acquisitions |  |  |  |  |  |
2045 Pacific Highway, San Diego, CA (2) |  | June 22, 2021 |  | Little Italy |  | $ | 42.0 |
200 W. 6th Street, Austin, TX (3) |  | June 23, 2021 |  | Austin CBD |  | 580.2 |
Total 2021 Acquisitions |  |  |  |  |  | $ | 622.2 |
_______________________ (1)Excludes acquisition-related costs. (2)This property was added to our future development pipeline. In connection with this acquisition, we also recorded $5.2 million of environmental remediation liabilities as of the date of acquisition, which is not included in the purchase price above. (3)This property was added to the tenant improvement phase as it was acquired upon completion of core/shell. In connection with this acquisition, we assumed the underlying ground lease for the property and recorded a right of use ground lease asset and ground lease liability of $46.4 million. We evaluated the ground lease 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 3.97%. Refer to Note 18 “Commitments and Contingencies” for further discussion of the Company’s ground lease obligations.
Schedule of Estimated Fair Values of the Assets Acquired and Liabilities Assumed | The related assets, liabilities and results of operations of the acquired property 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 acquired and liabilities assumed at the acquisition date for our 2021 operating property acquisition:
|  | Total 2021 Operating Property Acquisition
Assets |  |
Land and improvements |  | $ | 84,033 |
Buildings and improvements (1) |  | 370,967 |
Deferred leasing costs and acquisition-related intangible assets (2) |  | 49,882 |
Total assets acquired |  | $ | 504,882 |
Liabilities |  |
Acquisition-related intangible liabilities (3) |  | $ | 15,112 |
Total liabilities assumed |  | $ | 15,112 |
Net assets acquired |  | $ | 489,770 |
________________________ (1)Represents buildings, building improvements and tenant improvements. (2)Represents in-place leases (approximately $46.5 million with a weighted average amortization period of 2.2 years), leasing commissions (approximately $3.1 million with a weighted average amortization period of 3.1 years) and an above-market lease (approximately $0.3 million with a weighted average amortization period of 8.4 years). (3)Represents below-market leases (approximately $15.1 million with a weighted average amortization period of 2.4 years).

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- Definition Tabular disclosure of asset acquisition. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 50 -Section 15 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6911878&loc=d3e8732-128492 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123413009&loc=d3e4845-128472 + Details
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