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Investment in Real Estate (Tables) | 12 Months Ended
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Dec. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
Schedule of Real Estate Investment Property | A summary of the activity of our investment in real estate including investment in real estate held for sale (Bayhill, First Financial and Tierrasanta) is as follows:
|  | Year Ended December 31, 2015 |  | Year Ended December 31, 2014 |  | Year Ended December 31, 2013
Investment in real estate |  |  |  |  |  |
Beginning balance |  | $ | 2,239,741 |  |  | $ | 2,035,330 |  |  | $ | 1,475,955 |
Acquisitions |  | 3,699,289 |  |  | 114,008 |  |  | 538,322 |
Improvements, capitalized costs |  | 198,561 |  |  | 128,018 |  |  | 89,707 |
Disposal |  | (13,556 | ) |  | (23,977 | ) |  | (9,638 | )
Cost of property sold |  | (147,509 | ) |  | (13,638 | ) |  | (59,016 | )
Ending Balance |  | 5,976,526 |  |  | 2,239,741 |  |  | 2,035,330 |
Reclassification to assets associated with real estate held for sale |  | (206,990 | ) |  | (68,446 | ) |  | (82,305 | )
Total Investment in real estate |  | $ | 5,769,536 |  |  | $ | 2,171,295 |  |  | $ | 1,953,025 |
Accumulated depreciation |  |  |  |  |  |
Beginning balance |  | $ | (142,561 | ) |  | $ | (116,342 | ) |  | $ | (85,184 | )
Depreciation expense |  | (151,066 | ) |  | (50,044 | ) |  | (41,454 | )
Disposals |  | 12,999 |  |  | 22,310 |  |  | 4,837 |
Cost of property sold |  | 7,904 |  |  | 1,515 |  |  | 5,459 |
Ending Balance |  | (272,724 | ) |  | (142,561 | ) |  | (116,342 | )
Reclassification to assets associated with real estate held for sale |  | 3,650 |  |  | 7,904 |  |  | 7,931 |
Total Accumulated depreciation |  | $ | (269,074 | ) |  | $ | (134,657 | ) |  | $ | (108,411 | )
Schedule of Business Acquisitions, by Acquisition | The following table represents our aggregate preliminary purchase price allocation for each of these acquisitions:
| EOP Northern California Portfolio |  | 4th & Traction |  | 405 Mateo |  |
Date of Acquisition | April 1, 2015 |  | May 22, 2015 |  | August 17, 2015 |  | Total
Consideration paid |  |  |  |  |  |  |
Cash consideration | $ | 1,715,346 |  |  | $ | 49,250 |  |  | $ | 40,000 |  |  | $ | 1,804,596 |
Common stock | 87 |  |  | — |  |  | — |  |  | 87 |
Additional paid-in capital | 285,358 |  |  | — |  |  | — |  |  | 285,358 |
Non-controlling common units in the Operating Partnership | 1,814,936 |  |  | — |  |  | — |  |  | 1,814,936 |
Total consideration | $ | 3,815,727 |  |  | $ | 49,250 |  |  | $ | 40,000 |  |  | $ | 3,904,977 |
Allocation of consideration paid |  |  |  |  |  |  |
Investment in real estate, net | $ | 3,610,039 |  |  | $ | 49,250 |  |  | 40,000 |  |  | $ | 3,699,289 |
Above-market leases(1) | 28,759 |  |  | — |  |  | — |  |  | 28,759 |
Below-market ground leases(2) | 52,065 |  |  | — |  |  | — |  |  | 52,065 |
Deferred leasing costs and in-place intangibles(3) | 225,431 |  |  | — |  |  | — |  |  | 225,431 |
Below-market leases(4) | (99,472 | ) |  | — |  |  | — |  |  | (99,472 | )
Above-market ground leases(5) | (1,095 | ) |  | — |  |  | — |  |  | (1,095 | )
Total consideration paid | $ | 3,815,727 |  |  | $ | 49,250 |  |  | $ | 40,000 |  |  | $ | 3,904,977 |
________________
(1) | Represents weighted-average amortization period of 3.0 years.
(2) | Represents weighted-average amortization period of 27.7 years.
