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Investment in Real Estate (Tables) | 12 Months Ended
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Dec. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
Schedule of Real Estate Investment Property | A summary of the activity of our investment in real estate including investment in real estate held for sale (First Financial, Tierrasanta and City Plaza) is as follows:
|  | Year Ended December 31, 2014 |  | Year Ended December 31, 2013 |  | Year Ended December 31, 2012
Investment in real estate |  |  |  |  |  |
Beginning balance |  | $ | 2,035,330 |  |  | $ | 1,475,955 |  |  | $ | 1,060,504 |
Acquisitions |  | 114,008 |  |  | 538,322 |  |  | 390,370 |
Improvements, capitalized costs |  | 128,018 |  |  | 89,707 |  |  | 27,901 |
Disposal |  | (37,615 | ) |  | (9,638 | ) |  | (2,820 | )
Cost of property sold |  | — |  |  | (59,016 | ) |  | — |
Ending Balance |  | $ | 2,239,741 |  |  | $ | 2,035,330 |  |  | $ | 1,475,955 |
Reclassification to assets associated with real estate held for sale |  | (68,446 | ) |  | (82,305 | ) |  | — |
Total Investment in real estate |  | $ | 2,171,295 |  |  | $ | 1,953,025 |  |  | $ | 1,475,955 |
Accumulated depreciation |  |  |  |  |  |
Beginning balance |  | $ | (116,342 | ) |  | $ | (85,184 | ) |  | $ | (53,329 | )
Additions |  | (50,044 | ) |  | (41,454 | ) |  | (34,675 | )
Deletions |  | 23,825 |  |  | 10,296 |  |  | 2,820 |
Ending Balance |  | $ | (142,561 | ) |  | $ | (116,342 | ) |  | $ | (85,184 | )
Reclassification to assets associated with real estate held for sale |  | 7,904 |  |  | 7,931 |  |  | — |
Total Accumulated depreciation |  | $ | (134,657 | ) |  | $ | (108,411 | ) |  | $ | (85,184 | )
Schedule of Business Acquisitions, by Acquisition | During 2014, we acquired the following properties: Merrill Place, 3402 Pico Blvd., and 12655 Jefferson. The results of operations for each of these acquisitions are included in our consolidated statements of operations from the date of acquisition. The following table represents our purchase price accounting for each of these acquisitions:
| Merrill Place |  | 3402 Pico Blvd. |  | 12655 Jefferson |  |
Date of Acquisition | February 12, 2014 |  | February 28, 2014 |  | October 17, 2014 |  | Total
Consideration paid |  |  |  |  |  |  |
Cash consideration | $ | 57,034 |  |  | $ | 18,546 |  |  | $ | 38,000 |  |  | $ | 113,580 |
Total consideration | $ | 57,034 |  |  | $ | 18,546 |  |  | $ | 38,000 |  |  | $ | 113,580 |
Allocation of consideration paid |  |  |  |  |  |  |
Investment in real estate, net | $ | 57,508 |  |  | $ | 18,500 |  |  | $ | 38,000 |  |  | $ | 114,008 |
Above-market leases | 173 |  |  | — |  |  | — |  |  | 173 |
Deferred leasing costs and lease intangibles, net | 3,163 |  |  | — |  |  | — |  |  | 3,163 |
Below-market leases | (3,315 | ) |  | — |  |  | — |  |  | (3,315 | )
Other (liabilities) asset assumed, net | (495 | ) |  | 46 |  |  | — |  |  | (449 | )
Total consideration paid | $ | 57,034 |  |  | $ | 18,546 |  |  | $ | 38,000 |  |  | $ | 113,580 |
During 2013, we acquired the following properties: 3401 Exposition, Pinnacle II, the Seattle Portfolio, and 1861 Bundy. The results of operations for each of these acquisitions are included in our consolidated statements of operations from the date of acquisition. The following table represents our purchase price accounting for each of these acquisitions:
| 3401 Exposition |  | Pinnacle II |  | Seattle Portfolio |  | 1861 Bundy |  |
Date of Acquisition | May 22, 2013 |  | June 14, 2013 |  | July 31, 2013 |  | September 26, 2013 |  | Total
Consideration paid |  |  |  |  |  |  |  |  |
Cash consideration | $ | 8,489 |  |  | $ | 1,505 |  |  | $ | 368,389 |  |  | $ | 11,500 |  |  | $ | 389,883 |
Notes Receivable | 4,000 |  |  | — |  |  | — |  |  | — |  |  | 4,000 |
Debt Assumed | 13,233 |  |  | 89,066 |  |  | — |  |  | — |  |  | 102,299 |
Non-controlling interest in consolidated real estate entity | — |  |  | 45,704 |  |  | — |  |  | — |  |  | 45,704 |
Total consideration | $ | 25,722 |  |  | $ | 136,275 |  |  | $ | 368,389 |  |  | $ | 11,500 |  |  | $ | 541,886 |
Allocation of consideration paid |  |  |  |  |  |  |  |  |
Investment in real estate, net | $ | 25,439 |  |  | $ | 134,289 |  |  | $ | 367,094 |  |  | $ | 11,500 |  |  | $ | 538,322 |
Deferred leasing costs and lease intangibles, net | — |  |  | 12,637 |  |  | 21,619 |  |  | — |  |  | 34,256 |
