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Notes Payable (Tables)
 3 Months Ended
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