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Notes Payable (Tables) | 3 Months Ended
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Mar. 31, 2015
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | The following table sets forth information as of March 31, 2015 with respect to our outstanding indebtedness.
| Outstanding |  |  |  |
Debt | March 31, 2015 |  | December 31, 2014 |  | Interest Rate(1) |  | Maturity Date
Unsecured revolving credit facility | $ | — |  |  | $ | 130,000 |  |  | LIBOR+ 1.15% to 1.55% |  | 9/23/2018
Unsecured term loan | 150,000 |  |  | 150,000 |  |  | LIBOR+ 1.30% to 1.90% |  | 9/23/2019
Mortgage loan secured by 275 Brannan(2) | 15,000 |  |  | 15,000 |  |  | LIBOR+2.00% |  | 10/5/2015
Mortgage loan secured by Pinnacle II(3) | 87,111 |  |  | 87,421 |  |  | 6.313% |  | 9/6/2016
Mortgage loan secured by 901 Market(4) | 49,600 |  |  | 49,600 |  |  | LIBOR+2.25% |  | 10/31/2016
Mortgage loan secured by Element LA(5) | 59,809 |  |  | 59,490 |  |  | LIBOR+1.95% |  | 11/1/2017
Mortgage loan secured by Rincon Center(6) | 103,803 |  |  | 104,126 |  |  | 5.134% |  | 5/1/2018
Mortgage loan secured by Sunset Gower/Sunset Bronson(7) | 97,000 |  |  | 97,000 |  |  | LIBOR+2.25% |  | 3/4/2019
Mortgage loan secured by Met Park North(8) | 64,500 |  |  | 64,500 |  |  | LIBOR+1.55% |  | 8/1/2020
Mortgage loan secured by 10950 Washington(9) | 28,748 |  |  | 28,866 |  |  | 5.316% |  | 3/11/2022
Mortgage loan secured by Pinnacle I(10) | 129,000 |  |  | 129,000 |  |  | 3.954% |  | 11/7/2022
Subtotal | $ | 784,571 |  |  | $ | 915,003 |  |  |  |  |
Unamortized loan premium, net(11) | 2,619 |  |  | 3,056 |  |  |  |  |
Total | $ | 787,190 |  |  | $ | 918,059 |  |  |  |  |
Mortgage loan on real estate held for sale: |  |  |  |  |  |  |
Mortgage loan secured by First Financial(12) | $ | — |  |  | $ | 42,449 |  |  | 4.580% |  | 2/1/2022
| $ | 787,190 |  |  | $ | 960,508 |  |  |  |  |
__________________
(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) | Subsequent to March 31, 2015 the loan was fully repaid.
(3) | 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.
(4) | 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. Subsequent to March 31, 2015, we paid down the outstanding loan balance by $19.6 million.
(5) | 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.
(6) | This loan is amortizing based on 30-year amortization schedule.
(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 March 4, 2015, the terms of this loan were amended and restated to introduce the ability to draw up to an additional $160.0 million for budgeted construction costs associated with our ICON development and to extend the maturity date from February 11, 2018 to March 4, 2019.
(8) | 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.
(9) | This loan is amortizing based on a 30-year amortization schedule.
(10) | 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, for total annual debt service of $7,349.
(11) | Represents unamortized amount of the non-cash mark-to-market adjustment on debt associated with Pinnacle II.
(12) | 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 March 31, 2015, excluding the non-cash loan premium amortization, were as follows (in thousands):
2015 (nine months ending December 31, 2015) | $ | 17,572 |
2016 | 138,199 |
2017 | 62,514 |
2018 | 198,320 |
2019 | 152,885 |
Thereafter | 215,081 |
Total | $ | 784,571 |

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- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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