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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Acquisitions | During the year ended December 31, 2024, 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, 2023.
Property |  | Date of Acquisition |  | Number of Buildings |  | Rentable Square Feet |  | Purchase Price (in millions) (1)
12707 & 12777 High Bluff Drive (Junction at Del Mar) |  | September 27, 2024 |  | 2 |  | 103,731 |  | $ | 35.0 |
________________________ (1)Excludes acquisition-related costs.
Schedule of Estimated Fair Values of the Assets Acquired and Liabilities Assumed | The following table summarizes the estimated relative fair values of the assets acquired and liabilities assumed as of the date of acquisition, excluding acquisition-related costs:
| Total 2024 Operating Property Acquisitions (1)(2)
Assets |
Land and improvements | $ | 6,000 |
Buildings and improvements (3) | 15,703 |
Deferred leasing costs and acquisition-related intangible assets (4) | 13,534 |
Prepaid expenses and other assets, net | 30 |
Total assets acquired | $ | 35,267 |
Liabilities |
Acquisition-related intangible liabilities (5) | $ | 267 |
Total liabilities assumed | 267 |
Net assets and liabilities acquired | $ | 35,000 |
________________________ (1)As of December 31, 2024, this property was temporarily being held in a separate VIE to facilitate a potential future Section 1031 Exchange. See Note 2 “Basis of Presentation and Significant Accounting Policies” to our consolidated financial statements included in this report for additional information. (2)Excludes acquisition-related costs of $0.2 million. (3)Represents buildings, building improvements, and tenant improvements. (4)Represents in-place leases (approximately $10.5 million with a weighted average amortization period of 4.7 years), leasing commissions (approximately $2.0 million with a weighted average amortization period of 4.9 years), and an above-market lease (approximately $1.0 million with a weighted average amortization period of 4.6 years). (5)Represents below-market leases (approximately $0.3 million with a weighted average amortization period of 4.9 years).

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- Definition Tabular disclosure of asset acquisition. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 50 -Name Accounting Standards Codification -Section 15 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480123/805-50-15-3 + 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 -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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