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Notes Payable (Tables) | 6 Months Ended
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Jun. 30, 2015
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | The following table sets forth information as of June 30, 2015 and December 31, 2014 with respect to our outstanding indebtedness.
| Outstanding |  |  |  |
Debt | June 30, 2015 |  | December 31, 2014 |  | Interest Rate(1) |  | Maturity Date
Unsecured Loans |  |  |  |  |  |  |
Unsecured revolving credit facility | $ | 45,000 |  |  | $ | 130,000 |  |  | LIBOR+ 1.15% to 1.85% |  | 4/1/2019
2-Year unsecured term loan | 550,000 |  |  | — |  |  | LIBOR+ 1.30% to 2.20% |  | 4/1/2017
5-Year unsecured term loan(2) | 550,000 |  |  | 150,000 |  |  | LIBOR+ 1.30% to 2.20% |  | 4/1/2020
7-Year unsecured term loan(3) | 350,000 |  |  | — |  |  | LIBOR+ 1.60% to 2.55% |  | 4/1/2022
Total unsecured loans | $ | 1,495,000 |  |  | $ | 280,000 |  |  |  |  |
Mortgage Loans |  |  |  |  |  |  |
Mortgage loan secured by 275 Brannan(4) | $ | — |  |  | $ | 15,000 |  |  | LIBOR+2.00% |  | N/A
Mortgage loan secured by Pinnacle II(5) | 86,826 |  |  | 87,421 |  |  | 6.31% |  | 9/6/2016
Mortgage loan secured by 901 Market(6) | 30,000 |  |  | 49,600 |  |  | LIBOR+2.25% |  | 10/31/2016
Mortgage loan secured by Element LA(7) | 82,646 |  |  | 59,490 |  |  | LIBOR+1.95% |  | 11/1/2017
Mortgage loan secured by Rincon Center(8) | 103,365 |  |  | 104,126 |  |  | 5.13% |  | 5/1/2018
Mortgage loan secured by Sunset Gower/Sunset Bronson(9) | 97,000 |  |  | 97,000 |  |  | LIBOR+2.25% |  | 3/4/2019
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) | 28,637 |  |  | 28,866 |  |  | 5.32% |  | 3/11/2022
Mortgage loan secured by Pinnacle I(12) | 129,000 |  |  | 129,000 |  |  | 3.95% |  | 11/7/2022
Subtotal mortgage loans | $ | 621,974 |  |  | $ | 635,003 |  |  |  |  |
Unamortized loan premium, net(13) | 2,183 |  |  | 3,056 |  |  |  |  |
Total mortgage loans before mortgage loan on real estate held for sale | $ | 624,157 |  |  | $ | 638,059 |  |  |  |  |
Mortgage loan on real estate held for sale |  |  |  |  |  |  |
Mortgage loan secured by First Financial(14) | $ | — |  |  | $ | 42,449 |  |  | 4.580% |  | N/A
Total mortgage loans | $ | 624,157 |  |  | $ | 680,508 |  |  |  |  |
Total | $ | 2,119,157 |  |  | $ | 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. Interest rates as of June 30, 2015, which may be different than the interest rates as of December 31, 2014 for corresponding indebtedness.
(2) | Effective as of May 1, 2015, the Company entered into an interest rate contract with respect to $300.0 million of the $550.0 million 5-year term loan facility that swapped one-month LIBOR to a fixed rate of 1.36% through the loan’s maturity on April 1, 2020. As a result, $300.0 million of this facility currently bears interest at a rate equal to 2.66% to 3.56% per annum depending on our leverage ratio.
(3) | Effective as of May 1, 2015, the Company entered into an interest rate contract with respect to the entire $350.0 million 7-year term loan facility that swapped one-month LIBOR to a fixed rate of 1.61% through the loan’s maturity on April 1, 2022. As a result, this facility currently bears interest at a rate equal to 3.21% to 4.16% per annum depending on our leverage ratio.
(4) | On April 10, 2015, the loan was fully repaid.
(5) | 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.
(6) | On October 29, 2012, we obtained a loan for our 901 Market property pursuant to which we borrowed $49.6 million upon closing. On April 10, 2015, we repaid $19.6 million of this loan.
(7) | 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.
(8) | This loan is amortizing based on a 30-year amortization schedule.
(9) | 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 with a 1-year extension option.
(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. As a result, this loan bears interest at a rate equal to 3.7144% per annum.
(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, for total annual debt service of $7.3 million.
(13) | Represents unamortized amount of the non-cash mark-to-market adjustment on debt associated with Pinnacle II.
(14) | This note has been recorded as part of the liabilities associated with real estate held for sale (see note 3).
Schedule of Restricted Cash and Cash Equivalents | Included in restricted cash on our consolidated balance sheets at June 30, 2015 and December 31, 2014, are lockbox and reserve funds as follows (in thousands):
Property |  | June 30, 2015 |  | December 31, 2014
Rincon Center |  | $ | 13,767 |  |  | $ | 9,716 |
10950 Washington |  | 889 |  |  | 775 |
Pinnacle I |  | 1,772 |  |  | 2,099 |
Pinnacle II |  | 839 |  |  | 434 |
|  | $ | 17,267 |  |  | $ | 13,024 |
Schedule of Maturities of Long-term Debt | The minimum future annual principal payments due on our secured and unsecured notes payable at June 30, 2015, excluding the non-cash loan premium amortization, were as follows (in thousands):
2015 (six months ending December 31, 2015) | $ | 2,287 |
2016 | 118,599 |
2017 | 680,351 |
2018 | 197,882 |
2019 | 2,885 |
Thereafter | 1,114,970 |
Total | $ | 2,116,974 |

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