Future Minimum Base Rents and Lease Payments Future Minimum Rents (Tables)

6 Months Ended

Jun. 30, 2015

Future Minimum Base Rents and Lease Payments Future Minimum Rents [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases

Future minimum base rents under our operating leases in each of the next five years and thereafter are as follows (in thousands):



	Non-cancellable		Subject to early termination options		Total
2015 (six months ending December 31, 2015)	$	228,946	$	253	$	229,199
2016	426,250		3,099		429,349
2017	346,395		7,747		354,142
2018	265,643		25,862		291,505
2019	224,441		27,570		252,011
2020	162,168		7,737		169,905
Thereafter	581,936		16,052		597,988
Total	$	2,235,779	$	88,320	$	2,324,099

Schedule of acquired ground lease agreements

In conjunction with the acquisition of the EOP Northern California Portfolio, our respective subsidiaries, assumed the ground lease agreements below with unrelated parties.



Property	Expiration Date	Minimum Annual Rent		Notes
1500 Page Mill Center	11/30/2041	$	600	Minimum annual rent (adjusted on 1/1/2019 and 1/1/2029) plus 25% of AGI less minimum annual rent.
Clocktower Square	9/26/2056	584		Minimum annual rent (adjusted every 10 years) plus 25% of AGI less minimum annual rent.
Palo Alto Square	11/30/2045	1,500		Minimum annual rent (adjusted every 10 years starting 1/1/2022) plus 25% of AGI less minimum annual rent.
Lockheed Building	7/31/2040	350		The ground rent is the greater of the minimum annual rent or percentage annual rent. The minimum annual rent is the lesser of the 10% of FMV of land or the previous year’s adjusted base amount plus 75% of CPI change. Percentage annual rent is gross income x 24.125%.
Foothill Research	6/30/2039	1,541		The ground rent is the greater of the minimum annual rent or percentage annual rent. The minimum annual rent is the lesser of the 10% of FMV of land or the previous year’s adjusted base amount plus 75% of CPI change. Percentage annual rent is gross income x 24.125%.
3400 Hillview	10/31/2040	1,542		The ground rent is the greater of the minimum annual rent or percentage annual rent. The minimum annual rent is the lesser of the 10% of FMV of land plus 75% of annual CPI increase through 10/31/2017 plus 75% of CPI change thereafter. Percentage annual rent is gross income x 24.125%.
Bay Park Plaza	6/30/2030	39		Subject to an annual 3% CPI increase
Metro Center 989	4/28/2054	1,139		Every 10 years rent adjusts to 7.233% of Fair Market Land Value (beginning 2008) and rent also adjusts to reflect the change in CPI from the preceding FMV adjustment date (beginning 2013).
Metro Center Retail	4/28/2054	609		Every 10 years rent adjusts to 7.233% of Fair Market Land Value (beginning 2008) and rent also adjusts to reflect the change in CPI from the preceding FMV adjustment date (beginning 2013).
Metro Center Tower	4/28/2054	2,821		Every 10 years rent adjusts to 7.233% of Fair Market Land Value (beginning 2008) and rent also adjusts to reflect the change in CPI from the preceding FMV adjustment date (beginning 2013).
Techmart Commerce Center	5/31/2053	1,210		Subject to a 10% increase every 5 years.

Schedule of Future Minimum Lease Payments

The following table provides information regarding our future minimum lease payments at June 30, 2015 under these lease agreements The table only includes the minimum base rents.



2015 (six months ending December 31, 2015)	$	5,905
2016	12,765
2017	12,765
2018	14,956
2019	14,956
Thereafter	617,161
Total	$	678,508

- Definition

Tabular disclosure of a lessee's leasing arrangements including: (1) the basis on which contingent rental payments are determined, (2) the existence and terms of renewal or purchase options and escalation clauses, (3) restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, (4) rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. Disclosure may also include the specific period used to amortize material leasehold improvements made at the inception of the lease or during the lease term. Additionally, for operating leases having initial or remaining noncancelable lease terms in excess of one year: (a) future minimum rental payments required as of the date of the latest balance sheet presented, in the aggregate and for each of the five succeeding fiscal years, (b) the total of minimum rentals to be received in the future under noncancelable subleases as of the date of the latest balance sheet presented, and (c) for all operating leases, rental expense for each period for which an income statement is presented, with separate amounts for minimum rentals, contingent rentals, and sublease rentals. Rental payments under leases with terms of a month or less that were not renewed need not be included.

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