Fair market unfavorable debt value | — |  |  | (5,820 | ) |  | — |  |  | — |  |  | (5,820 | )
Below-market leases | — |  |  | (7,783 | ) |  | (14,666 | ) |  | — |  |  | (22,449 | )
Other (liabilities) asset assumed, net | 283 |  |  | 2,952 |  |  | (5,658 | ) |  | — |  |  | (2,423 | )
Total consideration paid | $ | 25,722 |  |  | $ | 136,275 |  |  | $ | 368,389 |  |  | $ | 11,500 |  |  | $ | 541,886 |
During 2012, we acquired the following properties: 10900 Washington, 901 Market Street, Element LA (Olympic Bundy), 1455 Gordon Street and Pinnacle I. The results of operations for each of these acquisitions are included in our consolidated statements of operations from the date of acquisition. The following table represents our purchase price accounting for each of these acquisitions:
| 10900 Washington |  | 901 Market |  | Element LA |  | 1455 Gordon Street |  | Pinnacle I |  |
Date of Acquisition | April 5, 2012 |  | June 1, 2012 |  | September 5, 2012 |  | September 21, 2012 |  | November 8, 2012 |  | Total
Consideration paid |  |  |  |  |  |  |  |  |  |  |
Cash consideration | $ | 2,605 |  |  | $ | 90,871 |  |  | $ | 88,436 |  |  | $ | 2,385 |  |  | $ | 208,023 |  |  | $ | 392,320 |
Non-controlling interest in consolidated real estate entity | — |  |  | — |  |  | — |  |  | — |  |  | 1,481 |  |  | 1,481 |
Total consideration | $ | 2,605 |  |  | $ | 90,871 |  |  | $ | 88,436 |  |  | $ | 2,385 |  |  | $ | 209,504 |  |  | $ | 393,801 |
Allocation of consideration paid |  |  |  |  |  |  |  |  |  |  |
Investment in real estate, net | $ | 2,600 |  |  | $ | 97,187 |  |  | $ | 88,024 |  |  | $ | 2,384 |  |  | $ | 200,175 |  |  | $ | 390,370 |
Above-market leases | — |  |  | — |  |  | — |  |  | — |  |  | 167 |  |  | 167 |
Leases in place | — |  |  | 2,968 |  |  | 1,325 |  |  | 96 |  |  | 11,710 |  |  | 16,099 |
Other lease intangibles | — |  |  | 548 |  |  | 46 |  |  | 22 |  |  | 3,456 |  |  | 4,072 |
Below-market leases | — |  |  | (10,249 | ) |  | (666 | ) |  | (27 | ) |  | (5,076 | ) |  | (16,018 | )
Other (liabilities) asset assumed, net | 5 |  |  | 417 |  |  | (293 | ) |  | (90 | ) |  | (928 | ) |  | (889 | )
Total consideration paid | $ | 2,605 |  |  | $ | 90,871 |  |  | $ | 88,436 |  |  | $ | 2,385 |  |  | $ | 209,504 |  |  | $ | 393,801 |
Business Acquisition, Pro Forma Information | The table below shows the pro forma financial information for the years ended December 31, 2014 and 2013 as if these properties had been acquired as of January 1, 2013.
| Year Ended December 31,
| 2014 |  | 2013
Total revenues | $ | 253,924 |  |  | $ | 224,102 |
Net loss | $ | 23,540 |  |  | $ | (5,620 | )
Discontinued Operations, Held-for-sale [Member] |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
Schedule of Real Estate Held for Sale | The following table sets forth the discontinued operations for the years ended December 31, 2014, 2013 and 2012 for the City Plaza:
|  | Year Ended December 31,
|  | 2014 |  | 2013 |  | 2012
Total office revenues |  | $ | — |  |  | $ | 4,321 |  |  | $ | 5,695 |
Office operating expenses |  | (164 | ) |  | (1,961 | ) |  | (2,978 | )
Depreciation and amortization |  | — |  |  | (789 | ) |  | (2,266 | )
Income from discontinued operations |  | $ | (164 | ) |  | $ | 1,571 |  |  | $ | 451 |
Disposal Group, Not Discontinued Operations [Member] |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
Schedule of Real Estate Held for Sale | The following table summarizes the components that comprise the assets and liabilities associated with real estate held for sale as of December 31, 2014 and 2013:
|  | Year Ended December 31,
|  | 2014 |  | 2013
ASSETS |  |  |  |
Investment in real estate, net |  | $ | 60,542 |  |  | $ | 74,374 |
Restricted cash |  | 2,839 |  |  | 2,821 |
Straight-line rent receivables |  | 2,151 |  |  | 1,997 |
Deferred leasing costs and lease intangibles, net |  | 2,457 |  |  | 3,693 |
Other |  | 545 |  |  | 360 |
Assets associated with real estate held for sale |  | $ | 68,534 |  |  | $ | 83,245 |
LIABILITIES AND EQUITY |  |  |  |
Liabilities: |  |  |  |
Notes payable |  | $ | 42,449 |  |  | $ | 43,000 |
Accounts payable and accrued liabilities |  | 322 |  |  | 1,393 |
Other |  | 443 |  |  | 731 |
Liabilities associated with real estate held for sale |  | 43,214 |  |  | 45,124 |
Equity |  | 25,320 |  |  | 38,121 |
Total liabilities and equity associated with real estate held for sale |  | $ | 68,534 |  |  | $ | 83,245 |

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