(3) | Represents weighted-average amortization period of 3.6 years.
(4) | Represents weighted-average amortization period of 4.3 years.
(5) | Represents weighted-average amortization period of 25.4 years.
During 2014, we acquired the following properties: Merrill Place, 3402 Pico Blvd. and 12655 Jefferson. The results of operations for each of these acquisitions are included in our consolidated statements of operations from the date of acquisition. The following table represents our final purchase price accounting for each of these acquisitions:
| Merrill Place |  | 3402 Pico Blvd. |  | 12655 Jefferson |  |
Date of Acquisition | February 12, 2014 |  | February 28, 2014 |  | October 17, 2014 |  | Total
Consideration paid |  |  |  |  |  |  |
Cash consideration | $ | 57,034 |  |  | $ | 18,546 |  |  | $ | 38,000 |  |  | $ | 113,580 |
Total consideration | $ | 57,034 |  |  | $ | 18,546 |  |  | $ | 38,000 |  |  | $ | 113,580 |
Allocation of consideration paid |  |  |  |  |  |  |
Investment in real estate, net | $ | 57,508 |  |  | $ | 18,500 |  |  | $ | 38,000 |  |  | $ | 114,008 |
Above-market leases(1) | 173 |  |  | — |  |  | — |  |  | 173 |
Deferred leasing costs and lease intangibles(2) | 3,163 |  |  | — |  |  | — |  |  | 3,163 |
Below-market leases(3) | (3,315 | ) |  | — |  |  | — |  |  | (3,315 | )
Other (liabilities) asset assumed, net | (495 | ) |  | 46 |  |  | — |  |  | (449 | )
Total consideration paid | $ | 57,034 |  |  | $ | 18,546 |  |  | $ | 38,000 |  |  | $ | 113,580 |
________________
(1) | Represents weighted-average amortization period of 7.6 years.
(2) | Represents weighted-average amortization period of 4.8 years.
(3) | Represents weighted-average amortization period of 5.8 years.
Business Acquisition, Pro Forma Information | The table below shows the pro forma financial information (unaudited) for the years ended December 31, 2015 and 2014 as if the EOP Northern California Properties had been acquired as of January 1, 2014.
| Year Ended December 31,
| 2015 |  | 2014
Total revenues | $ | 599,441 |  |  | $ | 572,277 |
Net loss | $ | (6,252 | ) |  | $ | 26,293 |
Discontinued Operations, Held-for-sale |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
Schedule of Real Estate Held for Sale | The following table sets forth the discontinued operations for the years ended December 31, 2015, 2014 and 2013 for the City Plaza:
|  | Year Ended December 31,
|  | 2015 |  | 2014 |  | 2013
Total office revenues |  | $ | — |  |  | $ | — |  |  | $ | 4,321 |
Office operating expenses |  | — |  |  | (164 | ) |  | (1,961 | )
Depreciation and amortization |  | — |  |  | — |  |  | (789 | )
(Loss) income from discontinued operations |  | $ | — |  |  | $ | (164 | ) |  | $ | 1,571 |
Disposal Group, Not Discontinued Operations |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
Schedule of Real Estate Held for Sale | The following table summarizes the components that comprise the assets and liabilities associated with real estate held for sale as of December 31, 2015 and 2014:
|  | Year Ended December 31,
|  | 2015 |  | 2014
ASSETS |  |  |  |
Investment in real estate, net |  | $ | 203,340 |  |  | $ | 60,542 |
Restricted cash |  | — |  |  | 2,839 |
Straight-line rent receivables |  | 1,788 |  |  | 2,151 |
Deferred leasing costs and lease intangibles, net |  | 10,867 |  |  | 2,457 |
Other |  | 400 |  |  | 176 |
Assets associated with real estate held for sale |  | $ | 216,395 |  |  | $ | 68,165 |
LIABILITIES AND EQUITY |  |  |  |
Liabilities: |  |  |  |
Notes payable |  | $ | — |  |  | $ | 42,080 |
Accounts payable and accrued liabilities |  | 2,188 |  |  | 322 |
Other |  | 11,104 |  |  | 443 |
Liabilities associated with real estate held for sale |  | $ | 13,292 |  |  | $ | 42,845 |

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