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Commitments and Contingencies
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6 Months Ended |
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Jun. 30, 2011
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| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | Commitments and Contingencies Legal From time to time, the Company is party to various lawsuits, claims and other legal proceedings arising out of, or incident to, our ordinary course of business. Management believes, based in part upon consultation with legal counsel, that the ultimate resolution of all such claims will not have a material adverse effect on the Company’s results of operations, financial position, or cash flows. As of June 30, 2011, the risk of material loss from such legal actions impacting the Company's financial condition or results from operations has been assessed as remote Concentrations All of the Company’s Properties are located in California which exposes the Company to greater economic risks than if it owned a more geographically dispersed portfolio. Further, for the six months ended June 30, 2011 and 2010, approximately 27% and 67%, respectively, of the Company’s revenues were derived from tenants in the media and entertainment industry, which makes the Company particularly susceptible to demand for rental space in such industry. Consequently, the Company is subject to the risks associated with an investment in real estate with a concentration of tenants in that industry. For the six months ended June 30, 2011 and 2010, the Technicolor Lease accounted for approximately 4% and 14%, respectively of total revenues and the KTLA lease accounted for approximately 2% and 6%, respectively, of total revenues. Bank of America leases approximately 836,000 square feet of our 1455 Market property for various lease terms ranging between one and seven years. As a result of our purchase of this property on December 16, 2010, this lease did not account for any portion of our total revenue for the six months ended June 30, 2010. For the six months ended June 30, 2011, the Bank of America Lease accounted for approximately 8% of our total revenue. |