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Notes Payable (Tables)
 12 Months Ended
Dec. 31, 2014
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
The following table sets forth information as of December 31, 2014 with respect to our outstanding indebtedness (in thousands).
 
Outstanding as of
 
 
 
 
Debt
December 31, 2014
 
December 31, 2013
 
Interest Rate(1)
 
Maturity
Date
Unsecured revolving credit facility - new
$
130,000

 
$
—

 
LIBOR+1.15% to 1.55%
 
9/23/2018
Unsecured revolving credit facility
—

 
155,000

 
LIBOR+1.55% to 2.20%
 
N/A
Unsecured term loan
150,000

 
—

 
LIBOR+1.30% to 1.90%
 
9/23/2019
Mortgage loan secured by 3401 Exposition Boulevard(2)
—

 
13,233

 
LIBOR+3.80%
 
N/A
Mortgage loan secured by 6922 Hollywood Boulevard(3)
—

 
40,396

 
5.58%
 
N/A
Mortgage loan secured by 275 Brannan
15,000

 
15,000

 
LIBOR+2.00%
 
10/5/2015
Mortgage loan secured by Pinnacle II(4)
87,421

 
88,540

 
6.313%
 
9/6/2016
Mortgage loan secured by 901 Market(5)
49,600

 
49,600

 
LIBOR+2.25%
 
10/31/2016
Mortgage loan secured by Element LA(6)
59,490

 
566

 
LIBOR+1.95%
 
11/1/2017
Mortgage loan secured by Sunset Gower/Sunset Bronson(7)
97,000

 
97,000

 
LIBOR+2.25%
 
2/11/2018
Mortgage loan secured by Rincon Center(8)
104,126

 
105,853

 
5.134%
 
5/1/2018
Mortgage loan secured by First & King(9)
—

 
95,000

 
LIBOR+1.60%
 
N/A
Mortgage loan secured by Met Park North(10)
64,500

 
64,500

 
LIBOR+1.55%
 
8/1/2020
Mortgage loan secured by 10950 Washington(11)
28,866

 
29,300

 
5.316%
 
3/11/2022
Mortgage loan secured by Pinnacle I(12)
129,000

 
129,000

 
3.954%
 
11/7/2022
Subtotal
$
915,003

 
$
882,988

 
 
 
 
Unamortized loan premium, net(13)
3,056

 
5,320

 
 
 
 
Total
$
918,059

 
$
888,308

 
 
 
 
Mortgage loan on real estate held for sale:
 
 
 
 
 
 
 
Mortgage loan secured by First Financial(14)
$
42,449

 
$
43,000

 
4.580%
 
2/1/2022
 
$
960,508

 
$
931,308

 
 
 
 
__________________ 
(1)
Interest rate with respect to indebtedness is calculated on the basis of a 360-day year for the actual days elapsed, excluding the amortization of loan fees and costs.
(2)
This loan was assumed on May 22, 2013 in connection with the closing of our acquisition of the 3401 Exposition Boulevard property. This loan was paid off during 2014.
(3)
This loan was assumed on November 22, 2011 in connection with the closing of our acquisition of the 6922 Hollywood Boulevard property. This loan was paid off during 2014.
(4)
This loan was assumed on June 14, 2013 in connection with the contribution of the Pinnacle II building to the Company’s joint venture with M. David Paul & Associates/Worthe Real Estate Group. This loan bore interest only for the first five years. Beginning with the payment due October 6, 2011, monthly debt service includes annual debt amortization payments based on a 30-year amortization schedule.
(5)
On October 29, 2012, we obtained a loan for our 901 Market property pursuant to which we borrowed $49.6 million upon closing, with the ability to draw up to an additional $11.9 million for budgeted base building, tenant improvements, and other costs associated with the renovation and lease-up of that property.
(6)
On November 24, 2014 we amended our construction loan for Element LA to, among other things, increase availability from $65.5 million to $102.4 million for budgeted site-work, construction of a parking garage, base building, tenant improvement, and leasing commission costs associated with the renovation and lease-up of the property.
(7)
On March 16, 2011, we purchased an interest rate cap in order to cap one-month LIBOR at 3.715% with respect to $50.0 million of the loan through February 11, 2016. On January 11, 2012 we purchased an interest rate cap in order to cap one-month LIBOR at 2.00% with respect to $42.0 million of the loan through February 11, 2016. Effective August 22, 2013, the terms of this loan were amended to increase the outstanding balance from $92.0 million to $97.0 million, reduce the interest rate from LIBOR plus 3.50% to LIBOR plus 2.25%, and extend the maturity date from February 11, 2016 to February 11, 2018.
(8)
This loan is amortizing based on a 30-year amortization schedule.
(9)
This loan was paid off during 2014.
(10)
This loan bears interest only at a rate equal to one-month LIBOR plus 1.55%. The full loan amount is subject to an interest rate contract that swapped one-month LIBOR to a fixed rate of 2.1644% through the loan's maturity on August 1, 2020.
(11)
This loan is amortizing based on a 30-year amortization schedule.
(12)
This loan bears interest only for the first five years. Beginning with the payment due December 6, 2017, monthly debt service will include annual debt amortization payments based on a 30-year amortization schedule.
(13)
Represents unamortized amount of the non-cash mark-to-market adjustment on debt associated with Pinnacle II.
(14)
Beginning with the payment made March 1, 2014, monthly debt service includes principal payments based on a 30-year amortization schedule, for total annual debt service of $2.6 million. This note has been recorded as part of the liabilities associated with real estate held for sale (see note 3).
Schedule of Maturities of Long-term Debt
The minimum future annual principal payments due on our secured and unsecured notes payable at December 31, 2014, excluding the non-cash loan premium amortization and the $42.4 million mortgage loan secured by First Financial, were as follows (in thousands):
Year ended
Annual Principal Payments
2015
$
18,323

2016
138,199

2017
62,195

2018
328,320

2019
152,885

Thereafter
215,081

Total
$
915,003